CIT v. Swani Spice Mills Pvt. Ltd.

DCIT , CC-1(2), MUMBAI vs. M/S. SUNNY VISTA REALTORS PVT.LTD., MUMBAI

In the result, the appeal in ITA NO

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant ()

…me from other Sources' as has held by the jurisdictional High Court in Sources' as has held by the jurisdictional High Court in Sources' as has held by the jurisdictional High Court in the case of Swami Spice Mills Pvt the case of Swami Spice Mills Pvt. Ltd. (332 ITR 288). . Ltd. (332 ITR 288). 11. We find that the Assessing Officer has mainly made additions We find that the Assessing Officer has mainly made additions We find that the Assessing Officer has mainly made additions which were made by him in the original assessment proceedings which were made by him in the original assessment proceedings which were ma…

DCIT , CC-1(2), MUMBAI vs. M/S. SUNNY VISTA REALTORS PVT.LTD., MUMBAI

In the result, the appeal in ITA NO

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant ()

…me from other Sources' as has held by the jurisdictional High Court in Sources' as has held by the jurisdictional High Court in Sources' as has held by the jurisdictional High Court in the case of Swami Spice Mills Pvt the case of Swami Spice Mills Pvt. Ltd. (332 ITR 288). . Ltd. (332 ITR 288). 11. We find that the Assessing Officer has mainly made additions We find that the Assessing Officer has mainly made additions We find that the Assessing Officer has mainly made additions which were made by him in the original assessment proceedings which were made by him in the original assessment proceedings which were ma…

MAHINDRA & MAHINDRA LTD,MUMBAI vs. ADDL CIT RG 2(2), MUMBAI

In the result, appeal by the assessee is partly allowed

Bench: Shri Shamim Yahya & Shri Ram Lal Negi

…invested to earn interest. Admittedly, money lending is not the business of assessee. On the facts in this case, interest income is from FDs and ICDs etc. wherein surplus funds have been deployed temporarily. Mumbai High Court in case of Swani Spices P. Ltd. 332 ITR 288 (Bom) has held that interest earned from surplus funds kept as deposits is assessable as income from other sources. Hence applying the SC decision in Liberty India (supra) and also Pandian Chemicals 262 ITR 278 and Bombay HC in Swani Spices (supra) it is held that interest income in this case is assessable under head 'Income from Other Sources'.…

HINDUSTAN UNILEVER LTD,MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

The appeal of the AO stands dismissed

…h it had been kept in various deposits on which interest had been earned, that the interest income was not out of the money-lending business, that same was assessable under the head income from other sources.The DRP relied upon the case of Swani Spices P.Ltd.(332 ITR 288) of the honorable Bombay High Court and held that interest income earned by the assessee was assessable under the head income from other sources. 10.2.Before us,the AR made the same submissions that were advanced before the DRP by the assessee.The DR supported the order of the departmental authorities. 10.3.We find that the DRP had specifically d…

ROHDA SPECIALTIY CHEMICALS INDIA LTD,MUMBAI vs. ADDL CIT CIR 6(1), MUMBAI

Appeal stands dismissed for want of substantial question of law

Bench: Shri Shamim Yahya & Shri C.N. Prasadita No. 830/Mum/2014 : (A.Y : 2009-10) M/S Rhodia Specialty Chemicals Vs. Addl. Cit – Circle 6(1) India Ltd. (Formerly Known As Room No.511, Aayakar Bhawan M/S Albright & Wilson Chemicals Mk Road India Ltd.), Phoenix House, A Wing New Marine Lines 4Th Floor, 462 Senapati Bapat Marg Mumbai – 400 020 Lower Parel (West) Mumbai – 400 013 Pan : Aaaca3841L Ita No. 622/Mum/2014 : (A.Y : 2009-10) Dcit -7(2) Vs. M/S Rhodia Specialty Chemicals Room No.624, Mk Road India Ltd. (Formerly Known As Mumbai – 400 020 M/S Albright & Wilson Chemicals India Ltd.), Phoenix House, A Wing 4Th Floor, 462 Senapati Bapat Marg Lower Parel (West) Mumbai – 400 013 (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent)

…nied the claim of the Assessee for set off of such income against carry forward losses under the head business income. On appeal, the Ld. CIT (Appeals) following the decision of the Hon’ble Bombay High Court in the case of CIT Vs. Swani Spice Mills Pvt. Ltd. [332 ITR 288] and analyzing various decisions on issue held that interest income is assessable under the head income from other sources on the facts of this case. 11. The Ld. Counsel for the Assessee before us placing reliance on the following decisions submits that income from fixed deposits in Banks, MIDC & MSEB should be assessed under the head income fro…

