Topman Exports v. CIT

342 ITR 49Supreme Court of India2012#868 most cited

What is Topman Exports v. CIT authority for?

Export incentives, such as DEPB (Duty Entitlement Pass Book) and advance license benefits, constitute income taxable on an accrual basis under Section 28 of the Income-tax Act. Profit arising on the transfer of DEPB is not eligible for deduction under Section 80HHC.

121

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2011 to 2025.

Also referred to as

Topman Exports v. CIT · 342 ITR 49 · Section 28 · Section 80HHC · export incentives · DEPB income · Duty Entitlement Pass Book · advance license benefits · taxability on accrual basis · profit on sale of DEPB · 80HHC deduction · business income

Also reported as

18 Taxmann.com 1203 SCC 593205 Taxmann 119247 CTR 353

Sections most often in play

Section 143(3)Section 250Section 80HHCSection 147Section 148Section 28Section 43BSection 115JA
Read the full judgment

Issues it is cited on

section 80hhc(3)section 80hsection 80hhcsection 80hhsection 28liable to taxsection 80double taxationsection 37section 154previous yearsection 271(1)(c)

Judgments citing Topman Exports v. CIT

DCIT-11(1)(2), Mumbai vs. M/S. Sangam India Ltd., Mumbai

Appeal stand dismissed whereas the assessee‟s appeal stands partly allowed for statistical purposes

ITA 1490/MUM/2019[2015-16]Status: DisposedITAT Mumbai26 Jul 2021AY 2015-16

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No.1490/Mum/2019 (धििाारण वर्ा / Assessment Year: 2015-16) Dcit-11(1)(2) M/S. Sangam India Ltd. Gf, Room No.1 306, „B‟ Wing बिाम/ Aaykar Bhavan, M.K. Road Dynasty Business Park Vs. Mumbai-400 020 J.B. Nagar, A.K. Road Andheri (E), Mumbai-400 059 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaccs-0486-K (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & Co No.01/Mum/2021 (धििाारण वर्ा / Assessment Year: 2015-16) M/S. Sangam India Ltd. Dcit-11(1)(2) 306, „B‟Wing Gf, Room No.1 बिाम/ Dynasty Business Park Aaykar Bhavan, M.K. Road Vs. J.B. Nagar, A.K. Road Mumbai-400 020 Andheri (E), Mumbai-400 059 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaccs-0486-K (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Dharmesh Shah-Ld. Ar Revenue By : Shri Ajit Kumar Shrivastava-Ld. Cit-Dr ुनवाई की तारीख/ : 02/07/2021 Date Of Hearing घोषणा की तारीख / : 26/07/2021 Date Of Pronouncement

For Appellant: Shri Dharmesh Shah-Ld. ARFor Respondent: Shri Ajit Kumar Shrivastava-Ld
Section 2(24)

…1 M/s Sangam India Limited Assessment Year: 2015-16 आयकर अपीलीय अधिकरण “जी” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI माननीय श्री महावीर स िंह, उपाध्यक्ष एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा दस्य के मक्ष। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No.1490/Mum/2019 (धििाारण वर्ा / Assessment Year: 2015-16) DCIT-11(1)(2) M/s. Sangam India Ltd. GF, Room No.1 306, „B‟ Wing बिाम/ Aaykar Bhavan, M.K. Road Dynasty Business Park Vs. Mumbai-400 020 J.B. Nagar, A.K. Road Andheri (E), Mu…

