2014; 701/Ahd./2015; 348/Ahd./2015; 2617/Ahd./2015 & 2461/Ahd./2015 Rayon Corporation Ltd. v. Commissioner of Income Tax

227 ITR 764Supreme Court of India1997#2501 most cited

What is 2014; 701/Ahd./2015; 348/Ahd./2015; 2617/Ahd./2015 & 2461/Ahd./2015 Rayon Corporation Ltd. v. Commissioner of Income Tax authority for?

A Debenture Redemption Reserve (DRR) does not constitute a "reserve" because it represents an amount set apart to meet a known liability, specifically the obligation to repay debentures. Funds allocated for a present obligation cannot be classified as a reserve.

46

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2000 to 2023.

Also referred to as

National Rayon Corp. Ltd. · 227 ITR 764 · Debenture Redemption Reserve · DRR not a reserve · known liability · Super Profit Tax Act 1963 · Companies Act Schedule VI · definition of reserve · taxable profits calculation

Issues it is cited on

safe harbour rulessection 72asection 32(2)section 33acsection 80hhepreliminary expensessafe harboursection 72section 43aactual payment basissection 43(6)section 32a

Judgments citing 2014; 701/Ahd./2015; 348/Ahd./2015; 2617/Ahd./2015 & 2461/Ahd./2015 Rayon Corporation Ltd. v. Commissioner of Income Tax

The DCIT, Circle-4, Ahmedabad vs. M/S. Genus Electrotech Ltd., Ahmedabad

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 99/AHD/2014[2007-08]Status: DisposedITAT Delhi17 Feb 2021AY 2007-08

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…rt in National 22 ITA Nos.99/Ahd./2014; 2830/Ahd./2013;100/Ahd./2014; 2831/Ahd./2013; 1898/Ahd./2014; 1763/Ahd./2014; 1899/Ahd./2014; 701/Ahd./2015; 348/Ahd./2015; 2617/Ahd./2015 & 2461/Ahd./2015 Rayon Corporation Ltd. Vs. Commissioner of Income Tax [(1997) 227 ITR 764]. The Supreme Court after adverting to the provisions of Clause 7 of Part III to Schedule VI of the Companies Act, 1956 held that "the basic principle is that an amount set apart to meet a known liability cannot be regarded as reserve". Where a company issues debentures, the liability to repay arises the moment the money is borrowed. By issuing d…

The DCIT, Circle-4, Ahmedabad vs. Genus Electrotech Ltd., Ahmedabad

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 1899/AHD/2014[2010-11]Status: DisposedITAT Delhi17 Feb 2021AY 2010-11

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…rt in National 22 ITA Nos.99/Ahd./2014; 2830/Ahd./2013;100/Ahd./2014; 2831/Ahd./2013; 1898/Ahd./2014; 1763/Ahd./2014; 1899/Ahd./2014; 701/Ahd./2015; 348/Ahd./2015; 2617/Ahd./2015 & 2461/Ahd./2015 Rayon Corporation Ltd. Vs. Commissioner of Income Tax [(1997) 227 ITR 764]. The Supreme Court after adverting to the provisions of Clause 7 of Part III to Schedule VI of the Companies Act, 1956 held that "the basic principle is that an amount set apart to meet a known liability cannot be regarded as reserve". Where a company issues debentures, the liability to repay arises the moment the money is borrowed. By issuing d…

The DCIT, Circle-4, Ahmedabad vs. Genus Electrotech Ltd., Ahmedabad

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 1898/AHD/2014[2009-10]Status: DisposedITAT Delhi17 Feb 2021AY 2009-10

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…rt in National 22 ITA Nos.99/Ahd./2014; 2830/Ahd./2013;100/Ahd./2014; 2831/Ahd./2013; 1898/Ahd./2014; 1763/Ahd./2014; 1899/Ahd./2014; 701/Ahd./2015; 348/Ahd./2015; 2617/Ahd./2015 & 2461/Ahd./2015 Rayon Corporation Ltd. Vs. Commissioner of Income Tax [(1997) 227 ITR 764]. The Supreme Court after adverting to the provisions of Clause 7 of Part III to Schedule VI of the Companies Act, 1956 held that "the basic principle is that an amount set apart to meet a known liability cannot be regarded as reserve". Where a company issues debentures, the liability to repay arises the moment the money is borrowed. By issuing d…

