Tricom India Limited v. ACIT

Pragati Aroma Oil Distillers (P) Ltd, Mumbai vs. DCIT 4(3), Mumbai

In the result appeal of the assessee is partly allowed and appeal of the Revenue stood dismissed

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.923/Mum/2016 (नििाारण वर्ा / Assessment Year: 2011-12) बिाम/ Pragati Aroma Oil Distillers Dcit 4(3) (P) Ltd., 206 Anand Bhavan, R.No. 649, 6 T H Floor, 17 Babugenu Road, Aaykar Bhavan, V. Princess Street, M K Road, Marine Lines, Mumbai-400020 Mumbai 400002 स्थायी ऱेखा सं./ Pan : Aaacp2213P (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…arnings. The learned CIT-A followed the decision of Hon‟ble Madras High Court in the case of International Components India Limited (2015) 59 taxmann.com 32(Mad.) and also decision of ITAT ,Mumbai in the case of Tricom India Limited v. ACIT reported in (2010) 36 SOT 302 and consequently the claim of the assessee was rejected by learned CIT(A) . 13. Aggrieved by the appellate decision of learned CIT(A), both the assessee and the revenue have come in an appeal before the tribunal . With respect to the claim of assessee for grant of depreciation @80% on the civil construction work w.r.t. windmill , it was brought…

DCIT 8(3), Mumbai vs. Syntel Ltd, Mumbai

In the result, the appeal filed by Revenue is dismissed

Bench: Shri Shailendra Kumar Yadav & Shri Rajesh Kumar.

…e same cannot be construed as profits derived from an Industrial undertaking and hence would not be eligible for deduction u/s.10A/10B of the Act, which ratio has been followed by the Hon'ble ITAT, 'E' Bench, Mumbai in the case of Tricorn India Ltd. vs. ACIT (36 SOT 302)( A.Y. 200607) and in the subsequent A.Y. 2007-08 in the same case by ITAT, "K" Bench, Mumbai [ITA No.8058/Mum/ 2011 (order dated 03.05.2013)]." (iii) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in allowing the interest income from EEFC Accounts as profits eligible for deductions u/s. 10A/10B of the Act…

D.C.I.T. RG.8(3), Mumbai vs. State Street Syntel Services Pvt. Ltd., Mumbai

In the result, the Revenue’s appeal for assessment year 2007-08

…n it is held that certain income may constitute profit from business under section 28 but it cannot be construed as profits derived from Industrial undertaking and the decision of Hon'ble ITAT, 'E' Bench, Mumbai, in the case of Tricom India Limited vs. 'ACIT (36 SOT 302) wherein it is held that interest income is not eligible for deduction u/s.10A/10B". The Appellant prays that the order of the CIT(A) on the above ground be set aside and that of the ITO/ACIT/DCIT be restored. The Appellant craves leave to amend or alter any grounds or add a new ground which may be necessary.” 3.1.2 The Ld. Departmental Representa…

Shreeji Jewellery Designs Ltd, Mumbai vs. ACIT., Cir.-8(3), Mumbai

In the result, the appeal of the assessee i

Bench: Shri Rajendra & Shri Sanjay Gargआयकर अपील सं./Ita Nos.430 & 431/M/2013 ("नधा"रण वष" "नधा"रण वष" "नधा"रण वष" / Assessment Years: 2008-09 & 2009-10) "नधा"रण वष" M/S. Neysa Jewellery Ltd., Asst. Comm. Of Income (Ultimate Successor Of M/S. Tax, Shreeji Jewellery Designs), Circle 15(1), बनाम/Vs. बनाम बनाम बनाम Plot No.Gj-11, Seepz It Aayakar Bhavan, Andheri (East), M.K. Road, Mumbai – 400 020 Mumbai – 400 020 Pan: Aaecs 1821J (अपीलाथ"/Appellant) (""यथ"/Respondent) Present For: Assessee By : Shri I.P. Rathi, A.R. Revenue By : Shri B.S.N. Raju, D.R. सुनवाई क" तार"ख/Date Of Hearing : 12.11.2015 घोषणा क" तार"ख /Date Of Pronouncement : 30.12.2015 आदेश / O R D E R

…rtaking and hence, was not eligible for deduction u/s 10A. The Madras High Court has followed its own judgment in the case of Menon Impex Pvt. Ltd. 259 ITR 403. This issue is also covered by the decision of the Mumbai Tribunal in the case of Tricom India Ltd. 36 SOT 302. However; with regard to the claim of setting off expenses against the said income, the AO is directed to follow the ratio of decision of the Supreme Court in the case of ACG Associated Capsules P. Ltd. cited supra, and allow interest income having direct nexus with the interest income". 5. It is clear from the finding of CIT(A) that the AO was d…

Shreeji Jewellery Designs, Mumbai vs. ACIT., Cir.-15(1), Mumbai

In the result, the appeal of the assessee i

Bench: Shri Rajendra & Shri Sanjay Gargआयकर अपील सं./Ita Nos.430 & 431/M/2013 ("नधा"रण वष" "नधा"रण वष" "नधा"रण वष" / Assessment Years: 2008-09 & 2009-10) "नधा"रण वष" M/S. Neysa Jewellery Ltd., Asst. Comm. Of Income (Ultimate Successor Of M/S. Tax, Shreeji Jewellery Designs), Circle 15(1), बनाम/Vs. बनाम बनाम बनाम Plot No.Gj-11, Seepz It Aayakar Bhavan, Andheri (East), M.K. Road, Mumbai – 400 020 Mumbai – 400 020 Pan: Aaecs 1821J (अपीलाथ"/Appellant) (""यथ"/Respondent) Present For: Assessee By : Shri I.P. Rathi, A.R. Revenue By : Shri B.S.N. Raju, D.R. सुनवाई क" तार"ख/Date Of Hearing : 12.11.2015 घोषणा क" तार"ख /Date Of Pronouncement : 30.12.2015 आदेश / O R D E R

…rtaking and hence, was not eligible for deduction u/s 10A. The Madras High Court has followed its own judgment in the case of Menon Impex Pvt. Ltd. 259 ITR 403. This issue is also covered by the decision of the Mumbai Tribunal in the case of Tricom India Ltd. 36 SOT 302. However; with regard to the claim of setting off expenses against the said income, the AO is directed to follow the ratio of decision of the Supreme Court in the case of ACG Associated Capsules P. Ltd. cited supra, and allow interest income having direct nexus with the interest income". 5. It is clear from the finding of CIT(A) that the AO was d…