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. 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 6114/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 2002/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…

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 1731/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. La Opala RG Ltd., Kolkata vs. ACIT, Range - 12, Kolkata

In the result, the appeal of the assessee is allowed

ITA 559/KOL/2018[2013-14]Status: DisposedITAT Kolkata31 Oct 2019AY 2013-14

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 139Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 14ASection 263Section 80ISection 80l

…urpose of computation of deduction under section 80­IA interest income earned by assessee after deducting interest payments on borrowed tunas should be taken into account ­ Held, yes [In favour of assessee]" (iii) CIT Vs. Shri Ram Honda Power Eguip. In (2007) 289 ITR 475 Hon'ble High Court of Delhi . " Whether where, as a result of computation of profits and gains of business and profession, Assessing Officer treats interest receipt as a business income, deduction under section 80HHC would be permissible in terms of Explanation (baa) to section 80HHC, of net interest, i.e. gross interest less expenditure incurre…

ACIT, New Delhi vs. M/S. Bokaro Power Supply Co. Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 5273/DEL/2016[2012-13]Status: DisposedITAT Delhi09 Aug 2019AY 2012-13

Bench: Shri Amit Shukla & Shri O.P. Kantassessment Year: 2012-13 Acit, Vs. M/S. Bokaro Power Supply Circle-5(1), New Delhi Co. Pvt. Ltd., 4Th Floor, Ispat Bhavan, Lodi Road, New Delhi Pan :Aabcb8976G (Appellant) (Respondent) Appellant By Shri Manoj Kumar Mahar, Sr.Dr Respondent By Shri P.N. Shastri, Ca & Shri M.P. Rastogi, Adv.

Section 143(2)

…the appellant company." 4. From the above, it is evident that the learned CIT(A) allowed the relief following the decision of Hon'ble Jurisdictional High Court in the case of CIT Vs. Sasan Power Ltd. vide ITA No. 10/2012 and Shree Ram Honda Power Equipment - 289 ITR 475. The Revenue has not disputed the applicability of the above decisions to the facts of the assessee's case. From ground No.2 of the Revenue's appeal, it is evident that the Revenue is disputing the matter in appeal because the Revenue has filed the SLP against the decision of Hon'ble Jurisdictional High Court in the case of Sasan Power Ltd. (supr…

M/S. Fag Bearings India Ltd., Baroda vs. The ACIT, Circle-1(2), Baroda

ITA 799/AHD/2016[2008-09]Status: DisposedITAT Ahmedabad30 Apr 2019AY 2008-09

Bench: Shri Waseem Ahmed & Ms Madhumita Roy1. आयकर अपील सं./Ita No.4565/Ahd/2007 – Ay 2004-05 2. आयकर अपील सं./Ita No.1529/Ahd/2009 – Ay 2005-06 3. आयकर अपील सं./Ita No.1256/Ahd/2012 – Ay 2007-08 4. आयकर अपील सं./It(Tp)A No.1941/Ahd/2012 – Ay 2008-09 5. आयकर अपील सं./It(Tp)A No.551/Ahd/2016 – Ay 2009-10

For Appellant: Shri Milin Mehta, A.R
Section 36Section 36(1)(iv)Section 40A(2)(b)Section 40A(9)Section 92C

…The assessee before the Ld. CIT-A submitted that only net amount might be considered for working out the deduction under section 80HHC of the Act by relying on the Judgment of Delhi High Court in the case of CIT v/s Shri Ram Honda Power Equipment reported in 289 ITR 475. CIT-A order 34.1 The Ld.CIT (A) observed that the Interest earned on fixed deposit to avail credit facilities from the bank does not have an immediate nexus with the export business. Therefore it has to be treated as income from other sources. Thus income from investment and UTI is held that it is not business income. Therefore, the Ld. CIT-A co…

The ACIT, Circle-5, Ahmedabad vs. M/S. Nabros Pharma Ltd., Ahmedabad

ITA 788/AHD/2016[2008-09]Status: DisposedITAT Ahmedabad30 Apr 2019AY 2008-09

Bench: Shri Waseem Ahmed & Ms Madhumita Roy1. आयकर अपील सं./Ita No.4565/Ahd/2007 – Ay 2004-05 2. आयकर अपील सं./Ita No.1529/Ahd/2009 – Ay 2005-06 3. आयकर अपील सं./Ita No.1256/Ahd/2012 – Ay 2007-08 4. आयकर अपील सं./It(Tp)A No.1941/Ahd/2012 – Ay 2008-09 5. आयकर अपील सं./It(Tp)A No.551/Ahd/2016 – Ay 2009-10

