PCIT v. Jay Chemicals Industries

422 ITR 449High Court2020#7051 most cited
16

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2021 to 2026.

Sections most often in play

Section 143(3)Section 10AASection 115JBSection 144CSection 195Section 2(1B)Section 32(1)(ii)Section 35(2AB)

Issues it is cited on

section 139(3)goodwill arising on amalgamationsection 108section 5(2)(b)section 10basection 10b(8)interest on outstanding receivablessection 80ia(8)cost plus methodproximate nexuscommercial substancesection 14a disallowance

Judgments citing PCIT v. Jay Chemicals Industries

ACIT CENTRAL CIRCLE 2(3), AHMEDABAD vs. INTAS PHARMACEUTICALS LIMITED, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

ITA 1842/AHD/2024[2016-17]Status: DisposedITAT Ahmedabad24 Feb 2026AY 2016-17

Bench: Ms. Suchitra R. Kamble & Shri Narendra Prasad Sinhaasst. Commissioner Of M/S. Intas Pharmaceuticals Ltd., Vs. Income-Tax, Corporate House, S.G. Highway, Central Circle 2(3), Nr. Sola Bridge, Thaltej, Ahmedabad Ahmedabad-380 054 [Pan : Aaaci 5120 L] (Appellant) .. (Respondent) Appellant Represented By : Shri Sher Singh, Cit (Dr) Respondent Represented By: Shri S. N. Soparkar, Sr. Advocate & Ms. Urvashi Sodhan, Ar Date Of Hearing 07.01.2026 Date Of Pronouncement 24.02.2026 O R D E R Per Ms. Suchitra R. Kamble:-

Section 250

…wn case for an earlier year squarely covers the facts of the present assessment year, which are materially identical. We also find merit in the CIT(A)’s reliance on the judgment of the Hon’ble Gujarat High Court in DCIT v. Jay Chemical Industries Ltd. [(2020) 422 ITR 449 (Guj)], where identical payments to foreign agents for export facilitation were held to be outside the scope of income deemed to accrue or arise in India. Similarly, in GE India Technology Centre (P) Ltd. v. CIT [(2010) 327 ITR 456 (SC)], the Hon’ble Apex Court held that the obligation under section 195 arises only if the payment is chargeable to…

M/S. TEGA INDUSTRIES LIMITED,KOLKATA vs. D.C.I.T., CIRCLE - 11(1), KOLKATA

In the result, the appeal filed by the assessee is partly allowed

ITA 1875/KOL/2024[2020-2021]Status: DisposedITAT Kolkata11 Dec 2025AY 2020-2021

Bench: Shri George Mathan & Shri Rakesh Mishra

Section 143(3)Section 144Section 144C(5)Section 92BSection 92CSection 92C(3)

…ies Limited. 8.1. Before us the assessee has relied upon the decision of Hon'ble Gujarat High Court in the case of Principal Commissioner of Income Tax vs. Jay Chemical Industries Ltd. [2020] 120 taxmann.com 315 (Gujarat)/[2020] 275 Taxman 78 (Gujarat)/[2020] 422 ITR 449 (Gujarat)[17-02-2020] wherein it has been held as under: “12. We now proceed to look into the third question as proposed by the Revenue with regard to section 80IA(4) of the Act. 13. It appears that during the year under consideration, the assessee had claimed deduction of Rs. 32,51,080/- under section 80IA(4) of the Act. This claim was on accoun…

DCM SHRIRAM LIMITED,DELHI vs. ASSESSMENT UNIT, DELHI

ITA 4328/DEL/2024[2020-21]Status: DisposedITAT Delhi30 Jun 2025AY 2020-21
Section 115JSection 143(3)Section 250Section 80GSection 80ISection 92C

…transfer of steam at cost by the eligible unit to non\neligible unit.\n44. Further Honourable Gujarat High court in Principal Commissioner of\nIncome Tax v. Jay Chemical Industries Ltd 2020] 120 taxmann.com 315\n(Gujarat)/[2020] 275 Taxman 78 (Gujarat)/[2020] 422 ITR 449 (Gujarat)\nhas held that:-\n“13. It appears that during the year under consideration, the\nassessee had claimed deduction of Rs.32,51,080/- under section\nITA Nos.927 & 2587/Del/2022,\n704/Del/2021, 4328 & 1495/Del/2024\nPage | 25 \n80IA(4) of the Act. This claim was on account of the operation of the\nCaptive Power Plant. The assessee showed inc…

