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 115JASection 80HHCSection 80IBSection 143(3)Section 250Section 30Section 37(1)Section 44D
Read the full judgment

Issues it is cited on

section 80hsection 80hhcsection 80hhdeduction under section 80iasection 80iaeligible businesssection 80isection 30profits and gains of business or professionbook profitssection 115jrevenue expenditure

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

Star India Pvt.Ltd., Mumbai vs. Asst.C.I.T.-Range 11(1), Mumbai

The appeal of the assessee is partly allowed

ITA 1112/MUM/2009[2004-2005]Status: DisposedITAT Mumbai25 May 2016AY 2004-2005

Bench: S/Sh.Rajendra & C.N. Prasadआयकर अपील आयकर अपील संसंसंसं./Ita/1112/Mum/2009,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2004-05 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Star India Pvt. Ltd. Acit, Range-11(1) Star House, Opp. Dr. E’Moses Road Mumbai-400 020. Vs. Mahalaxmi,Mumbai-400 011. Pan:Aaacn 1335 Q आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita/1370 /Mum/2009,िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2004-05 वष" Acit, Range-11(1) M/S. Star India Pvt. Ltd. Vs. M.K. Marg,Mumbai-400 020. Star House, Mahalaxmi,Mumbai-400 011. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By:Shri N.K. Chand-Cit Assessee By: S/Shri Porus Kaka & Divesh Chawla सुनवाई की तारीख / Date Of Hearing: 04.05.2016 घोषणा की तारीख / Date Of Pronouncement: 25.05.2016 आयकर अिधिनयम,1961 की धारा 254(1)के अ"ग"त आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद" राजे" के अनुसार Per Rajendra, Am- Challenging The Order,Dtd.12/11/2008,Of Cit(A)-Xxxii,Mumbai,The Assessee & The Assessing Officer(Ao) Have Filed Cross Appeals For The Above Mentioned Ay. Assessee-Company Is Engaged In The Business Of Producing/ Procuring Television Programmes & Supplying Them To Overseas Media Companies.It Also Acts As An Agent For Advertisement Sales For Overseas Media Companies & Carries On Channel Subscription Business.It Filed Its Return Of Income On 30.10.2004,Declaring Total Income At Rs.42,79,81,700/-.The Ao Completed The Assessment On 28/12/2006, U/S. 143(3) Of The Act,Determining Its Income At Rs.311.49 Crores.

For Appellant: S/Shri Porus Kaka & Divesh ChawlaFor Respondent: Shri N.K. Chand-CIT
Section 143(3)Section 254(1)Section 37Section 80H

…tly, the A.D. is directed to decide the issue in the light of the order of the Tribunal discussed above. This would dispose of the ground no.4 in assessee’s appeal.” 1112/09&1370/09-STAR We would like to refer the matter of ACG Associated Capsules(P.) Ltd.,(343 ITR 89),the Hon’ble Supreme Court has dealt the issue in the following manner. “Under clause (1) of Explanation (baa) to section 80HHC of the Act, ninety per cent. of any receipts by way of brokerage, commission, interest, rent, charges or any other receipt of a similar nature included in any such profits are to be deducted from the profits of the busine…

Star India Pvt.Ltd., Mumbai vs. Addl.C.I.T.-Range311(1), Mumbai

The appeal of the AO is dismissed

ITA 6332/MUM/2008[2003-2004]Status: DisposedITAT Mumbai20 May 2016AY 2003-2004
For Appellant: S/Shri Porus Kaka & Divesh ChawlaFor Respondent: Shri N.K. Chand-CIT
Section 143(3)Section 254(1)Section 92

…आयकर अपीलीय अिधकरण, मुंबई “केकेकेके” खंडपीठ Income-tax Appellate Tribunal -“K”Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"",लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं सी एवं सी सी. एन सी एन एन. "साद एन "साद "साद,"याियक "साद "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Sh.Rajendra,Accountant Member and C.N. Prasad,Judicial Member आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./ITA/6332/Mum/2008,िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2003-04 वष" M/s. Star India Pvt. Ltd. ACIT, Range-11(1) Mumbai-400 020. Star House, Opp. Dr. E’Moses Road Vs. Mahalaxmi,Mumbai-4…