M/S. Genus Electrotech Ltd., Ahmedabad vs. The ACIT, Circle-4, Ahmedabad

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 1763/AHD/2014[2009-10]Status: DisposedITAT Delhi17 Feb 2021AY 2009-10

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…rt in National 22 ITA Nos.99/Ahd./2014; 2830/Ahd./2013;100/Ahd./2014; 2831/Ahd./2013; 1898/Ahd./2014; 1763/Ahd./2014; 1899/Ahd./2014; 701/Ahd./2015; 348/Ahd./2015; 2617/Ahd./2015 & 2461/Ahd./2015 Rayon Corporation Ltd. Vs. Commissioner of Income Tax [(1997) 227 ITR 764]. The Supreme Court after adverting to the provisions of Clause 7 of Part III to Schedule VI of the Companies Act, 1956 held that "the basic principle is that an amount set apart to meet a known liability cannot be regarded as reserve". Where a company issues debentures, the liability to repay arises the moment the money is borrowed. By issuing d…

The DCIT, Circle-4, Ahmedabad vs. M/S. Genus Electrotech Ltd., Ahmedabad

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 100/AHD/2014[2008-09]Status: DisposedITAT Delhi17 Feb 2021AY 2008-09

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…rt in National 22 ITA Nos.99/Ahd./2014; 2830/Ahd./2013;100/Ahd./2014; 2831/Ahd./2013; 1898/Ahd./2014; 1763/Ahd./2014; 1899/Ahd./2014; 701/Ahd./2015; 348/Ahd./2015; 2617/Ahd./2015 & 2461/Ahd./2015 Rayon Corporation Ltd. Vs. Commissioner of Income Tax [(1997) 227 ITR 764]. The Supreme Court after adverting to the provisions of Clause 7 of Part III to Schedule VI of the Companies Act, 1956 held that "the basic principle is that an amount set apart to meet a known liability cannot be regarded as reserve". Where a company issues debentures, the liability to repay arises the moment the money is borrowed. By issuing d…

M/S. Genus Electrotech Ltd., Ahmedabad vs. The Dy.CIT, Circle-4, Ahmedabad

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 2831/AHD/2013[2008-09]Status: DisposedITAT Delhi17 Feb 2021AY 2008-09

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…rt in National 22 ITA Nos.99/Ahd./2014; 2830/Ahd./2013;100/Ahd./2014; 2831/Ahd./2013; 1898/Ahd./2014; 1763/Ahd./2014; 1899/Ahd./2014; 701/Ahd./2015; 348/Ahd./2015; 2617/Ahd./2015 & 2461/Ahd./2015 Rayon Corporation Ltd. Vs. Commissioner of Income Tax [(1997) 227 ITR 764]. The Supreme Court after adverting to the provisions of Clause 7 of Part III to Schedule VI of the Companies Act, 1956 held that "the basic principle is that an amount set apart to meet a known liability cannot be regarded as reserve". Where a company issues debentures, the liability to repay arises the moment the money is borrowed. By issuing d…

M/S. Genus Electrotech Ltd., Ahmedabad vs. The Dy.CIT, Circle-4, Ahmedabad

In the result, the appeals of the Revenue and assessee are decided as under:

ITA 2830/AHD/2013[2007-08]Status: DisposedITAT Delhi17 Feb 2021AY 2007-08

Bench: Shri O.P. Kant & Shri K.N. Chary[Through Video Conferencing]

…rt in National 22 ITA Nos.99/Ahd./2014; 2830/Ahd./2013;100/Ahd./2014; 2831/Ahd./2013; 1898/Ahd./2014; 1763/Ahd./2014; 1899/Ahd./2014; 701/Ahd./2015; 348/Ahd./2015; 2617/Ahd./2015 & 2461/Ahd./2015 Rayon Corporation Ltd. Vs. Commissioner of Income Tax [(1997) 227 ITR 764]. The Supreme Court after adverting to the provisions of Clause 7 of Part III to Schedule VI of the Companies Act, 1956 held that "the basic principle is that an amount set apart to meet a known liability cannot be regarded as reserve". Where a company issues debentures, the liability to repay arises the moment the money is borrowed. By issuing d…

