CIT v. Ponni Sugars & Chemicals Ltd.

306 ITR 392Supreme Court of India2008#107 most cited

What is CIT v. Ponni Sugars & Chemicals Ltd. authority for?

The "Purpose Test" determines whether an incentive or subsidy is a capital or revenue receipt for income tax purposes. If the incentive's purpose is to enable an assessee to set up a new industry or make investments in capital assets, it is a capital receipt and not taxable.

577

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2007 to 2026.

Also referred to as

CIT v. Ponni Sugars & Chemicals Ltd. · 306 ITR 392 · capital receipt vs revenue receipt · subsidy taxability · incentive scheme purpose test · sales tax incentive capital receipt · excise duty exemption capital receipt · section 2(24)(xviii) · section 43(1) · investment incentive taxability · purpose test subsidy · nature of receipt

Also reported as

174 Taxmann 87219 CTR 105

Sections most often in play

Section 115JBSection 143(3)Section 14ASection 2(24)(xviii)Section 37(1)Section 80P(2)(d)Section 80P(4)Section 43(1)
Read the full judgment

Issues it is cited on

section 2(24)(xviii)section 43(1)initial assessment yearsection 80hhcsection 80hhsection 2(24)additional depreciationbook profitswritten down valueblock of assetssection 32(1)liable to tax

Judgments citing CIT v. Ponni Sugars & Chemicals Ltd.

The Dy.Commissioner of Income-Tax, Jammu vs. M/S Fil Industries, Srinagar

In the result appeal of the assessee ground no 4 to 4

ITA 293/ASR/2015[2007-08]Status: DisposedITAT Amritsar24 Feb 2023AY 2007-08

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250Section 32Section 43(1)Section 80I

…t. As the part of “capital receipt” is “it is not deriving from industrial undertaking”, and not the part of the profit. We respectfully relied on the observation of the Hon’ble Supreme Court in the case of CIT vs. Ponni Sugars and Chemicals Ltd. reported in 306 ITR 392.The relevant paragraph is extracted as below:- “6. One more aspect needs to be mentioned. In Sahney Steel & Press Works Ltd.'s case (supra) this Court found that the assessee was free to use the money in its business entirely as it liked. It was not obliged to spend the money for a particular purpose. In the case of Seaham Harbour Dock Co. (supr…

The Dy.Commissioner of Income-Tax, Jammu vs. M/S Fil Industries, Srinagar

In the result appeal of the assessee ground no 4 to 4

ITA 292/ASR/2015[2006-07]Status: DisposedITAT Amritsar24 Feb 2023AY 2006-07

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250Section 32Section 43(1)Section 80I

…t. As the part of “capital receipt” is “it is not deriving from industrial undertaking”, and not the part of the profit. We respectfully relied on the observation of the Hon’ble Supreme Court in the case of CIT vs. Ponni Sugars and Chemicals Ltd. reported in 306 ITR 392.The relevant paragraph is extracted as below:- “6. One more aspect needs to be mentioned. In Sahney Steel & Press Works Ltd.'s case (supra) this Court found that the assessee was free to use the money in its business entirely as it liked. It was not obliged to spend the money for a particular purpose. In the case of Seaham Harbour Dock Co. (supr…

The Dy.Commissioner of Income-Tax, Jammu vs. M/S Fill Industries, Srinagar

In the result appeal of the assessee ground no 4 to 4

ITA 291/ASR/2015[2004-05]Status: DisposedITAT Amritsar24 Feb 2023AY 2004-05

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250Section 32Section 43(1)Section 80I

…t. As the part of “capital receipt” is “it is not deriving from industrial undertaking”, and not the part of the profit. We respectfully relied on the observation of the Hon’ble Supreme Court in the case of CIT vs. Ponni Sugars and Chemicals Ltd. reported in 306 ITR 392.The relevant paragraph is extracted as below:- “6. One more aspect needs to be mentioned. In Sahney Steel & Press Works Ltd.'s case (supra) this Court found that the assessee was free to use the money in its business entirely as it liked. It was not obliged to spend the money for a particular purpose. In the case of Seaham Harbour Dock Co. (supr…

The Dy.Commissioner of Income-Tax, Jammu vs. M/S Fill Industries, Srinagar

In the result appeal of the assessee ground no 4 to 4

ITA 290/ASR/2015[2003-04]Status: DisposedITAT Amritsar24 Feb 2023AY 2003-04

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250Section 32Section 43(1)Section 80I

