How many judgments cite ACG Associated Capsules (P) Ltd. v. CIT?

144 judgments on BharatTax cite ACG Associated Capsules (P) Ltd. v. CIT (343 ITR 89), spanning 2012 to 2025.

Which sections of the Income Tax Act does ACG Associated Capsules (P) Ltd. v. CIT come up under?

It is most often cited in judgments turning on Section 115JA, Section 80HHC, Section 80IB, Section 143(3), Section 250, Section 30.

ACG Associated Capsules (P) Ltd. v. CIT

343 ITR 89Supreme Court of India2012#703 most cited

What is ACG Associated Capsules (P) Ltd. v. CIT authority for?

For calculation of deduction under Section 80HHC, if total interest is netted off after adjusting interest paid and received, the 90% reduction specified in Explanation (baa) is not applicable.

144

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2012 to 2025.

Also referred to as

ACG Associated Capsules · Section 80HHC · Explanation (baa) · 90% reduction · interest income · netting off interest · profits of business · deduction calculation · gross interest · net interest · 343 ITR 89

Also reported as

247 CTR 372

Sections most often in play

Section 115JA Section 80HHC Section 80IB Section 143(3)Section 250 Section 30 Section 37(1)Section 44D

Read the full judgment

Issues it is cited on

section 80h section 80hhc section 80hh deduction under section 80ia section 80ia eligible business section 80i section 30 profits and gains of business or profession book profits section 115j revenue expenditure

Judgments citing ACG Associated Capsules (P) Ltd. v. CIT

Alkem Laboratories Limited, Patna vs. ACIT, Circle-1, Patna

In the result, appeal of the assessee is treated as partly allowed for statistical purposes

ITA 247/PAT/2019[2004-05]Status: DisposedITAT Patna12 Dec 2022AY 2004-05

For Appellant: Shri A.K. Rastogi, Sr. Advocate and Shri Rakesh Kumar, AdvocateFor Respondent: Shri Saumyajit Das Gupta, Sr. D/R

Section 143(3)Section 147Section 153ASection 234Section 234BSection 234B(3)Section 250Section 254Section 4Section 80H

…ld. Counsel for the assessee submitted that the assessee deserves to succeed in view of the ratio laid down by the Hon’ble Supreme Court in the case of Vikas Kalra vs. CIT (2012) 345 ITR 0557 as well as in the case of ACG Associated Capsules Pvt. Ltd. v. CIT, 343 ITR 89 (SC). I.T.A. No. 247/Pat/2019 Assessment Year: 2005-05 Alkem Laboratories Limited 3 6. Per contra the ld. D/R vehemently argued supporting the finding of the lower authorities. 7. We have heard rival contentions and perused the record placed before us. 8. Through Ground No. 1 & 2, the assessee has challenged the finding of the ld. CIT(A) holding…

M/S. Hindustan Lever Ltd vs. The Dy CIT 1(1)

ITA 1039/MUM/2005[1999-2000]Status: DisposedITAT Mumbai02 Dec 2022AY 1999-2000

For Appellant: Shri Nishant Thakkar &For Respondent: Shri Sandeep Raj

Section 143(3)Section 80Section 80HSection 80I

…xtent is set aside and the Assessing Officer is directed to re-computed deduction under Section 80HHC accordingly. 28. As regards interest, we note that Hon‘ble Supreme Court has, in the case of ACG Associated Capsules Pvt. Ltd. Vs. CIT, Central-IV, Mumbai : 343 ITR 89 (SC) has held that 90% net interest (of not gross interest) which has been included in profits of business is to be excluded under clause (1) of Explanation (baa) to Section 80HHC for determining Profits of Business. Order passed by the CIT(A) to this extent is set aside ITA. No. 1039 & 1244/Mum/2005 Assessment Year: 1999-2000 and the Assessing…

M/S La Opala RG Ltd, Kolkata vs. ACIT, Cir. 11(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 296/KOL/2022[2017-18]Status: DisposedITAT Kolkata24 Nov 2022AY 2017-18