Hamilton Housewares Pvt.Ltd., Silvasa vs. The DCIT., Vapi Circle, Vapi

In the result, appeal of the assessee in ITA No

ITA 380/SRT/2017[2013-14]Status: DisposedITAT Surat22 Jun 2021AY 2013-14

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita No.380/Srt/2017 ("नधा"रणवष" / Assessment Year: (2013-14) (Virtual Court Hearing) Hamilton Housewares Private Limited, V The Assistant Commissioner Of Plot No.49/50, Dan Udyog Industrial Income Tax, S. Estte, Amli, Piparia, Silvassa, U.T. Of D. Vapi Circle, Vapi. & N. H. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcd 1683 Q (Assessee) (Respondent) आयकरअपीलसं./Ita No.353/Srt/2017 ("नधा"रणवष" / Assessment Year: (2011-12) (Virtual Court Hearing) Hamilton Housewares Private Limited, V The Assistant Commissioner Of Plot No.49/50, Dan Udyog Industrial S. Income Tax, Estte, Amli, Piparia, Silvassa, U.T. Of D. Vapi Circle, Vapi. & N. H. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcd 1683 Q (Assessee) (Respondent) Assessee By : Shri A.Gopala Krishnan - Ca Respondent By : Ms.Anupama Singla – Sr.Dr सुनवाईक"तार"ख/ Date Of Hearing : 23/06/2021 घोषणाक"तार"ख/Date Of Pronouncement : 28/06/2021 आदेश / O R D E R Per Dr. A. L. Saini: Captioned Two Appeals Filed By The Assessee Pertaining To Assessment Year (A.Y.) 2013-14 & (A.Y.) 2011-12, Are Directed Against The Separate Orders Passed By The Ld. Commissioner Of Income Tax (Appeals), Which In Turn Arise Out Of Separate Assessment Order & Penalty Order Passed By The Ld.Assessing Officer Under Section 143(3) Of The Income Tax Act & Under Section 271(1)(C) Of The Income Tax Act, Respectively.

For Appellant: Shri A.Gopala Krishnan - CAFor Respondent: Ms.Anupama Singla – Sr.DR
Section 143(3)Section 271(1)(c)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकरअपीलसं./ITA No.380/SRT/2017 ("नधा"रणवष" / Assessment Year: (2013-14) (Virtual Court Hearing) Hamilton Housewares Private Limited, V The Assistant Commissioner of Plot No.49/50, Dan Udyog Industrial Income Tax, s. Estte, Amli, Piparia, Silvassa, U.T. of D. Vapi Circle, Vapi. & N. H. "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AABCD 1683 Q (Assessee) (Respondent) आयकरअपीलसं./ITA No.353/SRT/2017 ("नधा"रणवष" / Assessment Year: (2011-12) (Virtual Court Hearing) Hamilton Housewares Private Limited, V The Assistant Com…

Hamilton Housewares Pvt.Ltd., Silvasa vs. The ACIT., Vapi Circle, Vapi

In the result, appeal of the assessee in ITA No

ITA 353/SRT/2017[2011-12]Status: DisposedITAT Surat22 Jun 2021AY 2011-12

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita No.380/Srt/2017 ("नधा"रणवष" / Assessment Year: (2013-14) (Virtual Court Hearing) Hamilton Housewares Private Limited, V The Assistant Commissioner Of Plot No.49/50, Dan Udyog Industrial Income Tax, S. Estte, Amli, Piparia, Silvassa, U.T. Of D. Vapi Circle, Vapi. & N. H. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcd 1683 Q (Assessee) (Respondent) आयकरअपीलसं./Ita No.353/Srt/2017 ("नधा"रणवष" / Assessment Year: (2011-12) (Virtual Court Hearing) Hamilton Housewares Private Limited, V The Assistant Commissioner Of Plot No.49/50, Dan Udyog Industrial S. Income Tax, Estte, Amli, Piparia, Silvassa, U.T. Of D. Vapi Circle, Vapi. & N. H. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcd 1683 Q (Assessee) (Respondent) Assessee By : Shri A.Gopala Krishnan - Ca Respondent By : Ms.Anupama Singla – Sr.Dr सुनवाईक"तार"ख/ Date Of Hearing : 23/06/2021 घोषणाक"तार"ख/Date Of Pronouncement : 28/06/2021 आदेश / O R D E R Per Dr. A. L. Saini: Captioned Two Appeals Filed By The Assessee Pertaining To Assessment Year (A.Y.) 2013-14 & (A.Y.) 2011-12, Are Directed Against The Separate Orders Passed By The Ld. Commissioner Of Income Tax (Appeals), Which In Turn Arise Out Of Separate Assessment Order & Penalty Order Passed By The Ld.Assessing Officer Under Section 143(3) Of The Income Tax Act & Under Section 271(1)(C) Of The Income Tax Act, Respectively.