DCIT, NEW DELHI vs. DCM SHRIRAM LTD, NEW DELHI

ITA 927/DEL/2022[2015-16]Status: DisposedITAT Delhi30 Jun 2025AY 2015-16
Section 115JSection 143(3)Section 250Section 80GSection 80ISection 92C

…ansfer of steam at cost by the eligible unit to non\neligible unit.\n\n44. Further Honourable Gujarat High court in Principal Commissioner of\nIncome Tax v. Jay Chemical Industries Ltd 2020] 120 taxmann.com 315\n(Gujarat)/[2020] 275 Taxman 78 (Gujarat)/[2020] 422 ITR 449 (Gujarat)\nhas held that:-\n\n“13. It appears that during the year under consideration, the\nassessee had claimed deduction of Rs.32,51,080/- under section\n\nPage | 24\n\nITA Nos.927 & 2587/Del/2022,\n704/Del/2021, 4328 & 1495/Del/2024\n\n80IA(4) of the Act. This claim was on account of the operation of the\nCaptive Power Plant. The assessee sho…

DCM SHRIRAM LTD,NEW DELHI vs. ACIT, CIRCLE-7(1), NEW DELHI

ITA 2587/DEL/2022[2018-19]Status: DisposedITAT Delhi30 Jun 2025AY 2018-19
Section 115JSection 143(3)Section 250Section 80GSection 80ISection 92C

…transfer of steam at cost by the eligible unit to non\neligible unit.\n44. Further Honourable Gujarat High court in Principal Commissioner of\nIncome Tax v. Jay Chemical Industries Ltd 2020] 120 taxmann.com 315\n(Gujarat)/[2020] 275 Taxman 78 (Gujarat)/[2020] 422 ITR 449 (Gujarat)\nhas held that:-\n“13. It appears that during the year under consideration, the\nassessee had claimed deduction of Rs.32,51,080/- under section\nITA Nos.927 & 2587/Del/2022,\n704/Del/2021, 4328 & 1495/Del/2024\nPage | 25\n80IA(4) of the Act. This claim was on account of the operation of the\nCaptive Power Plant. The assessee showed inco…

DCM SHRIIRAM LIMITED,NEW DELHI vs. NEAC, NEW DELHI

ITA 704/DEL/2021[2016-17]Status: DisposedITAT Delhi30 Jun 2025AY 2016-17
Section 115JSection 143(3)Section 250Section 80GSection 80ISection 92C

…ansfer of steam at cost by the eligible unit to non\neligible unit.\n\n44. Further Honourable Gujarat High court in Principal Commissioner of\nIncome Tax v. Jay Chemical Industries Ltd 2020] 120 taxmann.com 315\n(Gujarat)/[2020] 275 Taxman 78 (Gujarat)/[2020] 422 ITR 449 (Gujarat)\nhas held that:-\n\n“13. It appears that during the year under consideration, the\nassessee had claimed deduction of Rs.32,51,080/- under section\n\nPage | 24\n\n80IA(4) of the Act. This claim was on account of the operation of the\nCaptive Power Plant. The assessee showed income from sale of\nPower to the tune of Rs.1,23,10,500/- and t…

DEV PRIYA PRODUCTS PRIVATE LTD.,DELHI vs. DCIT, CENTRAL CIRCLE, MEERUT

In the result, appeal of the assessee is partly allowed

ITA 4433/DEL/2024[2020-21]Status: DisposedITAT Delhi27 Jun 2025AY 2020-21

Bench: Shri Anubhav Sharma & Shri Manish Agarwal[Assessment Year : 2020-21] Dev Priya Products Pvt.Ltd., Vs Dcit/Acit, 4, Shankar Vihar, 1St Floor, Central Circle, Vikas Marg, Delhi-110092. Meerut Pan-Aaacd4276C Appellant Respondent Appellant By Shri Ved Jain, Adv. & Shri Ayush Garg, Ca Respondent By Shri S.K.Jhadav, Cit Dr Date Of Hearing 02.04.2025 Date Of Pronouncement 27.06.2025 Order

