SHRI DHARMENDRA KUMAR PAREEK,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2, JAIPUR

In the result, appeal of the assessee is allowed

depreciable asset, section 50 will not apply to the site on which the building is erected. Section 50, therefore, provides

M/S. MAHARAJA SHREE UMAID MILLS LTD. JAIPUR,JAIPUR vs. DCIT CIRCLE-6, JAIPUR, CIRCLE-6, JAIPUR

In the result, the ground of appeal is allowed for statistical purposes

depreciation by Ld. CIT(A) is misplaced. 6 M/s Maharaja Shree Umaid Mills Ltd. vs. DCIT 18. It was submitted that the Parliament in Finance Bill, 2015 w.e.f. AY 2016-17 has introduced third proviso to section 32(1)(ii) providing for carry forward of the balance 50

SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI

In the result, the appeal of the Revenue in ITA No

Bench: or at the time of hearing of this appeal.

section 50 on a depreciable asset is liable to be excluded from calculation of deemed profits under section 115JA - Held

SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT CENTRE, DEPUTY COMMISSIONEROF INCOME TAX, CIRCLE -2, AJMER, AJMER

In the result, the appeal of the Revenue in ITA No

Bench: or at the time of hearing of this appeal.

section 50 on a depreciable asset is liable to be excluded from calculation of deemed profits under section 115JA - Held

HINDUSTAN SALES INDUSTRIAL CORPORATION,JAIPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, JAIPUR

In the result, the appeal of the assessee is allowed

section 50 is applicable when depreciable asset alone is transferred, and the same is not applicable when there is no separate

SUPREME BUILDESTATES PVT LTD,MADANGANJ- KISHANGARH vs. DCIT CIRCLE 2 AJMER, JAIPUR ROAD AJMER

In the result, appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

depreciation and development rebate. Section 35 grants deduction on expenditure for scientific research and knowledge extension in natural and applied sciences under agriculture, animal husbandry and fisheries. Payment to approved universities/ 15 Supreme Buildestates Pvt. Ltd. vs. DCIT research institutions or company also qualifies for deduction. In-house R&D is eligible for deduction, under this section. Section 35CCD provides

M/S. MAHARAJA SHREE UMAID MILLS LTD. JAIPUR,JAIPUR vs. DCIT CIRCLE-6, JAIPUR, CIRCLE-6, JAIPUR

In the result, appeal of the assessee is allowed

50%). The assessee was allowed additional depreciation of Rs.5,37,14,642/- on new machinery. On going through the provisions of clause (iia) of sub-section

RSD CONTAINERS PRIVATE LIMITED,JAIPUR vs. ITO, WARD 7(1), JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed

50 lakhs, Escapement represented in form of loan. 3. Section 151 Compliance - Proper Sanction Obtained The fresh notice issued on 28.07.2022 was issued within prescribed limitation and with approval of PCIT, as per amended Section 151. The assessee's claim that sanction must be from "PCCIT/CCIT" is misconceived. Ashish Agarwal and Rajeev Bansal (SC) clarified that the notice is deemed

OM KOTHARI FOUNDATION,JAIPUR, RAJASTHAN vs. ITO, (EXEMPTION) WARD-1, JAIPUR, JAIPUR, RAJASTHAN

In the result, the appeals of the assessee in ITA No

Bench: SHRI SANDEEP GOSAIN (Judicial Member), DR MITHA LAL MEENA (Accountant Member)

section 32(1) would mean double deduction, which is not permissible in view of the decision of the Apex Court in the case of Escorts Ltd. v. Union of India [1993] 199 ITR 43/[1992] 65 Taxman 420. The depreciation being notional expenditure will not fall under the expression 'actually applied' as held by the Apex Court in the case

WHOLE SALE CLOTH MERCHANT ASSOCIATION ,KOTA vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE KOTA , KOTA

depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereinafter in this section and in sections 148 to 153 referred to as the relevant assessment year)." (Emphasis supplied) What is clear from the above provision is that once assessment is reopened for bringing to tax any income that escaped assessment in terms

