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4 results for “depreciation”+ Section 207clear

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Key Topics

Section 80P(2)(d)4Section 143(3)3Section 2633Depreciation3Disallowance3Addition to Income3Section 254(1)2Section 14A2Section 271(1)(c)2Deduction

DCIT, CIRCLE-1(1)(2), SURAT vs. J K PAPER LIMITED, SURAT

In the result, this appeal of the Revenue is dismissed

ITA 181/SRT/2020[2012-13]Status: DisposedITAT Surat23 May 2022AY 2012-13

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Hearing In Virtual Court) D.C.I.T. M/S J.K. Paper Ltd. Circle-1(1)(2), P.O. Central Pulp Mill, Vs. Surat. Fort Songadh, Surat. Pan : Aaact 6305 N Appellant Respondednt

Section 115JSection 143(3)Section 145ASection 254(1)Section 271Section 271(1)(c)Section 274Section 292BSection 40aSection 80I

Section 143(3) of the Act on 13/03/2015 determining total income of Rs. 42.62 crores and book profit of Rs. 53.91 crores. The Assessing Officer while passing the assessment order made following additions: 1. Disallowance of expenses claimed on account of Rs. 89,22,235/- social forestry expenses and depreciation on assets used for social forestry. 2. Disallowance of claim

2
Penalty2

S J P CONSTRUCTIONS PRIVATE LIMITED,SURAT vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(2), SURAT

In the result, ground No. 1 to 3 of the appeal are allowed for statistical purpose

ITA 430/SRT/2023[2015-16]Status: DisposedITAT Surat20 Nov 2023AY 2015-16

Bench: Shri Pawan Singh & Dr Arjun Lal Sainiआ.अ.सं./Ita No.430/Srt/2023 (Ay 2015-16) (Hearing In Physical Court) S J P Constructions Pvt. Ltd. Deputy Commissioner Of E-3300, Radhakrishna Textile Income Tax, Circle-2(1)(2) Vs Market, Ring Road, Surat- Surat, Aaykar Bhavan, 395002 Income Tax Colony, Pan No. Aajcs 4313 C Athwa, Surat-395001 अपीलाथ"/Appellant ""थ" /Respondent

Section 143(3)Section 14ASection 234ASection 254(1)

depreciation even if such asset has not been put to use and was ready for passive use of it during relevant assessment year. To support such view, Ld.AR for the assessee relied upon the decision of Hon’ble Delhi High Court in the case of CIT vs. Hughes Escorts Communications [207] 165 Taxman 318 (Delhi)/[2009] 311 ITR 253 (Delhi

SHRI NEHRUNAGAR CO-OP. HOUSING SOCIETY,SURAT vs. INCOME TAX OFFICER, WARD-1(3)(5), SURAT

In the result, the grounds of appeal raised by the assessee are allowed

ITA 507/SRT/2023[2016-17]Status: DisposedITAT Surat31 Oct 2023AY 2016-17

Bench: Dr. A. L. Sainiआयकर अपील सं./Ita No.507/Srt/2023 Assessment Year: (2016-17) (Physical Hearing) Shri Nehrunagar Co.Op. Housing Vs. The Ito, Society, Ward – 1(3)(5), Umang Hall, Nehrunagar Society, Surat Ichchanath Road, Surat – 395007. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabas2271H (Appellant) (Respondent)

Section 143(2)Section 143(3)Section 271(1)(c)Section 57Section 80P(2)Section 80P(2)(d)Section 80P(4)

depreciation amount of Rs.7,26,434/- already disallowed and added back by the assessee is reduced from disallowed expense of Rs. 35,77,519/-. This results in disallowed expense being limited to Rs.28,51,085/-. Since, the assessee is Co-Operative Housing Society, hence, these expenses are eligible for deduction from income of the society as per the objectives

M/S NILKANTH STONE INDUSTRIES, VALSAD vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, VALSAD

In the result the appeal of the assessee is partly allowed

ITA 386/SRT/2018[2014-15]Status: DisposedITAT Surat27 May 2021AY 2014-15

Bench: Shri Pawan Singh, Hon'Ble & Dr. Arjun Lal Saini, Hon'Ble(Virtual Hearing) आ.अ.सं./I.T.A No.386/Srt/2018 "नधा"रण वष"/Assessment Year: 2014-15 M/S Nilkanth Stone Industries, Vs. The Principal Commissioner Shop No.A-1/2/3, Nilkanth Of Income Tax, Valsad. Residency, B/H Old Jakarta Nagar, Tithal Road, Valsad. [Pan: Aajfn 5653 K] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओर से /Assessee By Shri Surji Chheda - Ca राज"वक"ओर से /Revenue By Shri Ritesh Mishra – Cit-Dr सुनवाई की तारीख/ Date Of Hearing: 08.04.2021 उ"घोषणा क" तार"ख/Pronouncement On: 27.05.2021 आदेश /O R D E R Per Pawan Singh, Judicial Memeber: 1. This Appeal Under Section 253 Of Income-Tax Act (Act) By The Assessee Is Directed Against The Order Of Ld. Principal Commissioner Of Income Tax, Valsad Hereinafter Referred As “Ld. Pcit” Passed Under Section 263 Of Income-Tax Act (Act) Dated 27.03.2018, For The Assessment Year (Ay) 2014-15. The Assessee Vide His Application Dated 16.08.2018 Following Concise Grounds Of Appeal: “1. In The Facts & In The Circumstances Of The Case, The Learned Cit Has Erred In Initiation Of Proceedings U/S 263 Of The Income Tax Act, 1961 & Which Was Without Jurisdiction & The Cit Erred In Holding That The Assessment Order Was Erroneous & Prejudicial To The Interest Of Revenue On All Issues Discussed In Revision Order & Has Erred In Setting It Aside For Fresh

Section 253Section 263

depreciation to held that the ITO has not examined the proof of the machinery having been purchased, installed and put to use by the appellant during the year. 7. The learned CIT has erred to treat the orders as erroneous and prejudicial to revenue issue of sundry creditors generally without specifying circumstances of each party and to hold that