TATA CHEMICALS LTD,MUMBAI vs. DCIT 2(3), MUMBAI

ITA 2439/MUM/2011Status: DisposedITAT Mumbai16 February 2022AY 2003-0449 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that sales tax incentives and fertilizer subsidies received by the assessee are income derived from the business of the eligible industrial undertaking and are eligible for deduction under Section 80-IB.

What were the facts?

The assessee claimed deduction under Section 80-IB for its fertilizer unit, including sales tax incentives and fertilizer subsidies. The Assessing Officer and CIT(A) disallowed these amounts, holding they were not derived from the industrial undertaking's business.

What were the issues?

Whether sales tax incentives and fertilizer subsidies are income derived from the business of an industrial undertaking eligible for deduction under Section 80-IB.

Which sections of the Income-tax Act were involved?

Section 80-IB,Section 28(iii)(b),Section 56

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Income Tax Appellate Tribunal, “J” BENCH, MUMBAI

For Appellant: Shri Nitesh Joshi, AR
For Respondent: Shri Milind Chavan, DR
Hearing: 20.12.2021Pronounced: 16.02.2022

PER PRASHANT MAHARISHI, AM:

01.

This appeal is recalled by order of the coordinate bench in Miscellaneous Application number 136/M/2021 in ITA number 2439/M/2011 for assessment year 2003 – 04 passed on 17/9/2021 wherein as per paragraph number 12 it has been held that additional ground raised by the assessee number 3 with respect to the taxability of sales tax incentive whether is an income chargeable to tax and, if yes, whether same is eligible for deduction u/s 80 IB of the income tax act as well as part of ground number 5 whether the fertilizer subsidy provided by the government as per price concession was an Tata Chemicals Ltd.; AY 03-04 income eligible for deduction u/s 80 IB of the income tax act, has not been decided. Therefore,

The order continues below.

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