CIT v. Punjab Stainless Steel Industries

Worldline India Pvt Ltd, Mumbai vs. Dy Commissioner of Income Tax, 4(1)(1), Mumbai

In the result, the present appeal is allowed

…INR 8.53 Crores included Provision for Doubtful Debts Write Back amounting to INR 4.09 Crores which cannot formed part of total turnover in view of the judgment of Hon‟ble Supreme Court in the case of CIT-VII, New Delhi vs. Punjab Stainless Steel Industries : 364 ITR 144 (SC). Further, the information relating to turnover for the previous year 2016-17 was not available on record and therefore, no adjustment could have been made under Section 143(1) of the Act in this regard. 6. Per contra, the Ld. Departmental Representative relied upon ITA. No. 1118//Mum/2022 Assessment Year: 2019-20 paragraph 5.4 of the order…

Mr. Sanjay Marotrao Modak, Mumbai vs. The DCIT Cir 29(3) NFAC, Mumbai

In the result, the appeal filed by the assessee is allowed

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm Shri Sanjay Marotrao Modak Dy. Cit, Circle 29(3), Nfac F-503, Redwoods, Near Swap, Vasant Mumbai Gardens, Mulund (W), Vs. Mumbai-400 080

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT, AM AND MS. KAVITHA RAJAGOPAL, JM Shri Sanjay Marotrao Modak Dy. CIT, Circle 29(3), NFAC F-503, Redwoods, Near Swap, Vasant Mumbai Gardens, Mulund (W), Vs. Mumbai-400 080 PAN/GIR No. (Appellant) : (Respondent) Appellant by : Shri A. P. Sinha : Shri Hoshang B. Irani Respondent by Date of Hearing : 25.08.2022 Date of Pronouncement : 21.11.2022 O R D E R Per Kavitha Rajagopal, J. M.: This appeal is filed by the assessee, challenging the order of the learned Commissioner of Income Tax (Appeals) (‘ld.CIT(A) for short), passed u/s…

ACIT-31(1), Mumbai vs. Ecomomes Township LLP, Mumbai

In the result, appeal filed by the Revenue is allowed

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleacit – 31(1) V. M/S. Ecohomes Township Llp 14Th Floor, Eco Star Room No. 602, 6Th Floor Vishweshar Nagar Cross Road Kautilya Bhavan, C-41 To C-43 Off. Aarey Road, Goregaon (E) Bandra Kurla Complex Mumbai – 400063 Bandra(E), Mumbai - 400051 Pan: Aadfe2724Q (Appellant) (Respondent) Assessee By : Ms. Aarti Vissanji Department By : Shri B.K. Bagchi

…s Township LLP be relied upon and the fair and real income which is liable to tax under the Act can be arrived at after applying the Guidance Note, for that purpose she relied on the following case laws: - (i). CIT v. Punjab Stainless Steel Industries [(2014) 364 ITR 144 (SC)] (ii). CIT v. Virtual Soft Systems Ltd. [(2018) 404 ITR 409 (SC)]. (iii). Bhoomi Construction Projects ITAT (Mum) 11. Further she relied in the case of CIT v. Bilahari Investment Pvt. Ltd., [(2008) 299 ITR 1)] and submitted that in the case of a chit fund, the attempt of the Dept. to change the method followed by the assessee from completed…

ACIT 8(1), Mumbai vs. Aventis Pharma Ltd, Mumbai

In the result, appeal is dismissed

Bench: Shri Pramod Kumar () & Shri Saktijit Dey ()

…iness profit as it is not hit by Explanation (baa) to section 80HHC of the Act. Apart from relying upon the decisions of the Tribunal in assessee’s own case, learned senior counsel relied upon the following decisions as well:- 1. CIT vs Punjab Stainless Steel 364 ITR 144 (SC) 2. CIT vs Laxmi Machine Tools 290 ITR 667 (SC) 38. Insofar as deduction claimed on DEPB entitlement, learned senior counsel submitted, the departmental authorities have committed a fundamental mistake in holding that the assessee has received such income from sale of DEPB license / entitlement. Proceeding further, he submitted, the assessee…

