CIT v. Visakha Industries Ltd.

251 ITR 471High Court2001#9954 most cited

What is CIT v. Visakha Industries Ltd. authority for?

Deductions under Sections 80HH and 80-I are to be allowed with reference to the profits of the particular industrial undertaking, not the total income, meaning losses from one unit cannot be set off against profits of an eligible unit.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2007 to 2021.

Also referred to as

CIT v. Visakha Industries Ltd. · 80HH · 80-I · deduction · profits of industrial undertaking · total income · set off losses · eligible unit

Also reported as

118 Taxmann 777

Judgments citing CIT v. Visakha Industries Ltd.

Deputy Commissioner of Income Tax, Central Circle -1(2), Bengaluru vs. M/S. Purvankara Projects Limited, Bengaluru

In the result, the appeals of the revenue are allowed for statistical purposes

ITA 348/BANG/2021[2011-12]Status: DisposedITAT Bangalore08 Nov 2021AY 2011-12

Bench: Shri N.V. Vasudevan & Shri Chandra Poojari

For Appellant: Shri Pradeep Kumar, CIT(DR)(ITAT), BengaluruFor Respondent: Shri Padamchand Khincha, CA
Section 139(1)Section 80Section 80I

…13-14. This clearly shows that the appellant company has maintained separate books of accounts for each housing project. The CIT(A) relied on the Hon'ble Andhra Pradesh High Court in the case of CIT vs. Visakha Industries Ltd. (2001) 171 CTR (AP) 300 : (2001) 251 ITR 471 (AP) wherein a similar view was taken by holding that the deductions ITA Nos.347 & 348/Bang/2021 Page 6 of 11 contemplated under ss. 80HH and 80-I are to be allowed with reference to the profits of the particular industrial undertaking and not with reference to the total income of the assessee and therefore the loss in another unit cannot be se…

Deputy Commissioner of Income Tax, Central Circle -1(2), Bangalore vs. M/S. Purvankara Projects Limited, Bengaluru

In the result, the appeals of the revenue are allowed for statistical purposes

ITA 347/BANG/2021[2010-11]Status: DisposedITAT Bangalore08 Nov 2021AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Chandra Poojari

For Appellant: Shri Pradeep Kumar, CIT(DR)(ITAT), BengaluruFor Respondent: Shri Padamchand Khincha, CA
Section 139(1)Section 80Section 80I

…13-14. This clearly shows that the appellant company has maintained separate books of accounts for each housing project. The CIT(A) relied on the Hon'ble Andhra Pradesh High Court in the case of CIT vs. Visakha Industries Ltd. (2001) 171 CTR (AP) 300 : (2001) 251 ITR 471 (AP) wherein a similar view was taken by holding that the deductions ITA Nos.347 & 348/Bang/2021 Page 6 of 11 contemplated under ss. 80HH and 80-I are to be allowed with reference to the profits of the particular industrial undertaking and not with reference to the total income of the assessee and therefore the loss in another unit cannot be se…

Nsl Renewable Power Private Limited, Hyderabad vs. DCIT, Circle-16(1), Hyderabad

In the result, assessee’s appeal is partly allowed

ITA 988/HYD/2017[2012-13]Status: DisposedITAT Hyderabad29 Sept 2020AY 2012-13

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamonyassessment Year: 2012-13

For Appellant: Sri Aliasghar RampurwalaFor Respondent: Sri Rajendra Kumar, DR
Section 115JSection 143(1)Section 143(3)Section 14ASection 154Section 271(1)Section 80I

…ncluded in the total income without deducting there from the loss in the alloy steel manufacture. Facts involved in the instant appeal are mutatis mutandis similar. 20. The Hon'ble Andhra Pradesh High Court in the case of CIT v. Visakha Industries Ltd. [2001] 251 ITR 471/118 Taxman 777 has also taken the similar view by holding that the deductions contemplated under section 80HH and 80-I are to be allowed with reference to the profits of the particular industrial undertaking and not with reference to the total income of the assessee and therefore loss in an other unit cannot be set off against the profits of elig…

Deputy Commissioner of Income Tax 1 (1), Indore vs. M/S Agrawal Coal Corp. Pvt. Ltd., Indore

