Income Tax Act,1961
and investment allowance u/s 32AC disallowed and confirmed by
him, as per the grounds stated in the order or otherwise ... account of claim of
investment allowance u/s 32AC of the Income Tax Act 1961, as per
the grounds stated in the order or otherwise
Disallowance of deduction u/s 32AC of the Act amounting to Rs.
5,63,55,983/-
44.0 That the Ld. DRP and consequently ... assessee's case in
disallowing the deduction u/s 32AC of the Act to the extent of Rs.
5,63,55,983/-.
45.0 That
verification of higher claim of depreciation under sections 32 and
32AC of the Act;
(d) examination of allowability of custom duty paid under protest ... specific requirements
for claim of higher depreciation as per sec 32 and 32AC may be
examined for the rate of depreciation claimed and allow such
shall be available over and above the existing
deduction available u/s 32AC of the Act. Accordingly, if an
undertaking ... shall
be eligible to claim deduction under the existing provisions of
section 32AC of the Act as well as under the proposed section
32AD
2898/MUM/2024
deduction of investment u/s.32AC of Rs. 6,28,94,489/- ignoring the
facts that the penalty was levied ... penalty levied by
the AO on disallowance of deduction for u/s 32AC of
Rs.6,28,94,089/-, which has been deleted
2898/MUM/2024
deduction of investment u/s.32AC of Rs. 6,28,94,489/- ignoring the
facts that the penalty was levied ... penalty levied by
the AO on disallowance of deduction for u/s 32AC of
Rs.6,28,94,089/-, which has been deleted
Officer has grossly erred not allowing
additional claim of deduction u/s 32AC of Rs. 40,30,472/-. The Ld.
CIT(A) has erred ... allowing the claim of deduction u/s 32AC .
2. On the facts and in the circumstances of the Respondent's case, in
view
such not eligible for addition depreciation and
investment allowance u/s 32AC .Thus,20% of additional depreciation ... investment allowance u/s 32AC of the IT Act claimed b y you for these
machineries were not allowable."
The assessee vide this notice
capital, unsecured loan,
trade creditors and claim of investments allowances u/s. 32AC of the Act.
3. Succinctly, the factual panorama of the case ... loss of Rs.
13,97,40,413/-, claiming Investment Allowance u/s 32AC of the Income Tax
Act. The case has been selected for Complete
were made to the total normal income
by disallowing deduction u/s. 32AC of Rs. 16,08,70,789/-
and disallowance ... satisfaction by making addition of Rs.
16,08,70,789/- u/s. 32AC for furnishing the inaccurate
particulars of income. The Assessing Officer issued show
