CIT v. Shri Subhulaxmi Mills Ltd.

M/S. BIRLA EDUTECH LTD. ,MUMBAI vs. ITO WARD-3(1)(2), MUMBAI

In the result, the appeal of the assessee is allowed

…tly, section 79 of the Act are not applicable to carry forward and set off of depreciation which is governed by Section 32(2) of the act and there is no restriction on carry forward of depreciation as held by Hon’ble Supreme Court in Shri Subhalaxmi Mill Ltd. 249 ITR 795 (SC). Moreover, according to Ld. AR, it can be seen that change in share holding has taken place within the group and therefore there is no change in the management as such. Therefore, AO erred in applying Section 79 of the Act. And in any case the issue of invoking Section 79 of the Act to disallow the 7 A.Y. 2012-13 M/s. Birla Edutech Ltd. loss…

ITO, WARD-3(3), THANE vs. M/S. SATYA SAI G AGROILS P. LTD., THANE

The appeal of the Revenue is dismissed, whereas the appeal of the Assessee is allowed for statistical purposes

…lant as the relevant facts were not borne from the assessment records. ITA. No. 289/Mum/2021 & 1885/Mum/2020 Assessment Year: 2010-11 13. We note that the Hon‟ble Supreme Court has, in the case of Commissioner of Income Tax vs. Shri Subhlaxmi Mills Limited : 249 ITR 795 (SC) has held that for the purposes of applying provisions of Section 79 of the Act only the business loss should be taken into account and not unabsorbed depreciation. Therefore, in our view, the Assessing Officer was not justified in invoking the provisions of Section 79 of the Act for disallowing brought forward unabsorbed depreciation. We not…

DEPUTY COMMISSIONER OF INCOME TAX 15(1)(1), MUMBAI vs. ABEINSA BUSINESS DEVELOPMENT PRIVATE LIMITED, MUMBAI

In the result, the appeal of Revenue is dismissed

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am Aayakr Apila Sam./ Ita No. 1183/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2012-13) The Dy. Commissioner Of Abeinsa Business Income Tax, Circle 15(1)(1), Development Pvt. Ltd. Mumbai 540-A, A.J. House, Marol Vs. Room No. 470, 4Th Floor, Maroshi Road, Marol, Aayakar Bhavan, Mumbai. Andhri (E), Mumbai-400 059 .. (Apilaaqai- / Appellant) (P`%Yaqaai- / Respondent) स्थायी लेखा िं./Pan No. Aagca6110N अपीलाथी की ओर े / Appellant By : Shri Anadi Varma, Dr प्रत्यथी की ओर े / Respondent By : Shri Rajendra Deshpande, Ar ुनवाई की तारीख / Date Of Hearing: 08-05-2019 घोषणा की तारीख / Date Of Pronouncement : 08-05-2019

…ness losses of Rs. 10,90,40,397/- including the unabsorbed depreciation of Rs. 59,26,702/-. Aggrieved, assessee preferred the appeal before CIT(A). The CIT(A) relying on the decision of Hon’ble Supreme Court in the case of CIT vs. Subhulaxmi Mills Ltd. (2001) 249 ITR 795 (SC) vide order dated 20.09.1995 directed the AO to delete the disallowance of unabsorbed depreciation loss of Rs. 59,26,702/- after verification. For this, the CIT(A) observed as under: - “In this case, the shareholding of the assessee has changed entirely to the extent of 99.99% and hence, the provisions of section 79 of the Act are squarely a…

DCIT 9(2)(2), MUMBAI vs. CREDILA FINANCIAL SERVICES P.LTD, MUMBAI

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1491/Mum/2016 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ Dcit 9(2)(2) Credila Financial Services R.No. 665A, 6 T H Floor, Private Ltd., Aayakar Bhavan, Mk Road, B-301 Citi Point, V. Mumbai-400020 Next To Kohinoor Continental Andheri Kurla Road, Andheri(E), Mumbai 400056 स्थायी ऱेखा सं./ Pan : Aaccc8789P (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent)

…ary explaining that the assessee is a Public Limited Company in view of provision of Section 3(1)(iv)(c) of the Companies Act 1956. The assessee also relied upon the decision of the Hon‟ble Supreme Court in the case of CIT v. Shri Subhulaxmi Mills Ltd. (2001) 249 ITR 795(SC). 7.4 The learned CIT-A called for the remand report from the AO with respect to the change in shareholding pattern of the assessee company during AY 2012-13 as the assessee was denying any change in shareholding pattern during the said period while the AO was contending that there was a change in shareholding pattern during said period. The…

MULTIFILMS PLASTICS P.LTD,MUMBAI vs. DCIT 8(2), MUMBAI

In the result, appeal of the assessee is dismissed

Bench: Shri G.S.Pannu & Shri Pawan Singhmultifilms Plastics Pvt. Ltd., 2, Laxmi Nilayam, Ground Floor, Nanda Patkar Road, Vile Parle(E) Mumbai 400 057 Pan:Aaacm3017A ...... Appellant Vs. The Dcit 8(2), Aaykar Bhavan,M.K.Road, Mumbai -400 020 .... Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI G.S.PANNU, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER Multifilms Plastics Pvt. Ltd., 2, Laxmi Nilayam, Ground Floor, Nanda Patkar Road, Vile Parle(E) Mumbai 400 057 PAN:AAACM3017A ...... Appellant Vs. The DCIT 8(2), Aaykar Bhavan,M.K.Road, Mumbai -400 020 .... Respondent Appellant by : Shri Sanjay Bansal Respondent by : Shri Suman Kumar Date of hearing : 13/04/2017 Date of pronouncement : 05/05/2017 ORDER PER G.S.PANNU,A.M: The captioned appeal filed by the assessee pertaining to assessment year 2010-11 is directed ag…

ASST CIT CIR 6(1), MUMBAI vs. ANIL PRINERS LTD, MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2009-10 Acit, Anil Printers Ltd. Circle-6(1), R. No.506, 2, Kakad Industrial Estate, बनाम/ 5Th Floor, Aayakar Bhavan, Matunga West, Vs. M.K.Road, Mumbai-400016 Mumbai-400020 Pan No.Aacca6914C (अपीलाथ" /Appellant) (""यथ"/Respondent)

…hat section 32 of the Act deals with different types of depreciation, whereas, section 80 deals with carry forward 10 of unabsorbed losses other than losses on account of depreciation. 2.4. The Hon’ble Apex Court in CIT vs Shri Shubh Laxmi Mills Ltd. (2001) 249 ITR 795(SC), while deliberating upon sections 32, 33, 79 (prior to amendment in 1988) with respect to carry forward of losses held that in order to invoke section 79 to deny carry forward and set off of losses in the case of a company, in which public is not substantially interested, the Department has to prove not only that is change in 50% of the votin…