For Appellant: Shri A.Gopala Krishnan - CAFor Respondent: Ms.Anupama Singla – Sr.DR
Section 143(3)Section 271(1)(c)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकरअपीलसं./ITA No.380/SRT/2017 ("नधा"रणवष" / Assessment Year: (2013-14) (Virtual Court Hearing) Hamilton Housewares Private Limited, V The Assistant Commissioner of Plot No.49/50, Dan Udyog Industrial Income Tax, s. Estte, Amli, Piparia, Silvassa, U.T. of D. Vapi Circle, Vapi. & N. H. "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AABCD 1683 Q (Assessee) (Respondent) आयकरअपीलसं./ITA No.353/SRT/2017 ("नधा"रणवष" / Assessment Year: (2011-12) (Virtual Court Hearing) Hamilton Housewares Private Limited, V The Assistant Com…

The Asstt. Commissioner of Income Tax, Vapi Circle, Vapi vs. M/S. Mitsu Limited, Daman

In the result, the appeal of the Revenue is dismissed

ITA 3510/AHD/2016[2000-01]Status: DisposedITAT Surat04 May 2020AY 2000-01

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

Section 143

…Page 1 of 83 Mitsu Ltd. v. ACIT- Vapi/I.T.A. No.1671-1371,CO-184,1672-1764,1614 &1000/AHD/2006/A.Y.02-03,03-04,06-07.02-03 आयकर अपीलीय अिधकरण, सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI SANDIP GOSAIN, JUDICIAL MEMBER AND SHRI O. P. MEENA, ACCOUNTANT MEMBER V. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/s. Mitsu Limited, V. Assistant d/2006 03 304/2, IInd Phase, Commissioner of GIDC, Vapi 396195 Income Tax-Vapi PAN: AACCM 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/s. Mitsu Limited, d/2006 03 Commissioner of…

M/S. Mitsu Private Limited, Vapi vs. The ACIT, Vapi Circle, Vapi

In the result, the appeal of the Revenue is dismissed

ITA 1000/AHD/2016[2002-03]Status: DisposedITAT Surat04 May 2020AY 2002-03

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

Section 143

…Page 1 of 83 Mitsu Ltd. v. ACIT- Vapi/I.T.A. No.1671-1371,CO-184,1672-1764,1614 &1000/AHD/2006/A.Y.02-03,03-04,06-07.02-03 आयकर अपीलीय अिधकरण, सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI SANDIP GOSAIN, JUDICIAL MEMBER AND SHRI O. P. MEENA, ACCOUNTANT MEMBER V. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/s. Mitsu Limited, V. Assistant d/2006 03 304/2, IInd Phase, Commissioner of GIDC, Vapi 396195 Income Tax-Vapi PAN: AACCM 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/s. Mitsu Limited, d/2006 03 Commissioner of…

M/S. La Opala RG Ltd., Kolkata vs. ACIT, Range - 12, Kolkata

In the result, the appeal of the assessee is allowed

ITA 559/KOL/2018[2013-14]Status: DisposedITAT Kolkata31 Oct 2019AY 2013-14

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 139Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 14ASection 263Section 80ISection 80l

…e nexus with the business of the eligible undertaking and therefore was held to be eligible for computation of deduction u/s 80IC of the Act. We find that similar view was also expressed by the Hon'ble Supreme court in the case of Topman Exports Vs. CIT(2012) 18 Taxmann.com 120 in the context of duty drawbacks received on exports. The relevant extracts of Topman Exports (Supra) are reproduced hereunder; "Section 28(iiib), read with section 28(iiid) of the Income­tax Act 1961 ­ Business income ­ Cash assistance ­ Assessment year 2002­03 ­ Whether DEPB is a 'cash assistance'receivable by assessee and is covered un…

