2013) 40 Taxmann.com 141. (p) Shree Cement Ltd. v. Addl. CIT (Jaipur ITAT)

DCIT-2(3)(1), MUMBAI, MUMBAI vs. NAVIN FLUORINE INTERNATIONAL LTD, MUMBAI

In the result, appeals of the Revenue in ITA No

Bench: Shri Pavan Kumar Gadale, Jm & Ms Padmavathy S, Am

…SOT 175. (n) Ambika Cotton Mills Ltd. V/s. DCIT (Chennai ITAT "C" Bench) 27 ITR (Trib) 44/61 SOT 0031. (o) Sri Velayudhaswamy Spinning Mills (P) Ltd. V/s. DCIT (Chennai ITAT) (2013) 40 Taxmann.com 141. (p) Shree Cement Ltd. V/s. Addl. CIT (Jaipur ITAT) (2014) 152 ITD 561. 4.5.1.2 Further, in assessee company's own case for the immediately preceding assessment year i.e. 2010-11, the then Ld. CIT(A) has held that the amount received on sale of CER is a capital receipt not chargeable to tax. 4.5.1.3 In view of the above, it is submitted that, it should be held that amount received on sale of CER of Rs.69,71,56,345/…

DCIT-2(3)(1), MUMBAI, MUMBAI vs. NAVIN FLUORINE INTERNATIONAL LTD, MUMBAI

In the result, appeals of the Revenue in ITA No

Bench: Shri Pavan Kumar Gadale, Jm & Ms Padmavathy S, Am

…SOT 175. (n) Ambika Cotton Mills Ltd. V/s. DCIT (Chennai ITAT "C" Bench) 27 ITR (Trib) 44/61 SOT 0031. (o) Sri Velayudhaswamy Spinning Mills (P) Ltd. V/s. DCIT (Chennai ITAT) (2013) 40 Taxmann.com 141. (p) Shree Cement Ltd. V/s. Addl. CIT (Jaipur ITAT) (2014) 152 ITD 561. 4.5.1.2 Further, in assessee company's own case for the immediately preceding assessment year i.e. 2010-11, the then Ld. CIT(A) has held that the amount received on sale of CER is a capital receipt not chargeable to tax. 4.5.1.3 In view of the above, it is submitted that, it should be held that amount received on sale of CER of Rs.69,71,56,345/-…

DCIT (CENTRAL CIRCLE -6(3), MUMBAI vs. KARANJA TERMINAL & LOGISTICS PVT LTD, MUMBAI

In the result, the appeals of the Revenue are dismissed

Bench: Shri Kuldip Singh () & Ms. Padmavathy S. ()

…led on 25.01.2012, lodging No.: 1074 of 2012 I IT A No.27. 28 & 29]), which is pending disposal and decision. Similarly, in respect of the ITA appeals for AYs 2007-08. 2008-09 & 2009-10 in ITA Nos.503 JP/504JP/505JP/568JP/569JP & 570JP all of 2012 reported in 152 ITD 561 (Order did.27.01.2014), an appeal has been filed to the Hon. Rajasthan High Court on 21.08.2104, under registration No.: 6380/2014 being ITA Nos.: 85 of 2014. 86 of 2014 & 87 of 2014. 3. On identical facts for A. Y. 2011/12 and 12/13 the assessee on its own has offered these interest incomes to tax, as income from other sources, where these order…

DCIT (CENTRAL CIRCLE -6(3), MUMBAI vs. KARANJA TERMINAL & LOGISTICS PVT LTD, MUMBAI

In the result, the appeals of the Revenue are dismissed

Bench: Shri Kuldip Singh () & Ms. Padmavathy S. ()

…led on 25.01.2012, lodging No.: 1074 of 2012 I IT A No.27. 28 & 29]), which is pending disposal and decision. Similarly, in respect of the ITA appeals for AYs 2007-08. 2008-09 & 2009-10 in ITA Nos.503 JP/504JP/505JP/568JP/569JP & 570JP all of 2012 reported in 152 ITD 561 (Order did.27.01.2014), an appeal has been filed to the Hon. Rajasthan High Court on 21.08.2104, under registration No.: 6380/2014 being ITA Nos.: 85 of 2014. 86 of 2014 & 87 of 2014. 3. On identical facts for A. Y. 2011/12 and 12/13 the assessee on its own has offered these interest incomes to tax, as income from other sources, where these order…

DCIT CIR 10(3)(1), MUMBAI vs. NAVIN FLUORINE INTERNATIONAL LTD, MUMBAI

In the result, the appeals of the assessee is partly allowed while for the appeals of the revenue is dismissed

