ACG Associated Capsule Private Limited v. Commissioner of Income Tax, Central IV, Mumbai

3 SCC 321Reported decision2022#1267 most cited

What is ACG Associated Capsule Private Limited v. Commissioner of Income Tax, Central IV, Mumbai authority for?

Profits of a business are computed under the head 'Profits and Gains of Business or Profession' and then reduced by specific receipts mentioned in Explanation (baa) to Section 80HHC. This means that for the purposes of Section 80HHC, only profits computed under the business head are considered, with subsequent adjustments for specified receipts.

89

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2009 to 2026.

Also referred to as

ACG Associated Capsules Private Limited · Section 80HHC · Explanation (baa) · profits of the business · computation of profits · business income · income from other sources

Sections most often in play

Section 143(3)Section 250Section 12Section 12(4)(b)Section 12(5)(a)Section 14Section 142(1)Section 144C

Issues it is cited on

make available clausecopyrighted articlefees for included servicessection 90(2)section 9(1)(vi)fees for technical servicespermanent establishmentsection 9(1)(vii)section 195tax treatysection 9(1)non-resident

Judgments citing ACG Associated Capsule Private Limited v. Commissioner of Income Tax, Central IV, Mumbai

M/S. Saraf Exports vs. Commissioner of Income Tax, Jaipur - III

C.A. No.-004822-004822 - 2022Supreme Court10 Apr 2023

Bench: HON'BLE MR. JUSTICE M.R. SHAH

Section 143(2)Section 75Section 80

…e export product. It is submitted that the decision of this Court in the case of Topman Exports (supra) has been subsequently followed in the cases of ACG Associated Capsules Private Limited Vs. Commissioner of Income Tax, Central-IV, Mumbai (2012) 3 SCC 321; Vikas Kalra Vs. Commissioner of Income Tax – VII, New Delhi, (2012) 3 SCC 611 and Nissan Export Vs. Commissioner of Income Tax, (2014) 14 SCC 152. 3.8 It is submitted that, therefore, and in view of the development of law in Meghalaya Steels Limited (supra) and the Topman Exports (supra) DEPB / Duty Drawback CIVIL APPEAL NO. 4822 OF 2022…

Pr. Commissioner of Income Tax -7 vs. Verizon Communications India Pvt. Ltd

ITA - 186 / 2023HC Delhi28 Mar 2023
Section 194JSection 260ASection 40Section 80ISection 9(1)(vi)

…Explanation appended to Section 9(1)(vi) of the Act. 11. Prima facie, according to us, this issue is covered by a judgment of the Supreme Court rendered in Engineering Analysis Centre of Excellence (P.) Ltd. Vs. Commissioner of Income Tax and Anr, (2022) 3 SCC 321. 12. Since Mr Rai says that the appeal for AY 2011-12 is likely to be listed shortly, list the above-captioned appeals on 19.05.2023. RAJIV SHAKDHER, J TARA VITASTA GANJU, J MARCH 28, 2023/pmc Click here to check corrigendum, if any ITA 186-188/2023 3/3 This is a digitally signed order. The authen…

Pr. Commissioner of Income Tax -7 vs. Verizon Communications India Pvt. Ltd

ITA - 187 / 2023HC Delhi28 Mar 2023
Section 194JSection 260ASection 40Section 80ISection 9(1)(vi)

…Explanation appended to Section 9(1)(vi) of the Act. 11. Prima facie, according to us, this issue is covered by a judgment of the Supreme Court rendered in Engineering Analysis Centre of Excellence (P.) Ltd. Vs. Commissioner of Income Tax and Anr, (2022) 3 SCC 321. 12. Since Mr Rai says that the appeal for AY 2011-12 is likely to be listed shortly, list the above-captioned appeals on 19.05.2023. RAJIV SHAKDHER, J TARA VITASTA GANJU, J MARCH 28, 2023/pmc Click here to check corrigendum, if any ITA 186-188/2023 3/3 This is a digitally signed order. The authen…

