CIT v. Britannia Industries Ltd.

280 ITR 525High Court2006#1697 most cited

What is CIT v. Britannia Industries Ltd. authority for?

When an assessee has both borrowed funds and sufficient interest-free own funds, and makes interest-free advances, it is presumed that the advances were made from the own funds, and no interest disallowance is made under Section 36(1)(iii) on the borrowed funds.

67

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2015 to 2025.

Also referred to as

CIT v. Britannia Industries Ltd. · Britannia Industries Ltd. 280 ITR 525 · Section 36(1)(iii) · interest free advances · interest disallowance · mixed fund theory · sufficiency of own funds · borrowed capital · business expediency · Calcutta High Court

Also reported as

83 Taxmann.com 365

Sections most often in play

Section 143(1)Section 143(3)Section 250Section 37(1)Section 43B(f)Section 115JBSection 119(2)Section 135

Issues it is cited on

interest free advancesbusiness expediencysection 36(1)(iii)on-moneyadvance taxsearch assessmentsection 43section 37scrutiny assessmentsearch and seizuresection 153acompany

Judgments citing CIT v. Britannia Industries Ltd.

Deputy Commissioner of Income Tax Circle-4(1)(1), Bangalore vs. M/S Lifestyle International Pvt Ltd, Bangalore

In the results appeal filed by assessee for assessment year

ITA 2473/BANG/2017[2012-13]Status: DisposedITAT Bangalore11 Oct 2021AY 2012-13

Bench: Shri Chandra Poojari & Smt Beena Pillai

Section 143(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “A” BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT BEENA PILLAI, JUDICIAL MEMBER Assessment Appeal No. Appellant Respondent Year M/s. Lifestyle International Pvt. Ltd., No. 77, Town Centre, The Deputy Commissioner IT(TP)A No. Building No. 3, of Income Tax, 2009-10 2333/Bang/2016 West Wing, Off HAL Circle 11 (5), Airport Road, Yamlur P.O., Bangalore. Bangalore – 560 037. PAN: AAACL2937J M/s. Lifestyle International Pvt. Ltd., The Assistant No. 77, Town Centre, Commissioner of Income- ITA No. Building No. 3, tax, 2260/Bang/2016 West W…

M/S.Lifestyle International Private Limited, Bangalore vs. Deputy Commissioner of Income-Tax, Bangalore

In the results appeal filed by assessee for assessment year

ITA 2334/BANG/2016[2011-12]Status: DisposedITAT Bangalore11 Oct 2021AY 2011-12

Bench: Shri Chandra Poojari & Smt Beena Pillai

Section 143(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “A” BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT BEENA PILLAI, JUDICIAL MEMBER Assessment Appeal No. Appellant Respondent Year M/s. Lifestyle International Pvt. Ltd., No. 77, Town Centre, The Deputy Commissioner IT(TP)A No. Building No. 3, of Income Tax, 2009-10 2333/Bang/2016 West Wing, Off HAL Circle 11 (5), Airport Road, Yamlur P.O., Bangalore. Bangalore – 560 037. PAN: AAACL2937J M/s. Lifestyle International Pvt. Ltd., The Assistant No. 77, Town Centre, Commissioner of Income- ITA No. Building No. 3, tax, 2260/Bang/2016 West W…

M/S.Lifestyle International Private Limited, Bangalore vs. Deputy Commissioner of Income-Tax, Bangalore

In the results appeal filed by assessee for assessment year

ITA 2333/BANG/2016[2009-10]Status: DisposedITAT Bangalore11 Oct 2021AY 2009-10

Bench: Shri Chandra Poojari & Smt Beena Pillai

Section 143(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “A” BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT BEENA PILLAI, JUDICIAL MEMBER Assessment Appeal No. Appellant Respondent Year M/s. Lifestyle International Pvt. Ltd., No. 77, Town Centre, The Deputy Commissioner IT(TP)A No. Building No. 3, of Income Tax, 2009-10 2333/Bang/2016 West Wing, Off HAL Circle 11 (5), Airport Road, Yamlur P.O., Bangalore. Bangalore – 560 037. PAN: AAACL2937J M/s. Lifestyle International Pvt. Ltd., The Assistant No. 77, Town Centre, Commissioner of Income- ITA No. Building No. 3, tax, 2260/Bang/2016 West W…

