CIT v. Punjab Stainless Steel Industries

364 ITR 144Supreme Court of India2014#1951 most cited

What is CIT v. Punjab Stainless Steel Industries authority for?

The Supreme Court holds that ICAI Guidance Notes and accounting methods prescribed by the Institute of Chartered Accountants of India (ICAI) can be relied upon for computing "turnover," especially for tax audit purposes under Section 44AB and for transactions involving shares and derivatives.

59

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2015 to 2025.

Also referred to as

CIT v. Punjab Stainless Steel Industries · 364 ITR 144 · Section 44AB · ICAI Guidance Note · turnover computation · shares derivatives turnover · speculative transaction turnover · method of accounting · business income · Supreme Court

Also reported as

46 Taxmann.com 6815 SCC 129

Sections most often in play

Section 143(3)Section 80HHCSection 35DSection 40(a)(i)Section 14ASection 28(iiid)Section 1961Section 35(2AB)
Read the full judgment

Issues it is cited on

perquisite valuesection 108convertible foreign exchangesubstance over formsection 211section 10(33)section 35dsection 80hhcactual payment basisinterest u/s 234cspeculative transactionsection 80hh

Judgments citing CIT v. Punjab Stainless Steel Industries

The Commissioner of Income Tax vs. M/S. Bosch Ltd

The appeals are disposed off

ITA/76/2011HC Karnataka19 Nov 2018

Bench: The Hon'Ble Mr. Justice Ravi Malimath

Section 260Section 80H

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU ON THE 19TH DAY OF NOVEMBER, 2018 BEFORE THE HON'BLE MR. JUSTICE RAVI MALIMATH AND THE HON'BLE MR. JUSTICE K. NATARAJAN INCOME TAX APPEAL No.75 of 2011 c/w INCOME TAX APPEAL No.76 of 2011 BETWEEN 1. THE COMMISSIONER OF INCOME-TAX, LTU, JSS TOWERS, 100 FEET RING ROAD, BANASHANKARI III STAGE, BANGALORE. 2. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-12(1), C.R. BUILDING, QUEENS ROAD, BANGALORE. ... APPELLANTS (Common in both appeals) (BY SRI K.V. ARAVIND, ADVOCA…

Universal Precision Screws, New Delhi vs. JCIT, New Delhi

ITA 1454/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Oct 2018AY 2010-11

Bench: Hon’Ble, Shri G.D.Agrawal & Shri Kuldip Singhi.T.A. No.1454/Del/2015 (Assessment Years 2010-11)

For Appellant: Sh. Ashish Goel, CAFor Respondent: None (Sr. DR)
Section 10BSection 24

…ive part of the decision rendered by Hon’ble High Court is extracted as under :- “5. In allowing the Assessee’s appeal by the impugned order, the ITAT held that in terms of the judgment of the Supreme Court in CIT v. Punjab Stainless Steel Industries (2014) 364 ITR 144 (SC) sale of scrap is not includable in the total turnover since the Assessee was not engaged in the business of scrap. Consequently, the impugned orders of the CIT(A) and the AO treating the scrap amount as part of the domestic turnover was set aside. 6. On the above aspect, the Court finds no error committed by the ITAT as the legal position ha…

Commissioner of Income Tax VI vs. Virtual Soft Systems Ltd

The appeal is hereby dismissed leaving parties to bear their own cost

C.A. No.-004358-004358 - 2018Supreme Court24 Apr 2018

Bench: HON'BLE MR. JUSTICE R.K. AGRAWAL

…T Act. 15) Without a doubt, in a catena of cases, this court has discussed the relevancy of the Guidance Note. While dealing with one of such matters, 11 this Court, in Commissioner of Income Tax-VII, New Delhi vs. Punjab Stainless Steel Industries (2014) 15 SCC 129 held as under: “17. So as to be more accurate about the word “Turnover”, one can either refer to dictionaries or to material which are published by bodies of Accountants. The Institute of Chartered Accountants of India (hereinafter referred to as the “ICAI”) has published some material under the head “Guidance Note on Tax Audit under Se…

