TaxTMI 
TaxTMI 
2015 (11) TMI 290
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....ce of pro-rata depreciation of Rs. 4,302.73 lakhs on account of downward revaluation of assets (by reduction) in A.Y. 2000-2001. 2. That the appellant seeks leave to add, amend, alter, abandon or substitute any of the above grounds at the time of hearing of appeal." ITA 4279/Del/2013 1. "The Ld. CIT(A) erred in law and on the facts in deleting the addition of prior period expenses amounting to Rs.l02 lacs". 2. "The Ld. CIT(A) erred in law and on the facts in deleting the addition of in respect of depreciation on water supply & sewerage plants amounting to Rs. 60.83 lacs." 3. "The Ld. CIT(A) erred in law and on the facts in deleting the disallowance made on account of Foreign Exchange Fluctuation ....
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....09 declaring income of Rs. 10,08,853.11 lakhs. This return of income was revised on 25.3.2009 declaring income of Rs. 10,09,125.59 lakhs. The A.O. completed the assessment u/s 143(3), determining the total income at Rs. 10,27,511.57 lakhs. He assessed book profits u/s 115 JB of the Income Tax Act, 1961 (the Act) at Rs. 99,26,329.81 lakhs. Aggrieved the assessee carried the matter in appeal. 3. The First Appellate Authority granted part relief. On the issues which were decided against the Revenue, by the First Appellate Authority, the A.O. filed these appeals. The assessee filed an appeal on the sole issue of disallowance of prorata depreciation. 4. We have heard Shri KK Jaswal, the Ld.Sr.D.R. on behalf of the Revenue and Shri MP Rasto....
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....s. In this respect explanation 10 to section 43(1) which states that where a portion of the cost of an asset acquired by the assessee has been met directly or indirectly by the Central Govt. or by State Govt. or any authority established under any law in the form of a subsidy or grant then so much of the cost as it relatable to such subsidy or grant of reimbursement shall not be included in the actual cost of the assets of the assessee. The assessee submitted before the Assessing Officer that when a loan is obtained if it is of a capital nature and when loan is utilized, it does not become an expense. Therefore, when a loan is waived/written off by an assessee, it is not an allowable deduction as it is capital in nature and similarly when t....
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....n Railways within a stipulated time for such wagons. The claims lodged are accounted as income at that time. It so happens when wagons say are dispatched to Ludhiana and Lucknow all the wagons are sent to Ludhiana Stock yard only. Ludhiana records them in Material Diversion Statement and takes it into stock. The railways, in due course of time trace the wagons not delivered at its destination but at another place. Then they give the details to the company and it verifies them, after which it makes the necessary adjustments in accounts. It so happened, that TMT Steel dispatched on IPT (Inter Plant Transfer) basis in FY 2007-08 got delivered at BSO (Branch Sales Office) Bhilai in February 2008. When the Plant did not receive the goods, a clai....
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....e order of the First Appellate Authority. Hence we uphold the same and dismiss this ground of the Revenue. 11. The next issue is regarding allowability of depreciation on water supply and sewerage plant. 11.1. Admittedly this issue is covered in favour of the assessee and against the Revenue by the decision of the ITAT in a ssessee's own case for the A.Y. 2007-08 in order dt. 25.10.2012 in ITA 1488/Del/2011. The findings are at para 46 to 48 of that order which are not extracted for the sake of brevity. 11.2. Respectfully following the same, we uphold the order of the First Appellate Authority and dismiss this ground of the Revenue. 12. The next ground is on disallowance of interest claimed on KFW Germany loan transfer to Fo....
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....2010. Consistent with the view taken therein we dismiss this ground of the Revenue. 16. The next ground is on disallowance u/s 43B of provident fund dues deposited within the grace period. The Ld.Sr.D.R. relied on the decision of Hon'ble Gujarat High Court reported in 366 ITR 117. The assessee relied on the judgement of the Jurisdictional High Court in the case of CIT vs. AIMIL Ltd. 188 Taxman 265 (Del.). 16.1. We follow the binding judgement of the Jurisdictional High Court and dismiss this ground of Revenue. The fact that the PF dues were deposited within the grace period, allowed under the respective Act, and before the due date of submitting the return u/s 139(1) of the Act is not in dispute. 17. The next ground is against ....