DCIT CC-2(1), CHENNAI vs. M/S GREEN STAR FERTILIZERS LIMITED, CHENNAI
In the result, appeal filed by the revenue is allowed for statistical purposes
ITA 868/CHNY/2020[2014-15]Status: DisposedITAT Chennai31 Jan 2023AY 2014-15
Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.: 868/Chny/2020 िनधा"रण वष" / Assessment Year: 2014-15 The Deputy Commissioner Of M/S. Green Star Fertilizers Income-Tax, V. Limited, No. 88, Spic House, 7Th Floor, Corporate Circle-2(1), Chennai. Mount Road, Guindy, Chennai – 600 018. [Pan: Aadcg-9451-D] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. D. Hem Bhupal, Jcit ""यथ" क" ओर से/Respondent By : Shri. B. Ramakrishnan, Fca सुनवाई क" तारीख/Date Of Hearing : 29.11.2022 घोषणा क" तारीख/Date Of Pronouncement : 31.01.2023
For Appellant: Shri. D. Hem Bhupal, JCITFor Respondent: Shri. B. Ramakrishnan, FCA
Section 143(3)Section 147Section 14ASection 43A
section as per the I. T Act allows the assessee to capitalised the notional forex loss and to claim depreciation.
4.3 In view of the above, the depreciation claimed on account capitalised unrealised loss of Rs.8,56,57,500/- on reinstatement of ECB loan is disallowed to the tune of Rs.1,28,48,625- (i.e. Rs.8,56,57,500x16