Bench: Shri Sanjay Garg, Hon’Ble & Shri Manish Borad, Hon’Blei.T.A. No. 296/Kol/2022 Assessment Year: 2017-18 M/S. La Opala Rg Ltd. Assistant Commissioner Of Income Eco Centre Tax, Circle-11(1), Kolkata Vs 8Th Floor Em-4, Sector-5 Kolkata - 700091 [Pan : Aaacl5569J] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tulsiyan, Fca Revenue By : Shri Biswanath Das, Cit D/R सुनवाई क" तारीख/Date Of Hearing : 08/09/2022 घोषणा क" तारीख/Date Of Pronouncement : 24/11/2022 आदेश/O R D E R Per Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of Learned Principal Commissioner Of Income Tax, Kolkata -2 (Hereinafter The “Ld. Pr. Cit”) Dt. 29/03/2022, Passed U/S 263 Of The Income Tax Act, 1961 (“The Act’), For Assessment Year 2017-18. 2. Brief Facts Of The Case Is That The Assessee Is A Limited Company & Income Of Rs.52,63,83,260/- Declared In The E-Return Furnished On 31/10/2017 Pertaining To Assessment Year 2017-18. Assessment U/S 143(3) Of The Act Was Completed On 21/12/2019 Assessing Income At Rs.56,22,70,863/-. Thereafter, The Ld. Pr. Cit Called For The Assessment Record & After Going Through The Same It Was Observed That The Order Of The Assessment Was Erroneous Insofar As It Is Prejudicial To The Interest Of The Revenue On The Following Grounds:- “Upon Examination Of Case Records, It Is Observed That The Assessee Had An Income Of Rs. 49,08, 14,480/- From Sitaganj Exempted Unit In Which The Assessee Had Claimed Deduction U/S. 80Ic Of The Act Of Rs. 14,72,44,452/- (30% Of Rs.49,08, 14,480/-). It Was Observed From The Profit & Loss Accounts Of The Assessee For The Year Ended 31.03.2017 That The Assessee Had Credited An Amount Of Rs. 2,43,75, 193/- From Export Incentives & Also

For Appellant: Shri A.K. Tulsiyan, FCAFor Respondent: Shri Biswanath Das, CIT D/R

Section 143(3)Section 263Section 37(1)Section 80Section 801CSection 80I

…। आयकर अपीलीय अिधकरण "यायपीठ, कोलकाता । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA BEFORE SHRI SANJAY GARG, HON’BLE JUDICIAL MEMBER & SHRI MANISH BORAD, HON’BLE ACCOUNTANT MEMBER I.T.A. No. 296/Kol/2022 Assessment Year: 2017-18 M/s. La Opala RG Ltd. Assistant Commissioner of Income Eco Centre Tax, Circle-11(1), Kolkata Vs 8th Floor EM-4, Sector-5 Kolkata - 700091 [PAN : AAACL5569J] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri A.K. Tulsiyan, FCA Revenue by : Shri Biswanath Das, CIT D/R सुनवाई क" तारीख/Date of Hearing : 08/09/2022 घोषणा क" तारीख/Date of Pronouncement : 24/11/2…

Veer Plastics Pvt. Ltd, Ahmedabad vs. The Pr. CIT -4, Ahmedabad

The appeal of the assessee is allowed

ITA 456/AHD/2020[2017-18]Status: DisposedITAT Ahmedabad09 Nov 2022AY 2017-18

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

For Appellant: Shri Tushar Hemani, Sr. Adv. & ShriFor Respondent: ShriA. P. Singh, CIT

Section 143Section 143(3)Section 244ASection 263Section 32(1)(iia)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER& SHRI WASEEM AHMED, ACCOUNTANT MEMBER I.T.A. No.456/Ahd/2020 (Assessment Year: 2017-18) Veer Plastics Pvt. Ltd. Vs. Pr. CIT-4, 1st Floor, 104, Sardar Patel Ahmedabad Colony, Stadium Road, Navjivan Post, Ahmedabad-380014 [PAN No.AAACV6291P] (Appellant) .. (Respondent) Appellantby : Shri Tushar Hemani, Sr. Adv. & Shri P. B. Parmar, C.A. Respondent by: ShriA. P. Singh, CIT Date of Hearing 02.11.2022 Date of Pronouncement 09.11.2022 O R D E R PER SUCHITRA KAMBLE - JM: This appeal is filed by the assessee against…

