CIT v. Shriram Honda Power Equipment & Ors.

289 ITR 475High Court2007#815 most cited

What is CIT v. Shriram Honda Power Equipment & Ors. authority for?

If interest income has been assessed as 'Income from Business' by the Assessing Officer and this classification has not been challenged by the department, its nature cannot be reopened later. The focus then shifts to whether netting of interest income against interest expenditure is permissible for deductions under sections like 80HHC or 10B.

126

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2007 to 2023.

Also referred to as

CIT v. Shriram Honda Power Equipment · 289 ITR 475 · interest income classification · business income · income from other sources · netting of interest income · Section 80HHC deduction · Section 10B deduction · reopening of income characterisation · department challenge assessment

Issues it is cited on

section 80hhc(3)section 28(iv)section 80hsection 115jamat creditsection 36(2)section 80hhcretrospective amendmentsection 80hhdeduction under section 80iasection 245section 244a

Judgments citing CIT v. Shriram Honda Power Equipment & Ors.

M/S. Abb Limited(Formerly Asea Brown Boveri Limited), Bangalore vs. DCIT, Bangalore

In the result, ground No.3 raised by the assessee is dismissed

ITA 790/BANG/2008[2002-03]Status: DisposedITAT Bangalore23 Jul 2021AY 2002-03

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranita No.790 & 791/Bang/2008 Assessment Year : 2002-03 & 2003-04 M/S. Abb Ltd., Vs. The Deputy Commissioner Of Ii Floor, East Wing, Income Tax (Ltu), Khanija Bhavan, Bengaluru. Race Course Road, Bengaluru-560 001. Pan : Aaaca 3834 B Appellant Respondent

For Appellant: Shri. Percy Pardiwala, Sr. AdvocateFor Respondent: Shri. K. V. Aravind, Standing Counsel
Section 2Section 80H

…far as interest income is concerned, it is the appellant's claim that what is to be reduced is the 'net interest, and not 'gross interest' as has been done by the AO. For this claim the appellant had relied on the decision of the Delhi High Court reported in 289 ITR 475, in the appeal for the assessment year 2004-05. It is further argued that in view of the decision relied on, the question of making reduction on this count does not arise as the interest paid is far in excess of the interest earned. In effect, the appellant is not contesting the issue of reducing the interest from the profits, but what is contest…

Mr. Pramod Kumar Khandelwal, Agra vs. Dy.C.I.T.-1, Agra

The appeals of the assessee are allowed in the terms indicated

ITA 201/AGR/2016[2010-11]Status: DisposedITAT Agra12 Apr 2021AY 2010-11

Bench: Shri Laliet Kumar & Dr. Mitha Lal Meena

Section 145Section 271(1)Section 44A

…elhi High Court in various cases. Interest on fixed deposits made for obtaining credit facilities for export business was excluded from the purview of export profits in CIT vs. Mrrrena Creations, 330 ITR 199(Delhi) following CIT vs Shri Ram Honda Power equip, 289 ITR 475 (Delhi) (2007). Similar view is held by Kerala High Court in the case of K. Ravindranathan Nair vs DCIT, 262 ITR 669 (2003). In view of the Apex Court decision in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd., it is held that the interest income is required to be taxed as "Income from Other Sources" under section 56 of the Income Ta…

Mr. Pramod Kumar Khandelwal, Agra vs. Dy.C.I.T.-1, Agra

The appeals of the assessee are allowed in the terms indicated

ITA 200/AGR/2016[2011-12]Status: DisposedITAT Agra12 Apr 2021AY 2011-12

Bench: Shri Laliet Kumar & Dr. Mitha Lal Meena

Section 145Section 271(1)Section 44A

…elhi High Court in various cases. Interest on fixed deposits made for obtaining credit facilities for export business was excluded from the purview of export profits in CIT vs. Mrrrena Creations, 330 ITR 199(Delhi) following CIT vs Shri Ram Honda Power equip, 289 ITR 475 (Delhi) (2007). Similar view is held by Kerala High Court in the case of K. Ravindranathan Nair vs DCIT, 262 ITR 669 (2003). In view of the Apex Court decision in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd., it is held that the interest income is required to be taxed as "Income from Other Sources" under section 56 of the Income Ta…

