Saurashtra Cement and Chemical Industries Ltd. v. CIT

213 ITR 523High Court1995#248 most cited

What is Saurashtra Cement and Chemical Industries Ltd. v. CIT authority for?

Expenditure is deductible in the year it is determined and crystallised as a liability, even if it relates to a transaction of an earlier year, provided accounts are maintained on a mercantile basis.

311

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2010 to 2026.

Also referred to as

Saurashtra Cement and Chemical Industries Ltd. · CIT · 213 ITR 523 · deductible expenditure · mercantile basis · liability crystallised · earlier year transaction

Also reported as

11 CTR 139

Sections most often in play

Section 143(3)Section 37(1)Section 14ASection 40(a)(ia)Section 35DSection 44ABSection 10(2A)Section 143(3A)

Issues it is cited on

recognised provident fundsection 43b(f)section 50bapproved gratuity fundsection 40a(9)section 211initial assessment yearsection 35dwholly and exclusively for businesssection 80jsection 115jasection 80hhc

Judgments citing Saurashtra Cement and Chemical Industries Ltd. v. CIT

Income Tax Officer Ward 3(3)(1), Surat vs. M/S.Balar Navadiy Mfg.Co., Surat

In the result, the appeals of the Revenue is dismissed

ITA 349/SRT/2017[2011-12]Status: DisposedITAT Surat12 Jul 2022AY 2011-12

Bench: Shri Pawan Singh & Dr Arjun Lal Sainiआ.अ.सं./Ita No.349/Srt/2017 (Ay 2011-12) (Hearing In Physical Court) Income Tax Officer, Ward- M/S Balar Navadiy Mfg. 3(3)(1), Room No.418, 4Th Co., Balar Building, Opp. Vs Floor, Aayakar Bhawan, Panchratna Tower, Lambe Majura Gate, Surat-395001 Hanuman Road, Surat-395006 Pan : Aaffb 3054 J अपीलाथ" /Appellant ""यथ" /Respondent

Section 10BSection 143(3)Section 254(1)

…आयकर अपील"य अ"धकरण, सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND Dr ARJUN LAL SAINI, ACCOUNTANT MEMBER आ.अ.सं./ITA No.349/SRT/2017 (AY 2011-12) (Hearing in Physical Court) Income Tax Officer, Ward- M/s Balar Navadiy Mfg. 3(3)(1), Room No.418, 4th Co., Balar Building, Opp. Vs Floor, Aayakar Bhawan, Panchratna Tower, Lambe Majura Gate, Surat-395001 Hanuman Road, Surat-395006 PAN : AAFFB 3054 J अपीलाथ" /Appellant ""यथ" /Respondent "नधा"रतीक"ओर से /Assessee by Shri Rasesh Shah, C.A राज"वक"ओर से /Revenue by Shri Vinod Kumar, Sr-DR सुनवाई की…

Enviro Technology Ltd., Ankleshwar vs. The Assistant Commissioner of Income Tax, Bharuch Circle-2, Bharuch

In the result, appeal of the assessee is allowed

ITA 1474/AHD/2017[2009-10]Status: DisposedITAT Surat08 Jun 2022AY 2009-10

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 147Section 148Section 234DSection 254(1)Section 271(1)(c)Section 80I

…relied on the following decisions;  Shri Nagesh Chunder Vs CIT 358 ITR 521 (Mad),  CIT Vs Satellite Engineering Ltd (113 ITR 208 Gujarat),  PCIT Vs Maps Enzymes Ltd [2019] 111 taxmann.com 73 (Gujarat High Court),  Saurashtra Cement & Chemical Ltd Vs CIT (123 ITR 669) (Gujarat),  CIT Vs Paul Brothers (216 ITR 548 Bombay). 21. On the other hand the Ld. Sr DR for the revenue supported the order of the lower authorities. The assessee has not established new undertaking. Thus, no cognizance can be taken of the agreement dated 05th December 2006 with GIDC. 22. We have considered the rival submissions of the parti…

Enviro Technology Ltd., Ankleshwar vs. The Assistant Commissioner of Income Tax, Bharuch Circle-2, Bharuch