Section 143(3)Section 144C(1)Section 80I

…of transfer of steam at cost by the eligible unit to non eligible unit. 44. Further Honourable Gujarat High court in Principal Commissioner of Income Tax v. Jay Chemical Industries Ltd 2020] 120 taxmann.com 315 (Gujarat)/[2020] 275 Taxman 78 (Gujarat)/[2020] 422 ITR 449 (Gujarat) has held that:- “13. It appears that during the year under consideration, the assessee had claimed deduction of Rs. 32,51,080/- under section 80IA(4) of the Act. This claim was on account of the operation of the Captive Power Plant. The assessee showed income from sale of Power to the tune of Rs. 1,23,10,500/- and the sale of vapour of…

THE ACIT, CIRCLE-2(1)(1), AHMEDABAD vs. M/S. INTAS PHARMACEUTICALS LTD., AHMEDABAD

Accordingly, this ground raised by the Revenue is dismissed

ITA 281/AHD/2021[2015-16]Status: DisposedITAT Ahmedabad21 May 2025AY 2015-16

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 144CSection 14ASection 35Section 36(1)(iii)Section 37Section 92C

…-resident agent for services rendered outside India does not accrue or arise in India and is, therefore, not chargeable to tax in India. Reliance was also placed on the judgment of the Hon’ble Gujarat High Court in DCIT v. Jay Chemical Industries Ltd. [(2016) 422 ITR 449 (Guj)], as well as decisions of ITAT Ahmedabad in the assessee’s own case for A.Ys. 2013-14 and 2014-15, where similar disallowances were deleted. 100. The Ld. CIT(A) carefully considered the submissions and evidence, including the copies of Form 15CA/15CB, tax residency certificates, and previous communications with the ITO (International Taxat…

INTAS PHARMACEUTICALS LTD.,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1), AHMEDABAD

Accordingly, this ground raised by the Revenue is dismissed

ITA 222/AHD/2021[2015-16]Status: DisposedITAT Ahmedabad21 May 2025AY 2015-16

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 144CSection 14ASection 35Section 36(1)(iii)Section 37Section 92C

…-resident agent for services rendered outside India does not accrue or arise in India and is, therefore, not chargeable to tax in India. Reliance was also placed on the judgment of the Hon’ble Gujarat High Court in DCIT v. Jay Chemical Industries Ltd. [(2016) 422 ITR 449 (Guj)], as well as decisions of ITAT Ahmedabad in the assessee’s own case for A.Ys. 2013-14 and 2014-15, where similar disallowances were deleted. 100. The Ld. CIT(A) carefully considered the submissions and evidence, including the copies of Form 15CA/15CB, tax residency certificates, and previous communications with the ITO (International Taxat…

PRAGATI POWER CORPORATION LTD,NEW DELHI vs. ACIT, CIRCLE 20(1), NEW DELHI

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

ITA 1617/DEL/2023[2018-19]Status: DisposedITAT Delhi14 Aug 2024AY 2018-19

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

Section 115JSection 145(2)Section 32Section 36Section 36(1)(iii)Section 37Section 43ASection 46ASection 80I

…tion. Similar view is taken in the following cases: JCIT vs Bell Ceramics Ltd. (2015) 56 Taxmann.com 353 (Guj) CIT vs Ishwar Bhuwan Hotels Ltd. 215 CTR 14 (SC) ACIT vs Arvind Polycot Ltd. (2008) 299 ITR 12 (SC) Pr. CIT vs Jay Chemicals Industries Ltd. (2020) 422 ITR 449 (Guj) m) Hence, in view of above, it is stated that the question of capitalizing the interest i) in respect of Bawana Project does not arise due to following reasons:- ii) 1) Project had been commissioned in FY 2013-14 iii) Proportionate interest cost up to 31.03.2014 had already been capitalized by the assessee Co. Pragati Power Corporation v…

