Kedarnath Jute Mfg. Co. Ltd. v. CIT

Addl CIT 2(1), Mumbai vs. Gtl Ltd, Mumbai

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwal

…on the view which the assessee might take of his rights nor can the existence or absence of entries in the books of account can be decisive or conclusive. Reliance was placed upon the decision from Hon'ble Apex Court in Kedarnath Jute Mfg. Ltd. vs CIT (1971) 82 ITR 363 32 M/s GTL Ltd. ITA Nos.5245 & 5419/Mum/2010 (SC). It was argued that merely the quantum and periodicity of the expenditure is not a relevant factor to decide the nature of expenditure for which reliance was placed in M.K. Brothers (P.) Ltd. vs CIT (1972) 86 ITR 38 (SC) and Travancore Sugar & Chemicals Ltd. vs CIT (1966) 62 ITR 566 (SC). It was…

ACIT 7(2), Mumbai vs. Rupee Finance and Management P.Tld, Mumbai

In the result, appeals filed by the assessee for AYrs

Bench: Shri Saktijit Dey () & Shri Ashwani Taneja ()

…sition that the income should be computed strictly in accordance with law irrespective of the treatment given by the assessee. He vehemently relied upon the judgements of the Hon’ble Supreme Court in the case of Kedarnath Jute Manufacturing Company Ltd vs CIT 82 ITR 363 (SC), CIT 4 Rupee Finance & Management Pvt Ltd vs India Discount Co Ltd 75 ITR 191 (SC), CIT vs Shoorji Vallabhdas & Co 46 ITR 144 (SC) and Taparia Tools Ltd vs JCIT 372 ITR 605 (SC). 6. With regard to the illegality in the disallowance made u/s 14A, it was submitted at length by the Ld. Counsel that the law in this regard has evolved subsequent…

DCIT 8(2), Mumbai vs. Lexi P.Ltd, Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2011-12 Dcit-8(2), M/S Lexi Pvt. Ltd. R. No.209, B-33, 6Th Floor, Lexi Centre, बनाम/ Aayakar Bhavan, Off. New Link Road, Vs. M.K. Road, Anderi (West), Mumbai-400020 Mumbai-400053 Pan No.Aaacl7243D (राज"व /Revenue) ("नधा"रती /Assessee)

…at Daman by transferring more than 20% of the plant and machinery previously used by the assessee in its industrial premises at Bombay. The Ld. Commissioner of Income Tax (Appeal) has already placed reliance upon the decision in CIT vs Kedarnath Jute Mfg. Co. 82 ITR 363 (SC), Tuticorin Alkalis Chemicals and Fertilizers Ltd. 227 ITR 172 and Mc.Dowells Co. Ltd. 154 ITR 148 along with other decisions of the Tribunal. So far as, the contention of the Revenue that the order of the Tribunal has been challenged before the Hon'ble High Court, is concerned, no contrary decision was brought to our notice, therefore, the or…

Ultra Tech Cement Ltd, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result appeals of the Revenue are dismissed, whereas appeals of the assessee are allowed in part in terms indicated hereinabove

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm M/S. Ultratech Cement Ltd., Vs. Acit – 2(2), Mumbai Ahura Centre, B Wing, 2Nd Floor, Mahakali Caves Road, Andheri – East Mumbai – 400 093 Pan/Gir No. Aaacl6442L Appellant) .. Respondent) M/S. Ultratech Cement Ltd., Vs. Dcit – 2(2), Mumbai Ahura Centre, B Wing, 2Nd Floor, Mahakali Caves Road, Andheri – East Mumbai – 400 093 Pan/Gir No. Aaacl6442L Appellant) .. Respondent) Acit – 2(2), Mumbai Vs. M/S. Ultratech Cement Ltd., Ahura Centre, B Wing, 2Nd Floor, Mahakali Caves Road, Andheri – East Mumbai – 400 093 Pan/Gir No. Aaacl6442L Appellant) .. Respondent) Dcit – 2(2), Mumbai Vs. M/S. Ultratech Cement Ltd., Ahura Centre, B Wing, 2Nd Floor, Mahakali Caves Road, Andheri – East Mumbai – 400 093 Pan/Gir No. Aaacl6442L Appellant) .. Respondent) M/S. Ultratech Cement Ltd., Assessee By Shri Arvind Sonde Alongwith Shri Sampat Kabra Revenue By Smt. S.Padmaja

…ts delivered by the rail system. In support of its contention that treatment of a transaction in books of accounts cannot govern the tax statement reliance was placed on the decision of the Supreme Court in the case of Kadernath Jute Manufacturing Company Ltd 82 ITR 362; in the case of Tutcorin Alali Chemicals Ltd in 227 ITR 172; in the case of Godhra Electricity Company in 91 Taxman 91; in the case of Bokaro Steel Ltd in 263 ITR 315 and in the case of Sutlet Cotton Mills Ltd in 116 ITR 1 and submitted that it would be totally incorrect to say that an assessee who raises internal invoices would be entitled to ben…

Ajaykant Ramprasad Ruia, Mumbai vs. DCIT Cir 3(1), Mumbai

…towards the purchase tax under the said Act. It is also significant to note that the assessee's entitlement to claim deduction had been held to be valid in view of an earlier judgment of the Supreme Court in Kedarnath Jute Manufacturing Co. Ltd. v. CIT [1971] 82 ITR 363 (SC). This was, therefore, a case of error in perception/ judgment. Despite the same, the Supreme Court upheld the decision of the Appellate Assistant Commissioner in allowing the deduction. The words "could not have been raised" must, therefore, be construed liberally and not strictly. 20. It is indeed a question of exercise of discretion whether…

Sanofi Pasteur India P.Ltd, Mumbai vs. Asst CIT 8(3), Mumbai

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

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

…ed revenue expenditure cannot be considered as different from the one followed for the purpose of computinq the total income under the Income Tax Act. In any case, as held by the Supreme Court in the case of Kedarnath Jute Manufacturing Co. Ltd. V. CIT (1971) 82 ITR 363, the allowability of a particular deduction depends on the provisions of law relating thereto and not on the basis of entries made in the books of account, which are not decisive or conclusive in. this regard. 14. The expenditure in question was incurred towards advertisements in launching of a new product and was revenue in nature. The action of…

DCIT 8(3), Mumbai vs. Sanofi Pasteur India P. Ltd, Mumbai

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

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

…ed revenue expenditure cannot be considered as different from the one followed for the purpose of computinq the total income under the Income Tax Act. In any case, as held by the Supreme Court in the case of Kedarnath Jute Manufacturing Co. Ltd. V. CIT (1971) 82 ITR 363, the allowability of a particular deduction depends on the provisions of law relating thereto and not on the basis of entries made in the books of account, which are not decisive or conclusive in. this regard. 14. The expenditure in question was incurred towards advertisements in launching of a new product and was revenue in nature. The action of…