Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Deputy Commissioner of Income Tax, Circle-3, Jaipur Versus M/s. Excel Associates P. Ltd.,

2015 (12) TMI 556 - ITAT JAIPUR

Disallowance of depreciation on Wind Mill - put to use - CIT(A) allowed the claim - Held that:- As per cl. (i) of sub-s. (1) of s. 32 the depreciation on the assets of an undertaking engaged in generation or generation and distribution of power is at a percentage as prescribed as per rates on the actual cost thereof. Thus sub-cl. (i) of sub-s. (1) of s. 32 provides the depreciation at a prescribed rate on the assets of specified undertaking on the actual cost instead of WDV. Explanation 5 to sub .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ith the grid sub station of RRVPNL, Barmer. Thus all the installation of the Wind Mill, laying down of the transmission lines, and installation of meter and connection of the meter with the supply line of the assessee were completed on 30.09.2007. Therefore, in the opinion of the Bench the asset was put to use on or before 30.09.2007, thus the asset for which depreciation claimed was used for a period of more than 180 days. Our view is also supported by Judgment passed of K.K.S.K. LEATHER PROCES .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Whether on the facts and in the circumstances of the case and in law the ld. CIT (A) was justified in deleting the disallowance made by the A.O. on account of depreciation. 2. Brief facts of the case are that the assessee is carrying on the business of manufacturing & trading of HT/LT line equipment, switches, clamps connectors, isolators, electricity generation through wind power and trading of electrical goods. During the assessment year under consideration, the assessee had installed a W .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

2010. The Executive Engineer-II(C&M)/(TCC-IV) RRVPNL, Barmer has issued the Commissioning Certificate vide his letter No. RRVPNL/XEN-II (C&M) TCCIV/BMR/D.761 dated 20.10.2007. The said letter states as under :- To M/s. Excel Associates Pvt. Ltd., Regd. Office Basement No. 1, Navjeevan Complex, 29, Station Road, Jaipur - 302 006 (India). Sub : Revised Commissioning Certificate. This is to certify that M/s. Excel Associates Pvt. Ltd. have successfully commissioned 1 No. X 600 KW Suzlon mak .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

(Sub station) is less than 50 Kms. Sd/- Executive Engineer - II(C&M)/TCC-IV) RRVPNL, Barmer. Further, the assessee wrote to the Superintending Engineer (RPPC), Jodhpur Discom on 13.11.2007. The said reads as under :- Sub : Invoice against the electricity delivered during the month of October 2007 from our 0.60 MW Wind Farm at village : Sadiya, Distt. Jaisalmer. Dear Sir, Please find enclosed herewith the joint meter reading at common delivery point for the electricity delivered during the mo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

icity : ₹ 3.48 per KWH Total Amount : ₹ 123453.00 Rounded off : ₹ 123453 (Rupees One lakh Twenty Three Thousande Four Hundred Fifty Three only) The original readings of power producers have been furnished to the Superintending Engineer, RPPC (JdVVNL), Heerapura, Jaipur. You are requested to kindly arrange to issue a cheque for the above amount in our favor at the earliest. 3.1. Despite submission of the letter and document, the AO has held that Wind Mill was put to use for less .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on record by way of details of certificate for electricity delivered during the month of September, signed by the officials of JVVNL and RRVVPNL. In this certificate, details of the initial and final reading of export of electricity have been mentioned which show that the Wind Mills was put to use in the month of September, 2007. In view of the above facts, the depreciation claimed at 80% is allowable to the assessee and the disallowance of ₹ 1,41,08,690/- on account of excess claim of de .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the assessee as may be prescribed; (ii) in the case of any block of assets, such percentage on the WDV thereof as may be prescribed." Provided further that where an asset referred to in clause (i) or clause (ii)[ or clause (iia)], as the case may be, is acquired by the assessee during the previous year and is put to use for the purposes of business or profession for a period of less than one hundred and eighty days in that previous year, the deduction under this sub-section in respect of su .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version