CIT v. DCM Sriram Consolidated Ltd.

DCIT, Moradabad vs. Sh. Jubilant Life Sciences Ltd., Uttar Pradesh

In the result, the appeal is partly allowed

Bench: Shri Saktijit Dey & Dr. B.R.R. Kumarassessment Year: 2009-10

…ction of value of such units of power consumed by its own plant by way of profits and gains for relevant assessment years." 14. At this stage, it would be appropriate to also notice judgment of Delhi High Court in CIT Vs. DCM Sriram Consolidated Ltd., [2010] 322 ITR 486 (Delhi), wherein explanation clause (iv) to Section 115JA of Act had come up for interpretation. The clause provided for exclusion of profits derived by an industrial undertaking from business of generation or generation and distribution of power. Revenue had raised contention one cannot earn profit by indulging in business with oneself and thus…

DCIT, Moradabad vs. M/S. Jubilant Organosyes Ltd., Uttar Pradesh

In the result, the appeal is partly allowed

Bench: Shri Saktijit Dey & Dr. B.R.R. Kumarassessment Year: 2009-10

…ction of value of such units of power consumed by its own plant by way of profits and gains for relevant assessment years." 14. At this stage, it would be appropriate to also notice judgment of Delhi High Court in CIT Vs. DCM Sriram Consolidated Ltd., [2010] 322 ITR 486 (Delhi), wherein explanation clause (iv) to Section 115JA of Act had come up for interpretation. The clause provided for exclusion of profits derived by an industrial undertaking from business of generation or generation and distribution of power. Revenue had raised contention one cannot earn profit by indulging in business with oneself and thus…

M/S. Jubilant Life Sciences Limited, Noida vs. Addl.CIT, Moradabad

In the result, the appeal is partly allowed

Bench: Shri Saktijit Dey & Dr. B.R.R. Kumarassessment Year: 2009-10

…ction of value of such units of power consumed by its own plant by way of profits and gains for relevant assessment years." 14. At this stage, it would be appropriate to also notice judgment of Delhi High Court in CIT Vs. DCM Sriram Consolidated Ltd., [2010] 322 ITR 486 (Delhi), wherein explanation clause (iv) to Section 115JA of Act had come up for interpretation. The clause provided for exclusion of profits derived by an industrial undertaking from business of generation or generation and distribution of power. Revenue had raised contention one cannot earn profit by indulging in business with oneself and thus…

M/S. Jubilant Life Sciences Limited, Noida vs. Addl.CIT, Moradabad

In the result, the appeal is partly allowed

Bench: Shri Saktijit Dey & Dr. B.R.R. Kumarassessment Year: 2009-10

…ction of value of such units of power consumed by its own plant by way of profits and gains for relevant assessment years." 14. At this stage, it would be appropriate to also notice judgment of Delhi High Court in CIT Vs. DCM Sriram Consolidated Ltd., [2010] 322 ITR 486 (Delhi), wherein explanation clause (iv) to Section 115JA of Act had come up for interpretation. The clause provided for exclusion of profits derived by an industrial undertaking from business of generation or generation and distribution of power. Revenue had raised contention one cannot earn profit by indulging in business with oneself and thus…

ACIT, Moradabad vs. M/S. Jubilant Organosyes Ltd., Uttar Pradesh

The appeal is dismissed

Bench: Smt Beena A. Pillai & Shri Prashant Maharishi

…uction of value of such units of power consumed by its own plant by way of profits and gains for relevant assessment years." 14. At this stage, it would be appropriate to also notice judgment of Delhi High Court in CIT Vs. DCM Sriram Consolidated Ltd., [2010] 322 ITR 486 (Delhi), wherein explanation clause (iv) to Section 115JA of Act had come up for interpretation. The clause provided for exclusion of profits derived by an industrial undertaking from business of generation or generation and distribution of power. Revenue had raised contention one cannot earn profit by indulging in business with oneself and thus…

