CIT v. New Morrisson Sugar Mills Ltd.

DCIT 3(2)(1), MUMBAI vs. THE NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT, MUMBAI

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

Bench: Shri Amarjit Singh, Hon’Ble & Shri Rahul Chaudhary, Hon’Bleassessment Year: 2020-21

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH ‘B’, MUMBAI BEFORE SHRI AMARJIT SINGH, HON’BLE ACCOUNTANT MEMBER AND SHRI RAHUL CHAUDHARY, HON’BLE JUDICIAL MEMBER Assessment Year: 2020-21 DCIT, Circle-3(2)(1), The National Bank for Agriculture Mumbai and Rural Development vs C-24, G Block, Bandra Kurla Complex, Bandra (E), Mumbai- 400051. PAN: AAACT 4020 G (Appellant) (Respondent) Assessment Year: 2020-21 The National Bank for Agriculture DCIT, Circle-3(2)(1), and Rural Development Mumbai C-24, G Block, Bandra Kurla vs Complex, Bandra (E), Mumbai- 400051. PAN: AAACT 4020 G (Appellant) (Respondent) Pre…

THE NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT,MUMBAI vs. THE DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE 3(2)(1), MUMBAI, MUMBAI

Bench: Shri Amarjit Singh, Hon'Ble & Shri Rahul Chaudhary, Hon'Ble

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH ‘B', MUMBAI BEFORE SHRI AMARJIT SINGH, HON'BLE ACCOUNTANT MEMBER AND SHRI RAHUL CHAUDHARY, HON'BLE JUDICIAL MEMBER ITA No.3006/Mum/2024 Assessment Year: 2020-21 DCIT, Mumbai Circle-3(2)(1), VS The National Bank for Agriculture and Rural Development C-24, G Block, Bandra Kurla Complex, Bandra (E), Mumbai- 400051. PAN: AAACT 4020 G (Appellant) (Respondent) ITA No.2522/Mum/2024 Assessment Year: 2020-21 The National Bank for Agriculture and Rural Development C-24, G Block, Bandra Kurla VS Complex, Bandra (E), Mumbai- 400051. DCIT, Circle-3(2)(1), Mumbai (Respondent…

DCIT CIR 3(1), MUMBAI vs. BAJAJ HINDUSTAN LTD, MUMBAI

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

Bench: Shri Amarjit Singh & Shri Raj Kumar Chauhanassessment Year: 2009-10 Dcit, Circle-3(1), Mumbai M/S. Bajaj Hindustan Ltd.

…T(A) held that deduction of reserve for molasses tank will not be allowable after referring the decision of CIT(A) for A.Y. 2007-08 in assessee’s case relying upon the decision of Hon’ble Supreme Court in the case of CIT vs Ambur Cooperative Sugar Mills Ltd. (269 ITR 398) (SC). During the course of appellate proceedings before us, the ld. Counsel contended that similar issue on identical fact has been decided by the ITAT, Mumbai in favour of the assessee vide ITA No. 5058/M/2012 for A.Y. 2007-08. We have perused the above referred decision of the ITAT and the relevant extract of the decision as reproduced as unde…

BAJAJ HINDUSTAN LTD,MUMBAI vs. ADDL CIT RG 3(1), MUMBAI

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

Bench: Shri Amarjit Singh & Shri Raj Kumar Chauhanassessment Year: 2009-10 Dcit, Circle-3(1), Mumbai M/S. Bajaj Hindustan Ltd.

…T(A) held that deduction of reserve for molasses tank will not be allowable after referring the decision of CIT(A) for A.Y. 2007-08 in assessee’s case relying upon the decision of Hon’ble Supreme Court in the case of CIT vs Ambur Cooperative Sugar Mills Ltd. (269 ITR 398) (SC). During the course of appellate proceedings before us, the ld. Counsel contended that similar issue on identical fact has been decided by the ITAT, Mumbai in favour of the assessee vide ITA No. 5058/M/2012 for A.Y. 2007-08. We have perused the above referred decision of the ITAT and the relevant extract of the decision as reproduced as unde…

