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3 results for “depreciation”+ Demonetizationclear

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Key Topics

Section 26312Section 143(3)4Disallowance2

M/S. GREEN EARTH BIOGAS PVT. LTD.,SURENDRANAGAR vs. THE PR. CIT-3, AHMEDABAD, AHMEDABAD

ITA 185/RJT/2023[2017-18]Status: DisposedITAT Rajkot17 Jul 2025AY 2017-18

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपीलसं./Ita No.185/Rjt/2023

For Appellant: Shri Hardik Vora, Ld. A.RFor Respondent: Shri Sanjay Pungalia, Ld. Sr. DR
Section 263

depreciable assets in use for the purpose of business. (iii) Explanation along with documentary evidences in regard to the source of cash deposited in bank during demonetization

SAURASHTRA GRAMIN BANK MANAGER (F & A), RAJKOT,RAJKOT vs. THE PR. COMMISSIONER OF INCOME TAX-I,, RAJKOT

In the result, the appeal filed by the assessee is allowed

ITA 37/RJT/2022[2017-18]Status: DisposedITAT Rajkot30 Sept 2025AY 2017-18

Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita No. 37/Rjt/2022 (Assessment Year: 2017-18) (Hybrid Hearing) Saurashtra Gramin Bank Vs. The Pr. Cit-1, Manager (F & A), Rajkot 1St Floor Wing 2, Lic Jeevan Prakash Building, Tagore Road, Rajkot-360001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aahas2116H (अपीलाथ"/Appellant) (""यथ"/Respondent)

Bench:
For Appellant: Ms. A.D. Vyas, ARFor Respondent: Shri Sanjay Punglia, CIT-DR
Section 143(3)Section 14ASection 263Section 36(1)(viii)Section 37(1)

Depreciation Reserve (Marked to Market). Learned PCIT has failed to consider the RBI circular No. RBI/2013-14/434 RPCD. CO. RRB. BC. No./ 74 /03.05.33/2013-14 dated January 07, 2014 that "The investments under the Available for Sale and Held for Trading categories should be marked to market". The same fact was clarified by CBDT vide Instruction No. 17/2008, Dated

SHRI DIPTEN AHINDRA BHOWMICK,GANDHIDHAM-KUTCH vs. THE ITO, WARD-1, GANDHIDHAM-KUTCH

In the result, the appeal filed by the assessee is allowed

ITA 134/RJT/2022[2016-17]Status: DisposedITAT Rajkot04 Jan 2023AY 2016-17

Bench: Shri Waseem Ahmed & Shri T. R. Senthil Kumar

For Appellant: Shri Gaurang Khakhar, A.RFor Respondent: Shri Shramdeep Sinha, CIT DR
Section 10Section 143(3)Section 154Section 250Section 264Section 264(1)Section 40A(3)

demonetization period showing substantial cash in hand as on 31-03-2016. Therefore, the return of income was selected for limited scrutiny to verify the genuineness of cash in hand. In this regard, he furnished necessary details and the AO after the verification accepted the genuineness of cash balance Rs. 41,18,857/- as on 31-03-2016. However