PCIT v. Nitin Spinners Ltd.

116 Taxmann.com 26High Court2020#1920 most cited

What is PCIT v. Nitin Spinners Ltd. authority for?

Subsidies received under schemes like the Focus Marketing Scheme (FMS) are classified as capital receipts, not taxable as income, if their purpose is to enhance India's export potential and not to meet day-to-day business expenditure or competition costs.

59

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2021 to 2026.

Also referred to as

PCIT v. Nitin Spinners Ltd. · 116 Taxmann.com 26 · Rajasthan High Court · capital receipt · revenue receipt · taxability of subsidy · Focus Marketing Scheme · FMS · export incentive · Section 37(1) · Section 115JB

Sections most often in play

Section 143(3)Section 115JBSection 14ASection 153ASection 250Section 37(1)Section 139(5)Section 147
Read the full judgment

Issues it is cited on

section 11bsection 2(24)(xviii)convertible foreign exchangesection 256(2)section 207perquisite valuesection 2(45)section 256(1)section 108section 115jasection 211profit split method

Judgments citing PCIT v. Nitin Spinners Ltd.

Assistant Commissioner of Income-Tax, Circle - 1, Kolhapur vs. Grasim Industries Ltd., (As A Successor to Soktas India Pvt.Ltd, Kolhapur

In the result, Cross Objection appeal of the assessee is dismissed

ITA 206/PUN/2019[2015-16]Status: DisposedITAT Pune27 Jun 2023AY 2015-16

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.206/Pun/2019 िनधा"रण वष" / Assessment Year :2015-16 The Asst. Commissioner Of Soktas India Private Income Tax, Cicle-1, V Limited, Plot No.T-8, Kolhapur. S Kagal Five Star, M.I.D.C, Kolhapur – 416003. Pan: Aakcs 5899 J Appellant / Revenue Respondent / Assessee

Section 115JSection 143(3)

…आयकर अपीलीय अिधकरण ”बी” "ायपीठ पुणेम"। IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCHES “B” :: PUNE BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.206/PUN/2019 िनधा"रण वष" / Assessment Year :2015-16 The Asst. Commissioner of Soktas India Private Income Tax, Cicle-1, V Limited, Plot NO.T-8, Kolhapur. s Kagal Five Star, M.I.D.C, Kolhapur – 416003. PAN: AAKCS 5899 J Appellant / Revenue Respondent / Assessee Cross Objection No.23/PUN/2021 (arising out of ITA No.23/PUN/2021) िनधा"रण वष" / Assessment Year :2015-16 Grasim Industries Limited The Assistant (As…

DCIT Central Circle-31, New Delhi vs. Maral Overseas Ltd, West Nirmar

In the result, the appeal of the Assessee in ITA No

ITA 1922/DEL/2020[2015-16]Status: DisposedITAT Delhi17 May 2023AY 2015-16
Section 132Section 14A

…1 ITA Nos. 1921 & 1922/Del/2020 DCIT Vs. Maral Overseas Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’: NEW DELHI BEFORE, SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SHRI YOGESH KUMAR U.S., JUDICIAL MEMBER DCIT Maral Overseas Ltd. Central Circle-31, Maral Sarovar, NH-3, Room No. 343, E-2, ARA Vs. Nimrani, Khal Bujurg, centre, Jhandewalan West Nirmar, Niwari, Extension, New Delhi Madhya Pradesh PAN-AACCM0230B (Appellant) (Respondent) DCIT Maral Overseas Ltd. Central Circle-31, Maral Sarovar, NH-3, Room No. 343, E-2, ARA Vs. Nimrani, Khal Bujurg, centre, Jhandewalan West Nirmar, Niwari, Extension,…

DCIT Central Circle-31, New Delhi vs. Maral Overseas Ltd, West Nirmar

In the result, the appeal of the Assessee in ITA No

ITA 1921/DEL/2020[2014-15]Status: DisposedITAT Delhi17 May 2023AY 2014-15
Section 132Section 14A

…1 ITA Nos. 1921 & 1922/Del/2020 DCIT Vs. Maral Overseas Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’: NEW DELHI BEFORE, SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SHRI YOGESH KUMAR U.S., JUDICIAL MEMBER DCIT Maral Overseas Ltd. Central Circle-31, Maral Sarovar, NH-3, Room No. 343, E-2, ARA Vs. Nimrani, Khal Bujurg, centre, Jhandewalan West Nirmar, Niwari, Extension, New Delhi Madhya Pradesh PAN-AACCM0230B (Appellant) (Respondent) DCIT Maral Overseas Ltd. Central Circle-31, Maral Sarovar, NH-3, Room No. 343, E-2, ARA Vs. Nimrani, Khal Bujurg, centre, Jhandewalan West Nirmar, Niwari, Extension,…