Narayan Industires, New Delhi vs. ACIT, Circle- 60(1), New Delhi

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

ITA 6153/DEL/2017[2014-15]Status: DisposedITAT Delhi30 Jun 2022AY 2014-15

Bench: Sh. Aakash Deep Jaindr. B. R. R. Kumar

For Appellant: Sh. Rohit Jain, Adv. &For Respondent: Sh. N. K. Bansal, Sr. DR

Section 253

…. It was argued that the issue as to whether gross interest or net interest has to be considered is no longer res-integra and it has been held in the following decisions that only net interest has to be considered:  ACG Associated Capsules (P.) Ltd. vs. CIT 343 ITR 89 (SC)  Shri Ram Honda Power Equipments 289 ITR 475 (Del.)(approved by SC in [2012] 18 taxmann.com 137 (SC))  CIT vs. Nectar Life Science Ltd. 203 Taxman 318 (Del.)  CIT vs. Taj International Jewellers 335 ITR 144 (Del.)  CIT vs. UK Bose 212 Taxman 399 (Del.)  CIT vs. Paliwal Industries 222 Taxman 61 (P&H)  CIT vs. Infosys Technologies Ltd 352…

M/S La Opala RG Ltd., Kolkata vs. DCIT, Cir.-11(1), Kolkata

In the result, the appeal of assessee is allowed

ITA 153/KOL/2021[2015-16]Status: DisposedITAT Kolkata18 May 2022AY 2015-16

Bench: Shri Sanjay Garg & Shri Girish Agrawal]

Section 115JSection 139Section 143(2)Section 143(3)Section 263Section 80ISection 80l

…Rs.3,08,01,513/- This alternative plea of the assessee is found to be supported by the following judicial pronouncements, which are as under; 8 M/s. La Opala Rg. Ltd., AY 2015-16 (i) ACG Associated Capsules (P) Ltd. Vs. CIT, Hon'ble Supreme Court in (2012) 343 ITR 89(SC) "Whether therefore, ninety per cent of not gross rent or gross interest but only net interest or net rent, which has been included in profits of business of assessee as computed under head 'Profits and Gains of Business or Profession’ is to be deducted under clause (1) of Explanation (baa) to section 80HHC for determining profits of business -…

M/S. Torrent Pharmaceuticals (Sikkim), Ahmedabad vs. The Dy. CIT, Circle-5(2), Ahmedabad

In the result, the appeal preferred by the assessee is allowed for statistical purposes

ITA 2072/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad14 Mar 2022AY 2013-14

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri Vartik Chokshi, A.RFor Respondent: Shri Nilabhra Dasgupta, Sr. DR

Section 143(3)Section 80I

…iture incurred by the assessee for earning such income which should be so excluded. Such a question in the context of deduction under section 80HHC came up for consideration before the Supreme Court in the case of ACG Associated Capsules P. Ltd. v. CIT [2012] 343 ITR 89 (SC). The Supreme Court held that for the purpose section 80HHC of the Act, it is not the entire amount received by the assessee on sale of DEPB credit, but the sale value of less the face value of the DEPB that will represent profit on transfer of DEPB credit by the assessee. Heavy reliance was placed in the case of Topman Exports v. CIT [2012] 3…

Grasim Industries Ltd vs. Addl. CIT Range 6(3)

In the result, appeal filed by the assesse and revenue are partly allowed

ITA 4753/MUM/2004[2002-03]Status: DisposedITAT Mumbai14 Dec 2021AY 2002-03

Bench: Shri Saktijit Dey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blegrasim Industries Limited V. Addl. Cit, Range 6(3) Corporate Finance Division 5Th Floor, Room No. 505 Aditya Birla Centre “A” Wing Aayakar Bhavan 2Nd Floor, S.K. Ahire Marg, Worli Mumbai Mumbai-400025 Pan: Aaacg4464B Appellant Respondent Dy. Cit, Range 6(3), V. Grasim Industries Limited, 5Th Floor, Room No. 505, Corporate Finance Division, Aayakar Bhavan, Aditya Birla Centre, “A” Wing, Mumbai-20. 2Nd Floor, S.K. Ahire Marg Worli, Mumbai-400025 Pan: Aaacg4464B Appellant Respondent Assessee By : Shri J.D. Mistry Revenue By : Shri Sandeep Raj & Shri Vijay Kumar Menon

For Appellant: Shri J.D. MistryFor Respondent: Shri Sandeep Raj &

Section 143(3)Section 36(1)(vii)Section 43BSection 80Section 80H

…The next grievance of the assessee relates to allowing deduction u/s 80HHC of the Act with respect to interest income. The issue under consideration is squarely covered by the decision of Hon’ble Supreme Court in the case of ACG Associated Capsules Pvt. Ltd., 343 ITR 89(SC) wherein it was held that net interest income is to be excluded from the eligible profit for computing deduction u/s 80HHC rather than gross interest. 15. An identical issue raised as additional grounds for the assessment year 1996-97 and 97-98 was considered and decided by this Tribunal in assessee's own case in paras 30 & 30.1 as under: 15 I…

