CIT v. Gloster Jute Mills Ltd.

96 Taxmann.com 303High Court2018#2412 most cited
48

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2020 to 2025.

Also referred to as

CIT v. Gloster Jute Mills Ltd. · 416 ITR 458 · 96 taxmann.com 303 · section 2(24)(xviii) · subsidy taxability · Technology Upgradation Fund Scheme · TUFS incentive · capital receipt · revenue receipt · export incentive · Focus Marketing Scheme

Also reported as

416 ITR 458257 Taxmann 512

Sections most often in play

Section 143(3)Section 115JBSection 147Section 148Section 139(1)Section 14ASection 153ASection 2(24)(xviii)

Issues it is cited on

section 11bsection 41(2)section 2(24)(xviii)section 90(3)section 256(2)convertible foreign exchangesection 43(6)(c)perquisite valuesection 2(11)section 2(45)section 256(1)section 40(a)(ii)

Judgments citing CIT v. Gloster Jute Mills Ltd.

Aym Syntex Ltd.(Formerly Known As M/S. Welspun Syntex Ltd.), Mumbai vs. DCIT- CC- 3(3), Mumbai

ITA 2340/MUM/2021[2013-14]Status: DisposedITAT Mumbai29 Sept 2022AY 2013-14

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

Narayan Industires, New Delhi vs. ACIT, Circle- 60(1), New Delhi

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

ITA 6153/DEL/2017[2014-15]Status: DisposedITAT Delhi30 Jun 2022AY 2014-15

Bench: Sh. Aakash Deep Jaindr. B. R. R. Kumar

For Appellant: Sh. Rohit Jain, Adv. &For Respondent: Sh. N. K. Bansal, Sr. DR
Section 253

…ty credit scrip concessions. 14. The amount of incentive received under Technology Upgradation Fund Scheme (TUFS) was considered as a Revenue subsidy in the following cases:  CIT vs. Shyam Lal Bansal 200 Taxman 14 (P&H HC)  CIT vs. Gloster Jute Mills Ltd. 416 ITR 458 (Cal. HC)  Jai Bhagwan Oil & Flour Mills vs. Union of India (2009) 14 SCC 63  Shiv Shakti Flour Mills (P.) Ltd vs. CIT 390 ITR 346 (Gauhati HC)  DCIT vs. Sutlej Textiles & Industries Ltd in ITA 5142/Del/2013 (AY 2009-10)  DCIT vs. Sutlej Textiles and Industries Ltd: ITA 337/Del/2015 (AY 2011-12)  DCIT v. Sutlej Textiles and Industries Ltd.:…

DCIT, C-1, Ludhiana vs. M/S Vardhman Textiles Limited, Ludhiana

The appeal of the Revenue is partly allowed for

ITA 612/CHANDI/2019[2009-10]Status: DisposedITAT Chandigarh28 May 2020AY 2009-10

Bench: Shri Sanjay Garg & Smt.Annapurna Guptaआयकर अपील सं./ Ita No.484 /Chd/2019 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: S/Shri Subhash Aggarwal, AdvFor Respondent: Smt.C.Chanderkanta, CIT DR
Section 14ASection 250(6)Section 80I

…Bansal wherein identical issue of treatment of subsidy was examined by the Hon'ble High Court and found to be capital in nature and further relying on the decision of the Hon'ble High Court of Calcutta in the case of CIT Vs. Gloster Jute Mills Ltd. (2018) 96 Taxmann.com 303 wherein also the subsidy was treated to be a capital receipt, the Ld.CIT(A), it was pointed out, held that the interest received under TUF Scheme was a capital receipt. The Ld.Counsel for the assessee futher pointed out that this issue had been settled by the ITAT also in favour of the assessee in its own case for assessment years 2002-0…

DCIT, C-1, Ludhiana vs. M/S Vardhman Textiles Limited, Ludhiana

The appeal of the Revenue is partly allowed for

ITA 611/CHANDI/2019[2008-09]Status: DisposedITAT Chandigarh28 May 2020AY 2008-09

Bench: Shri Sanjay Garg & Smt.Annapurna Guptaआयकर अपील सं./ Ita No.484 /Chd/2019 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: S/Shri Subhash Aggarwal, AdvFor Respondent: Smt.C.Chanderkanta, CIT DR
Section 14ASection 250(6)Section 80I

…Bansal wherein identical issue of treatment of subsidy was examined by the Hon'ble High Court and found to be capital in nature and further relying on the decision of the Hon'ble High Court of Calcutta in the case of CIT Vs. Gloster Jute Mills Ltd. (2018) 96 Taxmann.com 303 wherein also the subsidy was treated to be a capital receipt, the Ld.CIT(A), it was pointed out, held that the interest received under TUF Scheme was a capital receipt. The Ld.Counsel for the assessee futher pointed out that this issue had been settled by the ITAT also in favour of the assessee in its own case for assessment years 2002-0…

