CIT v. Echjay Forgings (P) Ltd.

Acc Ltd ( Formerly Known As the Associates Cement Companies Ltd), Mumbai vs. Addl CIT Ltu, Mumbai

In the result, appeal filed by the assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

…decision of the Tribunal in Assessee’s own case for the Assessment Year 2002-03 and 2003-04 wherein the Tribunal had granted relief to the Assessee. 14.2.4. We note that the Hon’ble Bombay High Court has, in the case of CIT vs. Echjay Forgings (P) Ltd. (2001) 251 ITR 15 has held as under: "4. The short point which arises for consideration in this appeal is, whether the Assessing Officer was right in disallowing claims for deduction in respect of the five items and ordering addition thereof to the net profit for the purposes of section 115J. 5. The addition of the five items to the net profit is, accordingly, disc…

Addl.C.I.T. Ltu, Mumbai vs. Acc Ltd., Mumbai

In the result, appeal filed by the assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

…decision of the Tribunal in Assessee’s own case for the Assessment Year 2002-03 and 2003-04 wherein the Tribunal had granted relief to the Assessee. 14.2.4. We note that the Hon’ble Bombay High Court has, in the case of CIT vs. Echjay Forgings (P) Ltd. (2001) 251 ITR 15 has held as under: "4. The short point which arises for consideration in this appeal is, whether the Assessing Officer was right in disallowing claims for deduction in respect of the five items and ordering addition thereof to the net profit for the purposes of section 115J. 5. The addition of the five items to the net profit is, accordingly, disc…

Addl CIT RG 1(1), Mumbai vs. Acc Ltd, Mumbai

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

…decision of the Tribunal in Assessee’s own case for the Assessment Year 2002-03 and 2003-04 wherein the Tribunal had granted relief to the Assessee. 14.2.4. We note that the Hon’ble Bombay High Court has, in the case of CIT vs. Echjay Forgings (P) Ltd. (2001) 251 ITR 15 has held as under: 39 ITA NO.5655 & 5692/MUM/2011(A.Y: 2006-07) M/s. ACC Limited "4. The short point which arises for consideration in this appeal is, whether the Assessing Officer was right in disallowing claims for deduction in respect of the five items and ordering addition thereof to the net profit for the purposes of section 115J. 5. The add…

Acc Ltd ( Formerly Known As the Associated Cement Companies Ltd), Mumbai vs. Addl CIT RG 1(1), Mumbai

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

…decision of the Tribunal in Assessee’s own case for the Assessment Year 2002-03 and 2003-04 wherein the Tribunal had granted relief to the Assessee. 14.2.4. We note that the Hon’ble Bombay High Court has, in the case of CIT vs. Echjay Forgings (P) Ltd. (2001) 251 ITR 15 has held as under: 39 ITA NO.5655 & 5692/MUM/2011(A.Y: 2006-07) M/s. ACC Limited "4. The short point which arises for consideration in this appeal is, whether the Assessing Officer was right in disallowing claims for deduction in respect of the five items and ordering addition thereof to the net profit for the purposes of section 115J. 5. The add…

Addl CIT RG 1(1), Mumbai vs. Acc Ltd, Mumbai

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

…decision of the Tribunal in Assessee’s own case for the Assessment Year 2002-03 and 2003-04 wherein the Tribunal had granted relief to the Assessee. 14.2.4. We note that the Hon’ble Bombay High Court has, in the case of CIT vs. Echjay Forgings (P) Ltd. (2001) 251 ITR 15 has held as under: "4. The short point which arises for consideration in this appeal is, whether the Assessing Officer was right in disallowing claims for deduction in respect of the five items and ordering addition thereof to the net profit for the purposes of section 115J. 5. The addition of the five items to the net profit is, accordingly, disc…

Acc Ltd (Formerly Known As the Associated Cement Companies Ltd), Mumbai vs. Addl CIT RG 1(1), Mumbai

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

…decision of the Tribunal in Assessee’s own case for the Assessment Year 2002-03 and 2003-04 wherein the Tribunal had granted relief to the Assessee. 14.2.4. We note that the Hon’ble Bombay High Court has, in the case of CIT vs. Echjay Forgings (P) Ltd. (2001) 251 ITR 15 has held as under: "4. The short point which arises for consideration in this appeal is, whether the Assessing Officer was right in disallowing claims for deduction in respect of the five items and ordering addition thereof to the net profit for the purposes of section 115J. 5. The addition of the five items to the net profit is, accordingly, disc…

Excel Industries Limited, Mumbai vs. Deputy Commissioner of Income Tax - Central Circle 6(3), Mumbai

