Lalsons Enterprises v. CIT

MEASAGE GURDAS AGRO PRIVATE LIMITED,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE- 1 , BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…principle laid down in Shri Ram Honda Power Equip's case (supra). It may be useful to mention that in Shri Ram Honda Power Equip's case (supra) this court specifically affirmed the judgment of Special Bench of the Tribunal in Lalsons Enterprises v. CIT [2004] 89 ITD 25 (Delhi) and particularly I.T.A. Nos.506/Asr/2019 16 & Others the following observations which were extracted by this Court as under:— "if the interest received is found to have a nexus with the business, still it remains to be excluded from the profits of the business by virtue of Explanation (baa )(1), but the claim is that the quantum of such i…

SHRI GURDAS GARG,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE- 1, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…principle laid down in Shri Ram Honda Power Equip's case (supra). It may be useful to mention that in Shri Ram Honda Power Equip's case (supra) this court specifically affirmed the judgment of Special Bench of the Tribunal in Lalsons Enterprises v. CIT [2004] 89 ITD 25 (Delhi) and particularly I.T.A. Nos.506/Asr/2019 16 & Others the following observations which were extracted by this Court as under:— "if the interest received is found to have a nexus with the business, still it remains to be excluded from the profits of the business by virtue of Explanation (baa )(1), but the claim is that the quantum of such i…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA vs. MEASAGE GURDAS AGRO PRIVATE LIMITED, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…principle laid down in Shri Ram Honda Power Equip's case (supra). It may be useful to mention that in Shri Ram Honda Power Equip's case (supra) this court specifically affirmed the judgment of Special Bench of the Tribunal in Lalsons Enterprises v. CIT [2004] 89 ITD 25 (Delhi) and particularly I.T.A. Nos.506/Asr/2019 16 & Others the following observations which were extracted by this Court as under:— "if the interest received is found to have a nexus with the business, still it remains to be excluded from the profits of the business by virtue of Explanation (baa )(1), but the claim is that the quantum of such i…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE- 1, BATHINDA vs. SHRI GURDAS GARG, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…principle laid down in Shri Ram Honda Power Equip's case (supra). It may be useful to mention that in Shri Ram Honda Power Equip's case (supra) this court specifically affirmed the judgment of Special Bench of the Tribunal in Lalsons Enterprises v. CIT [2004] 89 ITD 25 (Delhi) and particularly I.T.A. Nos.506/Asr/2019 16 & Others the following observations which were extracted by this Court as under:— "if the interest received is found to have a nexus with the business, still it remains to be excluded from the profits of the business by virtue of Explanation (baa )(1), but the claim is that the quantum of such i…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA vs. SHRI GURDAS GARG, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…principle laid down in Shri Ram Honda Power Equip's case (supra). It may be useful to mention that in Shri Ram Honda Power Equip's case (supra) this court specifically affirmed the judgment of Special Bench of the Tribunal in Lalsons Enterprises v. CIT [2004] 89 ITD 25 (Delhi) and particularly I.T.A. Nos.506/Asr/2019 16 & Others the following observations which were extracted by this Court as under:— "if the interest received is found to have a nexus with the business, still it remains to be excluded from the profits of the business by virtue of Explanation (baa )(1), but the claim is that the quantum of such i…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE- 1 , BATHINDA vs. MEASAGE G. G CONTINENTAL TRADERS PRIVATE LIMITED, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…principle laid down in Shri Ram Honda Power Equip's case (supra). It may be useful to mention that in Shri Ram Honda Power Equip's case (supra) this court specifically affirmed the judgment of Special Bench of the Tribunal in Lalsons Enterprises v. CIT [2004] 89 ITD 25 (Delhi) and particularly I.T.A. Nos.506/Asr/2019 16 & Others the following observations which were extracted by this Court as under:— "if the interest received is found to have a nexus with the business, still it remains to be excluded from the profits of the business by virtue of Explanation (baa )(1), but the claim is that the quantum of such i…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA vs. MEASAGE G.G.OILS AND FAITS PRIVATE LIMITED, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…principle laid down in Shri Ram Honda Power Equip's case (supra). It may be useful to mention that in Shri Ram Honda Power Equip's case (supra) this court specifically affirmed the judgment of Special Bench of the Tribunal in Lalsons Enterprises v. CIT [2004] 89 ITD 25 (Delhi) and particularly I.T.A. Nos.506/Asr/2019 16 & Others the following observations which were extracted by this Court as under:— "if the interest received is found to have a nexus with the business, still it remains to be excluded from the profits of the business by virtue of Explanation (baa )(1), but the claim is that the quantum of such i…

