Ahmadabad in ACIT v. Goldmine Shares & Finance (P.) Ltd.

113 ITD 209Income Tax Appellate Tribunal2008#3148 most cited

What is Ahmadabad in ACIT v. Goldmine Shares & Finance (P.) Ltd. authority for?

Deductions under section 80IA are to be computed with reference to the profits of each eligible unit independently, without considering the profits or losses of other units. Each eligible unit is treated as a standalone entity for the purpose of calculating this deduction.

37

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2025.

Also referred to as

ACIT v. Goldmine Shares & Finance (P.) Ltd. · 113 ITD 209 · section 80IA · unit-wise deduction · standalone profit · eligible unit · separate books of account · ITAT Ahmedabad

Sections most often in play

Section 143(3)Section 147Section 148Section 28(i)Section 36(1)(vii)Section 37Section 37(1)Section 43B

Issues it is cited on

section 8d(2)(ii)section 80ia(5)section 14(2)section 8dsection 33bsection 134section 198section 197ainitial assessment yearsection 14a(1)set off of lossessection 40(a)(ii)

Judgments citing Ahmadabad in ACIT v. Goldmine Shares & Finance (P.) Ltd.

The ACIT, Circle - 1, Rajahmundry vs. The Andhra Pradesh Paper Mills Ltd., Hyderabad

In the result, appeals filed by the Revenue are partly allowed and the cross objections filed by the assessee are partly allowed

ITA 4/VIZ/2014[2007-08]Status: DisposedITAT Visakhapatnam30 Oct 2019AY 2007-08

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

For Appellant: Shri T.M. Shiv Kumar – AdvFor Respondent: Shri T.S.N. Murthy – CIT DR
Section 263Section 32

…business, even though they have been allowed to be set off against the other income in earlier years in view of the specific provisions of section 801A(5), as laid down by the Special Bench, Ahmadabad in the case of ACIT Vs. Mines Shares & Finance Pvt. Ltd, (113 ITD 209). Hence, we direct the assessing officer to compute the 15 ITA Nos. 4-6/VIZ/2014 C.O.Nos.13-15/VIZ/2016 (The Andhra Pradesh Paper Mills Ltd.) deduction u/s 801A as laid down by provisions of the Income Tax Act, 1961.” 7.5 From the aforementioned facts and evidence and also referring to the direct order of the honourable ITAT in the case of the…

The DCIT, Circle-2(1)(2), Ahmedabad vs. M/S. Jay Chemical Industries Ltd., Ahmedabad

In the result, the appeal ITA 2693/Ahd/2014, ITA 305/Ahd/2015, cross objection 01/Ahd/2015 & 41/Ahd/2015 all are dismissed

ITA 305/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad26 Mar 2019AY 2011-12
For Appellant: Shri Nimish Viawala, A.RFor Respondent: Shri Vinod Talwani, Sr. D.R
Section 143(2)Section 143(3)Section 195Section 4Section 40Section 5Section 5(2)(b)Section 9Section 9(1)(i)

…year should be taken as initially for the purpose of provisions of section 80 I-A. The claim of the appellant was also forwarded to the AO and she has objected to the claim relying on the judgement of ITAT Ahmedabad in the case of Goldmine Shares and Finance 113 ITD 209. The appellant on the other hand has placed reliance on various subsequent judgements of ITAT Ahmedabad in which the similar claim has been allowed. The reliance has been placed by the appellant on the Judgements of Honourable ITAT Ahmedabad in the cases of Jivraj Tea and Industries Ltd 42 taxman.com 461, Sadbhav Engineering Ltd 45 taxman.com 333…

The DCIT(OSD)-1, Circle-4, Ahmedabad vs. Jay Chemical Industries Ltd., Ahmedabad

In the result, the appeal ITA 2693/Ahd/2014, ITA 305/Ahd/2015, cross objection 01/Ahd/2015 & 41/Ahd/2015 all are dismissed

ITA 2693/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad26 Mar 2019AY 2010-11
For Appellant: Shri Nimish Viawala, A.RFor Respondent: Shri Vinod Talwani, Sr. D.R
Section 143(2)Section 143(3)Section 195Section 4Section 40Section 5Section 5(2)(b)Section 9Section 9(1)(i)