Pr. Commissioner of Income Tax -7 vs. Verizon Communications India Pvt. Ltd

ITA - 188 / 2023HC Delhi28 Mar 2023
Section 194JSection 260ASection 40Section 80ISection 9(1)(vi)

…Explanation appended to Section 9(1)(vi) of the Act. 11. Prima facie, according to us, this issue is covered by a judgment of the Supreme Court rendered in Engineering Analysis Centre of Excellence (P.) Ltd. Vs. Commissioner of Income Tax and Anr, (2022) 3 SCC 321. 12. Since Mr Rai says that the appeal for AY 2011-12 is likely to be listed shortly, list the above-captioned appeals on 19.05.2023. RAJIV SHAKDHER, J TARA VITASTA GANJU, J MARCH 28, 2023/pmc Click here to check corrigendum, if any ITA 186-188/2023 3/3 This is a digitally signed order. The authen…

DCIT, Circle-1(1)(1), Int. Taxn., New Delhi vs. Avaya Internaional Sales Limited, Ireland

In the result, the appeal of the assessee is allowed for statistical purposes and the appeal of the revenue is dismissed

ITA 714/DEL/2020[2016-17]Status: DisposedITAT Delhi07 Mar 2023AY 2016-17

Bench: Shri N. K. Billaiya & Shri Anubhav Sharmaavaya International Sales Ltd, Vs. Acit, C/O. Mr. Rohit Verma Ernst & Circle-International Young Llp, 1St Floor, Tower B, Taxation 1(1)(1), Dlf Centre Court Building, New Delhi Sector-42, Gold Course, Gurgaon-122002 (Assessee ) (Respondent) Pan: Aakca7138A Dcit, Vs. Avaya International Sales Ltd, Circle-1(1)(1), C/O. Mr. Rohit Verma Ernst & Young Llp, 1St Floor, Tower B, International Taxation, New Delhi Dlf Centre Court Building, Sector-42, Gold Course, Gurgaon-122002 (Assessee ) (Respondent) Pan: Aakca7138A Assessee By : Dr. Shashwat Bajpai, Adv Ms. Ananya Kapoor, Adv Revenue By: Shri Sukesh Kumar Jain, Cit-Dr Date Of Hearing 16/02/2023 Date Of Pronouncement 07/03/2023

For Appellant: Dr. Shashwat Bajpai, AdvFor Respondent: Shri Sukesh Kumar Jain, CIT-DR
Section 139(4)Section 143(2)Section 143(3)Section 144C

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “D”: NEW DELHI BEFORE SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER Avaya International Sales Ltd, Vs. ACIT, C/o. Mr. Rohit Verma Ernst & Circle-International Young LLP, 1st Floor, Tower B, Taxation 1(1)(1), DLF Centre Court Building, New Delhi Sector-42, Gold Course, Gurgaon-122002 (Assessee ) (Respondent) PAN: AAKCA7138A DCIT, Vs. Avaya International Sales Ltd, Circle-1(1)(1), C/o. Mr. Rohit Verma Ernst & Young LLP, 1st Floor, Tower B, International Taxation, New Delhi DLF Centre Court Building, Sector-42, Gold Course, Gurgaon-122002 (A…

Avaya International Sales Limited, Gurgaon vs. ACIT, Circle- Int. Taxation 1(1)(1), New Delhi

In the result, the appeal of the assessee is allowed for statistical purposes and the appeal of the revenue is dismissed

ITA 526/DEL/2020[2016-17]Status: DisposedITAT Delhi07 Mar 2023AY 2016-17

Bench: Shri N. K. Billaiya & Shri Anubhav Sharmaavaya International Sales Ltd, Vs. Acit, C/O. Mr. Rohit Verma Ernst & Circle-International Young Llp, 1St Floor, Tower B, Taxation 1(1)(1), Dlf Centre Court Building, New Delhi Sector-42, Gold Course, Gurgaon-122002 (Assessee ) (Respondent) Pan: Aakca7138A Dcit, Vs. Avaya International Sales Ltd, Circle-1(1)(1), C/O. Mr. Rohit Verma Ernst & Young Llp, 1St Floor, Tower B, International Taxation, New Delhi Dlf Centre Court Building, Sector-42, Gold Course, Gurgaon-122002 (Assessee ) (Respondent) Pan: Aakca7138A Assessee By : Dr. Shashwat Bajpai, Adv Ms. Ananya Kapoor, Adv Revenue By: Shri Sukesh Kumar Jain, Cit-Dr Date Of Hearing 16/02/2023 Date Of Pronouncement 07/03/2023

