What is CIT v. Shah Originals authority for?

The decision in CIT v. Shah Originals is distinguished where a gain arises from foreign exchange fluctuation during an export transaction, and such gains are considered for Section 10A purposes. The case was specifically rendered in the context of Section 80HHC deductions, not Section 10A.

How many judgments cite CIT v. Shah Originals?

27 judgments on BharatTax cite CIT v. Shah Originals (327 ITR 19), spanning 2013 to 2024.

CIT v. Shah Originals (327 ITR 19)

KOTESHWARA V S S BANK ,UDUPI vs. INCOME TAX OFFICER, WARD-2, UDUPI

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

ITA 1087/BANG/2024[2017-18]Status: DisposedITAT Bangalore08 Jul 2024AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2017-18

For Appellant: Sri Akshay K.S., A.RFor Respondent: Sri Subramanian S., D.R

Section 143(3)Section 246ASection 250Section 7Section 80PSection 80P(2)(a)

…S.S. Bank, Udupi Page 6 of 7 in terms of Indian rupees as a result of a foreign exchange fluctuation that took place in the course of the export transaction. The gains had to be taken into account for the purpose of section 10A. CIT Vs. Shah Originals (2010) 327 ITR 19 (Bom) distinguished. (iv) That it was an admitted position that the assessee had deposited both the employer’s and the employees’ contribution towards provident fund and ESIC, though beyond the due date including the grace period. The Assessing Officer added these payments to the total income of the assessee. The disallowance which was effected by…

HIKAL LTD,MUMBAI vs. DCIT CIR 3(1), MUMBAI

In the result appeal of the assessee for A

ITA 5388/MUM/2012[2009-10]Status: DisposedITAT Mumbai23 Aug 2022AY 2009-10

Section 10ASection 10BSection 143(3)

…ssee‟s own case for A.Y.2011-12 in ITA No.766/Mum/2016 dated 30/06/2021 wherein it was held that the action of the lower authorities in placing reliance on the decision of the Hon‟ble Jurisdictional High Court in the case of CIT vs. Shah Originals reported in 327 ITR 19 (Bom) was totally misconceived as the said decision was rendered in the context of deduction claimed u/s.80HHC of the Act whereas in the present case, the assessee has M/s. Hikal Ltd., claimed deduction u/s.10A of the Act, wherein deduction is available on the profits derived by the assessee on the entire profits and gains derived by the undertaki…

HIKAL LTD,MUMBAI vs. DCIT CIR 3(1), MUMBAI

In the result appeal of the assessee for A

ITA 5387/MUM/2012[2008-09]Status: DisposedITAT Mumbai23 Aug 2022AY 2008-09

Section 10ASection 10BSection 143(3)

…ssee‟s own case for A.Y.2011-12 in ITA No.766/Mum/2016 dated 30/06/2021 wherein it was held that the action of the lower authorities in placing reliance on the decision of the Hon‟ble Jurisdictional High Court in the case of CIT vs. Shah Originals reported in 327 ITR 19 (Bom) was totally misconceived as the said decision was rendered in the context of deduction claimed u/s.80HHC of the Act whereas in the present case, the assessee has M/s. Hikal Ltd., claimed deduction u/s.10A of the Act, wherein deduction is available on the profits derived by the assessee on the entire profits and gains derived by the undertaki…

DCIT (OSD) CIR 3(1), MUMBAI vs. HIKAL LTD, MUMBAI

In the result appeal of the assessee for A

ITA 5372/MUM/2012[2009-10]Status: DisposedITAT Mumbai23 Aug 2022AY 2009-10

Section 10ASection 10BSection 143(3)

…ssee‟s own case for A.Y.2011-12 in ITA No.766/Mum/2016 dated 30/06/2021 wherein it was held that the action of the lower authorities in placing reliance on the decision of the Hon‟ble Jurisdictional High Court in the case of CIT vs. Shah Originals reported in 327 ITR 19 (Bom) was totally misconceived as the said decision was rendered in the context of deduction claimed u/s.80HHC of the Act whereas in the present case, the assessee has M/s. Hikal Ltd., claimed deduction u/s.10A of the Act, wherein deduction is available on the profits derived by the assessee on the entire profits and gains derived by the undertaki…