ACIT Cir. - 8(1), Mumbai vs. M/S. Aventis Pharma Ltd., Mumbai

In the result, appeal is dismissed

Bench: Shri Pramod Kumar () & Shri Saktijit Dey ()

…iness profit as it is not hit by Explanation (baa) to section 80HHC of the Act. Apart from relying upon the decisions of the Tribunal in assessee’s own case, learned senior counsel relied upon the following decisions as well:- 1. CIT vs Punjab Stainless Steel 364 ITR 144 (SC) 2. CIT vs Laxmi Machine Tools 290 ITR 667 (SC) 38. Insofar as deduction claimed on DEPB entitlement, learned senior counsel submitted, the departmental authorities have committed a fundamental mistake in holding that the assessee has received such income from sale of DEPB license / entitlement. Proceeding further, he submitted, the assessee…

M/S. Aventis Pharma Ltd., Mumbai vs. ACIT - 8(1), Mumbai

In the result, appeal is dismissed

Bench: Shri Pramod Kumar () & Shri Saktijit Dey ()

…iness profit as it is not hit by Explanation (baa) to section 80HHC of the Act. Apart from relying upon the decisions of the Tribunal in assessee’s own case, learned senior counsel relied upon the following decisions as well:- 1. CIT vs Punjab Stainless Steel 364 ITR 144 (SC) 2. CIT vs Laxmi Machine Tools 290 ITR 667 (SC) 38. Insofar as deduction claimed on DEPB entitlement, learned senior counsel submitted, the departmental authorities have committed a fundamental mistake in holding that the assessee has received such income from sale of DEPB license / entitlement. Proceeding further, he submitted, the assessee…

ACIT 6(3), Mumbai vs. Glaxo Smithkline Pharmaceuticals Ltd, Mumbai

In the result, appeal is partly allowed for statistical purposes

Bench: Sri Saktijit Dey, Jm & Sri Nk Pradhan, Am आयकर अपील सुं./ Ita No. 2548/Mum/2011 (यनधाारण वर्ा / Assessment Year 2002-03) Glaxosmithkline The Dy. Commissioner Of Pharmaceuticals Limited Income-Tax, Range 6(3), बनाम/ Dr. Annie Besant Road, Worli Aayakar Bhavan, M.K. Marg, Vs. Mumbai-400 030 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacg4414B आयकर अपील सुं./ Ita Nos. 3608 & 2261/Mum/2011 (यनधाारण वर्ा / Assessment Years 2002-03) The Dy. Commissioner Of Glaxosmithkline Income-Tax, Range 6(3), Pharmaceuticals Limited बनाम/ Aayakar Bhavan, M.K. Marg, Dr. Annie Besant Road, Worli Vs. Mumbai-400 020 Mumbai-400 030 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से / Appellant By : S/Shri Rajan R. Vora, Nikhil Tiwari, Ars प्रत्यर्थी की ओर से / Respondent By : Shri Anand Mohan, Cit Dr सुनवाई की िारीख / Date Of Hearing: 26.11.2019 घोर्णा की िारीख / Date Of Pronouncement: 21.02.2020

…d the action of the Assessing Officer. 4. The learned authorized representative submitted, now the issue is settled in favour of the assessee by virtue of the decision of the Hon’ble Supreme Court in the case of CIT vs. Punjab Stainless Steel Industry (2014) 364 ITR 144 (SC), wherein, it has been held that income from the sale of scrap cannot be included in total turnover. He submitted, though, while deciding identical issue in assessee’s own case in Assessment Years 1998-99 to 2000-01, the Tribunal has held that the income received from the sale of scrap is to be included in the total turnover for computing ded…