In the result, appeal of the assessee is allowed

ITA 1473/AHD/2017[2008-09]Status: DisposedITAT Surat08 Jun 2022AY 2008-09

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 147Section 148Section 234DSection 254(1)Section 271(1)(c)Section 80I

…relied on the following decisions;  Shri Nagesh Chunder Vs CIT 358 ITR 521 (Mad),  CIT Vs Satellite Engineering Ltd (113 ITR 208 Gujarat),  PCIT Vs Maps Enzymes Ltd [2019] 111 taxmann.com 73 (Gujarat High Court),  Saurashtra Cement & Chemical Ltd Vs CIT (123 ITR 669) (Gujarat),  CIT Vs Paul Brothers (216 ITR 548 Bombay). 21. On the other hand the Ld. Sr DR for the revenue supported the order of the lower authorities. The assessee has not established new undertaking. Thus, no cognizance can be taken of the agreement dated 05th December 2006 with GIDC. 22. We have considered the rival submissions of the parti…

Enviro Technology Ltd., Ankleshwar vs. The Assistant Commissioner of Income Tax, Bharuch Circle-2, Bharuch

In the result, appeal of the assessee is allowed

ITA 1471/AHD/2017[2013-14]Status: DisposedITAT Surat08 Jun 2022AY 2013-14

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 147Section 148Section 234DSection 254(1)Section 271(1)(c)Section 80I

…relied on the following decisions;  Shri Nagesh Chunder Vs CIT 358 ITR 521 (Mad),  CIT Vs Satellite Engineering Ltd (113 ITR 208 Gujarat),  PCIT Vs Maps Enzymes Ltd [2019] 111 taxmann.com 73 (Gujarat High Court),  Saurashtra Cement & Chemical Ltd Vs CIT (123 ITR 669) (Gujarat),  CIT Vs Paul Brothers (216 ITR 548 Bombay). 21. On the other hand the Ld. Sr DR for the revenue supported the order of the lower authorities. The assessee has not established new undertaking. Thus, no cognizance can be taken of the agreement dated 05th December 2006 with GIDC. 22. We have considered the rival submissions of the parti…

Enviro Technology Ltd., Ankleshwar vs. The Additional Commissioner of Income Tax, Bharuch Circle, Bharuch

In the result, appeal of the assessee is allowed

ITA 1845/AHD/2016[2012-13]Status: DisposedITAT Surat08 Jun 2022AY 2012-13

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 147Section 148Section 234DSection 254(1)Section 271(1)(c)Section 80I

…relied on the following decisions;  Shri Nagesh Chunder Vs CIT 358 ITR 521 (Mad),  CIT Vs Satellite Engineering Ltd (113 ITR 208 Gujarat),  PCIT Vs Maps Enzymes Ltd [2019] 111 taxmann.com 73 (Gujarat High Court),  Saurashtra Cement & Chemical Ltd Vs CIT (123 ITR 669) (Gujarat),  CIT Vs Paul Brothers (216 ITR 548 Bombay). 21. On the other hand the Ld. Sr DR for the revenue supported the order of the lower authorities. The assessee has not established new undertaking. Thus, no cognizance can be taken of the agreement dated 05th December 2006 with GIDC. 22. We have considered the rival submissions of the parti…

Enviro Technology Ltd., Ankleshwar vs. Asstt. Commissioner of Income Tax., Bharuch

In the result, appeal of the assessee is allowed

ITA 498/AHD/2015[2011-12]Status: DisposedITAT Surat08 Jun 2022AY 2011-12

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 147Section 148Section 234DSection 254(1)Section 271(1)(c)Section 80I

…relied on the following decisions;  Shri Nagesh Chunder Vs CIT 358 ITR 521 (Mad),  CIT Vs Satellite Engineering Ltd (113 ITR 208 Gujarat),  PCIT Vs Maps Enzymes Ltd [2019] 111 taxmann.com 73 (Gujarat High Court),  Saurashtra Cement & Chemical Ltd Vs CIT (123 ITR 669) (Gujarat),  CIT Vs Paul Brothers (216 ITR 548 Bombay). 21. On the other hand the Ld. Sr DR for the revenue supported the order of the lower authorities. The assessee has not established new undertaking. Thus, no cognizance can be taken of the agreement dated 05th December 2006 with GIDC. 22. We have considered the rival submissions of the parti…