DCIT 7(2), MUMBAI vs. ALBRIGHT & WILSON CHEMICALS INDIA LTD, MUMBAI

Appeal stands dismissed for want of substantial question of law

Bench: Shri Shamim Yahya & Shri C.N. Prasadita No. 830/Mum/2014 : (A.Y : 2009-10) M/S Rhodia Specialty Chemicals Vs. Addl. Cit – Circle 6(1) India Ltd. (Formerly Known As Room No.511, Aayakar Bhawan M/S Albright & Wilson Chemicals Mk Road India Ltd.), Phoenix House, A Wing New Marine Lines 4Th Floor, 462 Senapati Bapat Marg Mumbai – 400 020 Lower Parel (West) Mumbai – 400 013 Pan : Aaaca3841L Ita No. 622/Mum/2014 : (A.Y : 2009-10) Dcit -7(2) Vs. M/S Rhodia Specialty Chemicals Room No.624, Mk Road India Ltd. (Formerly Known As Mumbai – 400 020 M/S Albright & Wilson Chemicals India Ltd.), Phoenix House, A Wing 4Th Floor, 462 Senapati Bapat Marg Lower Parel (West) Mumbai – 400 013 (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent)

…nied the claim of the Assessee for set off of such income against carry forward losses under the head business income. On appeal, the Ld. CIT (Appeals) following the decision of the Hon’ble Bombay High Court in the case of CIT Vs. Swani Spice Mills Pvt. Ltd. [332 ITR 288] and analyzing various decisions on issue held that interest income is assessable under the head income from other sources on the facts of this case. 11. The Ld. Counsel for the Assessee before us placing reliance on the following decisions submits that income from fixed deposits in Banks, MIDC & MSEB should be assessed under the head income fro…

J.P MORGAN SERVICES INDIA P.LTD,MUMBAI vs. DCIT CIR 8(2), MUMBAI

In the result, appeal filed by the assessee is treated as partly allowed

Bench: Shri Mahavir Singh & Shri Ashwani Tanejaassessment Year: 2008-09 J.P. Morgan Services India P. Dcit 8(2) Ltd., Aayakar Bhavan, बनाम/ Prism Tower, Level No.9 To M.K. Rd Vs. 11, Link Rd, Mindspace, Mumbai-400020 Malad (W) Mumbai-400064 (Assessee) (Revenue) P.A. No.Aabcd0503B

…uch narrower than that of the phrase ‘attributable to’. He placed reliance on following judgments: i. Liberty India 317 ITR 218 (SC) ii. Pandian Chemicals 262 ITR 278(SC) iii. Sterling Foods 237 ITR 579(SC) iv. Shah Originals 327 ITR 19(SC) and v. Swani Spice 332 ITR 288 (SC). 7.4. The Ld. CIT-DR made an alternative argument also that in case impugned interest income is considered as business income then quantification of the amount of deduction allowable should be done strictly in accordance with the mechanism of computation provided under sub-section (4) of section 10A, and thus, the assessee cannot be provid…

UCB INDIAP.LTD,MUMBAI vs. ITO 7(3)(3), MUMBAI

In the result, the appeals filed by the Revenue in ITA Nos

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No. 6681/Mum/2013 ("नधा"रण वष" / Assessment Year: 2004-05 Ucb India Pvt. Ltd., The Ito 7(3)-3, बनाम/ 504, Peninsula Towers, Aayakar Bhavan, Vs. G.K. Marg, Lower Parel, Mumbai-400 020 Mumbai-400 013 आयकर अपील सं /I.Ta No. 6454/Mum/2013 ("नधा"रण वष" / Assessment Year: 2004-05 The Ito 7(3)-3, Ucb India Pvt. Ltd., बनाम/ Aayakar Bhavan, 504, Peninsula Towers, Vs. Mumbai-400 020 G.K. Marg, Lower Parel, Mumbai-400 013

…decisions in the case of Lalsons Enterprises Vs DCIT 89 ITD 25 (supra) as well as decision in the case of CIT Vs Ram Honda Power Equipment 289 ITR 475 (supra). However, we find that Jurisdictional High Court in the case of CIT Vs Swani Spice Mills Pvt. Ltd. (332 ITR 288) after analyzing various decisions of various High Courts and Apex Court including its earlier decision in the case of Indo Swiss Jewels Ltd (supra) held as under: “ The consistent line of reasoning which emerges from the decision of several High Courts adverted to earlier is that the mere fact that an assessee carries on business would not resu…

DCIT 24(3), MUMBAI vs. GUNDECHA BUILDERS, MUMBAI

In the result, Department’s appeal is partly allowed

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

…10 for Asst. Year 2005 - 2006 and ITA No. 5206 I Mum / 2010 for Asst. Year 2006 - 2007 dated 30.12.2011 has decided the issue in favour of the revenue by following the Hon'ble Bombay High Court's decision in the case of CIT Vs Swani Spice Mills P. Ltd. (2011) 332 ITR 288 (Born) (2001) 12 Taxmann.com 432 (Born) High Court's Order dt. 19.4.2010 after taking note of the Hon'ble Bombay High Court's decision in the case of CIT Vs Lok Holdings Ltd 308 ITR 356 (Born). M/s. Gundecha Builders 12 18. Briefly stated the facts are, during the assessment proceedings, the Assessing Officer noticed that interest income earned…