Sesa Goa Ltd. v. JCIT

Overseas Plymers Private Limited, Mumbai vs. Commissioner of Income Tax-57, Mumbai

In the result, appeals are partly allowed

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

…IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER ITA no.7239/Mum./2018 (Assessment Year : 2012–13) Overseas Polymers Pvt. Ltd. A–41, Venmar House, MIDC Road no.2 ……………. Appellant Andheri East, Mumbai 400 093 PAN – AAACV1895M v/s Asstt. Commissioner of Income Tax ……………. Respondent Circle–10(3)(1), Mumbai ITA no.6659/Mum./2018 (Assessment Year : 2011–12) Overseas Polymers Pvt. Ltd. A–41, Venmar House, MIDC Road no.2 ……………. Appellant Andheri East, Mumbai 400 093 PAN – AAACV1895M v/s Asstt. Commissioner of Income Tax ……………. R…

DCIT (Ltu-2), Mumbai vs. Idbi Bank Ltd., Mumbai

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2015-16

…u/s 40(a)(ii) and accordingly allowable as deduction in computing the income from business or profession. The above additional ground is squarely covered in favour of the assessee by the decision of the Hon’ble Bombay High Court in the case of Sesa Goa Ltd. (423 ITR 426) and Hon’ble Rajasthan High Court in the case of Chambal Fertilizers & Chemicals Ltd. (ITA No. 52 of 2018). Following the above decisions, we admit and allow the additional ground of appeal filed by the assessee. 18. In the result, the appeal filed by the assessee is allowed. 19. The 1st ground of appeal Whether, on the facts and in the circums…

Idbi Bank Ltd., Mumbai vs. DCIT (Ltu)-2, Mumbai

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2015-16

…u/s 40(a)(ii) and accordingly allowable as deduction in computing the income from business or profession. The above additional ground is squarely covered in favour of the assessee by the decision of the Hon’ble Bombay High Court in the case of Sesa Goa Ltd. (423 ITR 426) and Hon’ble Rajasthan High Court in the case of Chambal Fertilizers & Chemicals Ltd. (ITA No. 52 of 2018). Following the above decisions, we admit and allow the additional ground of appeal filed by the assessee. 18. In the result, the appeal filed by the assessee is allowed. 19. The 1st ground of appeal Whether, on the facts and in the circums…

Asian Paints Ltd, Mumbai vs. Addl CIT Ltu, Mumbai

Appeal of the revenue is dismissed

Bench: Shri Pramod Kumar () & Shri Saktijit Dey ()

…1 Asian Paints Ltd IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI PRAMOD KUMAR (VICE PRESIDENT) AND SHRI SAKTIJIT DEY ( JUDICIAL MEMBER) I.T.A. No.2754/Mum/2014 (Assessment Year : 2009-10) Asian Paints Ltd vs Addl.Commissioner of Income-tax-LTU, Cuffe 6A, Shanti Nagar Parade, Mumbai Santa Cruz (E), Mumbai-400 055 PAN : AAACA3622K (APPELLANT) (RESPONDENT) I.T.A. No.4203/Mum/2014 (Assessment Year : 2009-10) Dy.Commissioner of Income-tax, Large vs Asian Paints Ltd Taxpayer Unit, Centre-1, Mumbai 6A, Shanti Nagar Santa Cruz (E), Mumbai-400 055 PAN : AAACA3622K (APPELLANT) (RESPONDENT) Assess…

Nirpan Securities Pvt. Ltd., Mumbai vs. ACIT 4 (2)(1), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri M.Balaganesh, Am & Shri Ravish Sood, Jm M/S. Nirpan Securities Pvt. Vs. Asst. Commissioner Of Ltd., Income Tax 301-308, Bhagwati House Circle 4(2)(1), Mumbai Veera Desai Road Andheri (W) Mumbai – 400 058 Pan/Gir No.Aaacn1329A (Appellant) .. (Respondent)

…m it fit and admit the additional ground and consider the same for our adjudication. 6.2. We find that the issue in dispute herein is squarely covered by the decision of the Hon’ble Jurisdictional High Court in the case of Sesa Goa Ltd., vs. JCIT reported in 117 Taxmann.com 96 wherein the Hon’ble High Court had categorically held that education cess paid on Income Tax and surcharge would be eligible for deduction u/s.37(1) of the Act. Respectfully following the said decision, we direct the ld. AO to grant deduction of Rs.12,43,456/- while framing the assessment pursuant to this Tribunal order. Accordingly, the a…

M/S. Nirshilp Securities Pvt Ltd., Mumbai vs. DCIT-10(3)(1), Mumbai

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

Bench: Shri M.Balaganesh, Am & Shri Ravish Sood, Jm M/S. Nirshilp Securities Pvt. Vs. Dcit-10(3)(1) Room No.212, 2Nd Floor Ltd., 301-308, Bhagwati House Aayakar Bhavan Veera Desai Road M.K.Road, Andheri (West) Mumbai – 400 020 Mumbai – 400 058 Pan/Gir No. Aabcn4361M (Appellant) .. (Respondent)

…m it fit and admit the additional ground and consider the same for our adjudication. 4.2. We find that the issue in dispute herein is squarely covered by the decision of the Hon’ble Jurisdictional High Court in the case of Sesa Goa Ltd., vs. JCIT reported in 117 Taxmann.com 96 wherein the Hon’ble High Court had categorically held that education cess paid on Income Tax and surcharge would be eligible for deduction u/s.37(1) of the Act. Respectfully following the said decision, we direct the ld. AO to grant deduction of Rs.12,43,456/- while framing the assessment pursuant to this Tribunal order. Accordingly, the a…

Overseas Polymers Private Limited, Mumbai vs. ACIT 10(3)(1), Mumbai

In the result, the appeal is partly allowed

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2013-14

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “J” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2013-14 Overseas Polymers Private The ACIT-10(3)(1), Limited, Vs. Mumbai-400021. A-41, Vinmar House, MIDC Road No. 2, Andheri East, Mumbai-400093. PAN No. AAACV1895M Appellant Respondent Assessee by : Mr. Dhanesh Bafna, AR : Revenue by Mr. Manpreet Duggal, DR : Date of Hearing 17/12/2020 : Date of pronouncement 17/12/2020 ORDER PER N.K. PRADHAN, A.M. The appeal filed by the assessee is directed against the order passed by the Assistant Commissioner…

Bank of India, Mumbai vs. Asst. CIT-2(1)(1), Mumbai

In the result, the appeal of the Assessing Officer is partly allowed in the terms indicated above

…i) ITA Nos: 1767 and 2048/Mum/2019 Assessment year: 2015-16 Page 30 of 37 and, accordingly, ought to be allowed as deduction in computation of income from business and profession, as held by Hon’ble jurisdictional High Court in the case of Sesa Goa Limited (423 ITR 426) and other decisions. 52. Learned representatives fairly agree that the issue is covered, in favour of the assessee, by Hon’ble jurisdictional High Court’s judgment in the case of Sesa Goa Ltd Vs Joint Commissioner of Income Tax [(2020) 423 ITRR 426 (Bom)] but as the related facts have not been examined at any stage, the matter can be remitted to…