M/S. Chennai Petroleum Corporation Ltd., Chennai vs. ACIT, Chennai

In the result, both the assessee’s and the Revenue’s appeals are partly allowed and partly allowed for statistical purposes

ITA 1858/CHNY/2011[2004-05]Status: DisposedITAT Chennai05 Dec 2017AY 2004-05

Bench: Shri Sanjay Arora & Shri George Mathanआयकर अपील सं./Ita No.1858/Mds/2011 "नधा"रण वष" / Assessment Year : 2004-05 Chennai Petroleum Corporation Ltd., Asst. Commissioner Of Income Refinery House, Manali, Vs. Tax, Chennai – 600 068 Company Circle-I(3), [Pan: Aaacm 4392C] Chennai – 600 034 (अपीलाथ" /Appellant) (""यथ"/Respondent)

For Appellant: AdvocateFor Respondent: 07.09.2017
Section 143(3)Section 2Section 28Section 36(1)(iii)

…for A.Y 2003-04 (in ITA No.1823/Mds/2006, reported at 2 ITR (Trib) 325 (Chennai – TM)). Qua sale of scrap, the ld. AR would submit that the same would stand not to be included in the ‘total turnover’, as held in CIT v. Punjab Stainless Steel Industries [2014] 364 ITR 144 (SC). 5 ITA Nos. 1858 & 1980/Mds/2011 (AY 2004-05) 6. We have heard the parties, and carefully perused the order by the tribunal in the assessee’s case for A.Y 2003-04 (supra). With reference to the decisions by the Hon'ble Apex Court reported at 295 ITR 228 and 290 ITR 667, the rationale for the exclusion of the independent incomes in the co…

The Dy CIT Cir.1(1), Mumbai vs. M/S. Aegis Logistics Ltd, Mumbai

Appeal stands allowed

ITA 8372/MUM/2004[1999-2000]Status: DisposedITAT Mumbai10 Mar 2017AY 1999-2000

Bench: S/Sh.Rajendra & C. N. Prasadआयकर अपील सं./Ita/7825/Mum/2004,िनधा"रण वष" /Assessment Year:1999-2000 आयकर अपील सं./Ita/6905/Mum/2006 ,िनधा"रण वष" /Assessment Year:1999-2000 Aegis Logistics Limited Acit, Circle-1(1) 403, Peninsula Chambers, Morarjee Mills Mumbai. Compound,G.K. Marg, Lower Parel(W) Vs. Mumbai-400 013. Pan:Aaaca 3302 N (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A./8372/Mum/2004 ,िनधा"रण वष" /Assessment Year:1999-2000 Acit, Circle-1(1) Vs. Aegis Logistics Limited Mumbai. Mumbai-400013 (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri S.K. Mishra-Dr अपीलाथ" क" ओर से /Assessee By: Shri Percy Pardiwala/Ms. Vasanti Patel सुनवाई क" तारीख / Date Of Hearing: 09/02/2017 घोषणा क" तारीख / Date Of Pronouncement:10/03/2017 लेखा लेखा सद"य लेखा लेखा सद"य सद"य, राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार/ Per Rajendra A.M.- अनुसार Challenging The Order Dated 16.6.2004 Of The Cit(A)-I,Mumbai The Assessee & The Assessing Officer(Ao)Have Filed Cross Appeals For The Year Under Consideration.The Assessee Has Also Filed Against The Penalty Imposed U/S.271(1)(C) For The Year Under Appeal.We Will Be Deciding All The Appeals By Single Common Order.Assessee-Company,Engaged In Business Of Manufacturing Of Chemicals,Filed Its Return Of Income,On 31.12.1999,Declaring Total Income Of Rs.5.97Crores.The Ao Completed Assessment U/S.143(3) Of The Act On 28.3.2002 Determin -Ing Its Income At Rs.13.93Crores. During The Course Of Hearing Before Us The Authorised Representative (Ar) Stated That The Assessee Was Not Interested In Pursuing Grounds No1.A, 1.C, 1.D & 1.E. Hence,Same Stand Dismissed, As Not Pressed.