For Appellant: Dr. Shashwat Bajpai, AdvFor Respondent: Shri Sukesh Kumar Jain, CIT-DR
Section 139(4)Section 143(2)Section 143(3)Section 144C

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “D”: NEW DELHI BEFORE SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER Avaya International Sales Ltd, Vs. ACIT, C/o. Mr. Rohit Verma Ernst & Circle-International Young LLP, 1st Floor, Tower B, Taxation 1(1)(1), DLF Centre Court Building, New Delhi Sector-42, Gold Course, Gurgaon-122002 (Assessee ) (Respondent) PAN: AAKCA7138A DCIT, Vs. Avaya International Sales Ltd, Circle-1(1)(1), C/o. Mr. Rohit Verma Ernst & Young LLP, 1st Floor, Tower B, International Taxation, New Delhi DLF Centre Court Building, Sector-42, Gold Course, Gurgaon-122002 (A…

Commissioner of Income Tax (International Taxation)-2 vs. M/S Nokia Solutions and Networks Oy

ITA - 503 / 2022HC Delhi02 Dec 2022

…2.2022 20:28:14 Signature Not Verified NEUTRAL CITATION NO: 2022/DHC/005483 ITA 503/2022 Page 3 of 8 Limited vs. Commissioner of Income Tax and Anr. (2022) 3 SCC 321. 9. This brings us to the remaining questions of law, as proposed by the appellant/revenue i.e.,„A‟ and „B‟. 10. We may note, that the impugned order passed by the Tribunal has proceeded on the basis, albeit on a demurrer, that the respondent/assessee has a Permanent Establishment [“PE”] in India, and thereafter gone on to discuss, as to…

The Pr. Commissioner of Income Tax-2 vs. M/s. GJ Trading Pvt Ltd

ITTA/246/2022HC Telangana05 Sept 2022

Bench: C.V. BHASKAR REDDY,UJJAL BHUYAN

Manoj Jaikumar Tibrewala, Nashik vs. Assistant Commissioner of Income-Tax, Central Circle -1, Nashik

Accordingly. We make it clear that the assessee shall be at liberty to file all the relevant details in consequential proceedings. This last appeal ITA No. 609/Pun/2019 is allowed for statistical p...

ITA 609/PUN/2019[2014-15]Status: DisposedITAT Pune10 May 2022AY 2014-15

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteit(Ss)A Nos. 06 & 07/Pun/2017 (Assessment Years: 2012-13 & 2013-14) Shri Manoj Jaikumar Tibrewala Acit, Central Circle-1 Vastu Shilp, Ground Floor Kendriya Rajaswa Bhavan Godavari Housing Society Vs. Gadkari Chowk Boys Town School Road Old Agra Road, Nashik Nashik 422005 Pan – Aakpt7009G Appellant Respondent Appellant By: Shri Pamod S. Shingte Respondent By: Shri S.P. Walimbe Date Of Hearing: 25.04.2022 Date Of Pronouncement: 10.05.2022

For Appellant: Shri Pamod S. ShingteFor Respondent: Shri S.P. Walimbe
Section 143(3)Section 2(22)(e)

…ould not, in our view, fall within the ambit of the provisions of Section 2(22)(e) of the Act. This interpretation would alloy the rule of purposive construction with noscitur a sociis, as was done by the Supreme Court in the case of LIC Officers Assn. (2008) 3 SCC 321. The observation in para 24 of the report being opposite are extracted here in below: -. “Each word employed in a statute must take colour from the purport and object for which it is used. The principle of purposive interpretation, therefore, should be taken recourse to”. 11. A close examination of the judgment of the Bombay High Court in the case…

