ITA No. 1232/MUM/2024

Parties Involved

Facts Summary

The assessee, Piramal Glass Pvt. Ltd., was engaged in the business of manufacturing glass containers for various industries. The company filed its return of income for the assessment year 2021-22, declaring a total income of Rs. 47,88,48,18,420/-. The return was selected for scrutiny assessment, and statutory notices were issued under the Income-tax Act, 1961. The Assessing Officer made various disallowances, including disallowance of depreciation on non-compete fees and disallowance of interest under section 36(1)(iii) of the Act. The Revenue appealed against the order of the Commissioner of Income-tax (Appeals) for the assessment year 2021-22, raising grounds related to the disallowance of depreciation and interest.…

Legal Issues

• 1. Disallowance of depreciation on non-compete fees
• 2. Disallowance of interest under section 36(1)(iii) of the Act

Judgment Outcome

Decided in favour of Revenue.

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