GODREJ & BOYCE MFG. CO. LTD. Vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX
LAWS(IT)-2014-12-22
INCOME TAX APPELLATE TRIBUNAL
Decided on December 31,2014

GODREJ AND BOYCE MFG. CO. LTD. Appellant
VERSUS
THE ADDITIONAL COMMISSIONER OF INCOME TAX Respondents

JUDGEMENT

Sanjay Garg, Member (J) - (1.) THE above titled cross appeals preferred against the orders of the Commissioner of Income Tax (Act) [hereinafter referred to as the CIT(A)] dated 17.03.2011 relevant to assessment years 2003 -04 and 2004 -05 are being disposed off with this common order. For the sake of convenience, facts have been taken from assessee's appeal bearing ITA No. 4538/M/2011 for assessment year 2003 -04. ITA No. 4538/M/2011 for A.Y. 2003 -04 (Assessee's Appeal)
(2.) THE assessee has taken the following grounds of appeal: "1.0 The Assessing Officer erred in holding and the learned CIT(A) erred in upholding the grant of depreciation at Rs. 39,75,12,704/ - as against Rs. 65,90,99,922/ - claimed by the Appellant in its return of income. 2.0 The learned CIT(A) failed to appreciate that under Explanation 2B to section 43(6) of the Act, the written down value of the block of assets in the hands of the Appellant (the resulting company) would be such written down value of the assets as appearing in the books of account of Godrej Appliances Limited (the demerged company) immediately before the demerger. He learned CIT(A) erred in holding that amendment in Explanation 2B to section 43(6) of tHe Act by Finance Act, 2003 with effect from assessment year 2004 -05 will have retrospective effect and will also apply to a demerger in assessment year 2003 -04.
(3.) 0 The learned CIT(A) erred in not deciding the additional ground relating to non chargeability of interest under section 234B of the Act.;


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