Asian Business Conection Pvt. Ltd., Bhopal vs. DCIT - 1(1), Bhopal

ITA 936/IND/2018[2015-16]Status: DisposedITAT Indore25 Sept 2019AY 2015-16

Bench: Hon'Ble Kul Bharat & Hon'Ble Manish Boradassessment Year 2015-16 M/S. Asian Business Dcit-1(1), Connections Private Ltd, Vs. Bhopal Fm-18, Man Sarovar Complex, 7No. Stop, Shivaji Nagar, Bhopal (Appellant) (Respondent ) Pan No.Aaica1206D

Section 139(1)Section 143(2)Section 143(3)Section 2Section 2(22)Section 2(22)(e)Section 35D

…fall within the ambit of the provisions of Section 2(22)(e) of the Act. This interpretation would allow the rule of purposive construction with noscitur a sociis, as was done by the Supreme Court in the case of LIC of India v. Retd. LIC Officers Assn. [2008J 3 SCC 321. " 39. The aforesaid judgment clearly establishes the usage of word advance or loan in the context of section 2(22)(e) of the Income Tax Act, 1961. As per the judgment a trade advance is different from a loan which carries an obligation for repayment i.e. a trade advance is normally adjusted against trading transactions. Clearly, this is not the c…

The Commissioner of Income Tax, Hyderabad vs. M/S. Andhra Pradesh Paper Mills

ITTA/306/2005HC Telangana29 Nov 2017

Bench: C.V.NAGARJUNA REDDY,T.AMARNATH GOUD

For Appellant: Sri B. Narasimha SarmaFor Respondent: Sri Challa Gunaranjan
Section 80

…of deduction under Section 80-HHC of the Income Tax Act 1961, 90% of net interest which was includible in profits of business of assessee is to be deducted for determining the profits of business. 1 (2012) 3 SCC 321 3 In the light of the above Judgment, the questions of law are answered against the Revenue. The appeals are accordingly dismissed. _______________________ Justice C.V. Nagarjuna Reddy _____________________ Justice T. Amarnath Goud Date : 29-11-2017 AM…

Chandrasekhar Maruti Musale, Thane vs. Asst CIT 10(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 5410/MUM/2012[2009-10]Status: DisposedITAT Mumbai15 Jun 2016AY 2009-10

Bench: Shri Sanjay Garg & Shri Ramit Kocharआयकर अपील सं./Ita No.5410/Mum/2012 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Year :2009-10) वष" Shri Chandrasekhar Maruti Vs. Acit-10(2), Mumbai- Musale Flat No.1203/1204, 400020 12Th Floor, Carlyle Raheja Garden, Lbs Marg, Off. Tip Top Thane, Mumbai-400604 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aczpm 3914 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" क" ओर क" क" ओर ओर सेसेसेसे /Assessee By ओर : Shri Chetan A. Karia राज"व क" क" क" ओर क" ओर ओर सेसेसेसे /Revenue By ओर : Dr. S.Pandian सुनवाई क" तारीख / Date Of Hearing : 29/03/2016 घोषणा क" तारीख/Date Of Pronouncement 15/06/2016 आदेश / O R D E R आदेश आदेश आदेश Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Of Cit(A), Dated 21-5-2012. 2. The Assessee Through Its Grounds Of Appeal Has Agitated The Addition Of Income Made By The Assessing Officer (Hereinafter Referred To As The Ao) At The Hands Of The Assessee On Account Of Deemed Dividend U/S.2(22)(E) Of The Income Tax Act. 3. Brief Facts Of The Case Are That The Assessee Is An Individual Deriving Income From Salary, House Property & Other Sources. The Assessee Was Having Major Shareholding In 3 Companies Namely; (I) M/S.Anachem Instruments India P.Ltd. (Ii) M/ S. Advance Scientific Equipment P.Ltd. & (Iii) M/S. Star Earth Minerals P.Ltd. During Assessment Proceedings, From The Replies Filed By The Assessee, The Ao Noticed That M/S. Anachem Instruments India P.Ltd. Had Advanced An Amount Of Rs.31,00,000/- On 16.12.2008 To M/S. Advance Scientific Equipment P. Ltd. & M/S.