For Appellant: Shri Percy Pardiwala/Ms. Vasanti PatelFor Respondent: Shri S.K. Mishra-DR
Section 143(3)Section 271(1)(c)

…आयकर अपीलीय अिधकरण, मुंबई “ए” खंडपीठ म" Income-tax Appellate Tribunal -“A”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं सी. एन. "साद, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and C. N. Prasad,Judicial Member आयकर अपील सं./ITA/7825/Mum/2004,िनधा"रण वष" /Assessment Year:1999-2000 आयकर अपील सं./ITA/6905/Mum/2006 ,िनधा"रण वष" /Assessment Year:1999-2000 Aegis Logistics Limited ACIT, Circle-1(1) 403, Peninsula Chambers, Morarjee Mills Mumbai. Compound,G.K. Marg, Lower Parel(W) Vs. Mumbai-400 013. PAN:AAACA 3302 N (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A./8372/Mum/2004 ,िनधा"रण वष" /Assessm…

M/S. Aegis Logistics Ltd., Mumbai vs. ACIT Cir. 1(1), Mumbai

Appeal stands allowed

ITA 7825/MUM/2004[1999-2000]Status: DisposedITAT Mumbai10 Mar 2017AY 1999-2000

Bench: S/Sh.Rajendra & C. N. Prasadआयकर अपील सं./Ita/7825/Mum/2004,िनधा"रण वष" /Assessment Year:1999-2000 आयकर अपील सं./Ita/6905/Mum/2006 ,िनधा"रण वष" /Assessment Year:1999-2000 Aegis Logistics Limited Acit, Circle-1(1) 403, Peninsula Chambers, Morarjee Mills Mumbai. Compound,G.K. Marg, Lower Parel(W) Vs. Mumbai-400 013. Pan:Aaaca 3302 N (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A./8372/Mum/2004 ,िनधा"रण वष" /Assessment Year:1999-2000 Acit, Circle-1(1) Vs. Aegis Logistics Limited Mumbai. Mumbai-400013 (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri S.K. Mishra-Dr अपीलाथ" क" ओर से /Assessee By: Shri Percy Pardiwala/Ms. Vasanti Patel सुनवाई क" तारीख / Date Of Hearing: 09/02/2017 घोषणा क" तारीख / Date Of Pronouncement:10/03/2017 लेखा लेखा सद"य लेखा लेखा सद"य सद"य, राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार/ Per Rajendra A.M.- अनुसार Challenging The Order Dated 16.6.2004 Of The Cit(A)-I,Mumbai The Assessee & The Assessing Officer(Ao)Have Filed Cross Appeals For The Year Under Consideration.The Assessee Has Also Filed Against The Penalty Imposed U/S.271(1)(C) For The Year Under Appeal.We Will Be Deciding All The Appeals By Single Common Order.Assessee-Company,Engaged In Business Of Manufacturing Of Chemicals,Filed Its Return Of Income,On 31.12.1999,Declaring Total Income Of Rs.5.97Crores.The Ao Completed Assessment U/S.143(3) Of The Act On 28.3.2002 Determin -Ing Its Income At Rs.13.93Crores. During The Course Of Hearing Before Us The Authorised Representative (Ar) Stated That The Assessee Was Not Interested In Pursuing Grounds No1.A, 1.C, 1.D & 1.E. Hence,Same Stand Dismissed, As Not Pressed.

