CIT v. Sona Koyo Steering Systems Ltd.

M/S Pragati Power Corporation Ltd., New Delhi vs. ACIT, New Delhi

In the result the appeal of the assessee is allowed for statistical purposes

Bench: Shri Amit Shukla & Shri O.P. Kantassessment Year: 2012-13

…nit to the extent of gross total income available as per section 80A(2) of the Act. The Ld. counsel in support of his contention relied on the decision of the Hon’ble Delhi High Court in the case of CIT versus Sona Koyo Steering Systems Ltd reported in (2010) 321 ITR 463 . 4. The Ld DR supported the order of the lower authorities and submitted that deduction under section 80IA has been rightly restricted to the net income under the profit and gains of the business of the assessee. 5. We have heard rival submissions and perused the relevant material on record. The assessee is a company of Government of National Ca…

Commissioner of Income Tax, Delhi vs. M/S Sona Steering Systems Ltd

Bench: HON'BLE MS. JUSTICE SUNITA GUPTA,HON'BLE MR. JUSTICE SANJIV KHANNA

…years and it is not possible at this stage to frame additional questions. 22. In any event, the issue appears to be covered by the decision of this Court in the Assessee‟s own case in Commissioner of Income Tax v. Sona Koyo Steering Systems Ltd. (2010) 321 ITR 463. There the Court discussed in some detail the plea of this very Assessee, having two units namely a steering unit and an axle unit that only the profit making unit should be considered eligible for the purposes of computing the deduction under Section 80-I (1) read with Section 80-I (6) of the Act. The Revenue was in appeal in those cases ag…

Krishak Bharati Cooperative Ltd vs. Deputy Commissioner of Income Tax

The appeals are allowed

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

…e having a direct or immediate nexus with the industrial undertaking, that is, the Heavy Water Plant. 15. The learned counsel for the revenue then referred to a decision of this court in Commissioner of Income-tax v. Sona Koyo Steering Systems Limited: (2010) 321 ITR 463 (Delhi) in support of his contention that each industrial undertaking has to be taken independently for the purposes of computing ITA No.1248/10 & 614/11 Page 12 of 15 deductions under Section 80-I of the said Act. He also placed reliance on another decision of this court in Honda Siel Power Products Limited v. Commissioner of Income-tax: (2009…

Krishak Bharati Cooperative Ltd vs. Deputy Commissioner of Income Tax

The appeals are allowed

…e having a direct or immediate nexus with the industrial undertaking, that is, the Heavy Water Plant. 15. The learned counsel for the revenue then referred to a decision of this court in Commissioner of Income-tax v. Sona Koyo Steering Systems Limited: (2010) 321 ITR 463 (Delhi) in support of his contention that each industrial undertaking has to be taken independently for the purposes of computing 2013:DHC:3587-DB ITA No.1248/10 & 614/11 Page 12 of 15 deductions under Section 80-I of the said Act. He also placed reliance on another decision of this court in Honda Siel Power Products Limited v. Commissioner of…

CIT vs. Gravs Appliance Pvt Ltd

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

…which incorporates by reference Section-80IA (5), the approach adopted by the Tribunal cannot be faulted. The Court also noticed that the same reasoning has been indicated in another Division Bench ruling in CIT v. Sona Koyo Steering Systems Ltd., (2010) 321 ITR 463. 5. As regards the question whether the assessee can carry forward the losses of the Delhi units, the matter is to be considered appropriately by the Assessing Officer. We express no opinion on the question as it does not arise out of the order of the Tribunal. However, it is clarified that the deduction cannot exceed the gross total inco…