CIT v. Bokaro Steel Ltd.

Assistant Commissioner of Income Tax, Mumbai vs. Matix Fertilisers and Chemicals Ltd, Mumbai

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

…money which are under lien with Bank in respect of guarantees and letter of credit for the purpose of setting up its plant*"? 4. "Whether the Ld.CIT (A) is justified in relying upon the decision of Hon 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and CIT Vs. Karnal Co-op Sugar Mills Lid., as the facts of the present case is completely different than the judicia! pronouncement relied upon by the Ld.CIT(A).*"? 5. "Whether the Ld.CIT (A) is justified in deleting disallowance u/s 37(1) of the Act. of Rs. 129.32.54.291/- thereby reducing the CWIP, ignoring the findings of the DRI giving detail…

Matix Fertilisers and Chemicals Ltd, Mumbai vs. Commissioner of Income Tax, CIT(A)53, Mumbai

In the result, the appeals of the Revenue for assessment year

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Ita Nos. 1688, 1687, 1686, 1685, 1683, 1684/Mum/2023 Assessment Years: 2014-15 To 2019-2020

…) is justified in relying upon the decision of Hon 4. "Whether the Ld.CIT (A) is justified in relying upon the decision of Hon 4. "Whether the Ld.CIT (A) is justified in relying upon the decision of Hon 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and CIT Vs. Karnal Co CIT Vs. Karnal Co-op Sugar Mills Lid., as the facts of the present case is e present case is completely different than the judicia! pronouncement relied upon by the completely diff…

Matix Fertilisers and Chemicals Ltd, Mumbai vs. Commissioner of Income Tax, CIT(A)53, Mumbai

In the result, the appeals of the Revenue for assessment year

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Ita Nos. 1688, 1687, 1686, 1685, 1683, 1684/Mum/2023 Assessment Years: 2014-15 To 2019-2020

…) is justified in relying upon the decision of Hon 4. "Whether the Ld.CIT (A) is justified in relying upon the decision of Hon 4. "Whether the Ld.CIT (A) is justified in relying upon the decision of Hon 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and CIT Vs. Karnal Co CIT Vs. Karnal Co-op Sugar Mills Lid., as the facts of the present case is e present case is completely different than the judicia! pronouncement relied upon by the completely diff…

Matix Fertilisers and Chemicals Ltd, Mumbai vs. Commissioner of Income Tax, CIT(A)53, Mumbai

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

…money which are under lien with Bank in respect of guarantees and letter of credit for the purpose of setting up its plant*"? 4. "Whether the Ld.CIT (A) is justified in relying upon the decision of Hon 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and CIT Vs. Karnal Co-op Sugar Mills Lid., as the facts of the present case is completely different than the judicia! pronouncement relied upon by the Ld.CIT(A).*"? 5. "Whether the Ld.CIT (A) is justified in deleting disallowance u/s 37(1) of the Act. of Rs. 129.32.54.291/- thereby reducing the CWIP. ignoring the findings of the DRI giving detail…

Matix Fertilisers and Chemicals Ltd, Mumbai vs. Commissioner of Income Tax, CIT(A)53, Mumbai

In the result, the appeals of the Revenue for assessment year

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Ita Nos. 1688, 1687, 1686, 1685, 1683, 1684/Mum/2023 Assessment Years: 2014-15 To 2019-2020

…) is justified in relying upon the decision of Hon 4. "Whether the Ld.CIT (A) is justified in relying upon the decision of Hon 4. "Whether the Ld.CIT (A) is justified in relying upon the decision of Hon 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and CIT Vs. Karnal Co CIT Vs. Karnal Co-op Sugar Mills Lid., as the facts of the present case is e present case is completely different than the judicia! pronouncement relied upon by the completely diff…

Matix Fertilisers and Chemicals Ltd, Mumbai vs. Commissioner of Income Tax, CIT(A)53, Mumbai

In the result, the appeals of the Revenue for assessment year

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Ita Nos. 1688, 1687, 1686, 1685, 1683, 1684/Mum/2023 Assessment Years: 2014-15 To 2019-2020

…) is justified in relying upon the decision of Hon 4. "Whether the Ld.CIT (A) is justified in relying upon the decision of Hon 4. "Whether the Ld.CIT (A) is justified in relying upon the decision of Hon 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and 'ble Apex Court in the case of CIT vs. Bokaro Sieel Lid. 236 ITR 315 and CIT Vs. Karnal Co CIT Vs. Karnal Co-op Sugar Mills Lid., as the facts of the present case is e present case is completely different than the judicia! pronouncement relied upon by the completely diff…