National Association of Software and Service Companies (Nasscom), New Delhi vs. DDIT (E), New Delhi

In the result, the appeal of the assessee is allowed

ITA 1927/DEL/2018[2011-12]Status: DisposedITAT Delhi26 Nov 2020AY 2011-12

Bench: Sh. Kuldip Singhdr. B. R. R. Kumar(Through Video Conferencing) Sa No. 318 & 326/Del/2020 (In Ita No. 1927/Del/2018 : Asstt. Year : 2011-12) &

For Appellant: Sh. Kamal Sawhney, AdvFor Respondent: Ms. Pramita M. Biswas, CIT DR
Section 11Section 12ASection 2(15)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI Before Sh. Kuldip Singh, Judicial Member Dr. B. R. R. Kumar, Accountant Member (Through Video Conferencing) SA No. 318 & 326/Del/2020 (in ITA No. 1927/Del/2018 : Asstt. Year : 2011-12) & ITA No. 1927/Del/2018 : Asstt. Year : 2011-12 National Association of Software and Vs DDIT(E), Service Companies (NASSCOM), New Delhi-110002 Office cum Shop No. 30-31, Ashoka Hotel, 50B, Chanakyapuri, New Delhi-110021 (APPELLANT) (RESPONDENT) PAN No. AAATN2595F Assessee by : Sh. Kamal Sawhney, Adv. Revenue by : Ms. Pramita M. Biswas, CIT DR Date of Hearing: 25.11.202…

Asst.C.I.T., Bangalore vs. M/S Wipro Ltd., Bangalore

ITA 609/BANG/2016[2011-12]Status: DisposedITAT Bangalore05 Oct 2020AY 2011-12

Bench: Shri B.R. Baskaran, Accountantmember & Shri Pavan Kumar Gadaleit(Tp)A No.99/Bang/2014 Assessmentyear:2009-10

Section 143(3)

…e included in the profits of the business. The issue as to whether the interest to be treated as business income or income from other sources has been considered by various High Courts. The Delhi High Court in the case of CIT Vs. Shriram Honda Power Equipment 289 ITR 475 has discussed such an issue of length. However, it was observed by the Delhi High Court that in a given case if the assessing officer has held the interest income as business income and this has not been challenged by the department in thereafter, then the question cannot be permitted to be reopened and the only question then will be if netting s…

DCIT, Bangalore vs. M/S Wipro Ltd., Bangalore

ITA 467/BANG/2015[2010-11]Status: DisposedITAT Bangalore05 Oct 2020AY 2010-11

Bench: Shri B.R. Baskaran, Accountantmember & Shri Pavan Kumar Gadaleit(Tp)A No.99/Bang/2014 Assessmentyear:2009-10

Section 143(3)

…e included in the profits of the business. The issue as to whether the interest to be treated as business income or income from other sources has been considered by various High Courts. The Delhi High Court in the case of CIT Vs. Shriram Honda Power Equipment 289 ITR 475 has discussed such an issue of length. However, it was observed by the Delhi High Court that in a given case if the assessing officer has held the interest income as business income and this has not been challenged by the department in thereafter, then the question cannot be permitted to be reopened and the only question then will be if netting s…

