“unabsorbed depreciation”

Tata Digital Private Limited, Mumbai vs. DCIT- 1(3)(1), Mumbai

In the result, the appeal of the assessee is allowed for In the result, the appeal of the assessee is allowed for In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant () Assessment Year: 2020-21 Tata Digital Private Limited, Central Processing Centre/The Army & Navy Building 148, M G Deputy Commissioner Of Income Road, Opposite Kala Ghoda Fort Vs. Tax 1(3)(1), Mumbai, Mumbai. Mumbai City-400 001 Pan No. Aahct 2205 N Appellant Respondent : Assessee By Mr. Sukhsagar Syal, Ar Revenue By : Mr. Ashish Heliwal, Dr : Date Of Hearing 14/11/2022 : Date Of Pronouncement 29/12/2022

years is not applicable assessment years. The time limit of 8 years is not applicable in in the the case case of of unabsorbed unabsorbed depreciation depreciat ion allowance, allowance, unabsorbed capital expenditure on scientific research and unabsorbed capital expenditure on scientific research and unabsorbed capital expenditure on scientific research

ACIT -3(1)(2), Mumbai vs. Hikal Ltd., Mumbai

In the result, the In the result, the appeal of Revenue for assessment year 2010

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2010-11 & Assessment Year: 2011-12 Acit-3(1)(2), Hikal Ltd., Room No. 607, 6Th Floor, 717/718, Maker Chambers V, Aayakar Bhavan, Vs. Nariman Point, Mumbai-400020. Mumbai-400021. Pan No. Aaach 0383 A Appellant Respondent : Revenue By Mr. Sanjay Vishwas Rao Deshmukh, Cit-Dr/ Mr. R.N. D’Souza, Dr Assessee By : Mr. Sanjay Parikh, Ar : Date Of Hearing 02/11/2022 Date Of Pronouncement : 28/12/2022

income of Rs.12,87,29,134/- for set off agains for set off against the brought forward losses t the brought forward losses and unabsorbed depreciation. The Book Profit u/s. 115JB of the and unabsorbed depreciation. The Book Profit u/s. 115JB of the and unabsorbed depreciation. The Book Profit

M/S. Croda India Company Pvt. Ltd, Mumbai vs. The Pr. Comm of Income Tax, Mumbai-6

In the result, the appeal of the assessee is allowed

figures of the actual cost and the prescribed percentage are the same in either case. Section 32(2) allows the carry forward and unabsorbed depreciation allowances to any subsequent year, without any time limit, where such non- absorption is "owing to there being no profits or gains chargeable for that

Crown Chemicals Pvt Ltd., Navi Mumbai vs. ACIT 15 (1)(2), Mumbai

In the result, appeal of the assessee is allowed

undisclosed source. 3.7. The ld. AO determined the taxable income of the assessee at Rs.4,37,31,250/- without giving the set off of unabsorbed depreciation which was available in the return itself in the sum of Rs.3,75,61,475/- and completed the assessment. The action ... respect of the addition made u/s.56(2)(viib) of the Act and in respect of non-granting of set off of unabsorbed depreciation with the addition made by the ld. AO, the ld. CIT(A) directed the ld. AO to verify the same and allow deduction as per law. Aggrieved

Shree Sainath Enterprises, Mumbai vs. DCIT Central Range-7(3), Mumbai

In the result, the appeal filed by the assessee is treated as partly allowed for statistical purpose

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadaleshree Sainath Vs. Dcit, Enterprises, (Now Central Rang – 7(3) Converted Into Shree Room No. 655, 6Th Sainath Enterprises Floor, Aayakar Constructions & Bhavan, Maharshi Developers Pvt Ltd.,) Karve Road, 412, Floor – 4, 17G Mumbai – 400020. Vardhaman Chambers Cawasji Patel, Horniman Circle, Fort Mumbai – 400001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Abdfs2374M Appellant .. Respondent Appellant By : Shri Niraj Seth.Ar Respondent By : Shri S.K Jain.Dr Date Of Hearing 19.10.2022 Date Of Pronouncement 29.11.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals) – 49, Mumbai Passed U/S 143(3) & 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal; Shree Sainath Enterprises, Mumbai. 1. On The Facts & Circumstances Of The Case & In Law, The Ld. Cit(A) Erred In Upholding The Disallowance Of Interest Of Rs. 46,94,439/-U/Sec36(1)(Iii).

residential houses at various places. The Ld. AR also emphasized on the fact that the assessee has also submitted the bank account, brought forward unabsorbed depreciation /losses. The contention of the Ld. AR that the assessee has submitted the details of unsecured loans and confirmations supporting the return of income

M/S. Simtools Pvt. Ltd., Mumbai vs. DCIT, Central Circle-7(3) ( Earstwhile DCIT- Cent. Cir-42), Mumbai