Enviro Technology Ltd., Ankleshwar vs. Asstt. Commissioner of Income Tax, Bharuch

In the result, appeal of the assessee is allowed

ITA 497/AHD/2015[2010-11]Status: DisposedITAT Surat08 Jun 2022AY 2010-11

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 147Section 148Section 234DSection 254(1)Section 271(1)(c)Section 80I

…relied on the following decisions;  Shri Nagesh Chunder Vs CIT 358 ITR 521 (Mad),  CIT Vs Satellite Engineering Ltd (113 ITR 208 Gujarat),  PCIT Vs Maps Enzymes Ltd [2019] 111 taxmann.com 73 (Gujarat High Court),  Saurashtra Cement & Chemical Ltd Vs CIT (123 ITR 669) (Gujarat),  CIT Vs Paul Brothers (216 ITR 548 Bombay). 21. On the other hand the Ld. Sr DR for the revenue supported the order of the lower authorities. The assessee has not established new undertaking. Thus, no cognizance can be taken of the agreement dated 05th December 2006 with GIDC. 22. We have considered the rival submissions of the parti…

Enviro Technology Limited, Ankleshwar vs. The ACIT., Bharuch Circle, Bharuch

In the result, appeal of the assessee is allowed

ITA 2019/AHD/2014[2009-10]Status: DisposedITAT Surat08 Jun 2022AY 2009-10

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 147Section 148Section 234DSection 254(1)Section 271(1)(c)Section 80I

…relied on the following decisions;  Shri Nagesh Chunder Vs CIT 358 ITR 521 (Mad),  CIT Vs Satellite Engineering Ltd (113 ITR 208 Gujarat),  PCIT Vs Maps Enzymes Ltd [2019] 111 taxmann.com 73 (Gujarat High Court),  Saurashtra Cement & Chemical Ltd Vs CIT (123 ITR 669) (Gujarat),  CIT Vs Paul Brothers (216 ITR 548 Bombay). 21. On the other hand the Ld. Sr DR for the revenue supported the order of the lower authorities. The assessee has not established new undertaking. Thus, no cognizance can be taken of the agreement dated 05th December 2006 with GIDC. 22. We have considered the rival submissions of the parti…

Enviro Technology Limited, Ankleshwar vs. The ACIT., Bharuch Circle, Bharuch

In the result, appeal of the assessee is allowed

ITA 2018/AHD/2014[2008-09]Status: DisposedITAT Surat08 Jun 2022AY 2008-09

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 147Section 148Section 234DSection 254(1)Section 271(1)(c)Section 80I

…relied on the following decisions;  Shri Nagesh Chunder Vs CIT 358 ITR 521 (Mad),  CIT Vs Satellite Engineering Ltd (113 ITR 208 Gujarat),  PCIT Vs Maps Enzymes Ltd [2019] 111 taxmann.com 73 (Gujarat High Court),  Saurashtra Cement & Chemical Ltd Vs CIT (123 ITR 669) (Gujarat),  CIT Vs Paul Brothers (216 ITR 548 Bombay). 21. On the other hand the Ld. Sr DR for the revenue supported the order of the lower authorities. The assessee has not established new undertaking. Thus, no cognizance can be taken of the agreement dated 05th December 2006 with GIDC. 22. We have considered the rival submissions of the parti…

Fouress Engineering (India)Pvt. Ltd, Mumbai vs. DCIT-5(1)(2), Mumbai

In the result, the appeal filed by the assessee is allowed partly for statistical purposes

ITA 1427/MUM/2021[2013-14]Status: DisposedITAT Mumbai18 May 2022AY 2013-14

Bench: Shri Sanjay Garg () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Fouress Engineering (India) Dy. Commissioner Of Income Pvt. Ltd., Tax-5(1)(2), 4Th Floor, Mahalaxmi Chambers, 22, Vs. Aayakar Bhavan, M.K. Road, Bhulabhai Desai Road, Churchgate, Mumbai-400026. Mumbai-400020. Pan No. Aaacf 5897 K Appellant Respondent