Continental Construction Ltd., New Delhi vs. ACIT, New Delhi

Appeal is dismissed

ITA 4710/DEL/2010[1995-96]Status: DisposedITAT Delhi23 Sept 2020AY 1995-96

Bench: Ms Suchitra Kamble & Shri P. Maharishi & Vs Continental Construction Acit, Ltd, 28, Nehru Place, Circle – 3(1), New Delhi – 110019. Room No.390, C.R. Building, (Pan: Aaacc 2309 R) Indraprastha Estate, New Delhi (Appellant) (Respondent) & Vs Acit, Continental Construction Ltd, Circle – 3(1), 28, Nehru Place, New Delhi – 110019. Room No.390, C.R. (Pan: Aaacc 2309 R) Building, Indraprastha Estate, New Delhi (Appellant) (Respondent) Appellant By Shri Subodh Gupta, Fca Respondent By Ms. Nidhi Srivastava, Cit-D.R. Date Of Hearing 14.08.2020 Date Of Pronouncement 23.09.2020

…was booked in present assessment year. Therefore, Ground No. 5 of the assessee’s appeal is dismissed. 9. As regards to Ground Nos. 6 & 7, the CIT(A) relied upon the decision of the Hon’ble Delhi High Court in case of CIT vs. Shri Ram Honda Power Equip (2007) 289 ITR 475 (Del), held that the interest on fixed deposits with the bank is Income from other sources instead of Business income. After hearing both the parties, it can be seen that the interest was received on the fixed deposits with the bank and thus it cannot be termed as business income. Ground No. 6 and 7 of the assessee’s appeal is allowed. 10. As re…

ACIT (Ltu), New Delhi vs. M/S Havells India Ltd., New Delhi

In the result, appeal of the assessee is partly allowed

ITA 466/DEL/2011[2007-08]Status: DisposedITAT Delhi25 Aug 2020AY 2007-08

Bench: Shri Amit Shukla & Shri Prashant Maharishihavells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi Cr Building Ip Estate, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Ltu, Nbcc Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Acit (Ltu), Vs. Havells India Ltd, Nbcc Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi Pan: Aaach0351E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Saras Kumar, Sr. DR
Section 143(3)Section 144ASection 14ASection 80H

…ause (1) of Explanation (baa) to section 80HHC for determining profits of business. 36. For this proposition , he further multiplied reliance on following decisions i. CIT vs. Paliwal Industries : 42 Taxmann.com 412 (P&H) ii. Shri Ram Honda Power Equipments: 289 ITR 475 (Del.) iii. CIT vs Nectar Life Science Ltd.: 203 Taxman 318 (Del.) iv. CIT v. Taj International Jewellers: 335 ITR 144 (Del.) v. CIT v UK Bose: 212 Taxman 399 (Del.) vi. CIT v. Infosys Technologies Ltd: 352 ITR 74 (Karn) vii. CIT v. Gokkuldas Exports: 333 ITR 214 (Kar.) viii. Paramount Trading Corporation: 98 ITD 77 (Del.) (TM) He therefore sub…

M/S Havells India Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee is partly allowed

ITA 6073/DEL/2010[2007-08]Status: DisposedITAT Delhi25 Aug 2020AY 2007-08

Bench: Shri Amit Shukla & Shri Prashant Maharishihavells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi Cr Building Ip Estate, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Ltu, Nbcc Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Acit (Ltu), Vs. Havells India Ltd, Nbcc Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi Pan: Aaach0351E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Saras Kumar, Sr. DR
Section 143(3)Section 144ASection 14ASection 80H

…ause (1) of Explanation (baa) to section 80HHC for determining profits of business. 36. For this proposition , he further multiplied reliance on following decisions i. CIT vs. Paliwal Industries : 42 Taxmann.com 412 (P&H) ii. Shri Ram Honda Power Equipments: 289 ITR 475 (Del.) iii. CIT vs Nectar Life Science Ltd.: 203 Taxman 318 (Del.) iv. CIT v. Taj International Jewellers: 335 ITR 144 (Del.) v. CIT v UK Bose: 212 Taxman 399 (Del.) vi. CIT v. Infosys Technologies Ltd: 352 ITR 74 (Karn) vii. CIT v. Gokkuldas Exports: 333 ITR 214 (Kar.) viii. Paramount Trading Corporation: 98 ITD 77 (Del.) (TM) He therefore sub…

M/S Havells India Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee is partly allowed