Cavalcade Properties P. Ltd, Mumbai vs. ITO WD 12(1)(4), Mumbai

Accordingly, grounds raised by the assessee are allowed

ITA 4030/MUM/2017[2011-12]Status: DisposedITAT Mumbai30 Oct 2019AY 2011-12

Bench: Shri S. Rifaur Rahman, Am& Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 4030/Mum/2017 (निर्धारणवर्ा / Assessment Year: 2012-13)

For Appellant: Shri Madhur Agarwal, AR byFor Respondent: Shri Awangshi Gimson, DR
Section 115JSection 143(1)Section 143(2)

…gains of a trader we mean that which he had made by his trading. Whether there be such a thing as profit or gain can only be ascertained by setting against the receipts the- expenditure or obligations to which they have given rise...." Topman Exports vs CIT (342 ITR 49) (SC) "... ... ... The word "profit" means the gross proceeds of a business transaction less thecosts of the transaction. To quote from Black's Law Dictionary (Fifth Edition): "Profit. Most commonly, the gross proceeds of a business transaction less the costs of the transaction, i.e. net proceeds. Excess of revenues over expenses for 23 I.T.A. N…

M/S. Eagle Flask Industries Ltd., Pune vs. Asst. CIT, Circle-8, Pune

In the result, appeal of assessee for assessment year 1997-98 is partly allowed and appeal of assessee for assessment year 2000-01 is allowed

ITA 808/PUN/2013[1997-98]Status: DisposedITAT Pune11 Sept 2019AY 1997-98

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita Nos.808 & 809/Pun/2013 यििाारण वषा / Assessment Years : 1997-98 & 2000-01

For Appellant: Shri M.K. KulkarniFor Respondent: Shri Pankaj Garg
Section 143(3)

…profit Total 327169481 x 20726403 = 8,633,065.12 785473805 20. The Assessing Officer is directed to compute the deduction under section 80HHC of the Act as the issue now stands covered by the decision of Hon’ble Apex Court in Topman Exports Vs. CIT (2012) 342 ITR 49 (SC). Accordingly, we decide the issue in favour of assessee and the Assessing Officer is directed to verify the computation of business profits in the hands of assessee and also the deduction claimed under section 80HHC of the Act and ITA Nos.808 & 809/PUN/2013 9 M/s. Eagle Flask Industries Ltd. allow the same in the hands of assessee. The gro…

Anandkumar Jain, Mumbai vs. ITO WD 18(2)(2), Mumbai

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

ITA 4192/MUM/2012[2003-04]Status: DisposedITAT Mumbai20 Aug 2019AY 2003-04

Bench: Shri G.S. Pannu & Shri Ravish Sood: A.Y : 2003-04

For Appellant: Shri Jitendra Sanghavi &For Respondent: Shri Rajesh Kumar Yadav
Section 143(3)Section 154Section 250Section 80H

…man 435 (Bom). Accordingly, the CIT(A) dismissed the appeal of the assessee vide order dated 24.01.2011. The assessee did not prefer further appeal against the order of the CIT(A). Subsequently, the Hon'ble Supreme Court in the case of Topman Exports vs. CIT, 342 ITR 49 (SC) reversed the decision of the Hon’ble Bombay High Court in the case of Kalpataru Colours (supra) vide its order dated 08.02.2012. The assessee thus preferred the instant appeal before the Tribunal against the impugned order of the CIT(A) on 15.06.2012, i.e. after a delay of 420 days. The assessee filed the request for condonation of delay date…

DCIT, New Delhi vs. M/S Cornell Overseas Private Ltd., New Delhi

In the result, the appeal filed by the Revenue is dismissed and the CO filed by the assessee is partly allowed for statistical purposes

