Hero Exports v. CIT

UNIPHOS ENTERPRISES LTD,MUMBAI vs. ADDL CIT CEN RG IX, MUMBAI

In the result, the appeal of assessee is allowed

…ds. The Id. AR of the assessee submits that this\nground of appeal is also covered in favour of assessee by the decision of\nTribunal in assessee's own case for A.Y. 1999-2000 in ITA No. 4695/Mum/2005\nand decision of Hon'ble Apex Court in Hero Exports vs CIT 295 ITR 454 (SC).\n57. We have considered the submission of both the parties and perused the order\nof lower authorities and deliberated on the case law relied by Id AR of the\nassessee. We find that Hon'ble Apex Court in Hero Exports vs CIT (supra) while\nconsidering similar question of law held that under section 80HHC, one has to\nbalance the principle of…

ASST CIT CC 38, MUMBAI vs. UNIPHOS ENTERPRISES LTD, MUMBAI

In the result, the appeal of assessee is allowed

Bench: SHRI PAWAN SINGH (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

…oods. The ld. AR of the assessee submits that this ground of appeal is also covered in favour of assessee by the decision of Tribunal in assessee’s own case for A.Y. 1999-2000 in ITA No. 4695/Mum/2005 and decision of Hon’ble Apex Court in Hero Exports vs CIT 295 ITR 454 (SC). 57. We have considered the submission of both the parties and perused the order of lower authorities and deliberated on the case law relied by ld AR of the assessee. We find that Hon’ble Apex Court in Hero Exports vs CIT (supra) while considering similar question of law held that under section 80HHC, one has to balance the principle of a…

ADDL CIT CEN RG IX, MUMBAI vs. UNIPHOS ENTERPRISES LTD ( FORMLERY KNOWN AS UNITED PHOSPHORUS LTD), MUMBAI

In the result, the appeal of assessee is allowed

Bench: SHRI PAWAN SINGH (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

…oods. The ld. AR of the assessee submits that this ground of appeal is also covered in favour of assessee by the decision of Tribunal in assessee’s own case for A.Y. 1999-2000 in ITA No. 4695/Mum/2005 and decision of Hon’ble Apex Court in Hero Exports vs CIT 295 ITR 454 (SC). 57. We have considered the submission of both the parties and perused the order of lower authorities and deliberated on the case law relied by ld AR of the assessee. We find that Hon’ble Apex Court in Hero Exports vs CIT (supra) while considering similar question of law held that under section 80HHC, one has to balance the principle of a…

UNIPHOS ENTERPRISES LTD ( FORMERLY KNOWN AS UNITED PHOSPHORUS LTD),MUMBAI vs. ADDL CIT CEN RG IX, MUMBAI

In the result, the appeal of assessee is allowed

Bench: SHRI PAWAN SINGH (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

…oods. The ld. AR of the assessee submits that this ground of appeal is also covered in favour of assessee by the decision of Tribunal in assessee’s own case for A.Y. 1999-2000 in ITA No. 4695/Mum/2005 and decision of Hon’ble Apex Court in Hero Exports vs CIT 295 ITR 454 (SC). 57. We have considered the submission of both the parties and perused the order of lower authorities and deliberated on the case law relied by ld AR of the assessee. We find that Hon’ble Apex Court in Hero Exports vs CIT (supra) while considering similar question of law held that under section 80HHC, one has to balance the principle of a…

THE ACIT CC-38, MUMBAI vs. M/S. UNITED PHOSPHOROUS LTD, MUMBAI

In the result, the appeal of assessee is allowed

Bench: SHRI PAWAN SINGH (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

…oods. The ld. AR of the assessee submits that this ground of appeal is also covered in favour of assessee by the decision of Tribunal in assessee’s own case for A.Y. 1999-2000 in ITA No. 4695/Mum/2005 and decision of Hon’ble Apex Court in Hero Exports vs CIT 295 ITR 454 (SC). 57. We have considered the submission of both the parties and perused the order of lower authorities and deliberated on the case law relied by ld AR of the assessee. We find that Hon’ble Apex Court in Hero Exports vs CIT (supra) while considering similar question of law held that under section 80HHC, one has to balance the principle of a…