For Appellant: Mr. Jeevraj P. Jain &For Respondent: Mr. S.N. Kabra, DR

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI SANJAY GARG (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s Fouress Engineering (India) Dy. Commissioner of Income Pvt. Ltd., Tax-5(1)(2), 4th floor, Mahalaxmi Chambers, 22, Vs. Aayakar Bhavan, M.K. Road, Bhulabhai Desai Road, Churchgate, Mumbai-400026. Mumbai-400020. PAN No. AAACF 5897 K Appellant Respondent Assessee by : Mr. Jeevraj P. Jain & Mr. Bipin J. Jain, ARs Revenue by : Mr. S.N. Kabra, DR Date of Hearing : 18/05/2022 Date of pronouncement : 18/05/2022 ORDER PER OM PRAKASH KANT, AM Th…

Deputy Commissioner of Income Tax Central Circle-1(4), Mumbai vs. Samruddhi Cement Limited (Since Amalgamated Into M/S.Ultratech Cement Limited), Mumbai

In the result, both the appeals of the Revenue are dismissed

ITA 5318/MUM/2017[2011-12]Status: DisposedITAT Mumbai05 May 2022AY 2011-12
Section 139(1)Section 143(3)Section 43Section 43B

…ertinent to mention here that once the deduction for the very first is allowed then in subsequent year the deduction cannot be disallowed on the same ground. Hon'ble High Court decision in the case of Saurashtra Cement & Chemical Industries Ltd. v. CIT [1980] 123 ITR 669 (Guj), has pointed out that once deduction is allowed in the first year, revenue has no power to deny the deduction in subsequent assessment years as provided under the Act. 93. Even the Supreme Court in case of Bajaj Tempo's case (196 ITR 188) held that a provision in the taxing statute for promoting growth and development is to be construed lib…

Deputy Commissioner of Income Tax Central Circle-1(4), Mumbai vs. Samruddhi Cement Limited (Since Amalgamated Into M/S.Ultratech Cement Limited), Mumbai

In the result, both the appeals of the Revenue are dismissed

ITA 4835/MUM/2017[2010-11]Status: DisposedITAT Mumbai05 May 2022AY 2010-11
Section 139(1)Section 143(3)Section 43Section 43B

…ertinent to mention here that once the deduction for the very first is allowed then in subsequent year the deduction cannot be disallowed on the same ground. Hon'ble High Court decision in the case of Saurashtra Cement & Chemical Industries Ltd. v. CIT [1980] 123 ITR 669 (Guj), has pointed out that once deduction is allowed in the first year, revenue has no power to deny the deduction in subsequent assessment years as provided under the Act. 93. Even the Supreme Court in case of Bajaj Tempo's case (196 ITR 188) held that a provision in the taxing statute for promoting growth and development is to be construed lib…

M/S Vrl Logistics Ltd, Hubli vs. Assistant Commissioner of Income Tax, Circle-1(1), Hubli

In the result, the assessee’s appeal is allowed

ITA 2780/BANG/2017[2003-2004]Status: DisposedITAT Bangalore11 Mar 2022AY 2003-2004

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Himanshu Gandhi, AdvocateFor Respondent: Shri Priyadarshini Mishra, Addl.CIT(DR)(ITAT), Bengaluru

…ing mercantile system of accounting for consideration under the provision of section 145 for rejecting the book results. The learned CIT(A) relied on the decision of Gujarat High court in the case of Saurashtra Cement & Chemical Industries Vs. CIT reported in 213 ITR 523 was on the fact of non-disclosure of expenses which in the case of assessee before us is clearly otherwise. The payment crystalised the expense which are regularly incurred and are acceptable to the authorities, therefore, was duly considered for allowance as relied upon by the learned counsel in the case of Sterilite Industries (India) Ltd. Vs.…

ACIT, New Delhi vs. National Agricultural Cooperative Marketing Federation of India, New Delhi

ITA 4107/DEL/2015[2009-10]Status: DisposedITAT Delhi03 Mar 2022AY 2009-10

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 4107/Del/2015 : Asstt. Year : 2009-10 Acit, Vs National Agricultural Cooperative Circle-54(1), Marketing Federation Of India, New Delhi Nafed House, Ashram Chowk, New Delhi (Appellant) (Respondent) Pan No. Aaaan4629F Assessee By : Sh. Hiren Mehta, Ca Revenue By : Sh. Satpal Gulati, Cit Dr Date Of Hearing: 20.01.2022 Date Of Pronouncement: 03.03.2022

