Banco Products (India) Ltd. v. DCIT

95 Taxmann.com 132High Court2018#3322 most cited

What is Banco Products (India) Ltd. v. DCIT authority for?

A subsequent approval of Form 3CL does not invalidate a claim for deduction under Section 35(2AB) if the expenditure was otherwise approved. The deduction is available for expenditure incurred, even if the approval format was obtained later.

36

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2018 to 2026.

Also referred to as

Banco Products India Ltd vs DCIT · section 35(2AB) · weighted deduction · scientific research · Form 3CL approval · expenditure on scientific research · biotechnology deduction · Gujarat High Court

Also reported as

405 ITR 318

Sections most often in play

Section 143(3)Section 35(2AB)Section 154Section 234BSection 254Section 32Section 80IB
Read the full judgment

Issues it is cited on

section 10(2a)section 35(2ab)weighted deductionsection 155section 10bcorporate guaranteesection 48book profitsprincipal commissioner of income-taxdisallowance under section 14atransfer pricing adjustmentsection 35

Judgments citing Banco Products (India) Ltd. v. DCIT

ACIT Cir 1, Thane vs. Advance Enzyme Technologies P.Ltd, Thane

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

ITA 3353/MUM/2017[2010-11]Status: DisposedITAT Mumbai07 Feb 2020AY 2010-11

Bench: Shri G. Manjunatha & Shri Ramlal Negisl.

For Appellant: Shri Vipul Joshi, ARFor Respondent: Shri Anadi Verma, CIT, DR
Section 143(3)Section 271(1)(c)Section 35

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI G. MANJUNATHA, ACCOUNTANT MEMBER & SHRI RAMLAL NEGI, JUDICIAL MEMBER Sl. ITA / CO No. A.Y Appellant Respondent No. 1 3026/Mum/2015 2010-11 Advance Enzyme ACIT, Circle – 1, 6th Floor, B Wing Technologies Pvt., Ltd., A Wing, 5th R.No. 22, Ashar IT Floor, Sun Park, Wagle INDL Magnetic, LIC Estate, Road No. Service Road, Louis 16Z, Wagle INDL Wadi, Thane West – Estate, Thane – 400604 400604. 2 3353/Mum/2017 2010-11 ACIT, Circle – 1, Advance Enzyme 6th Floor, B Wing Technologies Pvt. Ltd., A Wing, 5th R.No. 22, Ashar IT Park, Wagle INDL Floor, Sun Est…

Advanced Enzyme Technologies Ltd, Thane vs. Asst CIT Cir 1, Thane

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

ITA 3026/MUM/2015[2010-11]Status: DisposedITAT Mumbai07 Feb 2020AY 2010-11

Bench: Shri G. Manjunatha & Shri Ramlal Negisl.

For Appellant: Shri Vipul Joshi, ARFor Respondent: Shri Anadi Verma, CIT, DR
Section 143(3)Section 271(1)(c)Section 35

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI G. MANJUNATHA, ACCOUNTANT MEMBER & SHRI RAMLAL NEGI, JUDICIAL MEMBER Sl. ITA / CO No. A.Y Appellant Respondent No. 1 3026/Mum/2015 2010-11 Advance Enzyme ACIT, Circle – 1, 6th Floor, B Wing Technologies Pvt., Ltd., A Wing, 5th R.No. 22, Ashar IT Floor, Sun Park, Wagle INDL Magnetic, LIC Estate, Road No. Service Road, Louis 16Z, Wagle INDL Wadi, Thane West – Estate, Thane – 400604 400604. 2 3353/Mum/2017 2010-11 ACIT, Circle – 1, Advance Enzyme 6th Floor, B Wing Technologies Pvt. Ltd., A Wing, 5th R.No. 22, Ashar IT Park, Wagle INDL Floor, Sun Est…

Asst.C.I.T., Raichur vs. M/S Shilpa Medicare Ltd., Raichur

In the result, the revenue’s appeal for AY 2011-12 is dismissed

ITA 1373/BANG/2015[2010-11]Status: DisposedITAT Bangalore06 Feb 2020AY 2010-11

Bench: Shri N.V. Vasudevan & Shri B R Baskaran

For Respondent: Shri Pradeep Kumar, CIT(DR) (ITAT), Bengaluru
Section 143(2)

