Suresh Industries (P) Ltd. v. Assistant Commissioner of Income Tax

CINERAD COMMUNICATION LTD.,MUMBAI vs. ITO WARD-3(1)(3), MUMBAI

In the result, the appeal filed by the assessee is allowed

…) to be set off against income under any head, like current depreciation, in perpetuity.” (Emphasis Supplied) 11. Further, the Co-ordinate Bench of the Tribunal in the case of Suresh Industries (P) Ltd. Vs Assistant Commissioner of Income Tax - 7(2) Mumbai : 54 SOT 450 (Mumbai)[10-10-2012] wherein it has been held as under: 10. A comparative study of pre-amendment and post amendment provisions of Sec. 32(2) suggests that prior to the amendment, the set off was restricted to the profits and gains, if any, of any business or profession whereas post amendment (i.e. the law applicable for the year under considerati…

STAINLESS INDIA P.LTD,MUMBAI vs. DCIT 4(3), MUMBAI

The appeal of the assessee is partly allowed for

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2011-12 Stainless India Pvt. Ltd. Dcit-4(3), (Now Known As Stainless Aayakar Bhavan, बनाम/ India Ltd.), M.K. Road, Vs. 226, 3Rd Floor, Bajaj Bhavan, Mumbai-400020 Nariman Point, Mumbai-400021 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacs7067A

…’. 2. During hearing, the ld. counsel for the assessee, Shri Vinay Deshmane, claimed that the impugned ground is covered in favour of the assessee by the decision of the Mumbai Bench of the Tribunal in the case of Suresh Industries Pvt. Ltd. vs ACIT (2012) 54 SOT 450; (2012) 27 taxmann.com 203 (Mum.), order dated 10/10/2012. Shri V. Justin, ld. DR, did not controvert the claim of the assessee that the issue in hand is covered by the aforesaid decision of the Tribunal. 2.1. We have considered the rival submissions and perused the material available on record. In view of the above, 3 Stainless India P. Ltd.…

STANLEY BLACK & DECKER INDIA LTD,PUNE vs. DCIT 3(1), MUMBAI

In the result, both the appeals of the assessee are treated as allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Shri B.R. Baskaran (Am)& Shri Pawan Singh (Jm)

…"profit and gains" and not against any other income. The ld. CIT(A) also confirmed the view so taken by the AO. At the time of hearing, the ld. Counsel for the assessee placed reliance on the following decisions : a) Suresh Industries (P) Ltd V/s ACIT (2012) 54 SOT 450 (Mum) b) DCIT V/s Akay Flavours and Aromatics (P) Ltd (2011) 130 ITD 41 (Cochin) (TM ) In both the cases cited above, it has been held that unabsorbed depreciation can be set off against the "Business Income" or against the income derived from any "other source", on the reasoning that the treatment given to current year depreciation would equally…