CIT v. Chitram and Co. Pvt. Ltd.

ACIT, Faridabad vs. M/S Va Tech Esher Wyss Flovel Ltd, Faridabad

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

Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2005-06 Vs. M/S. Va Tech Esher Wyas Asstt. Commissioner Of Income Tax, Circle I, Block –I-B, Cgo Flovel Ltd., 49/5, Mathura Road, Complex, Nh-4, Faridabad Village Prithla, Faridabad Pan : Aaacf0010A (Appellant) (Respondent) Assessee By Sh. Ashwani Taneja, Adv. Department By Sh. H.K. Choudhary, Cit(Dr) Date Of Hearing 23.10.2017 Date Of Pronouncement 13.11.2017 Order Per O.P. Kant, A.M.:

…ing the real life factual proposition that possibility of user of telephone and Car for non business purposes could not be absolutely ruled out and is in contrary to the decision of the Hon’ble Madras High Court in the case of CIT vs. Chitram and Co. (P) Ltd. 191 ITR 96 and CIT vs. Madura Coats Ltd. 263 ITR 241.” 4. That the appellant craves for the permission to add, delete or amend the grounds of appeal before or at the time of hearing of appeal. 2. Briefly stated facts of the case are that: (1) During relevant year the assessee was engaged in the business of: (a) manufacturing hydro turbines governing equipme…

Hero Motocorp Limited, New Delhi vs. JCIT, New Delhi

In the result appeal of the assessee in ITA No

Bench: Sh. I. C. Sudhir & Shri Prashant Maharishihero Motocorp Limited, Jcit, 34, Basant Lok, Vasant Range-1, New Delhi Vs. Vihar, New Delhi Pan: Aaach0812J (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community Vs. New Delhi Centre, Basant Lok, Vasant Vihar, New Delhi-110057 (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community

…Cement Ltd.: 263 ITR 364 (Del) iii) West Coast Paper Mills Ltd V. JCIT: 100 TTJ 833 (Mum) iv) CIT vs. Standard Motor Products Ltd.: 131 ITR 300 (Mad) v) Ahmedabad Mfg. & Calico Printing Co. Ltd.‘s case: 162 ITR 760 (Guj) vi) CIT vs. Chitram and Co. Pvt. Ltd.: 191 ITR 96 (Mad) vii) DCM Shriram Consolidated Limited: 322 ITR 486 (Del.) viii) Tamilnadu Petro Products Ltd. vs. Asstt. CIT: 238 CTR 454(Mad) ix) Assam Carbon Products Limited V. ACIT: 100 TTJ 224 (Kol) i) In all fairness, the aforesaid issue has been decided against the appellant by the Hon'ble ITAT in the appeal for A.Y. 2006-07 on the mistaken belief th…

DCIT, New Delhi vs. M/S K.R. Pulp & Papers Ltd, New Delhi

Bench: Shri I.C. Sudhir & Shri L.P. Sahu Assessment Year: 2009-10 Dcit, Vs. K.R. Pulp & Papers Ltd., Circle 5(1), 304- Roots Tower, New Delhi. New Delhi. (Pan: Aaack5861C) (Appellant) (Respondent) Assessee By: Ved Jain, Ca Department By: Ms. Richa Rastogi, Sr. Dr Date Of Hearing : 15 .10.2015 Date Of Pronouncement: 13 :01.2016 Order Per I.C. Sudhir:The Revenue Has Questioned First Appellate Order On The Following Grounds: 1. Whether In The Facts & Circumstances Of The Case, The Learned Cit(Appeals) Was Justified In Allowing The Deduction Of Rs.3,88,42,025 U/S. 80Ia Ignoring The Findings Of The A.O. That Assessee Has Not Earned Any Actual Profit In The Power Unit ? 2. Whether In The Facts & Circumstances Of The Case, The Learned Cit(Appeals) Was Justified In Accepting The Formula Of Cost In The Ratio Of Energy Instead Of Cost In The Ratio Of Steam Pressure As Adopted By The A.O.? 3. Whether In The Facts & Circumstances Of The Case, The Learned Cit(Appeals) Was Justified In Accepting The Efficiency Of 85 To 86% Instead Of Further Reduction Of 15% By The A.O. On The Ground That Ideal Condition Rarely Exist & Even If So It Will Not Be Throughout The Year?

…o the initial stages at the market price. It was held that the assessee was entitled to benefit of special deduction under sec. 80I in relation to the profits derived from the production of lime stones. Again in the case of CIT vs. Chitran & Co. Pvt. Ltd. – 191 ITR 96 (Madras), it has been held that in order to claim relief under sec. 80I of the Act, the assessee should be engaged in the production of manufacture or one or more or the items enumerated in Schedule-VI to the Income-tax Act, 1961, in which case the assessee should be regard as engaged in a priority industry. The emphasis for grant of relief is…