DCIT v. Syncom Formulations (I) Ltd.

ADDL CIT RG 7(1), MUMBAI vs. PIRAMAL ENTERPRISES LTD (FORMERLY KNWON AS PIRAMAL HEALTHCARE LTD) (AS ULTIMATE SUCCESSOR TO NICHOLAS PIRAMAL INDIA LTD), MUMBAI

Bench: Shri Kuldip Singh & Shri S Rifaur Rahmanassessment Year: 2005-06 M/S. Piramal Enterprises Dy. Commissioner Of Limited (Formerly Known Income Tax, As Piramal Healthcare Range-8(2)(1), Limited) (Earlier Known As Mumbai. Nicholas Piramal India Ltd.), Vs. Piramal Tower, Agastya Corporate Park, Lbs Marg, Kamani Junction, Kurla (West), Mumbai – 400 070 Pan: Aaacn4538P (Appellant) (Respondent) Assessment Year: 2005-06 Dy. Commissioner Of M/S. Piramal Enterprises Income Tax, Limited (Formerly Known Circle-8(2)(1), As Piramal Healthcare [Erstwhile Dcit Circle- Ltd.) (As Ultimate 7(1)], Successor To Nicholas Vs. Mumbai. Piramal India Ltd.), Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013 Pan: Aaacn4538P (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “C”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI S RIFAUR RAHMAN, ACCOUNTANT MEMBER Assessment Year: 2005-06 M/s. Piramal Enterprises Dy. Commissioner of Limited (Formerly known Income Tax, as Piramal Healthcare Range-8(2)(1), Limited) (Earlier known as Mumbai. Nicholas Piramal India Ltd.), Vs. Piramal Tower, Agastya Corporate Park, LBS Marg, Kamani Junction, Kurla (West), Mumbai – 400 070 PAN: AAACN4538P (Appellant) (Respondent) Assessment Year: 2005-06 Dy. Commissioner of M/s. Piramal Enterprises Income Tax, Limited (Formerly known Circle-8(2)(1)…

PIRAMAL HEALTHCARE LTD ( EARLIER KNOWNAS NICHOLAS PIRAMAL INDIA LTD),MUMBAI vs. ADDL CIT 7(1), MUMBAI

Bench: Shri Kuldip Singh & Shri S Rifaur Rahmanassessment Year: 2005-06 M/S. Piramal Enterprises Dy. Commissioner Of Limited (Formerly Known Income Tax, As Piramal Healthcare Range-8(2)(1), Limited) (Earlier Known As Mumbai. Nicholas Piramal India Ltd.), Vs. Piramal Tower, Agastya Corporate Park, Lbs Marg, Kamani Junction, Kurla (West), Mumbai – 400 070 Pan: Aaacn4538P (Appellant) (Respondent) Assessment Year: 2005-06 Dy. Commissioner Of M/S. Piramal Enterprises Income Tax, Limited (Formerly Known Circle-8(2)(1), As Piramal Healthcare [Erstwhile Dcit Circle- Ltd.) (As Ultimate 7(1)], Successor To Nicholas Vs. Mumbai. Piramal India Ltd.), Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013 Pan: Aaacn4538P (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “C”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI S RIFAUR RAHMAN, ACCOUNTANT MEMBER Assessment Year: 2005-06 M/s. Piramal Enterprises Dy. Commissioner of Limited (Formerly known Income Tax, as Piramal Healthcare Range-8(2)(1), Limited) (Earlier known as Mumbai. Nicholas Piramal India Ltd.), Vs. Piramal Tower, Agastya Corporate Park, LBS Marg, Kamani Junction, Kurla (West), Mumbai – 400 070 PAN: AAACN4538P (Appellant) (Respondent) Assessment Year: 2005-06 Dy. Commissioner of M/s. Piramal Enterprises Income Tax, Limited (Formerly known Circle-8(2)(1)…

ACC LIMITED (FORMERLY KNOWN AS THE ASSOCIATED CEMENT COMPANIES LTD.),MUMBAI vs. ACIT - LTU, MUMBAI

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

…t it is on the basis of the book profit computation. The AR has mainly relied upon following decisions in support of claim. (i) CIT v. Bhari Information Technology Systems (P.) Ltd. [(2012) 340 ITR 593 (SC)] (ii) DCIT v. Syncome Formulations (I) Ltd. [2007] 106 ITD 193 (Mumbai Tribunal) (SB)] 66. The Ld. DR has relied upon finding given by Assessing Officer and argued that order of Assessing Officer may be restored. 67. Similar issue was considered by us in the Department Appeal in Ground No 18 in AY 2005-06 and held as under: 118. Considered the rival submissions and material placed on record. It is relevan…