ITA 6072/DEL/2010[2004-05]Status: DisposedITAT Delhi25 Aug 2020AY 2004-05

Bench: Shri Amit Shukla & Shri Prashant Maharishihavells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi Cr Building Ip Estate, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Ltu, Nbcc Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Acit (Ltu), Vs. Havells India Ltd, Nbcc Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi Pan: Aaach0351E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Saras Kumar, Sr. DR
Section 143(3)Section 144ASection 14ASection 80H

…ause (1) of Explanation (baa) to section 80HHC for determining profits of business. 36. For this proposition , he further multiplied reliance on following decisions i. CIT vs. Paliwal Industries : 42 Taxmann.com 412 (P&H) ii. Shri Ram Honda Power Equipments: 289 ITR 475 (Del.) iii. CIT vs Nectar Life Science Ltd.: 203 Taxman 318 (Del.) iv. CIT v. Taj International Jewellers: 335 ITR 144 (Del.) v. CIT v UK Bose: 212 Taxman 399 (Del.) vi. CIT v. Infosys Technologies Ltd: 352 ITR 74 (Karn) vii. CIT v. Gokkuldas Exports: 333 ITR 214 (Kar.) viii. Paramount Trading Corporation: 98 ITD 77 (Del.) (TM) He therefore sub…

The Asstt. Commissioner of Income Tax, Vapi Circle, Vapi vs. M/S. Mitsu Limited, Daman

In the result, the appeal of the Revenue is dismissed

ITA 3510/AHD/2016[2000-01]Status: DisposedITAT Surat04 May 2020AY 2000-01

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

Section 143

…e filed this appeal before the Tribunal. The learned Counsel for the assessee submitted that that CIT (A) has allowed netting of interest income of Rs.44,15,400 for deduction under section 80HHC of the Act, which is supported by the decision of Shri Ram Honda 289 ITR 475 (Delhi). 37. The ld. D. R. relied on the order of the AO/CIT (A). 38. We have heard the rival submissions and perused the relevant material on record. We find that the issue under consideration is squarely covered by the decision of full bench of Hon`ble Rajasthan High Court in the case of Reliance Trading Corporation v. ITO [2015] 376 ITR 53 (Ra…

M/S. Mitsu Private Limited, Vapi vs. The ACIT, Vapi Circle, Vapi

In the result, the appeal of the Revenue is dismissed

ITA 1000/AHD/2016[2002-03]Status: DisposedITAT Surat04 May 2020AY 2002-03

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

Section 143

…e filed this appeal before the Tribunal. The learned Counsel for the assessee submitted that that CIT (A) has allowed netting of interest income of Rs.44,15,400 for deduction under section 80HHC of the Act, which is supported by the decision of Shri Ram Honda 289 ITR 475 (Delhi). 37. The ld. D. R. relied on the order of the AO/CIT (A). 38. We have heard the rival submissions and perused the relevant material on record. We find that the issue under consideration is squarely covered by the decision of full bench of Hon`ble Rajasthan High Court in the case of Reliance Trading Corporation v. ITO [2015] 376 ITR 53 (Ra…

M/S. Singhal Enterprises Pvt Ltd., Kolkata vs. D.C.I.T., C.C. - 4(1), Kolkata.

In the result, the both the appeals of the assessee ( in ITA No

ITA 1072/KOL/2018[2014-15]Status: DisposedITAT Kolkata26 Feb 2020AY 2014-15

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.1071 & 1072/Kol/2018 ("नधा"रणवष" / Assessment Years:2013-14 &2014-15)

For Appellant: Shri A.K. Tulsiyan, CAFor Respondent: Shri Ram Bilash Meena, CIT
Section 143(3)Section 263Section 80I

…0HHC. Aggrieved, the assessee filed an appeal before the Income-tax Appellate Tribunal (for short 'the Tribunal'). The Tribunal held, relying on the decision of the Delhi High Court in CIT vs. Shri Ram Honda Power Equip &Ors. (2007) 207 CTR (Del) 689 : (2007) 289 ITR 475 (Del), that netting of the interest could be allowed if the assessee is able to prove the nexus between the interest expenditure and interest income and remanded the matter to the file of the AO. The Tribunal also remanded the issue of netting of the rent to the AO with the direction to find out whether the assessee has paid the rent on the same…

M/S. Singhal Enterprises Pvt Ltd., Kolkata vs. D.C.I.T., C.C. - 4(1), Kolkata.

