DCIT 9(2)(2), MUMBAI vs. CREDILA FINANCIAL SERVICES P.LTD, MUMBAI

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1491/Mum/2016 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ Dcit 9(2)(2) Credila Financial Services R.No. 665A, 6 T H Floor, Private Ltd., Aayakar Bhavan, Mk Road, B-301 Citi Point, V. Mumbai-400020 Next To Kohinoor Continental Andheri Kurla Road, Andheri(E), Mumbai 400056 स्थायी ऱेखा सं./ Pan : Aaccc8789P (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent)

set off of brought forward of business losses and unabsorbed depreciation. The assessee never sought carry forward and set off of brought

UNILEVER INDIA EXPORT LTD,MUMBAI vs. DCIT 1(3)(1), MUMBAI

In the result, both the appeals by the assessee stand dismissed

Bench: Shri Shamim Yahya, Am & Shri Pawan Sing, Jm आयकर अपील सं./I.T.A. Nos. 29/Mum/2016 & 3683/Mum/2014 ("नधा"रण वष" / Assessment Year: 2009-10) Unilever India Export Limited Dy. Cit – 1(3)1, Unilever House, B. D. Savant Marg, Aayakar Bhavan, बनाम/ Chakala, Andheri (East), Mumbai – 400 020 Vs. Mumba-400 099 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaaci 0991 D (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri P. J. Pardiwala Shri Hiten Chande ""यथ" क" ओर से/Respondent By : Shri S. Padmaja

depreciation in the Company's Act, and further because the entire final figure of loss emerging in Profit & Loss Account is considered under the Company's Act to be business loss only, it is logical and rational to first adjust and set

SUVINO TELEVIDEO,MUMBAI vs. ITO WARD 25(1)(3), MUMBAI

In the result, appeal filed by the assessee is allowed in the above terms

losses can be set off from business income only. It is further\nstated that in case of assessee there is no business income during the\nyear under consideration. Hence, the set off of unabsorbed depreciation

EMBIO LTD,MUMBAI vs. ACIT (OSD) 10(1), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri G.S. Pannu & Shri Sandeep Gosain: A.Y : 2010-11

set off of brought forward business loss of amalgamating company already claimed by the assessee in Assessment Year 2009-10, as assessee had not complied with the conditions stipulated u/s 72A 5 ITA.No.2629/Mum/2015 M/s. Embio Limited r.w.r. 9C of the Rules, with respect to carry forward and setoff of accumulated losses and unabsorbed depreciation

STAINLESS INDIA P.LTD,MUMBAI vs. DCIT 4(3), MUMBAI

The appeal of the assessee is partly allowed for

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2011-12 Stainless India Pvt. Ltd. Dcit-4(3), (Now Known As Stainless Aayakar Bhavan, बनाम/ India Ltd.), M.K. Road, Vs. 226, 3Rd Floor, Bajaj Bhavan, Mumbai-400020 Nariman Point, Mumbai-400021 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacs7067A

loss from business before depreciation at Rs. 17,48,195/-. To this, the assessee added current year's depreciation at Rs. 2,32,059/- and unabsorbed depreciation brought forward from assessment years 1999-2000 and 2002-03 at Rs. 6,42,208/- and claimed set

BA CONTINUUM INDIA P.LTD ( SINCE MERGED WOTJ BA COTINUUM SOLUTIONS P. LTD ),MUMBAI vs. ITO WD 9(1)(2), MUMBAI

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

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant () Assessment Year: 2006-07 Ba Continuum India Private Ito, Ward 9(1)(2), Limited (Since Merged With Ba Room No. 226, Vs. Continuum Solutions Pvt. Ltd.), Aayakar Bhavan, Mk Road, Building No. 5, K. Raheja Mind Mumbai-20. Space, Hitech City, Madhapur, Hyderabad-500081. Pan No. Aaccc 3062 D Appellant Respondent

setting off of the business loss of the depreciation from the profit of setting off of the business loss of the depreciation