…t. As the part of “capital receipt” is “it is not deriving from industrial undertaking”, and not the part of the profit. We respectfully relied on the observation of the Hon’ble Supreme Court in the case of CIT vs. Ponni Sugars and Chemicals Ltd. reported in 306 ITR 392.The relevant paragraph is extracted as below:- “6. One more aspect needs to be mentioned. In Sahney Steel & Press Works Ltd.'s case (supra) this Court found that the assessee was free to use the money in its business entirely as it liked. It was not obliged to spend the money for a particular purpose. In the case of Seaham Harbour Dock Co. (supr…

The Dy.Commissioner of Income-Tax, Jammu vs. M/S Fill Industries, Srinagar

In the result appeal of the assessee ground no 4 to 4

ITA 289/ASR/2015[2002-03]Status: DisposedITAT Amritsar24 Feb 2023AY 2002-03

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250Section 32Section 43(1)Section 80I

…t. As the part of “capital receipt” is “it is not deriving from industrial undertaking”, and not the part of the profit. We respectfully relied on the observation of the Hon’ble Supreme Court in the case of CIT vs. Ponni Sugars and Chemicals Ltd. reported in 306 ITR 392.The relevant paragraph is extracted as below:- “6. One more aspect needs to be mentioned. In Sahney Steel & Press Works Ltd.'s case (supra) this Court found that the assessee was free to use the money in its business entirely as it liked. It was not obliged to spend the money for a particular purpose. In the case of Seaham Harbour Dock Co. (supr…

M/S Fil Industries Ltd, Srinagar vs. The Addl. Commissioner of Income Tax, Srinagar

In the result appeal of the assessee ground no 4 to 4

ITA 255/ASR/2015[2008-09]Status: DisposedITAT Amritsar24 Feb 2023AY 2008-09

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 143(3)Section 250Section 32Section 43(1)Section 80I

…t. As the part of “capital receipt” is “it is not deriving from industrial undertaking”, and not the part of the profit. We respectfully relied on the observation of the Hon’ble Supreme Court in the case of CIT vs. Ponni Sugars and Chemicals Ltd. reported in 306 ITR 392.The relevant paragraph is extracted as below:- “6. One more aspect needs to be mentioned. In Sahney Steel & Press Works Ltd.'s case (supra) this Court found that the assessee was free to use the money in its business entirely as it liked. It was not obliged to spend the money for a particular purpose. In the case of Seaham Harbour Dock Co. (supr…

Srf Ltd., Gurgaon vs. Addl CIT, New Delhi

In the result, this ground of the assessee is allowed for statistical purposes

ITA 774/DEL/2017[2009-10]Status: DisposedITAT Delhi23 Feb 2023AY 2009-10

Bench: Sh. Anil Chaturvedi & Sh. Yogesh Kumar Ussrf Limited Vs. Acit Unitech Crest, Greenwood Range – 9, City Block – C, Sector – 45, Ltu, New Delhi Gurgaon – 122 003 Pan No. Aaacs 0206 P (Appellant) (Respondent) Assessee By Shri Pradeep Dinodia, Shri R. K. Kapoor C.A. Shri Ravi Kumar Revenue By Shri Mahesh Shah, Cit (Dr) Shri Rajesh Kumar, Cit (Dr) Date Of Hearing: 10/01/2023 Date Of Pronouncement: 23/02/2023 Order Per Anil Chaturvedi, Am: The Present Appeal Is Filed By The Assessee Directed Against The Order Dated 27.09.2016 Of The Commissioner Of Income Tax (Appeals)-44, New Delhi [For Short, Cit(A)] Under Section 143(3) R.W.S 144C Of The Income Tax Act, 1961 [For Short, 'The Act'] For Assessment Year 2009-10. 2. Brief Facts Of The Case As Culled Out From The Material On Record Are As Under:-

Section 143(2)Section 143(3)Section 144CSection 14ASection 92C

…dy was held to be as a capital receipt:  CIT –vs.- Sh. Sham Lal Bansal (Hon’ble Punjab & Haryana High Court, ITA No. 472 of 2010)  PCIT v. Ankit Metal & Power Ltd. [416 ITR 591 2019] Cal High Court  CIT vs.- Ponni Sugars & Chemicals Ltd. reported in (2008) 306 ITR 392 (SC)  CIT vs.- Rasoi Ltd. [(2011) 335 ITR 438 (Cal.)]  CIT v. Chaphalkar Brothers [2017] 88 taxmann.com 178 (SC)/ (2018) 400 ITR 279 (SC)  DCIT vs.- Reliance Industries (2004) 88 ITD 273 (Mum.)(SB);  CIT vs. Birla VXL Lt d. (2013) 90 DTR 376 (Guj.)(HC);  Hydro Carbons & Chemicals vs.- ACIT (ITA No. 1982- 86/Kol/09);  Indo Rama Synthetics (…

