CIT v. Meghalaya Steels Ltd.

Mahesh Chachan, Guwahati vs. Pr. Conmmissioner of Income Tax-2, Guwahati

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2015-16 Mahesh Chachan Pr. Cit, Guwahati - 2 Kayal Market, Fancy Bazar, Vs. Guwahati-781001. Pan: Afxpc 3051 R (Appellant) (Respondent) Present For: Appellant By : Shri Jay Prakash Gupta, Fca Respondent By : Shri N.T. Sherpa, Jcit Date Of Hearing : 03.04.2023 Date Of Pronouncement : 27.04.2023 O R D E R Per Girish Agrawal: This Appeal By The Assessee Is Directed Against The Order Passed By The Learned Commissioner Of Income Tax (Appeals) – Guwahati-2, (Hereinafter The ‘Ld. Cit(A)’ Dated 30.08.2019 For Assessment Year 2015- 16 Against The Order Passed U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) By Ito, Ward-4(2), Guwahati, Dated 05.04.2017. 2. Grounds Raised By The Assesee Is On Challenging The Treatment Of Vat Remission As Not Eligible For Deduction U/S 80Ie Of The Act By Invoking The Provisions Of Revision U/S 263 Of The Act.

…IN THE INCOME TAX APPELLATE TRIBUNAL, GUWAHATI BENCH, GUWAHATI (VIRTUAL HEARING AT KOLKATA) BEFORE SHRI RAJPAL YADAV, HON’BLE VICE PRESIDENT AND SHRI GIRISH AGRAWAL, HON’BLE ACCOUNTANT MEMBER Assessment Year: 2015-16 Mahesh Chachan Pr. CIT, Guwahati - 2 Kayal Market, Fancy Bazar, Vs. Guwahati-781001. PAN: AFXPC 3051 R (Appellant) (Respondent) Present for: Appellant by : Shri Jay Prakash Gupta, FCA Respondent by : Shri N.T. Sherpa, JCIT Date of Hearing : 03.04.2023 Date of Pronouncement : 27.04.2023 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal by the assessee is directed against the order passed…

M/S. Saraf Exports vs. Commissioner of Income Tax, Jaipur - III

Bench: HON'BLE MR. JUSTICE M.R. SHAH

…Page 3 of 36 3. Learned counsel appearing on behalf of the assessee has heavily relied upon the decision of this Court in the case of Commissioner of Income Tax Vs. Meghalaya Steels Limited, (2016) 6 SCC 747 : (2016) 383 ITR 217 (SC), 3.1 It is submitted that the meaning of “derived from” under Section 80-IB as laid down in Liberty India (supra) has been widened by this Hon’ble Court in the case of Meghalaya Steels Limited (supra). 3.2 It is further submitted that the conclusion of Liberty India (supra) is based on the finding that “derived from” under Section 80-IB req…

Assistant Commissioner of Income-Tax, Central Circle - 1, Visakhapatnam vs. M/S. Nekkanti Sea Foods Ltd., Visakhapatnam

In the result, appeal of the Revenue is dismissed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.158/Viz/2022 ("नधा"रणवष"/ Assessment Year: 2018-19) Assistant Commissioner Of Vs. Nekkanti Sea Foods Income Tax, Limited, Central Circle-1, Visakhapatnam. Visakhapatnam. Pan: Aaacn 46664 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Assessee By : Sri Pawan Chakrapani ""याथ"क"ओरसे/ Revenue By : Sri Mn Murthy Naik, Cit- Dr सुनवाईक"तार"ख/ Date Of Hearing : 08/03/2023 घोषणाक"तार"ख/Date Of : 17/03/2023 Pronouncement O R D E R

…ubmitted the decision of the Jurisdictional Tribunal in the assessee’s own case in ITA No. 156/Viz/2021 (AY: 2017-18), dated 6/6/2022. The Ld. CIT(A) relying on the judgment of the Hon’ble Supreme Court in the case of CIT vs. Meghalaya Steels Limited (2016) 383 ITR 217 and the decision of the jurisdictional Bench in ITA No. 156/Viz/2022 (supra) allowed the appeal of the assessee. Aggrieved by the order of the Ld. CIT(A), the Revenue is in appeal before us. 4. The Revenue has raised six grounds in its appeal however, the only issue involved in the grounds of appeal was in relation to allowability of income…

M/S Brahmaputra Carbon Ltd, Kolkata & Anr vs. Addl.Commissioner of Income Tax Range-3, Kolkata & Ors

The appeal of the assessee is allowed and the substantial question of law is answered in favour of the

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 27Th February, 2023 Appearance : Mr. Subhas Agarwal, Adv. …For Appellant Mr. Soumen Bhattacharjee, Adv. …For Respondent The Court :- This Appeal Filed By The Assessee Under Section 260A Of The Income Tax Act, 1961 (The Act) Is Directed Against The Order Dated 18.4.2012 Passed By The Income Tax Appellate Tribunal, “A” Bench, Kolkata In I.T.A. No. 282/Kol/2010 For The Assessment Year 2005-06. The Appeal Was Admitted On 30.11.2012 On The Following Substantial Question Of Law :- I) “Whether The Transport Subsidy Received By The Undertaking Engaged In Manufacturing Process Is Covered By The Meaning Of The Expression “Business Income” Within The Meaning Of Section 80 Ic Of The Income Tax Act, 1961 ?” The Substantial Question Of Law Which Has Been Admitted For Consideration Arise In The Assessee’S Own Case For The Assessment Year 2011-12 In I.T.A. No. 140 Of 2019 & By Judgment Dated 26.09.2022, The Appeal Filed By The Revenue Was Dismissed. Thus The Substantial Question Of Law Which Has Been Admitted For Consideration In This Appeal Stood Answered In Favour Of The Assessee In Assessee’S Own Case In Ita No. 140 Of 2019. The Operation Portion Of The Judgment Reads As Follows :-

…16) 3 SCALE 192. The appeals are, therefore, dismissed. 4 No costs.” As against the order passed in the case of Meghalaya Steels Ltd., the revenue had preferred appeal before the Hon’ble Supreme Court in Commissioner of Income-tax vs. Meghalaya Steels Ltd., 383 ITR 217 (SC) and the appeal filed by the revenue was dismissed. Thus, the issue having been settled in favour of the assessee in the aforementioned decisions, we are inclined to apply the same to the case on hand. In light of the above, the appeal filed by the revenue is dismissed and the substantial question of law is answered against the revenue.” Thus…