Assistant Commissioner of Income-Tax, Bangalore vs. M/S. Lifestyle International (P) Ltd., Bangalore

In the results appeal filed by assessee for assessment year

ITA 2260/BANG/2016[2011-12]Status: DisposedITAT Bangalore11 Oct 2021AY 2011-12

Bench: Shri Chandra Poojari & Smt Beena Pillai

Section 143(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “A” BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT BEENA PILLAI, JUDICIAL MEMBER Assessment Appeal No. Appellant Respondent Year M/s. Lifestyle International Pvt. Ltd., No. 77, Town Centre, The Deputy Commissioner IT(TP)A No. Building No. 3, of Income Tax, 2009-10 2333/Bang/2016 West Wing, Off HAL Circle 11 (5), Airport Road, Yamlur P.O., Bangalore. Bangalore – 560 037. PAN: AAACL2937J M/s. Lifestyle International Pvt. Ltd., The Assistant No. 77, Town Centre, Commissioner of Income- ITA No. Building No. 3, tax, 2260/Bang/2016 West W…

Assistant Commissioner of Income-Tax, Bangalore vs. M/S. Lifestyle International (P) Ltd., Bangalore

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

ITA 2259/BANG/2016[2010-11]Status: DisposedITAT Bangalore19 Apr 2021AY 2010-11

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.K.R.Vasudevan, AdvocateFor Respondent: Ms.Neera Malhotra, CIT-DR
Section 37Section 40A(2)Section 43(5)Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “A”, BANGALORE Before Shri George George K, JM & Shri B.R.Baskaran, AM ITA No.2258/Bang/2016 : Asst.Year 2008-2009 ITA No.2259/Bang/2016 : Asst.Year 2010-2011 The Asst.Commissioner of Income- M/s.Lifestyle International (P) tax, Circle 4(1)(1) Limited, 77 Town Centre, v. Bangalore. Building No.3, West Wing, Off HALL Airport Road Yamlur P.O. Bangalore – 560 037. PAN : AAACL2937J. (Appellant) (Respondent) CO No.62/Bang/2017 : Asst.Year 2008-2009 CO No.63/Bang/2017 : Asst.Year 2010-2011 M/s.Lifestyle International (P) The Asst.Commissioner of Limited, 77 Town Ce…

Assistant Commissioner of Income-Tax, Bangalore vs. M/S. Lifestyle International (P) Ltd., Bangalore

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

ITA 2258/BANG/2016[2008-09]Status: DisposedITAT Bangalore19 Apr 2021AY 2008-09

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.K.R.Vasudevan, AdvocateFor Respondent: Ms.Neera Malhotra, CIT-DR
Section 37Section 40A(2)Section 43(5)Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “A”, BANGALORE Before Shri George George K, JM & Shri B.R.Baskaran, AM ITA No.2258/Bang/2016 : Asst.Year 2008-2009 ITA No.2259/Bang/2016 : Asst.Year 2010-2011 The Asst.Commissioner of Income- M/s.Lifestyle International (P) tax, Circle 4(1)(1) Limited, 77 Town Centre, v. Bangalore. Building No.3, West Wing, Off HALL Airport Road Yamlur P.O. Bangalore – 560 037. PAN : AAACL2937J. (Appellant) (Respondent) CO No.62/Bang/2016 : Asst.Year 2008-2009 CO No.63/Bang/2016 : Asst.Year 2010-2011 M/s.Lifestyle International (P) The Asst.Commissioner of Limited, 77 Town Ce…

DCIT, Circle - 8(1), Kolkata vs. M/S. Eih Associated Hotels Limited (Successor in Interest to Indus Hotels Corp. Ltd., Kolkata