ADDL CIT 3(1), MUMBAI vs. BAJAJ HINDUSTAN LTD, MUMBAI

In the result, the appeal of the revenue is dismissed and the appeal of the assesse is partly allowed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhacit-3(1)(1) Vs. M/S Bajaj Hindustan Room No. 607, 6 Th Floor, Sugar Ltd. Aayakar Bhavan, ( Ea R L I E R K N O W N A S M / S B A J A J H I N D U S T A N L T D ) Bajaj Bhavan, 2 Nd Floor, M.K. Road, Jamanalal Bajaj, Marg- Mumbai – 400 020 226, Nariman Point Mumbai 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacb4351J Appellant .. Respondent M/S Bajaj Hindustan Vs. Acit-3(1)(1) Sugar Ltd. Room No. 607, 6 Th Floor, ( Ea R L I E R K N O W N A S M / S B A J A J H I N D U S T A N L T D ) Aayakar Bhavan, Bajaj Bhavan, 2 Nd Floor, M.K. Road, Jamanalal Bajaj, Marg- Mumbai – 400 020 226, Nariman Point Mumbai 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacb4351J Appellant .. Respondent

…of expenditure u/s 115JB in respect of reserve for construction of molasses storage tanks: 20. The ld. CIT(A) has dismissed the claim of the assesse stating that decision of the Hon’ble Supreme Court in the case of CIT Vs. Ambar Cooperative Sugar Mills Ltd. (269 ITR 398) (SC) was on the issue of taxability of the same in normal computation of income and that was not u/s 115JB 21. During the course of appellate proceedings before us the ld. Counsel submitted that the aforesaid amount was diverted to the statutory reserves for construction of molasses storage tanks by overriding title and hence the same is not in…

BAJAJ HINDUSTAN LTD,MUMBAI vs. ACIT 3(1), MUMBAI

In the result, the appeal of the revenue is dismissed and the appeal of the assesse is partly allowed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhacit-3(1)(1) Vs. M/S Bajaj Hindustan Room No. 607, 6 Th Floor, Sugar Ltd. Aayakar Bhavan, ( Ea R L I E R K N O W N A S M / S B A J A J H I N D U S T A N L T D ) Bajaj Bhavan, 2 Nd Floor, M.K. Road, Jamanalal Bajaj, Marg- Mumbai – 400 020 226, Nariman Point Mumbai 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacb4351J Appellant .. Respondent M/S Bajaj Hindustan Vs. Acit-3(1)(1) Sugar Ltd. Room No. 607, 6 Th Floor, ( Ea R L I E R K N O W N A S M / S B A J A J H I N D U S T A N L T D ) Aayakar Bhavan, Bajaj Bhavan, 2 Nd Floor, M.K. Road, Jamanalal Bajaj, Marg- Mumbai – 400 020 226, Nariman Point Mumbai 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacb4351J Appellant .. Respondent

…of expenditure u/s 115JB in respect of reserve for construction of molasses storage tanks: 20. The ld. CIT(A) has dismissed the claim of the assesse stating that decision of the Hon’ble Supreme Court in the case of CIT Vs. Ambar Cooperative Sugar Mills Ltd. (269 ITR 398) (SC) was on the issue of taxability of the same in normal computation of income and that was not u/s 115JB 21. During the course of appellate proceedings before us the ld. Counsel submitted that the aforesaid amount was diverted to the statutory reserves for construction of molasses storage tanks by overriding title and hence the same is not in…

DCIT 3(2)(2), MUMBAI vs. NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT, MUMBAI

In the result, the appeal of the revenue is dismissed and the appeal of the assessee is partly allowed

…endered by Hon’ble Madras High Court by filing appeal before Hon’ble Supreme Court. However, the appeal of the revenue has been dismissed by the Hon’ble Apex Court following the decision rendered by it in the case of CIT vs. Ambur Co-op Sugar Mills Ltd (2004)(269 ITR 398)(SC). The decision of Hon’ble Supreme Court rendered in the case of New Horizon Sugar Mills (P) Ltd has been reported in (2004)(141 taxman 254)(SC). 17. The Mumbai bench of Tribunal has examined an identical issue in the case of M/s National Commodity Derivatives Exchange Ltd (supra). The assessee herein has collected penalty amounts from its me…

