ACIT, UTTRAKHAND vs. M/S. UTTARANCHAL JAL VIDYUT NIGAM LTD., DEHRADUN

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri R.K. Panda & Shri Challa Nagendra Prasadassessment Year: 2012-13 Acit, Vs. Uttaranchal Jal Vidyut Circle-2, Nigam Ltd., 13-A, Subhash Road, Ujjwal, Maharani Bagh, Uttarakhand. Gms Road, Dehradun. Pan: Aaacu6672R (Appellant) (Respondent) Assessee By : Dr. Rakesh Gupta, Advocate & Shri Somil Aggarwal, Advocate Revenue By : Smt. Poonam Sharma, Sr. Dr Date Of Hearing : 22.12.2021 Date Of Pronouncement : 24.12.2021 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against The Order Dated 29Th December, 2016 Of The Cit(A), Dehradun, Relating To Assessment Year 2012-13. 2. The Only Effective Ground Raised By The Revenue Reads As Under:- “1. The Ld.Cit(A) Has Erred In Law & On Facts By Allowing Depreciation On Assets For Which The Actual Cost As Per Section 43(1) Of The Income Tax Act, 1961 Was Nil. 2. The Order Of The Ld.Cit(Appeals) Be Set Aside & That Of The Assessing Officer Be Restored.”

set aside by this Tribunal, fresh assessment proceedings were initiated by the AO. The AO again made a disallowance of depreciation of Rs 29,95,08,702/- and assessed the total income of the assessee at Rs 38,89,94,500/-. In this regard, vide order dated 28th March 2013, it has been held by the AO as under: ”During

ACIT, CIRCLE- 2, DEHRADUN vs. UTTRANCHAL JAL VIDYUT NIGAM LTD., DEHRADUN

In the result, the appeal of the revenue is dismissed

Bench: Shri Amit Shukladr. B.R.R. Kumar

set aside by this Tribunal, fresh assessment proceedings were initiated by the AO. The AO again made a disallowance of depreciation of Rs 29,95,08,702/- and assessed the total income of the assessee at Rs 38,89,94,500/-. In this regard, vide order dated 28th March 2013, it has been held by the AO as under: “During

ACIT, CIRCLE- 2, DEHRADUN vs. UTTARANCHAL JAL VIDYUT NIGAM LTD., DEHRADUN

In the result, the appeal of the revenue is dismissed

Bench: Shri Amit Shukladr. B.R.R. Kumar

set aside by this Tribunal, fresh assessment proceedings were initiated by the AO. The AO again made a disallowance of depreciation of Rs 29,95,08,702/- and assessed the total income of the assessee at Rs 38,89,94,500/-. In this regard, vide order dated 28th March 2013, it has been held by the AO as under: “During

ACIT, CIRCLE- 2, DEHRADUN vs. UTTARANCHAL JAL VIDYUT NIGAM LTD., DEHRADUN

In the result, the appeal of the revenue is dismissed

Bench: Shri Amit Shukladr. B.R.R. Kumar

set aside by this Tribunal, fresh assessment proceedings were initiated by the AO. The AO again made a disallowance of depreciation of Rs 29,95,08,702/- and assessed the total income of the assessee at Rs 38,89,94,500/-. In this regard, vide order dated 28th March 2013, it has been held by the AO as under: “During

ACIT, CIRCLE-2, DEHRADUN vs. M/S. UTTARANCHAL JAL VIDYUT NIGAM LTD., DEHRADUN

In the result, the appeal of the revenue is dismissed

Bench: Shri Amit Shukladr. B.R.R. Kumar

set aside by this Tribunal, fresh assessment proceedings were initiated by the AO. The AO again made a disallowance of depreciation of Rs 29,95,08,702/- and assessed the total income of the assessee at Rs 38,89,94,500/-. In this regard, vide order dated 28th March 2013, it has been held by the AO as under: “During

ACIT, CIRCLE-2, DEHRADUN vs. M/S. UTTARANCHAL JAL VIDYUT NIGAM LTD., DEHRADUN

In the result, the appeal of the revenue is dismissed

Bench: Shri Amit Shukladr. B.R.R. Kumar

set aside by this Tribunal, fresh assessment proceedings were initiated by the AO. The AO again made a disallowance of depreciation of Rs 29,95,08,702/- and assessed the total income of the assessee at Rs 38,89,94,500/-. In this regard, vide order dated 28th March 2013, it has been held by the AO as under: “During