DCIT Circle 1, Tirupur vs. M/S Eastern Exports Global Clothing (P) Limited, Tirupur

The appeal of the revenue stand dismissed

ITA 548/CHNY/2018[2014-15]Status: DisposedITAT Chennai10 Feb 2023AY 2014-15

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri T. Banusekar, (CA)- Ld. ARFor Respondent: Shri S. Senthil Kumaran, (CIT)-Ld. DR
Section 143(3)Section 28Section 32(1)

…आयकर अपीलीय अिधकरण ‘बी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI माननीय +ी महावीर िसंह, उपा12 एवं माननीय +ी मनोज कुमार अ7वाल ,लेखा सद: के सम2। BEFORE HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकर अपील सं./ ITA No.548/Chny/2018 (िनधाCरण वषC / Assessment Year: 2014-15) & आयकर अपील सं./ ITA No.2229/Chny/2018 (िनधाCरण वषC / Assessment Year: 2015-16) DCIT M/s. Eastman Exports Global Clothing (P) Ltd. बनाम/ 10, 12, 2nd Street, Kumar Nagar south, Circle-1 Vs. Tirupur Tirupur-641 603. "थायी लेखा सं./जीआइ आर सं./PAN/GIR No. AACCC-0952-E (अपीलाथ"/…

DCIT Circle 1, Tirupur vs. Eastman Exports Global Clothing (P) Limited, Tirupur

The appeal of the revenue stand dismissed

ITA 2229/CHNY/2018[2015-16]Status: DisposedITAT Chennai10 Feb 2023AY 2015-16

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri T. Banusekar, (CA)- Ld. ARFor Respondent: Shri S. Senthil Kumaran, (CIT)-Ld. DR
Section 143(3)Section 28Section 32(1)

…आयकर अपीलीय अिधकरण ‘बी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI माननीय +ी महावीर िसंह, उपा12 एवं माननीय +ी मनोज कुमार अ7वाल ,लेखा सद: के सम2। BEFORE HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकर अपील सं./ ITA No.548/Chny/2018 (िनधाCरण वषC / Assessment Year: 2014-15) & आयकर अपील सं./ ITA No.2229/Chny/2018 (िनधाCरण वषC / Assessment Year: 2015-16) DCIT M/s. Eastman Exports Global Clothing (P) Ltd. बनाम/ 10, 12, 2nd Street, Kumar Nagar south, Circle-1 Vs. Tirupur Tirupur-641 603. "थायी लेखा सं./जीआइ आर सं./PAN/GIR No. AACCC-0952-E (अपीलाथ"/…

DCIT - CC-3(2), Mumbai vs. Aarti Drugs Limited, Mumbai

In the result, the appeal by the Revenue is partly allowed

ITA 2503/MUM/2021[2012-13]Status: DisposedITAT Mumbai20 Jan 2023AY 2012-13

Bench: Shri S. Rifaur Rahman & Shri Sandeep Singh Karhail

For Appellant: Shri S.S. Nagar a/wFor Respondent: Shri R.S. Srivastav
Section 139Section 14ASection 250Section 32(1)Section 801ASection 80I

…subsidy should be treated as capital receipt in its hands, not includible in the total income.” 47. We find that the subsidy granted under the FMS scheme came up for consideration before the Hon’ble Rajasthan High Court in PCIT Vs. Nitin Spinners Ltd. (2020) 116 Taxmann.com 26 (Raj.), wherein the Hon’ble High Court observed as under: “8. As far as the question with regard to Focus Marketing Scheme was concerned, apparently the Central Government gave the subsidy to enhance indian export potential in the international market. It was not granted to meet the cost of expenditure to meet the competition of the India…

Excel Crop Care Limited, Mumbai vs. Deputy Commissioner of Income Tax, Central Circle 6(3), Mumbai

In the result, all 7 appeals pertaining to the assessee are disposed of by partly allowing the appeal is of the assessee and the learned assessing officer for assessment year 2009 – 10, 2010 – 11 a...