For Appellant: Shri Milin Mehta, A.R
Section 36Section 36(1)(iv)Section 40A(2)(b)Section 40A(9)Section 92C

…The assessee before the Ld. CIT-A submitted that only net amount might be considered for working out the deduction under section 80HHC of the Act by relying on the Judgment of Delhi High Court in the case of CIT v/s Shri Ram Honda Power Equipment reported in 289 ITR 475. CIT-A order 34.1 The Ld.CIT (A) observed that the Interest earned on fixed deposit to avail credit facilities from the bank does not have an immediate nexus with the export business. Therefore it has to be treated as income from other sources. Thus income from investment and UTI is held that it is not business income. Therefore, the Ld. CIT-A co…

The ACIT, Circle-1(2), Baroda vs. M/S. Fag Bearings India Ltd., Vadodara

ITA 551/AHD/2016[2009-10]Status: DisposedITAT Ahmedabad30 Apr 2019AY 2009-10

Bench: Shri Waseem Ahmed & Ms Madhumita Roy1. आयकर अपील सं./Ita No.4565/Ahd/2007 – Ay 2004-05 2. आयकर अपील सं./Ita No.1529/Ahd/2009 – Ay 2005-06 3. आयकर अपील सं./Ita No.1256/Ahd/2012 – Ay 2007-08 4. आयकर अपील सं./It(Tp)A No.1941/Ahd/2012 – Ay 2008-09 5. आयकर अपील सं./It(Tp)A No.551/Ahd/2016 – Ay 2009-10

For Appellant: Shri Milin Mehta, A.R
Section 36Section 36(1)(iv)Section 40A(2)(b)Section 40A(9)Section 92C

…The assessee before the Ld. CIT-A submitted that only net amount might be considered for working out the deduction under section 80HHC of the Act by relying on the Judgment of Delhi High Court in the case of CIT v/s Shri Ram Honda Power Equipment reported in 289 ITR 475. CIT-A order 34.1 The Ld.CIT (A) observed that the Interest earned on fixed deposit to avail credit facilities from the bank does not have an immediate nexus with the export business. Therefore it has to be treated as income from other sources. Thus income from investment and UTI is held that it is not business income. Therefore, the Ld. CIT-A co…

M/S. Fag Bearings India Ltd., Baroda vs. The ACIT., Circle-1(2), (Tpo), Baroda

ITA 2061/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad30 Apr 2019AY 2008-09

Bench: Shri Waseem Ahmed & Ms Madhumita Roy1. आयकर अपील सं./Ita No.4565/Ahd/2007 – Ay 2004-05 2. आयकर अपील सं./Ita No.1529/Ahd/2009 – Ay 2005-06 3. आयकर अपील सं./Ita No.1256/Ahd/2012 – Ay 2007-08 4. आयकर अपील सं./It(Tp)A No.1941/Ahd/2012 – Ay 2008-09 5. आयकर अपील सं./It(Tp)A No.551/Ahd/2016 – Ay 2009-10

For Appellant: Shri Milin Mehta, A.R
Section 36Section 36(1)(iv)Section 40A(2)(b)Section 40A(9)Section 92C

…The assessee before the Ld. CIT-A submitted that only net amount might be considered for working out the deduction under section 80HHC of the Act by relying on the Judgment of Delhi High Court in the case of CIT v/s Shri Ram Honda Power Equipment reported in 289 ITR 475. CIT-A order 34.1 The Ld.CIT (A) observed that the Interest earned on fixed deposit to avail credit facilities from the bank does not have an immediate nexus with the export business. Therefore it has to be treated as income from other sources. Thus income from investment and UTI is held that it is not business income. Therefore, the Ld. CIT-A co…

