CIT v. Jagdishprasad M. Joshi

M/S. HOUSING DEVELOP,MENT FINANCE CORPN. LTD,MUMBAI vs. THE ADDL CIT RG-1(1), MUMBAI

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

…tc., have been considered as "profits derived from business of the undertaking," and submitted that the same analogy should hold good for the impugned incomes in assessee's case (i) CIT vs. Meghalaya Steels Ltd. 383 ITR 217 (ii) CIT vs. Jagdishprasad M. Joshi 318 ITR 420 (iii) Tema Exchangers Manufacturers Pvt. Ltd. vs. ACIT being Order dat- ed 18.07.2018 in ITA No. 415 of 2004 (iv) CIT vs. Shree Balaji Alloys 287 CTR 459 (v) Continental Construction Ltd. vs. CIT 195 ITR 81 (vi) ACIT vs. Nahavasheva International Container Terminal Pvt. Ltd. in Order dated 28.09.2018 in ITA No. 2935/Mum/2012 20. The ld AR drew at…

ADDL CIT 8(1), MUMBAI vs. M/S. SANOFI INDIA LIMITED (FORMERLY KNOWN AS M/S. AVENTIS PHARMA LTD), MUMBAI

In the result, the C.O. of the assessee for AY 2007-08 is partly allowed

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

…nd perused the material on record. We notice that the issue of interest on deposits whether to be included for the purpose of deduction under section 80IB has been considered by the Hon'ble Bombay High Court in the case of CIT vs JagdishprasadM. Joshi ([2009] 318 ITR 420 (Bombay)) and the relevant observations are extracted below – 1. Heard the learned counsel for the appellant and the learned counsel for the respondent. In the above appeals, the following substantial question of law arises : "Whether, on the facts and in the circumstances of the case and in law, the Tribunal was right in allowing the appeal of…

ADDL CIT RG 8(1), MUMBAI vs. M/S. SANOFI INDIA LIMITED (FORMERLY KNOWN AS M/S. AVENTIS PHARMA LTD), MUMBAI

In the result, the C.O. of the assessee for AY 2007-08 is partly allowed

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

…nd perused the material on record. We notice that the issue of interest on deposits whether to be included for the purpose of deduction under section 80IB has been considered by the Hon'ble Bombay High Court in the case of CIT vs JagdishprasadM. Joshi ([2009] 318 ITR 420 (Bombay)) and the relevant observations are extracted below – 1. Heard the learned counsel for the appellant and the learned counsel for the respondent. In the above appeals, the following substantial question of law arises : "Whether, on the facts and in the circumstances of the case and in law, the Tribunal was right in allowing the appeal of…

SANOFI INDIA LTD FORMERLY KNOWN AS AVENTIS PHARMA LTD ,MUMBAI vs. ADDL CIT RG 8(1), MUMBAI

In the result, the C.O. of the assessee for AY 2007-08 is partly allowed

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

…nd perused the material on record. We notice that the issue of interest on deposits whether to be included for the purpose of deduction under section 80IB has been considered by the Hon'ble Bombay High Court in the case of CIT vs JagdishprasadM. Joshi ([2009] 318 ITR 420 (Bombay)) and the relevant observations are extracted below – 1. Heard the learned counsel for the appellant and the learned counsel for the respondent. In the above appeals, the following substantial question of law arises : "Whether, on the facts and in the circumstances of the case and in law, the Tribunal was right in allowing the appeal of…

M/S. UNITED PHOSPHORUS LTD.,MUMBAI vs. DCIT CENT. CIR. - 38, MUMBAI

In the result, appeal of the revenue is partly allowed

Bench: Shri Amit Shukla & Shri Gagan Goyalm/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W), Mumbai – 400 052 Pan: Aaacu3440P ...... Appellant Vs. Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ..... Respondent Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ...... Appellant Vs. M/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W) Mumbai – 400 052 Pan: Aaacu3440P ...... Respondent (Now Known As Uniphos Enterprises Ltd.)