DCIT Circle 1, Tirupur vs. M/S Eastern Exports Global Clothing (P) Limited, Tirupur

The appeal of the revenue stand dismissed

ITA 548/CHNY/2018[2014-15]Status: DisposedITAT Chennai10 Feb 2023AY 2014-15

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri T. Banusekar, (CA)- Ld. ARFor Respondent: Shri S. Senthil Kumaran, (CIT)-Ld. DR
Section 143(3)Section 28Section 32(1)

…S being the incentive given by the government for exploring the new markets, would be capital in nature. This decision by Tribunal in assessee’s own case, inter-alia, followed the ratio laid down by Hon’ble Supreme Court in M/s Ponni Sugars & Chemicals Ltd. (306 ITR 392). 4.3 However, Ld. AO opined that the receipts were nothing but an incentive to promote export trade and therefore, the same would be similar to DEPB, Duty drawback etc. and therefore, revenue in nature. Finally, these receipts were brought to tax as revenue receipts. 4.4 The Ld. CIT(A) allowed the claim of the assessee by relying upon the order…

DCIT Circle 1, Tirupur vs. Eastman Exports Global Clothing (P) Limited, Tirupur

The appeal of the revenue stand dismissed

ITA 2229/CHNY/2018[2015-16]Status: DisposedITAT Chennai10 Feb 2023AY 2015-16

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri T. Banusekar, (CA)- Ld. ARFor Respondent: Shri S. Senthil Kumaran, (CIT)-Ld. DR
Section 143(3)Section 28Section 32(1)

…S being the incentive given by the government for exploring the new markets, would be capital in nature. This decision by Tribunal in assessee’s own case, inter-alia, followed the ratio laid down by Hon’ble Supreme Court in M/s Ponni Sugars & Chemicals Ltd. (306 ITR 392). 4.3 However, Ld. AO opined that the receipts were nothing but an incentive to promote export trade and therefore, the same would be similar to DEPB, Duty drawback etc. and therefore, revenue in nature. Finally, these receipts were brought to tax as revenue receipts. 4.4 The Ld. CIT(A) allowed the claim of the assessee by relying upon the order…

Birla Corporation Limited, Kolkata vs. DCIT, Cir.-6(1), Kolkata

In the result, appeals filed by the Revenue for AYs 2013-14 &

ITA 497/KOL/2020[2014-15]Status: DisposedITAT Kolkata07 Feb 2023AY 2014-15

Bench: Sri Rajpal Yadav & Dr. Manish Borad

Section 115JSection 143(3)Section 14ASection 250Section 80I

…was to enable the setting up of a new unit or expansion of an existing unit and was a capital receipt. The said decision was rendered after taking into consideration the judgment of the Hon’ble Supreme Court in CIT v. Ponni Sugar and Chemicals Limited, (2008) 306 ITR 392 (SC). The said decision for the assessment year 2007-08 was followed in the assessee’s own case for the assessment years 2008-09 and 2009-2010 decided by a consolidated order dated August 25, 2017 (Page 137 at pages 139-140 of the Paper Book – paragraphs 6 at 6.2). In the order dated August 25, 2017, the Hon’ble Tribunal also considered the judgm…

Birla Corporation Limited, Kolkata vs. DCIT Cir.-6(1), Kolkata

In the result, appeals filed by the Revenue for AYs 2013-14 &

ITA 496/KOL/2020[2013-14]Status: DisposedITAT Kolkata07 Feb 2023AY 2013-14

Bench: Sri Rajpal Yadav & Dr. Manish Borad

Section 115JSection 143(3)Section 14ASection 250Section 80I

…was to enable the setting up of a new unit or expansion of an existing unit and was a capital receipt. The said decision was rendered after taking into consideration the judgment of the Hon’ble Supreme Court in CIT v. Ponni Sugar and Chemicals Limited, (2008) 306 ITR 392 (SC). The said decision for the assessment year 2007-08 was followed in the assessee’s own case for the assessment years 2008-09 and 2009-2010 decided by a consolidated order dated August 25, 2017 (Page 137 at pages 139-140 of the Paper Book – paragraphs 6 at 6.2). In the order dated August 25, 2017, the Hon’ble Tribunal also considered the judgm…