ITA 395/MUM/2018[2012-13]Status: DisposedITAT Mumbai09 Jan 2023AY 2012-13

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

For Appellant: Shri Jeet Kamdar, ARFor Respondent: Shri Suresh Periasamy, DR
Section 115JSection 143Section 145ASection 14ASection 80

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM ITA No. 3906/Mum/2015 (Assessment Year 2010-11) ITA No. 395/Mum/2018 (Assessment Year 2012-13) Sumitomo Chemical India ACIT Limited R. No.32(1), GR Floor, Excel Crop Care Ltd. Aaykar Bhavan Vs. 184-187, Excel Estate, M.K. Road, S.V. Rd, Jogeshwari (W), Mumbai-400020 Mumbai-400108 (Appellant) (Respondent) PAN No. AAAC3810D ITA No. 4762/Mum/2015 (Assessment Year 2010-11) Sumitomo Chemical India ACIT Limited R. No.32(1), GR Floor, Excel Crop Care Ltd. Aayakar Bhavan Vs. 184-187, Excel Estate, M.…

DCIT Cen Cir 6(3), Mumbai vs. Excel Crop Care Ltd, Mumbai

In the result, all 7 appeals pertaining to the assessee are disposed of by partly allowing the appeal is of the assessee and the learned assessing officer for assessment year 2009 – 10, 2010 – 11 a...

ITA 6665/MUM/2016[2011-12]Status: DisposedITAT Mumbai09 Jan 2023AY 2011-12

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

For Appellant: Shri Jeet Kamdar, ARFor Respondent: Shri Suresh Periasamy, DR
Section 115JSection 143Section 145ASection 14ASection 80

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM ITA No. 3906/Mum/2015 (Assessment Year 2010-11) ITA No. 395/Mum/2018 (Assessment Year 2012-13) Sumitomo Chemical India ACIT Limited R. No.32(1), GR Floor, Excel Crop Care Ltd. Aaykar Bhavan Vs. 184-187, Excel Estate, M.K. Road, S.V. Rd, Jogeshwari (W), Mumbai-400020 Mumbai-400108 (Appellant) (Respondent) PAN No. AAAC3810D ITA No. 4762/Mum/2015 (Assessment Year 2010-11) Sumitomo Chemical India ACIT Limited R. No.32(1), GR Floor, Excel Crop Care Ltd. Aayakar Bhavan Vs. 184-187, Excel Estate, M.…

DCIT CC 6(3), Mumbai vs. Excel Crop Care Ltd, Mumbai

In the result, all 7 appeals pertaining to the assessee are disposed of by partly allowing the appeal is of the assessee and the learned assessing officer for assessment year 2009 – 10, 2010 – 11 a...

ITA 4762/MUM/2015[2010-11]Status: DisposedITAT Mumbai09 Jan 2023AY 2010-11

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

For Appellant: Shri Jeet Kamdar, ARFor Respondent: Shri Suresh Periasamy, DR
Section 115JSection 143Section 145ASection 14ASection 80

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM ITA No. 3906/Mum/2015 (Assessment Year 2010-11) ITA No. 395/Mum/2018 (Assessment Year 2012-13) Sumitomo Chemical India ACIT Limited R. No.32(1), GR Floor, Excel Crop Care Ltd. Aaykar Bhavan Vs. 184-187, Excel Estate, M.K. Road, S.V. Rd, Jogeshwari (W), Mumbai-400020 Mumbai-400108 (Appellant) (Respondent) PAN No. AAAC3810D ITA No. 4762/Mum/2015 (Assessment Year 2010-11) Sumitomo Chemical India ACIT Limited R. No.32(1), GR Floor, Excel Crop Care Ltd. Aayakar Bhavan Vs. 184-187, Excel Estate, M.…

Excel Crop Care Ltd, Mumbai vs. Asst CIT Cen Cir 38, Mumbai

In the result, all 7 appeals pertaining to the assessee are disposed of by partly allowing the appeal is of the assessee and the learned assessing officer for assessment year 2009 – 10, 2010 – 11 a...

ITA 3906/MUM/2015[2010-11]Status: DisposedITAT Mumbai09 Jan 2023AY 2010-11

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

For Appellant: Shri Jeet Kamdar, ARFor Respondent: Shri Suresh Periasamy, DR
Section 115JSection 143Section 145ASection 14ASection 80

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM ITA No. 3906/Mum/2015 (Assessment Year 2010-11) ITA No. 395/Mum/2018 (Assessment Year 2012-13) Sumitomo Chemical India ACIT Limited R. No.32(1), GR Floor, Excel Crop Care Ltd. Aaykar Bhavan Vs. 184-187, Excel Estate, M.K. Road, S.V. Rd, Jogeshwari (W), Mumbai-400020 Mumbai-400108 (Appellant) (Respondent) PAN No. AAAC3810D ITA No. 4762/Mum/2015 (Assessment Year 2010-11) Sumitomo Chemical India ACIT Limited R. No.32(1), GR Floor, Excel Crop Care Ltd. Aayakar Bhavan Vs. 184-187, Excel Estate, M.…

ACIT CC 6(3), Mumbai vs. Excel Crop Care Ltd, Mumbai

In the result, all 7 appeals pertaining to the assessee are disposed of by partly allowing the appeal is of the assessee and the learned assessing officer for assessment year 2009 – 10, 2010 – 11 a...

