Pandian Chemicals Ltd. v. CIT

Addl Cirt G 3(2), Mumbai vs. Aditya Birla Nuvo Ltd, Mumbai

Appeal of the assessee is partly allowed

…its. He directed the assessee to explain the reason for not considering the HO expenses in working the profits of the above units. In its reply,dated 18.11.2008,the assessee relied upon the judgments of Sterling Foods (237 ITR 579) and Pandian Chemicals Ltd. (262 ITR 278) delivered by the Hon'ble Supreme Court.It was argued that the HO expenses did not have any direct and immediate nexus to the eligible undertaking,that same should be considered for the purpose of determining the amount of exemption u/s 80IA. The AO, after considering the submission of the assessee,held that without involvement of HO none of the…

J.P. Morgan Services India P.Ltd, Mumbai vs. Asst CIT (OSD) 8(1), Mumbai

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

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2006-07 & Assessment Year: 2007-08 J.P. Morgan Services P. Ltd., Dcit (Osd)-8(1) Technopolis Knowledge Park, Mumbai- बनाम/ 3Rd Floor, Mahakali Caves Vs. Road, Chakala Junction, Andheri(E) Mumba-400093 (Assessee) (Revenue) P.A. No.Aabcd0503B

…06. On the other hand, Ld. DR has submitted that the interest income cannot be said to be derived from exports. He has placed reliance upon the judgments of Hon’ble Supreme Court in the case of Liberty India Ltd. 317 ITR 218 and Pandian Chemicals Ltd. vs. CIT 262 ITR 278 (SC). He has also read before us provisions of section 10A(1)(iv) for the proposition that legislature has used the expression ‘derive’ and Supreme Court has carefully considered scope and meaning of this expression in the case of Liberty India Ltd., (supra). He further submitted that the object of this section is to give benefit of tax concessio…

J.P . Morgan Services India P. Ltd, Mumbai vs. DCIT (OSD) 8(1), Mumbai

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

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2006-07 & Assessment Year: 2007-08 J.P. Morgan Services P. Ltd., Dcit (Osd)-8(1) Technopolis Knowledge Park, Mumbai- बनाम/ 3Rd Floor, Mahakali Caves Vs. Road, Chakala Junction, Andheri(E) Mumba-400093 (Assessee) (Revenue) P.A. No.Aabcd0503B

…06. On the other hand, Ld. DR has submitted that the interest income cannot be said to be derived from exports. He has placed reliance upon the judgments of Hon’ble Supreme Court in the case of Liberty India Ltd. 317 ITR 218 and Pandian Chemicals Ltd. vs. CIT 262 ITR 278 (SC). He has also read before us provisions of section 10A(1)(iv) for the proposition that legislature has used the expression ‘derive’ and Supreme Court has carefully considered scope and meaning of this expression in the case of Liberty India Ltd., (supra). He further submitted that the object of this section is to give benefit of tax concessio…

Aditya Birla Nuvo Ltd ( Formerly Known As Indian Rayon and Industries Ltd), Mumbai vs. Addl CIT RG 3(2), Mumbai

…explain the reason for not considering the HO expenses in working the profits of the above units. In its 3703/11 -+1-Aditya Birla Nuvo reply,dated 18.11.2008,the assessee relied upon the judgments of Sterling Foods (237 ITR 579) and Pandian Chemicals Ltd. (262 ITR 278) delivered by the Hon'ble Supreme Court.It was argued that the HO expenses did not have any direct and immediate nexus to the eligible undertaking,that same should be considered for the purpose of determining the amount of exemption u/s 80IA. The AO, after considering the submission of the assessee,held that without involvement of HO none of the…

Addl CIT 3(2), Mumbai vs. Aditya Birla Nuvo Ltd ( Formerly Known As Indian Rayon & Industries Ltd), Mumbai

…explain the reason for not considering the HO expenses in working the profits of the above units. In its 3703/11 -+1-Aditya Birla Nuvo reply,dated 18.11.2008,the assessee relied upon the judgments of Sterling Foods (237 ITR 579) and Pandian Chemicals Ltd. (262 ITR 278) delivered by the Hon'ble Supreme Court.It was argued that the HO expenses did not have any direct and immediate nexus to the eligible undertaking,that same should be considered for the purpose of determining the amount of exemption u/s 80IA. The AO, after considering the submission of the assessee,held that without involvement of HO none of the…