For Appellant: Shri Percy Pardiwala/Ms. Vasanti PatelFor Respondent: Shri S.K. Mishra-DR
Section 143(3)Section 271(1)(c)

…आयकर अपीलीय अिधकरण, मुंबई “ए” खंडपीठ म" Income-tax Appellate Tribunal -“A”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं सी. एन. "साद, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and C. N. Prasad,Judicial Member आयकर अपील सं./ITA/7825/Mum/2004,िनधा"रण वष" /Assessment Year:1999-2000 आयकर अपील सं./ITA/6905/Mum/2006 ,िनधा"रण वष" /Assessment Year:1999-2000 Aegis Logistics Limited ACIT, Circle-1(1) 403, Peninsula Chambers, Morarjee Mills Mumbai. Compound,G.K. Marg, Lower Parel(W) Vs. Mumbai-400 013. PAN:AAACA 3302 N (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A./8372/Mum/2004 ,िनधा"रण वष" /Assessm…

DCIT (Ltu), New Delhi vs. M/S. Exl Service.Com (India) Pvt. Ltd., New Delhi

In the result, the appeal by the assessee as well as ofthe department are partly allowed for statistical purposes

ITA 615/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Jan 2017AY 2010-11

Bench: Sh. N. K. Saini, Am & Sh. Kuldip Singh, Jm Ita No. 302/Del/2015 : Asstt. Year : 2010-11 Exl Service.Com (India) Pvt. Ltd., Vs Deputy Commissioner Of Income 414, 4Th Floor, Dlf Jasola, Tax, Large Tax Payer Unit, Tower-B, Plot No. 10 & 11, Dda New Delhi District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Ita No. 615/Del/2015 : Asstt. Year : 2010-11 Deputy Commissioner Of Income Vs Exl Service.Com (India) Pvt. Ltd., 414, 4Th Floor, Dlf Jasola, Tower- Tax, Circle-1 (Ltu), New Delhi-110017 B, Plot No. 10 & 11, Dda District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Pan No. Aaace5174C Assessee By : Sh. Ajay Vohra, Adv. Sh. Abhishek Agarwal, Adv. Revenue By : Sh. Piyush Jain, Cit Dr Date Of Hearing : 07.10.2017 Date Of Pronouncement : 03.01.2017 Order Per N. K. Saini, Am:

For Appellant: Sh. Ajay Vohra, AdvFor Respondent: Sh. Piyush Jain, CIT DR
Section 143(3)Section 92D

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘I-1’, NEW DELHI Before Sh. N. K. Saini, AM and Sh. Kuldip Singh, JM ITA No. 302/Del/2015 : Asstt. Year : 2010-11 Exl Service.Com (India) Pvt. Ltd., Vs Deputy Commissioner of Income 414, 4th Floor, DLF Jasola, Tax, Large Tax Payer Unit, Tower-B, Plot No. 10 & 11, DDA New Delhi District Centre, Jasola, New Delhi-110044 (APPELLANT) (RESPONDENT) ITA No. 615/Del/2015 : Asstt. Year : 2010-11 Deputy Commissioner of Income Vs Exl Service.Com (India) Pvt. Ltd., 414, 4th Floor, DLF Jasola, Tower- Tax, Circle-1 (LTU), New Delhi-110017 B, Plot No. 10 & 11, DDA District Cent…

Exl Service.Com (India) Pvt. Ltd., New Delhi vs. DCIT (Ltu), New Delhi

In the result, the appeal by the assessee as well as ofthe department are partly allowed for statistical purposes

ITA 302/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Jan 2017AY 2010-11

Bench: Sh. N. K. Saini, Am & Sh. Kuldip Singh, Jm Ita No. 302/Del/2015 : Asstt. Year : 2010-11 Exl Service.Com (India) Pvt. Ltd., Vs Deputy Commissioner Of Income 414, 4Th Floor, Dlf Jasola, Tax, Large Tax Payer Unit, Tower-B, Plot No. 10 & 11, Dda New Delhi District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Ita No. 615/Del/2015 : Asstt. Year : 2010-11 Deputy Commissioner Of Income Vs Exl Service.Com (India) Pvt. Ltd., 414, 4Th Floor, Dlf Jasola, Tower- Tax, Circle-1 (Ltu), New Delhi-110017 B, Plot No. 10 & 11, Dda District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Pan No. Aaace5174C Assessee By : Sh. Ajay Vohra, Adv. Sh. Abhishek Agarwal, Adv. Revenue By : Sh. Piyush Jain, Cit Dr Date Of Hearing : 07.10.2017 Date Of Pronouncement : 03.01.2017 Order Per N. K. Saini, Am:

For Appellant: Sh. Ajay Vohra, AdvFor Respondent: Sh. Piyush Jain, CIT DR
Section 143(3)Section 92D

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘I-1’, NEW DELHI Before Sh. N. K. Saini, AM and Sh. Kuldip Singh, JM ITA No. 302/Del/2015 : Asstt. Year : 2010-11 Exl Service.Com (India) Pvt. Ltd., Vs Deputy Commissioner of Income 414, 4th Floor, DLF Jasola, Tax, Large Tax Payer Unit, Tower-B, Plot No. 10 & 11, DDA New Delhi District Centre, Jasola, New Delhi-110044 (APPELLANT) (RESPONDENT) ITA No. 615/Del/2015 : Asstt. Year : 2010-11 Deputy Commissioner of Income Vs Exl Service.Com (India) Pvt. Ltd., 414, 4th Floor, DLF Jasola, Tower- Tax, Circle-1 (LTU), New Delhi-110017 B, Plot No. 10 & 11, DDA District Cent…

DCIT, Bangalore vs. M/S Suzlon Wind International Ltd., Bangalore

In the result, Revenue’s appeal is dismissed and the cross objection

ITA 1454/BANG/2013[2009-10]Status: DisposedITAT Bangalore23 Dec 2016AY 2009-10

Bench: Shri Sunil Kumar Yadav

For Appellant: Shri. Tata Krishna, AdvocateFor Respondent: Shri. Kamaladhar, Standing Counsel
Section 10Section 10A

…t scrap sales cannot be included in the total turnover for the reason that the assessee is not engaged in trading of scrap and his direction is contrary to the decision of the Hon’ble Supreme Court in the case of CIT v. Punjab Stainless Steel Industries(2014) 364 ITR 144 (SC). 04. We heard the rival submissions. The CIT(A) held that while computing deduction u/s 10 AA, if the export turnover is calculated after excluding certain expenses, then such expenses should also be excluded IT(TP)A.1454/B/2013 & CO.25/B/2016 Page - 4 from the total turnover following the ratio laid by the Jurisdictional High Court in CI…

DCIT, Chennai vs. Sundaram Auto Components Ltd., Chennai

In the result, the appeal of the Revenue is dismissed

ITA 1576/CHNY/2016[2004-05]Status: DisposedITAT Chennai21 Oct 2016AY 2004-05

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. No. 1576/Mds/2016 "नधा"रण वष" /Assessment Year : 2004-2005. The Deputy Commissioner Of Vs. M/S. Sundram Auto Components Ltd, Income Tax, No.29, Jayalakshmi Estates, Corporate Circle 6(2) Haddows Road, Chennai 600 034. Chennai 600 006. [Pan Aaacs 7027G ] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. A.V. Sreekanth, IRS, JCITFor Respondent: Shri. R. Vijayaraghavan, Advocate
Section 80H

…ssee moved in appeal before ld. Commissioner of Income Tax (Appeals), the ld. Commissioner of Income Tax (Appeals) relying on the judgments of Apex Court in the case of CIT vs. Laskhmi Machine Works 290 ITR 667 and CIT vs. Punjab Stainless Steel Industries 364 ITR 144 directed the ld. Assessing Officer to exclude these amounts from the total turnover while computing the deduction u/s.80HHC of the Act. :- 3 -: Now before us, ld. Departmental Representative submitted 6. that ld. Commissioner of Income Tax (Appeals) had relied on a decision of Co-ordinate Bench in the case of M/s. Sundaram Clayton Ltd for giv…