ITA 7140/MUM/2014[2009-10]Status: DisposedITAT Mumbai09 Jan 2023AY 2009-10

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

For Appellant: Shri Jeet Kamdar, ARFor Respondent: Shri Suresh Periasamy, DR
Section 115JSection 143Section 145ASection 14ASection 80

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM ITA No. 3906/Mum/2015 (Assessment Year 2010-11) ITA No. 395/Mum/2018 (Assessment Year 2012-13) Sumitomo Chemical India ACIT Limited R. No.32(1), GR Floor, Excel Crop Care Ltd. Aaykar Bhavan Vs. 184-187, Excel Estate, M.K. Road, S.V. Rd, Jogeshwari (W), Mumbai-400020 Mumbai-400108 (Appellant) (Respondent) PAN No. AAAC3810D ITA No. 4762/Mum/2015 (Assessment Year 2010-11) Sumitomo Chemical India ACIT Limited R. No.32(1), GR Floor, Excel Crop Care Ltd. Aayakar Bhavan Vs. 184-187, Excel Estate, M.…

Mayur Uniquoters Limited, Jaipur vs. Commissioner of Income Tax NFAC, New Delhi

Appeals of the assesse are disposed of in the terms indicated as above

ITA 2/JPR/2022[2018-19]Status: DisposedITAT Jaipur09 Nov 2022AY 2018-19
For Appellant: Shri S. S. Nagar, C.AFor Respondent: MonishaChoudhary, JCIT
Section 14ASection 234CSection 80Section 80J

…आयकरअपीलीय अधिकरण] जयपुरन्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCH-A, JAIPUR JhlanhixkslkbZ] U;kf;dlnL; ,oaMkWa- ,e- ,y- ehuk] ys[kklnL; ds le{k BEFORE: SHRI SANDEEP GOSAIN, JM & DR. M. L. MEENA, AM vk;djvihy la-@ITA No. 02/JP/2022 fu/kZkj.ko"kZ@Assessment Year: 2018-19 MayurUniquoters Ltd., cuke Commissioner of Income Tax Vs. Jaitpura, Jaipur Sikar Road NFAC, New Delhi Jaitpura, Jaipur, Rajasthan India LFkk;hys[kk la-@thvkbZvkj la-@PAN No: AAECM 1727F vihykFkhZ@Appellant izR;FkhZ@Respondent vk;djvihy la-@ITA No. 212/JP/2022 fu/kZkj.ko"kZ@Assessment Year: 2019-20 MayurUniquoters Ltd.,…

ACIT Cent. Cir 3(3), Mumbai vs. M/S. Aym Syntex Ltd, Mumbai

ITA 2550/MUM/2021[2014-15]Status: DisposedITAT Mumbai29 Sept 2022AY 2014-15

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

ACIT- CC -3, Mumbai vs. Aym Syntex Ltd., Mumbai

ITA 2549/MUM/2021[2015-16]Status: DisposedITAT Mumbai29 Sept 2022AY 2015-16

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

Aym Syntex Ltd. (Formerly Known As M/S. Welspun Syntex Ltd.), Mumbai vs. DCIT- CC- 3(4), Mumbai

ITA 2342/MUM/2021[2015-16]Status: DisposedITAT Mumbai29 Sept 2022AY 2015-16

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

M/S. Aym Syntex Ltd (Formerly Known As M/S. Welspun Syntex Ltd, Mumbai vs. DCIT -Cent Cir-3(4), Mumbai

ITA 2341/MUM/2021[2014-15]Status: DisposedITAT Mumbai29 Sept 2022AY 2014-15

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

Aym Syntex Ltd.(Formerly Known As M/S. Welspun Syntex Ltd.), Mumbai vs. DCIT- CC- 3(3), Mumbai