ITA 2395/DEL/2011[2004-05]Status: DisposedITAT Delhi31 Jul 2019AY 2004-05

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2004-05 Dcit, Vs Cornell Overseas Private Ltd., Circle-3(1), B-235, Okhla Industrial Area, New Delhi,. Phase-I, New Delhi. Pan: Aaacc0034F Co No.217/Del/2011 (Ita No.2395/Del/2011) Assessment Year: 2004-05 Cornell Overseas Private Ltd., Vs Dcit, B-235, Okhla Industrial Area, . Circle-3(1), Phase-I, New Delhi. New Delhi. Pan: Aaacc0034F (Appellant/Cross Objector) (Respondent) Assessee By : Ms Vandana Bhandari, Advocate Revenue By : Shri Sandeep Kumar Mishra, Sr. Dr Date Of Hearing : 22.05.2019 Date Of Pronouncement : 31.07.2019 Order Per R.K. Panda, Am: The Appeal Filed By The Revenue Is Directed Against The Order Of The Cit(A)- 20, New Delhi Relating To Assessment Year 2004-05. The Assessee Has Also Filed Co No.217/Del/2011 Cross Objections Against The Appeal Filed By The Revenue. For The Sake Of Convenience, These Were Heard Together & Are Being Disposed Of By This Common

For Appellant: Ms Vandana Bhandari, AdvocateFor Respondent: Shri Sandeep Kumar Mishra, Sr. DR
Section 14ASection 28Section 80HSection 90C

…stored to the file of the Assessing Officer with a direction to examine the profit element in the sale of DEPB licence and to recompute the deduction u/s 80HHC in the light of the decision of the Hon'ble Supreme Court in the case of Topman Exports reported in 342 ITR 49. The Assessing Officer shall decide the issue as per fact and law, after giving due opportunity of being heard to the assessee. We hold and direct accordingly. The issue relating to DEPB as per the first additional ground of the Cross Objections is allowed for statistical purposes. 29. So far as the issue relating to interest income of Rs.37,82,4…

M/S. Drishti Apparels, Gurgaon vs. ITO, New Delhi

The appeal of the assessee is allowed

ITA 4683/DEL/2016[2001-02]Status: DisposedITAT Delhi17 May 2019AY 2001-02

Bench: Shri N. K. Billaiya & Shri K.N. Chary

Section 143(3)Section 28Section 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘B’ NEW DELHI BEFORE SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER & SHRI K.N. CHARY, JUDICIAL MEMBER ITA No-4683/Del/2016 (Assessment Year: 2001-02) Drishti Apparels vs ITO 180, SEctot-6, Ward-23(4) IMT Manesar New Delhi Gurgaon AAAFD2361B Revenue by Sh. Sunil Arora, CA Assessee by Sh. Abhishek Arora, Sr. DR Date of Hearing 14.05.2019 Date of Pronouncement 17.05.2019 ORDER PER K. NARSIMHA CHARY, J.M. Challenging the order dated 29/06/2016 in Appeal No. 191/14-15 passed by the Ld. Commissioner of Income Tax (Appeals)-II, New Delhi (“CIT(A)”) for A.Y. 2012-13, a…

Tata Chemicals Ltd, Mumbai vs. DCIT 2(3), Mumbai

ITA 2965/MUM/2015[2002-03]Status: DisposedITAT Mumbai22 Apr 2019AY 2002-03

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2002-03 Tata Chemicals Ltd. Deputy Commissioner Of Bombay House, Vs. Income Tax-2(3)(1), 5Th 24 Homi Mody Street, Floor, Aayakar Bhavan, Fort, Mumbai-400001 M.K. Road, Mumbai- 400020 Pan No. Aaact4059M Appellant Respondent Assessment Year: 2002-03 Deputy Commissioner Tata Chemicals Ltd. Of Income Tax-2(3)(1), Vs. Bombay House, 5Th Floor, Aayakar 24 Homi Mody Street, Bhavan, M.K. Road, Fort, Mumbai-400001 Mumbai-400020 Pan No. Aaact4059M Appellant Respondent Assessee By : Mr. Nitesh Joshi, Ar Revenue By : Mr. Choudhary Arun Kumar Singh, Date Of Hearing : 25/01/2019 Date Of Pronouncement: 22/04/2019