Ucb Indiap.Ltd, Mumbai vs. ITO 7(3)(3), Mumbai

In the result, the appeals filed by the Revenue in ITA Nos

ITA 6681/MUM/2013[2004-05]Status: DisposedITAT Mumbai18 May 2016AY 2004-05

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No. 6681/Mum/2013 ("नधा"रण वष" / Assessment Year: 2004-05 Ucb India Pvt. Ltd., The Ito 7(3)-3, बनाम/ 504, Peninsula Towers, Aayakar Bhavan, Vs. G.K. Marg, Lower Parel, Mumbai-400 020 Mumbai-400 013 आयकर अपील सं /I.Ta No. 6454/Mum/2013 ("नधा"रण वष" / Assessment Year: 2004-05 The Ito 7(3)-3, Ucb India Pvt. Ltd., बनाम/ Aayakar Bhavan, 504, Peninsula Towers, Vs. Mumbai-400 020 G.K. Marg, Lower Parel, Mumbai-400 013

For Appellant: Shri Pranay Gandhi

…5 (SB)] and Sriram Power Equipment held that only the net interest has to be eliminated under clause (baa) of Explanation to Sec. 80HHC of the Act. The Ld. Counsel submits that the Hon’ble Supreme Court in the case of ACG Associates Capsules Pvt. Ltd Vs CIT (343 ITR 89) has held that only the net interest should be excluded while computing the deduction u/s. 80HHC read with clause (baa) of Explanation. The Ld. Counsel for the assessee submits that the Ld. CIT(A) following the decision of the Hon’ble Supreme Court in the case of Liberty India Vs CIT (317 ITR 218) held that deduction u/s. 80HHC is not allowable on…

M/S. Strides Arcolab Ltd., Navi Mumbai vs. ITO - 10(3)(4), Mumbai

In the result, assessee’s cross objection is partly allowed

ITA 641/MUM/2007[2003-2004]Status: DisposedITAT Mumbai29 Apr 2016AY 2003-2004

Bench: Shri Saktijit Dey & Shri Ashwani Taneja

For Appellant: Shri Nitesh JoshiFor Respondent: Shri N.K. Chand
Section 115JSection 35

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI ASHWANI TANEJA, ACCOUNTANT MEMBER ITA no.641/Mum./2007 (Assessment Year : 2003–04) Strides Shasun Limited (Formerly known as Strides Arolab Ltd.) 201, Devavrata, Sector–17 ……………. Appellant Vashi, Navi Mumbai 400 703 PAN – AADCS8104P v/s Income Tax Officer Ward–10(3)(4), Aayakar Bhawan ……………. Respondent 101, M.K. Road, Mumbai 400 020 ITA no.4063/Mum./2010 (Assessment Year : 2004–05) Asstt. Commissioner of Income Tax Range–10(1), Aayakar Bhawan ……………. Appellant 101, M.K. Road, Mumbai 400 020 v/s Strides Arc…

Euresian, Mumbai vs. ITO WD 12(2)(1), Mumbai

In the result, appeals of the assessee for both the years under consideration, having similar issues, are allowed

ITA 4464/MUM/2014[2000-01]Status: DisposedITAT Mumbai31 Mar 2016AY 2000-01
For Appellant: Shri Ishwer P. RathiFor Respondent: Shri Vivek Ojha
Section 143(3)Section 80Section 80H

…6,34,743 while calculating deduction u/s 80 HHC for trading exports. And the learned Commissioner of Income Tax (Appeals) has further erred in not following the order of Hon'ble Supreme Court in the case of ACG Associated Capsules Pvt Ltd V Is CIT reported in 343 ITR 89. 2. On the fads and circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) has erred in confirming the gross Brokerage & Commission payment of Rs. 34,91,373 to be considered as part of in-direct cost of exports as against the net Brokerage & Commission payment of Rs. 26,48,597 while calculating deduction u/s 80 HHC…

Euresian, Mumbai vs. ITO WD 12(2)(1), Mumbai

In the result, appeals of the assessee for both the years under consideration, having similar issues, are allowed

ITA 4463/MUM/2014[1999-00]Status: DisposedITAT Mumbai31 Mar 2016AY 1999-00
For Appellant: Shri Ishwer P. RathiFor Respondent: Shri Vivek Ojha
Section 143(3)Section 80Section 80H

