CIT v. Menon Impex (P.) Ltd.

259 ITR 403High Court2003#2808 most cited

What is CIT v. Menon Impex (P.) Ltd. authority for?

Interest income, such as from bank deposits or letters of credit, qualifies for deduction under sections 10A and 10AA only if it has a direct and immediate nexus with the eligible industrial undertaking's business.

42

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2011 to 2025.

Also referred to as

CIT v. Menon Impex (P.) Ltd. · section 10A deduction · section 10AA deduction · interest income · direct nexus · eligible undertaking profits · free trade zone unit · income derived from business · 259 ITR 403 · Supreme Court affirmed

Also reported as

128 Taxmann 11

Sections most often in play

Section 10ASection 10AASection 115JBSection 143(1)Section 143(3)Section 145Section 43BSection 45Q

Issues it is cited on

free trade zonesection 80hhsection 10asection 10aasection 80hhcsection 80asection 260section 260acommercial expediencygross total incomesection 80isection 10

Judgments citing CIT v. Menon Impex (P.) Ltd.

Excelra Knowledge Solutions Private Limited, Hyderabad vs. DCIT., Circle-8(1), Hyderabad

In the result, the appeal of the assessee is allowed

ITA 545/HYD/2025[2018-19]Status: DisposedITAT Hyderabad26 Nov 2025AY 2018-19

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Madhusudan Sawdiaआ.अपी.सं /Ita No.545/Hyd/2025 (िनधा"रण वष"/Assessment Year: 2018-19) Excelra Knowledge Vs. Dy.Cit Solutions Private Limited Circle 8(1) Hyderabad Hyderabad Pan:Aafcg5715Q (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Advocate H Srinivasulu राज" व "ारा/Revenue By:: Shri Ranjan Agrawala, Sr. Dr सुनवाई की तारीख/Date Of Hearing: 17/11/2025 घोषणा की तारीख/Pronouncement: 26/11/2025 आदेश/Order Per Madhusudan Sawdia, A.M.: This Appeal Is Filed By Excelra Knowledge Solutions Private Limited (“The Assessee”), Feeling Aggrieved By The Order Passed By The Learned Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi (“Ld. Cit(A)”) Dated 22.01.2025 For The A.Y 2018-19. Page 1 Of 8

For Appellant: Advocate H SrinivasuluFor Respondent: : Shri Ranjan Agrawala, Sr. DR
Section 10ASection 143(2)Section 143(3)Section 270ASection 270A(6)(a)

…A). He argued that the assessee was not eligible for deduction under section 10AA of the Act on interest income from bank deposits. In this regard, the Ld. DR relied on the judgment of the Hon’ble Madras High Court in the case of CIT v. Menon Impex Pvt. Ltd. (259 ITR 403) wherein it was held that unless there is a direct nexus between the interest income and the eligible undertaking, such income cannot qualify for deduction. Accordingly, the Ld. DR submitted that the interest earned by the assessee does not have any immediate nexus to the eligible unit, and therefore, the claim for deduction under section 10AA of…

Springer Nature Technology and Publishing Solutions Private Limited, Pune vs. The Assistant Commissioner of Income Tax, Circle-1(1), Pune

The appeal of the Assessee is Partly Allowed for

ITA 418/PUN/2023[2017-18]Status: DisposedITAT Pune10 Feb 2025AY 2017-18

Bench: Dr.Dipak P. Ripote & Shri Vinay Bhamoreआयकर अपीलसं. / Ita No.418/Pun/2023 निर्धारणवर्ष / Assessment Year: 2017-18 Springer Nature Technology & Publishing Solutions Pvt. Ltd., Upper Ground Tower 8, Magarpatta City, Pune-411013. Pan: Aaccc8853E Appellant/ Assessee V The Assistant S Commissioner Of Income Tax, Circle-1(1), Pune. Respondent / Revenue Assessee By Shri Vishal Kalra – Ar Revenue By Shri Keyur Patel, Irs –Cit(Dr) Date Of Hearing 19/12/2024 Date Of Pronouncement | 10/02/2025 आदेश / Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Of Ld.Commissioner Of Income Tax(Appeals) [Nfac] For