IDBI CAPITAL MARKETS & SECURITIES LTD,MUMBAI vs. DCIT RG 4(1)(1), MUMBAI

In the result, appeal for AY 2013-14 is allowed, appeal for AY

ITA 871/MUM/2023[2020-21]Status: DisposedITAT Mumbai31 May 2023AY 2020-21

Bench: Shri Amit Shukla, Jm & Shri Amarjit Singh, Am आयकरअपीलसं./ I.T.A. No.866, 868, 869, 870 & 871/Mum/2023 (निर्धारणवर्ा / Assessment Year 2013-14, 2014-15, 2016-17, 2017-18 & 2020-21) Idbi Capital Markets Deputy Commissioner Of Income Tax 4(1) (1) & Securities Limited बिधम/ Room No. 640, 6Th Floor, Aayakar 6Th Floor, Idbi Tower, Wtc Vs. Bhavan, M. K. Road Complex, Cuffe Parade, Mumbai- 400 020 Mumbai-400 005 स्थायीलेखासं./जीआइआरसं./Pan No. Aaaci1268F (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Mr. Madhur Agrawal, Adv. प्रत्यथीकीओरसे/Respondent By : Mr. Krishna Kumar, Sr. Ar सुनवाईकीतारीख/ : 31.05.2023 Date Of Hearing घोषणाकीतारीख / Date Of Pronouncement : 31.05.2023

For Appellant: Mr. Madhur Agrawal, AdvFor Respondent: Mr. Krishna Kumar, Sr. AR
Section 10(38)Section 143(3)Section 14A

…igh Court in the 5 I.T.A. No.866, 868, 869, 870 & 871/Mum/2023 IDBI CAPITAL MARKETS & SECURITIES LIMITED case of Nirved Traders (P) Limited vs. DCIT, Appeal No.149/2017 and also vide Hon’ble Gujarat High Court in the case of PCIT vs. Jay Chemicals Industries, 422 ITR 449. Thus, we hold that disallowance over and above the exempt income claimed by the assessee is directed to be deleted in view of the judgment of Hon’ble Jurisdictional High Court. One of the pleas raised by the ld. DR before us, that now there is an clarificatory amendment by the Finance Act, 2022 by insertion of an Explanation in section 14, where…

IDBI CAPITAL MARKETS & SECURITIES LTD,MUMBAI vs. DCIT RG 4(1)(1), MUMBAI

In the result, appeal for AY 2013-14 is allowed, appeal for AY

ITA 870/MUM/2023[2017-18]Status: DisposedITAT Mumbai31 May 2023AY 2017-18

Bench: Shri Amit Shukla, Jm & Shri Amarjit Singh, Am आयकरअपीलसं./ I.T.A. No.866, 868, 869, 870 & 871/Mum/2023 (निर्धारणवर्ा / Assessment Year 2013-14, 2014-15, 2016-17, 2017-18 & 2020-21) Idbi Capital Markets Deputy Commissioner Of Income Tax 4(1) (1) & Securities Limited बिधम/ Room No. 640, 6Th Floor, Aayakar 6Th Floor, Idbi Tower, Wtc Vs. Bhavan, M. K. Road Complex, Cuffe Parade, Mumbai- 400 020 Mumbai-400 005 स्थायीलेखासं./जीआइआरसं./Pan No. Aaaci1268F (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Mr. Madhur Agrawal, Adv. प्रत्यथीकीओरसे/Respondent By : Mr. Krishna Kumar, Sr. Ar सुनवाईकीतारीख/ : 31.05.2023 Date Of Hearing घोषणाकीतारीख / Date Of Pronouncement : 31.05.2023

For Appellant: Mr. Madhur Agrawal, AdvFor Respondent: Mr. Krishna Kumar, Sr. AR
Section 10(38)Section 143(3)Section 14A

…igh Court in the 5 I.T.A. No.866, 868, 869, 870 & 871/Mum/2023 IDBI CAPITAL MARKETS & SECURITIES LIMITED case of Nirved Traders (P) Limited vs. DCIT, Appeal No.149/2017 and also vide Hon’ble Gujarat High Court in the case of PCIT vs. Jay Chemicals Industries, 422 ITR 449. Thus, we hold that disallowance over and above the exempt income claimed by the assessee is directed to be deleted in view of the judgment of Hon’ble Jurisdictional High Court. One of the pleas raised by the ld. DR before us, that now there is an clarificatory amendment by the Finance Act, 2022 by insertion of an Explanation in section 14, where…