…6,34,743 while calculating deduction u/s 80 HHC for trading exports. And the learned Commissioner of Income Tax (Appeals) has further erred in not following the order of Hon'ble Supreme Court in the case of ACG Associated Capsules Pvt Ltd V Is CIT reported in 343 ITR 89. 2. On the fads and circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) has erred in confirming the gross Brokerage & Commission payment of Rs. 34,91,373 to be considered as part of in-direct cost of exports as against the net Brokerage & Commission payment of Rs. 26,48,597 while calculating deduction u/s 80 HHC…

Sara Services & Engineers Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeals of the Revenue are dismissed and those of the assessee are partly allowed for statistical purposes in the manner as indicated above

ITA 408/DEL/2010[2004-05]Status: DisposedITAT Delhi18 Jan 2016AY 2004-05

Bench: Shri Chandra Mohan Garg & Shri L.P. Sahu

For Appellant: Shri O.P. Sapra, AdvFor Respondent: Shri Sujit Kumar, Sr-DR
Section 80I

…see in earning these incomes. It is only the net receipts on which the prescribed percentage of 90% could be applied. Our attention was invited to the judgment of the Hon'ble High Court in the case of ACG Associated Capsules [P] Ltd Vs. CIT [2012] reported at 247 CTR 372 [SC] and prayed that other income within the meaning of clause (baa) of section 80HHC should be first reduced by the expenditure incurred by the assessee in earning such income and 90% of the residual alone should be reduced from business profits. The ld. AR, lastly, submitted that the assessee should be held as eligible for computing allowable…

M/S. the Hindustan Sewing & Weaving Mills Ltd., Mumbai vs. DCIT Cir. 2(1), Mumbai

In the result, appeals of the assessee and department are partly allowed

ITA 3821/MUM/2003[1995-1996]Status: DisposedITAT Mumbai08 Jan 2016AY 1995-1996

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 1995-96 Hindoostan Mills Ltd. Dcit Cir-2(1) Sir Vithaldas Chambers Mumbai बनाम/ 16, Mumbai Samachar Vs. Marg Fort, Mumbai-400001 (Assessee) (Revenue) P.A. No.Aaact4057F Assessment Year: 1995-96 Dcit Cir-2(1) Hindoostan Mills Ltd. Mumbai Sir Vithaldas Chambers बनाम/ 16, Mumbai Samachar Vs. Marg Fort, Mumbai-400001 (Revenue) (Respondent ) P.A. No.Aaact4057F "नधा"रती क" ओर से / Assessee By Shri N.V. Nadkarni (Ar) Shri K.K. Ved (Dr) राज"व क" ओर से / Revenue By सुनवाई क" तार"ख / Date Of 21/12/2015 Hearing : 8/01/2016 आदेश क" तार"ख /Date Of Order:

Section 143(3)Section 80H

…ortunity of hearing to the assessee. 5.4. With regard to interest received from other sources, it is directed that the AO shall exclude only net interest in accordance with decision of the Supreme Court in the case of ACG Associated Capsules Pvt. Ltd vs. CIT 343 ITR 89 (SC). Thus, this ground is partly allowed. Now we take up ITA No.4004/Mum/2003 (Department Appeal) 6. Ground No.1: In this ground, the Revenue has challenged the action of Ld. CIT(A) in deleting the disallowance made by the AO on account of foreign travel of employee of the assesseee company namely Mr. S. R. Dalal. 6 Hindoostan Mills Ltd 6.1. D…

Ambattur Clothing Ltd., Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 910/CHNY/2015[2010-11]Status: DisposedITAT Chennai28 Dec 2015AY 2010-11

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1436, 1643/Mds/2014, 910/Mds/2015 ("नधा"रण वष" / Assessment Year : 2008-09, 2009-10 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.AFor Respondent: Shri. Rajib Kumar Hota, IRS, CIT
Section 10BSection 14ASection 14A(2)

…ith the industrial undertaking and should be treated as income derived from the assessee’s undertaking as profits and gains of business. The ld. Authorised Representative relied on the judgment of Supreme Court in the case of ACG Associated Capsules P. Ltd 247 CTR 372, the assessee has claimed that if the interest income is excluded from the computation u/s.10B and treated as income from other sources, the corresponding expenditure for earning such interest will have to be excluded as per section 57(iii) of the Act. 9. On the other hand, the ld. Departmental Representative relied on the orders of the low…

Ambattur Clothing Ltd., Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 1643/CHNY/2014[2009-10]Status: DisposedITAT Chennai28 Dec 2015AY 2009-10