ADDL CIT RG 1(1), MUMBAI vs. ACC LTD, MUMBAI

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

…t it is on the basis of the book profit computation. The AR has mainly relied upon following decisions in support of claim. (i) CIT v. Bhari Information Technology Systems (P.) Ltd. [(2012) 340 ITR 593 (SC)] (ii) DCIT v. Syncome Formulations (I) Ltd. [2007] 106 ITD 193 (Mumbai Tribunal) (SB)] 66. The Ld. DR has relied upon finding given by Assessing Officer and argued that order of Assessing Officer may be restored. 67. Similar issue was considered by us in the Department Appeal in Ground No 18 in AY 2005-06 and held as under: 118. Considered the rival submissions and material placed on record. It is relevan…

ACC LTD ( FORMERLY KNOWN AS THE ASSOCIATED CEMENT COMPANIES LTD),MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

…t it is on the basis of the book profit computation. The AR has mainly relied upon following decisions in support of claim. (i) CIT v. Bhari Information Technology Systems (P.) Ltd. [(2012) 340 ITR 593 (SC)] (ii) DCIT v. Syncome Formulations (I) Ltd. [2007] 106 ITD 193 (Mumbai Tribunal) (SB)] 66. The Ld. DR has relied upon finding given by Assessing Officer and argued that order of Assessing Officer may be restored. 67. Similar issue was considered by us in the Department Appeal in Ground No 18 in AY 2005-06 and held as under: 118. Considered the rival submissions and material placed on record. It is relevan…

ADDL CIT RG 1(1), MUMBAI vs. ACC LTD, MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

…is on the basis of the book profit computation. The Ld. AR has mainly relied upon following decisions in support of claim. (i). CIT v. Bhari Information Technology Systems (P.) Ltd. [(2012) 340 ITR 593 (SC)] (ii). DCIT v. Syncome Formulations (I) Ltd. [2007] 106 ITD 193 (Mumbai Tribunal) (SB)] (iii). Torrent Pharmaceuticals Limited [2022] ITA 1285/Ahd/2017 117. The Ld. DR has relied upon finding given by Assessing Officer and argued that order of Assessing Officer may be restored. 64 ITA NO.3490& 3786/MUM/2009 (A.Y: 2005-06) M/s. ACC Limited 118. Considered the rival submissions and material placed on record.…

ACC LTD (FORMERLY KNOWN AS THE ASSOCIATED CEMENT COMPANIES LTD),MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

…is on the basis of the book profit computation. The Ld. AR has mainly relied upon following decisions in support of claim. (i). CIT v. Bhari Information Technology Systems (P.) Ltd. [(2012) 340 ITR 593 (SC)] (ii). DCIT v. Syncome Formulations (I) Ltd. [2007] 106 ITD 193 (Mumbai Tribunal) (SB)] (iii). Torrent Pharmaceuticals Limited [2022] ITA 1285/Ahd/2017 117. The Ld. DR has relied upon finding given by Assessing Officer and argued that order of Assessing Officer may be restored. 64 ITA NO.3490& 3786/MUM/2009 (A.Y: 2005-06) M/s. ACC Limited 118. Considered the rival submissions and material placed on record.…

M/S. NICHOLAS PIRAMAL INDIA LTD,MUMBAI vs. THE ACIT CUR 7(1),

In the result, the appeal filed by the revenue is dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Pavan Kumar Gadale & Shri S Rifaur Rahmanpiramal Enterprises Ltd Vs. Acit, Circle – 7(1) (Formerly Known As Aayakar Bhavan Piramal Healthcare Ltd) Mumbai – 400020. (Before Known As Nicholas Piramal Ind) Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013. Pan/Gir No. : Aaacn4538P Appellant .. Respondent Dcit, Circle – 7(1) Vs. Piramal Enterprises Ltd Aayakar Bhyavan (Formerly Known As Mumbai – 400 020. Piramal Healthcare Ltd) (Before Known As Nicholas Piramal Ind) Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013. Pan/Gir No. : Aaacn4538P Assessee By : Mr.Ronak Doshi & Ms.Manshi Padhiyar.Ar Revenue By : Mr.S.N.Kabra.Dr

