Flawless Diamond India Ltd. v. Addl. CIT

45 Taxmann.com 67Reported decision2014#21011 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2018.

Judgments citing Flawless Diamond India Ltd. v. Addl. CIT

ACIT 19(2), MUMBAI vs. K.P. SANGHAVI & SONS, MUMBAI

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

ITA 2455/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Sept 2018AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Blea.C.I.T Circle – 19(2) V. M/S. K.P. Sanghvi & Sons Llp Room No. 207, {Formerly Known As M/S. K.P. Sanghvi & Sons} Gw-7011/7012, Mathru Mandir, Bharat Diamond Bourse, Mumbai – 400 007 Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Pan: Aaafk 8390 F (Appellant) (Respondent) Co No.237/Mum/2018 (A.Y: 2011-12) [Arising Out Of Ita No.2455/Mum/2017] M/S. K.P. Sanghvi & Sons Llp V. A.C.I.T Circle – 19(2) {Formerly Known As M/S. K.P. Sanghvi & Sons} Room No. 207, 2Nd Floor Gw-7011/7012, Mathru Mandir, Tardeo Bharat Diamond Bourse, Road, Mumbai – 400 007 Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Pan: Aaafk 8390 F (Appellant) (Respondent) Assessee By : Shri Aditya R. Ajgaonkar Department By : Shri Manoj Kumar Singh

For Appellant: Shri Aditya R. AjgaonkarFor Respondent: Shri Manoj Kumar Singh

…epreciation u/s. 32(1)(iia) of the Act. Accordingly, I direct the AO to allow the additional depreciation of ₹.23,21,714/-. Appellant succeeds on this ground.” 8. We also find that the Tribunal in the case of Flawless Diamond India Ltd., Vs. Addl. CIT (2014) 45 Taxmann.com 67 (Mum) after considering the recent decision of the Hon'ble Supreme Court held that cutting and polishing of diamonds amounts to manufacturing or production of article or thing by observing in para 16 as under: - “16. Thus, from the aforesaid decision, it can be safely inferred that, what is required is the process undertaken for conversion…

ACIT 19(2), MUMBAI vs. K.P. SANGHVI & SONS, MUMBAI

In the result, appeal of the Revenue is dismissed

ITA 361/MUM/2016[2010-11]Status: DisposedITAT Mumbai13 Feb 2018AY 2010-11

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Acit 19(2) Vs. M/S. K.P. Sanghvi & Sons R.No.L-207, 1301, Prasad Chambers Matru Mandir Mamam Parmanand Marg Mumbai – 400 007 Opera House, Mumbai – 400 004 Pan/Gir No. Aaafk8390F Appellant) .. Respondent)

Section 143(3)Section 32(1)Section 32(1)(iia)Section 80

…M/s. K.P.Sanghvi & Sons material with the facts obtaining in earlier year in respect of the appellant’s claim of additional depreciation, this ground is allowed 11. We also find that the Tribunal in the case of Flawless Diamond India Ltd. Vs Addl. CIT (2014) 45 Taxmann.com 67 (Mum.) after considering the recent of the Hon’ble Supreme Court held that cutting and polishing of diamonds amounts to manufacturing or production of article or thing by observing in Para 16 as under:- ― 16. Thus, from the aforesaid decision, it can be safely inferred that, what is required is the process undertaken for conversion of raw /…

ASST CIT 19(1), MUMBAI vs. BHAWANI GEMS, MUMBAI

In the result, appeal of the Revenue is dismissed

ITA 3635/MUM/2015[2010-11]Status: DisposedITAT Mumbai28 Feb 2017AY 2010-11

Bench: Shri D.Karunakara Rao & Shri Pawan Singh

For Appellant: Shri G. Traishawala (DR)For Respondent: Ms. Beena Santosh (DR)

Section 143(3)Section 253Section 254(1)Section 32(1)(iia)

…) of the assessee and perused the material available on record. At the outset, the ld. AR of the assessee submitted that the grounds of appeal raised by Revenue are covered against the Revenue by decision of Mumbai Tribunal in Flawless Diamond (I) Ltd. (2014) 45 Taxmann.com 67 (Mum), Sheetal Diamonds Ltd. (ITA Nos. 6687, 6688 & 6689/Mum/2003) dated 23.03.2011 and in ACIT vs. B.A. Jhaveri in ITA No 3758/M/2013 dated 30.11.2016. On the other hand the ld DR for the revenue not disputed the contention of the AR for assessee. 4. It was further argued by ld. AR of the assessee that the first year in which the dispute a…

ASST CIT 16(3), MUMBAI vs. K.P. SANGHVI & SONS, MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 4588/MUM/2014[2009-10]Status: DisposedITAT Mumbai29 Sept 2016AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri Ramit Kochar, Am The Asst. Commissioner Of Vs. M/S K P Sanghvi & Sons, Income Tax -16(3), Matru 1301, Prasad Chambers, Mandir, Tardeo Road, Operahouse,Mumbai-4 Mumbai-400007 Pan:Aaafk8390F .. Appellant Respondent Appellant By .. Sri R P Meena Respondent By .. Sri K Shivram Date Of Hearing .. 29-09-2016 Date Of Pronouncement .. 29 -09- 2016 O R D E R Per Mahavir Singh, Jm: This Appeal By The Revenue Is Arising Out Of The Order Of The Cit (Appeals)-27, Mumbai In Appeal No.Cit(A)-27/Ac-16(3)/135/13-14 Dated 22.4.2014. Assessment Was Framed By The Acit- Circle 16(3), Mumbai For The Assessment Year 2009-10 Vide His Order Dated 28.3.2013 U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter “The Act”).

Section 143(3)

…rrent year are in pari material with the facts obtaining in earlier year in respect of the appellant’s claim of additional depreciation, this ground is allowed.‖ 11. We also find that the Tribunal in the case of Flawless Diamond India Ltd. Vs Addl. CIT (2014) 45 Taxmann.com 67 (Mum.) after considering the recent of the Hon’ble Supreme Court held that cutting and polishing of diamonds amounts to manufacturing or production of article or thing by observing in Para 16 as under:- ―16. Thus, from the aforesaid decision, it can be safely inferred that, what is required is the process undertaken for conversion of raw /…