Bench: Shri Amit Shukla & Shri Amarjit Singh

…SOT 175. (n) Ambika Cotton Mills Ltd. V/s. DCIT (Chennai ITAT "C" Bench) 27 ITR (Trib) 44/61 SOT 0031. (o) Sri Velayudhaswamy Spinning Mills (P) Ltd. V/s. DCIT (Chennai ITAT) (2013) 40 Taxmann.com 141. (p) Shree Cement Ltd. V/s. Addl. CIT (Jaipur ITAT) (2014) 152 ITD 561. 4.5.1.2 Further, in assessee company's own case for the immediately preceding assessment year i.e. 2010-11, the then Ld. CIT(A) has held that the amount received on sale of CER is a capital receipt not chargeable to tax. 4.5.1.3 In view of the above, it is submitted that, it should be held that amount received on sale of CER of Rs.69,71,56,345/-…

NAVIN FLUORINE INTERNATIONAL LTD,MUMBAI vs. DCIT CIR 7(1), MUMBAI

In the result, the appeals of the assessee is partly allowed while for the appeals of the revenue is dismissed

Bench: Shri Amit Shukla & Shri Amarjit Singh

…SOT 175. (n) Ambika Cotton Mills Ltd. V/s. DCIT (Chennai ITAT "C" Bench) 27 ITR (Trib) 44/61 SOT 0031. (o) Sri Velayudhaswamy Spinning Mills (P) Ltd. V/s. DCIT (Chennai ITAT) (2013) 40 Taxmann.com 141. (p) Shree Cement Ltd. V/s. Addl. CIT (Jaipur ITAT) (2014) 152 ITD 561. 4.5.1.2 Further, in assessee company's own case for the immediately preceding assessment year i.e. 2010-11, the then Ld. CIT(A) has held that the amount received on sale of CER is a capital receipt not chargeable to tax. 4.5.1.3 In view of the above, it is submitted that, it should be held that amount received on sale of CER of Rs.69,71,56,345/-…

DCIT CIR 7(1), MUMBAI vs. NAVINE FLUORINE INTERNATIONAL LTD, MUMBAI

In the result, the appeals of the assessee is partly allowed while for the appeals of the revenue is dismissed

Bench: Shri Amit Shukla & Shri Amarjit Singh

…SOT 175. (n) Ambika Cotton Mills Ltd. V/s. DCIT (Chennai ITAT "C" Bench) 27 ITR (Trib) 44/61 SOT 0031. (o) Sri Velayudhaswamy Spinning Mills (P) Ltd. V/s. DCIT (Chennai ITAT) (2013) 40 Taxmann.com 141. (p) Shree Cement Ltd. V/s. Addl. CIT (Jaipur ITAT) (2014) 152 ITD 561. 4.5.1.2 Further, in assessee company's own case for the immediately preceding assessment year i.e. 2010-11, the then Ld. CIT(A) has held that the amount received on sale of CER is a capital receipt not chargeable to tax. 4.5.1.3 In view of the above, it is submitted that, it should be held that amount received on sale of CER of Rs.69,71,56,345/-…

NAVIN FLUORINE INTERNATIONAL LTD,MUMBAI vs. DCIT CIR 7(1), MUMBAI

In the result, the appeals of the assessee is partly allowed while for the appeals of the revenue is dismissed

Bench: Shri Amit Shukla & Shri Amarjit Singh

…SOT 175. (n) Ambika Cotton Mills Ltd. V/s. DCIT (Chennai ITAT "C" Bench) 27 ITR (Trib) 44/61 SOT 0031. (o) Sri Velayudhaswamy Spinning Mills (P) Ltd. V/s. DCIT (Chennai ITAT) (2013) 40 Taxmann.com 141. (p) Shree Cement Ltd. V/s. Addl. CIT (Jaipur ITAT) (2014) 152 ITD 561. 4.5.1.2 Further, in assessee company's own case for the immediately preceding assessment year i.e. 2010-11, the then Ld. CIT(A) has held that the amount received on sale of CER is a capital receipt not chargeable to tax. 4.5.1.3 In view of the above, it is submitted that, it should be held that amount received on sale of CER of Rs.69,71,56,345/-…

BATLIBOI LTD,MUMBAI vs. DCIT CIR 2(1), MUMBAI

In the result, appeal of the assessee is allowed in part

Bench: Shri M.Balaganesh, Am & Shri Pavan Kumar Gadale, Jm M/S. Batliboi Limited Vs. Dy. Cit, Circle 2(1) Bharat House, Aayakar Bhavan 5Th Floor, 104 5Th Floor, Mumbai-400001 Mumbai Samachar Marg Fort, Mumbai -400 001 Pan/Gir No. Aaacb4408L (Appellant) .. (Respondent)

…n this issue and direct the AO to exclude the above said profit from the computation of "Book Profit" for the reasons discussed above." (b) ACIT v. Shree Cement Ltd. [IT Appeal Nos. 614, 615 & 635 (JP) of 2010] following Shree Cement Ltd. v. Addl. CIT [2015] 152 ITD 561/[2014] 49 taxmann.com 274 (Jaipur - Trib.) wherein it was held that: "13.4. From perusal of the decisions of Rain Commodities (supra) and Growth Avenues (supra), we notice that both the decision dealt with the issue of taxability of capital gains in computing Book Profit u/s 115JB of the Act. These capital gains were otherwise income u/s 2(24) o…

