ACIT v. Genus Electrotech Ltd.

Addl CIT RG 1(1), Mumbai vs. Acc Ltd, Mumbai

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A”, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, HON'BLE JUDICIAL MEMBER M/s. ACC Limited v. Addl. CIT – Range-1(1) (Formerly known as The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 PAN: AAACT1507C (Appellant) (Respondent) Dy. CIT - 1(1) v. M/s. ACC Limited Room No. 79, Aayakar Bhavan (Formerly known as The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 PAN: AAACT1507C (Appellant) (Respondent)…

Acc Ltd (Formerly Known As the Associated Cement Companies Ltd), Mumbai vs. Addl CIT RG 1(1), Mumbai

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A”, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, HON'BLE JUDICIAL MEMBER M/s. ACC Limited v. Addl. CIT – Range-1(1) (Formerly known as The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 PAN: AAACT1507C (Appellant) (Respondent) Dy. CIT - 1(1) v. M/s. ACC Limited Room No. 79, Aayakar Bhavan (Formerly known as The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 PAN: AAACT1507C (Appellant) (Respondent)…

Addl CIT 3(1), Mumbai vs. Bajaj Hindustan Ltd, Mumbai

In the result, the appeal of the revenue is dismissed and the appeal of the assesse is partly allowed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhacit-3(1)(1) Vs. M/S Bajaj Hindustan Room No. 607, 6 Th Floor, Sugar Ltd. Aayakar Bhavan, ( Ea R L I E R K N O W N A S M / S B A J A J H I N D U S T A N L T D ) Bajaj Bhavan, 2 Nd Floor, M.K. Road, Jamanalal Bajaj, Marg- Mumbai – 400 020 226, Nariman Point Mumbai 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacb4351J Appellant .. Respondent M/S Bajaj Hindustan Vs. Acit-3(1)(1) Sugar Ltd. Room No. 607, 6 Th Floor, ( Ea R L I E R K N O W N A S M / S B A J A J H I N D U S T A N L T D ) Aayakar Bhavan, Bajaj Bhavan, 2 Nd Floor, M.K. Road, Jamanalal Bajaj, Marg- Mumbai – 400 020 226, Nariman Point Mumbai 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacb4351J Appellant .. Respondent

…[1997] 227 ITR 764 (Supreme Court) (c) Devkrupa Build Tech Ltd. (ITA No. 4323/Mum/2018) (Mumbai Tribunal) (d) Ackruti City Limited (ITA No. 7696/Mum/2014) (Mumbai Tribunal) (e) JSW Energy Ltd. [2014] 150 ITD 406 (Mumbai Trib) (f) Genus Electrotech Ltd. [2016] 161 ITD 644 (Ahmedabad Tribunal)” In this regard, the ld. D.R submitted that neither this issue has been raised before the A.O nor before the ld. CIT(A) and the same is required to be verified from the relevant material. In the light of the above facts we restore this issue to the file of the A.O for deciding after examination and verification of the materia…

Bajaj Hindustan Ltd, Mumbai vs. ACIT 3(1), Mumbai

In the result, the appeal of the revenue is dismissed and the appeal of the assesse is partly allowed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhacit-3(1)(1) Vs. M/S Bajaj Hindustan Room No. 607, 6 Th Floor, Sugar Ltd. Aayakar Bhavan, ( Ea R L I E R K N O W N A S M / S B A J A J H I N D U S T A N L T D ) Bajaj Bhavan, 2 Nd Floor, M.K. Road, Jamanalal Bajaj, Marg- Mumbai – 400 020 226, Nariman Point Mumbai 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacb4351J Appellant .. Respondent M/S Bajaj Hindustan Vs. Acit-3(1)(1) Sugar Ltd. Room No. 607, 6 Th Floor, ( Ea R L I E R K N O W N A S M / S B A J A J H I N D U S T A N L T D ) Aayakar Bhavan, Bajaj Bhavan, 2 Nd Floor, M.K. Road, Jamanalal Bajaj, Marg- Mumbai – 400 020 226, Nariman Point Mumbai 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacb4351J Appellant .. Respondent

…[1997] 227 ITR 764 (Supreme Court) (c) Devkrupa Build Tech Ltd. (ITA No. 4323/Mum/2018) (Mumbai Tribunal) (d) Ackruti City Limited (ITA No. 7696/Mum/2014) (Mumbai Tribunal) (e) JSW Energy Ltd. [2014] 150 ITD 406 (Mumbai Trib) (f) Genus Electrotech Ltd. [2016] 161 ITD 644 (Ahmedabad Tribunal)” In this regard, the ld. D.R submitted that neither this issue has been raised before the A.O nor before the ld. CIT(A) and the same is required to be verified from the relevant material. In the light of the above facts we restore this issue to the file of the A.O for deciding after examination and verification of the materia…