…year should be taken as initially for the purpose of provisions of section 80 I-A. The claim of the appellant was also forwarded to the AO and she has objected to the claim relying on the judgement of ITAT Ahmedabad in the case of Goldmine Shares and Finance 113 ITD 209. The appellant on the other hand has placed reliance on various subsequent judgements of ITAT Ahmedabad in which the similar claim has been allowed. The reliance has been placed by the appellant on the Judgements of Honourable ITAT Ahmedabad in the cases of Jivraj Tea and Industries Ltd 42 taxman.com 461, Sadbhav Engineering Ltd 45 taxman.com 333…

Deputy Commissioner of Income-Tax vs. K.J. Infrastructure Projects India Pvt. Ltd., Pune

In the result, appeal of the Revenue is dismissed

ITA 605/PUN/2016[2011-12]Status: DisposedITAT Pune23 Mar 2018AY 2011-12

Bench: Shri Anil Chaturvedi, Am & Shri Vikas Awasthy, Jm

For Appellant: N O N EFor Respondent: Dr. Vivek Aggarwal
Section 80ISection 80l

…ard losses on the windmills. The Assessing Officer rejected assessee’s claim of deduction u/s. 80IA(5) in the light of decision of Special Bench of Tribunal in the case of Assistant Commissioner of Income Tax Vs. Goldmine Shares & Finance (P) Ltd. reported as 113 ITD 209. Aggrieved by the assessment order dated 28-03-2014, the assessee filed appeal before the Commissioner of Income Tax (Appeals). The First Appellate Authority allowed the claim of assessee by following the decision of Pune Bench of Tribunal in the case of Advik Hi Tech (P.) Ltd. Vs. Additional Commissioner of Income Tax reported as 67 SOT 158. Aga…

ACIT 25(3), Mumbai vs. Punit Constructions, Mumbai

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

ITA 6980/MUM/2014[2011-12]Status: DisposedITAT Mumbai21 Feb 2018AY 2011-12

Bench: Sri Joginder Singh, Jm & G. Manjunatha, Am M/S Punit Construction Co. Jcit-25(3), 5Th C-11, 3Rd Floor, Floor, Agarwal Golden Chamber, Plot No. 13/A, Fun Pratyaksh Kar Bhavan, Vs. Republic Road, Off New Link Bkc, Bandra(E), Road, Andheri(W), Mumbai-400051 Mumbai-400053 Appellant .. Respondent Pan No. Aaafp1231E Acit-25(3), M/S Punit Construction Co. Room No.308, 3Rd Floor, Agarwal Residency, Bldg. No.C-11, Pratyaksh Kar Shankar Lane, Vs. Bhavan, Bkc, Bandra(E), Kandivali(W), Mumbai-400051 Mumbai-400067

For Appellant: Dr. K. Shivram/Aditya AjgaonkarFor Respondent: HN Singh, CIT DR
Section 143(2)Section 143(3)Section 80Section 80I

…shall be considered stand alone without considering profit or loss of other unit which is otherwise not correct. The AO also taken support from the decision of ITAT, Ahmadabad Special Bench in the case of ACIT vs. Goldmine Shares and Finance Pvt. Ltd. (2008) 113 ITD 209. 8. The ld. AR for the assessee submitted that the ld. CIT(A) has erred in not allowing deduction claimed under section 80IA for profit of two eligible units without appreciating the fact that the deduction under section 80IA would be computed with reference to profits of the eligible unit, unaffected by losses suffered by other units. Section 80…