Section 2(22)(e)

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई "यायपीठ मुंबई "यायपीठ "यायपीठ ‘सी’, मुंबई "यायपीठ मुंबई मुंबई । मुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH MUMBAI BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER & SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.5410/Mum/2012 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Year :2009-10) वष" Shri Chandrasekhar Maruti Vs. ACIT-10(2), Mumbai- Musale Flat No.1203/1204, 400020 12th Floor, Carlyle Raheja Garden, LBS Marg, Off. Tip Top Thane, Mumbai-400604 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : ACZPM…

Essel Shyam Communication Ltd, New Delhi vs. ACIT CC-2, New Delhi

In the result, the appeal of the revenue is disposed off as above for statistical purposes

ITA 3265/DEL/2008[2005-2006]Status: DisposedITAT Delhi17 Mar 2016AY 2005-2006

Bench: Shri R.S. Syal & Shri A.T. Varkey

For Appellant: Shri Ved Jain, AdvocateFor Respondent: Shri Sunil Chander Sharma, CIT DR
Section 80Section 80I

…earned is taxable under the head “income from business” and not under the head “income from other sources.” This view has been upheld by the Supreme Court in its recent decision in ACG Associated Capsules Private Limited. Vs. Commissioner of Income Tax (2012) 3 SCC 321. The Supreme Court approving the said judgment has referred to their earlier Constitution Bench’s decision in Distributors (Baroda) (P) Ltd. Vs. Union of India (1986) 1 SCC 43 and observed as under:- “11. Before we deal with the contentions of Learned Counsel for the parties, we may extract Explanation (baa) to Section 80HHC of the Act. Explanation…

ACIT CC-2, New Delhi vs. Essel Shyam Communication Ltd, New Delhi

In the result, the appeal of the revenue is disposed off as above for statistical purposes

ITA 3176/DEL/2008[2005-2006]Status: DisposedITAT Delhi17 Mar 2016AY 2005-2006

Bench: Shri R.S. Syal & Shri A.T. Varkey

For Appellant: Shri Ved Jain, AdvocateFor Respondent: Shri Sunil Chander Sharma, CIT DR
Section 80Section 80I

…earned is taxable under the head “income from business” and not under the head “income from other sources.” This view has been upheld by the Supreme Court in its recent decision in ACG Associated Capsules Private Limited. Vs. Commissioner of Income Tax (2012) 3 SCC 321. The Supreme Court approving the said judgment has referred to their earlier Constitution Bench’s decision in Distributors (Baroda) (P) Ltd. Vs. Union of India (1986) 1 SCC 43 and observed as under:- “11. Before we deal with the contentions of Learned Counsel for the parties, we may extract Explanation (baa) to Section 80HHC of the Act. Explanation…

Asst CIT 16(3), Mumbai vs. Dina Sudhir Shah, Mumbai

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

ITA 4184/MUM/2014[2009-10]Status: DisposedITAT Mumbai17 Dec 2015AY 2009-10

Bench: S/Shri B.R.Baskaran & Shri Sandeep Gosainआयकर अपीऱ सं./I.T.A. No.4184/Mum/2014 (निर्धारण वर्ा / Assessment Year :2009-10)

For Appellant: Shri Uday B JakkeFor Respondent: Dr.P.Daniel
Section 2(22)(e)

…within the ambit of the provisions of sec. 2(22)(e) of the Act. This interpretation would allow the rule of purposive construction with noscitur a sociis, as was done by the Supreme Court in the case of LIC of India v. Retired LIC Officers Association (2008) 3 SCC 321. The observation in para 24 of the report being apposite are extracted hereinbelow:- “Each word employed in a statute must take colour from the purport and object for which it is used. The principle of purposive interpretation, therefore, should be taken recourse to.” A close examination of the judgment of the Bombay High Court in the case of Nagin…