In the result, the both the appeals of the assessee ( in ITA No

ITA 1071/KOL/2018[2013-14]Status: DisposedITAT Kolkata26 Feb 2020AY 2013-14

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.1071 & 1072/Kol/2018 ("नधा"रणवष" / Assessment Years:2013-14 &2014-15)

For Appellant: Shri A.K. Tulsiyan, CAFor Respondent: Shri Ram Bilash Meena, CIT
Section 143(3)Section 263Section 80I

…0HHC. Aggrieved, the assessee filed an appeal before the Income-tax Appellate Tribunal (for short 'the Tribunal'). The Tribunal held, relying on the decision of the Delhi High Court in CIT vs. Shri Ram Honda Power Equip &Ors. (2007) 207 CTR (Del) 689 : (2007) 289 ITR 475 (Del), that netting of the interest could be allowed if the assessee is able to prove the nexus between the interest expenditure and interest income and remanded the matter to the file of the AO. The Tribunal also remanded the issue of netting of the rent to the AO with the direction to find out whether the assessee has paid the rent on the same…

M/S Honda Siel Power Products Ltd., Gautam Budh Nagar vs. DCIT, New Delhi

The appeal is allowed

ITA 988/DEL/2016[2004-05]Status: DisposedITAT Delhi03 Feb 2020AY 2004-05

Bench: Sh.Sudhanshu Srivastava & Sh. Prashant Maharishihonda Siel Power Products Vs Dcit Ltd., Sector-41, (Kasana) Circle – 12 (1) Greater Noida, Ind. New Delhi Development Area, Gautam Budh Nagar Pan No. Aaach8464L (Appellant) (Respondent) Dcit Vs Honda Siel Power Products Circle – 11 (1) Ltd., Sector-41, (Kasana) New Delhi Greater Noida, Indl. Development Area, Gautam Budh Nagar Pan No. Aaach8464L (Appellant) (Respondent) Appellant By Sh. Neeraj Kumar Jain, Advocate Ms. Shaily Gupta, Ca Respondent By Sh. S. K. Jain Cit Dr Date Of Hearing: 05/11/2019 Date Of Pronouncement: 03/02/2020 Order

Section 143(3)Section 14ASection 80Section 80H

…Rs. 2099648357/-. Consequently, the deduction u/s 80HHC was also computed at Rs. 7637927/-. The assessee challenged the same before the ld CIT(A) who vide para No. 6 of his order following the decision of the Hon'ble Delhi High Court in assessee‟s own case in 289 ITR 475 allowed the claim of the assessee. Thus, the ld CIT(A) excluded from turnover the amount of sales tax and excise duty. Therefore, the ld AO is in appeal before us. 8. We have heard the rival parties. The above issue is squarely covered in favour of the assessee by the decision of the coordinate bench in assessee‟s own case for Assessment Year 199…

Emaar Mgf Construction Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeals of the assessee are allowed and the appeals of the revenue are dismissed