Punit Construction Co., Mumbai vs. CIT 25, Mumbai

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

ITA 6337/MUM/2014[211-12]Status: DisposedITAT Mumbai21 Feb 2018

Bench: Sri Joginder Singh, Jm & G. Manjunatha, Am M/S Punit Construction Co. Jcit-25(3), 5Th C-11, 3Rd Floor, Floor, Agarwal Golden Chamber, Plot No. 13/A, Fun Pratyaksh Kar Bhavan, Vs. Republic Road, Off New Link Bkc, Bandra(E), Road, Andheri(W), Mumbai-400051 Mumbai-400053 Appellant .. Respondent Pan No. Aaafp1231E Acit-25(3), M/S Punit Construction Co. Room No.308, 3Rd Floor, Agarwal Residency, Bldg. No.C-11, Pratyaksh Kar Shankar Lane, Vs. Bhavan, Bkc, Bandra(E), Kandivali(W), Mumbai-400051 Mumbai-400067

For Appellant: Dr. K. Shivram/Aditya AjgaonkarFor Respondent: HN Singh, CIT DR
Section 143(2)Section 143(3)Section 80Section 80I

…shall be considered stand alone without considering profit or loss of other unit which is otherwise not correct. The AO also taken support from the decision of ITAT, Ahmadabad Special Bench in the case of ACIT vs. Goldmine Shares and Finance Pvt. Ltd. (2008) 113 ITD 209. 8. The ld. AR for the assessee submitted that the ld. CIT(A) has erred in not allowing deduction claimed under section 80IA for profit of two eligible units without appreciating the fact that the deduction under section 80IA would be computed with reference to profits of the eligible unit, unaffected by losses suffered by other units. Section 80…

ACIT 20(3), Mumbai vs. Relishah Exports, Mumbai

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

ITA 4278/MUM/2015[2011-12]Status: DisposedITAT Mumbai24 Mar 2017AY 2011-12

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2011-12

For Appellant: Shri A. N. Shah, ARFor Respondent: Shri Purushottam Kumar, DR
Section 143(3)Section 80I

…l assessment year. The AO was convinced with the allowablity of deduction u/s 80IA as conditions laid down there were fulfilled by the assessee. But the AO denied the deduction u/s 80IA by relying on the decision in ACIT vs. Goldmine Shares & Finance (P) Ltd. 113 ITD 209 (Ahd) (SB), wherein the losses of the earlier years have to be brought forward notionally for set off against the income of the current year for determining the quantum of deduction u/s 80IA of the Act. In view of the above, the AO made a disallowance of Rs. 32,52,730/- u/s 80IA of the Act. 4. The assessee filed an appeal against the order of th…

ACIT 21(1), Mumbai vs. Choudhary Exports, Mumbai

The appeal of the Revenue is dismissed

ITA 7423/MUM/2014[2010-11]Status: DisposedITAT Mumbai28 Dec 2016AY 2010-11

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2010-11 Acit-21(1), M/S Choudhary Exports, Room No.116, 1St Floor, A-Block (Basement), बनाम/ Piramal Chambers, Parel, Shiv Sagar Estate, Vs. Mumbai-400012 Dr. A.B. Road, Worli, Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aacfc6777E Shri Rajat Mittal-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri Rajan R. Vora

Section 143(3)Section 8Section 80I

…nt Caterers vs. ITO ITA No. 4226/M/2011 decided on 6.02.2013 (Mumbai Tribunal) 11. Further, the Ld AR has mentioned that in the decisions of Hon'ble Madras High Court, the Special Bench decision in the case of “ACIT vs. Gold Mine Shares and Finance (P) Ltd.” 113 ITD 209 (SB), has also been considered. The Ld. DR on the other hand has relied upon the findings of the AO on this issue. 12. We have considered the rival contentions. We find that the Hon'ble Madras High Court in the case of “Velayudhaswamy Spinning Mills (P) Ltd. vs. ACIT” (2010) 231 CTR (Mad) 368 (BCAJ) has held that the assessee is entitled to clai…

Gamzen Plast P.Ltd, Mumbai vs. ITO 6(3)(1), Mumbai

In the result, appeal of the assessee is allowed in part in terms indicated hereinabove

ITA 7449/MUM/2014[2010-11]Status: DisposedITAT Mumbai04 Oct 2016AY 2010-11
For Appellant: Shri. B.V.JhaveriFor Respondent: Shri. Jeevanlal Lavedia
Section 143(3)Section 80Section 80I