DCIT, Circle - 6(1), Kolkata vs. M/S. Birla Corporation Ltd., Kolkata

In the result, appeals filed by the Revenue for AYs 2013-14 &

ITA 2143/KOL/2018[2014-15]Status: DisposedITAT Kolkata07 Feb 2023AY 2014-15

Bench: Sri Rajpal Yadav & Dr. Manish Borad

Section 115JSection 143(3)Section 14ASection 250Section 80I

…was to enable the setting up of a new unit or expansion of an existing unit and was a capital receipt. The said decision was rendered after taking into consideration the judgment of the Hon’ble Supreme Court in CIT v. Ponni Sugar and Chemicals Limited, (2008) 306 ITR 392 (SC). The said decision for the assessment year 2007-08 was followed in the assessee’s own case for the assessment years 2008-09 and 2009-2010 decided by a consolidated order dated August 25, 2017 (Page 137 at pages 139-140 of the Paper Book – paragraphs 6 at 6.2). In the order dated August 25, 2017, the Hon’ble Tribunal also considered the judgm…

DCIT, Circle - 6(1), Kolkata vs. M/S. Birla Corporation Ltd., Kolkata

In the result, appeals filed by the Revenue for AYs 2013-14 &

ITA 2142/KOL/2018[2013-14]Status: DisposedITAT Kolkata07 Feb 2023AY 2013-14

Bench: Sri Rajpal Yadav & Dr. Manish Borad

Section 115JSection 143(3)Section 14ASection 250Section 80I

…was to enable the setting up of a new unit or expansion of an existing unit and was a capital receipt. The said decision was rendered after taking into consideration the judgment of the Hon’ble Supreme Court in CIT v. Ponni Sugar and Chemicals Limited, (2008) 306 ITR 392 (SC). The said decision for the assessment year 2007-08 was followed in the assessee’s own case for the assessment years 2008-09 and 2009-2010 decided by a consolidated order dated August 25, 2017 (Page 137 at pages 139-140 of the Paper Book – paragraphs 6 at 6.2). In the order dated August 25, 2017, the Hon’ble Tribunal also considered the judgm…

ACIT 3(1)(2), Mumbai vs. Hikal Ltd, Mumbai

In the result, the appeal filed by the revenue is dismissed

ITA 3517/MUM/2017[2008-09]Status: DisposedITAT Mumbai25 Jan 2023AY 2008-09

Bench: Shri Prashant Maharish & Pavan Kumar Gadaleacit – 3(1)(2), Vs. M/S Hikal Ltd Room No. 607, 6Th Floor 717/718, Maker Aayakar Bhavan, Chambers V, Mumbai – 400020. Nariman Point, Mumbai – 400021. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaach0383A Appellant .. Respondent Appellant By : Smt .Madhumalti Gosh.Cit Dr Respondent By : Sri.Sanjay Parikh.Ar Date Of Hearing 16.11.2022 Date Of Pronouncement 25.01.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals)-8, Mumbai, Passed U/S 154 & 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

For Appellant: Smt .Madhumalti Gosh.CIT DRFor Respondent: Sri.Sanjay Parikh.AR
Section 10(34)Section 115JSection 143(1)Section 143(2)Section 14ASection 154

…IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISH, ACCOUNTANT MEMBER & PAVAN KUMAR GADALE, JUDICIAL MEMBER ACIT – 3(1)(2), Vs. M/s Hikal Ltd Room No. 607, 6th Floor 717/718, Maker Aayakar Bhavan, Chambers V, Mumbai – 400020. Nariman Point, Mumbai – 400021. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACH0383A Appellant .. Respondent Appellant by : Smt .Madhumalti Gosh.CIT DR Respondent by : Sri.Sanjay Parikh.AR Date of Hearing 16.11.2022 Date of Pronouncement 25.01.2023 आदेश / O R D E R PER PAVAN KUMAR GADALE JM: The revenue has filed the appeal against the order of the Commiss…

DCIT - CC-3(2), Mumbai vs. Aarti Drugs Limited, Mumbai

In the result, the appeal by the Revenue is partly allowed

ITA 2503/MUM/2021[2012-13]Status: DisposedITAT Mumbai20 Jan 2023AY 2012-13

Bench: Shri S. Rifaur Rahman & Shri Sandeep Singh Karhail

For Appellant: Shri S.S. Nagar a/wFor Respondent: Shri R.S. Srivastav
Section 139Section 14ASection 250Section 32(1)Section 801ASection 80I

