CIT v. Grace Paper Industries (P.) Ltd.

Acc Limited (Formerly Known As the Associated Cement Companies Ltd.), Mumbai vs. Addll. 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 Ltd., V. Dcit – Range – 1(1) Mumbai {Formerly Known As The Associated Cement Companies, Ltd.,} Cement House, 121 M.K. Road, Churchgate Mumbai - 400020 Pan: Aaact1507C (Appellant) (Respondent) Dcit (Ltu)-1 V. M/S. Acc Ltd., 29Th Floor, Centre No.1 Cement House, 121 World Trade Centre, Cuffe Parade M.K. Road, Churchgate Mumbai - 400005 Mumbai - 400020 Pan: Aaact1507C (Appellant) (Respondent)

…arises whether such subsidy would be adjustable towards assessee's costs of acquisition of capital assets. We may notice that, a similar question was considered by Division Bench of Gujarat High Court in case of CIT v. Grace Paper Industries (P.) Ltd. [1990] 183 ITR 591/52 Taxman 18. The Court noted that, the subsidy was granted by the Government for development of industries in back-ward areas. It was not part of the actual cost of plant or machinery. The Court, therefore, held that it could not have been deducted towards costs of acquisition. The Court held as under:— "We have carefully considered the provisio…

Acc Ltd, Mumbai vs. Asst 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

…arises whether such subsidy would be adjustable towards assessee's costs of acquisition of capital assets. We may notice that, a similar question was considered by Division Bench of Gujarat High Court in case of CIT v. Grace Paper Industries (P.) Ltd. [1990] 183 ITR 591/52 Taxman 18. The Court noted that, the subsidy was granted by the Government for development of industries in back-ward areas. It was not part of the actual cost of plant or machinery. The Court, therefore, held that it could not have been deducted towards costs of acquisition. The Court held as under:— "We have carefully considered the provisio…

Acc Limited (Formerly Known As the Associated Cement Companies Ltd.), Mumbai vs. ACIT - Ltu, 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)

…arises whether such subsidy would be adjustable towards assessee's costs of acquisition of capital assets. We may notice that, a similar question was considered by Division Bench of Gujarat High Court in case of CIT v. Grace Paper Industries (P.) Ltd. [1990] 183 ITR 591/52 Taxman 18. The Court noted that, the subsidy was granted by the Government for development of industries in back-ward areas. It was not part of the actual cost of plant or machinery. The Court, therefore, held that it could not have been deducted towards costs of acquisition. The Court held as under:— "We have carefully considered the provisio…

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

…arises whether such subsidy would be adjustable towards assessee's costs of acquisition of capital assets. We may notice that, a similar question was considered by Division Bench of Gujarat High Court in case of CIT v. Grace Paper Industries (P.) Ltd. [1990] 183 ITR 591/52 Taxman 18. The Court noted that, the subsidy was granted by the Government for development of industries in back-ward areas. It was not part of the actual cost of plant or machinery. The Court, therefore, held that it could not have been deducted towards costs of acquisition. The Court held as under:— "We have carefully considered the provisio…

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

…arises whether such subsidy would be adjustable towards assessee's costs of acquisition of capital assets. We may notice that, a similar question was considered by Division Bench of Gujarat High Court in case of CIT v. Grace Paper Industries (P.) Ltd. [1990] 183 ITR 591/52 Taxman 18. The Court noted that, the subsidy was granted by the Government for development of industries in back-ward areas. It was not part of the actual cost of plant or machinery. The Court, therefore, held that it could not have been deducted towards costs of acquisition. The Court held as under:— "We have carefully considered the provisio…

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)

…arises whether such subsidy would be adjustable towards assessee's costs of acquisition of capital assets. We may notice that, a similar question was considered by Division Bench of Gujarat High Court in case of CIT v. Grace Paper Industries (P.) Ltd. [1990] 183 ITR 591/52 Taxman 18. The Court noted that, the subsidy was granted by the Government for development of industries in back-ward areas. It was not part of the actual cost of plant or machinery. The Court, therefore, held that it could not have been deducted towards costs of acquisition. The Court held as under:— "We have carefully considered the provisio…

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)

…arises whether such subsidy would be adjustable towards assessee's costs of acquisition of capital assets. We may notice that, a similar question was considered by Division Bench of Gujarat High Court in case of CIT v. Grace Paper Industries (P.) Ltd. [1990] 183 ITR 591/52 Taxman 18. The Court noted that, the subsidy was granted by the Government for development of industries in back-ward areas. It was not part of the actual cost of plant or machinery. The Court, therefore, held that it could not have been deducted towards costs of acquisition. The Court held as under:— "We have carefully considered the provisio…

DCIT-Ltu - 2, Mumbai vs. Ambuja Cements Ltd, Mumbai

In the result, the appeal of the revenue is dismissed

…arises whether such subsidy would be adjustable towards assessee's costs of acquisition of capital assets. We may notice that, a similar question was considered by Division Bench of Gujarat High Court in case of CIT v. Grace Paper Industries (P.) Ltd. [1990] 183 ITR 591/52 Taxman 18. The Court noted that, the subsidy was granted by the Government for development of industries in back-ward areas. It was not part of the actual cost of plant or machinery. The Court, therefore, held that it could not have been deducted towards costs of acquisition. The Court held as under:— "We have carefully considered the provisio…

DCIT (Ltu) 1, Mumbai vs. Ambuja Cements Ltd, Mumbai

In the result, the appeal of the revenue is thus dismissed

…arises whether such subsidy would be adjustable towards assessee's costs of acquisition of capital assets. We may notice that, a similar question was considered by Division Bench of Gujarat High Court in case of CIT v. Grace Paper Industries (P.) Ltd. [1990] 183 ITR 591/52 Taxman 18. ITA Nos.2968/Mum/2015 & 1665/Mum/2019 ITA Nos. 3307/Mum/2015 & 2428/Mum/2019 Assessment years: 2008-09 and 2009-10 Page 26 of 51 The Court noted that, the subsidy was granted by the Government for development of industries in back-ward areas. It was not part of the actual cost of plant or machinery. The Court, therefore, held that i…