…ich have already been set off in the earlier years against the profit of eligible unit during A.Y.2010-11 under consideration. 10. Now we deal with the decisions cited by learned CIT(A) in its order in the case of ACIT vs. Goldmine Shares & Finance Pvt. Ltd. (113 ITD 209,Ahd., SB) dated 30th April, 2008. This judgment of Goldmine Shares is rendered prior to the decision of Velayudhswamy Spinning Mills Pvt. Ltd. vs. ACIT (340 ITR 477, Mad) dated 11th March 2010 and the Madras High has considered the said decision of the Special Bench and then held in the favour of the assessee. Therefore, the decision is not appli…

Mahanagar Telephone Nigam Ltd., New Delhi vs. DCIT Ltu, New Delhi

In the result the appeal of the assessee is partly allowed

ITA 4275/DEL/2013[2006-07]Status: DisposedITAT Delhi05 Sept 2016AY 2006-07

Bench: Shri I.C.Sudhir & Shri Prashant Maharishimahanagar Telephone Nigam Ltd, Dcit Ltu, 9, Cgo Complex, Lodhi Road, New Delhi Vs. New Delhi Pan:Aaacm.828R (Appellant) (Respondent) Dcit Ltu, Mahanagar Telephone Nigam Ltd, New Delhi 9, Cgo Complex, Lodhi Road, Vs. New Delhi Pan:Aaacm.828R (Appellant) (Respondent)

For Appellant: Sh. Ved Jain, AdvFor Respondent: Smt. Renuka Jain Gupta, CIT DR
Section 143(3)Section 80Section 80I

…such loss may have been actually set off against the income of non-eligible units in an earlier year or even the very year in which commercial production started". The Special Bench of ITAT, Ahmedabad in Asstt. C1T v. Goldmine Shares & Finance (P) Ltd. [2008] 113 ITD 209 (Ahd.) has also held that in view of the provisions of section 80IA(5), profits from eligible business for purpose of determination of quantum of deduction under section 80IA are to be computed after deduction of notional brought forward losses and depreciation of eligible business even though this had been set off against other income in the ear…

Asst.C.I.T., Hubli vs. M/S Bellad & Co, Hubli

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

ITA 1029/BANG/2015[2010-11]Status: DisposedITAT Bangalore27 Jul 2016AY 2010-11

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Raom/S.Bellad & Co., Vidyanagar, Hubli. … Appellant Pa No: Aabfb6457D Vs. Deputy Commissioner Of Income-Tax, Hubli. … Respondent & Asst. Commissioner Of Income-Tax, Circle 1(1), Hubballi. … Appellant Vs. M/S.Bellad & Co., Vidyanagar, Hubballi. … Respondent Assessee By : Shri C.R.Nulvi, Ca Revenue By : Shri C.N.Bipin, Jcit(Dr) Date Of Hearing : 04/07/2016 Date Of Pronouncement : 27/07/2016 O R D E R Per Inturi Rama Rao, Am : These Are Cross Appeals Filed By The Assessee As Well As The Revenue Directed Against The Order Of The Cit(A), Hubli, Dated 26/02/2015 For The Assessment Year 2010-11. Ita No.1004 & 1029/Bang/2015 Page 2 Of 13 2. Briefly Facts Of The Case Are As Under: The Assessee-Firm Is Engaged In The Business Of Dealers In Hmt Tractors, Spares, Hero Honda Motors-Cycles & Dealing In Sony Products & Also In The Business Of Generation Of Power Through Wind Mills. Return Of Income For The Assessment Year 2010-11 Was Filed On 30/09/2010 Declaring Income Of Rs.51,74,070/-. Against Said Return Of Income, Assessment Was Completed By The Acit, Circle 1(1), Hubli, Vide Order Dated 14/03/2013 Passed Under Section 143(3) Income-Tax Act, 1961 ['The Act' For Short] At A Total Income Of Rs.1,51,04,807/- After Making Several Disallowances. One Of Those Disallowances Relates To Expenditure Incurred On Renovation Of Showroom Of Rs.17,18,671/- Treating It Capital Expenditure Allowed Depreciation At 10%. He Also Made Addition Of Rs.29,02,161/- As Deemed Dividend Under Section 2(22)(E) Of The Act. The Ao Also Disallowed Deduction Under Section 80Ia(5) Of The Act As, According To The Ao, After Setting Off Of Brought Forward Loss, There Was No Eligible Profit For Deduction U/S 80Ia Of The Act.

