278 (Punjab & Haryana HC) E) B.R. Ltd. v. V.P. Gupta, CIT

Ameriprise India Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed

Bench: Sh. Saktijit Deydr. B. R. R. Kumar

…siness.” 13. The said decision was followed by the Supreme Court in Product Exchange Corporation Ltd. Vs. CIT (1970) 77 ITR 739 (SC) 14. Reliance in this regard is also placed on the Hon’ble Supreme Court decision in the case of B.R. Limited Vs. Gupta (VP) (113 ITR 647) wherein it was held as under: "In support of his conclusion that the two businesses are different, the Commissioner relies on the circumstances that "there is a distinct and marked difference in the nature of goods dealt with" by the appellant and the procedure involved in the import of articles from foreign countries and the export of articles…

M/S. Vignette India Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee in ITA No

…No. 3) 200 ITR 341 (Delhi HC) " Standard Refinery and Distillery Ltd. v.CIT (1971) 79 ITR 589 (SC) " Satebganj Sugar Mills Ltd. V CIT (1961) 41 TR 272 (SC) " CIT v. Prithvi Insurance Co. Limited (1967) 63 ITR 632 (SC) " B.R. Limited v. Gupta (V.P.) CIT (1978) 113 ITR 647 (SC) " Hooghly Trust (Private) Limited v. CIT (1969) 73 ITR 685 (SC) " Produce Exchange Corporation Limited v. CIT (1970) 77 ITR 739 (SC) " Karnataka Light Metal Industries (P) Ltd. v CIT (1997) (225 ITR 947)(Karnataka HC) " Commissioner of Income tax v Srinivasa Iyer (1991) 192 ITR 50 (Madras HC) " Commissioner of Income tax v Monnet Industries…

Jindal Steel & Power Ltd., New Delhi vs. ACIT, Hisar

In the result, the appeal of the assessee is partly allowed

Bench: Sh. Bhavnesh Saini & Sh. N. S. Sainiita No. 893/Del/2014 : Asstt. Year : 2009-10 Jindal Steel & Power Ltd., Vs Asstt. Commissioner Of Jindal Centre, 12, Bhikaji Cama Income Tax, Hisar Circle, Place, New Delhi-110066 Hisar (Appellant) (Respondent) Pan No. Aaacj7079D Assessee By : Sh. Salil Kapoor, Adv., Sh. Sumit Lal Chandani, Adv., Ms. Ananya Kapoor, Adv. & Ms. Pallavi Saigal, Adv. Revenue By : Sh. Sanjay I. Bara, Cit Dr Date Of Hearing :05.03.2019 Date Of Pronouncement : 29.04.2019 Order Per N. S. Saini: This Is An Appeal Filed By The Assessee Against The Order Of Assessing Officer U/S 143(3)/144C(13) Of The Income Tax Act, 1961 Dated 29.10.2018 For Assessment Years 2013-14

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHE ‘I-1’, NEW DELHI Before Sh. Bhavnesh Saini, Judicial Member And Sh. N. S. Saini, Accountant Member ITA No. 893/Del/2014 : Asstt. Year : 2009-10 Jindal Steel & Power Ltd., Vs Asstt. Commissioner of Jindal Centre, 12, Bhikaji Cama Income Tax, Hisar Circle, Place, New Delhi-110066 Hisar (APPELLANT) (RESPONDENT) PAN No. AAACJ7079D Assessee by : Sh. Salil Kapoor, Adv., Sh. Sumit Lal Chandani, Adv., Ms. Ananya Kapoor, Adv. & Ms. Pallavi Saigal, Adv. Revenue by : Sh. Sanjay I. Bara, CIT DR Date of Hearing :05.03.2019 Date of Pronouncement : 29.04.2019 ORDER Per N.…

Hero Motocorp Limited, New Delhi vs. JCIT, New Delhi

In the result appeal of the assessee in ITA No

Bench: Sh. I. C. Sudhir & Shri Prashant Maharishihero Motocorp Limited, Jcit, 34, Basant Lok, Vasant Range-1, New Delhi Vs. Vihar, New Delhi Pan: Aaach0812J (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community Vs. New Delhi Centre, Basant Lok, Vasant Vihar, New Delhi-110057 (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community

…72 (SC) (iii) CIT vs. Prithvi Insurance Co. Ltd.: 63 ITR 632 (SC) (iv) Hoogly Trust (P) Ltd. v CIT 73 ITR 685 (SC) (v) L.M. Chhabda& Sons vs. CIT : 65 ITR 638 (SC) (vi) Standard Refinery & Distillery Ltd. v. CIT: 79 ITR 589 (SC) (vii) B.R. Ltd. v. V.P. Gupta: 113 ITR 647 (SC) f) It has been held that expenditure incurred in connection with expansion of business, involving setting up of new unit, which satisfies the test of unity of control, interlacing of funds, common management, etc. would be allowable revenue deduction. (i) CIT v. RelaxoFootwears Ltd: 293 ITR 231 (Del.) (ii) Indo Rama Synthetics (I) Ltd. v. C…

CIT vs. Hindustan Times Ltd

Appeal is partly allowed, to the extent it covers the first two questions;

…nded that several judgments of the Supreme Court entitled CIT v. Prithvi Insurance Company Ltd. (1967) 63 ITR 632; Hooghly Trust Pvt. Ltd. v. CIT (1969) 73 ITR 685; Produce Exchange Corporation Ltd. v. CIT (1970) 77 ITR 739; B.R. Ltd. v. V.P. Gupta (1978) 113 ITR 647 as well as the judgment of this Court in Monnet (supra) and CIT v. Modi Industries Limited (1993) 200 ITR 341 have held that if there is common management, common business organization and administration, common fund and common place of business, the conclusion to be drawn is that for the two commercial activities, there is interconnec…

Commissioner of Income Tax Delhi II vs. Monnet Industries Ltd

In the result, the appeal is dismissed

Bench: HON'BLE MR. JUSTICE BADAR DURREZ AHMED,HON'BLE MR. JUSTICE RAJIV SHAKDHER

…hether the two lines of businesses constitute the same business is the nature of the two businesses” 6. The aforesaid view taken by the Supreme Court was re-affirmed by it, in the case of B.R.Ltd v. V.P.Gupta, Commissioner of Income Tax, Bombay: (1978) 113 ITR 647. In B.R.Ltd (supra), the Supreme Court was called upon to decide whether unabsorbed losses suffered in the business of import of woolen fabrics could be set off from the profits earned in respect of export of cotton textiles . The Supreme Court in the said case, approved the ratio of the judgments of its own court in the case Prithvi Ins…

Commissioner of Income Tax Delhi II vs. Monnet Industries Ltd

In the result, the appeal is dismissed

…hether the two lines of businesses constitute the same business is the nature of the two businesses” 6. The aforesaid view taken by the Supreme Court was re-affirmed by it, in the case of B.R.Ltd v. V.P.Gupta, Commissioner of Income Tax, Bombay: (1978) 113 ITR 647. In B.R.Ltd (supra), the Supreme Court was called upon to decide whether unabsorbed losses suffered in the business of import of woolen fabrics could be set off from the profits earned in respect of export of cotton textiles . The Supreme Court in the said case, approved the ratio of the judgments of its own court in the case Prithvi Ins…