CIT Vs. Rajasthan Land Development Corporation 211 ITR 597 (Raj.) v. CIT Vs. Ravi Ratna Exports Pvt. Ltd.

ASST. COMMISSIONER OF INCOME TAX, CIRCLE 6(1)(1),MUMBAI, MUMBAI vs. ESSAR POWER GUJARAT LTD., MUMBAI

In the result, the appeal of the revenue is dismissed

Bench: Shri Amit Shukla & Shri Ratnesh Nandan Sahayassessment Year: 2014-15 Mr. Arun Bende M/S. Essar Power Asst. Commissioner Of Gujarat Ltd. 11Th Floor, Essar House, Income Tax, Circle-6(1)(1), Mumbai. 11 K.K. Marg, Vs. Room No.504, 5Th Floor, Mahalaxmi, Aayakar Bhavan, Mumbai- 400034. M.K.Road, Pan:Aabce7510K Mumbai- 400020. (Appellant) (Respondent) Present For: Assessee By : Shri Vijay Mehta, A.R. Revenue By : Shri P. D. Chougule (Addl. Cit), D.R. Date Of Hearing : 21 . 05 . 2024 Date Of Pronouncement : 29 . 05 . 2024 O R D E R Per: Ratnesh Nandan Sahay: 1. This Appeal Has Been Filed By The Revenue Against The Order Of The Ld. Cit Appeal Passed U/S 250 Of The Income Tax Act (“Act” In Short) Vide Order No. Itba/Nfac/S/250/2023-24/1058193153(1) Dated 23.11.2023 For Assessment Year 2014-15. 2. Following Grounds Of Appeal Have Been Raised:

…Mills Ltd. v. CIT 191 ITR 359 (Born) ii. Shree Krishna Pollyester Ltd. v. Dy. CIT 274 ITR 21 (Bam) iii. CIT Vs. Radko Khaitan Ltd. 274 ITR 354 (All) iv. CIT Vs. Rajasthan Land Development Corporation 211 ITR 597 (Raj.) v. CIT Vs. Ravi Ratna Exports Pvt. Ltd., 246 ITR 443 (Born)” 7. Aggrieved by the order of the Assessing office, the assessee filed appeal before the Ld. CIT Appeal who allowed the claim of the assessee that this is a „business income‟ as has been held by it in assessee‟s own case for the assessment year 2011-12 and 2012-13. 8. During the course of appellate proceedings before us, the assessee compa…

PUNE SHOLAPUR ROAD DEV. CO. LTD.,MUMBAI vs. I.T.O. - 10(1)(3), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri G. Manjunatha & Shri Ram Lal Negipune Sholapur Road Dev.Co.Ltd. Vs. Ito-10(1)(3) Room No.461, 4Th Floor The Il &Fs Financial Center Plot No.C-22, G Block Aaykar Bhawan, M.K.Road Bandra Kurla Complex , Mumbai-400 020 Bandra(E) Mumbai-400 051 Pan/Gir No.Aafcp1669Q Appellant) .. Respondent)

…essable as Income From Other Sources. Reliance in this regard is also placed on the following judgments: i. Godavari Sugar Mills Pvt.Ltd. V CIT 191 ITR 359 (Bom) ii. Shree Krishna Pollyster Ltd. Vs DCIT 274 ITR 21 (Bom) iii. CIT Vs Ravi Ratna Exports Pvt.Ltd. 246 ITR 443 (Bom 5.2 Further I have gone through the decision relied by the assesee. In respect of decision in the case the Bokaro Steel Ltd. 236 ITR 315, the assessee had received interest from the contractor to whom advance was given to facilitate the construction work. Therefore, the fact of the case of Bokaro Steel Ltd, is not relevant to this case as ad…

ASST CIT 6(2)(2), MUMBAI vs. ESSAR POWER GUJARAT LTD, MUMBAI

Bench: S/Sh.Rajendra & Amarjit Singhआयकर अपील सं./I.T.A./4020/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2011-12 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./4019/Mum/2016,िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2012-13 वष" Acit-6(2)(2) M/S. Essar Power Gujarat Ltd. Room No.563, Aayakar Bhavan, Essar House, 11 Kk Marg, Mahalaxmi Vs. M.K. Road, Mumbai-400 020. Mumbai-400 034. Pan:Aabce 7510 K (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri Virendra Singh अपीलाथ" क" ओर से /Assessee By: Shri Anuj Kishnadwala सुनवाई क" तारीख / Date Of Hearing: 21/05/2018 घोषणा क" तारीख / Date Of Pronouncement: 01/06/2018 आयकर आयकर आयकर अिधिनयम आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)के अ"तग"त आदेश धारा के अ"तग"त आदेश के अ"तग"त आदेश के अ"तग"त आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य लेखा सद"य ,राजे"" राजे"" केकेकेके अनुसार अनुसार - Per Rajendra, Am- लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Orders Dated 23/03/2016 Of The Cit(A)-12,Mumbai,The Assessing Officer (Ao)Has Filed Above Appeals.Assessee-Company Is Engaged In The Business Setting Up Of Coal Based Power Plant.As The Issues Raised In Both The Appeals Are Similar,So,We Are Adjudicating Them Together.Details Of Filings Of Returns,Retunred Incomes,Assessed Incomes Can Be Summar -Ised As Under: Ay. Roi Filed On Returned Income Asst.Date Assessed Income 2011-12 05/09/2011 Rs.3.65 Crores 18/03/2014 Rs.6.99 Crores 2012-13 27/09/2012 Rs.5.44 Crores 29/12/2014 Rs.11.14 Crores

