Bajaj Tempo Ltd. v. CIT

Deputy Commissioner of Income Tax Central Circle-1(4), Mumbai vs. Samruddhi Cement Limited (Since Amalgamated Into M/S.Ultratech Cement Limited), Mumbai

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

…. v. CIT [1980] 123 ITR 669 (Guj), has pointed out that once deduction is allowed in the first year, revenue has no power to deny the deduction in subsequent assessment years as provided under the Act. 93. Even the Supreme Court in case of Bajaj Tempo's case (196 ITR 188) held that a provision in the taxing statute for promoting growth and development is to be construed liberally and hence, even the restriction contained in such a provision has to be construed so as to advance the objective of the provision and not to frustrate it. 94. The CIT(A) has also raised an objection to the effect that since L & T was not…

Deputy Commissioner of Income Tax Central Circle-1(4), Mumbai vs. Samruddhi Cement Limited (Since Amalgamated Into M/S.Ultratech Cement Limited), Mumbai

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

…. v. CIT [1980] 123 ITR 669 (Guj), has pointed out that once deduction is allowed in the first year, revenue has no power to deny the deduction in subsequent assessment years as provided under the Act. 93. Even the Supreme Court in case of Bajaj Tempo's case (196 ITR 188) held that a provision in the taxing statute for promoting growth and development is to be construed liberally and hence, even the restriction contained in such a provision has to be construed so as to advance the objective of the provision and not to frustrate it. 94. The CIT(A) has also raised an objection to the effect that since L & T was not…

Jt. CIT (OSD)- CC - 1(4), Mumbai vs. Ultratech Cement Ltd., Mumbai

In the result appeals and Cross Objection of the assessee for Assessment Years 2011-12, 2012, 2013-14 and 2014-15 are partly allowed as indicated above

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…hing or in the business of generation or generation or distribution of power, rather than in the manner which may frustrate the object. Reference can be drawn to the following observations of Hon'ble Supreme Court in the case of Bajaj Tempo Ltd. v. CIT [1992] 196 ITR 188 (SC): “The provision in a taxing statute granting incentives for promoting growth and development should be construed liberally; since the provision for promoting economic growth has to be interpreted liberally, restrictions on it too has to be construed so as to advance the objective of the provisions and not to frustrate it.” “The words used u/…

DCIT- CC- 1(4), Mumbai vs. Ultratech Cement Ltd., Mumbai

In the result appeals and Cross Objection of the assessee for Assessment Years 2011-12, 2012, 2013-14 and 2014-15 are partly

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…hing or in the business of generation or generation or distribution of power, rather than in the manner which may frustrate the object. Reference can be drawn to the following observations of Hon'ble Supreme Court in the case of Bajaj Tempo Ltd. v. CIT [1992] 196 ITR 188 (SC): “The provision in a taxing statute granting incentives for promoting growth and development should be construed liberally; since the provision for promoting economic growth has to be interpreted liberally, restrictions on it too has to be construed so as to advance the objective of the provisions and not to frustrate it.” “The words used u/…

DCIT -CC-1(4), Mumbai vs. Ultratech Cement Ltd., Mumbai

In the result appeals and Cross Objection of the assessee for Assessment Years 2011-12, 2012, 2013-14 and 2014-15 are partly

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…hing or in the business of generation or generation or distribution of power, rather than in the manner which may frustrate the object. Reference can be drawn to the following observations of Hon'ble Supreme Court in the case of Bajaj Tempo Ltd. v. CIT [1992] 196 ITR 188 (SC): “The provision in a taxing statute granting incentives for promoting growth and development should be construed liberally; since the provision for promoting economic growth has to be interpreted liberally, restrictions on it too has to be construed so as to advance the objective of the provisions and not to frustrate it.” “The words used u/…

DCIT - CC - 1(4), Mumbai vs. Ultratech Cement Ltd., Mumbai

In the result appeals and Cross Objection of the assessee for Assessment Years 2011-12, 2012, 2013-14 and 2014-15 are partly

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…hing or in the business of generation or generation or distribution of power, rather than in the manner which may frustrate the object. Reference can be drawn to the following observations of Hon'ble Supreme Court in the case of Bajaj Tempo Ltd. v. CIT [1992] 196 ITR 188 (SC): “The provision in a taxing statute granting incentives for promoting growth and development should be construed liberally; since the provision for promoting economic growth has to be interpreted liberally, restrictions on it too has to be construed so as to advance the objective of the provisions and not to frustrate it.” “The words used u/…

Ultratech Cement Ltd, Mumbai vs. DCIT Cen Cir 1(4), Mumbai

In the result appeals and Cross Objection of the assessee for Assessment Years 2011-12, 2012, 2013-14 and 2014-15 are partly

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…hing or in the business of generation or generation or distribution of power, rather than in the manner which may frustrate the object. Reference can be drawn to the following observations of Hon'ble Supreme Court in the case of Bajaj Tempo Ltd. v. CIT [1992] 196 ITR 188 (SC): “The provision in a taxing statute granting incentives for promoting growth and development should be construed liberally; since the provision for promoting economic growth has to be interpreted liberally, restrictions on it too has to be construed so as to advance the objective of the provisions and not to frustrate it.” “The words used u/…

Ultratech Cement Ltd, Mumbai vs. DCIT Cen Cir 1(4), Mumbai

In the result appeals and Cross Objection of the assessee for Assessment Years 2011-12, 2012, 2013-14 and 2014-15 are partly