DCIT, CIRCLE-1, , KALYAN vs. M/S ASB INTERNATIONAL PVT LTD, MUMBAI

In the result the appeal of the revenue stand dismissed

Bench: Amarjit Singh & Shri Sandip Singh Karhaildcit, C-1,Kalyan Vs. M/S. Asb International 1St Floor, Mohan Plaza, Pvt. Ltd. Mayale Naar, E9, E44, Addl. Kalyan(W)- 421301 Ambernath, Industrial Area, Anand Nagar, Ambernath Thane-421506 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aaaca8424F Appellant .. Respondent C.O. No. 65/Mum/2023 (A.Y. 2009-10)

loss is to be first set off and thereafter unabsorbed depreciation treated as current year's depreciation under section 32(2) is to be set

TATA MOTORS LTD,MUMBAI vs. DCIT LTU 2, MUMBAI

Bench: Shri C. N. Prasad, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 3424/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2013-14)

set-off the loss of Rs. 5,482. 39 crores against Income from House Property - Rs.4.83 crores, Capital Gains - Ks.43.92 crores and Income from Other Sources Rs.1,494.21 15 I.T.A. No. 3424/Mum/2019 Tata Motors Ltd crores, thereby resulting in Total Loss of Rs.3,939.43 crores which comprises of Unabsorbed Depreciation

TATA INDUSTRIES LTD,MUMBAI vs. DY CIT CIRCLE- 2 (3)(1), MUMBAI

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

setting off brought forward unabsorbed losses and unabsorbed depreciation . The remaining total income comprising of foreign dividend income shall be brought

THERMO FISHER SCIENTIFIC INDIA P. LTD,MUMBAI vs. DCIT 15(3)(1), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

loss. ITA No.2458/Mum/2015 (A.Y. 2010-11)\n22\n17. From the above, it comes out that the effect of section 32(2) is that\nunabsorbed depreciation of a year becomes part of depreciation of subsequent\nyear by legal fiction and when it becomes part of current year depreciation it\nis liable to be set

SUPREME PETROCHEM LTD,MUMBAI vs. ASST CIT CEN CIR 29, MUMBAI

The appeal of the assessee is allowed and the ld

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwal

set off of business loss and unabsorbed losses of SPL Polymers Ltd. against its profits, since the said company was taken over by the assessee. The statement giving details of business losses and unabsorbed depreciation

TATA MOTORS LTD,MUMBAI vs. DCIT LTU 2, MUMBAI

In the result, appeal of the assessee is allowed

set-off the loss of Rs.2,319.44 crores against Income from House Property - Rs.4.36 crores. Capital Gains - Rs.29.78 crores and Income from Other Sources Rs.35,79 crores, thereby resulting in Total Loss of Rs.2.249.51 crores which comprises of Unabsorbed Depreciation

INCOME TAX OFFICER-13(3)(3), MUMBAI vs. VIJAY VISION PRIVATE LIMITED, MUMBAI

In the result, appeal of the revenue is dismissed in the manner stated above

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.4813/Mum/2017 (नििाारण वर्ा / Assessment Year : 2010-11) बिाम/ Ito -13(3)(3) M/S. Vijay Vision Room No. 227 Private Ltd, 2Nd Floor Spec House, V. Aayakar Bhawan Ramchandra Lane M K Road Extension, Kachpada, Mumbai-400020 Malad (W), Mumbai- 400064 स्थायी ऱेखा सं./ Pan: Aaacv2144B (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Miss. Deepika Arora (Dr) Assessee By: Shri. Bharat K Patel सुनवाई की तारीख /Date Of Hearing : 08.01.2019 घोषणा की तारीख /Date Of Pronouncement : 22.03.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Revenue, Being Ita No. 4813/Mum/2017, Is Directed Against Appellate Order Dated 24.04.2017 In Appeal No. Cit(A)-21/Ito-13(3)(3)/It-107/2016-17, Passed By Learned Commissioner Of Income Tax (Appeals)-21, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2010-11, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 17.03.2016 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) R.W.S. 147 Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2010-11. I.T.A. No.4813/Mum/2017

set off against income of the current year is depreciation carry forward for the AY 1998-99, 1999-2000 and 2000-01 . The assessee has submitted in computation of income statement of carried forward losses