TECH MAHINDRA BUSINESS SERICES LTD,MUMBAI vs. DCIT CIR 9(2), MUMBAI

In the result, appeal of the assessee is partly allowed

ITA 1326/MUM/2014[2009-10]Status: DisposedITAT Mumbai15 Sept 2021AY 2009-10

Section 143(3)Section 144C(5)Section 92C

…ssee‟s own case for A.Y.2011-12 in ITA No.766/Mum/2016 dated 30/06/2021 wherein it was held that the action of the lower authorities in placing reliance on the decision of the Hon‟ble Jurisdictional High Court in the case of CIT vs. Shah Originals reported in 327 ITR 19 (Bom) was totally misconceived as the said decision was rendered in the context of deduction claimed u/s.80HHC of the Act 12 M/s. Tech Mahindra Business Services Ltd., (Formerly known as Hutchison Global Services Ltd.,) whereas in the present case, the assessee has claimed deduction u/s.10A of the Act, wherein deduction is available on the profi…

TECH MAHINDRA BUSINESS SERVICES LTD,MUMBAI vs. DCIT CIR 13(3)(2), MUMBAI

In the result, assessee’s appeal is partly allowed

ITA 766/MUM/2016[2011-12]Status: DisposedITAT Mumbai30 Jun 2021AY 2011-12

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

Section 143(3)

…, the DRP has directed the assessing officer to treat foreign exchange gain as “Income from business” for computing deduction under section 10A of the Act. As regards the decision of the Hon’ble jurisdictional High Court in case of CIT vs Shah Original (2010) 327 ITR 19 (Bom) relied upon by the TPO and learned DRP, learned senior counsel submitted, the said decision of the Hon’ble jurisdictional High Court was rendered in the context of deduction claimed under section 80HHC of the Act. Whereas, in assessee’s case the claim of deduction is under section 10A of the Act. He submitted, since the provisions of section…

WNS GLOBAL SERVICES P.LTD,MUMBAI vs. DCIT CIR 14(3)(1), MUMBAI

In the result, the appeals are partly allowed

ITA 2257/MUM/2017[2012-13]Status: DisposedITAT Mumbai19 Mar 2020AY 2012-13

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiita No.2257/Mum/2017 Assessment Year : 2012 -13 Ita No.1955/Mum/2016 Assessment Year : 2011 -12

For Appellant: Shri Porus Kaka & Shri Manish KanthFor Respondent: Shri Kumar Sanjay & Smt. Kavita Kaushik

Section 10ASection 143(3)Section 144C(5)Section 263Section 32(1)Section 92C

…nd results from a post export activity after the payment has been received. In these facts, such gain cannot be considered as profit derived by the assesses from the export of goods. Reliance in this regard, is placed on the judgment of CIT Vs. Shah Originals 327 ITR 19 (Bom), wherein it was held that exchange fluctuation in the EEFC account as well as the interest which has arisen as a result of the deposits maintained in the EEFC account, cannot be regarded as being part of the profits derived by the assesses from the export of goods or merchandise, therefore, cannot be included in the profit of business, while…

WNS GLOBAL SERVICES P. LTD,MUMBAI vs. DCIT CIR 14(3)(1), MUMBAI

In the result, the appeals are partly allowed

ITA 1955/MUM/2016[2011-12]Status: DisposedITAT Mumbai19 Mar 2020AY 2011-12

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiita No.2257/Mum/2017 Assessment Year : 2012 -13 Ita No.1955/Mum/2016 Assessment Year : 2011 -12

For Appellant: Shri Porus Kaka & Shri Manish KanthFor Respondent: Shri Kumar Sanjay & Smt. Kavita Kaushik