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…hing or in the business of generation or generation or distribution of power, rather than in the manner which may frustrate the object. Reference can be drawn to the following observations of Hon'ble Supreme Court in the case of Bajaj Tempo Ltd. v. CIT [1992] 196 ITR 188 (SC): “The provision in a taxing statute granting incentives for promoting growth and development should be construed liberally; since the provision for promoting economic growth has to be interpreted liberally, restrictions on it too has to be construed so as to advance the objective of the provisions and not to frustrate it.” “The words used u/…

Ultratech Cement Ltd, Mumbai vs. DCIT Cen Cir 1(4), Mumbai

In the result appeals and Cross Objection of the assessee for Assessment Years 2011-12, 2012, 2013-14 and 2014-15 are partly

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…hing or in the business of generation or generation or distribution of power, rather than in the manner which may frustrate the object. Reference can be drawn to the following observations of Hon'ble Supreme Court in the case of Bajaj Tempo Ltd. v. CIT [1992] 196 ITR 188 (SC): “The provision in a taxing statute granting incentives for promoting growth and development should be construed liberally; since the provision for promoting economic growth has to be interpreted liberally, restrictions on it too has to be construed so as to advance the objective of the provisions and not to frustrate it.” “The words used u/…

Ultratech Cement Ltd, Mumbai vs. DCIT Cen Cir 1(4), Mumbai

In the result appeals and Cross Objection of the assessee for Assessment Years 2011-12, 2012, 2013-14 and 2014-15 are partly allowed as indicated above

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…hing or in the business of generation or generation or distribution of power, rather than in the manner which may frustrate the object. Reference can be drawn to the following observations of Hon'ble Supreme Court in the case of Bajaj Tempo Ltd. v. CIT [1992] 196 ITR 188 (SC): “The provision in a taxing statute granting incentives for promoting growth and development should be construed liberally; since the provision for promoting economic growth has to be interpreted liberally, restrictions on it too has to be construed so as to advance the objective of the provisions and not to frustrate it.” “The words used u/…

Salvi Chemicals Industries Ltd, Mumbai vs. ACIT Cir 13(2)(1), Mumbai

In the result, the appeal filed by the assessee is hereby allowed

Bench: Shri Amarjit Singh, Jm & Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकर अपील सं/ I.T.A. No. 300/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2014-15) M/S. Salvi Chemicals बिधम/ Acit-13(2)(1) Industries Ltd. Aayakar Bhavan, Mumbai- Vs. C/O. H.N. Motiwalla & Co. 400020. 508 Sharda Chambers 33 New Marine Lines, Mumbai-400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aakcs0142E (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Harish Motiwalla (Ar) Revenue By: Shri T. S. Khalsa (Dr) सुनवाई की तारीख / Date Of Hearing: 14/09/2021 घोषणा की तारीख /Date Of Pronouncement: 20/10/2021 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 12.09.2018 Passed By The Commissioner Of Income Tax (Appeals) -21, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2014- 15. 2. The Assessee Has Raised The Following Grounds: - “1. On The Facts & In The Circumstances Of The Case, The Learned Commissioner Of Income Tax (Appeals) -21, Mumbai Erred In Confirming The Order Of The Assessing Officer In Respect Of Disallowance Of Research & Development Expenses Under Section A.Y. 2014-15 36(1)(Iv) R.W.S 36 (2Ab) Of The Act, Amounting To Rs, 1,88,97,692/-, Particularly When, The Order Under Section 35(2Ab) Of The Act (In Form No. 3Cm) Had Been Granted Registration Upto March 31,2012 & Renewed Upto March 31, 2015. 2. On The Facts & In The Circumstances Of The Case, The Said Learned Commissioner Of Income Tax, Mumbai, Erred In Confirming The Order Of The Assessing Officer In Respect Of Disallowance Of Research & Development Expenses Amounting To Rs. 1,88,97,692/ Under Section 35(1)(Iv) R.W.S. 35 (2Ab) Of The Act, Without Appreciating The Decisions Submitted At The Time Of Hearing Or Without Distinguishing The Same.

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, JM AND SHRI MANOJ KUMAR AGGARWAL, AM (Hearing through Video Conferencing Mode) आयकर अपील सं/ I.T.A. No. 300/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2014-15) M/s. Salvi Chemicals बिधम/ ACIT-13(2)(1) Industries Ltd. Aayakar Bhavan, Mumbai- Vs. C/o. H.N. Motiwalla & Co. 400020. 508 Sharda Chambers 33 New Marine Lines, Mumbai-400020. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAKCS0142E (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee by: Shri Harish Motiwalla (AR) Revenue by: Shri T. S. Khalsa (DR) सुनवाई की तारीख / Date of…

Nuclear Power Corporation of India Ltd, Mumbai vs. CIT Ltu, Mumbai

In the result, this appeal by the assessee stands allowed for statistical purpose

…manufacturing sector, to take a view that acquisition of new assets would be on the date where parts of the nuclear power plant are purchased would be a very harsh stand. The Company in this connection relies on the Supreme Court in case of Bajaj Tempo Ltd. (196 ITR 188), wherein it has been held that provision in a taxing statue granting incentives for promoting growth and development should be construed liberally, and since as provision for promoting economic growth has to be interpreted liberally, the restriction on it too has to be construed so as to advance the objective of the provision and not to frustrat…