“Section 43(6)(c)(i)”

JEWELEX INDIA PRIAVTE LIMITED,MUMBAI vs. DCIT CIRCLE-14(1)(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankarjewelex India Private V/S. Deputy Commissioner Of Limited बनाम Income Tax, Circle – 401 Trade Centre, Bandra 14(1)(1), Aayakar Bhavan, Kurla Complex, Bandra Maharishi Karve Marg, (East), Mumbai – 400 098, Mumbai – 400 020, Maharashtra Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aabcj4523H Appellant/अपीलार्थी .. Respondent/प्रतिवादी

assets. 3. It is submitted that the reduction in written down value of block of assets is contrary to the provisions of section 43(6)(c) of the Act. The adjustment made by the Assessing Officer is arbitrary and without considering the objections. 3. The ground no.1 pertains ... Bock of assets. It is submitted that the reduction in written down value of block of assets is contrary to the provisions of section 43(6)(c) of the Act. The adjustment made by the Assessing Officer is arbitrary and without considering the objections. 9. Facts of the case

JCIT CENT. CIR. - 1(4), MUMBAI vs. GRASIM INDUSTRIES LTD, MUMBAI

The appeal is allowed

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

down value of the block of assets" shall have the same meaning as in clause (c) of subsection (6) of section 43. 26. Section 43(6)(c) of the Act reads as under:- “(c) in the case of any block of assets,— (i) in respect of any previous year relevant ... entire block of depreciable assets in each of the four classes of assets, namely, buildings, machinery, plant and furniture. 28. Further, as per section 43(6)(c)(i)(B) of the Act, the written down value in the case of any block of assets is reduced by the money payable

GRASIM INDUSTRIES LTD,MUMBAI vs. DCIT CENT. CIR. - 1(4), MUMBAI

The appeal is allowed

ndown value of the block of assets\" shall have the same meaning as in\nclause (c) of subsection (6) of Section 43.\n26. Section 43(6)(c) of the Act reads as under:-\n“(c) in the case of any block of assets,—\n(i) in respect of any previous ... entire\nblock of depreciable assets in each of the four classes of assets, namely,\nbuildings, machinery, plant and furniture.\n28. Further, as per Section 43(6)(c)(i)(B) of the Act, the written down value in\nthe case of any block of assets is reduced by the money payable

LUPIN LIMITED,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX - 3, MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Vikram Singh Yadav & Shri Raj Kumar Chauhanassessment Year : 2019-20 Lupin Limited, Principal Commissioner Of 3Rd Floor, Kalpataru Inspire, Income Tax-3, Off Western Express Highway, Vs. Room No. 612, 6Th Floor, Santacruz (East), Aayakar Bhavan, Mumbai-400055. Maharshi Karve Road, Pan : Aaacl1069K Mumbai-400020. (Appellant) (Respondent) Assessee By : Shri Rajan Vora & Shri Pranay Gandhi Revenue By : Shri Rajesh Kumar Yadav, Cit-Dr

lakhs while computing the income under the normal provisions of the Act. It was further submitted that as per the provisions of section 43(6)(C)(i)(B) r.w. Explanation-4 for computation of Written Down Value for computation of depreciation u/s. 32 of the Act, the assessee has reduced ... taxable income, leading to an understatement of profits. The insurance claim should not have been adjusted against the block of assets as per Section 43(6)(c)(i)(B). Explanation 4 to Section 43(6) clarifies that for computing Written Down Value, only money payable from the transfer

SABEENA SILK MILLS ,MUMBAI vs. INCOME TAX OFFICER 31(1)(1), MUMBAI

In the result, the appeal of the assessee bearing ITA No

Bench: Shri Narndra Kumar Billaiya & Shri Anikesh Banerjeesabeena Silk Mills Vs Income-Tax Officer 31(1)(1), Apurva Industrial Estate, Mumbai, Majwana Road, Marol Kautilya Bhavan, Bkc, Bandra, Mumbai-400 059 Mumbai-400 051 Pan: Aabfs3210R Appellant Respondent

considered under Section 41(2) of the Act. In response, the Ld. DR contended that the process of calculation is clearly outlined in Section 43(6)(c)(i) of the Act, which applies to "any block of assets," including both movable and immovable assets. It was argued that the judgment

JCIT (OSD)CEN CIR 1(4), MUMBAI vs. GRASIM INDUSTIRES LTD, MUMBAI

value of the block of assets\"\nshall have the same meaning as in clause (c) of sub-\nsection (6) of section 43.\n26. Section 43(6)(c) of the Act reads as under:-\n“(c) in the case of any block of assets,—\n(i) in respect of any previous ... entire block of\ndepreciable assets in each of the four classes of assets,\nnamely, buildings, machinery, plant and furniture.\n28. Further, as per section 43(6)(c)(i)(B) of the Act, the\nwritten down value in the case of any block of assets is\nreduced by the money payable