Asst CIT Ltu, Mumbai vs. Ambuja Cements Ltd, Mumbai

In the result, the appeal of the revenue is dismissed

…ITA Nos. 6375 and 6405/Mum/2013 CO No. 166/Mum/2015 Assessment year: 2007-08 Page 1 of 42 THE INCOME TAX APPELLATE TRIBUNAL MUMBAI K BENCH, MUMBAI [Coram: Pramod Kumar (Vice President), and Sandeep S Karhail (Judicial Member)] Assessment year: 2007-08 Ambuja Cement Limited .…………………………Appellant (formerly Known as Gujarat Ambuja Cements Ltd.) Elegant Business Park, MIDC Cross Road B, Andheri (E) Mumbai 400 059 [PAN: AAACG0569P] Vs. Additional Commissioner of Income Tax Large Tax Payer Unit, Mumbai ……………...…………Respondent CO No. 166/Mum/2015 In ITA No. 6375/Mum/2013 Assessment year: 2007-08 Assistant Commissioner of…

Ambuja Cements Ltd ( Formerly Known As Gujarat Ambuja Cements Ltd), Mumbai vs. Addl CIT 3(1), Mumbai

In the result, the appeal of the revenue is thus dismissed

…arises whether such subsidy would be adjustable towards assessee's costs of acquisition of capital assets. We may notice that, a similar question was considered by Division Bench of Gujarat High Court in case of CIT v. Grace Paper Industries (P.) Ltd. [1990] 183 ITR 591/52 Taxman 18. ITA Nos.2968/Mum/2015 & 1665/Mum/2019 ITA Nos. 3307/Mum/2015 & 2428/Mum/2019 Assessment years: 2008-09 and 2009-10 Page 26 of 51 The Court noted that, the subsidy was granted by the Government for development of industries in back-ward areas. It was not part of the actual cost of plant or machinery. The Court, therefore, held that i…

Joint CIT (OSD) Cent Cir. 1(4), Mumbai vs. Grasim Industries Ltd., Mumbai

In the result, all the appeals of the Revenue are dismissed

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘G‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI AMARJIT SINGH, JUDICIAL MEMBER ITA No.2156/Mum/2016 (Assessment Year :1997-98) ITA No.2154/Mum/2016 (Assessment Year :1999-00) & JCIT(OSD)-Central Circle Vs. M/s. Grasim Industries 1(4), Mumbai Limited Room No.902, 9th Floor Corporate Finance Division Old CGO Building Aditya Birla Centre A Wing, 2nd Floor M.K.Road, Churchgate SK Ahire Marg, Worli Mumbai – 400 020 Mumbai – 30 PAN/GIR No. AAACG4464B (Appellant) .. (Respondent) Revenue by Shri J.D. Mistry,Senior Advocate and Shri Ronak Doshi Assessee by Shri…

Jsw Steel Limited, Mumbai vs. Addlcit, Bangalore

858/M/2011

Bench: Shri Om Prakash Kant () & Shri Amarjit Singh () Assessment Year: 2007-08 Jsw Steel Limited, The Addl. Cit, Range 11, Jindal Mansion, 5A, Vs. Bangalore. Dr. G. Deshmukh Marg, Mumbai-400026. Pan No. Aaacj 4323 N Appellant Respondent Assessment Year: 2007-08 Dc. Cc.46, M/S Jsw Steel Ltd., R.No. 659, 6Th Floor, Aayakar Vs. Jindal Mansion, 5-A, Dr. G Bhavan, M.K. Road, Deshmukh Marg, Mumbai-20. Mumbai-400026. Pan No. Aaacj 4323 N Appellant Respondent Assessment Year: 2007-08 M/S Jsw Steel Ltd., Dcit, Central Circle 46, Jsw Centre, Bandra Kurla Vs. 6Th Flr., Aayakar Bhavan, M.K. Complex, Road, Mumbai-400051. Mumbai-400020. Pan No. Aaacj 4323 N Appellant Respondent

…whether such subsidy would be adjustable towards assessee's costs of acquisition of capital assets. We may notice that, a similar question was considered by Division Bench of Gujarat High Court in case of CIT v/s. Grace Paper Industries Pvt. Ltd., reported in 183 ITR 591. The Court noted that, the subsidy was granted by the Government for development of industries in back-ward areas. It was not part of the actual cost of plant or machinery. The Court, therefore, held that it could not have been deducted towards costs of acquisition. The Court held as under:- S.R.JOSHI itxa-1743-2016-group.odt " We have carefully…

The Godavari Sugar Mills Ltd., Mumbai vs. ACIT(OSD) RG.2(1), Mumbai

In the result, both the appeals of the assessee are treated as partly allowed for statistical purposes

Bench: Shri B.R. Baskaran (Am)& Shri Pawan Singh (Jm)

…hich the subsidy was given nowhere provided as to how the subsidy should be utilized and for which assets. The Hon’ble Supreme Court also considered the decision rendered by Hon’ble Gujarat High Court in the case of CIT Vs. Grace Paper Industries P Ltd (1990)(183 ITR 591), wherein the Hon’ble Gujarat High Court held that the basis for determining the cash subsidy with reference to the cost or value of fixed assets was only a measure for quantifying the subsidy and the subsidy was not given for the specific purpose of meeting any portion of the cost of the fixed assets. Consequently, the subsidy did not form part…