DCIT v. Mira Industries

Trent Ltd, Mumbai vs. Addl. C.I.T.-2(3), Mumbai

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Trent Ltd., V. Add. Cit – 2(3) Bombay House, 2Nd Floor, 24 Aayakar Bhavan, M.K. Road Homi Mody Street, Fort Mumbai Mumbai – 400 001 Pan: Aaacl1838J (Appellant) (Respondent) Addl. Cit – 2(3) V. M/S. Trent Ltd., Room No. 556, 5Th Floor Bombay House, 2Nd Floor, 24 Aayakar Bhavan, M.K. Road Homi Mody Street, Fort Mumbai - 400 020 Mumbai – 400 001 Pan: Aaacl1838J (Appellant) (Respondent) M/S. Trent Ltd., V. Dy. Cit – 2(3) Bombay House, 2Nd Floor, 24 Aayakar Bhavan, M.K. Road Homi Mody Street, Fort Mumbai Mumbai – 400 001 Pan: Aaacl1838J (Appellant) (Respondent)

…1079 of 2008 dated 05.09.2008 (Bombay High Court). (ii) Tolani Bulk Carriers Ltd. vs JCIT [2005] ITA No. 5267/5268/Mum/2000 dated 30.08.2005 (Mumbai Tribunal). (iii) Dhanalakshmi Bank Ltd. Vs CIT [2019] 410 ITR 280 (Kerala) (iv) DCIT v. Mira Industries [2003] 87 ITD 475 (Ahmedabad) 30. Ld. Counsel for the assessee further submitted that the Assessing Officer relied on the decision of the Bombay High Court in the case of Vita 20 ITA NO.5775/MUM/2011 (A.Y: 2007-08) & Other 12 files M/s. Trent Ltd., (P.) Ltd. [1995] 211 ITR 557, where it was held that "a company cannot be held to be an industrial company merely by…

Royal Anti-Biotics & Investments P.Ltd, Mumbai vs. Asst CIT Cir 4(3), Mumbai

In the result, both the appeals of the assessee are treated as allowed for statistical purposes

Bench: Shri Sanjay Garg & Shri Ashwani Taneja

…rd a categorical finding as to the nature of receipts, and in particular, as to whether the impugned receipts are in the nature of income from business or income from other sources. He will keep in mind the decisions of the Tribunal in DCIT v. Mira Industries 87 ITD 475 and in Nirma Industries Ltd. vs. ACIT, 95 ITD 199 (ITAT Ahd.) (SB) as also other cases which the parties may cite before him. If he comes to the conclusion that the impugned receipts are in the nature of income from business, he will allow the benefit of netting the impugned receipts against the business expenses in terms of the decision of the Sp…

Royal Anti-Biotics & Investments P.Ltd, Mumbai vs. Asst CIT Cir 4(3), Mumbai

In the result, both the appeals of the assessee are treated as allowed for statistical purposes

Bench: Shri Sanjay Garg & Shri Ashwani Taneja

…rd a categorical finding as to the nature of receipts, and in particular, as to whether the impugned receipts are in the nature of income from business or income from other sources. He will keep in mind the decisions of the Tribunal in DCIT v. Mira Industries 87 ITD 475 and in Nirma Industries Ltd. vs. ACIT, 95 ITD 199 (ITAT Ahd.) (SB) as also other cases which the parties may cite before him. If he comes to the conclusion that the impugned receipts are in the nature of income from business, he will allow the benefit of netting the impugned receipts against the business expenses in terms of the decision of the Sp…