Commr of Income Tax vs. Uniplas India Ltd

The appeal is allowed

ITR/2/2004HC Delhi19 Oct 2016

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MS. JUSTICE DEEPA SHARMA

Section 80Section 80HSection 80J

…$~19 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITR 2/2004 COMMR OF INCOME TAX ..... Petitioner Through: Mr.Dileep Shivpuri, Sr.Standing Counsel, Mr.Sanjay Kumar, Jr.Standing counsel and Mr.Vikrant A.Maheshwari, Adv. versus UNIPLAS INDIA LTD ..... Respondent Through: Mr.Sanjay Katyal, Adv. for Official Liquidator. CORAM: HON'BLE MR. JUSTICE S. RAVINDRA BHAT HON'BLE MS. JUSTICE DEEPA SHARMA O R D E R % 19.10.2016 1. The question of law framed in this case is "Whether on the facts and in the circumstances of the case, the ITAT has erred in…

Income Tax Officer, Ward-11(1), Bangalore vs. M/S British Engines(I)P Ltd, Bangalore

In the result, both the appeals of the revenue are dismissed

ITA 1277/BANG/2014[2008-09]Status: DisposedITAT Bangalore22 Jan 2016AY 2008-09

Bench: Shri Vijaypal Rao & Shri Inturi Rama Rao

For Appellant: Shri Sunil Kumar Agarwala, JCIT(DR)For Respondent: Shri Sanjay Dave, CA
Section 10ASection 10B

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, BANGALORE BEFORE SHRI VIJAYPAL RAO, JUDICIAL MEMBER and SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA Nos.1277 & 1278/Bang/2014 (Assessment years: 2008-09 & 2009-10) Income-tax Officer, Ward 11(1), Bangalore. … Appellant Vs. British Engines (India) Pvt. Ltd. No.6A, Attibele Industrial Area, Bangalore-562107. … Respondent PAN:AABCB 5956 A Appellant by : Shri Sunil Kumar Agarwala, JCIT(DR). Respondent by : Shri Sanjay Dave, CA Date of hearing : 04/01/2016 Date of pronouncement : 22/01/2016 O R D E R Per INTURI RAMA RAO, AM : These appeals by the revenue are direct…

TAX – 21 vs. Universal Precision Screws

The appeal is dismissed

ITA/392/2015HC Delhi06 Oct 2015
Section 10ASection 10B

…as regards the computation of the deduction under Section 10B of the Act. 5. In allowing the Assessee’s appeal by the impugned order, the ITAT held that in terms of the judgment of the Supreme Court in CIT v. Punjab Stainless Steel Industries (2014) 364 ITR 144 (SC) sale of scrap is not includable in the total turnover since the Assessee was not engaged in the business of scrap. Consequently, the impugned orders of the CIT (A) and the AO treating the scrap amount as part of the domestic turnover was set 2015:DHC:8411-DB ITA 392/2015…

ACIT, Bangalore vs. M/S K. Mohan & Company (Exports) Pvt. Ltd., Bangalore

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

ITA 1103/BANG/2012[2008-09]Status: DisposedITAT Bangalore24 Apr 2015AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri V. Srinivasan, C.AFor Respondent: Shri P. Dhivahar, Jt. CIT(DR)
Section 10BSection 10B(3)

…).” 41. Aggrieved by the order of CIT(Appeals), the assessee has preferred the present appeal before the Tribunal. 42. The ld. counsel for the assessee drew our attention to the decision of Hon’ble Supreme Court in CIT v. Punjab Stainless Steel Industries, 364 ITR 144 (SC). In the aforesaid decision, the question whether the sale of scrap should form part of the total turnover while computing deduction u/s. 80HHC of the Act came up for consideration. The assessee in that case was a manufacturer and exporter of stainless steel utensils. In the process of manufacturing of stainless steel utensils, some part of t…

M/S K. Mohan & Company (Exports) Private Limited, Bangalore vs. ACIT, Bangalore

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

ITA 1057/BANG/2012[2008-09]Status: DisposedITAT Bangalore24 Apr 2015AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri V. Srinivasan, C.AFor Respondent: Shri P. Dhivahar, Jt. CIT(DR)
Section 10BSection 10B(3)