Prism Cement Ltd, Mumbai vs. DCIT CC 6(1), Mumbai

ITA 804/MUM/2018[2012-13]Status: DisposedITAT Mumbai04 Jan 2021AY 2012-13

Bench: Shri C. N. Prasad, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 804 & 805/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2012-13 & 2011-12)

For Appellant: Shri Vijay Mehta, ARFor Respondent: Shri V. Sreekar, DR
Section 115JSection 143(1)Section 143(2)Section 14A

…/s 115JB of the Act as it is a 69 I.T.A. No. 804 & 805/Mum/2018 871 & 872/Mum/2018 provision made towards a known liability. In this regard, assessee relied on the decisions of Hon’ble Apex Court in the case of National Rayon Corporation Ltd. Vrs. CIT (1997) 227 ITR 764 (SC), wherein it was held that ‘the basic principle is that an amount set part to meet a known liability cannot be regarded as reserve.’ Similarly, he relied on the decision of Hon’ble Bombay High Court in the case of CIT vrs. Raymond Ltd. (2012) 209 taxmann 65 (Bom), wherein it was held that Debenture Redemption Reserve is not a reserve within t…

ACIT-3(1)(1), Mumbai vs. M/S.Devkripa Build Tech Ltd, Mumbai

The appeal stands dismissed

ITA 4323/MUM/2018[2012-13]Status: DisposedITAT Mumbai12 Mar 2020AY 2012-13

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.4323/Mum/2018 (िनधा"रण वष" / Assessment Year: 2012-13) Dcit-3(1)(1) M/S. Devkrupa Build Tech Ltd. बनाम/ Room No.607, 6Th Floor 3Rd Floor, Free Press Marg Aaykar Bhavan Nariman Point Vs. Mumbai-400 020 Mumbai-400 021. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaccd-5467-B (अपीलाथ"/Appellant) (""थ" / Respondent) : Assessee By : Shri Viral Doshi-Ld. Ar Revenue By : Ms. Jyoti Lakshmi Nayak-Ld.Dr सुनवाई की तारीख/ : 18/02/2020 Date Of Hearing घोषणा की तारीख / : 12/03/2020 Date Of Pronouncement आदेश / O R D E R

For Appellant: Shri Viral Doshi-Ld. ARFor Respondent: Ms. Jyoti Lakshmi Nayak-Ld.DR
Section 115JSection 143(3)Section 40

…rcular of Ministry of Law, Justice and Company affairs, Government of India Circular No.09/2002 dated 18/04/2002 which would mandate creation of DRR. Reliance was also placed in the decision of Hon’ble Supreme Court in National Rayon Corporation Ltd. V/s CIT (227 ITR 764) to draw the distinction between reserve and provision. The Ld. CIT(A) relying upon the decision of this Tribunal in in the case of assessee’s holding company namely Ackruti City Limited (ITA No.7696/Mum/2014 dated 30/06/2017) directed Ld. AO to allow the deduction of the same while computing Book Profits u/s 115JB. Aggrieved, the revenue is unde…

DCIT- CC - 5(1), Mumbai vs. Akruti City Ltd., Mumbai

In the result, appeal of the revenue is dismissed

ITA 2767/MUM/2018[2007-08]Status: DisposedITAT Mumbai19 Feb 2020AY 2007-08

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am Dcit, Cent. Cir-5(1) Vs. M/S. Ackruti City Ltd. (Now R.No.1928, 19Th Floor Known As Hubtown Ltd.) Air India Building Akruti Trade Centre 6Th Floor, Road No.7 Nariman Point Mumbai – 400 021 Marol-Midc, Andheri(E) Mumbai – 400 093 Pan/Gir No. Aaaca6101D (Appellant) .. (Respondent)

Section 115JSection 143(3)

