ACIT, Circle-1, Noida vs. Jaiprakash Associates Limited

In the Income Tax Appellate Tribunal (ITAT) Delhi Bench decision for case number ITA 945/DEL/2022, the appeal by the Assistant Commissioner of Income Tax (ACIT), Circle-1, Noida against Jaiprakash Associates Limited for the Assessment Years 2010-11 to 2012-13 was examined.

The case revolved around various disallowances and claims made by the appellant and the respondent for the specified assessment years. The key points of contention included:

• Disallowance of depreciation on Iraqi assets, temporary erections, and golf course depreciation.
• Disallowance of interest.
• Claims under section 80IA of the Income Tax Act.
• Contributions to the Jaiprakash Associates Employees Gratuity Fund Trust.
• Disallowance of manufacturing and miscellaneous expenses.

After a thorough review and deliberation, the bench comprising Judicial Member Anubhav Sharma and Accountant Member Anil Chaturvedi dismissed the revenue’s appeals for all the assessment years in question. The decision was based largely on precedents and facts that were identical in nature to those in the previous years for which judgments had already been passed in favor of the assessee.

This outcome emphasizes the importance of consistency in legal reasoning and the precedence of judicial decisions in similar cases. It reflects the tribunal’s stance on issues such as depreciation claims, deductibility of expenses, and the applicability of tax incentives under the Income Tax Act.

ACIT, Circle-1, Noida vs. Jaiprakash Associates Limited