ACIT, CIRCLE- 2, DEHRADUN vs. UTTARANCHAL JAL VIDYUT NIGAM LTD., DEHRADUN

In the result, the appeal of the revenue is dismissed

Bench: Shri Amit Shukladr. B.R.R. Kumar

set aside by this Tribunal, fresh assessment proceedings were initiated by the AO. The AO again made a disallowance of depreciation of Rs 29,95,08,702/- and assessed the total income of the assessee at Rs 38,89,94,500/-. In this regard, vide order dated 28th March 2013, it has been held by the AO as under: “During

BG EXPLORATION & PRODUCTION INDIA LIMITED,MUMBAI vs. THE DEPUTY COMMISSIONER OF INCOME TAX, DDIT/ADIT (INTERNATIONAL TAXATION), CIRCLE -1, DEHRADUN

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Loss Account which has been audited by an independent auditor. Ground No. 10: Claim for deduction of cess 10.1 On the facts and circumstances of the case and in law, the Appellant prays that the learned AO be directed to allow' deduction in respect of education cess on income-tax paid by the Appellant. Ground No. 11: Short grant

BG EXPLORATION & PRODUCTION INDIA LIMITED,MUMBAI vs. THE DEPUTY COMMISSIONER OF INCOME TAX DDIT/ADIT (INTERNATIONAL TAXATION ) CIRCLE-1, DEHRADUN

In the result, the appeal of the assessee is partly allowed

Bench: Shri R.K. Panda & Shri V.P. Raoassessment Years: 2016-17

set off of expenditure of non-producing PSC against the income of PSC in which commercial production has been commenced is in accordance with the provisions of the Act and provisions of PSC. 8.3. The learned AO / DRP erred in not appreciating that this expenditure was held allowable by the Hon’ble ITAT in Appellant’s own case for earlier

B G EXPLORATION & PRODUCTION INDIA LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME, DDIT/ ADIT (INTERNATIONAL TAXATION), CIRCLE-1, DEHRADUN, DEHRADUN

In the result, both the appeals of the assessee are allowed

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

set off of expenditure of non- producing PSC against the income of PSC in which commercial production has been commenced is in accordance with the provisions of the Act and provisions of PSC. 9.3 The learned AO / DRP erred in not appreciating that this expenditure was held allowable by the Hon’ble ITAT in Appellant’s own case for earlier

B G EXPLORATION & PRODUCTION INDIA LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME, DDIT/ ADIT (INTERNATIONAL TAXATION), CIRCLE-1, DEHRADUN, DEHRADUN, UTTARAKHAND

In the result, both the appeals of the assessee are allowed

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

set off of expenditure of non- producing PSC against the income of PSC in which commercial production has been commenced is in accordance with the provisions of the Act and provisions of PSC. 9.3 The learned AO / DRP erred in not appreciating that this expenditure was held allowable by the Hon’ble ITAT in Appellant’s own case for earlier

DCIT (INTERNATIONAL TAXATION),CIRCLE-I, DEHRADUN vs. HALLIBURTON OFFSHORE SERVICES INC., DEHRADUN

Bench: Sh. Satbeer Singh Godara & Sh. M. Balaganesh

depreciation on capital assets to the extent of 90% of gross revenue. (ix) Whether the CIT (A) has erred in not appreciating the fact that the amount received by the assessee on account of equipment lost in hole’ is infact the reimbursement of expenses and hence includible in the gross revenue for the purpose of computation of profits

HALLIBURTON OFFSHORE SERVICES INC.,NOIDA vs. DCIT (INTERNATIONAL TAXATION), CIRCLE-1, DEHRADUN

Bench: Sh. Satbeer Singh Godara & Sh. M. Balaganesh

depreciation on capital assets to the extent of 90% of gross revenue. (ix) Whether the CIT (A) has erred in not appreciating the fact that the amount received by the assessee on account of equipment lost in hole’ is infact the reimbursement of expenses and hence includible in the gross revenue for the purpose of computation of profits

DCIT (INTERNATIONAL TAXATION),CIRCLE-I, DEHRADUN vs. HALLIBURTON OFFSHORE SERVICES INC., DEHRADUN

Bench: Sh. Satbeer Singh Godara & Sh. M. Balaganesh

depreciation on capital assets to the extent of 90% of gross revenue. (ix) Whether the CIT (A) has erred in not appreciating the fact that the amount received by the assessee on account of equipment lost in hole’ is infact the reimbursement of expenses and hence includible in the gross revenue for the purpose of computation of profits