…erved that what is to be deducted from book profit is profits eligible for deduction u/s.80HHC of the Act. The ld. CIT(A) by placing reliance on the decision of the Special Bench of this Tribunal in the case of Syncom Formulations India Pvt. Ltd., reported in 106 ITD 193 granted relief to the assessee in this regard. We find that this issue is no longer res integra in view of the decision of the Hon‟ble Supreme Court in the case of CIT vs. Bhari Information Technology Systems (P) Ltd., reported in 340 ITR 593 (SC) wherein the decision of the Mumbai Tribunal Special Bench in the case of Syncom Formulations India P…

THE DCIT CIR 7(1), MUMBAI vs. M/S. PIRAMAL ENTERPRISES LTD., MUMBAI

In the result, appeal of the assessee in ITA

Bench: Known As Nicholas Piramal Mumbai - 400020 India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) Dcit. Circle 7(1), Vs. M/S. Piramal Enterprises Ltd. Aayakar Bhavan (Formerly Known As Piramal Healthcare Mumbai - 400020 Ltd.,) (Before Known As Nicholas Piramal India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) M/S. Piramal Enterprises Ltd. Vs. Deputy Commissioner Of Income (Formerly Known As Piramal Tax Healthcare Ltd.,) Range 7(3)(2), (Before Known As Nicholas Piramal Mumbai - 400020 India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) M/S. Piramal Enterprises Limited

…from book profit is profits eligible for deduction u/s.80HHC of the Act. The ld. CIT(A) by placing reliance on the decision of the Special Bench of this M/s. Piramal Enterprises Limited Tribunal in the case of Syncom Formulations India Pvt. Ltd., reported in 106 ITD 193 granted relief to the assessee in this regard. We find that this issue is no longer res integra in view of the decision of the Hon‟ble Supreme Court in the case of CIT vs. Bhari Information Technology Systems (P) Ltd., reported in 340 ITR 593 (SC) wherein the decision of the Mumbai Tribunal Special Bench in the case of Syncom Formulations India P…

MAN INDUSTRIES (I) LTD.,MUMBAI vs. ACIT (LTU), MUMBAI

In the result, the appeal filed by the assessee is hereby allowed

…s and gains of business or profession and therefore the deduction as claimed by the assessee should be allowed. The Special Bench of the ITAT. Mumbai Bench had an occasion to deal with the aforesaid issue in the case of DCIT vs Syncome formulations India Ltd 106 ITD 193 (Mum)(SB) and the Tribunal held as follows: 3 A.Y. 2000-01 “The deduction under section 80HHC in a MAT scheme is from the taxable income which is otherwise the adjusted book profit. If no deduction is available to an assessee, the gross total income itself is the taxable income of the assessee. MAT scheme does not provide for deductions. Therefo…

ALLANA INVESTMENTS & TRADING CO. P..LTD,MUMBAI vs. ASST CIT 1(1), MUMBAI

Bench: S/Shri Rajendra, A.M. & Sanjay Garg,J.M. आयकर अपील अपील संसंसंसं./Ita No. 3302/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2004-05 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Allana Investments & Trading Co. Acit-1(1) Ltd. Income Tax Office, 5Th Floor, Room Allana House, 4, J.A. Allana Marg No.533/579 Vs. Colaba, Mumbai-400 001. Aayakar Bhavan, M.K. Road Mumbai-400 020. Pan: Aaaca 5915 F

…rn of income(page 2 and three of the paper book) and the order of the FAA dated 18/03/2011.He relied upon the case of AL-Kabeer Exports Ltd.(Special leave petition number 32274 of 2010),delivered by the honorable Supreme Court and Syncome Formulations(I)Ltd. (106 ITD 193).The Departmental Representative(DR) relied upon the order of the FAA. 3302/M/14(04-05) Allana Investments&Trdg.Co.Ltd. 5.We have heard the rival submissions and perused the material before us.We find that the entire issue has arisen with regard to the order giving effect to the order of the FAA dated 18/03/ 2011.The assessee had raised two eff…