For Appellant: Shri C.R.Nulvi, CAFor Respondent: Shri C.N.Bipin, JCIT(DR)
Section 143(3)Section 2(22)(e)Section 40Section 43BSection 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, BANGALORE BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER and SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER M/s.Bellad & Co., Vidyanagar, Hubli. … Appellant PA No: AABFB6457D Vs. Deputy Commissioner of Income-tax, Hubli. … Respondent AND Asst. Commissioner of Income-tax, Circle 1(1), Hubballi. … Appellant Vs. M/s.Bellad & Co., Vidyanagar, Hubballi. … Respondent Assessee by : Shri C.R.Nulvi, CA Revenue by : Shri C.N.Bipin, JCIT(DR) Date of hearing : 04/07/2016 Date of pronouncement : 27/07/2016 O R D E R Per INTURI RAMA RAO, AM : These are cross appeals filed by the asses…

M/S Bellad & Company, Hubli vs. DCIT, Hubli

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

ITA 1004/BANG/2015[2010-11]Status: DisposedITAT Bangalore27 Jul 2016AY 2010-11

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Raom/S.Bellad & Co., Vidyanagar, Hubli. … Appellant Pa No: Aabfb6457D Vs. Deputy Commissioner Of Income-Tax, Hubli. … Respondent & Asst. Commissioner Of Income-Tax, Circle 1(1), Hubballi. … Appellant Vs. M/S.Bellad & Co., Vidyanagar, Hubballi. … Respondent Assessee By : Shri C.R.Nulvi, Ca Revenue By : Shri C.N.Bipin, Jcit(Dr) Date Of Hearing : 04/07/2016 Date Of Pronouncement : 27/07/2016 O R D E R Per Inturi Rama Rao, Am : These Are Cross Appeals Filed By The Assessee As Well As The Revenue Directed Against The Order Of The Cit(A), Hubli, Dated 26/02/2015 For The Assessment Year 2010-11. Ita No.1004 & 1029/Bang/2015 Page 2 Of 13 2. Briefly Facts Of The Case Are As Under: The Assessee-Firm Is Engaged In The Business Of Dealers In Hmt Tractors, Spares, Hero Honda Motors-Cycles & Dealing In Sony Products & Also In The Business Of Generation Of Power Through Wind Mills. Return Of Income For The Assessment Year 2010-11 Was Filed On 30/09/2010 Declaring Income Of Rs.51,74,070/-. Against Said Return Of Income, Assessment Was Completed By The Acit, Circle 1(1), Hubli, Vide Order Dated 14/03/2013 Passed Under Section 143(3) Income-Tax Act, 1961 ['The Act' For Short] At A Total Income Of Rs.1,51,04,807/- After Making Several Disallowances. One Of Those Disallowances Relates To Expenditure Incurred On Renovation Of Showroom Of Rs.17,18,671/- Treating It Capital Expenditure Allowed Depreciation At 10%. He Also Made Addition Of Rs.29,02,161/- As Deemed Dividend Under Section 2(22)(E) Of The Act. The Ao Also Disallowed Deduction Under Section 80Ia(5) Of The Act As, According To The Ao, After Setting Off Of Brought Forward Loss, There Was No Eligible Profit For Deduction U/S 80Ia Of The Act.