In the result all the three appeals of the revenue are

ITA 803/IND/2018[2014-15]Status: DisposedITAT Indore28 Nov 2019AY 2014-15

Bench: Hon’Ble Kul Bharat & Hon’Ble Manish Borad

Section 143(3)Section 14A

…cluded in the total income without deducting there from the loss in the alloy steel manufacture. Facts involved in the instant appeal are mutatis mutandis similar. 16. The Hon'ble Andhra Pradesh High Court in the case of CIT v. Visakha Industries Ltd. (2001) 251 ITR 471 has also taken the similar view by holding that the deductions contemplated under section 80HH and 80-1 are to be allowed with reference to the profits of the particular industrial undertaking and not with reference to the total income of the assessee and therefore loss in an other unit cannot be set off against the profits of eligible unit. 17.…

DCIT !(1) Indore, Indore vs. Agrawal Coal Corporation (P) Ltd., Indore

In the result all the three appeals of the revenue are

ITA 802/IND/2018[2013-14]Status: DisposedITAT Indore28 Nov 2019AY 2013-14

Bench: Hon’Ble Kul Bharat & Hon’Ble Manish Borad

Section 143(3)Section 14A

…cluded in the total income without deducting there from the loss in the alloy steel manufacture. Facts involved in the instant appeal are mutatis mutandis similar. 16. The Hon'ble Andhra Pradesh High Court in the case of CIT v. Visakha Industries Ltd. (2001) 251 ITR 471 has also taken the similar view by holding that the deductions contemplated under section 80HH and 80-1 are to be allowed with reference to the profits of the particular industrial undertaking and not with reference to the total income of the assessee and therefore loss in an other unit cannot be set off against the profits of eligible unit. 17.…

Deputy Commissioner of Income Tax 1, Indore vs. M/S Agrawal Coal Corp. Pvt. Ltd., Indore

In the result all the three appeals of the revenue are

ITA 801/IND/2018[2012-13]Status: DisposedITAT Indore28 Nov 2019AY 2012-13

Bench: Hon’Ble Kul Bharat & Hon’Ble Manish Borad

Section 143(3)Section 14A

…cluded in the total income without deducting there from the loss in the alloy steel manufacture. Facts involved in the instant appeal are mutatis mutandis similar. 16. The Hon'ble Andhra Pradesh High Court in the case of CIT v. Visakha Industries Ltd. (2001) 251 ITR 471 has also taken the similar view by holding that the deductions contemplated under section 80HH and 80-1 are to be allowed with reference to the profits of the particular industrial undertaking and not with reference to the total income of the assessee and therefore loss in an other unit cannot be set off against the profits of eligible unit. 17.…

M/S Agrawal Coal Corp. Pvt. Ltd., Indore vs. Deputy Commissioner of Income Tax 1, Indore

In the result all the three appeals of the revenue are

ITA 778/IND/2018[2012-13]Status: DisposedITAT Indore28 Nov 2019AY 2012-13

Bench: Hon’Ble Kul Bharat & Hon’Ble Manish Borad

Section 143(3)Section 14A

…cluded in the total income without deducting there from the loss in the alloy steel manufacture. Facts involved in the instant appeal are mutatis mutandis similar. 16. The Hon'ble Andhra Pradesh High Court in the case of CIT v. Visakha Industries Ltd. (2001) 251 ITR 471 has also taken the similar view by holding that the deductions contemplated under section 80HH and 80-1 are to be allowed with reference to the profits of the particular industrial undertaking and not with reference to the total income of the assessee and therefore loss in an other unit cannot be set off against the profits of eligible unit. 17.…

Nsl Renewable Power Private Limited, Hyderabad vs. Dy. Commissioner of Income Tax, Circle-16(1), Hyderabad

In the result, assessee’s appeal is allowed

ITA 2146/HYD/2017[2010-11]Status: DisposedITAT Hyderabad14 Aug 2019AY 2010-11

Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahmanassessment Year:2010-11

For Appellant: Sri Aman BarasiaFor Respondent: Sri Y.V.S.T. Sai, CIT-DR
Section 115JSection 143(1)Section 143(3)Section 154Section 80I

…ncluded in the total income without deducting there from the loss in the alloy steel manufacture. Facts involved in the instant appeal are mutatis mutandis similar. 20. The Hon'ble Andhra Pradesh High Court in the case of CIT v. Visakha Industries Ltd. [2001] 251 ITR 471/118 Taxman 777 has also taken the similar view by holding that the deductions contemplated under section 80HH and 80-I are to be allowed with reference to the profits of the particular industrial undertaking and not with reference to the total income of the assessee and therefore loss in an other unit cannot be set off against the profits of elig…