…s and gains derived from any business of an industrial undertaking. It is submitted that the above issue is no longer res integra as the issue stand concluded in its favour by the decision of this Court in Commissioner of Income Tax Vs. Jagdishprasad M.Joshi, 318 ITR 420. 5... 6. This Court answered the question in the affirmative while dismissing the Revenue's appeal. This by holding that income earned by the assessee on the fixed deposit from the bank has to be extended deductions under Section 80IA of the Act. In support of the above, this Court relied upon the decision of (Now known as Uniphos Enterprises Ltd…

CLOVER SOLAR PVT LTD.,MUMBAI vs. ITO-RANGE(3)(1)(3), MUMBAI

In the result, assesssee’s appeal stands allowed

Bench: Shri Shamim Yahya

…and gains derived from any business of an industrial undertaking. It is submitted that the above issue is no longer res integra as the issue stand concluded in its favour by the decision of this Court in Commissioner of Income Tax Vs. Jagdishprasad M. Joshi, 318 ITR 420. 5. We find that this Court in Jagdishprasad M. Joshi (supra), the question which was posed for our consideration was as under: “Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in allowing the appeal of the assessee holding that the interest income earned by the assessee on fixed deposits with the ban…

GRASIM INDUSTRIES LTD. vs. ADDL. CIT RANGE 6(3),

In the result, appeal filed by the assesse and revenue are partly allowed

Bench: Shri Saktijit Dey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blegrasim Industries Limited V. Addl. Cit, Range 6(3) Corporate Finance Division 5Th Floor, Room No. 505 Aditya Birla Centre “A” Wing Aayakar Bhavan 2Nd Floor, S.K. Ahire Marg, Worli Mumbai Mumbai-400025 Pan: Aaacg4464B Appellant Respondent Dy. Cit, Range 6(3), V. Grasim Industries Limited, 5Th Floor, Room No. 505, Corporate Finance Division, Aayakar Bhavan, Aditya Birla Centre, “A” Wing, Mumbai-20. 2Nd Floor, S.K. Ahire Marg Worli, Mumbai-400025 Pan: Aaacg4464B Appellant Respondent Assessee By : Shri J.D. Mistry Revenue By : Shri Sandeep Raj & Shri Vijay Kumar Menon

…IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT) “G” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER Grasim Industries Limited v. Addl. CIT, Range 6(3) Corporate Finance Division 5th floor, Room No. 505 Aditya Birla Centre “A” Wing Aayakar Bhavan 2nd floor, S.K. Ahire Marg, Worli Mumbai Mumbai-400025 PAN: AAACG4464B Appellant Respondent Dy. CIT, Range 6(3), v. Grasim Industries Limited, 5th floor, Room No. 505, Corporate Finance Division, Aayakar Bhavan, Aditya Birla Centre, “A” Wing, Mumbai-20. 2nd floor, S.K. Ahire Marg Worli, Mumbai-40002…

GATEWAY TERMINALS INDIA P.LTD,NAVI MUMBAI vs. DCIT PANVEL CIRCLE, MUMBAI

The appeal stands partly allowed in terms of our above order

…and then exported. In that sense, the export has direct nexus with the industrial undertaking itself. In the above background, the substantial ground raised by the revenue was not admitted. 4.4 The Hon’ble Bombay High Court in CIT V/s Jagdishprasad M. Joshi (318 ITR 420 25/11/2008), rendered in the context of deduction of interest income on fixed deposits and other interest income u/s 80-IA, relying upon the aforesaid decision of Hon’ble Delhi High Court in CIT V/s Eltek SGS (P) Ltd. (supra), refused to admit the substantial question of law raised by the revenue. This decision of CIT V/s Jagdishprasad M. Joshi (…

RITESH AGARWAL,MUMBAI vs. ASST. CIT 17(3), MUMBAI

In the result, appeal is partly allowed

Bench: Shri Saktijit Dey & Shri G. Manjunatha

…the Act in respect of warehousing charges. In support of such contention, the learned Authorised Representative relied upon the following decisions:– i) CIT v/s Eltek SGS Pvt. Ltd., [2008], 300 ITR 006 (Del.); and ii) CIT v/s Jagdish Prasad M. Joshi, [2009] 318 ITR 420 (Bom.). 5. The learned Departmental Representative strongly relying upon the observations of the Assessing Officer and learned Commissioner (Appeals) submitted, as per the provisions of section 80IC of the Act, only the profits and gains derived from any business of the undertaking is eligible for deduction under section 80IC of the Act. She sub…