THE TATA POWER CO. LTD,MUMBAI vs. ITO RG 2(1)(1), MUMBAI

In the result, the appeal filed by the assessee company in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3078/Mum/2009 ("नधा"रण वष" / Assessment Year : 2002-03) The Tata Power Co. Ltd, The Asst. Commissioner Of बनाम/ Corporate Center, Block ‘B, Income Tax- Circle V. 5 Th Floor, 2(3),Aayakar Bhavan, 34, Sant Tukaram Road, Maharshi Karve Road, Carnac Bunder, Mumbai – 400 020. Mumbai – 400 009. "थायी लेखा सं./Pan : Aaact0054A (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

depreciation in all the years from the assessment year 1997-98 of Tata Electric (AOP) for Jojobera 67.5 MW power generating unit was as under:- B/f loss of A.Y. 1997-98 (-)59,24,89,134 B/f loss of A.Y. 1998-99 (-)39,90,49,303 Total (-)99,15,38,437 A.Y. 1999-2000 13,04,09,597 Set

SHRI HARBANS SINGH BAWA,MUMBAI vs. ACIT- 17(1), MUMBAI

Accordingly, appeal filed by the assessee is partly allowed

Bench: Shri G. Manjunatha & Shri Ram Lal Negiharbans Singh Bawa Vs. Acit-17(1) Room No.117, 1St Floor, 410, Jolly Bhavan No.1 10, New Marine Lines Aaykar Bhawan, M.K.Road Mumbai-400 020 Mumbai-400 020 Pan/Gir No.Aaapb6894K Appellant) .. Respondent) & Harbans Singh Bawa Vs. Dcit, Cpc, Bangalore 112, Free Press House Acit-17(1) Room No.117, 1St Floor, Nariman Point Mumbai-400 021 Aaykar Bhawan, M.K.Road Mumbai-400 020 Pan/Gir No.Aaapb6894K Appellant) .. Respondent)

set off losses from the head business and profession against the income from the head salaries. Therefore, called upon the assessee to explain as to why losses from the head income from business or specific provisions provided in section 71(2A) of the I.T.Act, 1961. In response, the assessee submitted that depreciation

SHRI HARBANS SINGH BAWA,MUMBAI vs. DEPUTY CIT, CPC, BANGALORE

Accordingly, appeal filed by the assessee is partly allowed

Bench: Shri G. Manjunatha & Shri Ram Lal Negiharbans Singh Bawa Vs. Acit-17(1) Room No.117, 1St Floor, 410, Jolly Bhavan No.1 10, New Marine Lines Aaykar Bhawan, M.K.Road Mumbai-400 020 Mumbai-400 020 Pan/Gir No.Aaapb6894K Appellant) .. Respondent) & Harbans Singh Bawa Vs. Dcit, Cpc, Bangalore 112, Free Press House Acit-17(1) Room No.117, 1St Floor, Nariman Point Mumbai-400 021 Aaykar Bhawan, M.K.Road Mumbai-400 020 Pan/Gir No.Aaapb6894K Appellant) .. Respondent)

set off losses from the head business and profession against the income from the head salaries. Therefore, called upon the assessee to explain as to why losses from the head income from business or specific provisions provided in section 71(2A) of the I.T.Act, 1961. In response, the assessee submitted that depreciation

DCIT CIR. 6(3)(1), MUMBAI vs. JASRA GRAPHICS PVT. LTD., MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2011-12 Dcit, M/S Jasra Graphics P. Ltd. Cir.-6(3)(1), 101, Prabhadevi Industrial बनाम/ R. No.506, 5Th Floor, Estate, 408, Veer Savarkar Vs. Aayakar Bhavan, Marg, Prabhadevi, M.K. Road, Mumbai-400025 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aaacw1638F

loss was set off first before setting off of the unabsorbed depreciation, that the total carry forward of business loss

DCIT 3(3)(1), MUMBAI vs. M/S.REGENCY PROPERTY INVESTMENTS PRIVATE LIMITED (FORMERLY INTERNATIONAL CLOTHING P.LTD, MUMBAI

Bench: Shri Ravish Sood & Shri N.K. Pradhandy. Commissioner Of Income- M/S Regency Property Tax-3(3)(1),Room No. 609, 6Th Investments Pvt. Ltd., Floor,Aayakar Bhavan, M.K. (Formerly International Clothing Pvt. Ltd) 77, Nariman Bhavan, 227, Vs. Road,Mumbai – 400 020 Nariman Point,Mumbai –21

depreciation against Income from House Property and Income from Other Sources and further to set off of earlier years' business losses