SHRI GURDAS GARG,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…principle laid down in Shri Ram Honda Power Equip's case (supra). It may be useful to mention that in Shri Ram Honda Power Equip's case (supra) this court specifically affirmed the judgment of Special Bench of the Tribunal in Lalsons Enterprises v. CIT [2004] 89 ITD 25 (Delhi) and particularly I.T.A. Nos.506/Asr/2019 16 & Others the following observations which were extracted by this Court as under:— "if the interest received is found to have a nexus with the business, still it remains to be excluded from the profits of the business by virtue of Explanation (baa )(1), but the claim is that the quantum of such i…

MEASAGE G. G. CONTINENTAL TRADERS PRIVATE LIMITED,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…principle laid down in Shri Ram Honda Power Equip's case (supra). It may be useful to mention that in Shri Ram Honda Power Equip's case (supra) this court specifically affirmed the judgment of Special Bench of the Tribunal in Lalsons Enterprises v. CIT [2004] 89 ITD 25 (Delhi) and particularly I.T.A. Nos.506/Asr/2019 16 & Others the following observations which were extracted by this Court as under:— "if the interest received is found to have a nexus with the business, still it remains to be excluded from the profits of the business by virtue of Explanation (baa )(1), but the claim is that the quantum of such i…

MEASAGE G. G. OILS AND FATS PRIVATE LIMITED,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE- 1, BATHINDA

In the result, all the appeals of the revenue are dismissed and all the appeals

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…principle laid down in Shri Ram Honda Power Equip's case (supra). It may be useful to mention that in Shri Ram Honda Power Equip's case (supra) this court specifically affirmed the judgment of Special Bench of the Tribunal in Lalsons Enterprises v. CIT [2004] 89 ITD 25 (Delhi) and particularly I.T.A. Nos.506/Asr/2019 16 & Others the following observations which were extracted by this Court as under:— "if the interest received is found to have a nexus with the business, still it remains to be excluded from the profits of the business by virtue of Explanation (baa )(1), but the claim is that the quantum of such i…

INCOME TAX OFFICER WARD-1(1), BATHINDA vs. M/S APEX FIBRE INDIA LIMITED, BATHINDA

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…aro Steel Ltd. [1999] 102 Taxman 94 (SC) CIT vs. Shri Ram Honda Power Equip’s case [2007] 158 Taxman 474 (Delhi) CIT vs. Karnal Co-op Sugar Mills Ltd. [1999] G.H. Crop Science Pvt. Ltd. v. Dy. CIT & Ors 102 Taxman 11 (P&H) Lalsons Enterprises vs. DCIT [2004] 89 ITD 25 (Delhi) CIT vs. Shahi Export House [2010] 195 Taxman 163 (Delhi) With regard to interest from parties, the same is also linked to the business of the assessee. Even otherwise, since there is current year loss in the business of edible oil, the loss is liable to be adjusted against the business income derived from this and for this the reliance is p…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA vs. M/S G.H. CROP SCIENCE PRIVATE LIMITED , BATHINDA

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…aro Steel Ltd. [1999] 102 Taxman 94 (SC) CIT vs. Shri Ram Honda Power Equip’s case [2007] 158 Taxman 474 (Delhi) CIT vs. Karnal Co-op Sugar Mills Ltd. [1999] G.H. Crop Science Pvt. Ltd. v. Dy. CIT & Ors 102 Taxman 11 (P&H) Lalsons Enterprises vs. DCIT [2004] 89 ITD 25 (Delhi) CIT vs. Shahi Export House [2010] 195 Taxman 163 (Delhi) With regard to interest from parties, the same is also linked to the business of the assessee. Even otherwise, since there is current year loss in the business of edible oil, the loss is liable to be adjusted against the business income derived from this and for this the reliance is p…

ENVIRO TECHNOLOGY LTD.,,ANKLESHWAR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, BHARUCH CIRCLE-2,, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Hearing In Virtual Court) Bharuch Enviro Deputy Commissioner Of Infrastructure Ltd.117-118, Income Tax, Bharuch Vs Gidc Estate-393002 Circle, Pan : Aaacb 8075 F Assessee / Appellant Revenue /Respondent

…essing Officer initiated the fresh proceeding and issued show cause notice to assessee to substantiate the claim. The assessee vide its reply / letter dated 04.01.2015 submitted that the Special Bench of Delhi Tribunal in the case of Lalson Enterprises (2004) 89 ITD 25 (Delhi-Trib.) held that some expenditure might be incurred in earning this income which generally of the case is part of common expenses being 10% ad hoc deduction. The Assessing Officer recorded that no details of actual expenditure incurred is furnished and that the decision of (A.Y s 06-07 & 07-08) Bharuch Enviro Infrastructure Ltd. & Enviro Tec…

