Avada Trading Company (P) Ltd. v. ACIT

ACIT 6(3), Mumbai vs. Grasim Industries Ltd, Mumbai

…ision of Tribunal in the case of the Assessee passed in appeals for preceding assessment years and the decision of the Special Bench of the Tribunal in the case of Avada Trading Co. Pvt. Ltd. Vs. Assistant Commissioner of Income-tax, Spl. Circle 18(1): [2006] 100 ITD 131 (MUM.) (SB) on which reliance was placed on behalf of the Assessee 10. 3. In the case of Avada Trading Co. Pvt. Ltd. (supra) while examining the issue of taxability of interest under Section 244A of the Act the Special Bench of the Tribunal held as under: “7. Rival contentions have been considered carefully. The question for consideration is whe…

Grasim Industries Ltd ( Corporate Finance Division), Mumbai vs. Addl CIT RG 6(3), Mumbai

Bench: the CIT(A). The CIT(A) partly allowed the appeal preferred by the Assessee vide order, dated 18/05/2009. 4. Not being satisfied with the relief granted by the Id. CIT(A), the Assessee has preferred appeal before this Tribunal. The Revenue has also filed cross-appeal challenging the relief granted by the Id. CIT(A).

…e of the Assessee passed in appeals for preceding assessment years and the decision of the Special Bench of the Tribunal in the case of Avada Trading Co. Pvt. Ltd. Vs. Assistant Commissioner of Income-tax, Spl. Circle 18(1): [2006] Assessment Years: 2006-2007 100 ITD 131 (MUM.) (SB) on which reliance was placed on behalf of the Assessee 10.3. In the case of Avada Trading Co. Pvt. Ltd. (supra) while examining the issue of taxability of interest under Section 244A of the Act the Special Bench of the Tribunal held as under: “7. Rival contentions have been considered carefully. The question for consideration is wheth…

Tata Motors Ltd, Mumbai vs. ACIT 2(3), Mumbai

In the result, appeal of the assessee is partly allowed

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.631/मुं/2013 (िन.व. 2008-09) Tata Motors Limited Bombay House, 24,Homi Mody Street, Hutama Chowk, Mumbai – 400001. Pan: Aaact-2727-Q ...... अपीलाथ"/Appellant बनाम Vs. The Addl. Commissioner Of Income Tax Circle -2(3), Mumbai. Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ....."ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Shri J.D.Mistry, Sr.Advocate With Shri Nikhil Tiwari,Advocate "ितवादी "ारा/Respondent By : Ms. Vatsala Jha, Cit-Dr & Shri Manoj Kumar Singh, Sr.Ar सुनवाई की ितिथ/ Date Of Hearing : 10/11/2023 घोषणा की ितिथ/ Date Of Pronouncement : 05/02/2024 आदेश/Order Per Vikas Awasthy, Jm:

…/- on refund of tax was allowed to the assessee vide intimation u/s. 143(1) dated 07/12/2007 for A.Y. 2006-07. The assessee offered the aforesaid entire amount to tax in accordance with the decision of Special Bench in the case of Avada Trading Co. Pvt. Ltd., 100 ITD 131. In the final assessment order passed u/s. 143(3) r.w.s. 144C(13) of the Act for A.Y 2006-07 the interest amount was reduced to Rs.8,58,80,712/-. Subsequently, the A.O in rectification order passed u/s. 154 of the Act dated 21/04/2011 allowed interest of Rs.13,03,17,397/-. Subsequent to direction of the DRP, the AO again modified the interest amo…

M/S Sanofi India Ltd (Formerly Known As Aventis Pharma Ltd, Mumbai vs. The ACIT RG 8(1), Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Vikas Awasthy, Hon’Ble & Shri S. Rifaur Rahman, Hon'Ble

…2004-05) M/s. Sanofi India Ltd 52. At the time of hearing, Ld. AR of the assessee submitted that this issue is decided in favour of the revenue and brought to our notice decision of the Special Bench in the case of Avada Trading Co. Pvt. Ltd., v. ACIT (2006) 100 ITD 131 (Spl. Mumbai). 53. On the other hand, Ld.DR agreed with the submissions of the assessee. 54. Considered the rival submissions and material placed on record, we observed that in the case of Avada Trading Co. Pvt. Ltd., v. ACIT (supra), the Special Bench of the Mumbai Tribunal held as under: “14. It has been apprehended by assessee's counsel tha…