…d a claim that incentives received under the Foreign Trade Policy, towards FMS, FTS, and SHIS should be treated as capital receipt. The assessee by placing reliance upon the decision of the Hon’ble Supreme Court in CIT Vs. Ponni Sugar & Chemicals ltd. (2008) (306 ITR 392) submitted that considering the objective for which the subsidy has been granted, the same should be considered as capital receipt. The assessee further submitted that the overall objective of the FMS and FPS schemes under the Foreign Trade Policy is to increase the percentage share of global trade by increasing competitiveness in selected market…

DCIT Circle-1, Thane vs. M/S Everest Industries Ltd., Delhi

ITA 655/MUM/2020[2011-12]Status: DisposedITAT Mumbai20 Jan 2023AY 2011-12

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahmanassessment Year: 2011-12

For Appellant: Shri Yogesh Thar, A.R. &For Respondent: Shri Sanjeev Kashyap, D.R
Section 43(1)

…its Judgment in the case of Shree Balaji Alloys -vs.- CIT (supra) had relied on the principles laid down by the Hon'ble Apex Court in the case of Sahnev Steel & Press Works - vs. - CIT (1997) 228 ITR 253 (SO & CIT - vs. - Ponni Sugars & Chemicals Ltd. (2008) 306 ITR 392 (SC) and after analyzing the Office Memorandum dated 14-06-2002 behind the grant of Incentive has held that Excise Duty refund granted with the object of creating avenues for Perpetual Employment, to eradicate the social problem of unemployment in the State by accelerated industrial development was a capital receipt. Further, the Departmental App…

Everest Industrial Ltd., Noida vs. Dy CIT Circle-1, Thane

ITA 7792/MUM/2019[2011-12]Status: DisposedITAT Mumbai20 Jan 2023AY 2011-12

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahmanassessment Year: 2011-12

For Appellant: Shri Yogesh Thar, A.R. &For Respondent: Shri Sanjeev Kashyap, D.R
Section 43(1)

…its Judgment in the case of Shree Balaji Alloys -vs.- CIT (supra) had relied on the principles laid down by the Hon'ble Apex Court in the case of Sahnev Steel & Press Works - vs. - CIT (1997) 228 ITR 253 (SO & CIT - vs. - Ponni Sugars & Chemicals Ltd. (2008) 306 ITR 392 (SC) and after analyzing the Office Memorandum dated 14-06-2002 behind the grant of Incentive has held that Excise Duty refund granted with the object of creating avenues for Perpetual Employment, to eradicate the social problem of unemployment in the State by accelerated industrial development was a capital receipt. Further, the Departmental App…

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

ITA 5208/MUM/2012[2007-08]Status: DisposedITAT Mumbai12 Jan 2023AY 2007-08

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

For Appellant: Percy Pardiwala &For Respondent: Mahesh Akhade
Section 115JSection 143(3)

…P a g e | 1 ACIT-3(1)(1) M/s Bajaj Hindustan Sugar Ltd. ITA Nos.5208 & 5058/Mum/2012 IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ACIT-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.…

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

ITA 5058/MUM/2012[2007-08]Status: DisposedITAT Mumbai12 Jan 2023AY 2007-08

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

For Appellant: Percy Pardiwala &For Respondent: Mahesh Akhade
Section 115JSection 143(3)

…P a g e | 1 ACIT-3(1)(1) M/s Bajaj Hindustan Sugar Ltd. ITA Nos.5208 & 5058/Mum/2012 IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ACIT-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.…

Greenlam Industries Limited, Tinsukia vs. Assistant Commissioner of Income Tax, Circle-Tinsukia, Tinsukia

In the result, appeal filed by the assessee is allowed as per the terms indicated above

ITA 402/GTY/2019[2015-16]Status: DisposedITAT Guwahati19 Dec 2022AY 2015-16

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 115JSection 143(2)Section 143(3)Section 244ASection 25Section 250Section 251(1)(a)Section 31(3)(a)

…e. In support of this contention ld. Counsel for the assessee relied on the judgment of Hon'ble Apex Page 9 of 27 I.T.A. No.: 402/Gau/2019 Assessment Year: 2015-16 Greenlam Industries Limited. Court in the case of CIT vs. Ponni Sugars & Chemicals Ltd. (2008) 306 ITR 392 (SC), Sahney Steel & Press Works Ltd. vs. CIT (1997) 228 ITR 253 (SC), CIT vs. Shree Balaji Alloys (2016) 138 DTR 36 (SC), CIT vs. Chaphalkar Brothers Pune [2018] 252 Taxman 360 (SC). Reliance also placed on the judgment of Hon'ble Jurisdictional High Court in the case of PCIT vs. Ankit Metals & Power Ltd. (2019) ITA 155 of 2018 (Cal.) and in the…