DCIT-3(4), Mumbai vs. M/S. Ambuja Cements Ltd., Mumbai City

In the result, appeals of the revenue and CO’s of assessee stands dismissed

Bench: Shri Aby T. Varkey, Jm & Shri Prashant Maharishi, Am आयकर अपील सं/ I.T.A. No.2031/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2008-09) Dcit-3(4) बिधम/ M/S. Ambuja Cements Ltd 29Th Floor, Center-1, World 3Rd Floor, Elegant Vs. Trade Center, Cuffe Parade, Business Park, Midc Mumbai-400005. Cross, Road B Andheri East, Mumbai-400059. Cross Objection No. 90/Mum/2023 Arising Out Of I.T.A. No.2031/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2008-09) M/S. Ambuja Cements Ltd बिधम/ Dcit-3(4) 3Rd Floor, Elegant Business 29Th Floor, Center-1, Vs. Park, Midc Cross, Road B World Trade Center, Andheri East, Mumbai- Cuffe Parade, Mumbai- 400059. 400005. आयकर अपील सं/ I.T.A. No.2032/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-3(4) बिधम/ M/S. Ambuja Cements Ltd 29Th Floor, Center-1, World 3Rd Floor, Elegant Vs. Trade Center, Cuffe Parade, Business Park, Midc Mumbai-400005. Cross, Road B Andheri . East, Mumbai-400059. Cross Objection No. 91/Mum/2023 Arising Out Of I.T.A. No.2032/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) M/S. Ambuja Cements Ltd बिधम/ Dcit-3(4) 3Rd Floor, Elegant Business 29Th Floor, Center-1, Vs. Park, Midc Cross, Road B World Trade Center, Andheri East, Mumbai- Cuffe Parade, Mumbai- 400059. 400005. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacg0569P (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: None Revenue By: Shri Ajay Chandra (Dr) C.O. 90 & 91/Mum/2023 A.Ys. 2008-09 & 2010-11 Ambuja Cements Ltd सुनवाई की तारीख / Date Of Hearing: 11/10/2023 घोषणा की तारीख /Date Of Pronouncement: 11/12/2023 आदेश / O R D E R Per Bench: These Are Appeals Preferred By The Revenue & Respective Cross Objections (‘Co’) Filed By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [In Short ‘Ld. Cit(A)’] Dated 31-03-2023 For Ay 2008-09 & Ay 2010-11 Respectively.

…n the decision of the Supreme Court in the case of Kadernath Jute Manufacturing Company Ltd. 82 ITR 362; in the case of Tutcorin Alali Chemicals Ltd. in 227 ITR 172; in the case of Godhra Electricity Company in 91 Taxman 91; in the case of Bokaro Steel Ltd in 263 ITR 315 and in the C.O. 90 & 91/Mum/2023 A.Ys. 2008-09 & 2010-11 Ambuja Cements Ltd case of Sutlet Cotton Mills Ltd. in 116 ITR 1 and submitted that it would be totally incorrect to say that an assessee who raises internal invoices would be entitled to benefit of Sec 80IA and an assessee who does not raise internal invoices would not be entitled to such…