…s u/s.115JB of the Act while filing its original return of income. However, in the re-assessment proceedings, the assessee made claim for the same by placing reliance on the decision of the Hon’ble Supreme Court in the case of National Rayon Ltd., reported in 227 ITR 764 wherein it was held that the amount set apart in the accounts of a company to redeem the debentures must be treated as moneys set apart to meet a known liability. The assessee also placed reliance on the decision of Hon’ble Jurisdictional High Court in the case of CIT vs. Raymond Ltd. reported in 209 Taxman 65 in support of its proposition that D…

ACIT, Cir-11(2), Kolkata vs. M/S Srei Infrastructure Finance Ltd., Kolkata

In the result, the appeal filed by the assessee and Revenue are allowed to the extent indicated above

ITA 2003/KOL/2016[2011-12]Status: DisposedITAT Kolkata31 Dec 2019AY 2011-12

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am Srei Infrastructure Finance Ltd. Vs. Addl. Cit, Range-9, New Delhi D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Assessee) .. (Revenue/Department) Addl. Cit, Range-9, New Delhi Vs. Srei Infrastructure Finance Ltd. D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant) Srei Infrastructure Finance Ltd. Vs. Dcit, Circle-11(2), Kolkata 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Appellant) .. (Respondent) Acit, Circle-11(2), Kolkata Vs. Srei Infrastructure Finance Ltd. 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant)

For Appellant: Shri Vijay Shah & Amit Agarwal, ARFor Respondent: Shri Radhey Shyam, CIT
Section 143(3)Section 14A

…) of the Act. Without considering the above, Assessing Officer added DRR in computing books profits. On appeal, ld. CIT(A) deleted the disallowance on the basis of principles laid in the decision of Apex Court in National Ravon Corporation Ltd. vs. CIT (1997) 227 ITR 764 (SC). Aggrieved the revenue is in appeal before us. The ld. D.R did not produce any decision against the assessee. Whereas the assessee filed computation of DRR with the paper book showing that it is an ascertained liability and not a reserve. The ld A.R. also relied on a catena of judgments squarely covering the issue in favour of the assessee:-…

Srei Infrastructure Finance Limited, Kolkata vs. DCIT, Circle-11(2), Kolkata

In the result, the appeal filed by the assessee and Revenue are allowed to the extent indicated above

ITA 1821/KOL/2016[2011-12]Status: DisposedITAT Kolkata31 Dec 2019AY 2011-12

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am Srei Infrastructure Finance Ltd. Vs. Addl. Cit, Range-9, New Delhi D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Assessee) .. (Revenue/Department) Addl. Cit, Range-9, New Delhi Vs. Srei Infrastructure Finance Ltd. D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant) Srei Infrastructure Finance Ltd. Vs. Dcit, Circle-11(2), Kolkata 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Appellant) .. (Respondent) Acit, Circle-11(2), Kolkata Vs. Srei Infrastructure Finance Ltd. 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant)

For Appellant: Shri Vijay Shah & Amit Agarwal, ARFor Respondent: Shri Radhey Shyam, CIT
Section 143(3)Section 14A

…) of the Act. Without considering the above, Assessing Officer added DRR in computing books profits. On appeal, ld. CIT(A) deleted the disallowance on the basis of principles laid in the decision of Apex Court in National Ravon Corporation Ltd. vs. CIT (1997) 227 ITR 764 (SC). Aggrieved the revenue is in appeal before us. The ld. D.R did not produce any decision against the assessee. Whereas the assessee filed computation of DRR with the paper book showing that it is an ascertained liability and not a reserve. The ld A.R. also relied on a catena of judgments squarely covering the issue in favour of the assessee:-…

DCIT- CC-5(1), Mumbai vs. Hubtown Ltd., Mumbai

In the result, cross objection filed by the assesee is treated as allowed for statistical purpose

ITA 2764/MUM/2018[2013-14]Status: DisposedITAT Mumbai13 Dec 2019AY 2013-14

Bench: Shri G. Manjunatha & Shri Ravish Sooddcit, Cc-5(1) Vs. M/S. Hubtown Ltd. Room No.1928 19Th Floor Akruti Trade Centre, 6Th Floor Air India Building, Nariman Point Road No.7, Marol-Midc Mumbai-400 021 Andheri(E) Mumbai-400 093