M/S. UNITED PHOSPHORUS LTD(NOW KNOWN AS UNIPHOS ENTERPRISES LTD),MUMBAI vs. THE DCIT CEN CIR-38, MUMBAI

In the result, the appeal of assessee is allowed

Bench: SHRI PAWAN SINGH (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

…oods. The ld. AR of the assessee submits that this ground of appeal is also covered in favour of assessee by the decision of Tribunal in assessee’s own case for A.Y. 1999-2000 in ITA No. 4695/Mum/2005 and decision of Hon’ble Apex Court in Hero Exports vs CIT 295 ITR 454 (SC). 57. We have considered the submission of both the parties and perused the order of lower authorities and deliberated on the case law relied by ld AR of the assessee. We find that Hon’ble Apex Court in Hero Exports vs CIT (supra) while considering similar question of law held that under section 80HHC, one has to balance the principle of a…

BAJAJ HOLDINGS & INVESTMENTS LTD ( FORMERLY KNOWN AS BAJAJ AUTO LTD),MUMBAI vs. ADDL CIT RG 3(1), MUMBAI

The appeals are partly allowed

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

…l in appeal preferred by the Revenue in the case of the Assessee for the Assessment Year 2002-03 [ITA No. 3043 & 2899/Mum/2010, dated 24/06/2024]. The Tribunal had, after examining judgment of Hon'ble Supreme Court of India in the case of Hero Exports vs. CIT 295 ITR 454, and the decisions of the Tribunal in the case of the Assessee for the preceding assessment years decided the issue in favour of the Assessee and the ground raised by the Revenue was dismissed in the following manner: “90. Heard both the sides and perused the material on record. We find that similar issue on identical fact has been adjudicated i…

BAJAJ HOLDNGS & INVESTMENT LTD ( ERSTWHILE BAJAJ AUTO LTD),MUMBAI vs. ADDL CIT RG 3(1), MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal of the revenue is dismissed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhbajaj Holdings & Vs. Additional Commissioner Investment Ltd. Of Income-Tax, Range 3(1) Erstwile Bajaj Auto Ltd.) Aayakar Bhavan, Bajaj Bhavan, 226, M.K. Road, Nariman Point, Mumbai – 400 020 Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Dcit-3(4) Vs. M/S Bajaj Holding & Room No. 481-2, 4Th Floor, Investment Limited Aaykar Bhavan, (Erstwhile Bajaj Auto Ltd) Mumbai – 400020 226, Bajaj Bhavan, 2Nd Floor, Jamnalal Bajaj Marg, Nariman Point Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Appellant By : Percy Pardiwala & Vasanti Patel Respondent By : Ankush Kapoor

…Year 1995-96 (supra). The Tribunal after examining the issue placed reliance on the decision of Hon'ble Supreme Court of India in the case of Hero P a g e | 45 ITA No.3043 & 2899/Mum/2010 Bajaj Holdings & Investments Ltd. Vs. ACIT, Range 3(1) Exports vs. CIT 295 ITR 454 and the decision of Special Bench of the Tribunal in the case of Surendra Engineering Corporation vs. ACIT, 86 ITD 121 and decided the issue in favour of assessee. For the sake of brevity the findings of the Co-ordinate Bench are not reproduced hereunder. The Revenue could not controvert the findings of Coordinate Bench on the issue. Following th…

ADDL CIT RG 3(1), MUMBAI vs. BAJAJ AUTO LTD, MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal of the revenue is dismissed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhbajaj Holdings & Vs. Additional Commissioner Investment Ltd. Of Income-Tax, Range 3(1) Erstwile Bajaj Auto Ltd.) Aayakar Bhavan, Bajaj Bhavan, 226, M.K. Road, Nariman Point, Mumbai – 400 020 Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Dcit-3(4) Vs. M/S Bajaj Holding & Room No. 481-2, 4Th Floor, Investment Limited Aaykar Bhavan, (Erstwhile Bajaj Auto Ltd) Mumbai – 400020 226, Bajaj Bhavan, 2Nd Floor, Jamnalal Bajaj Marg, Nariman Point Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Appellant By : Percy Pardiwala & Vasanti Patel Respondent By : Ankush Kapoor