ITA 914/DEL/2017[2014-15]Status: DisposedITAT Delhi26 Dec 2019AY 2014-15

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 1731/Del/2014 : Asstt. Year : 2009-10 Ita No. 1732/Del/2014 : Asstt. Year : 2010-11 Ita No. 6114/Del/2014 : Asstt. Year : 2011-12 Emmar Mgf Construction Pvt. Vs Asstt. Commissioner Of Income Ltd., First Floor, Ece House, 28, Tax, Central Circle-7, Kasturba Gandhi Marg, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 2001/Del/2014 : Asstt. Year : 2009-10 Ita No. 2002/Del/2014 : Asstt. Year : 2010-11 Ita No. 5827/Del/2014 : Asstt. Year : 2011-12 Deputy Commissioner Of Income Vs Emmar Mgf Construction Pvt. Tax, Central Circle-7, Ltd., First Floor, Ece House, 28, New Delhi Kasturba Gandhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 913/Del/2017 : Asstt. Year : 2013-14 Ita No. 914/Del/2017 : Asstt. Year : 2014-15 Emmar Mgf Construction Pvt. Vs Asstt. Commissioner Of Income Ltd., First Floor, Ece House, 28, Tax, Central Circle-2, Kasturba Gandhi Marg, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 1253/Del/2017 : Asstt. Year : 2013-14 Asstt. Commissioner Of Income Vs Emmar Mgf Construction Pvt. Tax, Central Circle-2, Ltd., First Floor, Ece House, 28, New Delhi Kasturba Gandhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K

For Appellant: Sh. I. P. Bansal, Adv. &For Respondent: Ms. Nidhi Srivastava, CIT DR

…t such netting is not permissible as interest income has to be separately shown under head “Income from Other Sources”. The Assessing Officer relied on the decision of Hon’ble Delhi High court in Commissioner of Income-tax Vs. Shri Ram Honda Power Equip(2007) 289 ITR 475 (Dei) and on the Special bench of ITAT in Lal Sons enterprise 89 ITD 25 (Del). The Assessing Officer admits that the said decision was given in the context of computation of deduction under section 80HHC however the ratio laid down in those ITA Nos. 1731, 1732, 2001, 59 2002, 5827 & 6114/Del/2014 ITA Nos. 913, 914 & 1253/Del/2017 Emaar MGF Con…

Emaar Mgf Construction Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeals of the assessee are allowed and the appeals of the revenue are dismissed

ITA 913/DEL/2017[2013-14]Status: DisposedITAT Delhi26 Dec 2019AY 2013-14

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 1731/Del/2014 : Asstt. Year : 2009-10 Ita No. 1732/Del/2014 : Asstt. Year : 2010-11 Ita No. 6114/Del/2014 : Asstt. Year : 2011-12 Emmar Mgf Construction Pvt. Vs Asstt. Commissioner Of Income Ltd., First Floor, Ece House, 28, Tax, Central Circle-7, Kasturba Gandhi Marg, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 2001/Del/2014 : Asstt. Year : 2009-10 Ita No. 2002/Del/2014 : Asstt. Year : 2010-11 Ita No. 5827/Del/2014 : Asstt. Year : 2011-12 Deputy Commissioner Of Income Vs Emmar Mgf Construction Pvt. Tax, Central Circle-7, Ltd., First Floor, Ece House, 28, New Delhi Kasturba Gandhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 913/Del/2017 : Asstt. Year : 2013-14 Ita No. 914/Del/2017 : Asstt. Year : 2014-15 Emmar Mgf Construction Pvt. Vs Asstt. Commissioner Of Income Ltd., First Floor, Ece House, 28, Tax, Central Circle-2, Kasturba Gandhi Marg, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 1253/Del/2017 : Asstt. Year : 2013-14 Asstt. Commissioner Of Income Vs Emmar Mgf Construction Pvt. Tax, Central Circle-2, Ltd., First Floor, Ece House, 28, New Delhi Kasturba Gandhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K

For Appellant: Sh. I. P. Bansal, Adv. &For Respondent: Ms. Nidhi Srivastava, CIT DR

…t such netting is not permissible as interest income has to be separately shown under head “Income from Other Sources”. The Assessing Officer relied on the decision of Hon’ble Delhi High court in Commissioner of Income-tax Vs. Shri Ram Honda Power Equip(2007) 289 ITR 475 (Dei) and on the Special bench of ITAT in Lal Sons enterprise 89 ITD 25 (Del). The Assessing Officer admits that the said decision was given in the context of computation of deduction under section 80HHC however the ratio laid down in those ITA Nos. 1731, 1732, 2001, 59 2002, 5827 & 6114/Del/2014 ITA Nos. 913, 914 & 1253/Del/2017 Emaar MGF Con…

