GRASIM INDUSTRIES LTD.,MUMBAI vs. DCIT RANGE 6(3), MUMBAI

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

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

depreciation considering it it as intangible asset. 10. The learned CIT(A), vide impugned order, granted partial relief to the assessee and directed the A.O. to disallow only the entrance fees as capital in nature and allow all other expenditures as revenue expenditure. Being aggrieved, the assessee is in appeal before us. 11. Having considered the submissions of both sides

VIACOM 18, MEDIA PVT LTD ,MUMBAI vs. PCIT-8, MUMBAI

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

section 142(1) of the Act dated 19/08/2021(PB-18) raised following query: “8. With respect to depreciation claimed during the year, kindly provide the following details: 1. Detail of the asset/block ii) Opening WDV iii) Addition and deletion during the year iv) Depreciation charged on assets/block T v) Detail of additional depreciation claimed, if any along with the justification

ACIT 17(1), MUMBAI vs. ELVE CORPORATION, MUMBAI

Bench: Shri Joginder Singh & Shri Ramit Kochar

depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies. Section 35 deals with expenditure on scientific research, section 35AB deals with expenditure on know-how and section 35ABB deals with expenditure for obtaining licence to operate telecommunication services. Section 35AC deals with expenditure on eligible projects or schemes and section 35AD deals with deduction

ACIT 17(1), MUMBAI vs. ELVE CORPORATION, MUMBAI

Bench: Shri Joginder Singh & Shri Ramit Kochar

depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies. Section 35 deals with expenditure on scientific research, section 35AB deals with expenditure on know-how and section 35ABB deals with expenditure for obtaining licence to operate telecommunication services. Section 35AC deals with expenditure on eligible projects or schemes and section 35AD deals with deduction

WNS GLOBAL SERVICES P. LTD,MUMBAI vs. DCIT CIR 14(3)(1), MUMBAI

In the result, the appeals are partly allowed

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiita No.2257/Mum/2017 Assessment Year : 2012 -13 Ita No.1955/Mum/2016 Assessment Year : 2011 -12

171,93,20,475 to Rs. 213,35,00,600 without providing the Appellant an opportunity to be heard. Non Transfer Pricing Grounds 5 (a) The learned AO/Hon'ble DRP erred in disallowing deduction under Section 10A of the amounting to Rs. 30,80,76,458, in respect of the profits earned by the Pune Unit- II of the Appellant

WNS GLOBAL SERVICES P.LTD,MUMBAI vs. DCIT CIR 14(3)(1), MUMBAI

In the result, the appeals are partly allowed

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiita No.2257/Mum/2017 Assessment Year : 2012 -13 Ita No.1955/Mum/2016 Assessment Year : 2011 -12

171,93,20,475 to Rs. 213,35,00,600 without providing the Appellant an opportunity to be heard. Non Transfer Pricing Grounds 5 (a) The learned AO/Hon'ble DRP erred in disallowing deduction under Section 10A of the amounting to Rs. 30,80,76,458, in respect of the profits earned by the Pune Unit- II of the Appellant

DCIT CENTRAL CIRCLE 8(1), MUMBAI vs. MAHADHAN AGRITECH LIMITED, PUNE

In the result, the appeals filed by the assessee are allowed, and the appeal filed by the Revenue is dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

depreciation on intangibles and provision for doubtful debts The A.O had not taken cognizance of the said revised computation. The assessee contends that as it had already disclosed the above items during the original assessment, hence no undisclosed material had been unearthed during search which constituted incriminating material so as to give A. O jurisdiction u/s 153A

MAHADHAN AGRITECH LIMITED (FORMERLY KNOWN AS SMARTECH TECHNOLOGIES LTD ,MUMBAI vs. COMMISSIONER OF INCOME TAX (APPEALS)-MUMBAI.50, MUMBAI

In the result, the appeals filed by the assessee are allowed, and the appeal filed by the Revenue is dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

depreciation on intangibles and provision for doubtful debts The A.O had not taken cognizance of the said revised computation. The assessee contends that as it had already disclosed the above items during the original assessment, hence no undisclosed material had been unearthed during search which constituted incriminating material so as to give A. O jurisdiction u/s 153A

MAHADHAN AGRITECH LIMITED (FORMERLY KNOWN AS SMARTCHEM TECHNOLOGIES LIMITED ),MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE -8(1), MUMBAI

In the result, the appeals filed by the assessee are allowed, and the appeal filed by the Revenue is dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

depreciation on intangibles and provision for doubtful debts The A.O had not taken cognizance of the said revised computation. The assessee contends that as it had already disclosed the above items during the original assessment, hence no undisclosed material had been unearthed during search which constituted incriminating material so as to give A. O jurisdiction u/s 153A

MAHADHAN AGRITECH LIMITED (FORMERLY KNOWN AS SMARTCHEM TECHNOLOGIES LTD ,MUMBAI vs. COMMISSIONER OF INCOME TAX(APPEAL)--50, MUMAI

In the result, the appeals filed by the assessee are allowed, and the appeal filed by the Revenue is dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

depreciation on intangibles and provision for doubtful debts The A.O had not taken cognizance of the said revised computation. The assessee contends that as it had already disclosed the above items during the original assessment, hence no undisclosed material had been unearthed during search which constituted incriminating material so as to give A. O jurisdiction u/s 153A

DCIT CEN CIR 3(3) CEN RG 3, MUMBAI vs. WELSPUN CORP LTD, MUMBAI

In the result, appeal filed by the assesee and appeal filed by the revenue are partly allowed for statistical purpose