For Appellant: Shri C.R.Nulvi, CAFor Respondent: Shri C.N.Bipin, JCIT(DR)
Section 143(3)Section 2(22)(e)Section 40Section 43BSection 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, BANGALORE BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER and SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER M/s.Bellad & Co., Vidyanagar, Hubli. … Appellant PA No: AABFB6457D Vs. Deputy Commissioner of Income-tax, Hubli. … Respondent AND Asst. Commissioner of Income-tax, Circle 1(1), Hubballi. … Appellant Vs. M/s.Bellad & Co., Vidyanagar, Hubballi. … Respondent Assessee by : Shri C.R.Nulvi, CA Revenue by : Shri C.N.Bipin, JCIT(DR) Date of hearing : 04/07/2016 Date of pronouncement : 27/07/2016 O R D E R Per INTURI RAMA RAO, AM : These are cross appeals filed by the asses…

Asst CIT (OSD 8(2), Mumbai vs. Jayant Agro Organics Ltd, Mumbai

The appeal of the Revenue is dismissed

ITA 5621/MUM/2014[2011-12]Status: DisposedITAT Mumbai30 Mar 2016AY 2011-12

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2011-12 Acit-8(2)(Osd), M/S Jayant Agro Organics R. No.218, Ltd. बनाम/ Aayakar Bhavan, Akhandanand, 38, Marok Vs. M.K. Road, Co-Op. Industrial Estate, Mumbai-400020 Off. M.V. Road, Sakinaka, Andheri (East), Mumbai-400059 Pan No.Aaacj7581Q (राज"व /Revenue) ("नधा"रती /Assessee)

Section 80I

…nt Caterers vs. ITO ITA No. 4226/M/2011 decided on 6.02.2013 (Mumbai Tribunal) 11. Further, the Ld AR has mentioned that in the decisions of Hon'ble Madras High Court, the Special Bench decision in the case of “ACIT vs. Gold Mine Shares and Finance (P) Ltd.” 113 ITD 209 (SB), has also been considered. The Ld. DR on the other hand has relied upon the findings of the AO on this issue. 10 M/s Jayant Agro Organics Ltd. 12. We have considered the rival contentions. We find that the Hon'ble Madras High Court in the case of “Velayudhaswamy Spinning Mills (P) Ltd. vs. ACIT” (2010) 231 CTR (Mad) 368 (BCAJ) has held that…

DCIT 5(2), Mumbai vs. Lahoti Overseas Ltd, Mumbai

In the result, appeal of the assessee company in ITA

ITA 3812/MUM/2012[2003-04]Status: DisposedITAT Mumbai30 Mar 2016AY 2003-04

Bench: Shri Amit Shukla & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3812/Mum/2012 ("नधा"रण वष" / Assessment Year : 2003-04) Dy. Commissioner Of Income M/S Lahoti Overseas Ltd., बनाम/ Tax , 5(2),Room No. 571, 307, Arun Chambers, V. 5 Th Floor, Tardeo Road, Tardeo, Aayakar Bhavan, Mumbai - 400034. M.K. Road, Mumbai – 400 020. "थायी लेखा सं./Pan : Aaacl2578 H .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri Yogesh TharFor Respondent: Shri Ganesh Bare (Sr.DR)
Section 133ASection 143(3)Section 147Section 148Section 151(1)

…notional brought forward losses and depreciation of eligible business even though they have been allowed set off against other income in earlier years. 5.3.5 The Hon'ble ITAT, Special Bench in the case of ACIT Vs Goldmine Shares and Finance (P) Limited (2008) 113 ITD 209 (Ahd) (SB) has held that losses of the eligible business have to be set off only against the subsequent years income of (he eligible business, even though these were set off against other income of the assessee in the earlier year. This is so evident from CBDT"s Circular No.281 dated 22.09.1980. In view of the specific provisions of section 80-IA…

ACIT (OSD) 8(2), Mumbai vs. Jayant Agro Organics Ltd, Mumbai

ITA 5056/MUM/2014[2010-11]Status: DisposedITAT Mumbai24 Feb 2016AY 2010-11

Bench: Shri Sanjay Garg & Shri Ashwani Tanejaassessment Year: 2010-11 Dcit (Osd)-8(2), M/S. Jayant Agro Organics Room No.218, 2Nd Floor, Ltd., Aayakar Bhavan, 38, Marol Co-Op Industrial M.K. Road, Vs. Estate, Mumbai - 400020 Off. M.V. Road, Sakinaka, Andheri (E), Mumbai – 59 Pan: Aaacj 7581Q (Appellant) (Respondent) Present For: Assessee By : Shri Madhur Agarwal, A.R. Revenue By : Shri K. Mohandas, D.R. Date Of Hearing : 17.02.2016 Date Of Pronouncement : 24.02.2016