For Appellant: Sh. Hiren Mehta, CAFor Respondent: Sh. Satpal Gulati, CIT DR
Section 40

…THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’, NEW DELHI Before Sh. Saktijit Dey, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 4107/Del/2015 : Asstt. Year : 2009-10 ACIT, Vs National Agricultural Cooperative Circle-54(1), marketing Federation of India, New Delhi NAFED House, Ashram Chowk, New Delhi (APPELLANT) (RESPONDENT) PAN No. AAAAN4629F Assessee by : Sh. Hiren Mehta, CA Revenue by : Sh. Satpal Gulati, CIT DR Date of Hearing: 20.01.2022 Date of Pronouncement: 03.03.2022 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the Revenue against the orde…

The ACIT, Bharuch Circle, Bharuch vs. Bharuch Enviro Infrastructure Ltd., Ankleshwar

In the result, this ground of appeal is allowed for statistical purpose

ITA 1867/AHD/2014[2008-09]Status: DisposedITAT Surat24 Dec 2021AY 2008-09

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 143(3)Section 254(1)Section 44ASection 80I

…relied on the following decisions;  Shri Nagesh Chunder Vs CIT 358 ITR 521 (Mad),  CIT Vs Satellite Engineering Ltd (113 ITR 208 Gujarat),  PCIT Vs Maps Enzymes Ltd [2019] 111 taxmann.com 73 (Gujarat High Court),  Saurashtra Cement & Chemical Ltd Vs CIT (123 ITR 669) (Gujarat),  CIT Vs Paul Brothers (216 ITR 548 Bombay). 24 ITA Nos1849 & 1867/AHD/2014 (A.Y. 08-09) Bharuch Enviro Infrastructure Ltd. 18. On the other hand the ld Sr DR for the revenue submits that the assessee tried to make both the project separately by entering in to agreement with GIDC with retrospective effect from 12.03.2007. The assesse…

Bharuch Enviro Infrastructure Ltd., Bharuch vs. The Dy.CIT., Bharuch Circle, Bharuch

In the result, this ground of appeal is allowed for statistical purpose

ITA 1849/AHD/2014[2008-09]Status: DisposedITAT Surat24 Dec 2021AY 2008-09

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 143(3)Section 254(1)Section 44ASection 80I

…relied on the following decisions;  Shri Nagesh Chunder Vs CIT 358 ITR 521 (Mad),  CIT Vs Satellite Engineering Ltd (113 ITR 208 Gujarat),  PCIT Vs Maps Enzymes Ltd [2019] 111 taxmann.com 73 (Gujarat High Court),  Saurashtra Cement & Chemical Ltd Vs CIT (123 ITR 669) (Gujarat),  CIT Vs Paul Brothers (216 ITR 548 Bombay). 24 ITA Nos1849 & 1867/AHD/2014 (A.Y. 08-09) Bharuch Enviro Infrastructure Ltd. 18. On the other hand the ld Sr DR for the revenue submits that the assessee tried to make both the project separately by entering in to agreement with GIDC with retrospective effect from 12.03.2007. The assesse…

Bangalore Raju Mudaliar Mohan, Bangalore vs. Income Tax Officer, Ward- 10(1), Bangalore

In the result appeals filed by both the years under consideration stands allowed

ITA 109/BANG/2020[2009-10]Status: DisposedITAT Bangalore08 Dec 2021AY 2009-10

Bench: Shri B.R. Baskaran & Smt Beena Pillai

For Appellant: Shri B.S. Balachandar, AdvocateFor Respondent: (DR)
Section 10BSection 143Section 143(3)Section 147Section 263

…High Court [181 ITR 518(Kar)] and once that condition is satisfied in the first year, the benefit of allowance endures for the next 9 or 10 year as available and as such denial of exemption for the Assessment year 2008-09 is bad in law [349 ITR 0309(Bombay), 123 ITR 669(Gujarat) & 216 ITR 548(Bombay)] since the undisputed fact remains that the appellant has been held entitled to benefit of section 10B in the first year of claim which is 2001-02 and subsequently it is found to be correct in the proceedings u/s 263 in the Assessment Year 2002-03 which has become final.” Admission of additional grounds: Assessee f…

