Sutlej Cotton Mills Ltd. v. CIT

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

…nath Jute Manufacturing Company Ltd 82 ITR 362; in the case of Tutcorin Alali Chemicals Ltd in 227 ITR 172; in the case of Godhra Electricity Company in 91 Taxman 91; in the case of Bokaro Steel Ltd in 263 ITR 315 and in the case of Sutlet Cotton Mills Ltd in 116 ITR 1 and submitted that it would be totally incorrect to say that an assessee who raises internal invoices would be entitled to benefit of Sec 80IA and an assessee who does not raise internal invoices would not be entitled to such benefit. 13.2. The assessee further submitted that Sec. 80IA(8) itself contemplates a situation where goods or services are…

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

…nath Jute Manufacturing Company Ltd 82 ITR 362; in the case of Tutcorin Alali Chemicals Ltd in 227 ITR 172; in the case of Godhra Electricity Company in 91 Taxman 91; in the case of Bokaro Steel Ltd in 263 ITR 315 and in the case of Sutlet Cotton Mills Ltd in 116 ITR 1 and submitted that it would be totally incorrect to say that an assessee who raises internal invoices would be entitled to benefit of Sec 80IA and an assessee who does not raise internal invoices would not be entitled to such benefit. 13.2. The assessee further submitted that Sec. 80IA(8) itself contemplates a situation where goods or services are…

The Tata Power Company Limited, Mumbai vs. Principal Commissioner of Income Tax - 2, Mumbai

In the result, all the appeals of the assessee are partly allowed

…1 ITA Nos.2710 &2711/Mum/2018 A.Y.2012-13 & 2013-14 ITA Nos.6720 &7608/Mum/2019 A.Ys. 2012-13 & 2013-14 IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORESHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.2710 & 2711/Mum/2018 (A.Ys. 2012-13 & 2013-14) The Tata Power Co. Ltd. Vs. Principal Commissioner Corporate Center, Block of Income Tax -2 ‘B’ 5th Floor, 34, Snat Aayakar Bhavn, Tukaram Road, Maharishi karve Road, Carnac Bunder, Mumbai - 400020 Mumbai 400 009 "थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAATC0054A Appellant .. Respondent ITA Nos.6720 & 7608/Mum/2019 (A…

Oriental Aromatics Ltd, Mumbi, Mumbai vs. DCIT CC 1(2)(2), Mumbai

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

…d. where the Hon'ble court held that where subsidy is received for repayment of term loan taken for existing units such subsidy would be capital in nature. Kind attention was invited Hon'ble Supreme Court in the case of Sutlej Cotton Mills Ltd. vs. CIT (1979) 116 ITR 1(SC) wherein it was held that profit arising to an assessee on account of appreciation or depreciation in value of foreign currency held by him, on conversion into another currency, such profit or loss would ordinarily be capital profit or loss if foreign currency is held by assessee as capital asset or as a fixed capital. The assessee also relied o…

63 Moons Technologies Ltd. (Formerly Known As Financial Technologies (India) Ltd.), Mumbai vs. DCIT, Cent. Cir. - 8(3), Mumbai

In the result, assessee’s appeals are partly allowed

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

…of the question whether the assessee has earned any profit or suffered any loss. What is necessary to be considered is true nature of the transaction and whether in fact it has resulted in profit / loss to the assessee [See Suttej Cotton Mills ltd, vs. CIT - 116 ITR 1 - SC], Further, whether the assessee is entitled to a particular deduction or nor will depend on the provision of law relating thereto and not on the view which the assessee might take of his rights nor can the existence or absence of entries in the books of account be decisive or conclusive in the matter. [See Kedarnath Jute Manufacturing Co. Ltd.…