MUMBAI INTERNATIONAL AIRPORT P.LTD,MUMBAI vs. DCIT 10(2)(2), MUMBAI

In the result, appeal filed by the revenue is dismissed

Bench: Shri G. Manjunatha & Shri Ravish Soodmumbai International Airport Vs. Dcit,Circle-10(2)(2) Private Limited Room No.209,Aaykar Bhawan Finance Department M.K.Road 1St Floor, Terminal 1B Mumbai-400 020 Chhatrapati Shivaji Internaitonal Airport Santacruz (E) Mumbai-400 099 Pan/Gir No.Aaecm6285C (Appellant) .. (Respondent) & Dcit-10(2)(2) Vs. Mumbai International Room No.216-A,Aaykar Bhawan Airport Private Limited M.K.Road Finance Department, 1St Floor, Terminal 1B Mumbai-400 020 Chhatrapati Shivaji Internaitonal Airport Santacruz (E) Mumbai-400 099

…in question was held to be not includible in the assessee’s total income. 14.43. Similar view was ultimately upheld by the Hon’ble Supreme Court in the case of CIT vs New Morrisson Sugar Mills Ltd 269 ITR 397 (SC) and CIT vs Ambur Cooperative Sugar Mills Ltd 269 ITR 398 (SC) wherein it was held that the amount set apart towards molasses reserve fund constituted diversion of income by overriding title, and therefore, it was held to be excludible from assessee’s total income. Similarly, in the case of CIT vs Bijli Cotton Mills Pvt Ltd 116 ITR 60 (SC), the Hon’ble Supreme Court held that when right from the incepti…

DCIT 8(2), MUMBAI vs. MUMBAI INTERNATIONAL AIRPORT P. LTD, MUMBAI

In the result, assessee’s appeals are statistically allowed and revenue’s

Bench: Shri P K Bansal & Shri Pawan Singh

…in question was held to be not includible in the assessee’s total income. 14.43. Similar view was ultimately upheld by the Hon’ble Supreme Court in the case of CIT vs New Morrisson Sugar Mills Ltd 269 ITR 397 (SC) and CIT vs Ambur Cooperative Sugar Mills Ltd 269 ITR 398 (SC) wherein it was held that the amount set apart towards molasses reserve fund constituted diversion of income by overriding title, and therefore, it was held to be excludible from assessee’s total income. Similarly, in the case of CIT vs Bijli Cotton Mills Pvt Ltd 116 ITR 60 (SC), the Hon’ble Supreme Court held that when right from the incepti…

MUMBAI INTERNATIONAL AIRPORT P. LTD,MUMBAI vs. ADDL CIT 8(2), MUMBAI

In the result, assessee’s appeals are statistically allowed and revenue’s

Bench: Shri P K Bansal & Shri Pawan Singh

…in question was held to be not includible in the assessee’s total income. 14.43. Similar view was ultimately upheld by the Hon’ble Supreme Court in the case of CIT vs New Morrisson Sugar Mills Ltd 269 ITR 397 (SC) and CIT vs Ambur Cooperative Sugar Mills Ltd 269 ITR 398 (SC) wherein it was held that the amount set apart towards molasses reserve fund constituted diversion of income by overriding title, and therefore, it was held to be excludible from assessee’s total income. Similarly, in the case of CIT vs Bijli Cotton Mills Pvt Ltd 116 ITR 60 (SC), the Hon’ble Supreme Court held that when right from the incepti…

DCIT 8(2), MUMBAI vs. MUMBAI INTERNATIONAL AIRPORT P.LTD, MUMBAI

In the result, assessee’s appeals are statistically allowed and revenue’s

Bench: Shri P K Bansal & Shri Pawan Singh

…in question was held to be not includible in the assessee’s total income. 14.43. Similar view was ultimately upheld by the Hon’ble Supreme Court in the case of CIT vs New Morrisson Sugar Mills Ltd 269 ITR 397 (SC) and CIT vs Ambur Cooperative Sugar Mills Ltd 269 ITR 398 (SC) wherein it was held that the amount set apart towards molasses reserve fund constituted diversion of income by overriding title, and therefore, it was held to be excludible from assessee’s total income. Similarly, in the case of CIT vs Bijli Cotton Mills Pvt Ltd 116 ITR 60 (SC), the Hon’ble Supreme Court held that when right from the incepti…