Section 10ASection 143(3)Section 250

…ct of the said amount of Rs 92.06 402-under Section 10A of the Act. The assessee has lost throughout in the proceedings. 4. The impugned judgment of the High Court is based on the judgment of the Madras High Court in the case of CTT Menon Impex (P) Ltd (2003) 259 ITR 403/128 Tasman 11 wherein a similar question arose as to "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the interest income derived by the assessee from funds in connection with Letter of Credit is income derived from the profits of business of the industrial undertaking so as to be entitled…

Excelra Knowledge Solutions Private Limited, Hyderabad vs. DCIT, Circle-8(1), Hyderabad

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 202/HYD/2023[2020-21]Status: DisposedITAT Hyderabad23 Jan 2025AY 2020-21

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Madhusudan Sawdiaआ.अपी.सं /Ita No.202/Hyd/2023 (िनधा"रण वष"/Assessment Year: 2020-21) Excelra Knowledge Vs. Dy. Cit Solutions (P) Ltd, Circle 8(1) Hyderabad Hyderabad Pan:Aafcg5715Q (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri H. Srinivasulu, Advocate राज" व "ारा/Revenue By:: Shri Kumar Pranav, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 25/11/2024 घोषणा की तारीख/Pronouncement: 23/01/2025 आदेश/Order Per Vijay Pal Raothis Appeal Filed By The Assessee Is Directed Against The Order Dated10/02/2023 Of The Learned Cit (A)-Nfac Delhi, Relating To A.Y.2020-21. 2. The Assessee Has Raised The Following Grounds:

For Appellant: Shri H. Srinivasulu, AdvocateFor Respondent: : Shri Kumar Pranav, CIT(DR)
Section 10ASection 143(1)Section 438Section 43B

…the export business activity as forming an integral part of export business activity. The learned AR has further submitted that the Assessing Officer has relied upon the judgment of the Hon'ble Madras High Court in the case of Menon Impex P ltd vs. CIT (2003) 259 ITR 403 (Mad.). However, the said decision is not applicable in the case of the assessee, because in the subsequent decisions of the Hon'ble Madras High Court in the case of Sankya Technologies vs. CIT (Supra) and in case of Camiceria Apparels India (P) Ltd – WT – 13 ITR 193 (Mad.) has decided the issue in favour of the assessee. Hence the learned AR has…

Renault Nissan Technology & Business Centre India Private Limited, Kanchipuram vs. ACIT, Corporate Circle 5(1), Chennai

In the result, both the appeals filed by the assessee are partly allowed for statistical purposes

ITA 914/CHNY/2023[2011-12]Status: DisposedITAT Chennai30 Apr 2024AY 2011-12

Bench: Shri S.S. Viswanethra Ravi & Shri Amitabh Shuklaआयकर अपील सं./I.T.A. Nos.913 & 914/Chny/2023 िनधा"रण वष"/Assessment Years: 2010-11 & 2011-12 Renault Nissan Technology & Vs. The Assistant Commissioner Of Business Centre India Private Limited, Income Tax, Corporate Circle 5(1), Tp2/1, Ascendas It Park, Natham Main Building, Aayakar Bhavan, Sub Post Office, Mahindra World City, No. 121, M.G. Road, Kanchipuram District, Nungambakkam, Chennai 600 034. Tamil Nadu 603 004. [Pan:Aadcr7253E] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri Ashik Shah, C.A. ""थ" की ओर से/Respondent By : Shri Nilay Baran Som, Cit सुनवाई की तारीख/ Date Of Hearing : 24.04.2024 घोषणा की तारीख /Date Of Pronouncement : 30.04.2024 आदेश /O R D E R Per S.S. Viswanethra Ravi: Both The Appeals Filed By The Assessee Against Separate Orders Both Dated 23.06.2023 Passed By The Nfac [Cit(A)] For The Assessment Year 2010-11 & 2011-12 Respectively.