ACIT, New Delhi vs. M/S. Emaar Mgf Construction Pvt. Ltd., New Delhi

In the result, the appeals of the assessee are allowed and the appeals of the revenue are dismissed

ITA 5827/DEL/2014[2011-12]Status: FixedITAT Delhi26 Dec 2019AY 2011-12

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 1731/Del/2014 : Asstt. Year : 2009-10 Ita No. 1732/Del/2014 : Asstt. Year : 2010-11 Ita No. 6114/Del/2014 : Asstt. Year : 2011-12 Emmar Mgf Construction Pvt. Vs Asstt. Commissioner Of Income Ltd., First Floor, Ece House, 28, Tax, Central Circle-7, Kasturba Gandhi Marg, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 2001/Del/2014 : Asstt. Year : 2009-10 Ita No. 2002/Del/2014 : Asstt. Year : 2010-11 Ita No. 5827/Del/2014 : Asstt. Year : 2011-12 Deputy Commissioner Of Income Vs Emmar Mgf Construction Pvt. Tax, Central Circle-7, Ltd., First Floor, Ece House, 28, New Delhi Kasturba Gandhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 913/Del/2017 : Asstt. Year : 2013-14 Ita No. 914/Del/2017 : Asstt. Year : 2014-15 Emmar Mgf Construction Pvt. Vs Asstt. Commissioner Of Income Ltd., First Floor, Ece House, 28, Tax, Central Circle-2, Kasturba Gandhi Marg, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 1253/Del/2017 : Asstt. Year : 2013-14 Asstt. Commissioner Of Income Vs Emmar Mgf Construction Pvt. Tax, Central Circle-2, Ltd., First Floor, Ece House, 28, New Delhi Kasturba Gandhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K

For Appellant: Sh. I. P. Bansal, Adv. &For Respondent: Ms. Nidhi Srivastava, CIT DR

…t such netting is not permissible as interest income has to be separately shown under head “Income from Other Sources”. The Assessing Officer relied on the decision of Hon’ble Delhi High court in Commissioner of Income-tax Vs. Shri Ram Honda Power Equip(2007) 289 ITR 475 (Dei) and on the Special bench of ITAT in Lal Sons enterprise 89 ITD 25 (Del). The Assessing Officer admits that the said decision was given in the context of computation of deduction under section 80HHC however the ratio laid down in those ITA Nos. 1731, 1732, 2001, 59 2002, 5827 & 6114/Del/2014 ITA Nos. 913, 914 & 1253/Del/2017 Emaar MGF Con…

DCIT, New Delhi vs. M/S. Emaar Mgf Construction Pvt. Ltd., New Delhi

In the result, the appeals of the assessee are allowed and the appeals of the revenue are dismissed

ITA 2001/DEL/2014[2009-10]Status: DisposedITAT Delhi26 Dec 2019AY 2009-10

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 1731/Del/2014 : Asstt. Year : 2009-10 Ita No. 1732/Del/2014 : Asstt. Year : 2010-11 Ita No. 6114/Del/2014 : Asstt. Year : 2011-12 Emmar Mgf Construction Pvt. Vs Asstt. Commissioner Of Income Ltd., First Floor, Ece House, 28, Tax, Central Circle-7, Kasturba Gandhi Marg, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 2001/Del/2014 : Asstt. Year : 2009-10 Ita No. 2002/Del/2014 : Asstt. Year : 2010-11 Ita No. 5827/Del/2014 : Asstt. Year : 2011-12 Deputy Commissioner Of Income Vs Emmar Mgf Construction Pvt. Tax, Central Circle-7, Ltd., First Floor, Ece House, 28, New Delhi Kasturba Gandhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 913/Del/2017 : Asstt. Year : 2013-14 Ita No. 914/Del/2017 : Asstt. Year : 2014-15 Emmar Mgf Construction Pvt. Vs Asstt. Commissioner Of Income Ltd., First Floor, Ece House, 28, Tax, Central Circle-2, Kasturba Gandhi Marg, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 1253/Del/2017 : Asstt. Year : 2013-14 Asstt. Commissioner Of Income Vs Emmar Mgf Construction Pvt. Tax, Central Circle-2, Ltd., First Floor, Ece House, 28, New Delhi Kasturba Gandhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K