ITA 2340/MUM/2021[2013-14]Status: DisposedITAT Mumbai29 Sept 2022AY 2013-14

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

M/S. Fdc Limited, Mumbai vs. Addll. CIT- 8 (1), Mumbai

Appeal stand dismissed

ITA 6901/MUM/2018[2010-11]Status: DisposedITAT Mumbai08 Oct 2021AY 2010-11

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकरअपील िं./ I.T.A. No.6901/Mum/2018 (धििाारण वर्ा / Assessment Year: 2010-11) & 2. आयकरअपील िं./ I.T.A. No.6840/Mum/2018 (धििाारण वर्ा / Assessment Year: 2011-12) M/S Fdc Limited Acit Circle– 8(1) बिाम/ 142-48, S. V. Road {Now Acit Circle 9(3)(1)} Jogeshwari (West) R. No. 215, Aayakar Bhavan Vs. Mumbai – 400 102 Mumbai-400 020 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaacf-0253-H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 3. आयकरअपील िं./ I.T.A. No.7016/Mum/2018 (धििाारण वर्ा / Assessment Year: 2010-11) Acit Circle– 8(1) M/S Fdc Limited बिाम/ {Now Acit Circle 9(3)(1)} 142-48, S. V. Road R. No. 215, Aayakar Bhavan Jogeshwari (West) Vs. Mumbai-400 020 Mumbai – 400 102 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaacf-0253-H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri S. S. Nagar, Ld. Ar Revenue By : Shri Sunil Deshpande, Ld. Cit-Dr ुनवाई की तारीख/ : 20/07/2021 Date Of Hearing घोषणा की तारीख / : 08/10/2021 Date Of Pronouncement

For Appellant: Shri S. S. Nagar, Ld. ARFor Respondent: Shri Sunil Deshpande, Ld. CIT-DR
Section 143(3)Section 154Section 92C

…and not chargeable to tax under normal provision of the Act as well as under Book profit u/s 115JB. Reliance has been placed on various judicial decisions including the decision of Hon’ble Rajasthan High Court in the case of PCIT v. Nitin Spinners Ltd.(2020; 116 Taxmann.com 26) as well as the decision of Hon’ble Apex Court in CIT V/s Ponni Sugars & Chemicals Ltd. (306 ITR 392). For the proposition that capital receipts which do not have any element of income or profit embedded therein are neither chargeable to tax under the Income Tax Act nor can be included in the Profit & Loss account prepared under Part-II an…

DCIT-11(1)(2), Mumbai vs. M/S. Sangam India Ltd., Mumbai

Appeal stand dismissed whereas the assessee‟s appeal stands partly allowed for statistical purposes

ITA 1490/MUM/2019[2015-16]Status: DisposedITAT Mumbai26 Jul 2021AY 2015-16

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No.1490/Mum/2019 (धििाारण वर्ा / Assessment Year: 2015-16) Dcit-11(1)(2) M/S. Sangam India Ltd. Gf, Room No.1 306, „B‟ Wing बिाम/ Aaykar Bhavan, M.K. Road Dynasty Business Park Vs. Mumbai-400 020 J.B. Nagar, A.K. Road Andheri (E), Mumbai-400 059 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaccs-0486-K (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & Co No.01/Mum/2021 (धििाारण वर्ा / Assessment Year: 2015-16) M/S. Sangam India Ltd. Dcit-11(1)(2) 306, „B‟Wing Gf, Room No.1 बिाम/ Dynasty Business Park Aaykar Bhavan, M.K. Road Vs. J.B. Nagar, A.K. Road Mumbai-400 020 Andheri (E), Mumbai-400 059 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaccs-0486-K (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Dharmesh Shah-Ld. Ar Revenue By : Shri Ajit Kumar Shrivastava-Ld. Cit-Dr ुनवाई की तारीख/ : 02/07/2021 Date Of Hearing घोषणा की तारीख / : 26/07/2021 Date Of Pronouncement

For Appellant: Shri Dharmesh Shah-Ld. ARFor Respondent: Shri Ajit Kumar Shrivastava-Ld
Section 2(24)

…1 M/s Sangam India Limited Assessment Year: 2015-16 आयकर अपीलीय अधिकरण “जी” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI माननीय श्री महावीर स िंह, उपाध्यक्ष एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा दस्य के मक्ष। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No.1490/Mum/2019 (धििाारण वर्ा / Assessment Year: 2015-16) DCIT-11(1)(2) M/s. Sangam India Ltd. GF, Room No.1 306, „B‟ Wing बिाम/ Aaykar Bhavan, M.K. Road Dynasty Business Park Vs. Mumbai-400 020 J.B. Nagar, A.K. Road Andheri (E), Mu…