The appeal are allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Dcit, Central Circle 7(3), M/S Simtools Pvt. Ltd. Mumbai (Erstwhile Dcit- 412, Floor-4, 17G, Central Circle – 42) Vardhaman Chamber, Room No. 655, 6Th Floor, Cawasji Patel Road, Vs. Aaykar Bhavan, Horniman Circle, Fort, Maharshi Karve Road, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaecs1757M Assessee By : Shri Vijay Mehta Revenue By : Shri Sanjeev Kashyap, Cit Dr. Date Of Hearing: 10.10.2022 Date Of Pronouncement: 12.12.2022

IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM

Deputy Commissioner of Income Tax, Central Circle -8(1), Mumbai vs. M/S. Dharamshi Securities Pvt. Ltd, Mumbai

In the result, the appeal of the revenue is allowed

Bench: Shri Amarjit Singh & Shri Rahul Chaudharydcit, Cc-8(1) Vs. M/S Dharamshi Room No. 656, 6 Th Floor, Securities Pvt. Ltd. Aayakar Bhavan, Ground Floor, New Hind M.K. Road, House, Narottam Mumbai – 400020 Morarjee Marg, Ballard Estate, Mumbai – 400 001 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aaacd3927G Appellant .. Respondent

raised the following grounds before us: “1. The ld. CIT(A) erred in facts and circumstances of case and law in allowing the unabsorbed depreciation of Rs.2,27,91,340 claimed by the assessee in calculation u/s 115JB of the I.T. Act without appreciating fact that as per sub clause ... calculated ITA No.5094/Mum/2019 A.Y.2015-16 2 DCIT, CC-8(1) Vs. M/s Dharamshi Securities Pvt. Ltd. after reducing the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of accounts and there is no B/F losses in books of the assessee as on 31.03.2015.” 2. Fact

M/S. Hindustan Lever Ltd vs. The Dy CIT 1(1)

that these losses had already been adjusted against profits from other units in earlier years itself and that there was no loss on unabsorbed depreciation being carried forward under sec. 72 or Sec. 32(2) of the Act. Therefore, such an adjustment on a notional basis was unwarranted. Further ... Supreme Court in case of Synco Industries Ltd. vs. Assessing Officer (299 ITR 444), to argue that the brought forward losses and unabsorbed depreciation have to be adjusted before allowing claim of deduction u/s 80HH & 80I. The Tribunal distinguished the said case on the ground that brought forward losses/depreciation

Dy CIT CC-1(4), Mumbai vs. M/S Grasim Industries Ltd., Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

IN THE INCOME TAX APPELLATE TRIBUNAL ―G‖ BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM

Grasim Industries Ltd., Mumbai vs. Dy CIT, Central Circle-1(4), Mumbai

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

IN THE INCOME TAX APPELLATE TRIBUNAL ―G‖ BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM

Infiniti Retail Ltd, Mumbai vs. ITO 11(3)(4), Mumbai

IN THE INCOME TAX APPELLATE TRIBUNAL "K" BENCH, MUMBAI SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER Infinity

Tata Industries Ltd, Mumbai vs. Dy CIT Circle- 2 (3)(1), Mumbai

In the result, the appeal of the assessee is allowed and appeal of the revenue is partly allowed

deductions under the appropriate computation provisions; b) adjusting the intra-head and inter- head losses and c) setting off brought forward unabsorbed losses and unabsorbed depreciation . The remaining total income comprising of foreign dividend income shall be brought to tax at the rate of 15% in terms of section 115BBD ... from Operations) of financial statements. Hence the assessee would be entitled for allowability of expenses and set off of brought forward business losses and unabsorbed depreciation of earlier years. 2.7. We have gone through the provisions of section 115BBD of the Act. From the bare reading of the said section

Everest Industries Ltd., Noida vs. Dy CIT Circle- 1, Thane

In the results, appeal filed by assessee is allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalm/S Everest Industries Ltd. 2303, Fairfield-A, Majhiwada Bridge, Thane (West)-400601 Pan: Aaace7550N ...... Appellant Vs. Dcit, Circle-1 Ashar I.T. Park, 6Th Floor, B-Wing, 16-Z, Wagle Industrial Estate, Thane (West)-400604. ..... Respondent

availed under “new package scheme of incentives 1993” credited to P&L Account being incentive in the nature of capital subsidy and set off unabsorbed depreciation brought forward from earlier years. 4. Case was selected for scrutiny and assessed u/s 143(3) at Rs 71, 38, 90,910/- by making ... Further in the second order effect on set aside matters dated 28- 09-2018, consequential relief on account of set off of earlier years unabsorbed depreciation has been granted and principal amount of refund was determined at Rs. 11,04,22,861/- and interest w/s 244A was quantified