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)
depreciation is admissible under s. 32. 52. The amortisation of the qualifying expenditure will be allowed in equal instalments over a 10-year period against the profits arising from
`ITA No.457/Bang/2023 & CO No.4/Bang/2023
M/s. South West Mining Limited, Bellary
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the commercial exploitation of any mine or other natural deposit of any of the specified minerals