ACIT CC-8, Mumbai vs. Jindal Drugs Ltd, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

…f the appellant was business profit, the second question arises whether such business profit is eligible for deduction U/s. 80IB or not. Ld. Assessing Officer has followed the decisions of Hon'ble Supreme Court in the cases of Pandian Chemicals Ltd. vs. CIT - 262 ITR 278 (supra) and CIT Vs. Sterling Foods 237 – ITR 579 and has held that the Industrial undertaking itself had to be source of the profit for claiming deduction. 3.3.12 It is observed that there is a material difference between the language used in Section 80HH, section 80I and section 80IB. Whereas section 80HH, requires that the profit and gains shou…

ACIT CC.8, Mumbai vs. Jindal Drugs Ltd, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

…f the appellant was business profit, the second question arises whether such business profit is eligible for deduction U/s. 80IB or not. Ld. Assessing Officer has followed the decisions of Hon'ble Supreme Court in the cases of Pandian Chemicals Ltd. vs. CIT - 262 ITR 278 (supra) and CIT Vs. Sterling Foods 237 – ITR 579 and has held that the Industrial undertaking itself had to be source of the profit for claiming deduction. 3.3.12 It is observed that there is a material difference between the language used in Section 80HH, section 80I and section 80IB. Whereas section 80HH, requires that the profit and gains shou…

DCIT 9(2), Mumbai vs. Kryfs Power Components Ltd, Mumbai

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई ए खंडपीठ मुंबई खंडपीठ खंडपीठ खंडपीठ In the Income-tax Appellate Tribunal -“A”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अिमत शु"ल "याियक सद"य Before S.Sh.Rajendra,Accountant Member and Amit Shukla,Judicial member आयकर आयकर अपील अपील संसंसंसं /ITA No.9106/Mum/2010, िनधा"रण िनधा"रण वष" वष" /Assessment Year 2006-07 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" DCIT-9(2) M/s. Kryfs Power Components Ltd. 3rd Floor, Aza House, 24 Aayakar Bhavan Room No.218 2nd floor, M.K. Road Turner Road, Bandra (West) Mumbai-400 020. Vs. Mumb…

Jindal Drugs Ltd, Mumbai vs. ACIT Cen Cir 8, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

…f the appellant was business profit, the second question arises whether such business profit is eligible for deduction U/s. 80IB or not. Ld. Assessing Officer has followed the decisions of Hon'ble Supreme Court in the cases of Pandian Chemicals Ltd. vs. CIT - 262 ITR 278 (supra) and CIT Vs. Sterling Foods 237 – ITR 579 and has held that the Industrial undertaking itself had to be source of the profit for claiming deduction. 3.3.12 It is observed that there is a material difference between the language used in Section 80HH, section 80I and section 80IB. Whereas section 80HH, requires that the profit and gains shou…

ACIT Cen Cir-8, Mumbai vs. M/S. Jindal Drugs Ltd, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

…f the appellant was business profit, the second question arises whether such business profit is eligible for deduction U/s. 80IB or not. Ld. Assessing Officer has followed the decisions of Hon'ble Supreme Court in the cases of Pandian Chemicals Ltd. vs. CIT - 262 ITR 278 (supra) and CIT Vs. Sterling Foods 237 – ITR 579 and has held that the Industrial undertaking itself had to be source of the profit for claiming deduction. 3.3.12 It is observed that there is a material difference between the language used in Section 80HH, section 80I and section 80IB. Whereas section 80HH, requires that the profit and gains shou…

Jindal Drugs Ltd, Mumbai vs. M/S. ACIT Cen Cir-8, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

…f the appellant was business profit, the second question arises whether such business profit is eligible for deduction U/s. 80IB or not. Ld. Assessing Officer has followed the decisions of Hon'ble Supreme Court in the cases of Pandian Chemicals Ltd. vs. CIT - 262 ITR 278 (supra) and CIT Vs. Sterling Foods 237 – ITR 579 and has held that the Industrial undertaking itself had to be source of the profit for claiming deduction. 3.3.12 It is observed that there is a material difference between the language used in Section 80HH, section 80I and section 80IB. Whereas section 80HH, requires that the profit and gains shou…