For Appellant: Mr. Nitesh Joshi, ARFor Respondent: Mr. Choudhary Arun Kumar Singh
Section 115JSection 143(3)Section 14A

…total turnover while computing deduction u/s 80HHC of the Act. Tata Chemicals Ltd. 7.3 Before us, the Ld. counsel of the assessee submits that netting off should be allowed in view of the decision in ACG Associated Capsules 343 ITR 89 (SC) and Topman Exports 342 ITR 49 (SC). On the other hand, the Ld. DR supports the order passed by the Ld. CIT(A). 7.4 We have heard the rival submissions and perused the relevant materials on record. In the case of ACG Associated Capsules (supra), it has been clarified that “Ninety percent of not gross rent or gross interest but only net interest or net rent, which has been inclu…

DCIT, New Delhi vs. M/S. Replika Press Pvt. Ltd., New Delhi

Appeal of the Assessee is partly allowed for statistical purpose and appeal of the Revenue is dismissed

ITA 3921/DEL/2011[2008-09]Status: DisposedITAT Delhi26 Mar 2019AY 2008-09

Bench: Shri R. K. Panda & Ms Suchitra Kamblereplika Press Pvt. Ltd. Vs Acit B-214, Ashok Vihar, Circle-15(1) Phase-1 New Delhi New Delhi Aaacr1084L (Appellant) (Respondent) Dcit Vs Replika Press Pvt. Ltd. Circle-15(1) B-214, Ashok Vihar, C. R. Building, I.P. Estate Phase-1 New Delhi New Delhi Aaacr1084L (Appellant) (Respondent)

Section 10BSection 143(1)Section 80

…eal of the assessee. 5. The Ld. AR submitted as regards assessee’s appeal that Ground No. 1 has to be remanded back to the file of the CIT(A) for considering Duty Drawback u/s 10B in light of the decision of the Hon’ble Supreme Court in case of Topman Exports 342 ITR 49. The Ld. DR does not object for the same. 6. We, therefore, remand back this issue to the file of the CIT(A) for fresh adjudication in light of the decision of the Apex Court in case of Topman Export (Supra). Ground No. 1 of the assessee’s appeal is partly allowed for statistical purpose. 7. As regards Ground No.2 of assessee’s appeal, the Ld. A…

M/S Replika Press Pvt. Ltd., New Delhi vs. ACIT, New Delhi

Appeal of the Assessee is partly allowed for statistical purpose and appeal of the Revenue is dismissed

ITA 3487/DEL/2011[2008-09]Status: DisposedITAT Delhi26 Mar 2019AY 2008-09

Bench: Shri R. K. Panda & Ms Suchitra Kamblereplika Press Pvt. Ltd. Vs Acit B-214, Ashok Vihar, Circle-15(1) Phase-1 New Delhi New Delhi Aaacr1084L (Appellant) (Respondent) Dcit Vs Replika Press Pvt. Ltd. Circle-15(1) B-214, Ashok Vihar, C. R. Building, I.P. Estate Phase-1 New Delhi New Delhi Aaacr1084L (Appellant) (Respondent)

Section 10BSection 143(1)Section 80

…eal of the assessee. 5. The Ld. AR submitted as regards assessee’s appeal that Ground No. 1 has to be remanded back to the file of the CIT(A) for considering Duty Drawback u/s 10B in light of the decision of the Hon’ble Supreme Court in case of Topman Exports 342 ITR 49. The Ld. DR does not object for the same. 6. We, therefore, remand back this issue to the file of the CIT(A) for fresh adjudication in light of the decision of the Apex Court in case of Topman Export (Supra). Ground No. 1 of the assessee’s appeal is partly allowed for statistical purpose. 7. As regards Ground No.2 of assessee’s appeal, the Ld. A…

