THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3(1), , VISAKHAPATNAM vs. DEVI SEA FOODS LIMITED, , VISAKHAPATNAM
In the result, appeal of the revenue as well as the cross objections of the assessee are dismissed
ITA 497/VIZ/2019[2013-14]Status: DisposedITAT Visakhapatnam18 Jun 2020AY 2013-14
Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.497/Viz/2019 (निर्धारण वर्ा/Assessment Year:2013-14) Asst.Commissioner Of Income Tax Vs M/S Devi Sea Foods Limited Circle-3(1) D.No.50-1-51/1 Visakhapatnam Asr Nagar, Seethammadhara Visakhapatnam [Pan : Aabcd0248B] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No.130/Viz/2019 Arising Out Of I.T.A.No.497/Viz/2019 (निर्धारण वर्ा/Assessment Year:2013-14) M/S Devi Sea Foods Limited Vs Asst.Commissioner Of D.No.50-1-51/1 Income Tax Asr Nagar Circle-3(1) Seethammadhara Visakhapatnam Visakhapatnam [Pan : Aabcd0248B] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) रधजस्व कीओर से /Revenue By : Shri S.Ravi Shankar Narayan, Cit, Dr निर्धाऩरती की ओर से / Assessee By : Shri G.V.N.Hari, Ar सुिवधई की तधरीख / Date Of Hearing : 08.06.2020 घोर्णध की तधरीख/Date Of Pronouncement : 19.06.2020
For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri S.Ravi Shankar Narayan
Section 180Section 2Section 50Section 50B
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for net worth and Explanation 2 for computation of net worth. The AO also considered section 180 of Companies Act, 2013 for the purpose of meaning of undertaking and viewed that the assessee company could not explain as to why the assets i.e. windmills should not be treated as assets of the
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I.T.A. No.497/Viz/2019 and CO No.130/Viz/2019, A.Y.2013-14