DCIT 3(3)(1), Mumbai vs. S.D. Corporation P.Ltd, Mumbai

In the result the grounds of appeal raised by the revenue is rejected

ITA 6395/MUM/2017[2010-11]Status: DisposedITAT Mumbai24 Jun 2019AY 2010-11

Bench: Shri Pawan Singh & Shri M. Balaganeshdcit-3(3)(1) M/S S.D. Corporation Pvt. Ltd. Room No. 609, 6Th Floor, Admin Office, S.P. Centre, Vs. Aayakar Bhavan, M.K. 41/44, Minoo Desai Marg, Road, Mumbai-400020 Colaba, Mumbai-400005. Pan: Aadcs4496C Appellant Respondent Appellant By : Shri Satish Rajore (Sr. Dr) Respondent By : Shri Dilip Lakhani (Sr. Advisor Of Deloite Haskins & Sell Llp) Date Of Hearing : 13.06.2019 Date Of Pronouncement : 24.06.2019 Order Under Section 254(1)Of Income Tax Act

For Appellant: Shri Satish Rajore (Sr. DR)For Respondent: Shri Dilip Lakhani (Sr. Advisor of Deloite Haskins and Sell LLP)
Section 143(3)Section 254(1)Section 80ASection 80I

…IN THE INCOME-TAX APPELLATE TRIBUNAL “G” BENCH MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER DCIT-3(3)(1) M/s S.D. Corporation Pvt. Ltd. Room No. 609, 6th Floor, Admin Office, S.P. Centre, Vs. Aayakar Bhavan, M.K. 41/44, Minoo Desai Marg, Road, Mumbai-400020 Colaba, Mumbai-400005. PAN: AADCS4496C Appellant Respondent Appellant by : Shri Satish Rajore (Sr. DR) Respondent by : Shri Dilip Lakhani (Sr. Advisor of Deloite Haskins and Sell LLP) Date of Hearing : 13.06.2019 Date of Pronouncement : 24.06.2019 ORDER UNDER SECTION 254(1)OF INCOME TAX ACT PER PAWAN SINGH,…

Asst CIT (Ltu) 2, Mumbai vs. Reliance Industries Ltd, Mumbai

ITA 1547/MUM/2016[2010-11]Status: DisposedITAT Mumbai28 Sept 2018AY 2010-11

Bench: S/Shri B.R.Baskaran (Am) & Amarjit Singh (Jm)

Section 43B

…locks/ wells, cannot be set off against the profit derived from KGD Block which is also an independent undertaking. Further, reliance was also placed on the decision of the Hon'ble Andhra Pradesh High Court in the case of CIT v. Visakha Industries Ltd. [2001] 251 ITR 471 where a similar view was taken by the High Court by holding that the deductions contemplated under section 80HH and 80-1 are to be allowed with reference to the profits of the particular industrial undertaking and not with reference to the total income of the and therefore loss in another unit cannot be set off against the profits of eligible uni…

Commissioner of Income Tax Del vs. M/S Dewan Kraft System P. Ltd

The appeals are dismissed

ITA/977/2005HC Delhi27 Feb 2007

Bench: HON'BLE MR. JUSTICE B.N.CHATURVEDI

Section 80

…* IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA Nos.977/2005 & 186/2006 Judgment reserved on: 19th February, 2007 % Judgment delivered on: 27th February, 2007 Commissioner of Income Tax Delhi-IV, New Delhi ..... Appellant Through Ms.P.L.Bansal, Advocate with Mr.Vishnu Sharma,Adv. versus M/s Dewan Kraft System Pvt.Ltd. N-127, Greater Kailash-I, New Delhi. ..... Respondent Through Mr.Salil Aggarwal with Mr.Prakash Kumar, Adv. Coram: HON'BLE MR. JUSTICE MADAN B. LOKUR HON'BLE MR. JUSTICE V.B. GUPTA 1. Whether the Reporters of local papers may be allowed to see the jud…

CIT v. Visakha Industries Ltd. (251 ITR 471) — Cited in 11 Judgments | BharatTax