Tcs-E-Serve Ltd ( Earlier Known As E-Sereve Internaiontal Ltd), Mumbai vs. DCIT RG 9(1), Mumbai

Appeal stand dismissed since the only issue in revenue’s appeal is deduction u/s 10A

ITA 5089/MUM/2010[2003-04]Status: DisposedITAT Mumbai15 Nov 2021AY 2003-04

Bench: Hon’Ble Shri Saktijit Dey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकरअपील सं./ I.T.A. No.5089/Mum/2010 (धििाारण वर्ा / Assessment Year: 2003-04) & 2. आयकरअपील सं./ I.T.A. No.5090/Mum/2010 (धििाारण वर्ा / Assessment Year: 2004-05) Tata Consultancy Services Limited Dcit- 9(1) / 9(3) (Upon Merger Of Tcs E-Serve Ltd Aaykar Bhawan बिाम With Tata Consultancy Services Ltd) M.K.Road / Vs. 9Th Floor, Nirmal Building Mumbai-400 020 Nariman Point, Mumbai-400 021 स्थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacc-4480-F (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 3. आयकरअपील सं./ I.T.A. No.4928/Mum/2010 (धििाारण वर्ा / Assessment Year: 2003-04) & 4. आयकरअपील सं./ I.T.A. No.4929/Mum/2010 (धििाारण वर्ा / Assessment Year: 2004-05) & 5. आयकरअपील सं./ I.T.A. No.5478/Mum/2014 (धििाारण वर्ा / Assessment Year: 2010-11) & 6. आयकरअपील सं./ I.T.A. No.7446/Mum/2010 (धििाारण वर्ा / Assessment Year: 2003-04) & 7. आयकरअपील सं./ I.T.A. No.7447/Mum/2010 (धििाारण वर्ा / Assessment Year: 2004-05) Acit, Range-9(3) / Circle-9(3) Tata Consultancy Services Limited Aaykar Bhawan, M.K.Road (Upon Merger Of Tcs E-Serve Ltd बिाम Mumbai-400 020 With Tata Consultancy Services Ltd) / Vs. 9Th Floor, Nirmal Building Nariman Point, Mumbai-400 021 स्थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacc-4480-F (अपीलाथी/Appellant) (प्रत्यथी / Respondent) :

For Appellant: Shri P.J. Pardiwalla-Ld. Sr.CounselFor Respondent: Shri Vinay Sinha – Ld. CIT-DR & Shri

Section 10ASection 143(3)Section 234DSection 271(1)(c)Section 80H

…been dealt with by Tribunal at para-50 & 51 of ITA No.4092/Mum/2010 for AY 2002-03. The bench, while confirming the stand of Ld. AO, has directed Ld. AO to apply the ratio laid down by Hon’ble Supreme Court in the case of ACG Associated Capsules Private Ltd. (343 ITR 89) and re- compute the deduction. Respectfully following the same, we direct Ld. AO to compute the deduction on similar lines as done in earlier years pursuant to the aforesaid directions of the Tribunal. Ground No. 6(a) stand dismissed whereas Ground No. 6(b) & (c) stand allowed for statistical purposes. 9.3 The remaining ground nos. 7 & 8 of asses…

The DCIT Cir 7(1), Mumbai vs. M/S. Piramal Enterprises Ltd., Mumbai

In the result, appeal of the assessee in ITA

ITA 4345/MUM/2007[2003-2004]Status: DisposedITAT Mumbai05 Oct 2021AY 2003-2004

Bench: Known As Nicholas Piramal Mumbai - 400020 India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) Dcit. Circle 7(1), Vs. M/S. Piramal Enterprises Ltd. Aayakar Bhavan (Formerly Known As Piramal Healthcare Mumbai - 400020 Ltd.,) (Before Known As Nicholas Piramal India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) M/S. Piramal Enterprises Ltd. Vs. Deputy Commissioner Of Income (Formerly Known As Piramal Tax Healthcare Ltd.,) Range 7(3)(2), (Before Known As Nicholas Piramal Mumbai - 400020 India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) M/S. Piramal Enterprises Limited

