Kedarnath Jute Mfg. Co. Ltd. v. CIT

Uniphos Enterprises Ltd, Mumbai vs. Addl CIT Cen RG IX, Mumbai

In the result, the appeal of assessee is allowed

…the provisions of law. It is contended that the said expenditure is allowable u/s 37 of the Act. Reliance has been placed on decisions of the High Courts and also of the Supreme Court in the case of CIT vs. Shoorji Vallabhdas & Co. 46 ITR 144, Kedarnath Jute 82 ITR 363; Chowringhee Sales Bureau 87 ITR 542; Berger Paints 254 ITR 503. It is submitted that the registration of the product was compulsory to make sales in the respective countries. Without such registration, the appellant company could not have launched its product for sale in those countries. The expenditure was, therefore, of revenue nature. It is su…

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)

…h the provisions of law. It is contended that the said expenditure is allowable u/s 37 of the Act. Reliance has been placed on decisions of the High Courts and also of the Supreme Court in the case of CIT vs. Shoorji Vallabhdas& Co. 46 ITR 144, Kedarnath Jute 82 ITR 363; Chowringhee Sales Bureau 87 ITR 542; Berger Paints 254 ITR 503. It is submitted that the registration of the product was compulsory to make sales in the respective countries. Without such registration, the appellant company could not have launched its product for sale in those countries. The expenditure was, therefore, of revenue nature. It is su…

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)

…h the provisions of law. It is contended that the said expenditure is allowable u/s 37 of the Act. Reliance has been placed on decisions of the High Courts and also of the Supreme Court in the case of CIT vs. Shoorji Vallabhdas& Co. 46 ITR 144, Kedarnath Jute 82 ITR 363; Chowringhee Sales Bureau 87 ITR 542; Berger Paints 254 ITR 503. It is submitted that the registration of the product was compulsory to make sales in the respective countries. Without such registration, the appellant company could not have launched its product for sale in those countries. The expenditure was, therefore, of revenue nature. It is su…

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)

…h the provisions of law. It is contended that the said expenditure is allowable u/s 37 of the Act. Reliance has been placed on decisions of the High Courts and also of the Supreme Court in the case of CIT vs. Shoorji Vallabhdas& Co. 46 ITR 144, Kedarnath Jute 82 ITR 363; Chowringhee Sales Bureau 87 ITR 542; Berger Paints 254 ITR 503. It is submitted that the registration of the product was compulsory to make sales in the respective countries. Without such registration, the appellant company could not have launched its product for sale in those countries. The expenditure was, therefore, of revenue nature. It is su…

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)

…h the provisions of law. It is contended that the said expenditure is allowable u/s 37 of the Act. Reliance has been placed on decisions of the High Courts and also of the Supreme Court in the case of CIT vs. Shoorji Vallabhdas& Co. 46 ITR 144, Kedarnath Jute 82 ITR 363; Chowringhee Sales Bureau 87 ITR 542; Berger Paints 254 ITR 503. It is submitted that the registration of the product was compulsory to make sales in the respective countries. Without such registration, the appellant company could not have launched its product for sale in those countries. The expenditure was, therefore, of revenue nature. It is su…

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)

…h the provisions of law. It is contended that the said expenditure is allowable u/s 37 of the Act. Reliance has been placed on decisions of the High Courts and also of the Supreme Court in the case of CIT vs. Shoorji Vallabhdas& Co. 46 ITR 144, Kedarnath Jute 82 ITR 363; Chowringhee Sales Bureau 87 ITR 542; Berger Paints 254 ITR 503. It is submitted that the registration of the product was compulsory to make sales in the respective countries. Without such registration, the appellant company could not have launched its product for sale in those countries. The expenditure was, therefore, of revenue nature. It is su…

ACIT-8(1)(1), Mumbai vs. Reliance Retail Ltd, Mumbai

In the result, appeal by the revenue is dismissed and cross objection by the assessee is allowed for statistical purposes

Bench: Shri Saktijit Dey, Hon'Ble & Shri Girish Agrawalassessment Year: 2018-19

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH MUMBAI BEFORE SHRI SAKTIJIT DEY, HON'BLE VICE PRESIDENT AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2018-19 Assistant Commissioner of Reliance Retail Ltd., Income Tax – 8(1)(1), 3rd Floor, Court House, Mumbai Lokmanya Tilak Marg, Vs. Dhobi Talao, Mumbai – 400 002 (PAN : AABCR1718E) (Appellant) (Respondent) CO No.194/Mum/2024 (Arising out of ITA 4251/Mum/2024) Assessment Year: 2018-19 Reliance Retail Ltd., Assistant Commissioner of 3rd Floor, Court House, Income Tax – 8(1)(1), Lokmanya Tilak Marg, Mumbai Dhobi Talao, Vs. Mumbai – 400 002 (PAN :…