ACIT, Moradabad vs. M/S Jubliant Organosys Ltd., Uttar Pradesh

The appeal is dismissed

Bench: Smt Beena A. Pillai & Shri Prashant Maharishi

…uction of value of such units of power consumed by its own plant by way of profits and gains for relevant assessment years." 14. At this stage, it would be appropriate to also notice judgment of Delhi High Court in CIT Vs. DCM Sriram Consolidated Ltd., [2010] 322 ITR 486 (Delhi), wherein explanation clause (iv) to Section 115JA of Act had come up for interpretation. The clause provided for exclusion of profits derived by an industrial undertaking from business of generation or generation and distribution of power. Revenue had raised contention one cannot earn profit by indulging in business with oneself and thus…

Jubilant Organosys Ltd., Noida vs. Addl. CIT, Moradabad

The appeal is dismissed

Bench: Smt Beena A. Pillai & Shri Prashant Maharishi

…uction of value of such units of power consumed by its own plant by way of profits and gains for relevant assessment years." 14. At this stage, it would be appropriate to also notice judgment of Delhi High Court in CIT Vs. DCM Sriram Consolidated Ltd., [2010] 322 ITR 486 (Delhi), wherein explanation clause (iv) to Section 115JA of Act had come up for interpretation. The clause provided for exclusion of profits derived by an industrial undertaking from business of generation or generation and distribution of power. Revenue had raised contention one cannot earn profit by indulging in business with oneself and thus…

ACIT, Circle-1 vs. Oil & Natural Gas Corporation Ltd

In the result, appeal filed by the Revenue is dismissed

Bench: Shri N.K. Billaiya & Smt Beena A. Pillai

…. A conjoint reading of the aforesaid provisions clearly shows that the assessee is very much entitled for claim of deduction u/s 80IA of the Act. Our view is fortified by the judgment of the Hon'ble Delhi High Court in the case of DCM Sriram Consolidated Ltd 322 ITR 486. The relevant findings read as under: “ In view of the ratio of the judgments of the Supreme Court referred to above, i.e., Tata Iron & Steel Ltd (supra), Textile Machinery Corporation Ltd (supra), as well as, that of the Division Bench of this Court in Orissa Cement (supra) it is quite evident that assessee's CPPs can as a matter of principle d…

Oil & Natural Gas Corporation Ltd vs. Addl. CIT, Range-I

In the result, appeal filed by the Revenue is dismissed

Bench: Shri N.K. Billaiya & Smt Beena A. Pillai

…. A conjoint reading of the aforesaid provisions clearly shows that the assessee is very much entitled for claim of deduction u/s 80IA of the Act. Our view is fortified by the judgment of the Hon'ble Delhi High Court in the case of DCM Sriram Consolidated Ltd 322 ITR 486. The relevant findings read as under: “ In view of the ratio of the judgments of the Supreme Court referred to above, i.e., Tata Iron & Steel Ltd (supra), Textile Machinery Corporation Ltd (supra), as well as, that of the Division Bench of this Court in Orissa Cement (supra) it is quite evident that assessee's CPPs can as a matter of principle d…

Commissioner of Income Tax Del vs. M/S Bhushan Steels & Strips Lt

The appeals are disposed of in the above terms

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MS. JUSTICE PRATHIBA M. SINGH

…cision of this Court in CIT v. Bhushan Steels & Strips Limited (supra). 5. As far as Question (iii)3 is concerned, it stands covered in favour of the Assessee and against the Revenue by the decision of this Court in CIT v. DCM Shriram Consolidated Ltd. (2009) 322 ITR 486 (Del) which was further affirmed by the Supreme Court in CIT v. DCM Shriram Consolidated Ltd. (2014) 368 ITR 720 (SC). 6. The appeals are disposed of in the above terms. S.MURALIDHAR, J PRATHIBA M. SINGH, J AUGUST 04, 2017 j…

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

…ls 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 that independent supplier of electricity in the area, i.e.…

Commissioner of Income Tax vs. M/S Orient Abrassive Ltd

The appeals are disposed of

…10 + connected Page 15 of 17 years." 14. At this stage, it would be appropriate to also notice judgment of the Delhi High Court in CIT Vs. DCM Sriram Consolidated Ltd., [2010] 322 ITR 486 (Delhi), wherein explanation clause (iv) to Section 115JA of the Act had come up for interpretation. The clause provided for exclusion of profits derived by an industrial undertaking from the business of generation or generation and distribution of power. Revenue had raised the contention one cannot earn profit by indulging in the business…