CIT v. Kamani Metals & Alloys Ltd.

John Cockerill India Limited, Mumbai vs. Assistant Commissioner of Income Tax, Ltu-1, Mumbai

Bench: Shri Prashant Maharishi & Shri Kuldip Singhassessment Year: 2017-18

…as a single construction contract in accordance with paragraph 8.’ A liability, on the other hand, arises on account of a contractual or statutory obligation. 3.3 As regards the reliance by the Revenue before us on CIT vs. Kamani Metals & Alloys Ltd. [1994] 208 ITR 1017 (Bom), the same, in our view, shall not govern the facts or the issue involved in the present case, even as admittedly the accountancy principle of valuation of inventories is also based on the principle of prudence. In that case, the assessee-company, a manufacturer of copper and copper based alloys, strips and coils of various specifications,…

DCIT(Ltu)-1, Mumbai vs. M/S Cmi Fpe Ltd., Mumbai

Bench: Shri Mahavir Singh & Shri S. Rifaur Rahman

…d as a single construction contract in accordance with paragraph 8.' A liability, on the other hand, arises on account of a contractual or statutory obligation. 3.3 As regards the reliance by the Revenue before us on CIT vs. Kamani Metals & Alloys Ltd. [1994] 208 ITR 1017 (Bom), the same, in our view, shall not govern the facts or the issue involved in the present case, even as admittedly the accountancy principle of valuation of inventories is also based on the principle of prudence. In that case, the assessee-company, a manufacturer of copper and copper based alloys, strips and coils of various specifications,…

ITO 16(2)(4), Mumbai vs. Surya Gems, Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2009-10 Income Tax Officer-16(2)(4), M/S Surya Gems, बनाम/ 02Nd Floor, Matru Mandir, Flat No.4, 02Nd Floor, Tardeo Road, Bhaveshwar Sgar Patel Vs. Mumbai-400007 Compound 20 Napean Sea Road, Mumbai-400020 (याजस्व /Revenue) (यनधाारयती /Assessee) P.A. No. Aakfs6513Q याजस्व की ओर से / Revenue By Shri B.S. Bist-Dr यनधाारयती की ओर से / Assessee By None ुनवाई की तायीख / Date Of Hearing : 14/02/2017 आदेश की तायीख /Date Of Order: 08/03/2017

…ock-in-trade and not to unsettled forward foreign exchange contract. vi) The issue is squarely covered by the following decisions:- a) Indian Overseas Bank Ltd., 246 ITR 206(Mad) b) Indian Overseas Bank Ltd., 151 ITR 446 (Mad) c) Kamani Metals & Alloys Ltd., 208 ITR 1017 (Bom) d) Bank of India, 218 ITR 371 (Bom) e) Eveready Industries (I) Ltd., 78 ITD175 (Cal) f) Indian Molasses Co. Ltd., 37 ITR 66 (SC) 39. Shri F.V.Irani, ld Counsel for the assessee submitted that there is no dispute regarding allowability of assessee‘s claim and the only dispute is regarding timing i.e. year of allowability. The whole controv…

Cmi Fpe Ltd, Mumbai vs. Asst CIT Ltu, Mumbai

In the result, the assessee’s appeal is allowed for statistical purposes

Bench: Shri Sanjay Arora, Am & Shri Amarjit Singh, Jm आयकर अपील सं./I.T.A. No. 2334/Mum/2013 ("नधा"रण वष" / Assessment Year: 2009-10) Cmi Fpe Limited Asst. Cit-Ltu, World Trade बनाम/ Centre-I, 28Th Floor, Cuffe Parade, Mehta House, Plot No. 64, Road No. 13, Midc, Andheri (E), Mumbai – 400 005 Vs. Mumbai-400 093 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacf 0252 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri K. K. Ved ""यथ" क" ओर से/Respondent By : Shri S. Pandian सुनवाई क" तार"ख / : 17.03.2016 Date Of Hearing घोषणा क" तार"ख / : 10.06.2016 Date Of Pronouncement आदेश / O R D E R Per Sanjay Arora, A. M.: This Is An Appeal By The Assessee Directed Against The Order By The Commissioner Of Income Tax (Appeals)-24, Mumbai (‘Cit(A)’ For Short) Dated 12.12.2012, Partly Allowing The Assessee’S Appeal Contesting Its Assessment U/S.143(3) Of The Income Tax Act, 1961 (‘The Act’ Hereinafter) For The Assessment Year (A.Y.) 2009-10 Vide Order Dated 19.12.2011. 2. The Only Issue Arising In The Instant Appeal Is With Regard To The Confirmation Of The Disallowance Toward Provision For Loss On Contracts Made By The Assessee In Its’ Accounts For Rs.125.39 Lacs. The Assessee Is A Domestic Company & Its Principal