ACIT- 3(1)(1), Mumbai vs. Mm/S Sanofi India Limited (Formerly Known As Aventis Pharma Ltd)., Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Vikas Awasthy, Hon’Ble & Shri S. Rifaur Rahman, Hon'Ble

…2004-05) M/s. Sanofi India Ltd 52. At the time of hearing, Ld. AR of the assessee submitted that this issue is decided in favour of the revenue and brought to our notice decision of the Special Bench in the case of Avada Trading Co. Pvt. Ltd., v. ACIT (2006) 100 ITD 131 (Spl. Mumbai). 53. On the other hand, Ld.DR agreed with the submissions of the assessee. 54. Considered the rival submissions and material placed on record, we observed that in the case of Avada Trading Co. Pvt. Ltd., v. ACIT (supra), the Special Bench of the Mumbai Tribunal held as under: “14. It has been apprehended by assessee's counsel tha…

The ACIT Cir 6(3), Mumbai vs. M/S. Grasim Industries Ltd, Mumbai

In the result, the appeal by the Revenue is dismissed

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

…hdrawn as a result of the appellate orders should be given to the assessee and the interest subsequently withdrawn should not be taxed and for this, reliance was placed on the decision of the Tribunal in the case of Avada Trading Co. (P.) Ltd. vs. ACIT (2006) 100 ITD 131. 9. We have considered the rival contentions. As far as the taxability of interest amounting to Rs. 13,64,09,609/- is concerned, granted alongwith interest. However, if in the subsequent year refund of interest is withdrawn, then the same should be reduced from the total income of the assessee. Accordingly, we direct the A.O. to tax interest inco…

M/S. Grasim Industries Ltd., Mumbai vs. DCIT Cir - 6(3), Mumbai

In the result, the appeal by the Revenue is dismissed

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

…hdrawn as a result of the appellate orders should be given to the assessee and the interest subsequently withdrawn should not be taxed and for this, reliance was placed on the decision of the Tribunal in the case of Avada Trading Co. (P.) Ltd. vs. ACIT (2006) 100 ITD 131. 9. We have considered the rival contentions. As far as the taxability of interest amounting to Rs. 13,64,09,609/- is concerned, granted alongwith interest. However, if in the subsequent year refund of interest is withdrawn, then the same should be reduced from the total income of the assessee. Accordingly, we direct the A.O. to tax interest inco…

DCIT Cir. 6 (3), Mumbai vs. M/S. Grasim Industries Ltd., Mumbai

In the result, the appeal by the Revenue is dismissed

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

…hdrawn as a result of the appellate orders should be given to the assessee and the interest subsequently withdrawn should not be taxed and for this, reliance was placed on the decision of the Tribunal in the case of Avada Trading Co. (P.) Ltd. vs. ACIT (2006) 100 ITD 131. Grasim Industries Ltd. ITA no.4337/Mum./2005 ITA no.4337/Mum./2005 9. We have considered the rival contentions. As far as the taxability of interest amounting to Rs. 13,64,09,609/- is concerned, granted alongwith interest. However, if in the subsequent year refund of interest is withdrawn, then the same should be reduced from the total income o…

M/S. Grasim Industries Ltd., Mumbai vs. DCIT CIT Cir. 6(3), Mumbai

In the result, the appeal by the Revenue is dismissed

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

…hdrawn as a result of the appellate orders should be given to the assessee and the interest subsequently withdrawn should not be taxed and for this, reliance was placed on the decision of the Tribunal in the case of Avada Trading Co. (P.) Ltd. vs. ACIT (2006) 100 ITD 131. Grasim Industries Ltd. ITA no.4337/Mum./2005 ITA no.4337/Mum./2005 9. We have considered the rival contentions. As far as the taxability of interest amounting to Rs. 13,64,09,609/- is concerned, granted alongwith interest. However, if in the subsequent year refund of interest is withdrawn, then the same should be reduced from the total income o…