For Appellant: Shri Ashik Shah, C.AFor Respondent: Shri Nilay Baran Som, CIT
Section 10A

…purpose of computing deduction under section 10AA of the Income Tax Act, 1961, when the same is against the provisions of the Act? Vide para No. 16, we note that the Respondent Revenue relied on the decision in the case of CIT v. Menon Impex (P.) Ltd. [2003] 259 ITR 403 (Mad), which was affirmed by the Hon’ble Supreme Court in the case of India Comnet International Private Ltd. v. ITO [2012] 26 taxmann.com 349 (SC). The Hon’ble High Court while deciding the substantial question of law has held that the said decision in the case of CIT v. Menon Impex (P.) Ltd. (supra) is not applicable to the disputed issue in ap…

Renault Nissan Technology& Business Centre India Private Limited, Kanchipuram vs. ACIT, Corporate Circle 5(1), Chennai

In the result, both the appeals filed by the assessee are partly allowed for statistical purposes

ITA 913/CHNY/2023[2010-11]Status: DisposedITAT Chennai30 Apr 2024AY 2010-11

Bench: Shri S.S. Viswanethra Ravi & Shri Amitabh Shuklaआयकर अपील सं./I.T.A. Nos.913 & 914/Chny/2023 िनधा"रण वष"/Assessment Years: 2010-11 & 2011-12 Renault Nissan Technology & Vs. The Assistant Commissioner Of Business Centre India Private Limited, Income Tax, Corporate Circle 5(1), Tp2/1, Ascendas It Park, Natham Main Building, Aayakar Bhavan, Sub Post Office, Mahindra World City, No. 121, M.G. Road, Kanchipuram District, Nungambakkam, Chennai 600 034. Tamil Nadu 603 004. [Pan:Aadcr7253E] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri Ashik Shah, C.A. ""थ" की ओर से/Respondent By : Shri Nilay Baran Som, Cit सुनवाई की तारीख/ Date Of Hearing : 24.04.2024 घोषणा की तारीख /Date Of Pronouncement : 30.04.2024 आदेश /O R D E R Per S.S. Viswanethra Ravi: Both The Appeals Filed By The Assessee Against Separate Orders Both Dated 23.06.2023 Passed By The Nfac [Cit(A)] For The Assessment Year 2010-11 & 2011-12 Respectively.

For Appellant: Shri Ashik Shah, C.AFor Respondent: Shri Nilay Baran Som, CIT
Section 10A

…purpose of computing deduction under section 10AA of the Income Tax Act, 1961, when the same is against the provisions of the Act? Vide para No. 16, we note that the Respondent Revenue relied on the decision in the case of CIT v. Menon Impex (P.) Ltd. [2003] 259 ITR 403 (Mad), which was affirmed by the Hon’ble Supreme Court in the case of India Comnet International Private Ltd. v. ITO [2012] 26 taxmann.com 349 (SC). The Hon’ble High Court while deciding the substantial question of law has held that the said decision in the case of CIT v. Menon Impex (P.) Ltd. (supra) is not applicable to the disputed issue in ap…

Motherson Sumi Systems Limited, New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee is allowed for statistical purposes

ITA 2054/DEL/2015[2010-11]Status: DisposedITAT Delhi27 Mar 2024AY 2010-11

Bench: Shri Shamim Yahya & Ms. Astha Chandraasstt. Year: 2010-11

For Appellant: Shri K.M. Gupta, AdvocateFor Respondent: Shri Anuj Garg, Sr. DR
Section 108(4)Section 10BSection 10B(1)Section 143(3)Section 144CSection 234BSection 271(1)(e)Section 92D

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “I”: NEW DELHI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND MS. ASTHA CHANDRA, JUDICIAL MEMBER Asstt. Year: 2010-11 Motherson Sumi Systems Limited, Vs. DCIT, Circle- 2nd Floor, F-7, Block B-1, 17(1), Mohan Cooperative Industrial Estate, New Delhi. Mathura Road, New Delhi-110 044 PAN AAACM0405A (Appellant) (Respondent) Assessee by: Shri K.M. Gupta, Advocate Ms. Saloni Shital, AR Department by: Shri Anuj Garg, Sr. DR Date of Hearing: 19.01.2024 Date of 27.03.2024 pronouncement: O R D E R PER ASTHA CHANDRA, JM The appeal filed by the assessee is directed against the…