In the result, the appeal of the revenue is partly allowed

ITA 1433/KOL/2018[2004-05]Status: DisposedITAT Kolkata15 Mar 2021AY 2004-05

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Section 14A

…He had submitted that the conclusion of the A.O. is not based on any cogent findings but on assumptions. The learned AR had also relied on a recent decision of the jurisdictional Calcutta High Court in the case of CIT -vs-Britannia Industries Ltd. reported in 280 ITR 525 (Cal). At page 533, the Hon’ble High Court has noted “if there is surplus and the advance is made out of the mixed funds, in that event, it cannot be said that the amount borrowed as capital from the bank was advanced, in order to deny the benefit of section 36(1 )(iii). In the present case, if it is established that the payment was made from the…

ACIT, Circle-2(1), Kolkata vs. M/S. Bip Developers Pvt. Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 1366/KOL/2019[2013-14]Status: DisposedITAT Kolkata18 Dec 2019AY 2013-14

Bench: Shri P.M. Jagtap(Kz) & Shri A.T. Varkey, Jm] I.T.A. No. 1366/Kol/2019 Assessment Year: 2013-14 Acit, Cir-2(1) Kolkata......................................………………………….................................Appellant P-7, Chowringhee Square, Kolkata – 700 069. Vs M/S. Bip Developers Pvt. Ltd.........................................................................................Respondent Ground Floor, Building Beta Bengal Intelligent Park, Block-Ep & Gp, Sector-V, Salt Lake City, Kolkata – 700 091. [Pan: Aabcb 6203 A] Appearances By: Shri Supriyo Pal, Jcit, Sr. Dr Appearing On Behalf Of The Revenue. Shri A.K. Tibrewal, Fca & Shri Saurabh Gupta, Aca Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : November 14, 2019 Date Of Pronouncing The Order : December 18, 2019 Order Per P.M. Jagtp, Vice-(Kz)

Section 143(3)Section 36(1)(iii)

…i) CIT vs Pruthvi Brokers and Shareholders (P) Ltd 2012 349 ITR, 7 I.T.A. No. 1366/Kol/2019 Assessment Year: 2013-14 M/s. BIP Developers Pvt. Ltd. (iii) National Thermal Power Vs CIT [1998] 229 ITR 383 (SC) (iv) CIT Kolkata-Ill vs Britannia Industries Ltd 83 Taxmann.com 365 (Calcutta) However, the next issue is whether interest paid on loan which is utilized for investment in shares of a subsidiary company is a capital or revenue expenditure. The AR of the appellant had submitted that as per AS-16, the investment in shares does not fall under the definition of a qualifying assets "for capitalization". Theref…

Indian Coal Agency, Kolkata vs. ACIT, Circle-35, Kolkata

In the result, both the appeals of the assessee are partly allowed as per the discussion supra

ITA 465/KOL/2018[2014-15]Status: DisposedITAT Kolkata23 Oct 2019AY 2014-15

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 12ASection 133(6)Section 35(1)(ii)

…igh Court in Reliance Utility & Powers Ltd. Vs. CIT 313 ITR 343 (Bom) and Hon’ble Madras High Court in CIT Vs. Hotel Savera 239 ITR 795 (Mad) and Tin Box Company Vs. CIT (2001) 249 ITR 216 (SC), Hon’ble Calcutta High Court in CIT Vs. Britannia Industries Ltd. 280 ITR 525. Therefore, since the assessee has own funds of Rs.148.27 cr. plus Rs. 28 cr. this year in its possession and the interest free advance amount is only to the tune of Rs.4.51 cr. which is less than 3% of its own funds means, the presumption that has to be drawn in such a scenario is that the interest free advance has been made by the assessee from…

Indian Coal Agency, Kolkata vs. ACIT, Circle-35, Kolkata

In the result, both the appeals of the assessee are partly allowed as per the discussion supra

ITA 464/KOL/2018[2013-14]Status: DisposedITAT Kolkata23 Oct 2019AY 2013-14

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 12ASection 133(6)Section 35(1)(ii)

…igh Court in Reliance Utility & Powers Ltd. Vs. CIT 313 ITR 343 (Bom) and Hon’ble Madras High Court in CIT Vs. Hotel Savera 239 ITR 795 (Mad) and Tin Box Company Vs. CIT (2001) 249 ITR 216 (SC), Hon’ble Calcutta High Court in CIT Vs. Britannia Industries Ltd. 280 ITR 525. Therefore, since the assessee has own funds of Rs.148.27 cr. plus Rs. 28 cr. this year in its possession and the interest free advance amount is only to the tune of Rs.4.51 cr. which is less than 3% of its own funds means, the presumption that has to be drawn in such a scenario is that the interest free advance has been made by the assessee from…