…Year 1995-96 (supra). The Tribunal after examining the issue placed reliance on the decision of Hon'ble Supreme Court of India in the case of Hero P a g e | 45 ITA No.3043 & 2899/Mum/2010 Bajaj Holdings & Investments Ltd. Vs. ACIT, Range 3(1) Exports vs. CIT 295 ITR 454 and the decision of Special Bench of the Tribunal in the case of Surendra Engineering Corporation vs. ACIT, 86 ITD 121 and decided the issue in favour of assessee. For the sake of brevity the findings of the Co-ordinate Bench are not reproduced hereunder. The Revenue could not controvert the findings of Coordinate Bench on the issue. Following th…

DCIT CIR - 3(1), MUMBAI vs. M/S. BAJAJ AUTO LTD., MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

…similar issue had come up before the Co-ordinate Bench in assessee's own case for the Assessment Year 1995-96 (supra). The Tribunal after examining the issue placed reliance on the decision of Hon'ble Supreme Court of India in the case of Hero Exports vs. CIT 295 ITR 454 and the decision of Special Bench of the Tribunal in the case of Surendra Engineering Corporation vs. ACIT, 86 ITD 121 and decided the issue in favour of assessee. For the sake of brevity the findings of the Co-ordinate Bench are not reproduced hereunder. The Revenue could not controvert the findings of Co- ordinate Bench on the issue. Following…

M/S. BAJAJ AUTO LTD.,MUMBAI vs. THE DY CIT CIR 3(1), MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

…similar issue had come up before the Co-ordinate Bench in assessee's own case for the Assessment Year 1995-96 (supra). The Tribunal after examining the issue placed reliance on the decision of Hon'ble Supreme Court of India in the case of Hero Exports vs. CIT 295 ITR 454 and the decision of Special Bench of the Tribunal in the case of Surendra Engineering Corporation vs. ACIT, 86 ITD 121 and decided the issue in favour of assessee. For the sake of brevity the findings of the Co-ordinate Bench are not reproduced hereunder. The Revenue could not controvert the findings of Co- ordinate Bench on the issue. Following…

THE DCIT 3(1), MUMBAI vs. M/S. BAJAJAJ AUTO LTD., MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

…similar issue had come up before the Co-ordinate Bench in assessee's own case for the Assessment Year 1995-96 (supra). The Tribunal after examining the issue placed reliance on the decision of Hon'ble Supreme Court of India in the case of Hero Exports vs. CIT 295 ITR 454 and the decision of Special Bench of the Tribunal in the case of Surendra Engineering Corporation vs. ACIT, 86 ITD 121 and decided the issue in favour of assessee. For the sake of brevity the findings of the Co-ordinate Bench are not reproduced hereunder. The Revenue could not controvert the findings of Co- ordinate Bench on the issue. Following…

M/S. BAJAJ AUTO LTD.,MUMBAI vs. THE DY CIT RG 3(1), MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

…similar issue had come up before the Co-ordinate Bench in assessee's own case for the Assessment Year 1995-96 (supra). The Tribunal after examining the issue placed reliance on the decision of Hon'ble Supreme Court of India in the case of Hero Exports vs. CIT 295 ITR 454 and the decision of Special Bench of the Tribunal in the case of Surendra Engineering Corporation vs. ACIT, 86 ITD 121 and decided the issue in favour of assessee. For the sake of brevity the findings of the Co-ordinate Bench are not reproduced hereunder. The Revenue could not controvert the findings of Co- ordinate Bench on the issue. Following…

THE DY CIT RG 3(1), MUMBAI vs. M/S. BAJAJ AUTO LTD, MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

…similar issue had come up before the Co-ordinate Bench in assessee's own case for the Assessment Year 1995-96 (supra). The Tribunal after examining the issue placed reliance on the decision of Hon'ble Supreme Court of India in the case of Hero Exports vs. CIT 295 ITR 454 and the decision of Special Bench of the Tribunal in the case of Surendra Engineering Corporation vs. ACIT, 86 ITD 121 and decided the issue in favour of assessee. For the sake of brevity the findings of the Co-ordinate Bench are not reproduced hereunder. The Revenue could not controvert the findings of Co- ordinate Bench on the issue. Following…

