CIT v. Kalpataru Colours and Chemicals

KHIMJIBHAI GOVABHAI RAVRIYA,MUMBAI vs. ITO, WARD-22(2)(1), MUMBAI

In the result, the appeal by the assessee is dismissed

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailkhimjibhai Govabhai Ravriya, 3203, Vasant Marvel Grandeur Chsl, Magathane Telephone Exchange, Borivali East, Mumbai – 400066 ............... Appellant Pan: Ahdpr5483J V/S

…. 2003-04. The appeal is thus filed belatedly by 420 days before the Hon'ble Tribunal. 3. I say that the Ld. CIT(A) has dismissed the appeal of the applicant because the Hon'ble Jurisdictional High Court in the case of CIT vs. Kalpataru Colours And Chemicals (328 ITR 451) was against the issue involved in the assessee's case. 4. I say that I was advised by my Tax Consultant that no fruitful purpose would be served by filing an appeal before the Hon'ble Tribunal since the Hon'ble 6 Jurisdictional High Courts was against the applicant and that the same was also binding on the Hon'ble Tribunal. 5. I say that therea…

SANJAY SALES CORPORATION ,MUMBAI vs. ACIT CIRCLE- 21 (3), MUMBAI

In the result, appeal filed by the assessee is allowed for statistical purposes

…THE INCOME TAX APPELLATE TRIBUNAL “E” Bench, Mumbai Shri Shamim Yahya (AM) & Shri Pavankumar Gadale (JM) I.T.A. No. 7812/Mum/2019 (Assessment Year 2003-04) Vs. ACIT, Circle-21(3) Sanjay Sales Corporation Alta Bhavan Room No. 209 532, Senapati Bapat Marg Piramal Chambers Dadar, Mumbai-400 028. Lalbaug Mumbai-400 012. PAN : AAMFS3154P (Appellant) (Respondent) Assessee by Shri H.P. Mahajani Department by Shri Vijay Kumar Menon Date of Hearing 15.07.2021 Date of Pronouncement 29.09.2021 O R D E R Per Shamim Yahya (AM) :- This appeal by the assessee is directed against the order of learned CIT(A) dated 1.10.2019…

DCIT-11(1)(2),, MUMBAI vs. M/S. SANGAM INDIA LTD.,, MUMBAI

Appeal stand dismissed whereas the assessee‟s appeal stands partly allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No.1490/Mum/2019 (धििाारण वर्ा / Assessment Year: 2015-16) Dcit-11(1)(2) M/S. Sangam India Ltd. Gf, Room No.1 306, „B‟ Wing बिाम/ Aaykar Bhavan, M.K. Road Dynasty Business Park Vs. Mumbai-400 020 J.B. Nagar, A.K. Road Andheri (E), Mumbai-400 059 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaccs-0486-K (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & Co No.01/Mum/2021 (धििाारण वर्ा / Assessment Year: 2015-16) M/S. Sangam India Ltd. Dcit-11(1)(2) 306, „B‟Wing Gf, Room No.1 बिाम/ Dynasty Business Park Aaykar Bhavan, M.K. Road Vs. J.B. Nagar, A.K. Road Mumbai-400 020 Andheri (E), Mumbai-400 059 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaccs-0486-K (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Dharmesh Shah-Ld. Ar Revenue By : Shri Ajit Kumar Shrivastava-Ld. Cit-Dr ुनवाई की तारीख/ : 02/07/2021 Date Of Hearing घोषणा की तारीख / : 26/07/2021 Date Of Pronouncement

…1 M/s Sangam India Limited Assessment Year: 2015-16 आयकर अपीलीय अधिकरण “जी” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI माननीय श्री महावीर स िंह, उपाध्यक्ष एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा दस्य के मक्ष। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No.1490/Mum/2019 (धििाारण वर्ा / Assessment Year: 2015-16) DCIT-11(1)(2) M/s. Sangam India Ltd. GF, Room No.1 306, „B‟ Wing बिाम/ Aaykar Bhavan, M.K. Road Dynasty Business Park Vs. Mumbai-400 020 J.B. Nagar, A.K. Road Andheri (E), Mu…

ANANDKUMAR JAIN,MUMBAI vs. ITO WD 18(2)(2), MUMBAI

In the result, appeal of the assessee is allowed, as above

Bench: Shri G.S. Pannu & Shri Ravish Sood: A.Y : 2003-04

…2003-04. The appeal is thus filed belatedly by 420 days before the Hon’ble Tribunal. 3. I say that the Ld. CIT(A) has dismissed the appeal of the applicant because the Hon’ble Jurisdictional High Court in the case of CIT vs. Kalpataru Colours And Chemicals [328 ITR 451] was against the issue involved in the assessee’s case. 4. I say that I was advised by my Tax Consultant that no fruitful purpose would be served by filing an appeal before the Hon’ble Tribunal since the Hon’ble Jurisdictional High Courts was against the applicant and that the same was also binding on the Hon’ble Tribunal. 5. I say that thereaf…

