M/S. HAVMOR ICE CREAM LIMITED,,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD
In the result, the appeal of the assessee is treated as partly allowed for statistical purposes
ITA 2866/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad30 Mar 2022AY 2013-14
Bench: Shri Pramod M. Jagtap & Shri T.R. Senthil Kumarassessment Year : 2013-14 M/S. Havmor Ice Cream Limited The Deputy Commissioner Of 2Nd Floor, Commerce House Iv Vs Income-Tax, Besides Shell Petrol Pump Circle-2(1)(1), Prahladnagar, Ahmedabad Ahmedabad Pan : Aabch 6766 L अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Dhinal Shah, Ca Revenue By : Shri V.K. Singh, Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 25/03/2022 घोषणा क" तार"ख /Date Of Pronouncement: 30/03/2022 आदेश/O R D E R Per Pramod M. Jagtap, Vice-This Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Commissioner Of Income-Tax (Appeals)-2, Ahmedabad [Cit(A)] Dated 12.10.2017 & The Solitary Issue Relating To Disallowance Of Rs.15,52,172/- On Account Of Interest As Made By The Assessing Officer & Confirmed By The Ld.Cit(A) Is Raised Therein By Way Of The Following Original Grounds:- “Ground No.1 – Disallowance Of Rs.15,52,172/- Under Section 36(1)(Iii) Towards Capital Work In Progress (“Cwip”) 1. Based On The Facts & Circumstances Of The Case & In Law, The Learned Cit(A) Has Erred In Making Disallowance Of Interest Of Rs.15,52,172/- Under Section 36(1)(Iii) Of The Act On Account Of Expenditure Incurred By The Appellant On Cwip. 2. On The Facts & In The Circumstances Of The Case & In Law, The Learned Cit(A) Erred In Considering The Facts That Expenditure Incurred On Cwip Ay 2013-14 Havmor Ice Cream Ltd. Vs. Dcit 2
For Appellant: Shri Dhinal Shah, CAFor Respondent: Shri V.K. Singh, Sr.DR
Section 36(1)(iii)
capital, reserves and surplus to the extent of Rs.33.83
AY 2013-14
Havmor Ice Cream Ltd. vs. DCIT
13
crores and since the same were sufficient to acquire the assets in the form of CWIP of Rs.3.08 crores, there was no utilization of borrowed funds for acquisition of the said assets, it is observed that a similar stand was taken