DCIT Cir 6(3), Mumbai vs. M/S. Grasim Industries Ltd., Mumbai

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

…hdrawn as a result of the appellate orders should be given to the assessee and the interest subsequently withdrawn should not be taxed and for this, reliance was placed on the decision of the Tribunal in the case of Avada Trading Co. (P.) Ltd. vs. ACIT (2006) 100 ITD 131. 9. We have considered the rival contentions. As far as the taxability of interest amounting to Rs. 13,64,09,609/- is concerned, granted alongwith interest. However, if in the subsequent year refund of interest is withdrawn, then the same should be reduced from the total income of the assessee. Accordingly, we direct the A.O. to tax interest inco…

Grasim Industries Ltd., Mumbai vs. DCIT Range 6(3), Mumbai

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

…hdrawn as a result of the appellate orders should be given to the assessee and the interest subsequently withdrawn should not be taxed and for this, reliance was placed on the decision of the Tribunal in the case of Avada Trading Co. (P.) Ltd. vs. ACIT (2006) 100 ITD 131. 9. We have considered the rival contentions. As far as the taxability of interest amounting to Rs. 13,64,09,609/- is concerned, granted alongwith interest. However, if in the subsequent year refund of interest is withdrawn, then the same should be reduced from the total income of the assessee. Accordingly, we direct the A.O. to tax interest inco…

Reliance Industries Ltd., Mumbai vs. Asstt. CIT-CC-3(4), Mumbai

In the result, appeal by the Revenue is dismissed

Bench: Shri Pramod Kumar, Vice Preside & Shri Sandeep Singh Karhail

…. 16. The brief facts pertaining to this issue are: For the year under consideration, assessee in its return has offered interest income on income tax refund of Rs. 266,45,06,765, following the Special Bench decision in Avada Trading Company (P) Ltd vs ACIT (100 ITD 131). The interest income on income tax refund was revised to Rs. 265,38,24,122 due to orders passed subsequently. During the course of assessment proceedings, the assessee was asked to show cause as to why interest on income tax refund ought not to be added to book profit under section 115 JB of the Act. In reply, assessee submitted that there was n…

ACIT -3(4), Mumbai vs. Reliance Industries Ltd, Mumbai

In the result, appeal by the Revenue is dismissed

Bench: Shri Pramod Kumar, Vice Preside & Shri Sandeep Singh Karhail

…. 16. The brief facts pertaining to this issue are: For the year under consideration, assessee in its return has offered interest income on income tax refund of Rs. 266,45,06,765, following the Special Bench decision in Avada Trading Company (P) Ltd vs ACIT (100 ITD 131). The interest income on income tax refund was revised to Rs. 265,38,24,122 due to orders passed subsequently. During the course of assessment proceedings, the assessee was asked to show cause as to why interest on income tax refund ought not to be added to book profit under section 115 JB of the Act. In reply, assessee submitted that there was n…

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

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

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

…hdrawn as a result of the appellate orders should be given to the assessee and the interest subsequently withdrawn should not be taxed and for this, reliance was placed on the decision of the Tribunal in the case of Avada Trading Co. (P.) Ltd. vs. ACIT (2006) 100 ITD 131. 9. We have considered the rival contentions. As far as the taxability of interest amounting to Rs. 13,64,09,609/- is concerned, the same is assessable in the year in which the refund has been granted alongwith interest. However, if in the subsequent year refund of interest is withdrawn, then the same should be reduced from the total income of th…

DCIT 6(2)(1), Mumbai vs. Ceat Ltd, Mumbai

In the result, appeal of the assessee is allowed, and departmental appeal is treated as infructuous

Bench: Shri Shamim Yahya, Am & Shri Pavan Kumar Gadale, Jm Dcit-6(2)(1) M/S. Ceat Ltd. Room No.563, Aaykar Bhawan Rpg House, 463 M.K.Road, Churchgate Vs. Dr. Annie Besant Road, Worli Mumbai-400 020 Mumbai-400 030

…03 crores. Since the same was confirmed by the DRP, assessee is aggrieved. 67. After considering the rival submissions, we are of the opinion that this issue has crystallized by the Special Bench of the ITAT in the case of Avada Trading Co. (P) Ltd vs. ACIT, 100 ITD 131 (Mum)SB, wherein in was held as under: “According to the charging provisions of sections 4 and 5, the income is chargeable in the year in which it either accrues or is received as the case may be. The issue regarding accrual of income is concluded by the judgment of the Supreme Court rendered in the case of E.D. Sassoon & Co. Ltd. v. CIT [1954]…