Barclays Shared Services Private Limited(Merged With Barclays Technology Centre India Pvt Ltd), Pune vs. ACIT, Company Circle-1(2), Chennai

In the result, the appeal is partly allowed

ITA 267/CHNY/2018[2010-11]Status: DisposedITAT Pune09 Mar 2021AY 2010-11

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Raviिनधा"रण वष" / Assessment Year : 2010-11 Barclays Shared Services Private Vs. Acit, Limited (Merged With Barclays Company Circle- Technology Centre India Private Limited 1(2), Chennai Now Known As Barclays Global Service Centre Private Limited, Ground Floor, Wing-3, Cluster A, Eon Free Zone, Midc Knowledge Park, Kharadi, Pune, Maharashtra 411014 Pan :Aadcr6251L Appellant Respondent Assessee By Shri Nikhil Mutha Revenue By Shri Deepak Garg Date Of Hearing 08-03-2021 Date Of Pronouncement 09-03-2021 आदेश / Order

Section 10ASection 115J

…fixed deposits with banks in order to effectively manage the working capital requirements of its business. Relying on the judgment of Hon’ble jurisdictional High Court in CIT Vs. 3 Barclays Global Services Centre Private Limited Menon Impex (P) Ltd. (2003) 259 ITR 403 (Mad), the AO held that the assessee was not eligible for deduction on interest income. Similar view was canvassed on all the remaining items. No reprieve was allowed in the first appeal. That is how the assessee is before the Tribunal. 4. We have heard the rival submissions through Virtual Court and gone through the relevant material on rec…

DCIT (Ltu), New Delhi vs. M/S. Gail (India) Ltd., New Delhi

Appeal is dismissed

ITA 4642/DEL/2013[1996-97]Status: DisposedITAT Delhi26 Oct 2020AY 1996-97

Bench: Sh. R. K. Panda & Ms Suchitra Kamble

Section 80HSection 80I

…ies Ltd. (2005) 142 Taxman 551 (Del.) iii. CIT vs. Sterling Foods (1999) 104 Taxman 204 (SC) iv. Cambay Electrical Supply In. Co. Ltd. vs. CIT 113 ITR 673 (SC) v. India Commet International vs. ITO (2013) 354 ITR 673 (SC) vi. CIT vs. Menon Impex (P.) Ltd. 259 ITR 403 (Madras) vii. CIT vs. Nagesh Knitware Ltd. (2012) 345 ITR 135 (Del.) viii. Essar Power Ltd. vs. Addl. CIT (2013) 32 taxmann.com 346 (Mum. Tri.) 17. As regards to Interest on employee loans and advances, the Ld. DR submitted that the first degree of source of interest income is from loans given to employees and is not derived from industrial und…

Gail (India) Ltd., New Delhi vs. DCIT-Ltu Delhi, New Delhi

Appeal is dismissed

ITA 4454/DEL/2013[1996-97]Status: DisposedITAT Delhi26 Oct 2020AY 1996-97

Bench: Sh. R. K. Panda & Ms Suchitra Kamble

Section 80HSection 80I

…ies Ltd. (2005) 142 Taxman 551 (Del.) iii. CIT vs. Sterling Foods (1999) 104 Taxman 204 (SC) iv. Cambay Electrical Supply In. Co. Ltd. vs. CIT 113 ITR 673 (SC) v. India Commet International vs. ITO (2013) 354 ITR 673 (SC) vi. CIT vs. Menon Impex (P.) Ltd. 259 ITR 403 (Madras) vii. CIT vs. Nagesh Knitware Ltd. (2012) 345 ITR 135 (Del.) viii. Essar Power Ltd. vs. Addl. CIT (2013) 32 taxmann.com 346 (Mum. Tri.) 17. As regards to Interest on employee loans and advances, the Ld. DR submitted that the first degree of source of interest income is from loans given to employees and is not derived from industrial und…

Unitedhealth Group Information Services Pvt. Ltd., New Delhi vs. Addl. CIT, Special Range- 9, New Delhi