Glaxosmithkline Pharmaceuticals Limited, Mumbai vs. D.C.I.T. RG.6(3), Mumbai

In the result, appeal is partly allowed for statistical purposes

Bench: Sri Saktijit Dey, Jm & Sri Nk Pradhan, Am आयकर अपील सुं./ Ita No. 2548/Mum/2011 (यनधाारण वर्ा / Assessment Year 2002-03) Glaxosmithkline The Dy. Commissioner Of Pharmaceuticals Limited Income-Tax, Range 6(3), बनाम/ Dr. Annie Besant Road, Worli Aayakar Bhavan, M.K. Marg, Vs. Mumbai-400 030 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacg4414B आयकर अपील सुं./ Ita Nos. 3608 & 2261/Mum/2011 (यनधाारण वर्ा / Assessment Years 2002-03) The Dy. Commissioner Of Glaxosmithkline Income-Tax, Range 6(3), Pharmaceuticals Limited बनाम/ Aayakar Bhavan, M.K. Marg, Dr. Annie Besant Road, Worli Vs. Mumbai-400 020 Mumbai-400 030 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से / Appellant By : S/Shri Rajan R. Vora, Nikhil Tiwari, Ars प्रत्यर्थी की ओर से / Respondent By : Shri Anand Mohan, Cit Dr सुनवाई की िारीख / Date Of Hearing: 26.11.2019 घोर्णा की िारीख / Date Of Pronouncement: 21.02.2020

…d the action of the Assessing Officer. 4. The learned authorized representative submitted, now the issue is settled in favour of the assessee by virtue of the decision of the Hon’ble Supreme Court in the case of CIT vs. Punjab Stainless Steel Industry (2014) 364 ITR 144 (SC), wherein, it has been held that income from the sale of scrap cannot be included in total turnover. He submitted, though, while deciding identical issue in assessee’s own case in Assessment Years 1998-99 to 2000-01, the Tribunal has held that the income received from the sale of scrap is to be included in the total turnover for computing ded…

DCIT 6(3), Mumbai vs. Galxo Smithkine Pharmaceuticals Ltd, Mumbai

In the result, appeal is partly allowed for statistical purposes

Bench: Sri Saktijit Dey, Jm & Sri Nk Pradhan, Am आयकर अपील सुं./ Ita No. 2548/Mum/2011 (यनधाारण वर्ा / Assessment Year 2002-03) Glaxosmithkline The Dy. Commissioner Of Pharmaceuticals Limited Income-Tax, Range 6(3), बनाम/ Dr. Annie Besant Road, Worli Aayakar Bhavan, M.K. Marg, Vs. Mumbai-400 030 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacg4414B आयकर अपील सुं./ Ita Nos. 3608 & 2261/Mum/2011 (यनधाारण वर्ा / Assessment Years 2002-03) The Dy. Commissioner Of Glaxosmithkline Income-Tax, Range 6(3), Pharmaceuticals Limited बनाम/ Aayakar Bhavan, M.K. Marg, Dr. Annie Besant Road, Worli Vs. Mumbai-400 020 Mumbai-400 030 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से / Appellant By : S/Shri Rajan R. Vora, Nikhil Tiwari, Ars प्रत्यर्थी की ओर से / Respondent By : Shri Anand Mohan, Cit Dr सुनवाई की िारीख / Date Of Hearing: 26.11.2019 घोर्णा की िारीख / Date Of Pronouncement: 21.02.2020

…d the action of the Assessing Officer. 4. The learned authorized representative submitted, now the issue is settled in favour of the assessee by virtue of the decision of the Hon’ble Supreme Court in the case of CIT vs. Punjab Stainless Steel Industry (2014) 364 ITR 144 (SC), wherein, it has been held that income from the sale of scrap cannot be included in total turnover. He submitted, though, while deciding identical issue in assessee’s own case in Assessment Years 1998-99 to 2000-01, the Tribunal has held that the income received from the sale of scrap is to be included in the total turnover for computing ded…