Exemption available to the depreciable asset under section 54E cannot be denied by referring to the fiction created under section 50


Last updated: 13 August 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
Briefly stated the facts of the case are that the assessee is a Private Limited Company engaged in manufacturing of Rubber products and having manufacturing unit at Andheri and Grant Road. For the year under consideration, the appellant company declared total income at Rs.1,62,25,595/- on 30.10.2007. The return was selected for scrutiny assessment and accordingly statutory notices u/s. 143(2) and 142(1) were issued and duly served upon the assessee

Citation :
M/s. Jai Hind Rubber Products Pvt.Ltd., 391, Tilak Market, Opp. Novelty Cinema, Grant Road,Mumbai-400 007 PAN-AAACJ 1734D (Appellant) Vs. The ACIT, Cir 5(2), Aayakar Bhavan, Mumbai-400 020 (Respondent)

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CS Bijoy
Published in Income Tax
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