M/S. UNITED PHOSPHORUS LTD.,MUMBAI vs. DCIT CENT. CIR. - 38, MUMBAI

In the result, appeal of the revenue is partly allowed

Bench: Shri Amit Shukla & Shri Gagan Goyalm/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W), Mumbai – 400 052 Pan: Aaacu3440P ...... Appellant Vs. Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ..... Respondent Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ...... Appellant Vs. M/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W) Mumbai – 400 052 Pan: Aaacu3440P ...... Respondent (Now Known As Uniphos Enterprises Ltd.)

…which has been reduced to arrive at the Profits of the Business ought to be reduced while computing the indirect cost of traded goods. In support of the above contention, reliance is placed on the decision of the Supreme Court in case of Hero Exports Vs. CIT (295 ITR 454) (SC). 51. In view of above ground No. 8 raised by the assessee is allowed. 52. Ground no. 9 pertains to proportionate deduction in respect of premium on leasehold land Rs. 1,84,078/-. During the previous year relevant to AYs 1992-93, 1993-94, 1995-96 and 1997-98, the assessee had paid premium on leasehold land amounting to Rs. 57,71,750/-, Rs.…

ACIT (LTU-1), MUMBAI vs. BAJAJ HOLDINGS & INVESTMENT LTD, MUMBAI

In the result, cross objection filed by the assessee is partly allowed

Bench: Shri Kuldip Singh, Hon’Ble & Shri S. Rifaur Rahman, Hon'Bleacit (Ltu-1) V. Bajaj Holdings Investment Ltd 29Th, Floor, Centre-1 226, Bajaj Bhavan, 2Nd Floor World Trade Centre Jamnalal Bajaj Marg, Nariman Point Mumbai- 400021 Cuffe Parade, Mumbai- 400075 Pan: Aaacb3370K (Appellant) (Respondent) C.O.No. 96/Mum/2002 [Arising Out Of Ita No.5030/Mum/2001 (A.Y: 1997-98)] Bhajaj Auto Limited V. Acit (Ltu-1) Bhajaj Bhavan 29Th, Floor, Centre-1 Nariman Point World Trade Centre Mumbai - 400020 Cuffe Parade, Mumbai- 400075 Pan: Aaacb3370K (Appellant) (Respondent) Assessee Represented By : Shri Percy Pardiwala& Ms. Vasanti Patel Department Represented By : Shri Rahul Kumar & Shri Vranda U Matkarri

…similar issue had come up before the Co-ordinate Bench in assessee's own case for the Assessment Year 1995-96 (supra). The Tribunal after examining the issue placed reliance on the decision of Hon'ble Supreme Court of India in the case of Hero Exports vs. CIT 295 ITR 454 and the decision of Special Bench of the Tribunal in the case of Surendra Engineering Corporation vs. ACIT, 86 ITD 121 and decided the issue in favour of assessee. For the sake of brevity the findings of the Co-ordinate Bench are not reproduced hereunder. The Revenue could not controvert the findings of Co- ordinate Bench on the issue. Following…

M/S. STRIDES ARCOLAB LTD.,NAVI MUMBAI vs. ITO - 10(3)(4), MUMBAI

In the result, assessee’s cross objection is partly allowed

Bench: Shri Saktijit Dey & Shri Ashwani Taneja

…unal followed its own order for assessment year 2001–02 in assessee’s own case wherein the Tribunal had decided the issue by following the decision of the Hon'ble Supreme 40 Strides Shasun Limited Strides Arcolab Limited Court in Hero Export v/s CIT, [2007] 295 ITR 454 (SC). The relevant observations of the Bench is as under:– ―7.1. It is noted by us that similar issue came up before the Tribunal in A.Y.2001-02, wherein the Tribunal has upheld the claim of the assessee by relying upon the decision of Hon’ble Supreme Court in the case of Hero Exports vs CIT 295 ITR 454, by making following observations: ―16. Gr…