Section 10ASection 143(3)Section 144C(5)Section 263Section 32(1)Section 92C

…nd results from a post export activity after the payment has been received. In these facts, such gain cannot be considered as profit derived by the assesses from the export of goods. Reliance in this regard, is placed on the judgment of CIT Vs. Shah Originals 327 ITR 19 (Bom), wherein it was held that exchange fluctuation in the EEFC account as well as the interest which has arisen as a result of the deposits maintained in the EEFC account, cannot be regarded as being part of the profits derived by the assesses from the export of goods or merchandise, therefore, cannot be included in the profit of business, while…

DCIT CIR11(2)(2), MUMBAI vs. STATE STREET SYNTEL SERVICES PVT. LTD, MUMBAI

The appeal stand dismissed

ITA 2179/MUM/2017[2011-12]Status: DisposedITAT Mumbai03 Oct 2018AY 2011-12

Bench: Shri Joginder Singh, Jm & Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./I.T.A. No.2179/Mum/2017 (िनधा"रणवष" / Assessment Year: 2011-12) Deputy Commissioner Of Income State Street Syntel Services Tax Circle-11(2)(2) Private Limited बनाम/ 421, 4Th Floor, Aaykar Bhavan B-101 To 104, Delphi Vs. M.K.Road, Mumbai – 400 020 Hiranandani Business Park Powai,Mumbai-400 076 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaics-0964-Q (अपीलाथ"/Appellant) (""थ" / Respondent) : & आयकरअपीलसं./I.T.A. No.2115/Mum/2017 (िनधा"रणवष" / Assessment Year: 2012-13) Deputy Commissioner Of Income State Street Syntel Services Tax Circle-11(2)(2) Private Limited बनाम/ 421, 4Th Floor, Aaykar Bhavan B-101, To 104, Delph, Vs. M.K. Road,Mumbai – 400 020 Hiranandani Business Park Powai,Mumbai-400 076 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaics-0964-Q (अपीलाथ"/Appellant) (""थ" / Respondent) :

For Appellant: Meera Patil, Ld. ARFor Respondent: Rajendra Kumar, Ld. DR

Section 10ASection 143(3)Section 28

…in allowing interest income earned from EEFC account as profits eligible for deduction u/s 10A & 10AA of the Act relying upon the decision of ITAT in assessee’s own case without appreciating that Hon’ble Bombay High Court in the case of CIT Vs Shah Originals (327 ITR 19 (2010) had categorically held that the interest accrued to the assessee on the deposits held in EEFC account falls for classification as income from other sources and cannot be treated as business income.” v) “On the facts and circumstances of the cae and in law, whether the CIT(A) was correct in relying upon Hon’ble ITAT in the assessee’s own cas…

DCIT CIR11(2)(2), MUMBAI vs. STATE STREET SYNTEL SERVICES PVT. LTD, MUMBAI

The appeal stand dismissed

ITA 2115/MUM/2017[2012-13]Status: DisposedITAT Mumbai03 Oct 2018AY 2012-13

Bench: Shri Joginder Singh, Jm & Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./I.T.A. No.2179/Mum/2017 (िनधा"रणवष" / Assessment Year: 2011-12) Deputy Commissioner Of Income State Street Syntel Services Tax Circle-11(2)(2) Private Limited बनाम/ 421, 4Th Floor, Aaykar Bhavan B-101 To 104, Delphi Vs. M.K.Road, Mumbai – 400 020 Hiranandani Business Park Powai,Mumbai-400 076 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaics-0964-Q (अपीलाथ"/Appellant) (""थ" / Respondent) : & आयकरअपीलसं./I.T.A. No.2115/Mum/2017 (िनधा"रणवष" / Assessment Year: 2012-13) Deputy Commissioner Of Income State Street Syntel Services Tax Circle-11(2)(2) Private Limited बनाम/ 421, 4Th Floor, Aaykar Bhavan B-101, To 104, Delph, Vs. M.K. Road,Mumbai – 400 020 Hiranandani Business Park Powai,Mumbai-400 076 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaics-0964-Q (अपीलाथ"/Appellant) (""थ" / Respondent) :