M/S. Deepak Industries Ltd., Kolkata vs. DCIT, Circle - 6, Kolkata

In the result, appeal of the assessee is partly allowed

ITA 2317/KOL/2016[2010-11]Status: DisposedITAT Kolkata26 Apr 2019AY 2010-11

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.2317/Kol/2016 ("नधा"रणवष" / Assessment Year:2010-11)

For Appellant: Shri S. Jhajharia, FCAFor Respondent: Shri Shankar Halder, JCIT Sr. DR
Section 143(3)Section 40aSection 80I

…further Inter Unit balance has reduced in comparison to last year (Cash Flow between the eligible unit and Non-eligible unit may also be referred to which is at page 136 of P/B) presumption has to be in appellant's favour [following Britannia Industries Ltd. 280 ITR 525 (Cal)] that the transaction between the eligible unit and Non-eligible unit is not out of borrowed fund but is out of own fund at such units. Hence, no interest can be apportioned from Non-eligible unit to eligible unit and hence Assessing Officer’s action in allocating Rs.60,30,690/- is bad in law. ii) In A.Y 2008-09, allocation of interest was…

ITO, Ward - 8(4), Kolkata, Kolkaa vs. M/S. Gour Trading Pvt. Ltd., Kolkata

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

ITA 2021/KOL/2017[2012-13]Status: DisposedITAT Kolkata19 Dec 2018AY 2012-13

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.2021/Kol/2017 ("नधा"रणवष" / Assessment Year: 2012-13)

For Appellant: Shri K. Mondal, Sr. DRFor Respondent: Shri Soumitra Choudhury, Advocate
Section 144Section 36(1)(iii)

…unds which was diverted to non-business use.For this, we rely on the judgment of the Hon`ble Supreme Court in the case of CIT V. Mir Mahammad Ali, 53 ITR 165 (SC). We also note that Hon`ble High Court of Calcutta in the case of CIT vs Britania Industries Ltd. 280 ITR 525 (Calcutta), held that interest on borrowings cannot be disallowed merely because the assessee M/s. Gour Trading Pvt. Ltd. Assessment Year: 2012-13 had given interest free advances for suppliers of raw materials, who were relations of the directors, as long as the amount is borrowed for business, there could be no question of disallowances. We not…

Prabhakar Mishra, Kolkata vs. DCIT, Circle-44, Kolkata

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

ITA 2255/KOL/2016[2012-13]Status: DisposedITAT Kolkata24 Oct 2018AY 2012-13

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 2255/Kol/2016 Assessment Year : 2012-13 Prabhakar Mishra -Vs- Dcit, Circle-44, Kolkata [Pan: Aezpm 7452 B ] (Appellant) (Respondent)

For Appellant: Shri Anil Kochar, AdvocateFor Respondent: Shri Sandeep Lakra, Addl. CIT Sr. DR
Section 143(3)Section 144

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : KOLKATA [Before Hon’ble Shri A T Varkey, JM, & Shri M.Balaganesh, AM] I.T.A No. 2255/Kol/2016 Assessment Year : 2012-13 Prabhakar Mishra -vs- DCIT, Circle-44, Kolkata [PAN: AEZPM 7452 B ] (Appellant) (Respondent) For the Appellant : Shri Anil Kochar, Advocate For the Respondent : Shri Sandeep Lakra, Addl. CIT Sr. DR Date of Hearing : 25.09.2018 Date of Pronouncement : 24.10.2018 ORDER Per M.Balaganesh, AM 1. This appeal by the Assessee arises out of the order of the Learned Commissioner of Income Tax(Appeals)-13, Kolkata [in short the ld CIT(A)] in Ap…

