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No sec. 36(1)(iii) disallowance as renovation of destroyed plant wasn't to be treated as 'acquisition of asset'

January 17, 2019[2019] 101 taxmann.com 120 (Pune - Trib.)/[2019] 174 ITD 485 (Pune - Trib.)

IT: Where assessee acquired loan for reconstruction or renovation of its existing cold storage which was destroyed by fire, such reconstruction or renovation could not be considered as 'acquisition of an asset', thus, interest paid on such loan could not be disallowed under section 36(1)(iii)

IT: Where cold storage being destroyed by fire, assessee received insurance claim of Rs. 1.35 crores on account of loss of goods and cold storage plant and actual expenditure incurred on reconstruction/renovation of cold storage was Rs. 3.55 crores, no short-term capital gain under section 45(1A) could be charged

IT: Where assessee challenged validity of assessment order on ground that notice under section 143(2) was not served on partners of assessee-firm but on its manager which did not tantamount to a valid service, in view of fact that assessee appeared before Assessing Officer and gave his no objection for furthering assessment proceeding despite service of notice on its manager and, thus, assessment was completed with due participation of assessee, it could be said that provisions of section 292BB would apply to assessee's case

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