Section 143(3)

…business, whether the gross interest income or net interest income is to be considered. We find that this issue is no longer res integra in view of the decision of the Hon‟ble Supreme Court in the case of ACG Associated Capsules (P) Ltd., vs. CIT reported in 343 ITR 89 wherein it was held that net interest is to be considered. We find that the Hon‟ble Apex Court in para 10 of its order had held that 90% of net amount of receipt of nature of interest, rent, commission etc. which is actually included in the profits of the assessee is to be deducted from the profits of the assessee for determining “profits of the b…

M/S. Abb Limited(Formerly Asea Brown Boveri Limited), Bangalore vs. ACIT, Bangalore

In the result, appeal filed by assessee stands partly allowed and appeal filed by Revenue stands dismissed

ITA 1227/BANG/2007[2004-05]Status: DisposedITAT Bangalore29 Sept 2021AY 2004-05

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2004-05

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Dilip Reddy, Sr. Counsel

Section 28Section 80Section 801ASection 80I

…have considered the rival submissions and are of the view that the principle of netting has been recognized by the various decisions of Hon’ble High Courts and has also been affirmed by the Hon’ble Supreme Court in the case of ACG Associated Capsules Vs. CIT 343 ITR 89 (SC). The principle of netting is however applicable only on the assessee establishing nexus between the interest paid and the interest earned. If such nexus is proved, it is only the net interest that has to be excluded under explanation baa to section 80HHC of the Act.” Page 17 of 19 ITA Nos.1227 & 1256/Bang/2007 26. In view of the aforesaid l…

Rain Cements Limited (Formerly Known As Rain Cii Carbon India Limited ), Hyderabad vs. Dy. Commissioner of Income Tax, Circle-3(1), Hyderabad

Appeals are partly allowed in above terms

ITA 1471/HYD/2018[2014-15]Status: DisposedITAT Hyderabad24 Aug 2021AY 2014-15

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahuappellant Respondent

For Appellant: Shri Nishant Thakkar, ARFor Respondent: Shri Rohit Mujumdar, DR

Section 143(3)Section 14ASection 92BSection 92C

…e financial year on the outstanding amount”. As against this, the Revenue fails to dispute that case law BS. Ltd., Vs. ACIT [94 taxmann.com 346] (Hyd), Manugraph India Ltd., Vs. DCIT (ITA No.4761/Mum/2013) and ACG Associated Capsules Pvt. Ltd. Vs. CIT (2012) [343 ITR 89] (SC) hold that such a :- 9 -: ITA Nos.1950 & 2020/Hyd/2017 & 1471/Hyd/2018 corporate guarantee adjustment could only be made to the extent of actually utilized amount during the year than that of the full value of the guarantee itself. We adopt the very reasoning herein as well and directing the TPO to re-compute the impugned adjustment after ta…

Rain Cements Limited, Hyderabad vs. Dy. Commissioner of Income Tax, Circle-3(1), Hyderabad

Appeals are partly allowed in above terms

ITA 2020/HYD/2017[2013-14]Status: DisposedITAT Hyderabad24 Aug 2021AY 2013-14

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahuappellant Respondent

For Appellant: Shri Nishant Thakkar, ARFor Respondent: Shri Rohit Mujumdar, DR

Section 143(3)Section 14ASection 92BSection 92C

Rain Industries Limited, Hyderabad vs. Deputy Commissioner of Income Tax, Circle-3(1), Hyderabad

Appeals are partly allowed in above terms

ITA 1950/HYD/2017[2013-14]Status: DisposedITAT Hyderabad24 Aug 2021AY 2013-14

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahuappellant Respondent

For Appellant: Shri Nishant Thakkar, ARFor Respondent: Shri Rohit Mujumdar, DR

Section 143(3)Section 14ASection 92BSection 92C

ACIT 8(1), Mumbai vs. Aventis Pharma Ltd, Mumbai

In the result, appeal is dismissed

ITA 2072/MUM/2010[2002-03]Status: DisposedITAT Mumbai11 Aug 2021AY 2002-03

Bench: Shri Pramod Kumar () & Shri Saktijit Dey ()

Section 271(1)(c)

