CIT v. Eltel SGDS P. Ltd.

300 ITR 6High Court2008#2507 most cited

What is CIT v. Eltel SGDS P. Ltd. authority for?

Section 80-IB of the Income Tax Act requires profits and gains to be derived from any business of an industrial undertaking, not necessarily a direct nexus between the industrial undertaking's activity and the profits.

46

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2008 to 2025.

Also referred to as

CIT v. Eltel SGDS P. Ltd. · 300 ITR 6 · section 80-IB · profits and gains · derived from any business of the industrial undertaking · industrial undertaking · direct nexus

Sections most often in play

Section 80IBSection 14ASection 143(3)Section 32Section 40A(2)(b)Section 43BSection 80IASection 80IC

Issues it is cited on

section 40a(2)(a)section 80hactual payment basisopening wdvset off of lossessection 80hheligible businesssection 80ibsection 145asection 80ideduction under section 80iasection 80ic

Judgments citing CIT v. Eltel SGDS P. Ltd.

ACIT Cen Cir-8, Mumbai vs. M/S. Jindal Drugs Ltd, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

ITA 4342/MUM/2008[2005-2006]Status: DisposedITAT Mumbai29 Oct 2015AY 2005-2006

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

Section 143(3)Section 14ASection 36(1)(iii)Section 80Section 80I

…to be taxed separately. The words used in Sec 80-IB are ‘profit and gains derived from any business’ are wide enough to cover the interest income. Reliance is placed on the decision of the Hon’ble Delhi High Court in the case of CIT Vs. Eltek SGS Private Ltd (300 ITR 6), and ACIT V. Dharampal Premchand Ltd. (221 CTR 133). 5.3 We also found that exactly similar issue was considered by Tribunal in assessee’s own case for assessment year 1999-00, 2001-02, & 2003-04 for interest on FD kept as margin money to be considered as business income and Page 15 of 39 16 Jindal Drugs Ltd. deduction to be allowed u/s 80HHC. T…

Jindal Drugs Ltd, Mumbai vs. M/S. ACIT Cen Cir-8, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

ITA 2592/MUM/2008[2005-2006]Status: DisposedITAT Mumbai29 Oct 2015AY 2005-2006

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

Section 143(3)Section 14ASection 36(1)(iii)Section 80Section 80I

…to be taxed separately. The words used in Sec 80-IB are ‘profit and gains derived from any business’ are wide enough to cover the interest income. Reliance is placed on the decision of the Hon’ble Delhi High Court in the case of CIT Vs. Eltek SGS Private Ltd (300 ITR 6), and ACIT V. Dharampal Premchand Ltd. (221 CTR 133). 5.3 We also found that exactly similar issue was considered by Tribunal in assessee’s own case for assessment year 1999-00, 2001-02, & 2003-04 for interest on FD kept as margin money to be considered as business income and Page 15 of 39 16 Jindal Drugs Ltd. deduction to be allowed u/s 80HHC. T…

Commissioner of Income Tax vs. M/s.Kakinada Co-operative Town Bank Limited

ITTA/571/2011HC Telangana28 Feb 2012

Bench: GODA RAGHURAM,M.S.RAMACHANDRA RAO

The Commissioner of Income Tax-III vs. Sportking India Limited

ITA/1232/2008HC Delhi19 Aug 2009
Section 143(3)Section 260Section 80Section 80I

…9:DHC:3337-DB ITA-1232/2008 Page 4 6. We find that for a similar provision of Section 80-IB, two decisions have been rendered by two Division Benches of this Court in the judgments reported as Commissioner of Income Tax vs. Eltek SGS (P) Ltd., (2008) 300 ITR 6 (Delhi) and Commissioner of Income Tax vs. Dharam Pal Prem Chand Ltd. (2009) 221 CTR (Del) 133. In the Eltek SGS (P) Ltd. case duty drawback was held to be profits/gains derived from an industrial undertaking and hence eligible for deductions under Section 80-IB. In the case of Dharam Pal Prem Chand Ltd. refund of excise duty was held to be…

Ultimate Fashion Maker Ltd vs. Commissioner of Income Tax Delhi

ITA - 1253 / 2008HC Delhi02 Dec 2008
For Appellant: Mr O.P. Sapra with Mr Sandeep SapraFor Respondent: Ms Prem Lata Bansal with Mr Mohan Prasad Gupta and
Section 80

…n No.1 is concerned, the counsel for the appellant as well as the counsel for the respondent / revenue agree that the same stands covered in favour of the assessee by virtue of the decision of this court in Commissioner of Income-tax v. Eltek SGS Pvt Ltd: 300 ITR 6 (Del.) as also in the case of 2008:DHC:3172-DB Limited: ITA 1441/2006 decided on 27.11.2008. Consequently, insofar as the first question is concerned, we allow the appeal of the assessee on that question holding in favour of the assessee in view of the aforesaid decisions. 3. As regards the other two questions, we do not find any infirm…

Ultimate Fashion Maker Ltd vs. Commissioner of Income Tax

ITA/1253/2008HC Delhi02 Dec 2008
For Appellant: Mr O.P. Sapra with Mr Sandeep SapraFor Respondent: Ms Prem Lata Bansal with Mr Mohan Prasad Gupta and
Section 80

…n No.1 is concerned, the counsel for the appellant as well as the counsel for the respondent / revenue agree that the same stands covered in favour of the assessee by virtue of the decision of this court in Commissioner of Income-tax v. Eltek SGS Pvt Ltd: 300 ITR 6 (Del.) as also in the case of 2008:DHC:3172-DB Limited: ITA 1441/2006 decided on 27.11.2008. Consequently, insofar as the first question is concerned, we allow the appeal of the assessee on that question holding in favour of the assessee in view of the aforesaid decisions. 3. As regards the other two questions, we do not find any infirm…