M/S. Fag Bearings India Ltd., Baroda vs. The Dy.CIT., Circle-1(2), Baroda

ITA 1197/AHD/2012[2007-08]Status: DisposedITAT Ahmedabad30 Apr 2019AY 2007-08

Bench: Shri Waseem Ahmed & Ms Madhumita Roy1. आयकर अपील सं./Ita No.4565/Ahd/2007 – Ay 2004-05 2. आयकर अपील सं./Ita No.1529/Ahd/2009 – Ay 2005-06 3. आयकर अपील सं./Ita No.1256/Ahd/2012 – Ay 2007-08 4. आयकर अपील सं./It(Tp)A No.1941/Ahd/2012 – Ay 2008-09 5. आयकर अपील सं./It(Tp)A No.551/Ahd/2016 – Ay 2009-10

For Appellant: Shri Milin Mehta, A.R
Section 36Section 36(1)(iv)Section 40A(2)(b)Section 40A(9)Section 92C

…The assessee before the Ld. CIT-A submitted that only net amount might be considered for working out the deduction under section 80HHC of the Act by relying on the Judgment of Delhi High Court in the case of CIT v/s Shri Ram Honda Power Equipment reported in 289 ITR 475. CIT-A order 34.1 The Ld.CIT (A) observed that the Interest earned on fixed deposit to avail credit facilities from the bank does not have an immediate nexus with the export business. Therefore it has to be treated as income from other sources. Thus income from investment and UTI is held that it is not business income. Therefore, the Ld. CIT-A co…

M/S. Fag Bearings India Ltd., Baroda vs. The CIT-I, Baroda

ITA 1453/AHD/2011[2005-06]Status: DisposedITAT Ahmedabad30 Apr 2019AY 2005-06

Bench: Shri Waseem Ahmed & Ms Madhumita Roy1. आयकर अपील सं./Ita No.4565/Ahd/2007 – Ay 2004-05 2. आयकर अपील सं./Ita No.1529/Ahd/2009 – Ay 2005-06 3. आयकर अपील सं./Ita No.1256/Ahd/2012 – Ay 2007-08 4. आयकर अपील सं./It(Tp)A No.1941/Ahd/2012 – Ay 2008-09 5. आयकर अपील सं./It(Tp)A No.551/Ahd/2016 – Ay 2009-10

For Appellant: Shri Milin Mehta, A.R
Section 36Section 36(1)(iv)Section 40A(2)(b)Section 40A(9)Section 92C

…The assessee before the Ld. CIT-A submitted that only net amount might be considered for working out the deduction under section 80HHC of the Act by relying on the Judgment of Delhi High Court in the case of CIT v/s Shri Ram Honda Power Equipment reported in 289 ITR 475. CIT-A order 34.1 The Ld.CIT (A) observed that the Interest earned on fixed deposit to avail credit facilities from the bank does not have an immediate nexus with the export business. Therefore it has to be treated as income from other sources. Thus income from investment and UTI is held that it is not business income. Therefore, the Ld. CIT-A co…

Ultimate Flexipack Ltd, New Delhi vs. DCIT, New Delhi

ITA 901/DEL/2009[2005-06]Status: DisposedITAT Delhi20 Mar 2019AY 2005-06

Bench: Shri R. K. Panda & Ms Suchitra Kamble & Ultimate Flexipack Ltd. Vs Dcit 305, 3Rd Floor, Bhanot Corner, Central Circle-18 Pamposh Enclave, Greater Kailash-1 Ara Centre,E-2, Jhandewalan New Delhi Aaacu6565D New Delhi (Appellant) (Respondent) Dcit Vs Ultimate Flexipack Ltd. Central Circle-18 305, 3Rd Floor, Bhanot Corner, Ara Centre, E-2, Jhandewalan Pamposh Enclave, Greater New Delhi Kailash-1 New Delhi Aaacu6565D (Appellant) (Respondent)

Section 115JSection 80Section 80I

…t. For this purpose, the Ld. AR relied upon the following judgments wherein the principle of netting has been approved: i) CIT vs. Nirma Ltd. 367 ITR 12 (Guj) ii) ACG Associated Capsules Pvt. Ltd. vs. CIT 343 ITR 89 (SC) iii) CIT vs. Sri Ram Honda Power Equip 289 ITR 475 (Del) iv) Keshavji Ravji and Co. vs. CIT 183 ITR 1 (SC) The Ld. AR further submitted that identical additional grounds were also raised before the Tribunal in A.Y. 2004-05 and the principle of netting has been accepted by the Tribunal vide its order dated 12.07.2018 in ITA No. 795/Del/2003. 8. As regards to the merit of the case i.e. Ground No.…