GRASIM INDUSTRIES LTD.,MUMBAI vs. DCIT CENT. CIR. 1(4), MUMBAI

In the result, appeal of the Revenue is partly allowed for statistical purpose

Bench: Shri Saktijit Dey, Vp & Shri N.K. Billaiya, Am M/S Grasim Industries Ltd. Dcit, (Corporate Finance Division) Central Circle 1(4), A-2, Aditya Birla Centre, Vs. Room No. 902, S.K. Ahire Marg, Worli, Old Cgo Building, Mumbai - 400030 Mumbai-400020 (Appellant) : (Respondent) Pan No. Aaacg 4464B Dcit, M/S Grasim Industries Ltd. Central Circle 1(4), (Corporate Finance Division) Room No. 902, A-2, Aditya Birla Centre, Old Cgo Building, Vs. S.K. Ahire Marg, Worli, Mumbai-400020 Mumbai - 400030 Appellant By : Shri J.D. Mistri, Sr. Advocate, Shri Madhur Agarwal & Respondent By : Shri Dr. Kishor Dhule, Cit(Dr) (Appellant) (Respondent)

value of the block of assets" shall have the same meaning as in clause (c) of sub- section (6) of section 43. 26. Section 43(6)(c) of the Act reads as under:- “(c) in the case of any block of assets,— (i) in respect of any previous year relevant ... entire block of depreciable assets in each of the four classes of assets, namely, buildings, machinery, plant and furniture. 28. Further, as per section 43(6)(c)(i)(B) of the Act, the written down value in the case of any block of assets is reduced by the money payable

ACIT 6(3), MUMBAI vs. GRASIM INDUSTIRES LTD, MUMBAI

In the result Revenue's appeal is dismissed

block of assets\" shall\nhave the same meaning as in clause (c) of sub-\nsection (6) of section 43.\n\n26. Section 43(6)(c) of the Act reads as under:-\n“(c) in the case of any block of assets,—\n(i) in respect of any previous year relevant ... block of depreciable assets in each of the\nfour classes of assets, namely, buildings, machinery,\nplant and furniture.\n\n28. Further, as per section 43(6)(c)(i)(B) of the Act, the\nwritten down value in the case of any block of assets is\nreduced by the money payable

ACIT 6(3), MUMBAI vs. GRASIM INDUSTRIES LTD, MUMBAI

during the relevant previous year.\n7. 8. We note that Section 43(6) of the Act defines ‘Written Down\nValue'/WDV and Section 43(6)(c) of the Act deals with the\ncomputation of WDV of a 'block of assets'. We note that only\nExplanation ... entire block of\ndepreciable assets in each of the four classes of assets,\nnamely, buildings, machinery, plant and furniture.”\n28. Further, as per section 43(6)(c)(i)(B) of the Act, the written\ndown value in the case of any block of assets is reduced by the\nmoney payable

GRASIM INDUSTRIES LTD ( CORPORATE FINANCE DIVISION),MUMBAI vs. ADDL CIT RG 6(3), MUMBAI

Bench: the CIT(A). The CIT(A) partly allowed the appeal preferred by the Assessee vide order, dated 18/05/2009. 4. Not being satisfied with the relief granted by the Id. CIT(A), the Assessee has preferred appeal before this Tribunal. The Revenue has also filed cross-appeal challenging the relief granted by the Id. CIT(A).

during the relevant previous year. 7.8. We note that Section 43(6) of the Act defines ‘Written Down Value’/WDV and Section 43(6)(c) of the Act deals with the computation of WDV of a ‘block of assets’. We note that only Explanation 2A, 2B and 5 to Section ... entire block of depreciable assets in each of the four classes of assets, namely, buildings, machinery, plant and furniture.” 28. Further, as per section 43(6)(c)(i)(B) of the Act, the written down value in the case of any block of assets is reduced by the money payable

ACIT 6(3), MUMBAI vs. GRASIM INDUSTRIES LTD, MUMBAI

In the result, appeal of the Department is dismissed

value of the block of assets\" shall have the\nsame meaning as in clause (c) of sub-section (6) of section\n43.\n26. Section 43(6)(c) of the Act reads as under:-\n“(c) in the case of any block of assets, —\n(i) in respect of any previous ... entire\nblock of depreciable assets in each of the four classes of\nassets, namely, buildings, machinery, plant and furniture.\n28. Further, as per section 43(6)(c)(i)(B) of the Act, the written down\nvalue in the case of any block of assets is reduced by the money\npayable

GRASIM INDUSTRIES LTD,MUMBAI vs. ADDL CIT RG 6(3), MUMBAI

In the result, appeal of the Department is dismissed

value of the block of assets\" shall have the\nsame meaning as in clause (c) of sub-section (6) of section\n43.\n26. Section 43(6)(c) of the Act reads as under:-\n“(c) in the case of any block of assets, —\n(i) in respect of any previous ... entire\nblock of depreciable assets in each of the four classes of\nassets, namely, buildings, machinery, plant and furniture.\n28. Further, as per section 43(6)(c)(i)(B) of the Act, the written down\nvalue in the case of any block of assets is reduced by the money\npayable

EVEREST KANTO CYLINDER LTD ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CPC BENGALURU, MUMBAI

In the result, appeal of the assessee bearing ITA No

Bench: Shri Anikesh Banerjee & Miss Padmavathy S.Everest Kanto Cylinder Ltd Vs Deputy Commissioner Of Income- 204, Raheja Centre, Free Press Tax,Circle 3(4), Mumbai Journal Marg, Nariman Point World Trade Centre 1, Cuffe Parade, Mumbai-400 021 Mumbai-400 005 Pan : Aaace30836F Appellant Respondent

profit or loss is computed only when the block ceases to exist. Otherwise, no profit or loss is allowed as a deduction. Section 43(6)(c)(i) of the Income Tax Act provides that the WDV of the block of assets will be computed by reducing the moneys payable ... loss on the sale of fixed assets is a capital loss and accordingly not allowed as a deduction. The combined reading of Section 43(6)(c)(i) and Section 37 clearly indicates that the sale price of fixed assets has to be reduced from WDV and cannot be claimed