Pandian Chemicals Ltd. v. CIT

Macleods Pharmaceuticals Ltd, Mumbai vs. Deputy Commissioner of Income Tax 10(2)(2), Mumbai

In the result, appeal of the assessee is partly allowed as indicated above

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…ng but not derived from the undertaking are not to be considered for calculation of profit and loss or accounts. 12. Ld. Counsel for the assessee submits that the Hon'ble Supreme Court, in Sterling Foods [1999] 104 Taxman 204 (SC), Pandian Chemicals Ltd 2003 262 ITR 278 SC and in Cambay Electric Supply Industrial Co. Ltd [1978] 113 ITR 84 (SC), ruled repetitively and conclusively that the phrase 'derived from' is narrower than the phrase 'attributable to’ and in fact, in the original assessment order at para 7.3 deals with the disallowance of incomes relatable to the industrial undertakings and following the abo…

Novartis India Ltd, Mumbai vs. DCIT Cir 7(1), Mumbai

Appeal stand partly allowed

…f packing material was to be included as per the decision of Hon‟ble Bombay High Court in Sudarshan Chemical Industries Ltd. (245 ITR 769). 17.4 Proceeding further, Ld. CIT(A), relying upon the decision of Hon‟ble Apex Court in Pandian Chemicals Ltd. V/s CIT (262 ITR 278) which held that the term „derived from‟ must be understood as something which has a direct or immediate nexus with the assessee‟s industrial undertaking, held that the tabulated receipts were not directly derived from export activities and therefore, the same should not form part of the eligible profits. Another plea that only net receipts shoul…

Tolani Shipping Co. Ltd., Mumbai vs. DCIT, Cir-5(3)(2), Mumbai

In the result, this appeal by the assessee for A

…gard has rejected the contention on the ground that other income and profit earned cannot be said to be derived from operation of the ships. In this regard he has referred to the decision of Hon'ble Supreme Court in the case of Pandian Chemicals Ltd. Vs. CIT (262 ITR 268). He also referred to the decision of Hon'ble Supreme Court in the case of CIT Vs. Sterling Foods (237 ITR 579). In our considered opinion above case laws are not at all applicable on the facts of the present case. The above case laws referred by the assessee’s counsel fully covers this issue. We may consider these case laws by referring to the b…

Colgate Palmolive (India) Ltd, Mumbai vs. Addl CIT 10(3), Mumbai

The appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () Ita No.1431 /Mum/2014 (Assessment Year: 2009-10) Colgate Palmolive (India) Ltd. Addl. Commissioner Of Income- Colgate Research Centre, Main Vs. Tax-10(3) Street, Hiranandani Gardens, Powai, Mumbai – 400076

…rap being part of income of the Industrial Undertaking?” Answering the aforesaid issue, the Hon‘ble High Court in the backdrop of the judgment of the Hon‘ble Supreme Court in the case of Pandian Chemicals Ltd. Vs. Commissioner of Income Tax reported in (2003) 262 ITR 278 (SC), had observed, that as the scrap generated in the course of the manufacturing process of the assessee‘s eligible business had a direct and immediate nexus with its industrial undertaking, the same, thus, was eligible for deduction u/s 80-HH of the Act. Observations of the Hon‘ble High Court for the sake of clarity are reproduced as under: “…

DCIT 10(3), Mumbai vs. Colgate Palmolive (India) Ltd, Mumbai

The appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () Ita No.1431 /Mum/2014 (Assessment Year: 2009-10) Colgate Palmolive (India) Ltd. Addl. Commissioner Of Income- Colgate Research Centre, Main Vs. Tax-10(3) Street, Hiranandani Gardens, Powai, Mumbai – 400076

…rap being part of income of the Industrial Undertaking?” Answering the aforesaid issue, the Hon‘ble High Court in the backdrop of the judgment of the Hon‘ble Supreme Court in the case of Pandian Chemicals Ltd. Vs. Commissioner of Income Tax reported in (2003) 262 ITR 278 (SC), had observed, that as the scrap generated in the course of the manufacturing process of the assessee‘s eligible business had a direct and immediate nexus with its industrial undertaking, the same, thus, was eligible for deduction u/s 80-HH of the Act. Observations of the Hon‘ble High Court for the sake of clarity are reproduced as under: “…

DCIT (TDS)-2(3), Mumbai vs. Wockhardt Limited, Mumbai

Accordingly, the grounds (c) raised by the revenue are dismissed

Bench: Shri S. Rifaur Rahman, Am & Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 6803/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2010-11) Dcit (Tds)-2(3), M/S Wockhardt Ltd. 6Th Floor, Wockhardt Smt. K. G. Mittal बिधम/ Ayurvedic Hospital Bldg. Tower, G Block, Bandra Vs. Room No. 718, 7Th Floor, Kurla Complex, Bandra, Charni Road (W), Mumbai-400 051 Mumbai-400 002 स्थायीलेखासं./जीआइआरसं./ Pan No. Aaacw2472M (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & C.O. No. 51/Mum/2020 (निर्धारणवर्ा / Assessment Year: 2010-11) M/S Wockhardt Ltd. Dcit (Tds)-2(3), 6Th Floor, Wockhardt Smt. K. G. Mittal बिधम/ Tower, G Block, Bandra Ayurvedic Hospital Bldg. Vs. Room No. 718, 7Th Floor, Kurla Complex, Bandra, Charni Road (W), Mumbai-400 051 Mumbai-400 002 (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Shri Anand Mohan, Dr प्रत्यथीकीओरसे/Respondentby : Shri Kirit Kamdar, Ar सुनवाईकीतारीख/ : 02.11.2020 Date Of Hearing घोषणाकीतारीख / : 11.12.2020 Date Of Pronouncement

…rtaking. It was observed that such an interest is distinct from interest income which is being received from Fixed Deposit. Case laws referred were CIT v. Paras Oil Extraction Ltd. [1998] 230 ITR 266/96 Taxman 234 (MP) and Pandian Chemicals Ltd. v. CIT [2003] 262 ITR 278/ 129 Taxman 539 (SC). 11. An another interesting feature involved to resolve this controversy is that the revenue otherwise cannot allow the claim of payment under section 36(1)(iii) of the Act because as per this section, the deduction is provided in respect of the amount of interest paid in respect of capital borrowed for the purpose of busine…