DCIT, CC-1(3), Kolkata vs. M/S Bonai Industrial Company Ltd., Kolkata

In the result, the appeals filed by the Revenue (in ITA no

ITA 1533/KOL/2017[2014-15]Status: DisposedITAT Kolkata10 Oct 2018AY 2014-15

Bench: Shria. T. Varkey, J.M &Dr. A.L.Saini, A.M आयकरअपीलसं./Ita No.1533/Kol/2017 ("नधा"रणवष" / Assessment Year: 2014-15) Dcit, Cc-1(3)/Kolkata Vs. M/S. Bonai Industrial Company Ltd. Aayakar Bhawan Poorva, 3Rd Floor, 8A, Express Tower, 42A, Shakespeare 110-Shantipally, Kolkata – 700 107. Sarani, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaacb 9156 F (Appellant) .. (Respondent) & आयकरअपीलसं./Ita No.1532/Kol/2017 ("नधा"रणवष" / Assessment Year: 2014-15) Dcit, Cc-1(3)/Kolkata Vs. M/S. Feegrade & Company Pvt. Ltd. Aayakar Bhawan Poorva, 3Rd Floor, 8A, Express Tower, 42A, Shakespeare 110-Shantipally, Kolkata – 700 107. Sarani, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaacf 6825 D (Appellant) .. (Respondent) Appellant By :Shri A. Bhattacharjee, Addl. Cit Respondent By :Shri Subash Agarwal, Advocate सुनवाईक"तार"ख/ Date Of Hearing : 04/10/2018 घोषणाक"तार"ख/Date Of Pronouncement : 10/10/2018 आदेश / O R D E R Per Dr. A. L. Saini: These Two Appeals Filed By The Revenue, Pertaining To Assessment Year 2014-15 Are Directed Against Separate Orders Passed By The Ld. Commissioner Of Income Tax(Appeals)-20, Kolkata,Which In Turn Arise Out Of Separate Assessment M/S. Bonai Industrial Company Ltd M/S. Feegrade& Company Pvt. Ltd. Assessment Year: 2014-15 Orders Passed By The Assessing Officer U/S 143(3) Of The Income Tax Act 1961 (Hereinafter Referred To As The ‘Act’).

For Appellant: Shri A. Bhattacharjee, Addl. CITFor Respondent: Shri Subash Agarwal, Advocate
Section 143(3)Section 14ASection 73

…tments were made by the own fund of the assessee and therefore no disallowance out of interest expenditure was justified. The contention of the assessee is also supported by the decision of the jurisdictional High Court in the case of Britannia Industries Ltd 280 ITR 525 (Cal). In view of the above, the addition of Rs.205685/ -made under rule 8D(2)(ii) is deleted. The assessee has contended before me that all investments have not yielded dividend income during the year and therefore no disallowance could lawfully be made under rule 8D(2)(iii) for all investments in view of the decision of the jurisdictional ITAT…

DCIT, CC-1(3), Kolkata vs. M/S Feegrade & Company Pvt. Ltd., Kolkata

In the result, the appeals filed by the Revenue (in ITA no

ITA 1532/KOL/2017[2014-15]Status: DisposedITAT Kolkata10 Oct 2018AY 2014-15

Bench: Shria. T. Varkey, J.M &Dr. A.L.Saini, A.M आयकरअपीलसं./Ita No.1533/Kol/2017 ("नधा"रणवष" / Assessment Year: 2014-15) Dcit, Cc-1(3)/Kolkata Vs. M/S. Bonai Industrial Company Ltd. Aayakar Bhawan Poorva, 3Rd Floor, 8A, Express Tower, 42A, Shakespeare 110-Shantipally, Kolkata – 700 107. Sarani, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaacb 9156 F (Appellant) .. (Respondent) & आयकरअपीलसं./Ita No.1532/Kol/2017 ("नधा"रणवष" / Assessment Year: 2014-15) Dcit, Cc-1(3)/Kolkata Vs. M/S. Feegrade & Company Pvt. Ltd. Aayakar Bhawan Poorva, 3Rd Floor, 8A, Express Tower, 42A, Shakespeare 110-Shantipally, Kolkata – 700 107. Sarani, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaacf 6825 D (Appellant) .. (Respondent) Appellant By :Shri A. Bhattacharjee, Addl. Cit Respondent By :Shri Subash Agarwal, Advocate सुनवाईक"तार"ख/ Date Of Hearing : 04/10/2018 घोषणाक"तार"ख/Date Of Pronouncement : 10/10/2018 आदेश / O R D E R Per Dr. A. L. Saini: These Two Appeals Filed By The Revenue, Pertaining To Assessment Year 2014-15 Are Directed Against Separate Orders Passed By The Ld. Commissioner Of Income Tax(Appeals)-20, Kolkata,Which In Turn Arise Out Of Separate Assessment M/S. Bonai Industrial Company Ltd M/S. Feegrade& Company Pvt. Ltd. Assessment Year: 2014-15 Orders Passed By The Assessing Officer U/S 143(3) Of The Income Tax Act 1961 (Hereinafter Referred To As The ‘Act’).