For Appellant: Sh. I. P. Bansal, Adv. &For Respondent: Ms. Nidhi Srivastava, CIT DR

…t such netting is not permissible as interest income has to be separately shown under head “Income from Other Sources”. The Assessing Officer relied on the decision of Hon’ble Delhi High court in Commissioner of Income-tax Vs. Shri Ram Honda Power Equip(2007) 289 ITR 475 (Dei) and on the Special bench of ITAT in Lal Sons enterprise 89 ITD 25 (Del). The Assessing Officer admits that the said decision was given in the context of computation of deduction under section 80HHC however the ratio laid down in those ITA Nos. 1731, 1732, 2001, 59 2002, 5827 & 6114/Del/2014 ITA Nos. 913, 914 & 1253/Del/2017 Emaar MGF Con…

M/S. Emaar Mgf Construction Private Limited, New Delhi vs. ACIT, New Delhi

In the result, the appeals of the assessee are allowed and the appeals of the revenue are dismissed

ITA 1732/DEL/2014[2010-11]Status: FixedITAT Delhi26 Dec 2019AY 2010-11

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 1731/Del/2014 : Asstt. Year : 2009-10 Ita No. 1732/Del/2014 : Asstt. Year : 2010-11 Ita No. 6114/Del/2014 : Asstt. Year : 2011-12 Emmar Mgf Construction Pvt. Vs Asstt. Commissioner Of Income Ltd., First Floor, Ece House, 28, Tax, Central Circle-7, Kasturba Gandhi Marg, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 2001/Del/2014 : Asstt. Year : 2009-10 Ita No. 2002/Del/2014 : Asstt. Year : 2010-11 Ita No. 5827/Del/2014 : Asstt. Year : 2011-12 Deputy Commissioner Of Income Vs Emmar Mgf Construction Pvt. Tax, Central Circle-7, Ltd., First Floor, Ece House, 28, New Delhi Kasturba Gandhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 913/Del/2017 : Asstt. Year : 2013-14 Ita No. 914/Del/2017 : Asstt. Year : 2014-15 Emmar Mgf Construction Pvt. Vs Asstt. Commissioner Of Income Ltd., First Floor, Ece House, 28, Tax, Central Circle-2, Kasturba Gandhi Marg, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K Ita No. 1253/Del/2017 : Asstt. Year : 2013-14 Asstt. Commissioner Of Income Vs Emmar Mgf Construction Pvt. Tax, Central Circle-2, Ltd., First Floor, Ece House, 28, New Delhi Kasturba Gandhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabce7912K

For Appellant: Sh. I. P. Bansal, Adv. &For Respondent: Ms. Nidhi Srivastava, CIT DR

…t such netting is not permissible as interest income has to be separately shown under head “Income from Other Sources”. The Assessing Officer relied on the decision of Hon’ble Delhi High court in Commissioner of Income-tax Vs. Shri Ram Honda Power Equip(2007) 289 ITR 475 (Dei) and on the Special bench of ITAT in Lal Sons enterprise 89 ITD 25 (Del). The Assessing Officer admits that the said decision was given in the context of computation of deduction under section 80HHC however the ratio laid down in those ITA Nos. 1731, 1732, 2001, 59 2002, 5827 & 6114/Del/2014 ITA Nos. 913, 914 & 1253/Del/2017 Emaar MGF Con…