Shefali Ghosh, Kolkata vs. ACIT, Circle - 43, Kolkata

Appeal is partly allowed for statistical purpose in above terms

ITA 1810/KOL/2018[2004-05]Status: DisposedITAT Kolkata28 Feb 2019AY 2004-05

Bench: Hon’Ble Shri S.S. Godara, Jm] I.T.A No.1810/Kol/2018 Assessment Year : 2004-05 Smt. Shefali Ghosh Vs. A.C.I.T, Cir-43, Kolkata Pan: Adtpg6963A (Appellant) (Respondent) For The Appellant : Shri Subash Agarwal, Advocate, Ld.Ar For The Respondent : Shri C.J. Singh, Jcit, Ld.Sr.Dr

For Appellant: Shri Subash Agarwal, Advocate, ld.ARFor Respondent: Shri C.J. Singh, JCIT, ld.Sr.DR
Section 143(3)Section 28Section 33ASection 80H

…1998-99 do not carry retrospective effect. I therefore accept assessee’s arguments in principle. 4. Next comes equally important aspect of computation of assessee’s section 80HHC deduction claim, Hon’ble apex court’s decision in Topman Exports Vs. CIT (2012) 342 ITR 49 (SC) has settled the law that it is only the profit element than the 4 ITA No. 1810/Kol/2018-SMC Shefali Ghosh entire sale price that required to be considered in such a situation. I therefore restore the instant first substantive ground back to the Assessing Officer for re-computation of assessee’s deduction claim. This substantive ground as tak…

Raymon Patel Gelatine Pvt.Ltd., Baroda vs. The ACIT., Circle-4, Baroda

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

ITA 806/AHD/2012[2004-05]Status: DisposedITAT Ahmedabad29 Jan 2019AY 2004-05
Section 143(3)Section 36(1)(iii)

…ee that this issue is required to be restored to the file of the Assessing Officer for fresh adjudication with the benefit of direct decisions from Hon’ble Supreme Court in the case of ACG Associated Capsules Ltd Vs CIT (343 ITR 89) and Topman Exports Vs CIT (342 ITR 49). That is precisely what was done by the Tribunal in the earlier assessment years. We accept the plea and remit the matter to the file of the Assessing Officer for fresh adjudication as such. Ordered, accordingly. 20. Ground no. 6 is thus allowed for statistical purposes in the terms indicated above. 21. In the result, the appeal is partly allow…

Aov International, New Delhi vs. ACIT, New Delhi

The appeal of the assessee is partly allowed for statistical purpose

ITA 6738/DEL/2015[2002-03]Status: DisposedITAT Delhi17 Dec 2018AY 2002-03

Bench: Shri R. K. Panda & Ms Suchitra Kambleom Prakash Arora Vs Acit Aov International, Circle-22(1) 136-A, Pocket-12, Jasola New Delhi New Delhi Aacpa1874A (Respondent) (Appellant) Ita No. 6738/Del/2015 ( A.Y 2002-03)

Section 142(1)Section 143(1)Section 144Section 147Section 148Section 28Section 80H

…DELHI BENCH: ‘C’ NEW DELHI BEFORE SHRI R. K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER Om Prakash Arora Vs ACIT AOV International, Circle-22(1) 136-A, Pocket-12, Jasola New Delhi New Delhi AACPA1874A (RESPONDENT) (APPELLANT) ITA No. 6738/DEL/2015 ( A.Y 2002-03) AOV International Vs ACIT 136-A, Pocket-12, Jasola Circle-22(1) New Delhi New Delhi AAFFA2656M (APPELLANT) (RESPONDENT) Appellant by Sh. R. S. Ahuja, CA Respondent by Sh. Amit Katoch, SR. DR Date of Hearing 11.12.2018 Date of Pronouncement 17.12.2018 ORDER PER SUCHITRA KAMBLE, JM These three appeals are filed by the asses…

Aov International, New Delhi vs. ACIT, New Delhi

The appeal of the assessee is partly allowed for statistical purpose

ITA 6737/DEL/2015[2001-02]Status: DisposedITAT Delhi17 Dec 2018AY 2001-02

Bench: Shri R. K. Panda & Ms Suchitra Kambleom Prakash Arora Vs Acit Aov International, Circle-22(1) 136-A, Pocket-12, Jasola New Delhi New Delhi Aacpa1874A (Respondent) (Appellant) Ita No. 6738/Del/2015 ( A.Y 2002-03)