For Appellant: Shri A. Bhattacharjee, Addl. CITFor Respondent: Shri Subash Agarwal, Advocate
Section 143(3)Section 14ASection 73

…tments were made by the own fund of the assessee and therefore no disallowance out of interest expenditure was justified. The contention of the assessee is also supported by the decision of the jurisdictional High Court in the case of Britannia Industries Ltd 280 ITR 525 (Cal). In view of the above, the addition of Rs.205685/ -made under rule 8D(2)(ii) is deleted. The assessee has contended before me that all investments have not yielded dividend income during the year and therefore no disallowance could lawfully be made under rule 8D(2)(iii) for all investments in view of the decision of the jurisdictional ITAT…

DCIT, Cir-11, Kolkata vs. M/S Sika India Pvt. Ltd., Kolkata

In the result, appeal of the assessee is allowed in part and in appeal of the revenue is dismissed

ITA 402/KOL/2014[2009-2010]Status: DisposedITAT Kolkata10 Oct 2018AY 2009-2010

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi]

Section 144CSection 144C(5)Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA [Before Sri J. Sudhakar Reddy, Accountant Member & Sri S.S. Viswanethra Ravi, Judicial Member] I.T.A. No. 402/Kol/2014 Assessment Year: 2009-10 Deputy Commissioner of Income Tax, Circle-11, Kolkata……………………….....…..…...…………...….Appellant M/s. Sika India Pvt. Ltd...............……………………………………….…………..…………….……………….…….Respondent Commercial Complex-II 620, Diamond Harbour Road Kolkata – 700 034 [PAN : AAECS 1119 F] I.T.A. No. 393/Kol/2014 Assessment Year: 2009-10 M/s. Sika India Pvt. Ltd...............……………………………………….…………..…………….………………..……….Appellant…

Sika India Pvt. Ltd., Kolkata vs. DCIT, Cir-11, Kolkata

In the result, appeal of the assessee is allowed in part and in appeal of the revenue is dismissed

ITA 393/KOL/2014[2009-2010]Status: DisposedITAT Kolkata10 Oct 2018AY 2009-2010

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi]

Section 144CSection 144C(5)Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA [Before Sri J. Sudhakar Reddy, Accountant Member & Sri S.S. Viswanethra Ravi, Judicial Member] I.T.A. No. 402/Kol/2014 Assessment Year: 2009-10 Deputy Commissioner of Income Tax, Circle-11, Kolkata……………………….....…..…...…………...….Appellant M/s. Sika India Pvt. Ltd...............……………………………………….…………..…………….……………….…….Respondent Commercial Complex-II 620, Diamond Harbour Road Kolkata – 700 034 [PAN : AAECS 1119 F] I.T.A. No. 393/Kol/2014 Assessment Year: 2009-10 M/s. Sika India Pvt. Ltd...............……………………………………….…………..…………….………………..……….Appellant…

DCIT, Cir-11(1), Kolkata vs. M/S. at & S India Pvt. Ltd., Mysore

In the result, all three appeals filed by the Revenue are dismissed

ITA 975/KOL/2017[2010-11]Status: DisposedITAT Kolkata05 Oct 2018AY 2010-11

Bench: Sh. J.Sudhakar Reddy & Sh. A.T.Varkey

…p service charge was allowed as deduction by TPO for the assessment years 2005-06, 2006-07, 2007-08 and 2008-09. In this connection, Ld. Counsel referred to the decision of the Hon'ble Calcutta High Court in the case of CIT vs Britannia Industries Ltd. [2002] 257 ITR 225/[2003] 132 taxman 16, wherein Hon'ble Calcutta High Court has held that the Department cannot take a. contrary view in respect of any issue which has been accepted by the Department for succeeding assessment year based upon the similar set of facts. Thus, by following the above principle laid down by the Hon'ble Calcutta High Court, we feel that…

