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CHIEF COMMISSIONER OF INCOME TAX, KOLKATA-II Versus JAYSHREE TEA & INDUSTRIES LTD.

2013 (6) TMI 847 - CALCUTTA HIGH COURT

GA No.687 of 2013, ITAT No.63 of 2013 - Dated:- 17-6-2013 - THE HON'BLE JUSTICE INDIRA BANERJEE AND THE HON BLE JUSTICE ANINDITA ROY SARASWATI Appearance: Mr. S. B. Saraf, Adv., Mr. J. P. Khaitan, Sr.Adv., Mr. Somak Basu, Adv. ORDER This appeal by the Revenue is directed against a judgement and order dated August 7, 2012 passed by the Income Tax Appellate Tribunal, Kolkata, Bench A Kolkata, hereinafter referred to as the learned Tribunal , confirming deletion by the learned Commissioner of I .....

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ority. It was argued that actual cost of the relevant plant and machinery would only be nil, warranting no claim towards depreciation. In support of his submission learned Counsel appearing on behalf of the Revenue cited the judgement of a Division Bench of the Delhi High Court in Steel Authority of India Ltd. Vs. Commissioner of Income Tax, reported in (2012) 348 ITR 150 (Delhi) where depreciation of assets purchased out of loans from the Government, which had been waived, were disallowed. The .....

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cquiring any asset being building, machinery, plant or furniture, the actual cost of such asset as determined under clause(1) of section 43 shall, for the purposes of this Act, be reduced by the amount so utilised; (b) for incurring any expenditure for the purposes of such business, such expenditure shall be reduced by the amount so utilised and the resultant sum, if any, shall be taken into account for the purposes of this Act. However, Section 33AB has been substituted by the Finance Act 1990 .....

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dential accommodation, including any accommodation in the nature of a guesthouse; (b) any office appliances (not being computers); (c) any machinery or plant, the whole of the actual cost of which is allowed as a deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head Profits and gains of business or profession of any one previous year; (d) any new machinery or plant to be installed in an industrial undertaking for the purposes of business of con .....

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