Liberty India v. CIT

Income Tax Officer 6(3)(3), Mumbai vs. M/S.Kalash Metals Private Limited, Mumbai

The appeal of the assessee is allowed, and appeal of the Assessing Officer is dismissed

Bench: Shri Vikas Awasthy, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 504/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2009-10)

…not made any fresh verification from the PAN data base about their current address. Since, AO has not made proper inquiry in these transactions, he relied on the judgment in the case of M/s Gagandeep Infrastructure P. Ltd. and CIT Vs. Lovely Exports Pvt. Ltd. 317 ITR 218 (SC) and observed that where the revenue urges that the amount of share application money has been received from bogus share holders then it is for the Income Tax officer to proceed by reopening the assessment of such shareholders and assessing them to tax in accordance with law. It does not entitle the revenue to add the same to the assessee’s i…

Gateway Terminals India P.Ltd, Navi Mumbai vs. DCIT Panvel Circle, Mumbai

The appeal stands partly allowed in terms of our above order

…from such business for ten consecutive assessment years. As per Explanation, infrastructure facility would inter-alia, mean a port, airport, inland waterway, inland port or navigational channel in the sea. 4.2 The Hon’ble Apex Court in Liberty India V/s CIT (317 ITR 218 31/08/2009), in the context of Sec.80-IB read with Sections 80-I and 80-IA, interpreting the expression 'derived from an industrial undertaking' as occurring in section 80-IB of the Income-tax Act, 1961 held as under:- 14. Analysing Chapter VI-A, we find that section 80-IB/80-IA are the Code by themselves as they contain both substantive as well…

Tricom India Ltd, Mumbai vs. ITO 8(3)(3), Mumbai

In the result, appeal filed by the assessee stands allowed

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm)

…been levied on this addition by placing reliance upon Hon'ble Supreme Court decision in Dharmendra Textiles Pvt. Ltd. (supra). Learned CIT(A) while confirming the penalty has also referred to the decision of Hon'ble Supreme Court in the case of Liberty India (317 ITR 218), wherein he has held that in the said decision it has been held that receipts beyond the first degree cannot be considered. That the interest income cannot be said to be derived from the business of providing ITES and it is not of first degree. Learned CIT(A) himself accepts that this decision is not available when assessee filed its return but…

Ritesh Agarwal, Mumbai vs. Asst. CIT 17(3), Mumbai

In the result, appeal is partly allowed

Bench: Shri Saktijit Dey & Shri G. Manjunatha

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER ITA no.7368/Mum./2018 (Assessment Year : 2013–14) Ritesh Agarwal 501, Embassy Centre ……………. Appellant Nariman Point, Mumbai PAN – ABMPA1788L v/s Asstt. Commissioner of Income Tax ……………. Respondent Circle–17(3), Mumbai Assessee by : Shri S.L. Jain Revenue by : Smt. Jyothilakshmi Nayak Date of Hearing – 20.01.2020 Date of Order – 26.02.2020 O R D E R PER SAKTIJIT DEY. J.M. The captioned appeal has been filed by the assessee challenging the order dated 28th November 2018,…

Godrej Consumer Products Ltd, Mumbai vs. DCIT Cir 14(1)(1), Mumbai

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Deyand Shri N.K. Pradhan

…e excluded for the purpose of computing deduction under section 80IC of the Act. Though, the assessee objected to the proposed disallowance, however, the Assessing Officer relying upon the decision of the Hon'ble Supreme Court in Liberty India v/s CIT, [2009] 317 ITR 218 (SC) excluded certain items of income as referred to above from the profit of the eligible unit for computing deduction under section 80IC of the Act. This resulted in partial reduction in the quantum of deduction claimed by the assessee under section 80IC of the Act. Though, the assessee objected to the part disallowance of deduction claimed und…

Nhavasheva International Container Terminal P.Ltd, Mumbai vs. ITO 2(2)(3), Mumbai

In the result, the appeals of the assessee are partly allowed

Bench: Shri Shamim Yahya & Shri Pawan Singh

…the appeal is allowed.” 27. Per contra, the ld. Departmental Representative submitted that the interest income cannot qualify for deduction u/s. 80IA. For this, he referred to the decision of the Hon'ble Apex Court in the case of Liberty India vs. CIT [2009] 317 ITR 218 (SC) vide order dated 31.08.2009 and CIT vs. Dilip Kumar vide order dated 30.07.2018. 28. Upon careful consideration, we find that since in the recent decision, the Hon'ble jurisdictional High Court has decided the issue in favour of the assessee following the judicial precedent, we uphold the order of the ld. CIT(A).” 7. We note that in the abov…

Nhava Sheva International Container Terminal P.Ltd, Mumbai vs. ITO 2(2)(3), Mumbai

In the result, the appeals of the assessee are partly allowed

Bench: Shri Shamim Yahya & Shri Pawan Singh

…the appeal is allowed.” 27. Per contra, the ld. Departmental Representative submitted that the interest income cannot qualify for deduction u/s. 80IA. For this, he referred to the decision of the Hon'ble Apex Court in the case of Liberty India vs. CIT [2009] 317 ITR 218 (SC) vide order dated 31.08.2009 and CIT vs. Dilip Kumar vide order dated 30.07.2018. 28. Upon careful consideration, we find that since in the recent decision, the Hon'ble jurisdictional High Court has decided the issue in favour of the assessee following the judicial precedent, we uphold the order of the ld. CIT(A).” 7. We note that in the abov…

Il & Fs Windfarms Lat ( Previously Known As Il & Fs Energy Dev. Co.Ltd), Mumbai vs. ACIT 10(1), Mumbai

In the result, appeal filed by the assessee is dismissed

Bench: Shri Saktijit Dey & Shir S Rifaur Rahmanआयकर अपील सं./I.T.A. Nos. 6133 & 6134/Mum/2010 ("नधा"रण वष" / Assessment Years : 2006-07 & 2007-08

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER & SHIR S RIFAUR RAHMAN, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. Nos. 6133 & 6134/Mum/2010 ("नधा"रण वष" / Assessment Years : 2006-07 & 2007-08 IL & FS Windfarms Lat The ACIT – 10(1) बनाम/ (Previously known as IL & FS Mumbai. Vs. energy Dev. Co. Ltd.,) The IL & FS Financial Centre, Plot No. C-22, G Block Bandra Kurla Complex, Bandra (E), Mumbai. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAAC12550A .. (अपीलाथ" /Appellant) (""यथ" / Respondent) अपीलाथ" ओर से / Appellant by : Ms. Vidya Phanse ""यथ" क" ओर से/Respondent by :…