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Showing contexts for: fccb in Dcit Cen Cir 3(3) Cen Rg 3, Mumbai vs Welspun Corp Ltd, Mumbai on 13 December, 2019Matching Fragments
2. "Alternatively and without prejudice the CIT(A) should have applied Explanation 10 to Sec.43(1) and should have directed that the backward area incentive should' have been reduced from the actual cost."
3. "On the facts and in the circumstances of the cases and in law, the Ld.CIT(A) erred in deleting the disallowance made u/s.14A without appreciating that Rule 8D is squarely applicable'
4. On the facts and in the circumstances of the case and in law, the Ld.CIT(A) erred in deleting the addition on account pF depreciation on fixed assets u/s.40a(ia) read with section 37 in respect of capitalization of professional fees capitalized of certain expenses, FCCB Premium and FCCB Issue Expenses,"
5. "On the facts and in the circumstances of the case and in law, the Ld.ClT(A) erred in deleting the addition by way of disallowing FCCB Premium."
6. "On the facts and in the circumstances of the case and in law, the Ld.ClT(A) erred in deleting the addition of by way of disallowing depreciation In respect of FCCB premium first debited to pre-operative expenses and thereafter capitalized in the fixed assets."
7. "On the facts and In the circumstances of the case and in law, the Ld.CIT(A) erred In deleting the addition by way of disallowance of foreign exchange loss incurred in issue of Foreign Currency Convertible Bonds."
ITA Nos.5722 & 5370/Mum/2015 Welspun Corp.Ltd.
22. The next issue that came up for our consideration from ground No.4 of revenue appeal is disallowance of depreciation on fixed assets u/s 40(a)(ia) r.w.s 37(1) of the Act, under different categories on the plea that the deprecation was disallowed in the AY 2005-06. The Ld. AO has disallowed depreciation for non deduction of tax at source on certain payments, which are capitalized to fixed receipts, like, professional fees, FCCB premium and FCCB issue expenditure. The Ld.CIT(A) has deleted the additions made by the Ld.AO by following his predecessor appellate order for AY 2005-06.
25. The next issue that came up for our consideration from ground No.6 and 7 of revenue appeal is disallowances of FCCB premium and depreciation on FCCB premium debited to pre-operative expenses. The Ld. AO has disallowed said expenditure, on the ground that the assessee has created only a provision, even though the bond holders have not exercised their option during the year under consideration. The Ld.CIT(A) has deleted additions by following his predecessor appellate order for AY 2005-06. Further, although the appeals for AY 2005-06 has been decided by the Tribunal in ITA No.5371/um/2015, but the issue has not been ITA Nos.5722 & 5370/Mum/2015 Welspun Corp.Ltd.