…d reliance on the decision of Hon’ble Delhi High Court in the case of CIT v. Sandan Vikas (India) Pvt. Ltd., 335 ITR 117 (Del) laying down identical proposition and also on the decision of the Hon’ble Gujarat High Court in the case of Banco Products (I) Ltd., 405 ITR 318 (Guj). 10. We have perused the aforesaid decisions and we find that in the case of Claris Lifesciences (supra), weighted deduction was claimed by the assessee in AY 2001-02 and the approval was received in that year itself. Similarly in the case of Sandan Vikas (India) Pvt. Ltd. (supra), weighted deduction was claimed in AY 2005-06 and the appli…

Asst.C.I.T., Raichur vs. M/S Shilpa Medicare Ltd., Raichur

In the result, the revenue’s appeal for AY 2011-12 is dismissed

ITA 1374/BANG/2015[2011-12]Status: DisposedITAT Bangalore06 Feb 2020AY 2011-12

Bench: Shri N.V. Vasudevan & Shri B R Baskaran

For Respondent: Shri Pradeep Kumar, CIT(DR) (ITAT), Bengaluru
Section 143(2)

…d reliance on the decision of Hon’ble Delhi High Court in the case of CIT v. Sandan Vikas (India) Pvt. Ltd., 335 ITR 117 (Del) laying down identical proposition and also on the decision of the Hon’ble Gujarat High Court in the case of Banco Products (I) Ltd., 405 ITR 318 (Guj). 10. We have perused the aforesaid decisions and we find that in the case of Claris Lifesciences (supra), weighted deduction was claimed by the assessee in AY 2001-02 and the approval was received in that year itself. Similarly in the case of Sandan Vikas (India) Pvt. Ltd. (supra), weighted deduction was claimed in AY 2005-06 and the appli…

M/S Shilpa Medicare Ltd., Raichur vs. Addl.C.I.T., Raichur

In the result, the revenue’s appeal for AY 2011-12 is dismissed

ITA 1351/BANG/2015[2010-11]Status: DisposedITAT Bangalore06 Feb 2020AY 2010-11

Bench: Shri N.V. Vasudevan & Shri B R Baskaran

For Respondent: Shri Pradeep Kumar, CIT(DR) (ITAT), Bengaluru
Section 143(2)

…d reliance on the decision of Hon’ble Delhi High Court in the case of CIT v. Sandan Vikas (India) Pvt. Ltd., 335 ITR 117 (Del) laying down identical proposition and also on the decision of the Hon’ble Gujarat High Court in the case of Banco Products (I) Ltd., 405 ITR 318 (Guj). 10. We have perused the aforesaid decisions and we find that in the case of Claris Lifesciences (supra), weighted deduction was claimed by the assessee in AY 2001-02 and the approval was received in that year itself. Similarly in the case of Sandan Vikas (India) Pvt. Ltd. (supra), weighted deduction was claimed in AY 2005-06 and the appli…

The Dy. Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad vs. Adani Infra (India) Ltd., Ahmedabad

In the result, the appeal of the assessee is allowed for statistical purposes, and the appeal filed by the Revenue is dismissed

ITA 2109/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad31 Jul 2019AY 2014-15
For Appellant: Ms. Arti Shah, A.RFor Respondent: Shri Mudit Nagpal, Sr.DR
Section 32Section 35

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’B’’ BENCH, AHMEDABAD BEFORE, SHRI WASEEM AHMED, ACCOUNTANT MEMBER And Ms. MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA No.2633/AHD/2015 "नधा"रण वष"/Asstt. Year: 2012-2013 M/s. Rotofilt Engineers Ltd., D.C.I.T., Plot No.102, Vs. Circle-3(1)(2), Phase-GIDC Industrial Estate, Ahmedabad. Opp. Torrent Power Station, Vatva Ahmedabad. PAN: AABCR3882K आयकर अपील सं./ITA No.3205/AHD/2016 "नधा"रण वष"/Asstt. Year: 2012-2013 D.C.I.T., M/s. Rotofilt Engineers Ltd., Circle-3(1)(2), Vs Plot No.102, Ahmedabad. . Phase-GIDC Industrial Estate, Opp. Tor…