For Appellant: Shri Madhur Agarwal, A.RFor Respondent: Shri K. Mohandas, D.R
Section 80I

…M/2011 decided on 6.02.2013 (Mumbai Tribunal) 7 M/s. Jayant Agro Organics Ltd. 11. Further, the Ld AR has mentioned that in the decisions of Hon'ble Madras High Court, the Special Bench decision in the case of “ACIT vs. Gold Mine Shares and Finance (P) Ltd.” 113 ITD 209 (SB), has also been considered. The Ld. DR on the other hand has relied upon the findings of the AO on this issue. 12. We have considered the rival contentions. We find that the Hon'ble Madras High Court in the case of “Velayudhaswamy Spinning Mills (P) Ltd. vs. ACIT” (2010) 231 CTR (Mad) 368 (BCAJ) has held that the assessee is entitled to clai…

Supreme Enterprises, Mumbai vs. Addl CIT 2(3), Mumbai

The appeal of the assessee is hereby allowed

ITA 8592/MUM/2011[2006-07]Status: DisposedITAT Mumbai16 Oct 2015AY 2006-07

Bench: Shri R.C. Sharma & Shri Sanjay Gargassessment Year: 2006-07 M/S. Supreme Enterprises, Addl. Cit 2(3), Ground Floor, Aayakar Bhavan, Regent Chamber, Vs. M.K. Road, 208, Nariman Point, Mumbai Mumbai – 400 021 Pan: Aaafs 7716D (Appellant) (Respondent) Present For: Assessee By : Shri S.M. Agrawal, A.R. Revenue By : Shri Ashwani Rai, (Inspector O & It ) On Behalf Of Sr. A.R. Shri Neil Philip, D.R. Date Of Hearing : 06.10.2015 Date Of Pronouncement : 16.10.2015 O R D E R

For Appellant: Shri S.M. Agrawal, A.RFor Respondent: Shri Ashwani Rai, (Inspector O & IT ) on behalf of Sr. A.R. Shri Neil Philip, D.
Section 80Section 801A(4)(iv)Section 80ISection 80i

…ect from 01.04.2000 giving option to the assessee to claim deduction for any 10 consecutive assessment year out of 15 years and therefore erred in applying Judgment of Special Bench (Ahmedabad) in the case of Asst CIT V Gold Mine Shares & Finance P Ltd (2008) 113 ITD 209 which is applicable for assessment year 1997-1998 when under old provisions of 80IA were the provisions of the option of 10 consecutive years out of 15 years was not there.” 2. Referring to the above grounds of appeal, the Ld. AR of the assessee has submitted that the Assessee is eligible for deduction u/s 80-IA of the Act in respect of the prof…

ACIT, Chennai vs. M.M.Forgings Ltd., Chennai

In the result, the appeal of the Revenue in ITA

ITA 2679/CHNY/2014[2011-12]Status: DisposedITAT Chennai19 Jun 2015AY 2011-12

Bench: Shri Chandra Poojari & Shri Challa Nagendra Prasadआयकर अपील सं./ I.T.A. No.2679/Mds/2014 ("नधा"रण वष" / Assessment Year : 2011 -2012)

For Appellant: Shri. Krishnamurthy, CITFor Respondent: Shri. Philip George, Advocate
Section 143(3)Section 40Section 801A(4)Section 80I

…ible only on such surplus profits after setting off of the brought forward losses and unabsorbed depreciation. The AO has relied on the decision of the Special Bench of ITAT, Ahmedabad in the case of ACIT Vs. Gold Mine and Shares & Finance Pvt. Ltd. (2008) 113 ITD 209 as well as the ITAT, Hyderabad in the case of Hyderabad Chemicals Supplies Ltd. Vs. ACIT, Hyderabad in support of her contention and as such the I.T.A.No.2679/Mds/2014. :- 4 -: deduction u/s 80IA was recomputed after adjusting the brought forward losses of earlier years and the eligible business profit on which the assessee was entitled to c…