MUMBAI INTERNATIONAL AIRPORT P.LTD,MUMBAI vs. ADDL CIT RG 8(2), MUMBAI

In the result, assessee’s appeals are statistically allowed and revenue’s

Bench: Shri P K Bansal & Shri Pawan Singh

…in question was held to be not includible in the assessee’s total income. 14.43. Similar view was ultimately upheld by the Hon’ble Supreme Court in the case of CIT vs New Morrisson Sugar Mills Ltd 269 ITR 397 (SC) and CIT vs Ambur Cooperative Sugar Mills Ltd 269 ITR 398 (SC) wherein it was held that the amount set apart towards molasses reserve fund constituted diversion of income by overriding title, and therefore, it was held to be excludible from assessee’s total income. Similarly, in the case of CIT vs Bijli Cotton Mills Pvt Ltd 116 ITR 60 (SC), the Hon’ble Supreme Court held that when right from the incepti…

DCIT 8(2), MUMBAI vs. MUMBAI INTERNAIOTNAL AIRPORT P.LTD, MUMBAI

In the result, assessee’s appeals are statistically allowed and revenue’s

Bench: Shri P K Bansal & Shri Pawan Singh

…in question was held to be not includible in the assessee’s total income. 14.43. Similar view was ultimately upheld by the Hon’ble Supreme Court in the case of CIT vs New Morrisson Sugar Mills Ltd 269 ITR 397 (SC) and CIT vs Ambur Cooperative Sugar Mills Ltd 269 ITR 398 (SC) wherein it was held that the amount set apart towards molasses reserve fund constituted diversion of income by overriding title, and therefore, it was held to be excludible from assessee’s total income. Similarly, in the case of CIT vs Bijli Cotton Mills Pvt Ltd 116 ITR 60 (SC), the Hon’ble Supreme Court held that when right from the incepti…

MUMBAI INTERNATIONAL AIRPORT P.LTD,MUMBAI vs. ADDL CIT RG 8(20, MUMBAI

In the result, assessee’s appeals are statistically allowed and revenue’s

Bench: Shri P K Bansal & Shri Pawan Singh

…in question was held to be not includible in the assessee’s total income. 14.43. Similar view was ultimately upheld by the Hon’ble Supreme Court in the case of CIT vs New Morrisson Sugar Mills Ltd 269 ITR 397 (SC) and CIT vs Ambur Cooperative Sugar Mills Ltd 269 ITR 398 (SC) wherein it was held that the amount set apart towards molasses reserve fund constituted diversion of income by overriding title, and therefore, it was held to be excludible from assessee’s total income. Similarly, in the case of CIT vs Bijli Cotton Mills Pvt Ltd 116 ITR 60 (SC), the Hon’ble Supreme Court held that when right from the incepti…

ADDL CIT 8(2), MUMBAI vs. MUMBAI INTERNATIONAL AIRPORT P. LTD, MUMBAI

Bench: Shri Mahavir Singh & Shri Ashwani Tanejaassessment Year: 2008-09

…ible in the assessee’s total income. 14.43. Similar view was ultimately upheld by the Hon’ble Supreme Court in the case of CIT vs New Morrisson Sugar 63 M/s. Mumbai International Airport Mills Ltd 269 ITR 397 (SC) and CIT vs Ambur Cooperative Sugar Mills Ltd 269 ITR 398 (SC) wherein it was held that the amount set apart towards molasses reserve fund constituted diversion of income by overriding title, and therefore, it was held to be excludible from assessee’s total income. Similarly, in the case of CIT vs Bijli Cotton Mills Pvt Ltd 116 ITR 60 (SC), the Hon’ble Supreme Court held that when right from the incepti…