Commissioner of Income Tax vs. Orient Crafts Ltd

ITA/955/2009HC Delhi01 Jun 2012

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE R.V.EASWAR

Section 260ASection 28Section 5Section 80H

…ITA No. 591/2008 and connected matters 1 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA NOS. 591/2008 Reserved on: 1st May, 2012 % Date of Decision: 1st June, 2012 THE COMMISSIONER OF INCOME TAX V ...Appellant Through Ms. Rashmi Chopra, Sr. Standing Counsel. VERSUS NAGESH KNITWEARS P. LTD. ...Respondent Through Mr. Salil Aggarwal & Mr. Prakash Kumar, Advocates. ITA NOS. 993/2008, 994/2008,996/2008, 1010/2008 &955/2009, THE COMMISSIONER OF INCOME TAX V…

The Commissioner of Income Tax vs. Orient Craft Ltd

ITA - 1010 / 2008HC Delhi01 Jun 2012
Section 260ASection 28Section 5Section 80H

…ITA No. 591/2008 and connected matters 1 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA NOS. 591/2008 Reserved on: 1st May, 2012 % Date of Decision: 1st June, 2012 THE COMMISSIONER OF INCOME TAX V ...Appellant Through Ms. Rashmi Chopra, Sr. Standing Counsel. VERSUS NAGESH KNITWEARS P. LTD. ...Respondent Through Mr. Salil Aggarwal & Mr. Prakash Kumar, Advocates. ITA NOS. 993/2008, 994/2008,996/2008, 1010/2008 &955/2009, THE COMMISSIONER OF INCOME TAX V…

The Commissioner of Income Tax vs. Orient Carft Ltd

ITA - 996 / 2008HC Delhi01 Jun 2012
Section 260ASection 28Section 5Section 80H

…ITA No. 591/2008 and connected matters 1 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA NOS. 591/2008 Reserved on: 1st May, 2012 % Date of Decision: 1st June, 2012 THE COMMISSIONER OF INCOME TAX V ...Appellant Through Ms. Rashmi Chopra, Sr. Standing Counsel. VERSUS NAGESH KNITWEARS P. LTD. ...Respondent Through Mr. Salil Aggarwal & Mr. Prakash Kumar, Advocates. ITA NOS. 993/2008, 994/2008,996/2008, 1010/2008 &955/2009, THE COMMISSIONER OF INCOME TAX V…

The Commissioner of Income Tax vs. Orient Craft Ltd

ITA - 994 / 2008HC Delhi01 Jun 2012
Section 260ASection 28Section 5Section 80H

…ITA No. 591/2008 and connected matters 1 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA NOS. 591/2008 Reserved on: 1st May, 2012 % Date of Decision: 1st June, 2012 THE COMMISSIONER OF INCOME TAX V ...Appellant Through Ms. Rashmi Chopra, Sr. Standing Counsel. VERSUS NAGESH KNITWEARS P. LTD. ...Respondent Through Mr. Salil Aggarwal & Mr. Prakash Kumar, Advocates. ITA NOS. 993/2008, 994/2008,996/2008, 1010/2008 &955/2009, THE COMMISSIONER OF INCOME TAX V…

The Commissioner of Income Tax vs. Orient Craft Ltd

ITA - 993 / 2008HC Delhi01 Jun 2012
Section 260ASection 28Section 5Section 80H

…ITA No. 591/2008 and connected matters 1 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA NOS. 591/2008 Reserved on: 1st May, 2012 % Date of Decision: 1st June, 2012 THE COMMISSIONER OF INCOME TAX V ...Appellant Through Ms. Rashmi Chopra, Sr. Standing Counsel. VERSUS NAGESH KNITWEARS P. LTD. ...Respondent Through Mr. Salil Aggarwal & Mr. Prakash Kumar, Advocates. ITA NOS. 993/2008, 994/2008,996/2008, 1010/2008 &955/2009, THE COMMISSIONER OF INCOME TAX V…