Bangalore Raju Mudaliar Mohan, Bangalore vs. Income Tax Officer, Ward- 10(1), Bangalore

In the result appeals filed by both the years under consideration stands allowed

ITA 108/BANG/2020[2008-09]Status: DisposedITAT Bangalore08 Dec 2021AY 2008-09

Bench: Shri B.R. Baskaran & Smt Beena Pillai

For Appellant: Shri B.S. Balachandar, AdvocateFor Respondent: (DR)
Section 10BSection 143Section 143(3)Section 147Section 263

…High Court [181 ITR 518(Kar)] and once that condition is satisfied in the first year, the benefit of allowance endures for the next 9 or 10 year as available and as such denial of exemption for the Assessment year 2008-09 is bad in law [349 ITR 0309(Bombay), 123 ITR 669(Gujarat) & 216 ITR 548(Bombay)] since the undisputed fact remains that the appellant has been held entitled to benefit of section 10B in the first year of claim which is 2001-02 and subsequently it is found to be correct in the proceedings u/s 263 in the Assessment Year 2002-03 which has become final.” Admission of additional grounds: Assessee f…

The Dasada Taluka Co.Op. Purchase & Sales Union Limited, Surendranagar vs. The Income Tax Officer, Ward-1., Surendranagar

In the result, the appeal of the assessee is allowed

ITA 543/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad26 Oct 2021AY 2010-11
For Appellant: Shri S.N. Divetia, A.RFor Respondent: Shri S.S. Rathi, Sr. D.R
Section 143(2)Section 143(3)

…r consideration. Thereafter, the collector district Surendernagar passed an order on 8th Sep, 2009 renewing the lease of the petrol pump for further period of 15 years. The ld. counsel has also placed reliance on the decision of Saurastra Cement and Chemical (213 ITR 523) (Guj). On the other hand, the ld. Departmental Representative has supported the order of lower authorities. 6. Heard both the sides and perused the material on record. The assessee is a co-operative society and engaged in the business of running public pump and trading in fertilizer, seeds and cloth. During I.T.A No. 543/Ahd/2014 A.Y. 2010-11…

M/S Hindustan Organic Chemical Ltd., Mumbai vs. Dy CIT 4 (2), Mumbai

In the result, the appeal of the assessee is partly allowed

ITA 7918/MUM/2019[2011-12]Status: DisposedITAT Mumbai30 Sept 2021AY 2011-12

Bench: Shri S. Rifaur Rahman, Am & Shri Ravish Sood, Jm आयकरअपीलसं./ Ita No. 7918/Mum/2019 (Ǔ""ȡ[""""[ / Assessment Year 2011-12) M/S. Hindustan Organic Chemical The Dy. Commissioner Of Income Limited Tax, Circle-4(2), Mumbai 6Th Floor, Aayakar Bhavan, M.K. (A Govt. Of India Enterprises) V Times Square, 401/402/403, Plot 3 बनाम/ Road, Mumbai-400 020 Sector-15, Cbd Belapur, Navi Vs. Mumbai-400 614 (\ "Ȣ"ȡ"ȸ/ Appellant) (Ĥ×""ȸ/ Respondent) È"ȡ"Ȣलेखासं./Pan No. Aaach2663P आवेदक"Ȧओरसे : Shri K Gopal, Ar / Applicant By Ĥ×""ȸ"Ȧओरसे/ Respondent By : Shri Gurbinder Singh, Dr

For Respondent: Shri Gurbinder Singh, DR
Section 143(1)Section 143(2)Section 40

…AR submitted that it is a settled issue in favour of the assessee and he relied on the decision of Page 10 of 13 M/s Hindustan Organic Chemical Ltd; AY 11-12 Hon’ble Gujarat High Court in the case of Saurashtra Cement & Chemical Industries Ltd. vs. CIT [1995] 213 ITR 523 (Gujarat). 12. On the other hand, the learned DR vehemently relied on the orders of lower authorities. 13. Considering the rival submissions and materials on record, we find that in similar situation in the case of Saurashtra Cement & Chemical Industries Ltd (supra), wherein Hon’ble Gujarat High Court has decided the issue in favour of the asse…