Grasim Industries Ltd., Mumbai vs. DCIT Cent. Cir. 1(4), Mumbai

In the result, appeal of the Revenue is partly allowed for statistical purpose

Bench: Shri Saktijit Dey, Vp & Shri N.K. Billaiya, Am M/S Grasim Industries Ltd. Dcit, (Corporate Finance Division) Central Circle 1(4), A-2, Aditya Birla Centre, Vs. Room No. 902, S.K. Ahire Marg, Worli, Old Cgo Building, Mumbai - 400030 Mumbai-400020 (Appellant) : (Respondent) Pan No. Aaacg 4464B Dcit, M/S Grasim Industries Ltd. Central Circle 1(4), (Corporate Finance Division) Room No. 902, A-2, Aditya Birla Centre, Old Cgo Building, Vs. S.K. Ahire Marg, Worli, Mumbai-400020 Mumbai - 400030 Appellant By : Shri J.D. Mistri, Sr. Advocate, Shri Madhur Agarwal & Respondent By : Shri Dr. Kishor Dhule, Cit(Dr) (Appellant) (Respondent)

…Lanco Tanjore Power Co. Ltd. [2021] 434 ITR 671 (Mad. H.C.) 15. CIT vs. Best Corporation Ltd. [2022] 446 ITR 211 (Mad. H.C.) 16. PCIT vs. Gujarat Fluro Chemicals Ltd. [2023) 295 taxmann.com 200 (Guj. HC) 17. Kedarnath Jute Manufacturing Com. Ltd. vs. CIT, 82 ITR 363 (SC). 43. We have considered rival submissions and perused the materials on record. We have also applied our mind to the decisions relied upon. The issue whether the receipts arising on sale of CER, otherwise known as carbon credit, are taxable as revenue receipt or in the nature of capital receipt is more or less settled in favour of the asse…

Navratan Management Private Limited, Mumbai vs. Dy.Comm Central Circle 8(4) Mumbai, Mumbai

Bench: Shri Narender Kumar Choudhry

…the appellant has classified/shown the same as stock in trade, the real intent of the transactions will not alter. Entries in the books of accounts are not determinative or conclusive. 10.8.2 The Honble Supreme Court in case of Kedarnath Jute Mfg com. Vs CIT(82 ITR 363) has held as under-(SC "Whether the assessee is entitled to a particular deduction or not will depend on the provision of law relating thereto and not of the view which the assessee might taken of its right nor can the existence or absence of entries in the books of account be decisive or conclusive in the matter. The assessee who was maintaining…

Utility Supply Private Limited, Mumbai vs. DCIT Central Circle 8(4) Mumbai, Mumbai

Bench: Shri Narender Kumar Choudhry & Ms. Padmavathy S

…t the appellant has classified/shown the same as stock in träde, the real intent of the transactions will not alter. Entries in the books of account are not determinative or conclusive. 11.8.2 The Honble Supreme Court in case of Kedarnath Jute Mfg com. Vs CIT(82 ITR 363) has held as under-(SC) "Whether the assessee is entitled to a particular deduction or not will depend on the provision of law relating thereto and not on the view which the assessee might taken of Its right nor can the existence or absence of entries in the books of account be decisive or conclusive in the matter. The assessee who was maintaining…

Grasim Industries Ltd ( Corporate Finance Division), Mumbai vs. Addl CIT RG 6(3), Mumbai

Bench: the CIT(A). The CIT(A) partly allowed the appeal preferred by the Assessee vide order, dated 18/05/2009. 4. Not being satisfied with the relief granted by the Id. CIT(A), the Assessee has preferred appeal before this Tribunal. The Revenue has also filed cross-appeal challenging the relief granted by the Id. CIT(A).

…and control. Profits of the Rail System are embedded in the overall profit of the company. In support of contention that treatment of a transaction in books of account cannot govern the tax statement, the appellant relied on the decisions of the Supreme Court 82 ITR 363 Kadernath Jute Mfg. Co. Ltd Vs. CIT and 227 ITR 172 Tuticurin Alkali Chemical Ltd. 16.6 The appellant further submitted that Sec. 80IA(8) itself contemplates a situation where goods or services are transferred by an eligible undertaking to non eligible undertaking and vice versa. In such cases, deduction is to be allowed based on the market value…