…ent of 90% under Clause (baa) of the explanation to Section 80HHC for the purposes of granting relief. This issue of eligibility of income from processing charges has been considered by the Hon'ble Supreme Court in the case of AGO Associated Capsules Vs. CIT, 343 ITR 89 (SC). The Tribunal also in assessee's own case for A.Y.1999-2000, in ITA No.4180/Mum/2003, following the judgment of the Hon'ble Apex Court in the case of ACG Associated Capsules (supra), held as under :- "2.10.2 We have perused the records and considered the matter carefully. The dispute is regarding applicability of provision of Explanation (baa…

ACIT Cir. - 8(1), Mumbai vs. M/S. Aventis Pharma Ltd., Mumbai

In the result, appeal is dismissed

ITA 3187/MUM/2006[2002-2003]Status: DisposedITAT Mumbai11 Aug 2021AY 2002-2003

Bench: Shri Pramod Kumar () & Shri Saktijit Dey ()

Section 271(1)(c)

M/S. Aventis Pharma Ltd., Mumbai vs. ACIT - 8(1), Mumbai

In the result, appeal is dismissed

ITA 3092/MUM/2006[2002-2003]Status: DisposedITAT Mumbai11 Aug 2021AY 2002-2003

Bench: Shri Pramod Kumar () & Shri Saktijit Dey ()

Section 271(1)(c)

ACIT, Bangalore vs. M/S. Abb Limited, Bangalore

In the result, ground No.3 raised by the assessee is dismissed

ITA 897/BANG/2008[2003-04]Status: DisposedITAT Bangalore23 Jul 2021AY 2003-04

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranita No.790 & 791/Bang/2008 Assessment Year : 2002-03 & 2003-04 M/S. Abb Ltd., Vs. The Deputy Commissioner Of Ii Floor, East Wing, Income Tax (Ltu), Khanija Bhavan, Bengaluru. Race Course Road, Bengaluru-560 001. Pan : Aaaca 3834 B Appellant Respondent

For Appellant: Shri. Percy Pardiwala, Sr. AdvocateFor Respondent: Shri. K. V. Aravind, Standing Counsel

Section 2Section 80H

…have considered the rival submissions and are of the view that the principle of netting has been recognized by the various decisions of Hon’ble High Courts and has also been affirmed by the Hon’ble Supreme Court in the case of ACG Associated Capsules Vs. CIT 343 ITR 89 (SC). The principle of netting is however applicable only on the assessee establishing nexus between the interest paid and the interest earned. If such nexus is proved, it is only the net interest that has to be excluded under explanation baa to section 80HHC of the Act. 26. In view of the aforesaid legal position, we are of the view that there i…

ACIT, Bangalore vs. M/S. Abb Limited, Bangalore

In the result, ground No.3 raised by the assessee is dismissed

ITA 896/BANG/2008[2002-03]Status: DisposedITAT Bangalore23 Jul 2021AY 2002-03

For Appellant: Shri. Percy Pardiwala, Sr. AdvocateFor Respondent: Shri. K. V. Aravind, Standing Counsel

Section 2Section 80H

…have considered the rival submissions and are of the view that the principle of netting has been recognized by the various decisions of Hon’ble High Courts and has also been affirmed by the Hon’ble Supreme Court in the case of ACG Associated Capsules Vs. CIT 343 ITR 89 (SC). The principle of netting is however applicable only on the assessee establishing nexus between the interest paid and the interest earned. If such nexus is proved, it is only the net interest that has to be excluded under explanation baa to section 80HHC of the Act. 26. In view of the aforesaid legal position, we are of the view that there i…

M/S. Abb Limited(Formerly Asea Brown Boveri Limited), Bangalore vs. ACIT, Bangalore

In the result, ground No.3 raised by the assessee is dismissed

ITA 791/BANG/2008[2003-04]Status: DisposedITAT Bangalore23 Jul 2021AY 2003-04

For Appellant: Shri. Percy Pardiwala, Sr. AdvocateFor Respondent: Shri. K. V. Aravind, Standing Counsel

Section 2Section 80H

…have considered the rival submissions and are of the view that the principle of netting has been recognized by the various decisions of Hon’ble High Courts and has also been affirmed by the Hon’ble Supreme Court in the case of ACG Associated Capsules Vs. CIT 343 ITR 89 (SC). The principle of netting is however applicable only on the assessee establishing nexus between the interest paid and the interest earned. If such nexus is proved, it is only the net interest that has to be excluded under explanation baa to section 80HHC of the Act. 26. In view of the aforesaid legal position, we are of the view that there i…