KARANJA TERMINAL & LOGISTICS P. LTD,MUMBAI vs. DCIT CEN CIR 6(3), MUMBAI

The appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Hon'Ble Accountantmember & Shri Ramlal Negi, Hon'Ble Judicialmember

…al filed on 25.01.2012, lodging No.: 1074 of 20.12 [ITA No.27, 28 & 29]), which is pending disposal and decision. Similarly, in respect of the ITA appeals for AY 2007-08, 2008-09 & 2009-10 in ITA Nos.503JP/504JP/505JP/568JP/569JP&570JP all of 2012 reported in 152 ITD 561 (Order dtd.27.01.2014), an appeal has been filed to the Hon. Rajasthan High Court on 21.08.2104, under registration No.: 6380/2014 being ITA Nos.: 85 of 2014, 86 of 2014 & 87 of 2014. c) On identical facts for A.Y. 2011 /12 and 12/13 the assessee on its own has offered these interest incomes to tax, as income from other sources.” 6. Finally, the…

ASST CIT (LTU) 2, MUMBAI vs. RELIANCE INDUSTRIES LTD, MUMBAI

Bench: S/Shri B.R.Baskaran (Am) & Amarjit Singh (Jm)

…hi Rasayan Kolkata ITAT ITANo.883/Kol/ Interest subsidy being a 19 to 21 Exports Pvt. Ltd. 2014 capital receipt 2 Shree Cement Ltd. Jaipur ITAT 614,615 & Sales tax subsidy for 13.1, 635/JP/2010 substantial expansion 13.4 & 13.8 3 Shree Cement Ltd. Jaipur ITAT 152 ITD 561 Sales Tax Subsidy and receipt from Carbon Credit 4 Sicpa India(P) Ltd. Kolkata ITAT 80 taxmann.com 87 Excise Duty Subsidy 24 to 26 (exemption) 5 JSW Steel Ltd. Mumbai ITAT 923/Bang/2009 Waiver of loan taken 21, 23 from acquisition of a capital asset 6 L.H. Sugar Factory Lucknow 46 CCH 354 Sales of carbon credit 50 ITAT being a capital receipt 7 B…

DCIT 4(1)(2), MUMBAI vs. DEEGEE ORCHARDS P.LTD, MUMBAI

In the result, the appeal of the revenue is dismissed and the cross objection of the assessee is allowed

Bench: S/Shri B.R.Baskaran (Am) & Amarjit Singh (Jm)

…hi Rasayan Kolkata ITAT ITANo.883/Kol/ Interest subsidy being a 19 to 21 Exports Pvt. Ltd. 2014 capital receipt 2 Shree Cement Ltd. Jaipur ITAT 614,615 & Sales tax subsidy for 13.1, 635/JP/2010 substantial expansion 13.4 & 13.8 3 Shree Cement Ltd. Jaipur ITAT 152 ITD 561 Sales Tax Subsidy and receipt from Carbon Credit 4 Sicpa India(P) Ltd. Kolkata ITAT 80 taxmann.com Excise Duty Subsidy 24 to 26 87 (exemption) 5 JSW Steel Ltd. Mumbai ITAT 923/Bang/2009 Waiver of loan taken 21, 23 from acquisition of a capital asset 6 L.H. Sugar Factory Lucknow 46 CCH 354 Sales of carbon credit 50 ITAT being a capital receipt 7 B…

ASST CIT CIR 11(5) vs. JSW STEEL LTD,

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “J”, MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI ASHWANI TANEJA, ACCOUNTANT MEMBER Assessment Year: 2004-05 M/s. JSW Steel Limited, Assistant Commissioner (formerly known as Jindal of Income Tax, Vijaynagar Steel Limited) Circle 11(5), Vs. Jindal Mansion, 5A, Bangalore Dr. G. Deshmukh Marg, Mumbai – 400 026 PAN: AAACJ4323N (Appellant) (Respondent) Assessment Year: 2004-05 Assistant Commissioner M/s. JSW Steel Limited, of Income Tax, (formerly known as Circle-11(5), Jindal Vijaynagar Steel No.14/3, 5th Floor, Vs. Limited) Nrupathunga Road, Jindal…

JSW STEEL LTD vs. ASST CIT CIR 11(5),

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “J”, MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI ASHWANI TANEJA, ACCOUNTANT MEMBER Assessment Year: 2004-05 M/s. JSW Steel Limited, Assistant Commissioner (formerly known as Jindal of Income Tax, Vijaynagar Steel Limited) Circle 11(5), Vs. Jindal Mansion, 5A, Bangalore Dr. G. Deshmukh Marg, Mumbai – 400 026 PAN: AAACJ4323N (Appellant) (Respondent) Assessment Year: 2004-05 Assistant Commissioner M/s. JSW Steel Limited, of Income Tax, (formerly known as Circle-11(5), Jindal Vijaynagar Steel No.14/3, 5th Floor, Vs. Limited) Nrupathunga Road, Jindal…