Sipca India (P.) Ltd. v. DCIT

DCIT Cir 4(3)(2), Mumbai vs. Svg Fashions Ltd, Mumbai

In the result, the appeal filed by the assessee stands allowed

Bench: Shri G.S. Pannu & Shri Pawan Singhdcit Circle-4(3)(2) M/S Svg Fashions Ltd. R.No. 649, 6Th Floor, 235, Shree Venkateshwar Bhavan, 3Rd Floor, Kalabadevi Road, Aayakar Bhavan, Vs. Mumbai-400020. Mumbai-400002 Pan: Aaacd1621K Appellant Respondent Appellant By : Ms. Arju Garodia (Dr) Respondent By : Shri Rahul Bagaria (Ar) Date Of Hearing : 20.06.2018 Date Of Pronouncement : 20.06.2018 Order Under Section 254(1)Of Income Tax Act Per Pawan Singh; 1. This Appeal By Revenue Is Directed Against The Order Of Ld. Commissioner

…IN THE INCOME-TAX APPELLATE TRIBUNAL “J” BENCH MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER DCIT Circle-4(3)(2) M/s SVG Fashions Ltd. R.No. 649, 6th Floor, 235, Shree Venkateshwar Bhavan, 3rd Floor, Kalabadevi Road, Aayakar Bhavan, Vs. Mumbai-400020. Mumbai-400002 PAN: AAACD1621K Appellant Respondent Appellant by : Ms. Arju Garodia (DR) Respondent by : Shri Rahul Bagaria (AR) Date of Hearing : 20.06.2018 Date of Pronouncement : 20.06.2018 ORDER UNDER SECTION 254(1)OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER; 1. This appeal by Revenue is directed against the o…

Svg Fashion Ltd, Mumbai vs. Addl CIT RG 4(3), Mumbai

In the result, the appeal filed by the assessee stands allowed

Bench: Shri B.R.Baskaran (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2011-12

…5- 06, 2007-08 to 2009-10 has decided the identical issue in favour of the assessee holding as under:- “14. The issue of subsidiary receipt under TUF Scheme is squarely covered by the decision of coordinate bench in the case of Gloster Jute Mills Ltd. {2014) 33 ITR (Trib) 322 (Kol), wherein the assessee received subsidy from the Central Government under the “technology upgradation fund scheme” by way of interest refund. In computing the assessable income the assessee deducted the amount on the ground that the subsidy was capital in nature. The AO held that the subsidy was revenue in nature and had to be added in…

Grasim Bhiwani Textiles Ltd, Mumbai vs. Asst CIT Cir 4(2), Mumbai

In the result, appeal for A

…TUF subsidy as to whether a capital receipt or revenue receipt. Now, in this appeal against the rectification order u/s.154, the assessee has agitated this issue by way of relying upon the decision of Kolkata Bench in the case of M/s Gloster Jute Mills Ltd., 33 ITR (Trib) 322 to contend that the said subsidy was a capital receipt. We are of the view that this ground taken in this appeal against the order u/s.154 of the Income Tax Act is not maintainable. The assessee himself had offered the taxation for the said subsidy and the AO had assessed the same accordingly. It is not the case that the AO at the time of a…

Svg Fashions Ltd ( Formelry Known As Deepak Suitings Ltd), Mumbai vs. DCIT 4(3), Mumbai

In the result, the appeal filed by the assessee stands allowed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.5644/Mum/2011

…Lords held that money received by the company was not in the course of trade but was of capital nature. 14. The issue of subsidiary receipt under TUF Scheme is squarely covered by the decision of coordinate bench in the case of Gloster Jute Mills Ltd. {2014) 33 ITR (Trib) 322 (Kol), wherein the assessee received subsidy from the Central Government under the “technology upgradation fund scheme” by way of interest refund. In computing the assessable income the assessee deducted the amount on the ground that the subsidy was capital in nature. The AO held that the subsidy was revenue in nature and had to be added in…

Svg Fashions Ltd (Formelry Knwon As Deepak Suitings Ltd), Mumbai vs. DCIT 4(3), Mumbai

In the result, the appeal filed by the assessee stands allowed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.5644/Mum/2011

…Lords held that money received by the company was not in the course of trade but was of capital nature. 14. The issue of subsidiary receipt under TUF Scheme is squarely covered by the decision of coordinate bench in the case of Gloster Jute Mills Ltd. {2014) 33 ITR (Trib) 322 (Kol), wherein the assessee received subsidy from the Central Government under the “technology upgradation fund scheme” by way of interest refund. In computing the assessable income the assessee deducted the amount on the ground that the subsidy was capital in nature. The AO held that the subsidy was revenue in nature and had to be added in…

Svg Fashions Ltd (Formerly Known As Deepak Suitings Ltd), Mumbai vs. DCIT 4(3), Mumbai

In the result, the appeal filed by the assessee stands allowed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.5644/Mum/2011

…Lords held that money received by the company was not in the course of trade but was of capital nature. 14. The issue of subsidiary receipt under TUF Scheme is squarely covered by the decision of coordinate bench in the case of Gloster Jute Mills Ltd. {2014) 33 ITR (Trib) 322 (Kol), wherein the assessee received subsidy from the Central Government under the “technology upgradation fund scheme” by way of interest refund. In computing the assessable income the assessee deducted the amount on the ground that the subsidy was capital in nature. The AO held that the subsidy was revenue in nature and had to be added in…