ITA 6665/DEL/2017[2013-14]Status: DisposedITAT Delhi29 Sept 2020AY 2013-14

Bench: Shri N.K.Billaiya & Shri Kuldip Singh

For Appellant: Shri Nageshwar Rao, AdvFor Respondent: Shri Anupham Kant Garg, CIT-DR
Section 143(3)Section 144CSection 154Section 254Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘I-2’ : NEW DELHI) (THROUGH VIDEO CONFERENCE) BEFORE SHRI N.K.BILLAIYA, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER ITA No.6665Del./2017 (Assessment Year : 2013-14) Optum Global Solutions (India) Pvt. Ltd. Vs. ACIT (As successor of United Health Group Special Range-9 InformationServices Pvt. Ltd.) New Delhi 5th, 6th and 7th Office Level, Hitech City, Madhapur, Hyderabad- 500 081, Telangana (PAN : AAACQ2188G) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Nageshwar Rao, Adv. REVENUE BY : Shri Anupham Kant Garg, CIT-DR Date of Hearing : 27.08.202…

United Health Group Information Services Pvt. Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 473/DEL/2016[2011-12]Status: DisposedITAT Delhi25 Aug 2020AY 2011-12

Bench: Shri R.K. Panda & Shri Amit Shuklaassessment Year: 2011-12 Optum Global Solutions (India) Vs Dcit, Private Limited Circle-27(1), (Formerly Known As United Health Cr Building, Group Information Services Pvt. New Delhi. Ltd.), 11Th Floor, Tower A, Dlf Towers Jasola, Jasola District Centre, New Delhi. Pan: Aadca6769Q Assessment Year: 2011-12 Dcit, Vs Optum Global Solutions (India) Circle-27(1), Private Limited Cr Building, (Formerly Known As United Health New Delhi Group Information Services Pvt. Ltd.), 11Th Floor, Tower A, Dlf Towers Jasola, Jasola District Centre, New Delhi. Pan: Aadca6769Q (Appellant) (Respondent) Assessee By : Shri Nageshwar Rao & Shri S. Chakraborty, Advocates Revenue By : Shri Anupam Kant Garg, Cit, Dr Date Of Hearing : 16.06.2020 Date Of Pronouncement : 25.08.2020

For Appellant: Shri Nageshwar Rao &For Respondent: Shri Anupam Kant Garg, CIT, DR
Section 10ASection 115JSection 143(3)Section 144C

…which interpreted Section 801B of the Act. Reference was also made to the decision of CIT v. Sterling Foods [1999] 237 ITR 579/104 Taxman 204 (SC), which interpreted Section 80HH and the decision of the Madras High Court in CIT v. Menon Impex (P.) Ltd. [2003] 259 ITR 403/128 Taxman 11 which interpreted Section 10A of the Act. The Karnataka High Court in Motorola India Electronics (P.) Ltd. (supra), after noticing the above decisions, held that "it is clear that, what is exempted is not merely the profits and gains from the export of articles but also the income from the business of the undertaking". Specific to t…

DCIT, New Delhi vs. M/S United Health Group Information Services Pvt. Ltd, New Delhi

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

ITA 193/DEL/2016[2011-12]Status: DisposedITAT Delhi25 Aug 2020AY 2011-12

Bench: Shri R.K. Panda & Shri Amit Shuklaassessment Year: 2011-12 Optum Global Solutions (India) Vs Dcit, Private Limited Circle-27(1), (Formerly Known As United Health Cr Building, Group Information Services Pvt. New Delhi. Ltd.), 11Th Floor, Tower A, Dlf Towers Jasola, Jasola District Centre, New Delhi. Pan: Aadca6769Q Assessment Year: 2011-12 Dcit, Vs Optum Global Solutions (India) Circle-27(1), Private Limited Cr Building, (Formerly Known As United Health New Delhi Group Information Services Pvt. Ltd.), 11Th Floor, Tower A, Dlf Towers Jasola, Jasola District Centre, New Delhi. Pan: Aadca6769Q (Appellant) (Respondent) Assessee By : Shri Nageshwar Rao & Shri S. Chakraborty, Advocates Revenue By : Shri Anupam Kant Garg, Cit, Dr Date Of Hearing : 16.06.2020 Date Of Pronouncement : 25.08.2020