The Dy. Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad vs. Adani Infra (India) Ltd., Ahmedabad

In the result, the appeal of the assessee is allowed for statistical purposes, and the appeal filed by the Revenue is dismissed

ITA 1695/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad31 Jul 2019AY 2013-14
For Appellant: Ms. Arti Shah, A.RFor Respondent: Shri Mudit Nagpal, Sr.DR
Section 32Section 35

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’B’’ BENCH, AHMEDABAD BEFORE, SHRI WASEEM AHMED, ACCOUNTANT MEMBER And Ms. MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA No.2633/AHD/2015 "नधा"रण वष"/Asstt. Year: 2012-2013 M/s. Rotofilt Engineers Ltd., D.C.I.T., Plot No.102, Vs. Circle-3(1)(2), Phase-GIDC Industrial Estate, Ahmedabad. Opp. Torrent Power Station, Vatva Ahmedabad. PAN: AABCR3882K आयकर अपील सं./ITA No.3205/AHD/2016 "नधा"रण वष"/Asstt. Year: 2012-2013 D.C.I.T., M/s. Rotofilt Engineers Ltd., Circle-3(1)(2), Vs Plot No.102, Ahmedabad. . Phase-GIDC Industrial Estate, Opp. Tor…

Adani Infra (India) Ltd., Ahmedabad vs. The Dy. Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad

In the result, the appeal of the assessee is allowed for statistical purposes, and the appeal filed by the Revenue is dismissed

ITA 1629/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad31 Jul 2019AY 2013-14
For Appellant: Ms. Arti Shah, A.RFor Respondent: Shri Mudit Nagpal, Sr.DR
Section 32Section 35

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’B’’ BENCH, AHMEDABAD BEFORE, SHRI WASEEM AHMED, ACCOUNTANT MEMBER And Ms. MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA No.2633/AHD/2015 "नधा"रण वष"/Asstt. Year: 2012-2013 M/s. Rotofilt Engineers Ltd., D.C.I.T., Plot No.102, Vs. Circle-3(1)(2), Phase-GIDC Industrial Estate, Ahmedabad. Opp. Torrent Power Station, Vatva Ahmedabad. PAN: AABCR3882K आयकर अपील सं./ITA No.3205/AHD/2016 "नधा"रण वष"/Asstt. Year: 2012-2013 D.C.I.T., M/s. Rotofilt Engineers Ltd., Circle-3(1)(2), Vs Plot No.102, Ahmedabad. . Phase-GIDC Industrial Estate, Opp. Tor…

M/S. Rotofilt Engineers Ltd., Ahmedabad vs. The Dy.CIT, Circle-3(1)(2), Ahmedabad

In the result, the appeal of the assessee is allowed for statistical purposes, and the appeal filed by the Revenue is dismissed

ITA 2633/AHD/2015[2012-13]Status: DisposedITAT Ahmedabad31 Jul 2019AY 2012-13
For Appellant: Ms. Arti Shah, A.RFor Respondent: Shri Mudit Nagpal, Sr.DR
Section 32Section 35

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’B’’ BENCH, AHMEDABAD BEFORE, SHRI WASEEM AHMED, ACCOUNTANT MEMBER And Ms. MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA No.2633/AHD/2015 "नधा"रण वष"/Asstt. Year: 2012-2013 M/s. Rotofilt Engineers Ltd., D.C.I.T., Plot No.102, Vs. Circle-3(1)(2), Phase-GIDC Industrial Estate, Ahmedabad. Opp. Torrent Power Station, Vatva Ahmedabad. PAN: AABCR3882K आयकर अपील सं./ITA No.3205/AHD/2016 "नधा"रण वष"/Asstt. Year: 2012-2013 D.C.I.T., M/s. Rotofilt Engineers Ltd., Circle-3(1)(2), Vs Plot No.102, Ahmedabad. . Phase-GIDC Industrial Estate, Opp. Tor…