DCIT, New Delhi vs. M/S. Ultimate Flexible Ltd, New Delhi

ITA 2782/DEL/2009[2006-07]Status: DisposedITAT Delhi20 Mar 2019AY 2006-07

Bench: Shri R. K. Panda & Ms Suchitra Kamble & Ultimate Flexipack Ltd. Vs Dcit 305, 3Rd Floor, Bhanot Corner, Central Circle-18 Pamposh Enclave, Greater Kailash-1 Ara Centre,E-2, Jhandewalan New Delhi Aaacu6565D New Delhi (Appellant) (Respondent) Dcit Vs Ultimate Flexipack Ltd. Central Circle-18 305, 3Rd Floor, Bhanot Corner, Ara Centre, E-2, Jhandewalan Pamposh Enclave, Greater New Delhi Kailash-1 New Delhi Aaacu6565D (Appellant) (Respondent)

Section 115JSection 80Section 80I

…t. For this purpose, the Ld. AR relied upon the following judgments wherein the principle of netting has been approved: i) CIT vs. Nirma Ltd. 367 ITR 12 (Guj) ii) ACG Associated Capsules Pvt. Ltd. vs. CIT 343 ITR 89 (SC) iii) CIT vs. Sri Ram Honda Power Equip 289 ITR 475 (Del) iv) Keshavji Ravji and Co. vs. CIT 183 ITR 1 (SC) The Ld. AR further submitted that identical additional grounds were also raised before the Tribunal in A.Y. 2004-05 and the principle of netting has been accepted by the Tribunal vide its order dated 12.07.2018 in ITA No. 795/Del/2003. 8. As regards to the merit of the case i.e. Ground No.…

Ultimate Flexipack Ltd., New Delhi vs. DCIT, New Delhi

ITA 2199/DEL/2009[2006-07]Status: DisposedITAT Delhi20 Mar 2019AY 2006-07

Bench: Shri R. K. Panda & Ms Suchitra Kamble & Ultimate Flexipack Ltd. Vs Dcit 305, 3Rd Floor, Bhanot Corner, Central Circle-18 Pamposh Enclave, Greater Kailash-1 Ara Centre,E-2, Jhandewalan New Delhi Aaacu6565D New Delhi (Appellant) (Respondent) Dcit Vs Ultimate Flexipack Ltd. Central Circle-18 305, 3Rd Floor, Bhanot Corner, Ara Centre, E-2, Jhandewalan Pamposh Enclave, Greater New Delhi Kailash-1 New Delhi Aaacu6565D (Appellant) (Respondent)

Section 115JSection 80Section 80I

…t. For this purpose, the Ld. AR relied upon the following judgments wherein the principle of netting has been approved: i) CIT vs. Nirma Ltd. 367 ITR 12 (Guj) ii) ACG Associated Capsules Pvt. Ltd. vs. CIT 343 ITR 89 (SC) iii) CIT vs. Sri Ram Honda Power Equip 289 ITR 475 (Del) iv) Keshavji Ravji and Co. vs. CIT 183 ITR 1 (SC) The Ld. AR further submitted that identical additional grounds were also raised before the Tribunal in A.Y. 2004-05 and the principle of netting has been accepted by the Tribunal vide its order dated 12.07.2018 in ITA No. 795/Del/2003. 8. As regards to the merit of the case i.e. Ground No.…

ACIT, Gurgaon vs. M/S. Motorola India Pvt. Ltd., Gurgaon

In the result, appeal filed by the revenue is dismissed

ITA 4581/DEL/2011[2004-05]Status: DisposedITAT Delhi24 Aug 2018AY 2004-05

Bench: Smt Diva Singh & Shri Prashant Maharishimotorola India Pvt Ltd, Vs. Acit, Motorola Excellence Centre, Gurgaon Circle, 415/2, Sector-14, Mg Road, Gurgaon Gurgaon, Haryana Pan: Aaacm9343D (Appellant) (Respondent) Acit, Vs. Motorola India Pvt Ltd, Gurgaon Circle, Motorola Excellence Centre, Gurgaon 415/2, Sector-14, Mg Road, Gurgaon, Haryana Pan: Aaacm9343D (Appellant) (Respondent) Motorola Solutions India (P) Ltd, Vs. Acit, 415/2, Motorola Excellence Gurgaon Circle, Centre, Mg Road, Haryana Gurgaon Pan: Aaacm9343D (Appellant) (Respondent) Acit, Vs. Motorola Solutions India (P) Gurgaon Circle, Ltd, Gurgaon 415/2, Motorola Excellence Centre, Mg Road, Haryana Pan: Aaacm9343D (Appellant) (Respondent) Assessee By : Shri G.C. Srivastava, Adv Shri Suvinay K. Dash, Adv Revenue By: Shri Sanjay I Bara, Cit Dr Date Of Hearing 28/05/2018 Date Of Pronouncement 24/08/2018