Section 143(3)Section 14ASection 80Section 80I

…lowance made by the Assessing Officer was deleted in first appeal by following the binding judgments in the case of CIT v. Raymond Ltd. [2012] 21 taxrnann.com 60 (Bom) and taking note of the judgment of the Hon'ble Supreme Court in National Rayon Ltd. v. CIT [227 ITR 764 (SC)], copies of which are placed at pages 5-7 and 8-15 respectively of the paper book. Further, the order of the CIT (A) was also in consonance with the ratio laid down by the co-ordinate Bench of this Tribunal in the case JSW Energy Ltd. v. ACIT (150 ITD 406 (Mum)], a copy of which is also placed at pages 16-21 of the paper book. The facts of t…

V.R. Construction P.Ltd, Mumbai vs. Asst CIT 11(3)(2), Mumbai

In the result, the appeal filed by the Revenue is dismissed

ITA 5048/MUM/2017[2012-13]Status: DisposedITAT Mumbai30 Aug 2019AY 2012-13

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2012-13

For Appellant: Mr. Naresh Jain, ARFor Respondent: Mr. Sushil Kumar Poddar, DR
Section 115Section 115JSection 143(3)Section 33ASection 80I

…e Bombay High Court in the case of CIT v. Raymonds Ltd. (2012) 21taxmann.com (Bom) which is as under : “3. The nature of a Debenture Redemption Reserve (DRR) has been considered by the judgment of the Supreme Court in National Rayon Corpn. Ltd. v. CIT [1997] 227 ITR 764/ 93 Taxman 754 . The Supreme Court after adverting to the provisions of Clause 7 of Part III to Schedule VI of the Companies Act, 1956 held that "the basic principle is that an amount set apart to meet a known liability cannot be regarded as reserve". Where a company 6 M/s VR Constructions ITA Nos. 5048 & 5270/Mum/2017 issues debentures, the li…

Wellknown Polyester Ltd, Mumbai vs. DCIT Cen Cir 7(4), Mumbai

ITA 5850/MUM/2016[2014-15]Status: DisposedITAT Mumbai13 Jun 2018AY 2014-15

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. S. Padmaja
Section 115JSection 143(3)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G”, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER ITA NOS. 5848 TO 5850/MUM/2016 : A.Ys : 2012-13 TO 2014-15 M/s. Wellknown Polyester Ltd. Vs. DCIT, Central Circle-7(4), 14th floor, Nirmal, Nariman Point, Mumbai (Respondent) Mumbai 400 021. (Appellant) PAN : AAACW1018K ITA NOS. 5496 TO 5498/MUM/2016 : A.Ys : 2008-09, 2010-11 & 2009-10 DCIT, Central Circle-7(4), Vs. M/s. Wellknown Polyester Ltd. 14th floor, Nirmal, Mumbai (Appellant) Nariman Point, Mumbai 400 021. (Respondent) PAN : AAACW1018K Assessee by : Shri Rake…

Wellknown Polyester Ltd, Mumbai vs. DCIT Cen Cir 7(4), Mumbai

ITA 5849/MUM/2016[2013-14]Status: DisposedITAT Mumbai13 Jun 2018AY 2013-14

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. S. Padmaja
Section 115JSection 143(3)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G”, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER ITA NOS. 5848 TO 5850/MUM/2016 : A.Ys : 2012-13 TO 2014-15 M/s. Wellknown Polyester Ltd. Vs. DCIT, Central Circle-7(4), 14th floor, Nirmal, Nariman Point, Mumbai (Respondent) Mumbai 400 021. (Appellant) PAN : AAACW1018K ITA NOS. 5496 TO 5498/MUM/2016 : A.Ys : 2008-09, 2010-11 & 2009-10 DCIT, Central Circle-7(4), Vs. M/s. Wellknown Polyester Ltd. 14th floor, Nirmal, Mumbai (Appellant) Nariman Point, Mumbai 400 021. (Respondent) PAN : AAACW1018K Assessee by : Shri Rake…

