IPCA Laboratories Ltd. v. DCIT

Frigerio Conserva Allana Ltd, Mumbai vs. ITO 1(1)(3), Mumbai

Appeal is allowed and appeal filed by the revenue is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05 Acit, Circle -1(1) Frigorifico Allana Limited, Aayakar Bhavan, बनाम/ Allana House, 5Th Floor, Allana Road, Colaba, Vs. M.K. Road, Mumbai-400001 Mumbai-20 (Revenue) (Respondent) P.A. No.Aaacf0861F Assessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05

…u/s 80HHC. 3.3. Being aggrieved, the revenue filed an appeal before the Tribunal on the ground that Ld. CIT(A) ought not to have allowed the benefit of deduction u/s 80HHC in the light of judgment of Hon’ble Supreme Court in the CIT v. IPCA Laboratories Ltd. 266 ITR 521 (SC) wherein it was held that in case there was loss from export activities, then the export house cannot pass on the benefit of deduction u/s 80HHC by way of issue of disclaimer certificate u/s 80HHC (4)(a) to the supporting manufacturer. 3.4. Before us, the Ld. Counsel of the assessee defended and justified the order of Ld. CIT(A) for allowing…

Frigorifico Allana Ltd, Mumbai vs. ITO 1(1)(1), Mumbai

Appeal is allowed and appeal filed by the revenue is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05 Acit, Circle -1(1) Frigorifico Allana Limited, Aayakar Bhavan, बनाम/ Allana House, 5Th Floor, Allana Road, Colaba, Vs. M.K. Road, Mumbai-400001 Mumbai-20 (Revenue) (Respondent) P.A. No.Aaacf0861F Assessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05

…u/s 80HHC. 3.3. Being aggrieved, the revenue filed an appeal before the Tribunal on the ground that Ld. CIT(A) ought not to have allowed the benefit of deduction u/s 80HHC in the light of judgment of Hon’ble Supreme Court in the CIT v. IPCA Laboratories Ltd. 266 ITR 521 (SC) wherein it was held that in case there was loss from export activities, then the export house cannot pass on the benefit of deduction u/s 80HHC by way of issue of disclaimer certificate u/s 80HHC (4)(a) to the supporting manufacturer. 3.4. Before us, the Ld. Counsel of the assessee defended and justified the order of Ld. CIT(A) for allowing…

Frigorifico Allana Ltd, Mumbai vs. Addl CIT RG 1(1), Mumbai

Appeal is allowed and appeal filed by the revenue is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05 Acit, Circle -1(1) Frigorifico Allana Limited, Aayakar Bhavan, बनाम/ Allana House, 5Th Floor, Allana Road, Colaba, Vs. M.K. Road, Mumbai-400001 Mumbai-20 (Revenue) (Respondent) P.A. No.Aaacf0861F Assessment Year: 2002-03 & Assessment Year: 2003-04 & Assessment Year: 2004-05

…u/s 80HHC. 3.3. Being aggrieved, the revenue filed an appeal before the Tribunal on the ground that Ld. CIT(A) ought not to have allowed the benefit of deduction u/s 80HHC in the light of judgment of Hon’ble Supreme Court in the CIT v. IPCA Laboratories Ltd. 266 ITR 521 (SC) wherein it was held that in case there was loss from export activities, then the export house cannot pass on the benefit of deduction u/s 80HHC by way of issue of disclaimer certificate u/s 80HHC (4)(a) to the supporting manufacturer. 3.4. Before us, the Ld. Counsel of the assessee defended and justified the order of Ld. CIT(A) for allowing…

Neena Naresh M Singhi, Mumbai vs. Asst CIT 24(3), Mumbai

In the result, this appeal filed by the assessee is partly allowed

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2010-11 Neena Naresh M Singhi, Acit 24(3) 37, Apollo Endoscopy Centre, Mumbai- बनाम/ Hirnen Shopping Centre, S.V. Vs. Road, Goregaon (W), Mumbai-400062 (Assessee) (Revenue) P.A. No.Aapps1647G "नधा"रती क" ओर से / Assessee By Shri Bharat P. Shah & Shri Pathik B. Shah (Ar) राज"व क" ओर से / Revenue By Shri Vivekanand Ojha (Dr)

…the proviso is clear and unambiguous, we have no hesitation in holding that the assessee is entitled to get exemption upto Rs.1 Crore in this case. This view of ours gets support from the following finding of the Hon'ble Supreme Court in the case of IPCA LAB 266 ITR 521 (SC), wherein it has been held by the Hon'ble Supreme Court that – “even though a liberal interpretation has to be given to such a provision the interpretation has to be as per the wording of the section. If the wording of the section is clear, then benefits which are not available cannot be conferred by ignoring or misinterpreting words in the s…

Gharda Chemicals Ltd, Mumbai vs. Addl CIT 9(1), Mumbai

Bench: S/Sh.Rajendra & C.N. Prasadआयकर अपील सं./Ita/5474/Mum/2009,िनधा"रण वष" /Assessment Year: 2004-05 Dcit, Circle-9(1) Gharda Chemicals Limited Churchgate,Mumbai-400 020. 5/6, Jer Mansion, W.P. Varde Marg, Vs. Off Turner Road, Bandra (W), Mumbai-50. Pan: Aaacg 1255 E आयकर अपील सं./Ita/5348/Mum/2009,िनधा"रण वष" /Assessment Year: 2004-05 Gharda Chemicals Limited Vs. Dcit, Circle-9(1) Mumbai-400 050. Aayakar Bhavan, Mumbai-400020. आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita/8376/Mum/2010,िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2005-06 वष" Gharda Chemicals Limited Vs. Dcit, Circle-9(1) Bandra (W),Mumbai-50. Aayakar Bhavan, Mumbai-400020. आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita/8758/Mum/2010,िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2005-06 वष" Dcit, Circle-9(1) Vs. M/S.Gharda Chemicals Limited Churchgate,Mumbai-400 020. Mumbai-400 018. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri Debashish Chandra Assessee By: Ms. Vasanti Patel & Shri Gopal Bohra सुनवाई की तारीख / Date Of Hearing: 13.04.2016 घोषणा की तारीख / Date Of Pronouncement: 29.04.2016 आयकर अिधिनयम,1961 की धारा 254(1)के अ"ग"त आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act)