…as a single construction contract in accordance with paragraph 8.’ A liability, on the other hand, arises on account of a contractual or statutory obligation. 3.3 As regards the reliance by the Revenue before us on CIT vs. Kamani Metals & Alloys Ltd. [1994] 208 ITR 1017 (Bom), the same, in our view, shall not govern the facts or the issue involved in the present case, even as admittedly the accountancy principle of valuation of inventories is also based on the principle of prudence. In that case, the assessee-company, a manufacturer of copper and copper based alloys, strips and coils of various specifications,…

Inventurus Knowledge Services P.Ltd, Navi Mumbai vs. ITO 5(2)(1), Mumbai

In the result appeal of the assessee company is partly allowed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: - 2009-10 Inventurus Knowledge Services V. Income Tax Officer Pvt. Ltd. 5(2)(1), C/O. Seren Properties Pvt. Ltd. 525, Aaykar Bhavan, (Sez), Unit No. 204, Build No. 5, M.K. Road, Mindspace Airoli Camp, Plot No. Mumbai - 400 020. 3, Gat No. 95, Kalwa Trans, Thane Creek, Midc Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai – 400 708. Pan/Gir No. Aabck4601P

…exchange contract. (vi) The issue is squarely covered by the following decisions:- (a) Indian Overseas bank Ltd., 246 ITR 206(Mad) Page 25 of 44 26 Assessment year: - 2009-10 (b) Indian Overseas bank Ltd., 151 ITR 446 (Mad) (c) Kamani Metals & Alloys Ltd., 208 ITR 1017 (Bom) (d) Bank of India, 218 ITR 371 (Bom) (e) Eveready Industries (I) Ltd., 78 ITD175 (Cal) (f) Indian Molasses Co. Ltd., 37 ITR 66 (SC) 39. Shri F.V.Irani, ld counsel for the assessee submitted that there is no dispute regarding allowability of assessee's claim and the only dispute is regarding timing i.e. year of allowability. The whole contr…

M/S. Ring Plus Aqua Ltd., Mumbai vs. CIT (A) - IX, Mumbai

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

Bench: S/Shri B.R.Baskaran (Am) & Ramlal Negi, (Jm) आमकय अऩीर सं./I.T.A. No.1194/Mum/2006 (ननधधायण वषा / Assessment Year :1996-97) बनाम/ Ring Plus Aqua Limited, The Asstt.Commisioner Of Income (Formerly Known As Acqua Tax , Circle 9(3), Vs. Bearings Limited) Aayakar Bhavan, M K Road, 605, Jagdamba Complex, Mumbai-400020 Link Road, Malad (W), Mumbai-400064 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ “आई” म ुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE S/SHRI B.R.BASKARAN (AM) AND RAMLAL NEGI, (JM) आमकय अऩीर सं./I.T.A. No.1194/Mum/2006 (ननधधायण वषा / Assessment Year :1996-97) बनाम/ Ring Plus Aqua Limited, The Asstt.Commisioner of Income (Formerly known as Acqua Tax , Circle 9(3), Vs. Bearings Limited) Aayakar Bhavan, M K Road, 605, Jagdamba Complex, Mumbai-400020 Link road, Malad (W), Mumbai-400064 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. स्थधमी रेखध सं./जीआइआय सं./PAN :JT.CIT SR 50/11-A Mumbai अऩीरधथी ओय से / Appellant by Shri Nitesh Joshi प्र…