For Appellant: Shri Nageshwar Rao &For Respondent: Shri Anupam Kant Garg, CIT, DR
Section 10ASection 115JSection 143(3)Section 144C

…which interpreted Section 801B of the Act. Reference was also made to the decision of CIT v. Sterling Foods [1999] 237 ITR 579/104 Taxman 204 (SC), which interpreted Section 80HH and the decision of the Madras High Court in CIT v. Menon Impex (P.) Ltd. [2003] 259 ITR 403/128 Taxman 11 which interpreted Section 10A of the Act. The Karnataka High Court in Motorola India Electronics (P.) Ltd. (supra), after noticing the above decisions, held that "it is clear that, what is exempted is not merely the profits and gains from the export of articles but also the income from the business of the undertaking". Specific to t…

Sulphur Mills Ltd, Mumbai vs. Addl CIT RG 8(3), Mumbai

In the result, appeal of the assessee is allowed for statistical purposes

ITA 22/MUM/2014[2010-11]Status: DisposedITAT Mumbai28 Jun 2018AY 2010-11

Bench: Shri C.N. Prasad & Shri Rajesh Kumarassessment Year: 2010-11

For Appellant: Smt. M.K. Patel, A.R. &For Respondent: Shri V. Justin, D.R
Section 10BSection 115PSection 143(3)

…ubmission of the assessee and the assess - ment order,the FAA held that the interest on deposit with bank for opening LOC was not derived from industrial undertaking and was not eligible for deduction u/s. 10B. He referred to the case of Menon impex Pvt. Ltd. 259 ITR 403.He also referred to the case of KK Doshi (245 ITR 849);CJ International( 1 3SOT 280);Orchid Chemicals and Pharmaceuticals (97 ITD 277), Sovika Infotech Ltd.(1950T412) and held that to claim deduction u/s. 10B of the Act, the income should have been derived from the export activity of the undertaking, that the AO had rightly disallowed the claim m…

DCIT, Cir.7(1)(1), Mumbai vs. Gala Precision Technology Pvt. Ltd., Thane

In the result, appeal of the Revenue is dismissed

ITA 2675/MUM/2016[2011-12]Status: DisposedITAT Mumbai20 Jun 2018AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Bleasst. Commissioner Of Income-Tax, V. M/S. Gala Precision Technology Pvt. Ltd. Circle – 7(1)(1), Room No. 23, 102-A, Orion Business Park, Near Cine Ground Floor, Aayakar Bhavan, Wonder, Ghodbunder Road, Thane (W) M.K.Road, Mumbai-400 020 Pan No: Aaacg 1777 F

For Appellant: Shri Vijay MehtaFor Respondent: Shri V. Vidhyadhar
Section 10BSection 143(3)Section 80H

…here must be, for the application of the words 'derived from', a direct nexus between the profits and gains and the industrial undertaking." 7 M/s. Gala Precision Technology Pvt. Ltd In the case of CIT vs. Menon Impex (P) Ltd. (2003) 180 CTR (Mad) 40: (2003) 259 ITR 403 (Mad), the Court while dealing with exemption under s. 10A of the Act, has held as under: "It was pointed out that unless the source of the income is from an industrial undertaking, such income cannot be regarded as 'derived from' industrial undertaking. It was held that the income derived from sale of import entitlement could only be said to be…

Pragati Aroma Oil Distillers (P) Ltd, Mumbai vs. DCIT 4(3), Mumbai

In the result appeal of the assessee is partly allowed and appeal of the Revenue stood dismissed

ITA 923/MUM/2016[2011-12]Status: DisposedITAT Mumbai04 Apr 2018AY 2011-12

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.923/Mum/2016 (नििाारण वर्ा / Assessment Year: 2011-12) बिाम/ Pragati Aroma Oil Distillers Dcit 4(3) (P) Ltd., 206 Anand Bhavan, R.No. 649, 6 T H Floor, 17 Babugenu Road, Aaykar Bhavan, V. Princess Street, M K Road, Marine Lines, Mumbai-400020 Mumbai 400002 स्थायी ऱेखा सं./ Pan : Aaacp2213P (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri. Mahaveer JainFor Respondent: Shri. Rajat Mittal
Section 10Section 10BSection 143(3)Section 14ASection 80I