Kabra Extrusiontechnik Ltd, Mumbai vs. Deputy Commissioner of Income Tax 10(1)(2), Mumbai

In the result this appeal by the assessee is allowed

ITA 4736/MUM/2017[2013-14]Status: DisposedITAT Mumbai03 May 2019AY 2013-14

Bench: Shri Shamim Yahya & Shri Ravish Sood & Assessment Year-2013-14

Section 11Section 14ASection 14A(2)Section 253Section 35

…refore dismissed. 7. Against above order assessee is in appeal before us. 8. Learned Counsel for the assessee submitted that the issue is covered in favour of the assessee by the following Hon’ble High Court decisions 1. Banco Products (India) Ltd. vs DCIT 405 ITR 318 (Guj.) II. CIT vs Sadan Vikas Ltd. 335 ITR 117 (Del.) 9. He submitted that these decisions duly expounded that DSIR has only to give the approval to the assessee's proposal and they were not mandated to provide the date for deduction. He claimed that in the present case the assessee has duly submitted the application on 28/11/2012. He submit…

Plazma Technologies Pvt.Ltd, Pune vs. Assistant Commissioner of Income-Tax, Circle -10, Pune

In the result, the appeal of assessee is allowed

ITA 929/PUN/2018[2015-16]Status: FixedITAT Pune18 Apr 2019AY 2015-16

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

For Appellant: Shri Kishor PhadkeFor Respondent: Shri M.K. Verma
Section 35Section 35(1)

…of Income Tax (Appeals) in disallowing assessee’s claim of deduction u/s. 35(2AB) is wrong. The ld. AR in support of his contentions placed reliance on the following decisions : i. Banco Products (India) Ltd. Vs. Deputy Commissioner of Income Tax reported as 405 ITR 318 (Guj.); ii. Cummins India Limited Vs. Dy. Commissioner of Income Tax in ITA No. 309/PUN/2014 for assessment year 2009-10 decided on 15-05- 2018. 3.1 The ld. AR pointed that DSIR has granted Registration Certificate to the assessee on 29-08-2013 and the said certificate was valid till 31-03-2016. The certificate issued by DSIR is at page 42 of pap…

Cooper Corporation Pvt. Ltd., Satara vs. Deputy Commissioner of Income-Tax

In the result, appeal of assessee is partly allowed for statistical purposes

ITA 112/PUN/2015[2009-10]Status: DisposedITAT Pune08 Feb 2019AY 2009-10
For Appellant: Shri Krishna GujarathiFor Respondent: Shri S.B. Prasad, CIT
Section 143(3)Section 14ASection 32(1)Section 35

…penditure incurred under s. 35(2AB) of the Act by the assessee." 3. We are in full agreement with the aforesaid approach of the Gujarat High Court.” ii) CIT Vs. Claris Lifesciences Ltd. (2009) 326 ITR 251 (Guj) iii) Banco Products (India) Ltd. Vs. DCIT (2018) 405 ITR 318 (Guj) “Research and development facility can be set up only after incurring substantial expenditure. The application for approval of such facility can be made only after setting up of the facility. Once an application is filed by the assessee to the prescribed authority, the assessee would have no control over when such application is processed a…

Deputy Commissioner of Income-Tax vs. Serum Institute of India Ltd., Pune

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

ITA 934/PUN/2016[2012-13]Status: DisposedITAT Pune12 Oct 2018AY 2012-13

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.549 & 550/Pun/2016 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2011-12 & 2012-13 वष"

For Appellant: Shri Rajshekhar S. AbhyankarFor Respondent: Shri Rajeev Kumar
Section 132Section 143(3)Section 14ASection 153ASection 35

…पुणे "यायपीठ "यायपीठ "यायपीठ “ए” पुणे "यायपीठ पुणे म"म"म"म" आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, पुणे अिधकरण पुणे पुणे पुणे पुणे IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE "ी "ी डी "ी "ी डी. क"णाकरा क"णाकरा क"णाकरा राव क"णाकरा लेखा सद"य सद"य सद"य सद"य डी डी राव राव , लेखा राव लेखा लेखा एवं "ी "ी "ी िवकास "ी िवकास अव"थी अव"थी अव"थी, "याियक अव"थी "याियक "याियक सद"य "याियक सद"य सद"य केकेकेके सम" सद"य सम" सम" सम" एवं एवं एवं िवकास िवकास BEFORE SHRI D.KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / ITA Nos.549 & 550/PUN/2016 अ…

