ITAT has directed AO to grant reduction of unabsorbed depreciation amounting to Rs.8,48,95,742/- and re-compute the book profits u/s.115JB in case of Go Airlines.

Last updated: 22 January 2021

Court :
ITAT Mumbai

Brief :
This appeal in ITA No.3788/Mum/2018 for A.Y.2014-15 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-10, Mumbai in appeal No.CIT(A)-10/DC-5(1)(1)/390/16-17 dated 20/02/2018 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 23/12/2016 by the ld. DCIT 5(1)(1), Mumbai (hereinafter referred to as ld. AO).

Citation :
ITA No.3788/Mum/2018

IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT), ‘G‘ BENCH MUMBAI

BEFORE SHRI SAKTIJIT DEY, JM
&
SHRI M.BALAGANESH, AM

ITA No.3788/Mum/2018 (Assessment Year :2014-15)

M/s. Go Airlines (India) Limited C-1, 1st Floor, Wadia International Centre Pandurang Budhkar Marg Worli, Mumbai – 400 025
PAN/GIR No. AACCG2599K
(Appellant)

Vs.

Deputy Commissioner of Income Tax – 5(1)(1) Room No.568, 5th Floor Aayakar Bhavan, M.K.Road, Mumbai-400020
(Respondent)

Assessee by Shri Ronak Doshi

Revenue by Shri V. Vinod Kumar
Date of Hearing 27/10/2020
Date of Pronouncement 13/01/2021

O R D E R

PER M. BALAGANESH (A.M):

This appeal in ITA No.3788/Mum/2018 for A.Y.2014-15 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-10, Mumbai in appeal No.CIT(A)-10/DC-5(1)(1)/390/16-17 dated 20/02/2018 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 23/12/2016 by the ld. DCIT 5(1)(1), Mumbai (hereinafter referred to as ld. AO).

2. The first issue to be decided in this appeal is as to whether the ld. CIT(A) was justified in upholding the action of the ld. AO in denying the adjustment in book profit by not giving deduction towards unabsorbed depreciation amounting to Rs.8,48,95,742/- on the ground that the same has already been adjusted in the preceding years.

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