DCIT, Cir-11(1), Kolkata vs. M/S at & S Pvt. Ltd., Karnataka

In the result, all three appeals filed by the Revenue are dismissed

ITA 515/KOL/2016[2011-2012]Status: DisposedITAT Kolkata05 Oct 2018AY 2011-2012

Bench: Sh. J.Sudhakar Reddy & Sh. A.T.Varkey

…p service charge was allowed as deduction by TPO for the assessment years 2005-06, 2006-07, 2007-08 and 2008-09. In this connection, Ld. Counsel referred to the decision of the Hon'ble Calcutta High Court in the case of CIT vs Britannia Industries Ltd. [2002] 257 ITR 225/[2003] 132 taxman 16, wherein Hon'ble Calcutta High Court has held that the Department cannot take a. contrary view in respect of any issue which has been accepted by the Department for succeeding assessment year based upon the similar set of facts. Thus, by following the above principle laid down by the Hon'ble Calcutta High Court, we feel that…

ACIT 21(1), Mumbai vs. Arvind Kumar Aggarwal, Mumbai

In the result, appeal filed by the revenue is hereby dismissed and cross-objection filed by the assessee is hereby ordered to be partly allowed

ITA 910/MUM/2015[2011-12]Status: DisposedITAT Mumbai04 May 2018AY 2011-12

Bench: Shri R. C. Sharma, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.910/Mum/2015 (निर्धारण वर्ा / Assessment Year: 2011-12) Acit-21(1) (Erstwhile बिधम/ Shri Arvind Kumar Aggarwal, Flat No.805-806, Acit-18(1) Room No. 116, Vs. El-Dorado Chsl, Vs Road, 1St Floor, Piramal Chambers, Prabhadevi, Mumbai-400028 Parel, Mumbai-400012 Co. No.147/Mum/2016 (Ita. No. 910/Mum/2015) (निर्धारण वर्ा / Assessment Year: 2011-12) Shri Arvind Kumar बिधम/ Acit-21(1) (Erstwhile Aggarwal, Flat No.805-806, Acit-18(1) Room No. 116, Vs. El-Dorado Chsl, Vs Road, 1St Floor, Piramal Chambers, Prabhadevi, Mumbai-400028 Parel, Mumbai-400012 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacpm2137J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri V. Vidhyadhar (Dr) Assessee By: Shri Rajiv Khandelwal सुनवाई की तारीख / Date Of Hearing: 06.04.2018 घोषणा की तारीख /Date Of Pronouncement: 04.05.2018 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue As Well As Assessee Have Filed The Above Mentioned Appeals As Well As Cross Objection Against The Order Dated 27.11.2014 Passed By The Commissioner Of Income Tax (Appeals)-33, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2011-12. Ita. No.910/M/15 Co. No. 147/M/2016 A.Y. 2011-12

For Appellant: Shri Rajiv KhandelwalFor Respondent: Shri V. Vidhyadhar (DR)
Section 10BSection 142(1)Section 143(2)Section 48Section 53ASection 54

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI R. C. SHARMA, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.910/Mum/2015 (निर्धारण वर्ा / Assessment Year: 2011-12) ACIT-21(1) (Erstwhile बिधम/ Shri Arvind Kumar Aggarwal, Flat No.805-806, ACIT-18(1) Room No. 116, Vs. El-Dorado CHSL, VS Road, 1st Floor, Piramal Chambers, Prabhadevi, Mumbai-400028 Parel, Mumbai-400012 CO. No.147/Mum/2016 (ITA. No. 910/Mum/2015) (निर्धारण वर्ा / Assessment Year: 2011-12) Shri Arvind Kumar बिधम/ ACIT-21(1) (Erstwhile Aggarwal, Flat No.805-806, ACIT-18(1) Room No. 116, Vs. El-Dorado CHSL, VS Road, 1st Floor, P…