Deputy Commissioner of Income-Tax vs. Serum Institute of India Ltd., Pune

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

ITA 607/PUN/2016[2011-12]Status: DisposedITAT Pune12 Oct 2018AY 2011-12

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.549 & 550/Pun/2016 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2011-12 & 2012-13 वष"

For Appellant: Shri Rajshekhar S. AbhyankarFor Respondent: Shri Rajeev Kumar
Section 132Section 143(3)Section 14ASection 153ASection 35

…पुणे "यायपीठ "यायपीठ "यायपीठ “ए” पुणे "यायपीठ पुणे म"म"म"म" आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, पुणे अिधकरण पुणे पुणे पुणे पुणे IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE "ी "ी डी "ी "ी डी. क"णाकरा क"णाकरा क"णाकरा राव क"णाकरा लेखा सद"य सद"य सद"य सद"य डी डी राव राव , लेखा राव लेखा लेखा एवं "ी "ी "ी िवकास "ी िवकास अव"थी अव"थी अव"थी, "याियक अव"थी "याियक "याियक सद"य "याियक सद"य सद"य केकेकेके सम" सद"य सम" सम" सम" एवं एवं एवं िवकास िवकास BEFORE SHRI D.KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / ITA Nos.549 & 550/PUN/2016 अ…

Serum Institute of India Ltd., Pune vs. Deputy Commissioner of Income-Tax

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

ITA 550/PUN/2016[2012-13]Status: DisposedITAT Pune12 Oct 2018AY 2012-13

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.549 & 550/Pun/2016 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2011-12 & 2012-13 वष"

For Appellant: Shri Rajshekhar S. AbhyankarFor Respondent: Shri Rajeev Kumar
Section 132Section 143(3)Section 14ASection 153ASection 35

…पुणे "यायपीठ "यायपीठ "यायपीठ “ए” पुणे "यायपीठ पुणे म"म"म"म" आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, पुणे अिधकरण पुणे पुणे पुणे पुणे IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE "ी "ी डी "ी "ी डी. क"णाकरा क"णाकरा क"णाकरा राव क"णाकरा लेखा सद"य सद"य सद"य सद"य डी डी राव राव , लेखा राव लेखा लेखा एवं "ी "ी "ी िवकास "ी िवकास अव"थी अव"थी अव"थी, "याियक अव"थी "याियक "याियक सद"य "याियक सद"य सद"य केकेकेके सम" सद"य सम" सम" सम" एवं एवं एवं िवकास िवकास BEFORE SHRI D.KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / ITA Nos.549 & 550/PUN/2016 अ…

Serum Institute of India Ltd., Pune vs. Deputy Commissioner of Income-Tax

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

ITA 549/PUN/2016[2011-12]Status: DisposedITAT Pune12 Oct 2018AY 2011-12

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.549 & 550/Pun/2016 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2011-12 & 2012-13 वष"

For Appellant: Shri Rajshekhar S. AbhyankarFor Respondent: Shri Rajeev Kumar
Section 132Section 143(3)Section 14ASection 153ASection 35

…पुणे "यायपीठ "यायपीठ "यायपीठ “ए” पुणे "यायपीठ पुणे म"म"म"म" आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, पुणे अिधकरण पुणे पुणे पुणे पुणे IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE "ी "ी डी "ी "ी डी. क"णाकरा क"णाकरा क"णाकरा राव क"णाकरा लेखा सद"य सद"य सद"य सद"य डी डी राव राव , लेखा राव लेखा लेखा एवं "ी "ी "ी िवकास "ी िवकास अव"थी अव"थी अव"थी, "याियक अव"थी "याियक "याियक सद"य "याियक सद"य सद"य केकेकेके सम" सद"य सम" सम" सम" एवं एवं एवं िवकास िवकास BEFORE SHRI D.KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / ITA Nos.549 & 550/PUN/2016 अ…