DCIT-Ltu - 2, Mumbai vs. Ambuja Cements Ltd, Mumbai

In the result, the appeal of the revenue is dismissed

…ITA Nos. 1889 and 1241/Mum/2018, 2384, 2958, 3475 and 3843/Mum/2019 Assessment years: 2010-11, 2011-12 and 2012-13 Page 1 of 99 THE INCOME TAX APPELLATE TRIBUNAL MUMBAI K BENCH, MUMBAI [Coram: Pramod Kumar (Vice President), and Sandeep S Karhail (Judicial Member)] ITA No.2384 and 3475/Mum/2019 and 1241/Mum/2018 Assessment years: 2010-11, 2011-12 and 2012-13 Ambuja Cement Limited .…………………………Appellant (formerly known as Gujarat Ambuja Cements Ltd.) Elegant Business Park, MIDC Cross Road B, Andheri (E) Mumbai 400 059 [PAN: AAACG0569P] Vs. Additional Commissioner of Income Tax Large Tax Payer Unit, Mumbai ……………...………

DCIT (Ltu) 1, Mumbai vs. Ambuja Cements Ltd, Mumbai

In the result, the appeal of the revenue is thus dismissed

…ITA Nos.2968/Mum/2015 & 1665/Mum/2019 ITA Nos. 3307/Mum/2015 & 2428/Mum/2019 Assessment years: 2008-09 and 2009-10 Page 1 of 51 THE INCOME TAX APPELLATE TRIBUNAL MUMBAI K BENCH, MUMBAI [Coram: Pramod Kumar (Vice President), and Sandeep S Karhail (Judicial Member)] ITA Nos.2968/Mum/2015 and 1665/Mum/2019 Assessment years: 2008-09 and 2009-10 Ambuja Cement Limited .…………………………Appellant (formerly known as Gujarat Ambuja Cements Ltd.) Elegant Business Park, MIDC Cross Road B, Andheri (E) Mumbai 400 059 [PAN: AAACG0569P] Vs. Additional Commissioner of Income Tax Large Tax Payer Unit, Mumbai ……………...…………Respondent ITA…

Asst CIT Ltu, Mumbai vs. Ambuja Cements Ltd, Mumbai

In the result, the appeal of the revenue is dismissed

…ITA Nos. 6375 and 6405/Mum/2013 CO No. 166/Mum/2015 Assessment year: 2007-08 Page 1 of 42 THE INCOME TAX APPELLATE TRIBUNAL MUMBAI K BENCH, MUMBAI [Coram: Pramod Kumar (Vice President), and Sandeep S Karhail (Judicial Member)] Assessment year: 2007-08 Ambuja Cement Limited .…………………………Appellant (formerly Known as Gujarat Ambuja Cements Ltd.) Elegant Business Park, MIDC Cross Road B, Andheri (E) Mumbai 400 059 [PAN: AAACG0569P] Vs. Additional Commissioner of Income Tax Large Tax Payer Unit, Mumbai ……………...…………Respondent CO No. 166/Mum/2015 In ITA No. 6375/Mum/2013 Assessment year: 2007-08 Assistant Commissioner of…

Ambuja Cements Ltd ( Formerly Known As Gujarat Ambuja Cements Ltd), Mumbai vs. Addl CIT 3(1), Mumbai

In the result, the appeal of the revenue is thus dismissed

…ITA Nos.2968/Mum/2015 & 1665/Mum/2019 ITA Nos. 3307/Mum/2015 & 2428/Mum/2019 Assessment years: 2008-09 and 2009-10 Page 1 of 51 THE INCOME TAX APPELLATE TRIBUNAL MUMBAI K BENCH, MUMBAI [Coram: Pramod Kumar (Vice President), and Sandeep S Karhail (Judicial Member)] ITA Nos.2968/Mum/2015 and 1665/Mum/2019 Assessment years: 2008-09 and 2009-10 Ambuja Cement Limited .…………………………Appellant (formerly known as Gujarat Ambuja Cements Ltd.) Elegant Business Park, MIDC Cross Road B, Andheri (E) Mumbai 400 059 [PAN: AAACG0569P] Vs. Additional Commissioner of Income Tax Large Tax Payer Unit, Mumbai ……………...…………Respondent ITA…

Addl CIT 3(1), Mumbai vs. Ambuja Cements Ltd ( Formerly Gujarat Ambuja Cements Ltd), Mumbai

In the result, the appeal of the revenue is dismissed

…ITA Nos. 5883 and 5927/Mum/2012 Assessment year: 2005-06 Page 1 of 31 THE INCOME TAX APPELLATE TRIBUNAL MUMBAI K BENCH, MUMBAI [Coram: Pramod Kumar (Vice President), and Sandeep S Karhail (Judicial Member)] Assessment year: 2005-06 Ambuja Cement Limited .…………………………Appellant (formerly Known as Gujarat Ambuja Cements Ltd.) Elegant Business Park, MIDC Cross Road B, Andheri (E) Mumbai 400 059 [PAN: AAACG0569P] Vs. Additional Commissioner of Income Tax Large Tax Payer Unit, Mumbai ……………...…………Respondent Assessment year: 2005-06 Assistant Commissioner of Income Tax Large Tax Payer Unit, Mumbai .…………………………Appellant Vs.…