DCIT-3(4), Mumbai vs. M/S. Ambuja Cements Ltd., Mumbai

In the result, appeals of the revenue and CO’s of assessee stands dismissed

Bench: Shri Aby T. Varkey, Jm & Shri Prashant Maharishi, Am आयकर अपील सं/ I.T.A. No.2031/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2008-09) Dcit-3(4) बिधम/ M/S. Ambuja Cements Ltd 29Th Floor, Center-1, World 3Rd Floor, Elegant Vs. Trade Center, Cuffe Parade, Business Park, Midc Mumbai-400005. Cross, Road B Andheri East, Mumbai-400059. Cross Objection No. 90/Mum/2023 Arising Out Of I.T.A. No.2031/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2008-09) M/S. Ambuja Cements Ltd बिधम/ Dcit-3(4) 3Rd Floor, Elegant Business 29Th Floor, Center-1, Vs. Park, Midc Cross, Road B World Trade Center, Andheri East, Mumbai- Cuffe Parade, Mumbai- 400059. 400005. आयकर अपील सं/ I.T.A. No.2032/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) Dcit-3(4) बिधम/ M/S. Ambuja Cements Ltd 29Th Floor, Center-1, World 3Rd Floor, Elegant Vs. Trade Center, Cuffe Parade, Business Park, Midc Mumbai-400005. Cross, Road B Andheri . East, Mumbai-400059. Cross Objection No. 91/Mum/2023 Arising Out Of I.T.A. No.2032/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) M/S. Ambuja Cements Ltd बिधम/ Dcit-3(4) 3Rd Floor, Elegant Business 29Th Floor, Center-1, Vs. Park, Midc Cross, Road B World Trade Center, Andheri East, Mumbai- Cuffe Parade, Mumbai- 400059. 400005. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacg0569P (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: None Revenue By: Shri Ajay Chandra (Dr) C.O. 90 & 91/Mum/2023 A.Ys. 2008-09 & 2010-11 Ambuja Cements Ltd सुनवाई की तारीख / Date Of Hearing: 11/10/2023 घोषणा की तारीख /Date Of Pronouncement: 11/12/2023 आदेश / O R D E R Per Bench: These Are Appeals Preferred By The Revenue & Respective Cross Objections (‘Co’) Filed By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [In Short ‘Ld. Cit(A)’] Dated 31-03-2023 For Ay 2008-09 & Ay 2010-11 Respectively.

…n the decision of the Supreme Court in the case of Kadernath Jute Manufacturing Company Ltd. 82 ITR 362; in the case of Tutcorin Alali Chemicals Ltd. in 227 ITR 172; in the case of Godhra Electricity Company in 91 Taxman 91; in the case of Bokaro Steel Ltd in 263 ITR 315 and in the C.O. 90 & 91/Mum/2023 A.Ys. 2008-09 & 2010-11 Ambuja Cements Ltd case of Sutlet Cotton Mills Ltd. in 116 ITR 1 and submitted that it would be totally incorrect to say that an assessee who raises internal invoices would be entitled to benefit of Sec 80IA and an assessee who does not raise internal invoices would not be entitled to such…

DCIT- CC - 7(3), Mumbai vs. Acg Associated Capsules Pvt. Ltd., Mumbai

In the result, no question of law arises

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

…Power Consortium Ltd. (supra) has dealt with the Hon'ble Apex Court decision in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. (supra) and has also relied on the decision of the Hon'ble Apex Court in the case of CIT vs. Bokaro Steels Ltd. [1999] 236 ITR 315 (SC) where if the assessee was able to prove that the funds are inextricably linked to the set up of the plant then the same would be capitalized as preoperative expenses. The assessee draws support from the said decision which has held that the interest income out of the temporary funds has to be capitalized and not to be taxed under the head…

DCIT CC- 7(3), Mumbai vs. Acg Associated Capsules Pvt. Ltd., Mumbai

In the result, no question of law arises

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

…Power Consortium Ltd. (supra) has dealt with the Hon'ble Apex Court decision in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. (supra) and has also relied on the decision of the Hon'ble Apex Court in the case of CIT vs. Bokaro Steels Ltd. [1999] 236 ITR 315 (SC) where if the assessee was able to prove that the funds are inextricably linked to the set up of the plant then the same would be capitalized as preoperative expenses. The assessee draws support from the said decision which has held that the interest income out of the temporary funds has to be capitalized and not to be taxed under the head…

Acg Assocation Capsules P. Ltd, Mumbai vs. DCIT Cen Cir 7(3), Mumbai

In the result, no question of law arises

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

…Power Consortium Ltd. (supra) has dealt with the Hon'ble Apex Court decision in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. (supra) and has also relied on the decision of the Hon'ble Apex Court in the case of CIT vs. Bokaro Steels Ltd. [1999] 236 ITR 315 (SC) where if the assessee was able to prove that the funds are inextricably linked to the set up of the plant then the same would be capitalized as preoperative expenses. The assessee draws support from the said decision which has held that the interest income out of the temporary funds has to be capitalized and not to be taxed under the head…

Acg Assocation Capsules P. Ltd, Mumbai vs. DCIT Cen Cir 7(3), Mumbai

In the result, no question of law arises

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

…Power Consortium Ltd. (supra) has dealt with the Hon'ble Apex Court decision in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. (supra) and has also relied on the decision of the Hon'ble Apex Court in the case of CIT vs. Bokaro Steels Ltd. [1999] 236 ITR 315 (SC) where if the assessee was able to prove that the funds are inextricably linked to the set up of the plant then the same would be capitalized as preoperative expenses. The assessee draws support from the said decision which has held that the interest income out of the temporary funds has to be capitalized and not to be taxed under the head…