IDBI CAPITAL MARKETS & SECURITIES LTD,MUMBAI vs. DCIT RG 4(1)(1), MUMBAI

In the result, appeal for AY 2013-14 is allowed, appeal for AY

ITA 869/MUM/2023[2016-19]Status: DisposedITAT Mumbai31 May 2023AY 2016-19

Bench: Shri Amit Shukla, Jm & Shri Amarjit Singh, Am आयकरअपीलसं./ I.T.A. No.866, 868, 869, 870 & 871/Mum/2023 (निर्धारणवर्ा / Assessment Year 2013-14, 2014-15, 2016-17, 2017-18 & 2020-21) Idbi Capital Markets Deputy Commissioner Of Income Tax 4(1) (1) & Securities Limited बिधम/ Room No. 640, 6Th Floor, Aayakar 6Th Floor, Idbi Tower, Wtc Vs. Bhavan, M. K. Road Complex, Cuffe Parade, Mumbai- 400 020 Mumbai-400 005 स्थायीलेखासं./जीआइआरसं./Pan No. Aaaci1268F (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Mr. Madhur Agrawal, Adv. प्रत्यथीकीओरसे/Respondent By : Mr. Krishna Kumar, Sr. Ar सुनवाईकीतारीख/ : 31.05.2023 Date Of Hearing घोषणाकीतारीख / Date Of Pronouncement : 31.05.2023

For Appellant: Mr. Madhur Agrawal, AdvFor Respondent: Mr. Krishna Kumar, Sr. AR
Section 10(38)Section 143(3)Section 14A

…igh Court in the 5 I.T.A. No.866, 868, 869, 870 & 871/Mum/2023 IDBI CAPITAL MARKETS & SECURITIES LIMITED case of Nirved Traders (P) Limited vs. DCIT, Appeal No.149/2017 and also vide Hon’ble Gujarat High Court in the case of PCIT vs. Jay Chemicals Industries, 422 ITR 449. Thus, we hold that disallowance over and above the exempt income claimed by the assessee is directed to be deleted in view of the judgment of Hon’ble Jurisdictional High Court. One of the pleas raised by the ld. DR before us, that now there is an clarificatory amendment by the Finance Act, 2022 by insertion of an Explanation in section 14, where…

IDBI CAPITAL MARKETS & SECURITIES LTD,MUMBAI vs. DCIT RG 4(1)(1), MUMBAI

In the result, appeal for AY 2013-14 is allowed, appeal for AY

ITA 868/MUM/2023[2014-15]Status: DisposedITAT Mumbai31 May 2023AY 2014-15

Bench: Shri Amit Shukla, Jm & Shri Amarjit Singh, Am आयकरअपीलसं./ I.T.A. No.866, 868, 869, 870 & 871/Mum/2023 (निर्धारणवर्ा / Assessment Year 2013-14, 2014-15, 2016-17, 2017-18 & 2020-21) Idbi Capital Markets Deputy Commissioner Of Income Tax 4(1) (1) & Securities Limited बिधम/ Room No. 640, 6Th Floor, Aayakar 6Th Floor, Idbi Tower, Wtc Vs. Bhavan, M. K. Road Complex, Cuffe Parade, Mumbai- 400 020 Mumbai-400 005 स्थायीलेखासं./जीआइआरसं./Pan No. Aaaci1268F (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Mr. Madhur Agrawal, Adv. प्रत्यथीकीओरसे/Respondent By : Mr. Krishna Kumar, Sr. Ar सुनवाईकीतारीख/ : 31.05.2023 Date Of Hearing घोषणाकीतारीख / Date Of Pronouncement : 31.05.2023

For Appellant: Mr. Madhur Agrawal, AdvFor Respondent: Mr. Krishna Kumar, Sr. AR
Section 10(38)Section 143(3)Section 14A