For Appellant: Meera Patil, Ld. ARFor Respondent: Rajendra Kumar, Ld. DR

Section 10ASection 143(3)Section 28

…in allowing interest income earned from EEFC account as profits eligible for deduction u/s 10A & 10AA of the Act relying upon the decision of ITAT in assessee’s own case without appreciating that Hon’ble Bombay High Court in the case of CIT Vs Shah Originals (327 ITR 19 (2010) had categorically held that the interest accrued to the assessee on the deposits held in EEFC account falls for classification as income from other sources and cannot be treated as business income.” v) “On the facts and circumstances of the cae and in law, whether the CIT(A) was correct in relying upon Hon’ble ITAT in the assessee’s own cas…

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

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G”, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI N.K. PRADHAN, HON'BLE ACCOUNTANT MEMBER Asst. 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 (Appellant) (Respondent) Assessee by : Shri Vijay Mehta Department by : Shri V. Vidhyadhar Date of Hearing : 05.04.2018 Date of Pronouncement : 20.06.2018 O R D E R PER C.N. PRASAD 1. This appeal if…

DCIT CIR 11(2)(2), MUMBAI vs. SYNTEL P. LTD, MUMBAI

In the result, the appeal of Revenue is dismissed

ITA 2114/MUM/2017[2011-12]Status: DisposedITAT Mumbai14 Jun 2018AY 2011-12

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

For Appellant: Shri V. Jenardhanan, DRFor Respondent: Shri Ms. Meena, AR

Section 10ASection 143(3)Section 144C(5)Section 1OSection 28

…in allowing interest income earned from EEFC account as profits eligible for deduction u/s.10A & 10AA of the Act relying upon the decision of ITAT in assessee's own case without appreciating that Hon'ble Bombay High Court in the case of CIT Vs Shah Originals (327 ITR 19 (2010) had categorically held that the interest accrued to the assessee on the deposits held in EEFC account falls for classification as income from other sources and cannot be treated as business income ?" v) On the facts and circumstances of the case and in law, whether the CIT(A) was correct in relying upon its own decision in the assessee's c…

DCIT CIR 11(2)(2), MUMBAI vs. SYNTEL INTERNATIONAL P.LTD, PUNE

In the result, the appeal of Revenue is dismissed

ITA 2113/MUM/2017[2011-12]Status: DisposedITAT Mumbai14 Jun 2018AY 2011-12

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

For Appellant: Shri V. Jenardhanan, DRFor Respondent: Shri Ms. Meena, AR

Section 10ASection 143(3)Section 1OSection 28

…in allowing interest income earned from EEFC account as profits eligible for deduction u/s.10A & 10AA of the Act relying upon the decision of ITAT in assessee's own case without appreciating that Hon'ble Bombay High Court in the case of CIT Vs Shah Originals 327 ITR 19 (2010) had categorically held that the interest accrued to the assessee on the deposits held in EEFC account falls for classification as income from other sources and cannot be treated as business income. " v) On the facts and circumstances of the case and in law, whether the CIT(A) was correct in relying upon decision of Hon’ble ITAT in the asse…

GOODRICKE GROUP LIMITED,KOLKATA vs. DCIT, CIR-4(1), KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed

ITA 309/KOL/2015[2002-2003]Status: DisposedITAT Kolkata14 Mar 2018AY 2002-2003

Bench: "ी पी.एम .जगताप, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri P. M. Jagtap, Am & Shri A. T. Varkey, Jm]

Section 10Section 33A

…was earned merely on account of foreign exchange fluctuation. Such income, therefore, was directly related to the asses see's export business and cannot be said to have been removed beyond the first degree. In case of CIT v. Shah Originals reported in [2010] 327 ITR 19 (Bom), the Bombay High Court considered a case where the assessee, an exporter, was given an option to keep a specified percentage of the receipts on account of the export in its Exchange Earners Foreign Currency (EEFC) account. The assessee realized the full amount on account of the export but kept the portion thereof in EEFC account. The assesse…