277(D- E) and CIT v. U.P. State Industrial Development Corporation

DOSTI REALTY LIMITED,MUMBAI vs. DCIT, CIRCLE-1(1)(1), MUMBAI

In the result appeal filed by the assessee stands partly allowed

Bench: Smt. Beena Pillai () & Shri Arun Khodpia ()

…uthority for what it actually decides. Hence, the said case can be said to be an authority only to the extent that goodwill is a depreciable asset. In the case of U.P. State Industrial Development Corpn. [CIT v. U.P. State Industrial Development Corpn. [1997] 225 ITR 703], the Hon'ble Supreme Court held that it is a well-accepted proposition that for the purposes of ascertaining profits and gains the ordinary principles of commercial accounting should be applied, so long as they do not conflict with any express provision of the relevant statute. The said principle was again retreated by the Supreme Court in the c…

INDIABULLAS HOUSING FINANCE LIMITED,MUMBAI vs. DCIT, CENTRAL CIRCLE-6(4), MUMBAI

…rities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. In support of aforesaid submission reliance has been placed on decision in CIT v. UP State Industrial Development Corpn. [1997] 92 Taxman 45/225 ITR 703 (SC), Challapalli Sugars Ltd. v. CIT [1975] 98 ITR 167 (SC). It is also urged that the decision relied on by the revenue does not support its case and the issue with regard to deduction of ESOP has been decided by different High Courts. In this connection, reference has been made to CIT v. PVP Ventures Ltd. [2012] 23 taxmann.com 286/211 Taxman 55…

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

…set. In the authority only to the extent that goodwill is a depreciable asset. In the case of U.P. State Industrial Development Corpn. [ case of U.P. State Industrial Development Corpn. [CIT v. U.P. State CIT v. U.P. State Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Supreme Court held that it is a well Supreme Court held that it is a well-accepted proposition that for the accepted proposition that for the purposes of ascertaining profits and gains the ordinary principles…

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

…set. In the authority only to the extent that goodwill is a depreciable asset. In the case of U.P. State Industrial Development Corpn. [ case of U.P. State Industrial Development Corpn. [CIT v. U.P. State CIT v. U.P. State Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Supreme Court held that it is a well Supreme Court held that it is a well-accepted proposition that for the accepted proposition that for the purposes of ascertaining profits and gains the ordinary principles…

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

…set. In the authority only to the extent that goodwill is a depreciable asset. In the case of U.P. State Industrial Development Corpn. [ case of U.P. State Industrial Development Corpn. [CIT v. U.P. State CIT v. U.P. State Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Supreme Court held that it is a well Supreme Court held that it is a well-accepted proposition that for the accepted proposition that for the purposes of ascertaining profits and gains the ordinary principles…

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

…set. In the authority only to the extent that goodwill is a depreciable asset. In the case of U.P. State Industrial Development Corpn. [ case of U.P. State Industrial Development Corpn. [CIT v. U.P. State CIT v. U.P. State Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Supreme Court held that it is a well Supreme Court held that it is a well-accepted proposition that for the accepted proposition that for the purposes of ascertaining profits and gains the ordinary principles…

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

…set. In the authority only to the extent that goodwill is a depreciable asset. In the case of U.P. State Industrial Development Corpn. [ case of U.P. State Industrial Development Corpn. [CIT v. U.P. State CIT v. U.P. State Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Supreme Court held that it is a well Supreme Court held that it is a well-accepted proposition that for the accepted proposition that for the purposes of ascertaining profits and gains the ordinary principles…

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

…set. In the authority only to the extent that goodwill is a depreciable asset. In the case of U.P. State Industrial Development Corpn. [ case of U.P. State Industrial Development Corpn. [CIT v. U.P. State CIT v. U.P. State Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Supreme Court held that it is a well Supreme Court held that it is a well-accepted proposition that for the accepted proposition that for the purposes of ascertaining profits and gains the ordinary principles…

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

…set. In the authority only to the extent that goodwill is a depreciable asset. In the case of U.P. State Industrial Development Corpn. [ case of U.P. State Industrial Development Corpn. [CIT v. U.P. State CIT v. U.P. State Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Supreme Court held that it is a well Supreme Court held that it is a well-accepted proposition that for the accepted proposition that for the purposes of ascertaining profits and gains the ordinary principles…

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

…set. In the authority only to the extent that goodwill is a depreciable asset. In the case of U.P. State Industrial Development Corpn. [ case of U.P. State Industrial Development Corpn. [CIT v. U.P. State CIT v. U.P. State Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Industrial Development Corpn. [1997] 225 ITR 703], the Hon’ble Supreme Court held that it is a well Supreme Court held that it is a well-accepted proposition that for the accepted proposition that for the purposes of ascertaining profits and gains the ordinary principles…

CONCENTRIX SERVICES INDIA PRIVATE LIMITED (FORMERLY KNOWN AS MINACS PRIVATE LIMITED, MINACS LIMITED & ADITY BIRLA MINACS WORLDWIDE LIMITED ),MUMBAI vs. JOINT COMMISSIONER OF IT (OSD)10(2)(2)ASSISTANT COMMISSIONER OF INCOME TAX-9(2)(2), MUMBAI

…rities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. In support of aforesaid submission reliance has been placed on decision in CIT v. UP State Industrial Development Corpn. [1997] 92 Taxman 45/225 ITR 703 (SC), Challapalli Sugars Ltd. v. CIT [1975] 98 ITR 167 (SC). It is also urged that the decision relied on by the revenue does not support its case and the issue with regard to deduction of ESOP has been decided by different High Courts. In this connection, reference has been made to CIT v. PVP Ventures Ltd. [2012] 23 taxmann.com 286/211 Taxman 55…

CONCENTRIX SERVICES INDIA PRIVATE LIMITED (FORMERLY KNOWN AS MINACS PRIVATE LIMITED, MINACS LIMITED & ADITY BIRLA MINACS WORLDWIDE LIMITED ),MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX-10(2)(2), MUMBAI

…rities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. In support of aforesaid submission reliance has been placed on decision in CIT v. UP State Industrial Development Corpn. [1997] 92 Taxman 45/225 ITR 703 (SC), Challapalli Sugars Ltd. v. CIT [1975] 98 ITR 167 (SC). It is also urged that the decision relied on by the revenue does not support its case and the issue with regard to deduction of ESOP has been decided by different High Courts. In this connection, reference has been made to CIT v. PVP Ventures Ltd. [2012] 23 taxmann.com 286/211 Taxman 55…

AJANTA PHARMA LTD.,MUMBAI vs. DY CIT, CC-7(2), MUMBAI

In the result appeal of the assessee is partly allowed

Bench: Shri Kuldip Singh & Shri Gagan Goyalajanta Pharma Ltd. 98, Charkop, Kandivali (W) Mumbai-400 067 Pan: Aaaca5579P ...... Appellant Vs. Dcit, Cc-7(2) Aayakar Bhavan, M. K. Road Mumbai-400 020 ..... Respondent

…treatment of any particular receipt/expenditure. Entries in the books of accounts are not the decisive factor as has been held by honorable apex court in the case of Kedarnath Jute Mfg Ltd Vs CIT 82 ITR 363, UP state industrial development corporation (1997) 225 ITR 703 and CIT Vs Woodward Governor India Pvt Ltd.(2009) 312 ITR 204. 10. In view of the above discussion considering the facts and law of land we direct the AO to reduce the income of the assessee by Rs 3,77,47,870/- being a capital receipt. Resultantly ground no. 3 raised by the assessee is allowed. 10 AJANTA PHARMA LTD. 11. As ground nos. 4 & 5 were…