…igh Court in the 5 I.T.A. No.866, 868, 869, 870 & 871/Mum/2023 IDBI CAPITAL MARKETS & SECURITIES LIMITED case of Nirved Traders (P) Limited vs. DCIT, Appeal No.149/2017 and also vide Hon’ble Gujarat High Court in the case of PCIT vs. Jay Chemicals Industries, 422 ITR 449. Thus, we hold that disallowance over and above the exempt income claimed by the assessee is directed to be deleted in view of the judgment of Hon’ble Jurisdictional High Court. One of the pleas raised by the ld. DR before us, that now there is an clarificatory amendment by the Finance Act, 2022 by insertion of an Explanation in section 14, where…

IDBI CAPITAL MARKETS & SECURITIES LTD,MUMBAI vs. DCIT RG 4(1)(1), MUMBAI

In the result, appeal for AY 2013-14 is allowed, appeal for AY

ITA 866/MUM/2023[2013-14]Status: DisposedITAT Mumbai31 May 2023AY 2013-14

Bench: Shri Amit Shukla, Jm & Shri Amarjit Singh, Am आयकरअपीलसं./ I.T.A. No.866, 868, 869, 870 & 871/Mum/2023 (निर्धारणवर्ा / Assessment Year 2013-14, 2014-15, 2016-17, 2017-18 & 2020-21) Idbi Capital Markets Deputy Commissioner Of Income Tax 4(1) (1) & Securities Limited बिधम/ Room No. 640, 6Th Floor, Aayakar 6Th Floor, Idbi Tower, Wtc Vs. Bhavan, M. K. Road Complex, Cuffe Parade, Mumbai- 400 020 Mumbai-400 005 स्थायीलेखासं./जीआइआरसं./Pan No. Aaaci1268F (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Mr. Madhur Agrawal, Adv. प्रत्यथीकीओरसे/Respondent By : Mr. Krishna Kumar, Sr. Ar सुनवाईकीतारीख/ : 31.05.2023 Date Of Hearing घोषणाकीतारीख / Date Of Pronouncement : 31.05.2023

For Appellant: Mr. Madhur Agrawal, AdvFor Respondent: Mr. Krishna Kumar, Sr. AR
Section 10(38)Section 143(3)Section 14A

…igh Court in the 5 I.T.A. No.866, 868, 869, 870 & 871/Mum/2023 IDBI CAPITAL MARKETS & SECURITIES LIMITED case of Nirved Traders (P) Limited vs. DCIT, Appeal No.149/2017 and also vide Hon’ble Gujarat High Court in the case of PCIT vs. Jay Chemicals Industries, 422 ITR 449. Thus, we hold that disallowance over and above the exempt income claimed by the assessee is directed to be deleted in view of the judgment of Hon’ble Jurisdictional High Court. One of the pleas raised by the ld. DR before us, that now there is an clarificatory amendment by the Finance Act, 2022 by insertion of an Explanation in section 14, where…

DCM SHRIIRAM LTD.,NEW DELHI vs. ADDL.CIT, SPECIAL RANGE- 3 , NEW DELHI

In the result appeal of assessee is partly allowed

ITA 7362/DEL/2018[2014-15]Status: DisposedITAT Delhi28 Oct 2021AY 2014-15

Bench: Shri Kul Bharat & Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri Pradeep Dinodia, C. A.; &For Respondent: Shri Surendra Pal [CIT] – DR
Section 133(6)Section 143Section 143(3)Section 144Section 92C

…of transfer of steam at cost by the eligible unit to non eligible unit. 44. Further Honourable Gujarat High court in Principal Commissioner of Income Tax v. Jay Chemical Industries Ltd 2020] 120 taxmann.com 315 (Gujarat)/[2020] 275 Taxman 78 (Gujarat)/[2020] 422 ITR 449 (Gujarat) has held that:- “13. It appears that during the year under consideration, the assessee had claimed deduction of Rs. 32,51,080/- under section 80IA(4) of the Act. This claim was on account of the operation of the Captive Power Plant. The assessee showed income from sale of Power to the tune of Rs. 1,23,10,500/- and the sale of vapour of…

PCIT v. Jay Chemicals Industries (422 ITR 449) — Cited in 16 Judgments | BharatTax