Shipping Corporation of India v. ACIT

133 ITD 290Income Tax Appellate Tribunal2011#19006 most cited
4

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2018 to 2023.

Judgments citing Shipping Corporation of India v. ACIT

M/S. Zensar Technologies Ltd, Mumbai vs. The ACIT -2(3), Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 2908/MUM/2008[2003-2004]Status: DisposedITAT Mumbai12 May 2023AY 2003-2004

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Zensor Technologies Ltd V. Acit-2(3) Magnet House, 2Nd Floor Mumbai Narottam Morarjee Marg Ballard Estate, Mumbai- 400038 Pan: Aaacf0742K (Appellant) (Respondent) Acit- 2(3) V. M/S. Zensor Technologies Ltd Room No. 555, Aayakar Bhavan Magnet House, 2Nd Floor Mumbai Narottam Morarjee Marg Ballard Estate, Mumbai- 400038 Pan: Aaacf0742K (Appellant) (Respondent)

Section 10ASection 80HSection 92Section 92(1)Section 92CSection 94(7)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “J”, MUMBAI BEFORE SHRI ABY T VARKEY, HON’BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER M/s. Zensor Technologies Ltd v. ACIT-2(3) Magnet House, 2nd Floor Mumbai Narottam Morarjee Marg Ballard Estate, Mumbai- 400038 PAN: AAACF0742K (Appellant) (Respondent) ACIT- 2(3) v. M/s. Zensor Technologies Ltd Room No. 555, Aayakar Bhavan Magnet House, 2nd Floor Mumbai Narottam Morarjee Marg Ballard Estate, Mumbai- 400038 PAN: AAACF0742K (Appellant) (Respondent) Assessee Represented by : Shri Nitesh Joshi Department Represented by : Shri. Karan P.…

Asst CIT Cir 5(3)(2), Mumbai vs. Tolani Shipping Co. Ltd, Mumbai

In the result, the appeal filed by the revenue is hereby dismissed

ITA 7035/MUM/2016[2008-09]Status: DisposedITAT Mumbai22 Feb 2022AY 2008-09

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm (Hearing Through Video Conferencing Mode) आयकर अपील सं/ I.T.A. No.7035/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2008-09) बिधम/ Acit-5(3)(2) M/S. Tolani Shipping Co. Room No.573, Aayakar Ltd. Vs. Bhavan, 5Th Floor, M. K. 10-A, Bakhtawar, Nariman Road, Mumbai-400020. Point, Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaact4127C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Rajesh Mishra (Dr) Assessee By: Shri Satya Prakash सुनवाई की तारीख / Date Of Hearing: 18/02/2022 घोषणा की तारीख /Date Of Pronouncement: 22/02/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 22.08.2016 Passed By The Commissioner Of Income Tax (Appeals) -58 Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2008- 09. 2. The Revenue Has Raised The Following Grounds: - "1. Whether On The Facts & Circumstances Of The Case & In Law, The Ld. Cit(A) Was Justified In Restricting The Addition Of Rs.30,96,52,860/- Made By The Ao/Tpo To Rs.12,00,43,750/- On Account Of Profit Split Method, Ignoring That The Tpo Rejected A.Y.2008-09 The Cup Method After Giving Detailed Reasons In The Order Passed U/S 92Ca(3).

For Appellant: Shri Satya PrakashFor Respondent: Shri Rajesh Mishra (DR)
Section 115JSection 142(1)Section 143(1)Section 143(2)Section 143(3)Section 14ASection 50Section 92C

…lant submitted that housing loans and vehicles given to employees and the interest received thereon is income from core activity and therefore the same is business income as held by the Hon’ble Mumbai ITAT in the case of Shipping Corporation of India vs. ACIT 133 ITD 290. 6.3 The appellant further submitted that addition of interest on loans to employee was deleted by DRP for A.Y. 2010-11. Since the facts of the case remains the same, addition of interest of income of Rs.496480/- to income from other sources is deleted. 6.4 With regard to the addition of sundry balances written back amounting to Rs.59877/-, the…

Hind Offshore P.Ltd, Mumbai vs. DCIT 5(1)(2), Mumbai

In the result, the appeal is partly allowed

ITA 3408/MUM/2016[2009-10]Status: DisposedITAT Mumbai16 Mar 2020AY 2009-10

Bench: Shri Amarjit Singh () & Shri N.K. Pradhan () Assessment Year: 2009-10

For Appellant: Mr. Amar Gahlot &For Respondent: Mrs. Jothilakshmi Nayak, Sr. DR
Section 115VSection 142(1)Section 143(3)Section 148

…is held that foreign exchange difference arising out of shipping business will form part of shipping income and for such difference pertaining to qualifying ships, no separate addition was required to be made. In Shipping Corporation of India vs. ACIT (2011) 133 ITD 290 (Mum), it is held that writing back of credit balances in the books of assessee operating ships is his income from core activity. In view of the above factual matrix and the ratio laid down in the above decisions, we set aside the order of the Ld. CIT(A) and delete the addition of excess allowance of income from tonnage tax of Rs.1,83,32,362/- m…

Ambuja Cement India P.Ltd, Mumbai vs. Asst CIT Cir 3(1), Mumbai

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

ITA 2600/MUM/2014[2005-06]Status: DisposedITAT Mumbai27 Aug 2018AY 2005-06

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2600/Mum/2014 (नििाारण वर्ा / Assessment Year : 2005-06)

For Appellant: Shri. Soumen Adak &For Respondent: Shri Satish Chandra Rajore
Section 143Section 143(3)Section 147Section 14ASection 234B

…milar views have also been expressed in the following cases CIT -vs.- Shriram Investments (Firm) Moogambika Complex (2015) 229 Taxman 179 (Madras) CIT -vs.- Tirupati Woollen Mills Ltd (1992) 193 ITR 252 (Cal) The Shipping Corp. of India Ltd. -vs.- ACIT (2011) 133 ITD 290 (Mum) 3. Denial of Set-off of brought Interest earned on fixed deposits shall be forward losses against 'Income assessed under the head 'Profits and gains from from other Sources business or profession'. Even if for the purpose of computation of income, interest on fixed Brief facts -During the previous deposit is separately classified under the…

Shipping Corporation of India v. ACIT (133 ITD 290) — Cited in 4 Judgments | BharatTax