INCOME-TAX OFFICER, WARD-1 , BELLARY vs. M/S. SOUTH WEST MINING LIMITED, BELLARY
In the result, appeal of the revenue is dismissed and CO filed by the assessee is dismissed
ITA 457/BANG/2023[2011-12]Status: DisposedITAT Bangalore08 Feb 2024AY 2011-12
Bench: Shri Chandra Poojari & Smt. Madhumita Royassessment Year: 2011-12 Ito M/S. South West Mining Limited Aayakar Bhavan Staff Road Vidya Nagar Fort Bellary Near Talur Cross Karnataka Toranagallu Vs. Bellary 583 201 Karnataka Pan No : Aafcs9792M Appellant Respondent C.O. No.4/Bang/2023 (Arising Out Of Ita No.457/Bang/2023) Assessment Year: 2011-12 M/S. South West Mining Limited Ito Vs. Bellary 583 201 Ward-1 Karnataka Bellary Appellant Respondent Assessee By : Shri Rakesh Joshi, A.R. Revenue By : Ms. Neera Malhotra, D.R. Date Of Hearing : 20.12.2023 Date Of Pronouncement : 08.02.2024 O R D E R Per Chandra Poojari: This Appeal By Revenue & Co By Assessee Are Directed Against The Order Of Nfac For The Assessment Year 2011-12 Dated 21.4.2023 Passed U/S 250 Of The Income Tax Act, 1961 (In Short “The Act”). The Revenue In This Appeal Raised Following Ground: “Whether The Ld. Cit(A) Is Justified On The Facts Of The Case & In Law, In Deleting The Addition Of Rs.287.72 Crores Claimed Towards “Mine Development Expenditure” U/S 37(1) In The Computation Of Income Which Was Not Routed Through The Profit & Loss Account.”
For Appellant: Shri Rakesh Joshi, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 143(1)Section 143(3)Section 234BSection 250Section 37Section 37(1)
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These expenses will be amortized on commencement of commercial production as per notes to accounts.
Agreement with mine owner is for 30 years. As per Section 35E this expenditure can be claimed for 10 years.
No explanation of assessee for not debiting these expenses in P &
L account.
For expenses u/s. 37 of the Act the expenses