…the said amount of Rs.92,06,602/- under Section 10A of the Act. The assessee has lost throughout in the proceedings. 4. The impugned judgment of the High Court is based on the judgment of the Madras High Court in the case of CIT v. Menon Impex (P.) Ltd.[2003] 259 ITR 403 / 128 Taxman 11 wherein a similar question arose as to "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the interest income derived by the assessee from funds in connection with Letter of Credit is income derived from the profits of business of the industrial undertaking so as to be entitl…

Sahana Jewellery Exports Private Limited, Coimbatore vs. DCIT Corporate Circle 1, Coimbatore

In the result, the appeal of the assessee stands dismissed

ITA 1814/CHNY/2017[2013-14]Status: DisposedITAT Chennai16 Feb 2018AY 2013-14

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. No.1814/Chny/2017 "नधा"रण वष" /Assessment Year : 2013-2014. M/S. Sahana Jewellery Exports Vs. The Deputy Commissioner Of Private Limited, Income Tax, 600, Raja Street, Corporate Circle 1, Coimbatore 641 001. Coimbatore. [Pan Aaecs 7045N] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: Shri. R.U. Aroon Prasad, IRS, JCIT
Section 10A

…ssioner of Income Tax 3. (Appeals) was not successful. As per the ld. Commissioner of Income Tax (Appeals) facts of the case of the assessee were very similar to what was considered by the Jurisdictional High Court in the case of CIT vs. Menon Impex P. Ltd, 259 ITR 403. He upheld the order of the ld. Assessing Officer. 4. Now before us, the ld. Authorised Representative strongly assailing the order of the ld. Commissioner of Income Tax (Appeals) submitted that assessee was importing gold, making jewellery from such gold and exporting it back to various countries. As per the ld. Authorised Representative, a…

Value Labs LLP, Hyd, Hyderabad vs. DCIT, Circle-8(1), Hyderabad

In the result, grounds pertaining to ‘other income’ are considered allowed and grounds pertaining to interest income are considered allowed for statistical purposes

ITA 392/HYD/2016[2009-10]Status: DisposedITAT Hyderabad24 Jan 2018AY 2009-10

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiah

For Appellant: Shri P. Murali Mohan Rao, ARFor Respondent: Smt. N. Swapna, DR
Section 10Section 10ASection 10BSection 56

…e Supreme Court in the case of Liberty India Vs. CIT (supra) and further in the case of Pandian Chemicals Ltd., Vs. CIT [262 ITR 278] (SC). Ld.DR also placed on record the decision of Hon'ble High Court of Madras in the case of CIT Vs. Menon Impex (P.) Ltd., [259 ITR 403] (Madras) which was followed in India Comnet International Vs. ITO [304 ITR 322] (Madras). It was the submission that there was no nexus between interest earned and industrial undertaking. Therefore, assessee is not entitled for deduction u/s. 10A. 8. We have considered the rival contentions and perused the various case law placed on record. As…

Indira Industries, Ranipet vs. ACIT, Vellore

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

ITA 1262/CHNY/2016[2009-10]Status: DisposedITAT Chennai18 Jan 2018AY 2009-10

Bench: Shri A. Mohan Alankamony & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.1262/Mds/2016 "नधा"रण वष"/Assessment Year:2009-10 M/S. Indira Industries, The Assistant Commissioner Of No. 6, Sipcot Industrial Complex, Vs. Income Tax, Ranipet 632 403, Tamil Nadu. Circle 1, Vellore. [Pan: Aaafi2440N] (Appellant) (Respondent) अपीलाथ" क" ओर से / Appellant By : Shri G. Seetharaman, C.A. ""यथ" क" ओर से/Respondent By : Shri Ar.V. Sreenivasan, Jcit सुनवाई क" तार"ख/ Date Of Hearing : 28.12.2017 घोषणा क" तार"ख /Date Of Pronouncement : 18.01.2018 आदेश /O R D E R Per Duvvuru Rl Reddy:

For Appellant: Shri G. Seetharaman, C.AFor Respondent: Shri AR.V. Sreenivasan, JCIT
Section 10BSection 142(1)Section 143(1)Section 143(2)Section 143(3)Section 144Section 147Section 148

…to be derived from the manufacture or production of articles or things by the eligible industrial undertaking. In this connection ld. DR 9 I.T.A. No. 1262/M/16 relied upon the decision of Hon’ble Madras High Court in the case of CIT v. Menon Impex (P.) Ltd. 259 ITR 403(Mad). 6. We have heard both sides, perused the materials available on record and gone through the orders of authorities below. The interest earned on fixed deposits of ₹.42,98,709/- was credited to the profit and loss account and claimed exemption under section 10B of the Act. This being an interest income earned on fixed deposits, which does no…

ITO, New Delhi vs. M/S. Xlnc Fashions, New Delhi

In the result, the appeal of the department is dismissed

ITA 3520/DEL/2014[2010-11]Status: DisposedITAT Delhi28 Sept 2017AY 2010-11

Bench: Sh. N. K. Saini, Am & Sh. K. N. Chary, Jm Ita No. 3520/Del/2014 : Asstt. Year : 2010-11 Income Tax Officer, Vs M/S Xlnc Fashions, Ward-22(2), A-14, New Friends Colony, New Delhi New Delhi-110065 (Appellant) (Respondent) Pan No. Aaafx0026B Assessee By : None Revenue By : Sh. Sampoornanand, Sr. Dr Date Of Hearing : 28.09.2017 Date Of Pronouncement : 28.09.2017 Order Per N. K. Saini, Am: This Is An Appeal By The Department Against The Order Dated 14.03.2014 Of Ld. Cit(A)-Xxiii, New Delhi.

For Appellant: NoneFor Respondent: Sh. Sampoornanand, Sr. DR
Section 10BSection 80I

…ted duty drawback in its P&L A/c. during the year under consideration, I have taken a contrary view to that of the Hon'ble ITAT, Delhi in the appellant's own case for A.Y. 2009-10, which was based on the following judgments : (a) CIT Vs. Menon Impex Pvt. Ltd. 259 ITR 403 (Mad) (b) CIT Vs. Sterling Foods 237 ITR 579 (SC) (c) Liberty India Vs. CIT (2009) 317 ITR 0218 (SC) (d) ITO Vs. Banyan Chemicals Pvt. Ltd. 310 ITR (AT) 384 (Ahd)(TM) (e) India Comnet International Vs. ITO 304 ITR 322 (Mad) However, in the instant case, I am bound by the judgment pronounced by Hon'ble ITAT, New Delhi, which is the jurisdictional…

M/S. Repco Home Finance Ltd., Chennai vs. ACIT, Chennai

In the result, the appeal of assessee in ITA No

ITA 2733/CHNY/2016[2012-13]Status: DisposedITAT Chennai20 Sept 2017AY 2012-13

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojari]

For Appellant: Mr.M.Viswanathan, C.A ""For Respondent: Dr.S.Sundaresan
Section 143(3)Section 147Section 148Section 36

…ement of Supreme Court in the case of Cambay Electric Supply Industrial Co. Ltd Vs. CIT in 113 ITR 84(SC) and in the case of CIT Vs. Sterling foods in 237 ITR 579(SC) and judgement of jurisdictional High Court in the case of CIT Vs. Menon Impex P Ltd., in 259 ITR 403 (Mad.). Further, ld. Assessing Officer was of the opinion that there was no direct nexus between the interest income and interest paid by the assessee for which the assessee also not objected. Therefore, the AO disallowed 20% of the ITA Nos.2732 & 2733/16 :- 12 -: interest earned on deposit of `63,52,015/-. Aggrieved by the order of ld. Assess…

CIT v. Menon Impex (P.) Ltd. (259 ITR 403) — Cited in 42 Judgments | BharatTax