M/S Vardhman Textiles Limited, Ludhiana vs. JCIT, C-1, Ludhiana

The appeal of the Revenue is partly allowed for

ITA 485/CHANDI/2019[2009-10]Status: DisposedITAT Chandigarh28 May 2020AY 2009-10

Bench: Shri Sanjay Garg & Smt.Annapurna Guptaआयकर अपील सं./ Ita No.484 /Chd/2019 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: S/Shri Subhash Aggarwal, AdvFor Respondent: Smt.C.Chanderkanta, CIT DR
Section 14ASection 250(6)Section 80I

…Bansal wherein identical issue of treatment of subsidy was examined by the Hon'ble High Court and found to be capital in nature and further relying on the decision of the Hon'ble High Court of Calcutta in the case of CIT Vs. Gloster Jute Mills Ltd. (2018) 96 Taxmann.com 303 wherein also the subsidy was treated to be a capital receipt, the Ld.CIT(A), it was pointed out, held that the interest received under TUF Scheme was a capital receipt. The Ld.Counsel for the assessee futher pointed out that this issue had been settled by the ITAT also in favour of the assessee in its own case for assessment years 2002-0…

M/S Vardhman Textiles Limited, Ludhiana vs. ACIT, C-1, Ludhiana

The appeal of the Revenue is partly allowed for

ITA 484/CHANDI/2019[2008-09]Status: DisposedITAT Chandigarh28 May 2020AY 2008-09

Bench: Shri Sanjay Garg & Smt.Annapurna Guptaआयकर अपील सं./ Ita No.484 /Chd/2019 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: S/Shri Subhash Aggarwal, AdvFor Respondent: Smt.C.Chanderkanta, CIT DR
Section 14ASection 250(6)Section 80I

…Bansal wherein identical issue of treatment of subsidy was examined by the Hon'ble High Court and found to be capital in nature and further relying on the decision of the Hon'ble High Court of Calcutta in the case of CIT Vs. Gloster Jute Mills Ltd. (2018) 96 Taxmann.com 303 wherein also the subsidy was treated to be a capital receipt, the Ld.CIT(A), it was pointed out, held that the interest received under TUF Scheme was a capital receipt. The Ld.Counsel for the assessee futher pointed out that this issue had been settled by the ITAT also in favour of the assessee in its own case for assessment years 2002-0…

DCIT, C-1, Ludhiana vs. Vardhman Textiles Ltd., Ludhiana

The appeal of the Revenue is partly allowed for

ITA 613/CHANDI/2019[2013-14]Status: DisposedITAT Chandigarh27 May 2020AY 2013-14

Bench: Shri Sanjay Garg & Smt.Annapurna Guptaआयकर अपील सं./ Ita No.484 /Chd/2019 "नधा"रण वष" / Assessment Year : 2008-09

For Appellant: S/Shri Subhash Aggarwal, AdvFor Respondent: Smt.C.Chanderkanta, CIT DR
Section 14ASection 250(6)Section 80I

…Bansal wherein identical issue of treatment of subsidy was examined by the Hon'ble High Court and found to be capital in nature and further relying on the decision of the Hon'ble High Court of Calcutta in the case of CIT Vs. Gloster Jute Mills Ltd. (2018) 96 Taxmann.com 303 wherein also the subsidy was treated to be a capital receipt, the Ld.CIT(A), it was pointed out, held that the interest received under TUF Scheme was a capital receipt. The Ld.Counsel for the assessee futher pointed out that this issue had been settled by the ITAT also in favour of the assessee in its own case for assessment years 2002-0…

Asst CIT(Ltu) 1, Mumbai vs. Aditya Birla Nuvo Ltd, Mumbai

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

ITA 4704/MUM/2015[2010-11]Status: DisposedITAT Mumbai24 Feb 2020AY 2010-11

Bench: Shri Vikas Awasthy & Shri N.K.Pradhanaditya Birla Nuvo Limited, A4, Aditya Birla Center, S.K.Ahire Marg, Worli, Mumbai 400 020 Pan:Aaaci 1747H ...... Appellant Vs. Addl. Commissioner Of Income Tax- Ltu-1 World Trade Centre, 29Th Floor, Centre -1, Cuffe Parade, Mumbai 400 005. ..... Respondent Asstt. Commissioner Of Income Tax- Ltu-1 World Trade Centre, 29Th Floor, Centre -1, Cuffe Parade, Mumbai 400 005. ..... Appellant

For Appellant: S/Shri Jahangir D. Mistri/For Respondent: Shri Anand Mohan
Section 14ASection 14A(2)Section 8D(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K ”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI N.K.PRADHAN, ACCOUNTANT MEMBER Aditya Birla Nuvo Limited, A4, Aditya Birla Center, S.K.Ahire Marg, Worli, Mumbai 400 020 PAN:AAACI 1747H ...... Appellant Vs. Addl. Commissioner of Income Tax- LTU-1 World Trade Centre, 29th Floor, Centre -1, Cuffe Parade, Mumbai 400 005. ..... Respondent Asstt. Commissioner of Income Tax- LTU-1 World Trade Centre, 29th Floor, Centre -1, Cuffe Parade, Mumbai 400 005. ..... Appellant Vs. Aditya Birla Nuvo Limited, A4, Aditya Birla Center, S.K.Ahire Marg, Worli, Mumba…