Bench: Shri G. Manjunatha & Shri Ram Lal Negim/S Welspun Corp Ltd. Vs. Dcit,Central Circle-22 Room No.465, 4Th Floor Welspun House 7Th Floor, B-Wing Aaykar Bhawan Kamla Mills Compound M.K.Road Senapati Bapat Marg Mumbai-400 020 Lower Parel Mumbai-400 013 Pan/Gir No.Aaacw0744L (Appellant) .. (Respondent) & Dcit,Central Circle-3(3) Vs. M/S Welspun Corp Ltd. Room No.401, 4Th Floor Welspun House 7Th Floor, B-Wing Aaykar Bhawan M.K.Road Kamla Mills Compound Mumbai-400 020 Senapati Bapat Marg Lower Parel Mumbai-400 013 Pan/Gir No.Aaacw0744L (Appellant) .. (Respondent)

depreciation claimed on the net cost of the assets will be allowed after reducing the amount of incentives in terms of Explanation 10 to section 43(1). He submitted that such a contention of the AO cannot be upheld, because the same is not applicable in the present case at all, because there is no direct acquisition of asset from

WELSPUN CORP LTD,MUMBAI vs. DCIT CEN CIR 22, MUMBAI

In the result, appeal filed by the assesee and appeal filed by the revenue are partly allowed for statistical purpose

Bench: Shri G. Manjunatha & Shri Ram Lal Negim/S Welspun Corp Ltd. Vs. Dcit,Central Circle-22 Room No.465, 4Th Floor Welspun House 7Th Floor, B-Wing Aaykar Bhawan Kamla Mills Compound M.K.Road Senapati Bapat Marg Mumbai-400 020 Lower Parel Mumbai-400 013 Pan/Gir No.Aaacw0744L (Appellant) .. (Respondent) & Dcit,Central Circle-3(3) Vs. M/S Welspun Corp Ltd. Room No.401, 4Th Floor Welspun House 7Th Floor, B-Wing Aaykar Bhawan M.K.Road Kamla Mills Compound Mumbai-400 020 Senapati Bapat Marg Lower Parel Mumbai-400 013 Pan/Gir No.Aaacw0744L (Appellant) .. (Respondent)

depreciation claimed on the net cost of the assets will be allowed after reducing the amount of incentives in terms of Explanation 10 to section 43(1). He submitted that such a contention of the AO cannot be upheld, because the same is not applicable in the present case at all, because there is no direct acquisition of asset from

DCIT CEN CIR 1(4), MUMBAI vs. GRASIM INDUSTRIES LTD, MUMBAI

In the result, appeal of the revenue and the assessee are partly allowed, and the additional ground of the assessee is dismissed

Bench: Shri Narendra Kumar Billaiya & Shri Anikesh Banerjee

depreciation @ 25%". 7) "On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in allowing the expenses of Rs.2,02,76,260/- to the assessee in respect of employee compensation cost under ESOP Scheme relying on the decision of the Special Bench of Hon'ble Tribunal in the case of Biocon

THE DY CIT CC-38, MUMBAI vs. M/S. UNITED PHOSPHOUROUS LTD., MUMBAI

Bench: Shri Amit Shukla & Smt.Renu Jauhri, Accountan Member

depreciation has to be allowed irrespective of whether claimed or not accordingly, this ground is decided against the assessee. Ground no.7, is, thus, dismissed 6.4 Respectfully following the decisions of the Hon'ble High Court as well as the Coordinate Bench in the assessee's own case for earlier AY 1994-95, we decide this issue against the assessee

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD.),MUMBAI vs. DCIT, RANGE-1(1)(2), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

171). In the instant case the assessee has derived tax-free interest from bonds and such instruments subscribed for maintaining the Statutory Liquidity Ratio (SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing Officer made disallowance under section 144 in respect of such tax free interest. It was observed that the assessee - bank was statutorily bound

ACIT-2(3)(1), MUMBAI vs. HDFC BANK LTD ( MERGED ENTITY HDFC INVESTMENTS LIMITED ), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

171). In the instant case the assessee has derived tax-free interest from bonds and such instruments subscribed for maintaining the Statutory Liquidity Ratio (SLR) as prescribed by the Reserve Bank of India (RBI). The Assessing Officer made disallowance under section 144 in respect of such tax free interest. It was observed that the assessee - bank was statutorily bound

ASST CIT LTU, MUMBAI vs. AMBUJA CEMENTS LTD, MUMBAI

In the result, the appeal of the revenue is dismissed

depreciation on the capitalized amount as above, and, in any event, no specific arguments have been advanced before us. This ground of appeal is, accordingly, dismissed as not pressed in effect. 45. Ground no. 12 is thus dismissed. 46. In grounds no. 13, the assessee has raised the following grievance: “That on the facts and circumstances of the case

WELSPUN CORP LTD,MUMBAI vs. DCIT CEN CIR 22, MUMBAI

In the result, the appeals filed by the revenue are dismissed and the appeals filed by the assessee are partly allowed for statistical purposes

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadale

depreciation claimed on the net cost of the assets will be allowed after reducing the amount of incentives in terms of Explanation 10 to section 43(1). He submitted that such a contention of the AO cannot be upheld, because the same is not applicable in the present case at all, because there is no direct acquisition of asset from

S. KANT PHARMA PVT. LTD.,MUMBAI vs. DCIT - 7(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Saktijit Dey & Shri Rajesh Kumarassessment Year: 2009-10

section 154 of the Act upholding the disallowance of Rs.5,97,602/-. The Ld. A.R. submitted before us by referring to the appendix 1 of Income Tax Rules which prescribes the rate of depreciation. As per the said appendix, the furniture and fixture includes electric fitting on which the rate of deprecation is 10% whereas