PARISONS FOODS PRIVATE LTD,CALICUT vs. DCIT , CIRCLE 1(1), KOZHIKODE
In the result, the appeal filed by the assessee is allowed
ITA 229/COCH/2023[2005-06]Status: DisposedITAT Cochin27 Jun 2024AY 2005-06
Bench: Shri Waseem Ahmed & Shri Soundararajan K.(Through Virtual Hearing) Parisons Foods Pvt. Ltd. Dcit, Circle - 1(1) 6/1183, Kunhipari Buildins Kozhikode Calicut 673032 Vs. Pan – Aaccp2898J (Appellant) (Respondent) Assessee By: Shri Surendranath Rao, Ca Revenue By: Shri Ilaiyaraja, K.S., Sr. Dr Date Of Hearing: 11.06.2024 Date Of Pronouncement: 27.06.2024 O R D E R Per: Soundararajan K., J.M. This Appeal Filed By The Assessee Challenges The Order Of The National Faceless Appeal Centre, Delhi (Cit(A)) Dated 01.02.2023 Passed Under Section 250 Of The Income Tax Act, 1961 (The Act) In Respect Of Assessment Year (Ay) 2005-06. 2. The Assessee Is In The Business Of Refining & Sale Of Crude Edible Oil & Filed Its Return Of Income On 29.10.2005 & The Assessment Was Completed Under Section 143(3) Of The Act By Accepting The Returns. Subsequently The Cit Invoked His Suo Moto Revision Powers Under Section 263 Of The Act To Disallow The Additional Depreciation Claimed U/S 32(1)(Iia) Of The Act & Directed The Ao To Complete The Assessment De Novo By Considering The Claim Of Additional Depreciation Of 15%. Thereafter The Ld. Ao
For Appellant: Shri Surendranath Rao, CAFor Respondent: Shri Ilaiyaraja, K.S., Sr. DR
Section 143(3)Section 250Section 263Section 32(1)(iia)
depreciation was not allowable, then he should have added the amount of additional depreciation claimed to the closing