…).” 41. Aggrieved by the order of CIT(Appeals), the assessee has preferred the present appeal before the Tribunal. 42. The ld. counsel for the assessee drew our attention to the decision of Hon’ble Supreme Court in CIT v. Punjab Stainless Steel Industries, 364 ITR 144 (SC). In the aforesaid decision, the question whether the sale of scrap should form part of the total turnover while computing deduction u/s. 80HHC of the Act came up for consideration. The assessee in that case was a manufacturer and exporter of stainless steel utensils. In the process of manufacturing of stainless steel utensils, some part of t…

M/S. K. Mohan & Company (Exports) Pvt. Ltd., Bangalore vs. ACIT, Bangalore

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

ITA 1266/BANG/2010[2007-08]Status: DisposedITAT Bangalore24 Apr 2015AY 2007-08

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri V. Srinivasan, C.AFor Respondent: Shri P. Dhivahar, Jt. CIT(DR)
Section 10BSection 10B(3)

…).” 41. Aggrieved by the order of CIT(Appeals), the assessee has preferred the present appeal before the Tribunal. 42. The ld. counsel for the assessee drew our attention to the decision of Hon’ble Supreme Court in CIT v. Punjab Stainless Steel Industries, 364 ITR 144 (SC). In the aforesaid decision, the question whether the sale of scrap should form part of the total turnover while computing deduction u/s. 80HHC of the Act came up for consideration. The assessee in that case was a manufacturer and exporter of stainless steel utensils. In the process of manufacturing of stainless steel utensils, some part of t…

M/S K. Mohan & Compnay (Exports) Pvt. Ltd., Bangalore vs. ACIT, Bangalore

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

ITA 1093/BANG/2009[2006-07]Status: DisposedITAT Bangalore24 Apr 2015AY 2006-07

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri V. Srinivasan, C.AFor Respondent: Shri P. Dhivahar, Jt. CIT(DR)
Section 10BSection 10B(3)

…).” 41. Aggrieved by the order of CIT(Appeals), the assessee has preferred the present appeal before the Tribunal. 42. The ld. counsel for the assessee drew our attention to the decision of Hon’ble Supreme Court in CIT v. Punjab Stainless Steel Industries, 364 ITR 144 (SC). In the aforesaid decision, the question whether the sale of scrap should form part of the total turnover while computing deduction u/s. 80HHC of the Act came up for consideration. The assessee in that case was a manufacturer and exporter of stainless steel utensils. In the process of manufacturing of stainless steel utensils, some part of t…

P Gangadhara Patil vs. Madhavarao M K

The appeals are disposed off

HRRP/76/2011HC Karnataka23 Feb 2015

Bench: The Hon'Ble Mr. Justice Ravi Malimath

Section 260Section 80H

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU ON THE 19TH DAY OF NOVEMBER, 2018 BEFORE THE HON'BLE MR. JUSTICE RAVI MALIMATH AND THE HON'BLE MR. JUSTICE K. NATARAJAN INCOME TAX APPEAL No.75 of 2011 c/w INCOME TAX APPEAL No.76 of 2011 BETWEEN 1. THE COMMISSIONER OF INCOME-TAX, LTU, JSS TOWERS, 100 FEET RING ROAD, BANASHANKARI III STAGE, BANGALORE. 2. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-12(1), C.R. BUILDING, QUEENS ROAD, BANGALORE. ... APPELLANTS (Common in both appeals) (BY SRI K.V. ARAVIND, ADVOCA…

CIT vs. Modi Xerox India Ltd

ITA/662/2012HC Delhi08 Jan 2015

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.K.GAUBA

Section 80Section 80H

…d. (2007) 162 Taxman 9 (Del) to the effect that such sales are to be excluded from the ITA 662/2012 Page 6 computation for the purposes of Section 80 HHC has been upheld by the Supreme Court in its judgment in CIT v. Punjab Stainless Steel Industries (2014) 364 ITR 144 (SC). This question is accordingly answered in favour of the assessee and against the revenue. So far as the other questions are concerned, the Court is of the opinion that they do not merit consideration as they are general and insubstantial. The appeal is accordingly dismissed in the above terms along with the pending application. S. RAVINDRA B…