…आयकर आयकर आयकर अपीलीय आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “जेजेजेजे” खंडपीठ मुंबई खंडपीठ खंडपीठ मेमेमेमे खंडपीठ Income-tax Appellate Tribunal -“J”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member आयकर अपील सं./I.T.A./4020/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2011-12 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./4019/Mum/2016,िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2012-13 वष" ACIT-6(2)(2) M/s. Essar Power Gujarat Ltd. Room No.563, Aayakar Bhavan, Essar Hou…

THE ACIT CIR 18(2), MUMBAI vs. M/S. LOOMS INDIA, MUMBAI

In the result, the appeal filed by the revenue is hereby dismissed

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.301/Mum/2005 ("नधा"रण वष" / Assessment Year: 2001-02) A.C.I.T. Circle 18(2) M/S. Looms India बनाम/ Room No.115, 1St Floor, 126, Mathuradas Mill Vs. Piramal Chambers, Parel, Compound, N.M.Joshi Marg, Mumbai - 400012 Lower Parel, Mumbai - 400013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabfl0259D

…gnoring that interest income does not form part of sale proceedings relating to export for the purpose of deduction u/s.80HHC; (vii) Ignoring the jurisdictional High Court decisions in A.K.Doshi in 249 ITR 849 Kantila Chotalal in 246 ITR 439, Ravi Exports in 246 ITR 443 and Pravin M. Mehta in 246 ITR 445 holding that interest on FDR in income from other sources and not export income eligible for deduction u/s.80HHC; (viii) Directing to allow deduction u/s.80HHC without appreciating that the assessee has no positive income from A.Y.2001-02 export of 90% of incentives and other income are reduced from profit of…

DCIT 3(2), MUMBAI vs. LML LTD, MUMBAI

In the result, appeal of the revenue stands dismissed

Bench: Shri G S Pannu & Shri Amit Shukla

…be taxed as income from other sources based on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172 (SC) and also the jurisdictional High Court in the case of Ravi Ratna Exports Co. Ltd., 246 ITR 443 and host of other decisions. The Ld. CIT(A) reversed the action of the AO, following the decision of Tata Chemicals Ltd vs DCIT, reported in 72 ITD 1. 42. Before us, the contention of the Ld. Counsel has been that, these pre-operative expenditure was part of ongoing expansion and in any case, there is no requirement to go on to the merits because…

THE ACIT RG-3(2) vs. M/S. LML LTD,

In the result, appeal of the revenue stands dismissed

Bench: Shri G S Pannu & Shri Amit Shukla

…be taxed as income from other sources based on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172 (SC) and also the jurisdictional High Court in the case of Ravi Ratna Exports Co. Ltd., 246 ITR 443 and host of other decisions. The Ld. CIT(A) reversed the action of the AO, following the decision of Tata Chemicals Ltd vs DCIT, reported in 72 ITD 1. 42. Before us, the contention of the Ld. Counsel has been that, these pre-operative expenditure was part of ongoing expansion and in any case, there is no requirement to go on to the merits because…

M/S. LML LTD.,MUMBAI vs. THE ADDL CIT RG.3(2),

In the result, appeal of the revenue stands dismissed

Bench: Shri G S Pannu & Shri Amit Shukla

…be taxed as income from other sources based on the decision of Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172 (SC) and also the jurisdictional High Court in the case of Ravi Ratna Exports Co. Ltd., 246 ITR 443 and host of other decisions. The Ld. CIT(A) reversed the action of the AO, following the decision of Tata Chemicals Ltd vs DCIT, reported in 72 ITD 1. 42. Before us, the contention of the Ld. Counsel has been that, these pre-operative expenditure was part of ongoing expansion and in any case, there is no requirement to go on to the merits because…

DCIT CIR 2(2), MUMBAI vs. THE INDIAN HOTELS CO. LTD, MUMBAI

In the result, appeal of the Revenue and the Cross Objection raised by the assessee are dismissed

Bench: Shri G.S. Pannu & Shri Sanjay Garg

…ntioned grounds. 5. During the proceedings before us, Ld DR for the Revenue relied on the order of the AO and submitted that the decision taken by the AO is in tune with the judgment of the Hon’ble Bombay High Court in the case of Ravi Ratna Exports Pvt Ltd (246 ITR 443) wherein it has been held that the ‘interest income’ is not a ‘business income’ and the same should be treated as ‘income from other sources’. 6. On the other hand, Ld Counsel for the assessee heavily relied on the order of the CIT (A) and reiterated the submissions made before the lower authorities. Further, he brought our attention to the orde…