Wellknown Polyester Ltd, Mumbai vs. DCIT Cen Cir 7(4), Mumbai

ITA 5848/MUM/2016[2012-13]Status: DisposedITAT Mumbai13 Jun 2018AY 2012-13

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. S. Padmaja
Section 115JSection 143(3)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G”, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER ITA NOS. 5848 TO 5850/MUM/2016 : A.Ys : 2012-13 TO 2014-15 M/s. Wellknown Polyester Ltd. Vs. DCIT, Central Circle-7(4), 14th floor, Nirmal, Nariman Point, Mumbai (Respondent) Mumbai 400 021. (Appellant) PAN : AAACW1018K ITA NOS. 5496 TO 5498/MUM/2016 : A.Ys : 2008-09, 2010-11 & 2009-10 DCIT, Central Circle-7(4), Vs. M/s. Wellknown Polyester Ltd. 14th floor, Nirmal, Mumbai (Appellant) Nariman Point, Mumbai 400 021. (Respondent) PAN : AAACW1018K Assessee by : Shri Rake…

DCIT CC 7(4), Mumbai vs. Well Known Polysters P.Ltd, Mumbai

ITA 5498/MUM/2016[2009-10]Status: DisposedITAT Mumbai13 Jun 2018AY 2009-10

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. S. Padmaja
Section 115JSection 143(3)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G”, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER ITA NOS. 5848 TO 5850/MUM/2016 : A.Ys : 2012-13 TO 2014-15 M/s. Wellknown Polyester Ltd. Vs. DCIT, Central Circle-7(4), 14th floor, Nirmal, Nariman Point, Mumbai (Respondent) Mumbai 400 021. (Appellant) PAN : AAACW1018K ITA NOS. 5496 TO 5498/MUM/2016 : A.Ys : 2008-09, 2010-11 & 2009-10 DCIT, Central Circle-7(4), Vs. M/s. Wellknown Polyester Ltd. 14th floor, Nirmal, Mumbai (Appellant) Nariman Point, Mumbai 400 021. (Respondent) PAN : AAACW1018K Assessee by : Shri Rake…

DCIT CC 7(4), Mumbai vs. Well Known Polysters P.Ltd, Mumbai

ITA 5497/MUM/2016[2010-11]Status: DisposedITAT Mumbai13 Jun 2018AY 2010-11

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. S. Padmaja
Section 115JSection 143(3)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G”, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER ITA NOS. 5848 TO 5850/MUM/2016 : A.Ys : 2012-13 TO 2014-15 M/s. Wellknown Polyester Ltd. Vs. DCIT, Central Circle-7(4), 14th floor, Nirmal, Nariman Point, Mumbai (Respondent) Mumbai 400 021. (Appellant) PAN : AAACW1018K ITA NOS. 5496 TO 5498/MUM/2016 : A.Ys : 2008-09, 2010-11 & 2009-10 DCIT, Central Circle-7(4), Vs. M/s. Wellknown Polyester Ltd. 14th floor, Nirmal, Mumbai (Appellant) Nariman Point, Mumbai 400 021. (Respondent) PAN : AAACW1018K Assessee by : Shri Rake…

DCIT CC 7(4), Mumbai vs. Well Known Polysters P.Ltd, Mumbai

ITA 5496/MUM/2016[2008-09]Status: DisposedITAT Mumbai13 Jun 2018AY 2008-09

Bench: Shri G.S. Pannu & Shri Ram Lal Negi

For Appellant: Shri Rakesh JoshiFor Respondent: Ms. S. Padmaja
Section 115JSection 143(3)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G”, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER ITA NOS. 5848 TO 5850/MUM/2016 : A.Ys : 2012-13 TO 2014-15 M/s. Wellknown Polyester Ltd. Vs. DCIT, Central Circle-7(4), 14th floor, Nirmal, Nariman Point, Mumbai (Respondent) Mumbai 400 021. (Appellant) PAN : AAACW1018K ITA NOS. 5496 TO 5498/MUM/2016 : A.Ys : 2008-09, 2010-11 & 2009-10 DCIT, Central Circle-7(4), Vs. M/s. Wellknown Polyester Ltd. 14th floor, Nirmal, Mumbai (Appellant) Nariman Point, Mumbai 400 021. (Respondent) PAN : AAACW1018K Assessee by : Shri Rake…