2018 (4) TMI 1071

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..... inery and subsequent depreciation on it - Section 43A applicability - Held that:- As no payment was made during the previous year relevant to the subject assessment year. The Apex Court in Woodward Governor India P. India, (2009 (4) TMI 4 - SUPREME COURT ) while dealing with the amended provisions of Section 43A of the Act has held that “with effect from 1st April, 2003 such actual payment of the .....

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..... l. 2. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 20th October, 2014 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2003+04. 3. The Revenue urges only the following question of law for our consideration : (i) Whether on the facts and circumstances of the case and in law, the CIT( .....

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..... 0 lakhs. 5. Consequent to the above reopening, by an order dated 31st December, 2010, the Assessing Officer passed an order under Section 143(3) of the Act read with Section 147 of the Act, adding the excess depreciation which has been disallowed to the extent of ₹ 11.30 lakhs to the assessee's income. 6. Being aggrieved, the respondent filed an appeal to the Commissioner of Income Tax .....

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..... payment was made, section 43A of the Act as amended w.e.f. 1st April, 2003 would not require any adjustment in the cost of the fixed assets. This is so as no actual payment has been made by the assessee during the previous year relevant to the subject assessment year. The impugned order further places reliance upon the decision in Commissioner of Income Tax Vs. Woodward Governor India P. India, ( .....

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..... jurisdiction. 9. The question as proposed does not give rise to any substantial question of law as it stands concluded by the decision of the Apex Court in the case of Woodward Governor India P. India, (supra) and also on the bare reading of the amended Section 43A of the Act. Thus, not entertained. 10. Accordingly, the appeal is dismissed. No order as to costs.
Case laws, Decisions, Judgeme .....

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