CIT v. Meghalaya Steels Ltd.

383 ITR 217Supreme Court of India2016#450 most cited

What is CIT v. Meghalaya Steels Ltd. authority for?

Subsidies and excise duty refunds that are accounted for in the Profit and Loss account are revenue in nature, form part of business income, and are eligible for deductions under Section 80IB/80IC. Such receipts cannot be reduced from the block of assets for depreciation calculation.

203

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. Meghalaya Steels Ltd. · Section 80IB · Section 80IC · subsidy · excise duty refund · revenue receipt · business income · depreciation · P&L account

Also reported as

67 Taxmann.com 158

Sections most often in play

Section 143(3)Section 115JBSection 80IBSection 2(24)Section 14ASection 271(1)(c)Section 1961Section 132
Read the full judgment

Issues it is cited on

section 80hhc(3)section 115jasection 80hhsection 80hsection 80hhcsection 28(iv)section 80ibsection 115jb(2)section 80icsection 80iasection 80ideduction under section 80ia

Judgments citing CIT v. Meghalaya Steels Ltd.

Perfect Carbouys P.Ltd, Mumbai vs. DCIT 9(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 209/MUM/2015[2007-08]Status: DisposedITAT Mumbai22 Jul 2016AY 2007-08

Bench: Shri D. Karunakara Raoi.T.A. No.209/M/2015 (Assessment Year: 2007-2008) फनाभ/ Perfect Carbouys P Ltd., Dcit-9(2), Gb/4, Virwani Industrial Aayakar Bhavan, Vs. Estate, Western Express M.K. Road, Mumbai – 20. Highway, Goregaon (E), Mumbai – 400 063. स्थामी रेखा सं./ Pan : Aaacp6643F (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) अऩीराथी की ओय से / Appellant By : Shri Ketan L. Vajani प्रत्मथी की ओय से/ Respondent By : Shri Ajay, Dr

For Appellant: Shri Ketan L. VajaniFor Respondent: Shri Ajay, DR
Section 80Section 80I

…e decision of the AO. Aggrieved, assessee is in appeal before the Tribunal. 4. During the proceedings before the Tribunal, Ld Counsel for the assessee brought my attention to the judgment of the Hon’ble Apex Court in the case of CIT vs. Meghalaya Steels Ltd (383 ITR 217) (AY 2004-05) (SC) and submitted that the said judgment is relevant for the proposition that when an element of cost is reimbursed, the same constitutes eligible profit of the assessee for the purpose of section 80IB of the Act. The same should be considered as profit / gains derived from the business. For this proposition he relied on the conten…

Digboi Carbon Pvt Ltd, Kolkata vs. C.I. T - I, Kolkata

In the result, assessee’s appeal stands allowed

ITA 893/KOL/2013[2008-2009]Status: DisposedITAT Kolkata05 Jul 2016AY 2008-2009

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2008-09

Section 143(3)Section 263Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “A” KOLKATA Before Shri N.V.Vasudevan, Judicial Member and Shri Waseem Ahmed, Accountant Member Assessment Year :2008-09 Digboi Carbon Pvt. Ltd. V/s. Commissioner of Income 19, Chandni Chowk Tax-I, Aayakar Bhawan, Street, Kolkata-700 072 P-7, Chowringhee [PAN No.AACCD 2107 L] Square, Kolkata-700 069 .. अपीलाथ" /Appellant ""यथ"/Respondent अपीलाथ" क" ओर से /By Appellant Shri Subash Agarwala, Advocate Shri Rajat Subhra Biswas, CIT-DR ""यथ" क" ओर से/By Respondent 10-05-2016 सुनवाई क" तार"ख/Date of Hearing 05-07-2016 घोषणा क" तार"ख/Date of Pronouncement आदेश /O…

Brahmaputra Carbon Ltd, Kolkata vs. C.I.T - I, Kolkata

In the result the appeal of the assessee is allowed

ITA 894/KOL/2013[2008-2009]Status: DisposedITAT Kolkata01 Jun 2016AY 2008-2009

Bench: Hon’Ble Shri P.M.Jagtap, Am & Sri N.V.Vasudevan, Jm ] I.T.A No. 894/Kol/2013 Assessment Year : 2008-09

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri S.Srivastava, CIT (DR)
Section 143(3)Section 263Section 80Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH : KOLKATA [Before Hon’ble Shri P.M.Jagtap, AM & Sri N.V.Vasudevan, JM ] I.T.A No. 894/Kol/2013 Assessment Year : 2008-09 Brahmaputra Carbon Ltd. -vs.- C.I.T.- I, Kolkata Kolkata Kolkata [PAN : AAACH7120D]] (Respondent) (Appellant) For the Appellant : Shri Subash Agarwal, Advocate For the Respondent : Shri S.Srivastava, CIT (DR) Date of Hearing : 24.05.2016. Date of Pronouncement : 01.06.2016 ORDER Per N.V.Vasudevan, JM This is an appeal by the Assessee against the order dated 28.03.2013 of CIT-I, Kolkata passed u/s 263 of the Income Tax Act, 1961 (Act). 2.…