The appeal is allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

…e addition which was confirmed by the learned CIT (A). 039. The learned Authorized Representative submitted that issue is squarely covered in favour of the assessee by the decision of Hon'ble Bombay High Court in CIT Vs. M/S. Echjay Forgings Pvt. Ltd. (2001) 251 ITR 15 (Bom). We find that this issue is squarely covered in favour of the assessee by the decision of Hon'ble Bombay High Court in case of CIT vs. Reliance Industries Ltd. (2019) 102 taxman.com 142, wherein the Hon'ble Bombay High Court held that in plain terms, the clause (a) reference to amount of income tax paid or payable or the provision made there…

Excel Industries Limited, Mumbai vs. DCIT - CC- 6(3), Mumbai

The appeal is allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

…e addition which was confirmed by the learned CIT (A). 039. The learned Authorized Representative submitted that issue is squarely covered in favour of the assessee by the decision of Hon'ble Bombay High Court in CIT Vs. M/S. Echjay Forgings Pvt. Ltd. (2001) 251 ITR 15 (Bom). We find that this issue is squarely covered in favour of the assessee by the decision of Hon'ble Bombay High Court in case of CIT vs. Reliance Industries Ltd. (2019) 102 taxman.com 142, wherein the Hon'ble Bombay High Court held that in plain terms, the clause (a) reference to amount of income tax paid or payable or the provision made there…

Deputy Commissioner of Income Central Circle-6(3), Mumbai vs. M/S.Excel Industries Limited, Mumbai

The appeal is allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

…e addition which was confirmed by the learned CIT (A). 039. The learned Authorized Representative submitted that issue is squarely covered in favour of the assessee by the decision of Hon'ble Bombay High Court in CIT Vs. M/S. Echjay Forgings Pvt. Ltd. (2001) 251 ITR 15 (Bom). We find that this issue is squarely covered in favour of the assessee by the decision of Hon'ble Bombay High Court in case of CIT vs. Reliance Industries Ltd. (2019) 102 taxman.com 142, wherein the Hon'ble Bombay High Court held that in plain terms, the clause (a) reference to amount of income tax paid or payable or the provision made there…

Deputy Commissioner of Income Central Circle-6(3), Mumbai vs. M/S.Excel Industries Limited, Mumbai

The appeal is allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

…e addition which was confirmed by the learned CIT (A). 039. The learned Authorized Representative submitted that issue is squarely covered in favour of the assessee by the decision of Hon'ble Bombay High Court in CIT Vs. M/S. Echjay Forgings Pvt. Ltd. (2001) 251 ITR 15 (Bom). We find that this issue is squarely covered in favour of the assessee by the decision of Hon'ble Bombay High Court in case of CIT vs. Reliance Industries Ltd. (2019) 102 taxman.com 142, wherein the Hon'ble Bombay High Court held that in plain terms, the clause (a) reference to amount of income tax paid or payable or the provision made there…

Raymond Limited, Mumbai vs. Addl C.I.T. -2(3), Mumbai

In the result, appeal filed by the Revenue is partly allowed

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Raymond Limited V. Addl. Cit– Range 2(3) New Hind House 5Th Floor, Aayakar Bhavan Narottam Morarjee Marg M.K. Road, Mumbai - 400020 Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A (Appellant) (Respondent) Acit–2(3) V. M/S. Raymond Limited Room No. 555 New Hind House Aayakar Bhavan, Mumbai Narottam Morarjee Marg Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A (Appellant) (Respondent)

…edule to the Companies (Profits) Surtax Act, 1964, and should be taken into account in computing the capital of the Company for the purpose of the Act". 24. The Assessing Officer observed that Hon'ble Bombay High Court in the case of Echjay Forging Pvt. Ltd [166 CTR 100] has differentiated the ratio laid by Hon'ble Madras High Court on the facts of the case only and have not decided on legal issue. Further, he observed that the principle 17 ITA NO. 2660& 2519/MUM/2008 (A.Y: 2002-03) M/s. Raymond Limited laid by Hon'ble Madras High Court following the decision of the Hon'ble Supreme Court in the case of M/s. Jyo…

M/S. ACIT 2(3), Mumbai vs. Raymond Ltd., Mumbai

In the result, appeal filed by the Revenue is partly allowed

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Raymond Limited V. Addl. Cit– Range 2(3) New Hind House 5Th Floor, Aayakar Bhavan Narottam Morarjee Marg M.K. Road, Mumbai - 400020 Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A (Appellant) (Respondent) Acit–2(3) V. M/S. Raymond Limited Room No. 555 New Hind House Aayakar Bhavan, Mumbai Narottam Morarjee Marg Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A (Appellant) (Respondent)

…edule to the Companies (Profits) Surtax Act, 1964, and should be taken into account in computing the capital of the Company for the purpose of the Act". 24. The Assessing Officer observed that Hon'ble Bombay High Court in the case of Echjay Forging Pvt. Ltd [166 CTR 100] has differentiated the ratio laid by Hon'ble Madras High Court on the facts of the case only and have not decided on legal issue. Further, he observed that the principle 17 ITA NO. 2660& 2519/MUM/2008 (A.Y: 2002-03) M/s. Raymond Limited laid by Hon'ble Madras High Court following the decision of the Hon'ble Supreme Court in the case of M/s. Jyo…