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1436, 1643/Mds/2014, 910/Mds/2015 ("नधा"रण वष" / Assessment Year : 2008-09, 2009-10 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.AFor Respondent: Shri. Rajib Kumar Hota, IRS, CIT
Section 10BSection 14ASection 14A(2)

…ith the industrial undertaking and should be treated as income derived from the assessee’s undertaking as profits and gains of business. The ld. Authorised Representative relied on the judgment of Supreme Court in the case of ACG Associated Capsules P. Ltd 247 CTR 372, the assessee has claimed that if the interest income is excluded from the computation u/s.10B and treated as income from other sources, the corresponding expenditure for earning such interest will have to be excluded as per section 57(iii) of the Act. 9. On the other hand, the ld. Departmental Representative relied on the orders of the low…

Ambattur Clothing Ltd., Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 1436/CHNY/2014[2008-09]Status: DisposedITAT Chennai28 Dec 2015AY 2008-09

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1436, 1643/Mds/2014, 910/Mds/2015 ("नधा"रण वष" / Assessment Year : 2008-09, 2009-10 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.AFor Respondent: Shri. Rajib Kumar Hota, IRS, CIT
Section 10BSection 14ASection 14A(2)

…ith the industrial undertaking and should be treated as income derived from the assessee’s undertaking as profits and gains of business. The ld. Authorised Representative relied on the judgment of Supreme Court in the case of ACG Associated Capsules P. Ltd 247 CTR 372, the assessee has claimed that if the interest income is excluded from the computation u/s.10B and treated as income from other sources, the corresponding expenditure for earning such interest will have to be excluded as per section 57(iii) of the Act. 9. On the other hand, the ld. Departmental Representative relied on the orders of the low…

ACIT CC-8, Mumbai vs. Jindal Drugs Ltd, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

ITA 376/MUM/2010[2007-08]Status: DisposedITAT Mumbai20 Nov 2015AY 2007-08

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

Section 143(3)Section 14ASection 36(1)(iii)Section 80Section 80I

…ing only net interest income and not the gross interest while computing the eligible income for deduction u/s 80IB and for this purpose reliance was placed on the decision of Hon’ble Supreme Court in the case of ACG Associated Capsules (P) Ltd. Vs. CIT [2012] 343 ITR 89 (SC). We found that the issue of netting of interest is squarely covered by the decision of Hon’ble Supreme Court in the case of ACG Associated Capsules (P) Ltd. (supra). However, in view of the fact that interest being earned out of the deposit given to the bank as business compulsion, we have held that entire interest is eligible for deduction u…

ACIT CC.8, Mumbai vs. Jindal Drugs Ltd, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

ITA 3885/MUM/2009[2006-07]Status: DisposedITAT Mumbai20 Nov 2015AY 2006-07

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

Section 143(3)Section 14ASection 36(1)(iii)Section 80Section 80I

…ing only net interest income and not the gross interest while computing the eligible income for deduction u/s 80IB and for this purpose reliance was placed on the decision of Hon’ble Supreme Court in the case of ACG Associated Capsules (P) Ltd. Vs. CIT [2012] 343 ITR 89 (SC). We found that the issue of netting of interest is squarely covered by the decision of Hon’ble Supreme Court in the case of ACG Associated Capsules (P) Ltd. (supra). However, in view of the fact that interest being earned out of the deposit given to the bank as business compulsion, we have held that entire interest is eligible for deduction u…

Jindal Drugs Ltd, Mumbai vs. ACIT Cen Cir 8, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

ITA 3818/MUM/2009[2006-07]Status: DisposedITAT Mumbai29 Oct 2015AY 2006-07

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

Section 143(3)Section 14ASection 36(1)(iii)Section 80Section 80I

…ing only net interest income and not the gross interest while computing the eligible income for deduction u/s 80IB and for this purpose reliance was placed on the decision of Hon’ble Supreme Court in the case of ACG Associated Capsules (P) Ltd. Vs. CIT [2012] 343 ITR 89 (SC). We found that the issue of netting of interest is squarely covered by the decision of Hon’ble Supreme Court in the case of ACG Associated Capsules (P) Ltd. (supra). However, in view of the fact that interest being earned out of the deposit given to the bank as business compulsion, we have held that entire interest is eligible for deduction u…

ACIT Cen Cir-8, Mumbai vs. M/S. Jindal Drugs Ltd, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

