Supreme Court - Daily Orders
The Commissiioner Of Income Tax-Iii vs Narmada Chematur Petrochemicals Ltd. ... on 20 January, 2023
Bench: M.R. Shah, C.T. Ravikumar
1
ITEM NO.39 COURT NO.4 SECTION III
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Petition(s) for Special Leave to Appeal (C) No(s). 25547/2014
(Arising out of impugned final judgment and order dated 28-01-2014
in TA No. 1037/2013 passed by the High Court Of Gujarat At
Ahmedabad)
THE COMMISSIIONER OF INCOME TAX-III Petitioner(s)
VERSUS
NARMADA CHEMATUR PETROCHEMICALS LTD.
(NOW KNOWN AS GUJARAT NARMADA VALLEY
FERTILIZERS COMPANY LTD.) Respondent(s)
Date : 20-01-2023 This petition was called on for hearing today.
CORAM :
HON'BLE MR. JUSTICE M.R. SHAH
HON'BLE MR. JUSTICE C.T. RAVIKUMAR
For Petitioner(s) Mr. Balbir Singh, A.S.G.
Mr. Prahlad Singh, Adv.
Mr. Sumit Teterwal, Adv.
Mr. Shashank Bajpai, Adv.
Mr. H R Rao, Adv.
Mr. Gautam Bhardwaj, Adv.
Mr. Raj Bahadur Yadav, AOR
For Respondent(s) Mr. Manish J. Shah, Adv.
Mr. D.N. Ray, Adv.
Mr. Dillip Kr. Nayak, Adv.
Ms. Disha Ray, Adv.
Mrs. Sumita Ray, AOR
UPON hearing the counsel the Court made the following
O R D E R
Having heard learned counsel for the respective parties and from the material on record, it appears that now it is the case on behalf of the Revenue that the respondent being the owner shall be Signature Not Verified Digitally signed by Indu Marwah Date: 2023.01.21 entitled 13:50:44 IST Reason: to depreciation. Mr. Manish J. shah, learned Senior Counsel appearing on behalf of the respondent has pointed out that in case the lessors are found to be the owners, are held to be 2 entitled to depreciation. It is submitted that by passing the impugned order, the Hon’ble High Court has severally relied upon the decision of the Tribunal in the case of Gujarat Narmada Valley Fertilizers Company Limited [GNFC] and the Special Leave Petition which has been confirmed by the High Court and the Special Leave Petition against the same has been dismissed. In view of the same, once the lessors are held to be the owners and are entitled to depreciation, the Revenue thereafter cannot be permitted with respect to the same transaction, the Respondent being the lessee are the owners and are entitled to depreciation.
we see no reason to interfere with the impugned judgment and order passed by the High Court. The Special Leave Petition stands dismissed.
Pending applications, if any, shall stand disposed of.
(INDU MARWAH) (NISHA TRIPATHI) COURT MASTER (SH) ASSISTANT REGISTRAR