BHARUCH ENVIRO INFRASTRUCTURE LTD.,,ANKLESHWAR vs. DY. COMMISSIONER OF INCOME TAX,, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Hearing In Virtual Court) Bharuch Enviro Deputy Commissioner Of Infrastructure Ltd.117-118, Income Tax, Bharuch Vs Gidc Estate-393002 Circle, Pan : Aaacb 8075 F Assessee / Appellant Revenue /Respondent

…essing Officer initiated the fresh proceeding and issued show cause notice to assessee to substantiate the claim. The assessee vide its reply / letter dated 04.01.2015 submitted that the Special Bench of Delhi Tribunal in the case of Lalson Enterprises (2004) 89 ITD 25 (Delhi-Trib.) held that some expenditure might be incurred in earning this income which generally of the case is part of common expenses being 10% ad hoc deduction. The Assessing Officer recorded that no details of actual expenditure incurred is furnished and that the decision of (A.Y s 06-07 & 07-08) Bharuch Enviro Infrastructure Ltd. & Enviro Tec…

ENVIRO TECHNOLOGY LIMITED,,ANKLESHWAR vs. THE ACIT.,BHARUCH CIRCLE,, BHARUCH

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Hearing In Virtual Court) Bharuch Enviro Deputy Commissioner Of Infrastructure Ltd.117-118, Income Tax, Bharuch Vs Gidc Estate-393002 Circle, Pan : Aaacb 8075 F Assessee / Appellant Revenue /Respondent

…essing Officer initiated the fresh proceeding and issued show cause notice to assessee to substantiate the claim. The assessee vide its reply / letter dated 04.01.2015 submitted that the Special Bench of Delhi Tribunal in the case of Lalson Enterprises (2004) 89 ITD 25 (Delhi-Trib.) held that some expenditure might be incurred in earning this income which generally of the case is part of common expenses being 10% ad hoc deduction. The Assessing Officer recorded that no details of actual expenditure incurred is furnished and that the decision of (A.Y s 06-07 & 07-08) Bharuch Enviro Infrastructure Ltd. & Enviro Tec…

M/S RAMESHTHA CONSTRUCTION,JHANSI vs. DY. C.I.T., CIRCLE-6, , JHANSI

In the result the appeal of the assessee is partly allowed for statistical purposes

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meenaassessment Year - 2010-11

…deducting such interest, the Assessing Officer will take into account the net interest i.e., gross interest as reduced by expenditure incurred for earning such interest. The decision of the Special Bench of the Income-tax Appellate Tribunal in Lalsons [2004] 89 ITD 25 (Delhi) to this effect is affirmed. In holding as above, we differ from the judgments of the Punjab and Haryana High Court in Rani Paliwal [2004] 268 ITR 220 and the Madras High Court in Chinnapandi [2006] 282 ITR 389 and affirm the ruling of the Special Bench of the Income-tax Appellate Tribunal in Lalsons [2004] 89 ITD 25 (Delhi). (ix) Where, as…

THE ASSTT. COMMISSIONER OF INCOME TAX, VAPI CIRCLE,, VAPI vs. M/S. MITSU LIMITED,, DAMAN

In the result, the appeal of the Revenue is dismissed

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

…2006/A.Y.02-03,03-04,06-07.02-03 35. Being aggrieved, the assessee filed an appeal before the ld. CIT (A). However, the ld. CIT (A) relying on the decision in the case of CIT Nagpur Engineering Co Ltd. [2000] 245 ITR 806 (Bombay) and Lalson Enterprise v. DCIT 89 ITD 25 (Delhi) directed the AO to exclude only net interest income of Rs. 44,15,400 as earned by the assessee after payment of interest and earning of interest. Thus, this ground of appeal was partly allowed. 36. Being, aggrieved the assessee filed this appeal before the Tribunal. The learned Counsel for the assessee submitted that that CIT (A) has allowe…

M/S. MITSU PRIVATE LIMITED,,VAPI vs. THE ACIT, VAPI CIRCLE,, VAPI

In the result, the appeal of the Revenue is dismissed

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

…2006/A.Y.02-03,03-04,06-07.02-03 35. Being aggrieved, the assessee filed an appeal before the ld. CIT (A). However, the ld. CIT (A) relying on the decision in the case of CIT Nagpur Engineering Co Ltd. [2000] 245 ITR 806 (Bombay) and Lalson Enterprise v. DCIT 89 ITD 25 (Delhi) directed the AO to exclude only net interest income of Rs. 44,15,400 as earned by the assessee after payment of interest and earning of interest. Thus, this ground of appeal was partly allowed. 36. Being, aggrieved the assessee filed this appeal before the Tribunal. The learned Counsel for the assessee submitted that that CIT (A) has allowe…