S. MANSUKHLAL & CO.,MUMBAI vs. DCIT 14(2), MUMBAI

In the result, the appeal filed by the assessee in ITA No

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 4793/Mum/2014 ("नधा"रण वष" / Assessment Year : 2010-11) M/S. S. Mansukhlal & Co., The Deputy Commissioner बनाम/ Srbc & Associates Llp, Of Income Tax –14(2), V. Chartered Accountants, Earnest House, Iii Floor, 12 Th Floor, The Ruby, Nariman Point, 29, Senapati Bapat Marg, Mumbai – 400 021. Dadar (West), Mumbai – 400 028. "थायी लेखा सं./Pan : Aahfs9459A .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…and not accounted as ‘due’ and would be accounted in the year of sale of licenses as per method of accounting followed consistently taking the cost at nil as per the judgment of Hon’ble Bombay High Court in the case of CIT v. Kalpataru Colours and Chemicals, 328 ITR 451 which has been reversed by the Hon’ble Supreme Court in the case of Topman Exports v. CIT reported in 322 ITR 49(SC) only on the ground that the assessee has offered on ‘due’ basis when licenses were received and when sold, the department wanted to tax on gross basis i.e. the sale value of licenses without deducting the notional value of cost und…

MY FAVOURITE LADY EXPORTS P.LTD,MUMBAI vs. DCIT OSDITO WD 6(3)(4)8(2), MUMBAI

In the result the appeal filed by the assessee is allowed for statistical purpose as indicated above

Bench: Shri Shailendra Kumar Yadav & Shri Rajesh Kumar.

…value has to be considered as business profit u/s 28(iii d) and deduction u/s 80HHC had to be computed accordingly. The said decision of Tribunal has however not been upheld by Hon'ble High Court of Bombay in case of CIT Vs. Kalpataru Colours & Chemicals Ltd.(328 ITR 451) in which it was held that the entire DEPB income including the face value has to be considered as a profit u/s 28(iii d). However the Hon'ble Supreme Court recently in case of Topman Exports Ltd. (Supra) have not upheld the view taken by the Hon'ble High Court of Bombay and have confirmed the order passed by special bench of Tribunal on this is-…

PRAYAS WRITING INSTRUMENTS,MUMBAI vs. DCIT 24(3), MUMBAI

Bench: S/Sh. Rajendra & Pawan Singhआयकर अपील अपील संसंसंसं./I.T.A./4483/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Year: ( 2008-09) आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Prayas Writing Instruments Dy. Cit – 24(3) Room No.701, C-11, 7Th Floor, Bandra 113, Sati Industrial Estate, Kurla Complex, Bandra (E) I.B. Patel Road, Goregaon (E) Vs. Mumbai-400 051. Mumbai-400 063. Pan:Aagfp 6727 P (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri Naveen Gupta-Dr Assessee By: None सुनवाई क" तारीख / Date Of Hearing: 21.06.2016 घोषणा क" तारीख / Date Of Pronouncement: 21.06.2016 आयकर आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार Per Rajendra, Am- अनुसार Challenging The Order Dated 15.01.2013 Of Cit(A)-34, Mumbai The Assessee Has Filed The Present Appeal.Assessee-Firm,Engaged In The Business Of Manufacturing & Trading Of Pens, Ballpens, Mechanical Pencil & Their Parts & Components Etc., Filed Its Return On 30.9.2008 Declaring Total Income At Rs.Nil.The Assessing Officer (Ao) Completed Assessment U/S. 143(3) Of The Act On 30.05.10 Determining The Income Of The Assessee At Rs.20.60 Lakhs.

…efore him was to decide as to whether the receipt arising out of sale of DEPB credits had to be taken in entirety for computation of 80HHC of the Act or not.He referred to the cases of Topman Exports (31 ITR 87-SB-AT) and Kalpataru Colours and Chemicals Ltd. (328 ITR 451). He also referred to the judgment of the Hon'ble Supreme Court delivered in the case of Topman Exports and held that the assessee was entitled to deduction as per the provisions of section 80HHC on export profit and that the benefit of such deduction could not be denied to the assessee.Accordingly, he directed the AO to follow the judgment of th…

DCIT CIR. - 6(3), MUMBAI vs. M/S. METRO EXPORTERS P. LTD., MUMBAI

In the result, appeal filed by the assessee is allowed and the appeal of Revenue is partly allowed

Bench: Shri B.R. Baskaran & Shri Pawan Singh

…the appellant - assessee in appeal, counsel for the appellant states that the first three questions are covered against the assessee by the decision of this Court in the case of Commissioner of Income Tax V/so Kalpataru Colours & Chemicals reported in (2010) 328 ITR 451 (Bom). Accordingly, first three questions cannot be entertained. As regards fourth question is concerned, the Income Tax Appellate Tribunal has disallowed the claim of the assessee by following the decision of this Court in the case of Commissioner of Income Tax V/s. Dresser Rand India Private Limited reported in (2010) 323 ITR 429 (Bom). The dis…

M/S. METRO EXPORTERS PVT. LTD,MUMBAI vs. THE ACIT RG 6(3), MUMBAI

In the result, appeal filed by the assessee is allowed and the appeal of Revenue is partly allowed

Bench: Shri B.R. Baskaran & Shri Pawan Singh

…the appellant - assessee in appeal, counsel for the appellant states that the first three questions are covered against the assessee by the decision of this Court in the case of Commissioner of Income Tax V/so Kalpataru Colours & Chemicals reported in (2010) 328 ITR 451 (Bom). Accordingly, first three questions cannot be entertained. As regards fourth question is concerned, the Income Tax Appellate Tribunal has disallowed the claim of the assessee by following the decision of this Court in the case of Commissioner of Income Tax V/s. Dresser Rand India Private Limited reported in (2010) 323 ITR 429 (Bom). The dis…