M/S BALAJI CONSTRUCTION,AJMER vs. ACIT, CIRCLE-2, AJMER

In the result the appeal of the assessee is allowed

depreciation @ 50% was to be allowed. (vi) That the power under section 154 can be invoked only to correct an error

SHREE CEMENT LIMITED,BANGUR NAGAR vs. ACIT, CENTRAL CIRCLE, AJMER

In the result, the appeal of the assessee - appellant in ITA No

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

50 Shree Cement Limited vs. ACIT Further Hon'ble High Court of Bombay in the case of CIT vs. Techno Shares Stocks Ltd., 225 CTR 337 (Bom), wherein, it has been held that the depreciation under section

SHREE CEMENT LIMITED,BEAWAR vs. DEPUTY COMMISSIONER OF INCOME TAX, AJMER

In the result, this appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

50 on a depreciable asset is liable to be excluded from calculation of deemed profits under s. 115JA. Exemption/deduction allowed by one provision of the Act cannot be taken away by another provision of the Act. Sec. 115JA, the predecessor to s. 115JB, was introduced to the statute book and the Budget Speech of the Finance Minister while introducing

DYNAMIC POWERTECH PRIVATE LIMITED,JAIPUR vs. DCIT, CIRCLE 4, JAIPUR

In the result, the appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

depreciation, if any, under any provision of section 32, except clause (iia) of sub-section (1) of the said section, determined in such manner as may be prescribed. From the perusal of the above provision, it can be concluded that the company who has opted to file its return of income u/s 115BAA of the Act cannot take the deduction

RAJASTHAN STATE MINES & MINERALS LTD.,JAIPUR vs. ACIT, JAIPUR

In the result, appeal of the Revenue is partly allowed for statistical purpose

section 143(3)of the Income-tax Act, 1961 (hereinafter referred to as the Act) was framed vide order dated 21.01.2015. 6 ITA No. 253/JP/2015 along with 13 other appeals. M/s Rajasthan State Mines & Minerals Ltd. While framing the assessment, the Assessing Officer disallowed the claim amounting to Rs. 1,00,25,871/- of Amortization of Mining Land and Amortization

M/S KISHANGARH HI TECH TEXTILE PARK LTD.,KISHANGARH vs. ASSISTANT COMMISSIONER OF INCOME TAX (TECH), AJMER

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

Section 43(1) read with explanation 10 thereto. Further, the Assessing officer has allowed depreciation at varying rates on various assets class comprising the Wind Power Project as against 80% claimed by the assessee company. Accordingly, the assessment was completed at an assessed loss of Rs. 3,50

M/S KISHANGARH HI TECH TEXTILE PARK LTD.,KISHANGARH vs. ASSISTANT COMMISSIONER OF INCOME TAX (TECH), AJMER

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

Section 43(1) read with explanation 10 thereto. Further, the Assessing officer has allowed depreciation at varying rates on various assets class comprising the Wind Power Project as against 80% claimed by the assessee company. Accordingly, the assessment was completed at an assessed loss of Rs. 3,50

M/S KISHANGARH HI TECH TEXTILE PARK LTD.,KISHANGARH vs. ASSISTANT COMMISSIONER OF INCOME TAX (TECH), AJMER

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

Section 43(1) read with explanation 10 thereto. Further, the Assessing officer has allowed depreciation at varying rates on various assets class comprising the Wind Power Project as against 80% claimed by the assessee company. Accordingly, the assessment was completed at an assessed loss of Rs. 3,50

M/S KISHANGARH HI TECH TEXTILE PARK LTD.,KISHANGARH vs. ASSISTANT COMMISSIONER OF INCOME TAX (TECH), AJMER

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

Section 43(1) read with explanation 10 thereto. Further, the Assessing officer has allowed depreciation at varying rates on various assets class comprising the Wind Power Project as against 80% claimed by the assessee company. Accordingly, the assessment was completed at an assessed loss of Rs. 3,50