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 has never been claimed by the transferor company towards which reliance was placed on the following decisions: - Triune Energy Services (P) Ltd. v. DCIT [2016] 237 Taxman 230 (Del. HC) Urmin Marketing P. Ltd. v. DCIT [2020] 122 - taxmann.com 40 (Ahmd. ITAT) - Sri Krishna Drugs Limited v. DCIT (ITA No.198/Hyd/2011) F. Observations of the Revenue regarding valuation reports

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 has never been claimed by the transferor company towards which reliance was placed on the following decisions: - Triune Energy Services (P) Ltd. v. DCIT [2016] 237 Taxman 230 (Del. HC) Urmin Marketing P. Ltd. v. DCIT [2020] 122 - taxmann.com 40 (Ahmd. ITAT) - Sri Krishna Drugs Limited v. DCIT (ITA No.198/Hyd/2011) F. Observations of the Revenue regarding valuation reports

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 has never been claimed by the transferor company towards which reliance was placed on the following decisions: - Triune Energy Services (P) Ltd. v. DCIT [2016] 237 Taxman 230 (Del. HC) Urmin Marketing P. Ltd. v. DCIT [2020] 122 - taxmann.com 40 (Ahmd. ITAT) - Sri Krishna Drugs Limited v. DCIT (ITA No.198/Hyd/2011) F. Observations of the Revenue regarding valuation reports

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 has never been claimed by the transferor company towards which reliance was placed on the following decisions: - Triune Energy Services (P) Ltd. v. DCIT [2016] 237 Taxman 230 (Del. HC) Urmin Marketing P. Ltd. v. DCIT [2020] 122 - taxmann.com 40 (Ahmd. ITAT) - Sri Krishna Drugs Limited v. DCIT (ITA No.198/Hyd/2011) F. Observations of the Revenue regarding valuation reports

M/S. SIMTOOLS PVT. LTD.,MUMBAI vs. DCIT , CENTRAL CIRCLE-7(3) ( EARSTWHILE DCIT- CENT. CIR-42), MUMBAI

The appeal are allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Dcit, Central Circle 7(3), M/S Simtools Pvt. Ltd. Mumbai (Erstwhile Dcit- 412, Floor-4, 17G, Central Circle – 42) Vardhaman Chamber, Room No. 655, 6Th Floor, Cawasji Patel Road, Vs. Aaykar Bhavan, Horniman Circle, Fort, Maharshi Karve Road, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaecs1757M Assessee By : Shri Vijay Mehta Revenue By : Shri Sanjeev Kashyap, Cit Dr. Date Of Hearing: 10.10.2022 Date Of Pronouncement: 12.12.2022

depreciation beyond 8 years, he held that same cannot be treated as time barred beyond a period of 8 years and can be carried forward indefinitely and allowed the ground of the appeal. vi. On the issue of taxation of Long Term Capital Gain on sale of land, he held that same was stock in trade and accordingly

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

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

section (7B) to\nprovide that if such asset is used for any purpose other\nthan the specified business, the total amount of deduction\nso claimed and allowed in any previous year in respect of\nsuch asset, as reduced by the amount of depreciation\nallowable in accordance with the provisions of section 32\nas if no deduction had been allowed under

ACIT, CC-6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciation rate of 5%’ under the Act and after its sale during the year, the said block ceased to exist under the provisions of the Act. Overseas Infrastructure Alliance (India) Pvt. Ltd. AYs 2011-12, 2015-16 to 2017-18 and 2019-20 to 2022-23 This factual position has also been acknowledged and affirmed by ld. CIT(A) while

OVERSEAS INFRASTRUCTURE ALLIANCE(INDIA) PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -6 , MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciation rate of 5%’ under the Act and after its sale during the year, the said block ceased to exist under the provisions of the Act. Overseas Infrastructure Alliance (India) Pvt. Ltd. AYs 2011-12, 2015-16 to 2017-18 and 2019-20 to 2022-23 This factual position has also been acknowledged and affirmed by ld. CIT(A) while

OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMTIED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciation rate of 5%’ under the Act and after its sale during the year, the said block ceased to exist under the provisions of the Act. Overseas Infrastructure Alliance (India) Pvt. Ltd. AYs 2011-12, 2015-16 to 2017-18 and 2019-20 to 2022-23 This factual position has also been acknowledged and affirmed by ld. CIT(A) while

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciation rate of 5%’ under the Act and after its sale during the year, the said block ceased to exist under the provisions of the Act. Overseas Infrastructure Alliance (India) Pvt. Ltd. AYs 2011-12, 2015-16 to 2017-18 and 2019-20 to 2022-23 This factual position has also been acknowledged and affirmed by ld. CIT(A) while

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciation rate of 5%’ under the Act and after its sale during the year, the said block ceased to exist under the provisions of the Act. Overseas Infrastructure Alliance (India) Pvt. Ltd. AYs 2011-12, 2015-16 to 2017-18 and 2019-20 to 2022-23 This factual position has also been acknowledged and affirmed by ld. CIT(A) while

ACIT CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciation rate of 5%’ under the Act and after its sale during the year, the said block ceased to exist under the provisions of the Act. Overseas Infrastructure Alliance (India) Pvt. Ltd. AYs 2011-12, 2015-16 to 2017-18 and 2019-20 to 2022-23 This factual position has also been acknowledged and affirmed by ld. CIT(A) while

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciation rate of 5%’ under the Act and after its sale during the year, the said block ceased to exist under the provisions of the Act. Overseas Infrastructure Alliance (India) Pvt. Ltd. AYs 2011-12, 2015-16 to 2017-18 and 2019-20 to 2022-23 This factual position has also been acknowledged and affirmed by ld. CIT(A) while

OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMTIED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciation rate of 5%’ under the Act and after its sale during the year, the said block ceased to exist under the provisions of the Act. Overseas Infrastructure Alliance (India) Pvt. Ltd. AYs 2011-12, 2015-16 to 2017-18 and 2019-20 to 2022-23 This factual position has also been acknowledged and affirmed by ld. CIT(A) while

ACIT, CC-6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciation rate of 5%’ under the Act and after its sale during the year, the said block ceased to exist under the provisions of the Act. Overseas Infrastructure Alliance (India) Pvt. Ltd. AYs 2011-12, 2015-16 to 2017-18 and 2019-20 to 2022-23 This factual position has also been acknowledged and affirmed by ld. CIT(A) while

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

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

section\n(7A) in section 35AD to provide that any asset in respect\nof which a deduction is claimed and allowed under\nsection 35AD, shall be used only for the specified\nbusiness for a period of eight years beginning with the\nprevious year in which such asset is acquired or\nconstructed.\n73\nITA No.2227/Mum/2024 and others\nMahadhan Agritech Limited

OVERSEAS INFRASTRUCTURE ALLIANCE(INDIA) PRIVATE LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

depreciation rate of 5%' under the Act and after its sale during\nthe year, the said block ceased to exist under the provisions of the Act.\nThis factual position has also been acknowledged and affirmed by ld.\nCIT(A) while dealing with this issue in Para 5.3.6 of the first appellate\norder which is undisputed and uncontroverted. Accordingly

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

depreciation rate of 5%' under the Act and after its sale during\nthe year, the said block ceased to exist under the provisions of the Act.\nThis factual position has also been acknowledged and affirmed by ld.\nCIT(A) while dealing with this issue in Para 5.3.6 of the first appellate\norder which is undisputed and uncontroverted. Accordingly

J KUMAR INFRAPROJECTS LIMITED,MUMBAI vs. THE DY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -5(1), MUMBAI

The Appeal of the Assessee is partly allowed and that of the department is dismissed

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

Section 65B obtained at the time of taking the document, without which, the secondary evidence pertaining to that electronic record, is inadmissible. (Page 38 to 52 of Paper Book – II; Relevant para 12-17 on page 43-45) The Hon’ble Madras High Court in the case of Saravana Selvarathnam Retails