ITA 4342/MUM/2008[2005-2006]Status: DisposedITAT Mumbai29 Oct 2015AY 2005-2006

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

Section 143(3)Section 14ASection 36(1)(iii)Section 80Section 80I

…ing only net interest income and not the gross interest while computing the eligible income for deduction u/s 80IB and for this purpose reliance was placed on the decision of Hon’ble Supreme Court in the case of ACG Associated Capsules (P) Ltd. Vs. CIT [2012] 343 ITR 89 (SC). We found that the issue of netting of interest is squarely covered by the decision of Hon’ble Supreme Court in the case of ACG Associated Capsules (P) Ltd. (supra). However, in view of the fact that interest being earned out of the deposit given to the bank as business compulsion, we have held that entire interest is eligible for deduction u…

Jindal Drugs Ltd, Mumbai vs. M/S. ACIT Cen Cir-8, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

ITA 2592/MUM/2008[2005-2006]Status: DisposedITAT Mumbai29 Oct 2015AY 2005-2006

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

Section 143(3)Section 14ASection 36(1)(iii)Section 80Section 80I

…ing only net interest income and not the gross interest while computing the eligible income for deduction u/s 80IB and for this purpose reliance was placed on the decision of Hon’ble Supreme Court in the case of ACG Associated Capsules (P) Ltd. Vs. CIT [2012] 343 ITR 89 (SC). We found that the issue of netting of interest is squarely covered by the decision of Hon’ble Supreme Court in the case of ACG Associated Capsules (P) Ltd. (supra). However, in view of the fact that interest being earned out of the deposit given to the bank as business compulsion, we have held that entire interest is eligible for deduction u…

The Commissioner of Income Tax vs. M/S Crane Software International Ltd

Appeal stands dismissed

ITA/432/2009HC Karnataka09 Jun 2015

Bench: ARAVIND KUMAR,MOHAN M. SHANTANAGOUDAR

Section 143(1)Section 143(2)Section 143(3)Section 154Section 26OSection 80H

…UDAR J, DELIVERED THE FOLLOWING : JUDGMENT The second Substantial question of law raised in this appeal is covered against the revenue by the Apex Court in the Case of ACG ASSOCIATED CAPSULES (P) LTD. vs. COMMISSIONER OF INCOME TAX reported in 343 ITR 89. Hence, the second substantial question of law is answered accordingly against the revenue. 2. The first substantial question of law reads thus: 1. Whether the Appellate Authorities were correct in holding that interest income earned from fixed deposits which was to fall within the head ‘Income from Business’ or ‘Income from Other…

Commissioner of Income Tax vs. Sri B. Nagendar

ITTA/29/2001HC Telangana07 Nov 2013

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

The Commissioner of Income Tax vs. M/S Infosys Technologies Ltd

In the result, appeal is allowed in part

ITA/330/2007HC Karnataka18 Feb 2013

Bench: Granting Such Deduction?

Section 260ASection 80H

…ion, we have heard the learned counsel for the parties. It is submitted that in view of the subsequent decisions of this court and the Supreme Court and particularly in the case of ACG ASSOCIATED CAPSULES PVT LTD vs COMMISSIONER OF INCOME TAX [(2012) 343 ITR 89] and the issue is concluded holding that it should be the net of the receipts payable to these two types of receipts and not the gross. Accordingly, 5 we answer this question in the affirmative and in favour of the assessee. 5. On hearing the counsel for both parties, we reframe the third question as under: Whether the tribunal…

Commissioner of Income Tax Central I New Delhi vs. J B Roy

In the result all the appeals filed by the Revenue are dismissed

ITA-942/2010HC Delhi30 Nov 2012
Section 17Section 2B

…a has placed stlong reliance on the judgment of the Supreme court rn Keshauii Rauii and co' vs' cotrutrissioner of Income-tax (1gg0) 183 ITR page L Reference has also been made to another Supreme Court judgment tn Associated Capsules Pvt' Ltd' v' ACIT, (2012) 343 ITR 89 and a judgment of a Division Bench of this court in CIT v. Shri Ram Honda Power Equip' (2007) 289 ITI? 475 ' 23. It would prima facie appear that the judgment of the Supreme couft in CIT tts. Dr.V.P.Gopinathan (Supra) is against the claim of the assessee but a closer look at the facts shows that the judgment of the Supreme court in Keshauji Rauii…