For Appellant: Shri G.C. Srivastava, AdvFor Respondent: Shri Sanjay I Bara, CIT DR
Section 37Section 43BSection 80HSection 92C

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “I-I”: NEW DELHI BEFORE SMT DIVA SINGH, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Motorola India Pvt Ltd, Vs. ACIT, Motorola Excellence Centre, Gurgaon Circle, 415/2, Sector-14, MG road, Gurgaon Gurgaon, Haryana PAN: AAACM9343D (Appellant) (Respondent) ACIT, Vs. Motorola India Pvt Ltd, Gurgaon Circle, Motorola Excellence Centre, Gurgaon 415/2, Sector-14, MG road, Gurgaon, Haryana PAN: AAACM9343D (Appellant) (Respondent) Motorola Solutions India (P) Ltd, Vs. ACIT, 415/2, Motorola Excellence Gurgaon Circle, Centre, MG road, Haryana Gurgaon PAN: AAACM93…

ACIT, Ludhiana vs. M/S Vardhman Textiles Ltd., Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 575/CHANDI/2009[2005-06]Status: DisposedITAT Chandigarh04 May 2018AY 2005-06

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol
Section 10BSection 14ASection 80H

…Section 80HHC. 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 Commissioner of Income-Tax v. Shri Ram Honda Power Equip [(2007) 289 ITR 475 (Delhi)], 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 Assessing Officer. The Tribunal also remanded the issue of netting of the rent to the Assessing Officer with the direction to find out whether the assess…

M/S Vardhman Textiles Ltd., Ludhiana vs. Addl. CIT, Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 528/CHANDI/2009[2005-06]Status: DisposedITAT Chandigarh04 May 2018AY 2005-06

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol
Section 10BSection 14ASection 80H

…Section 80HHC. 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 Commissioner of Income-Tax v. Shri Ram Honda Power Equip [(2007) 289 ITR 475 (Delhi)], 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 Assessing Officer. The Tribunal also remanded the issue of netting of the rent to the Assessing Officer with the direction to find out whether the assess…

ACIT, Ludhiana vs. M/S Vardhman Textiles Ltd., Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 981/CHANDI/2008[2004-05]Status: DisposedITAT Chandigarh04 May 2018AY 2004-05

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol
Section 10BSection 14ASection 80H

…Section 80HHC. 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 Commissioner of Income-Tax v. Shri Ram Honda Power Equip [(2007) 289 ITR 475 (Delhi)], 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 Assessing Officer. The Tribunal also remanded the issue of netting of the rent to the Assessing Officer with the direction to find out whether the assess…

Vardhman Textiles Ltd., Ludhiana vs. JCIT, Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 938/CHANDI/2008[2004-05]Status: DisposedITAT Chandigarh04 May 2018AY 2004-05

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol
Section 10BSection 14ASection 80H

…Section 80HHC. 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 Commissioner of Income-Tax v. Shri Ram Honda Power Equip [(2007) 289 ITR 475 (Delhi)], 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 Assessing Officer. The Tribunal also remanded the issue of netting of the rent to the Assessing Officer with the direction to find out whether the assess…

ACIT, Ludhiana vs. M/S Vardhman Textiles Ltd., Ludhiana

In the result appeals of the Assessee and the Revenue are partly allowed

ITA 530/CHANDI/2008[2003-04]Status: DisposedITAT Chandigarh04 May 2018AY 2003-04

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03

For Appellant: Shri. Subhash AggarwalFor Respondent: Sh. Ashish Abrol
Section 10BSection 14ASection 80H

…Section 80HHC. 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 Commissioner of Income-Tax v. Shri Ram Honda Power Equip [(2007) 289 ITR 475 (Delhi)], 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 Assessing Officer. The Tribunal also remanded the issue of netting of the rent to the Assessing Officer with the direction to find out whether the assess…