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1 result for “depreciation”+ Section 10B(4)clear

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Key Topics

Section 10B7Section 80A2

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 1(1), PANAJI vs. SHIFFER AND MENEZES INDIA PVT. LTD, PANAJI

In the result, appeal of revenue is dismissed

ITA 232/PAN/2018[2009-10]Status: DisposedITAT Panaji02 Sept 2022AY 2009-10

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2009-10 Assistant Commissioner Of M/S. Schiffer & Menezes Income Tax, Circle-1(1), India (P) Ltd. Vs. Panaji, Goa Cmm Building, Rua De Ourem, Panaji, Goa (Pan: Aaccm0106E) (Appellant) (Respondent) Present For: Appellant By : Shri P. R. V. Raghavan, Ca Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 16.06.2022 Date Of Pronouncement : 02.09.2022 O R D E R Per Girish Agrawal: This Appeal By The Revenue Is Directed Against The Order Of Ld. Cit(A)-2, Panaji Vide

For Appellant: Shri P. R. V. Raghavan, CAFor Respondent: Shri Mayur Kamble, Sr. DR
Section 10BSection 143(3)Section 72Section 80ASection 80A(1)Section 80B(5)Section 80C

4 M/s. Shiffer & Menezes India Pvt. Ltd., A.Y: 2009-10 loss/depreciation and completed the assessment at Nil income. While doing so, he noted that section 10B though forms part of Chapter III of the Act but is a deduction section and is, therefore, governed by the provisions of section 80A r.w.s. 80AB of the Act. He thus, held