…आयकर अपीलीय अिधकरण, , , , मुंबई “केकेकेके” खंडपीठ Income-tax Appellate Tribunal -“K”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं सी. एन. "साद,"याियक सद"य Before S/Sh.Rajendra,Accountant Member and C.N. Prasad,Judicial Member आयकर अपील सं./ITA/5474/Mum/2009,िनधा"रण वष" /Assessment Year: 2004-05 DCIT, Circle-9(1) Gharda Chemicals Limited Churchgate,Mumbai-400 020. 5/6, Jer Mansion, W.P. Varde Marg, Vs. Off Turner Road, Bandra (W), Mumbai-50. PAN: AAACG 1255 E आयकर अपील सं./ITA/5348/Mum/2009,िनधा"रण वष" /Assessment Year: 2004-05 Gharda Chemicals Limited Vs. DCIT, Circle-9(1) Mumbai-400 050. Aayakar Bhavan, Mumbai-40002…

The Bombay Dyeing & Mfg Co. Ltd, Mumbai vs. DCIT (Hq) 2, Mumbai

In the result, the assessee’s appeals are partly allowed for statistical purposes

Bench: Shri R. C. Sharma, Am & Shri Mahavir Singh, Jm आयकर अपील सं./I.T.A. Nos. 7329 & 7330/Mum/2010 ("नधा"रण वष" / Assessment Years: 2004-05 & 2005-06 The Bombay Dyeing & Mfg. Co. Dy. Cit (H.Q.)-2, Ltd. Aayakar Bhavan, Mumbai बनाम/ Neville House, J. N. Heredia Marg, Vs. Ballard Estate, Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaact 2328 K (अपीलाथ" /Appellant) (""यथ" / Respondent) : : Shri Yoghesh A. Thar & अपीलाथ" क" ओर से / Appellant By Shri Fenil Bhatt : Shri Sanjeev Jain ""यथ" क" ओर से/Respondent By सुनवाई क" तार"ख / : 28.03.2016 Date Of Hearing घोषणा क" तार"ख / : 07.04.2016 Date Of Pronouncement आदेश / O R D E R Per Mahavir Singh, Jm: This Is A Set Of Two Appeals By Assessee Are Arising Out Of Separate Orders Of Cit(A)-Iv, Mumbai In Appeal Nos. Cit(A)4/Dc(Hq)-2/It-26/06-07 & Cit(A)4/Addl.Cit-2(1)/It-293/08-09 Both Dated 28.09.2010. Assessments Were Framed Separately By Dcit, (Hq)-2, Mumbai For Ay 2004-05 & Addl. Cit, Range-2(1), Mumbai For Ay 2005-06 Respectively U/S. 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As “The Act”) Vide His Orders Dated 29.12.2006 & 31.12.2008. 2

…ound 4 concerns the computation of the deduction u/s. 80HHC, and which was, at the very outset, again, admitted by the ld. AR to be squarely covered against the assessee by the decision of the Apex Court in the case of Ipca Laboratories Ltd. v. Dy. CIT [2004] 266 ITR 521 (SC). We, accordingly, direct for computation of deduction u/s. 80HHC in terms of the said decision by the said hon’ble apex court. We decide accordingly.’ In view of the above concession given by the assessee, we dismiss this issue of the assessee’s appeal. However, we want to clarify in respect to A.Y. 2004-05, the ld. Counsel for the assessee…

Adnani Enterprises, Mumbai vs. DCIT 14(2), Mumbai

The appeals are allowed to the extent indicated in this judgment

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2002-03 M/S Adnani Enterprises, Acit-14(2), 3, Dadi Mansion, 3Rd Floor, बनाम/ Behind Metro Cinema, Earnest House, Vs. Cinema Road, Nariman Point, Mumbai-400020 Mumbai-400024 Pan No.Aaefa6895R (अपीलाथ" /Appellant) (""यथ"/Respondent)

…ould be a loss and there will be no positive income of the assessee from its export business and the assessee will not be entitled to any deduction under Section 80HHC of the Act as has been held by this Court in IPCA Laboratories Ltd. v. Deputy C.I.T. (2004) 266 ITR 521 (SC). Aggrieved, the assessee filed an appeal before the Commissioner of Income Tax (Appeals) and contended that the profits on the transfer of DEPB and DFRC were not the sale proceeds of DEPB and DFRC amounting to Rs.2,06,84,841/- and Rs.1,65,616/- respectively, but the difference between the sale value and face value of DEPB and DFRC amounting…

Anandsons Overseas Trading P. Ltd, Mumbai vs. ACIT 6(1), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Rajendra & Smt. Beena Pillaiassessment Year 2002-03

…ives. Therefore, if the export incentives are reduced from the business income, the eligible profit for deduction under section 80HHC becomes a negative figure. The Assessing Officer accordingly following the judgment in the case of Ipca Laboratories P. Ltd., 251 ITR 401(Mum), and disallowed the deduction under section 80HHC of the act. Aggrieved by the order of the Assessing Officer, the assessee preferred an appeal before the Ld. CIT(A). 3. The CIT(A) held as under: “5. I have considered the above submission of the appellant. It is seen that the export turnover of the appellant is more than Rs.10.00 crores. Hen…