Section 142(1)Section 143(1)Section 144Section 147Section 148Section 28Section 80H

…DELHI BENCH: ‘C’ NEW DELHI BEFORE SHRI R. K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER Om Prakash Arora Vs ACIT AOV International, Circle-22(1) 136-A, Pocket-12, Jasola New Delhi New Delhi AACPA1874A (RESPONDENT) (APPELLANT) ITA No. 6738/DEL/2015 ( A.Y 2002-03) AOV International Vs ACIT 136-A, Pocket-12, Jasola Circle-22(1) New Delhi New Delhi AAFFA2656M (APPELLANT) (RESPONDENT) Appellant by Sh. R. S. Ahuja, CA Respondent by Sh. Amit Katoch, SR. DR Date of Hearing 11.12.2018 Date of Pronouncement 17.12.2018 ORDER PER SUCHITRA KAMBLE, JM These three appeals are filed by the asses…

Om Prakash Arora, New Delhi vs. ACIT, New Delhi

The appeal of the assessee is partly allowed for statistical purpose

ITA 6736/DEL/2015[2000-01]Status: DisposedITAT Delhi17 Dec 2018AY 2000-01

Bench: Shri R. K. Panda & Ms Suchitra Kambleom Prakash Arora Vs Acit Aov International, Circle-22(1) 136-A, Pocket-12, Jasola New Delhi New Delhi Aacpa1874A (Respondent) (Appellant) Ita No. 6738/Del/2015 ( A.Y 2002-03)

Section 142(1)Section 143(1)Section 144Section 147Section 148Section 28Section 80H

…DELHI BENCH: ‘C’ NEW DELHI BEFORE SHRI R. K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER Om Prakash Arora Vs ACIT AOV International, Circle-22(1) 136-A, Pocket-12, Jasola New Delhi New Delhi AACPA1874A (RESPONDENT) (APPELLANT) ITA No. 6738/DEL/2015 ( A.Y 2002-03) AOV International Vs ACIT 136-A, Pocket-12, Jasola Circle-22(1) New Delhi New Delhi AAFFA2656M (APPELLANT) (RESPONDENT) Appellant by Sh. R. S. Ahuja, CA Respondent by Sh. Amit Katoch, SR. DR Date of Hearing 11.12.2018 Date of Pronouncement 17.12.2018 ORDER PER SUCHITRA KAMBLE, JM These three appeals are filed by the asses…

Maheshraj Chemicals Pvt.Ltd., Ahmedabad vs. The Dy.CIT., Circle-4, Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 791/AHD/2012[1999-00]Status: DisposedITAT Ahmedabad06 Dec 2018AY 1999-00

Bench: Shri Waseem Ahmed & Madhumita Royआयकर अपील सं./Ita No.791/Ahd/2012 िनधा"रण वष"/Asstt. Year: 1999-2000 Dcit, Mahesraj Chemicals Pvt. Ltd. Circle-4, Vs. 141, Phase Ii, Gidc, Vatva, Ahmedabad Ahmedabad-382330 Pan:Aabcm0424C

For Appellant: Smt Urvashi Shodhan, ARFor Respondent: Shri Vinod Talwani, Sr.DR
Section 234BSection 271Section 28Section 36Section 80H

…80HHC of the Act on DEPB income. Asstt. Year 1999-2000 2 2. Alternatively as per Taxation Laws (Amendment) Act, 2005 only profit on sale/transfer of DEPB licenses are covered u/s 28(iiid) of the Act as held by the Hon'ble Apex Court in Topman Exports vs CIT (247 CTR 353) and that would entitle the assessee to claim profit on sale/transfer of DEPB license as business profits subject to deduction u/s 80HHC of the Act. 3. Ld. CIT (A) erred in law and on facts in confirming action of AO in reducing 90% of gross interest income from business profit while computing deduction u/s 80HHC of the Act. Alternatively 90% of…