The ACIT RG 1(1), Mumbai vs. M/S. Associated Cement Co., Mumbai

Appeal of the Revenue is partly allowed while the appeal of the Assessee is dismissed

…Bench of the Tribunal in the case of CIT vs. Usha Martin Industries ITA. No. 5259 & 4895/Mum/2007 Assessment Year: 2004-05 Ltd. (2007) 288 (18) ITR 63 (Kol) (SB) and judgment of Hon‟ble Bombay High Court in the case of CIT Vs. Echjay Forgings P. Ltd. (2001) 251 ITR 15 (Bom). The relevant findings of the CIT(A) are as under: “22.3 I find considerable merit in the submission made by the appellant, since provision for bad and doubtful debt is diminution in the value of assets and not liability. Further, in my view addition made in computing total income under normal provisions of the Act is not relevant for the p…

M/S. Acc Ltd ( Formely Known As the Associated Cememtn Companies Ltd), Mumbai vs. The Addl CIT RG 1(1), Mumbai

Appeal of the Revenue is partly allowed while the appeal of the Assessee is dismissed

…Bench of the Tribunal in the case of CIT vs. Usha Martin Industries ITA. No. 5259 & 4895/Mum/2007 Assessment Year: 2004-05 Ltd. (2007) 288 (18) ITR 63 (Kol) (SB) and judgment of Hon‟ble Bombay High Court in the case of CIT Vs. Echjay Forgings P. Ltd. (2001) 251 ITR 15 (Bom). The relevant findings of the CIT(A) are as under: “22.3 I find considerable merit in the submission made by the appellant, since provision for bad and doubtful debt is diminution in the value of assets and not liability. Further, in my view addition made in computing total income under normal provisions of the Act is not relevant for the p…

Reliance Industries Ltd, Mumbai vs. Deputy Commissioner of Income Tax Large Taxpayer Unit-2, Mumbai

In the result, the ITA No

…n itself refers to the income tax paid or payable or the provisions made therefore. This would not include the provision made for wealth tax. The Tribunal relied on a decision of this Court in the case of CIT v. Echjay Forgings (P.) Ltd. [2001] 116 Taxman 322/251 ITR 15 in which such an issue had come up for consideration. 3. Learned counsel for the Revenue, however, submitted that the decision of this Court in the case of Echajay Forgings (P.) Ltd. (supra) proceeded on the concession made by the Revenue's counsel and the Tribunal, therefore, committed an error in treating it as ratio of the High Court decision.…

DCIT (Ltu)-2, Mumbai vs. M/S Reliance Industries Ltd., Mumbai

In the result, the ITA No

…n itself refers to the income tax paid or payable or the provisions made therefore. This would not include the provision made for wealth tax. The Tribunal relied on a decision of this Court in the case of CIT v. Echjay Forgings (P.) Ltd. [2001] 116 Taxman 322/251 ITR 15 in which such an issue had come up for consideration. 3. Learned counsel for the Revenue, however, submitted that the decision of this Court in the case of Echajay Forgings (P.) Ltd. (supra) proceeded on the concession made by the Revenue's counsel and the Tribunal, therefore, committed an error in treating it as ratio of the High Court decision.…

Reliance Industries Limited, Mumbai vs. ACIT, Mumbai

In the result, the ITA No

…n itself refers to the income tax paid or payable or the provisions made therefore. This would not include the provision made for wealth tax. The Tribunal relied on a decision of this Court in the case of CIT v. Echjay Forgings (P.) Ltd. [2001] 116 Taxman 322/251 ITR 15 in which such an issue had come up for consideration. 3. Learned counsel for the Revenue, however, submitted that the decision of this Court in the case of Echajay Forgings (P.) Ltd. (supra) proceeded on the concession made by the Revenue's counsel and the Tribunal, therefore, committed an error in treating it as ratio of the High Court decision.…

Novartis India Ltd, Mumbai vs. DCIT Cir 7(1), Mumbai

Appeal stand partly allowed

…. CIT(A) opined that there was no provision to add back wealth tax and therefore, the same was not to be added back while computing Book-Profits. Reliance was placed, inter-alia, on the decision of Hon‟ble Bombay High Court in CIT V/s Echjay Forgings P. Ltd. (251 ITR 15). Aggrieved, the revenue is in further appeal before us. We find that since Ld. CIT(A) has relied upon the decision of jurisdictional High Court while adjudicating the issue and therefore, our interference is not called for. No contrary decision has been placed on record. (ii) Provisions for diminution in value of investments Assessment Year: 2001…