Liberty India v. CIT

Commissioner of Income Tax vs. Poddar Pigments Ltd

The appeal is dismissed

Bench: The Income-Tax Appellate Tribunal, Which, By The Impugned Order, Has Dismissed The Said Appeal. The Tribunal Came To The Conclusion That The Bad Debts Issue Had Already Been Considered In The Original Proceedings Under Section 143(3) And, Therefore, The Same Could Not Be Reopened In Reassessment Proceedings. We Find No Infirmity In The View Taken By The Tribunal On This Aspect Of The Matter.

…f Income-tax: 292 ITR 175 (Orissa); and (iv) Commissioner of Income-tax v. Indo Matsushita Carbon Co. Ltd: 286 ITR 201 (Mad). 4. The court also considered the decision of the Supreme Court in the case of Liberty India v. Commissioner of Income-tax: 317 ITR 218 (SC) and came to the conclusion that the view taken by the Gujarat High Court and other High Courts on the question of interest paid on delayed payment is the appropriate view. The Gujarat High Court was of the view that interest on delayed payment was nothing but a higher sale price which is the converse situation to offering of cash disco…

C.I.T vs. Jackson Engineers Ltd

Appeal stands disposed of in the

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE SIDDHARTH MRIDUL

…Page 8 of 18 from the income “derived from” and income “attributable to” the industrial undertaking. 8. Now there is an authoritative pronouncement of judgment by the Supreme Court in the case of Liberty India vs. Commissioner of Income Tax [(2009) 317 ITR 218] on this aspect, in the following words: “8. On the nature of DEPB it was submitted that the amount of DEPB was granted under Exim-Policy issued in terms of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992. According to the appellant(s), the DEPB Scheme is a Duty Remission Scheme which allows dra…

Commissioner of Income Tax vs. Jackson Engineers Ltd

Appeal stands disposed of in the

…09:DHC:5672-DB from the income “derived from” and income “attributable to” the industrial undertaking. 8. Now there is an authoritative pronouncement of judgment by the Supreme Court in the case of Liberty India vs. Commissioner of Income Tax [(2009) 317 ITR 218] on this aspect, in the following words: “8. On the nature of DEPB it was submitted that the amount of DEPB was granted under Exim-Policy issued in terms of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992. According to the appellant(s), the DEPB Scheme is a Duty Remission Scheme which allows dra…

Commissioner of Income Tax vs. Shriram Pistons & Rings Limited

Appeal is partly allowed, as aforesaid

…t on security deposit with Government Department are concerned, this will not be excluded from the total turnover for the purpose of total 2009:DHC:5673-DB judgment of the Supreme Court in the case of Liberty India vs. Commissioner of Income Tax [(2009) 317 ITR 218] which reads as under: “8. On the nature of DEPB it was submitted that the amount of DEPB was granted under Exim-Policy issued in terms of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992. According to the appellant(s), the DEPB Scheme is a Duty Remission Scheme which allows drawback of import c…

Commissioner of Income Tax vs. Shriram Pistons & Rings Limited

Appeal is partly allowed, as aforesaid

…t on security deposit with Government Department are concerned, this will not be excluded from the total turnover for the purpose of total 2009:DHC:5673-DB judgment of the Supreme Court in the case of Liberty India vs. Commissioner of Income Tax [(2009) 317 ITR 218] which reads as under: “8. On the nature of DEPB it was submitted that the amount of DEPB was granted under Exim-Policy issued in terms of powers conferred under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992. According to the appellant(s), the DEPB Scheme is a Duty Remission Scheme which allows drawback of import c…

Sidwal Refrigeration Ind. Ltd vs. Deputy Commissioner of Income Tax, Circle-8(1)

…2003- 04. 3. Section 80IA was inserted by the Finance Act 1991 w.e.f. 1st April, 1991. It was amended from time to time. Its legislative history is taken note of by the Supreme Court in the case of Liberty India vs. Commissioner of Income Tax, 317 ITR 218. However, it is not necessary to go into the same. Since we are concerned with assessment year 1998-99 and 1999-2000, we shall have to take into consideration the provision which existed as on that date. Sub-section (1) of Section 80IA reads as under: “(1) Where the gross total income of an assessee includes any profits and gains derived fr…

C.I.T vs. Maharashtra Seamless Ltd

Appeals stand disposed of

…t of profits of goods from industrial undertakings or enterprises engaged in infrastructure development or Special Economic Zone (SEZ). Those provisions came up for interpretation before the Supreme Court in Liberty India v. Commissioner of Income Tax. (2009) 317 ITR 218. - 8. In that case, the assessee was engaged in the manufacturing of fabrics out of yarns and also various textile items purchased from the market. It had claimed deduction under Section 80-IB of the Act on the increased profits of Rs.22,70,056/- as profit of the industrial undertaking on account of DEPB and duty drawback credited to the profit a…

Commissioner of Income Tax vs. M/S Bharat Rasayan Limited

…ve, the Tribunal has referred to various judgments of the High Courts as well as other Benches of the Tribunal. We may, however, begin our discussions with the recent case decided by the Supreme Court in *Liberty India* v. *Commissioner of Income Tax*. (2009) 317 ITR 218 in which it has discussed and explained the contents and scope of said provision in a very lucid manner. The interpretation of Section 80-1A and other sections in the said judgment would provide sufficient guidelines to decide the question of law which has arisen for consideration in the present case. - 8. In that case, the assessee was engaged i…

C.I.T vs. Bharat Rasayan Ltd

…ve, the Tribunal has referred to various judgments of the High Courts as well as other Benches of the Tribunal. We may, however, begin our discussions with the recent case decided by the Supreme Court in *Liberty India* v. *Commissioner of Income Tax*, (2009) 317 ITR 218 in which it has discussed and explained the contents and scope of said provision in a very lucid manner. The interpretation of Section 80-IA and other sections in the said judgment would provide sufficient guidelines to decide the question of law which has arisen for consideration in the present case. - 8. In that case, the assessee was engaged i…

C.I.T vs. Maharashtra Seamless Ltd

Appeals stand disposed of

…t of profits of goods from industrial undertakings or enterprises engaged in infrastructure development or Special Economic Zone (SEZ). Those provisions came up for interpretation before the Supreme Court in Liberty India v. Commissioner of Income Tax, (2009) 317 ITR 218. - 8. In that case, the assessee was engaged in the manufacturing of fabrics out of yarns and also various textile items purchased from the market. It had claimed deduction under Section 80-IB of the Act on the increased profits of Rs.22,70,056/- as profit of the industrial undertaking on account of DEPB and duty drawback credited to the profit a…

Commissioner of Income Tax Delhi I vs. Bharat Rasayan Ltd

…ve, the Tribunal has referred to various judgments of the High Courts as well as other Benches of the Tribunal. We may, however, begin our discussions with the recent case decided by the Supreme Court in *Liberty India* v. *Commissioner of Income Tax*, (2009) 317 ITR 218 in which it has discussed and explained the contents and scope of said provision in a very lucid manner. The interpretation of Section 80-IA and other sections in the said judgment would provide sufficient guidelines to decide the question of law which has arisen for consideration in the present case. - 8. In that case, the assessee was engaged i…