Case Law Details
DCIT Vs Nalwa Steel And Power Ltd (ITAT Delhi)
Facts- The assessee is engaged in the field of manufacturing and selling of sponge iron, billets, wire rod, TMT and generation of power etc. The assessee filed its e-return declaring total income of Rs.13,46,04,924 on 02/09/2011 and the said return was revised on 25/02/2012, by declaring return of income of Rs.13,76,20,792. After following the due proceedings under law and the assessment order has been passed against the assessee by assessing the income of the assessee at Rs.20,03,31,190/- and recomputed Book profit at Rs. 48,49,78,360/- u/s. 115JB of the Act.
The assessee has preferred an appeal before the learned Commissioner of Income-Tax (Appeals). The learned Commissioner of Income-Tax(Appeals) by order dated 30/05/2017 deleted the disallowance of Rs. 5,38,95,043/- on account of excess deduction claimed u/s 80IA(8) of the Act, deleted the addition of Rs. 69,89,846/- on account of depreciation made while calculating books profit u/s 115JB of the Act. Further, upheld the action of Assessing Officer in making addition of Rs.9,46,866/- on account of additional depreciation u/s 32(1) (iia) of the Act.
Aggrieved by the above deletion made by the CIT (A), the Department has filed the appeal
Conclusion- With regard to deduction u/s 80IA(8) it is held that hon’ble Delhi High Court in assessee’s own case has deleted the said addition.
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