Ambuja Cements Ltd ( Formelry Known As Gujarat Ambuja Cements Ltd), Mumbai vs. Addl CIT RG 3(1), Mumbai

In the result, the appeal of the revenue is dismissed

…ITA Nos. 5883 and 5927/Mum/2012 Assessment year: 2005-06 Page 1 of 31 THE INCOME TAX APPELLATE TRIBUNAL MUMBAI K BENCH, MUMBAI [Coram: Pramod Kumar (Vice President), and Sandeep S Karhail (Judicial Member)] Assessment year: 2005-06 Ambuja Cement Limited .…………………………Appellant (formerly Known as Gujarat Ambuja Cements Ltd.) Elegant Business Park, MIDC Cross Road B, Andheri (E) Mumbai 400 059 [PAN: AAACG0569P] Vs. Additional Commissioner of Income Tax Large Tax Payer Unit, Mumbai ……………...…………Respondent Assessment year: 2005-06 Assistant Commissioner of Income Tax Large Tax Payer Unit, Mumbai .…………………………Appellant Vs.…

Joint CIT (OSD) Cent Cir. 1(4), Mumbai vs. Grasim Industries Ltd., Mumbai

In the result, all the appeals of the Revenue are dismissed

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘G‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI AMARJIT SINGH, JUDICIAL MEMBER ITA No.2156/Mum/2016 (Assessment Year :1997-98) ITA No.2154/Mum/2016 (Assessment Year :1999-00) & JCIT(OSD)-Central Circle Vs. M/s. Grasim Industries 1(4), Mumbai Limited Room No.902, 9th Floor Corporate Finance Division Old CGO Building Aditya Birla Centre A Wing, 2nd Floor M.K.Road, Churchgate SK Ahire Marg, Worli Mumbai – 400 020 Mumbai – 30 PAN/GIR No. AAACG4464B (Appellant) .. (Respondent) Revenue by Shri J.D. Mistry,Senior Advocate and Shri Ronak Doshi Assessee by Shri…

DCIT- CC-5(1), Mumbai vs. Hubtown Ltd., Mumbai

In the result, cross objection filed by the assesee is treated as allowed for statistical purpose

Bench: Shri G. Manjunatha & Shri Ravish Sooddcit, Cc-5(1) Vs. M/S. Hubtown Ltd. Room No.1928 19Th Floor Akruti Trade Centre, 6Th Floor Air India Building, Nariman Point Road No.7, Marol-Midc Mumbai-400 021 Andheri(E) Mumbai-400 093

…Hon'ble Bombay High Court in the case of CIT vs. Raymonds Ltd. (2012) 21 taxmann.com 60, the issue was decided in favour of the assesses by observing as under: "7. In the similar case ITAT Ahmadabad Bench in the case of ACIT vs. Genus Electrotech Ltd (2016) (161 ITD 644 (Ahd - Trib) has held that the adjustment claimed by the assessee for Debt Redemption Fund was declined with a short observation that Debt Redemption Fund was an appropriation for the purpose of creating a reserve and was a below line adjustment and it did not fail in any category of adjustments provided u/s. 115JB of the Act. Respectfully follow…

Rachana Finance & Invesment P.Ltd, Mumbai vs. ITO WD 9(3)(4), Mumbai

In the result, both the appeals of assessees’ are allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

…e is not a reserve within the meaning of Explanation (b) to Section 115JA of the Income Tax Act, 1961. No substantial question of law would, therefore, arise.” 7. In the similar case ITAT Ahmedabad Bench in the case of ACIT vs. Genus Electrotech Ltd. (2016) (161 ITD 644 (Ahd – Trib) has held that the adjustment claimed by the assessee for Debt Redemption Fund was declined with a short observation that Debt Redemption Fund was an appropriation for the purpose of creating a reserve and was a below line adjustment and it did not fall in any category of adjustments provided u/s 115JB of the Act. Respectfully followi…

Repute Properties P.Ltd, Mumbai vs. ITO WD 9(3)(4), Mumbai

In the result, both the appeals of assessees’ are allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

…e is not a reserve within the meaning of Explanation (b) to Section 115JA of the Income Tax Act, 1961. No substantial question of law would, therefore, arise.” 7. In the similar case ITAT Ahmedabad Bench in the case of ACIT vs. Genus Electrotech Ltd. (2016) (161 ITD 644 (Ahd – Trib) has held that the adjustment claimed by the assessee for Debt Redemption Fund was declined with a short observation that Debt Redemption Fund was an appropriation for the purpose of creating a reserve and was a below line adjustment and it did not fall in any category of adjustments provided u/s 115JB of the Act. Respectfully followi…