Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT

340 ITR 477High Court2012#424 most cited

What is Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT authority for?

If unabsorbed depreciation or losses from years prior to the initial assessment year for Section 80-IA claim have already been set off against other income, they cannot be notionally carried forward again to reduce the profits of the eligible unit for computing deduction under Section 80-IA. The notional carry forward provision under Section 80-IA(5) applies only to unabsorbed depreciation or losses that have not yet been absorbed.

213

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2015 to 2026.

Also referred to as

Velayudhaswamy Spinning Mills · Section 80-IA · unabsorbed depreciation · unabsorbed losses · notional carry forward · already set off · eligible business deduction · Section 80-IA(5) · initial assessment year · 340 ITR 477

Also reported as

231 CTR 36838 DTR 57

Sections most often in play

Section 143(3)Section 35DSection 40(a)(i)Section 80-IASection 80HHCSection 35(2AB)Section 147Section 148

Issues it is cited on

section 80ia(5)initial assessment yeareligible businesssection 80ia(4)deduction u/s 80iaunabsorbed depreciationsection 80iasection 80igross total incomedisallowance under section 14acapital expendituresection 80

Judgments citing Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT

Petronet Lng Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal of the assessee is allowed

ITA 5231/DEL/2015[2010-11]Status: DisposedITAT Delhi18 Mar 2021AY 2010-11

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

For Appellant: Sh. Vishal Kalra, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 14ASection 234C

…puted after deduction of the notionally brought forward losses and depreciation of the eligible business even though they were in fact set-off against other income in the earlier years 29. The Hon’ble Court of Madras in the case of VS Mills Pvt. Ltd. Vs ACIT 340 ITR 477 held that the eligible business was the only source of income, during the previous year relevant to initial assessment year and every subsequent assessment years, when the assessee exercises the option, the only losses of the years beginning from initial assessment year alone are to be brought forward and no losses of earlier years which were alr…

Petronet Lng Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal of the assessee is allowed

ITA 5230/DEL/2015[2009-10]Status: DisposedITAT Delhi18 Mar 2021AY 2009-10

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

For Appellant: Sh. Vishal Kalra, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 14ASection 234C

…puted after deduction of the notionally brought forward losses and depreciation of the eligible business even though they were in fact set-off against other income in the earlier years 29. The Hon’ble Court of Madras in the case of VS Mills Pvt. Ltd. Vs ACIT 340 ITR 477 held that the eligible business was the only source of income, during the previous year relevant to initial assessment year and every subsequent assessment years, when the assessee exercises the option, the only losses of the years beginning from initial assessment year alone are to be brought forward and no losses of earlier years which were alr…

DCIT, New Delhi vs. M/S. Petronet Lng Ltd., New Delhi

Appeal of the assessee is allowed

ITA 4904/DEL/2015[2011-12]Status: DisposedITAT Delhi18 Mar 2021AY 2011-12

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

For Appellant: Sh. Vishal Kalra, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 14ASection 234C

…puted after deduction of the notionally brought forward losses and depreciation of the eligible business even though they were in fact set-off against other income in the earlier years 29. The Hon’ble Court of Madras in the case of VS Mills Pvt. Ltd. Vs ACIT 340 ITR 477 held that the eligible business was the only source of income, during the previous year relevant to initial assessment year and every subsequent assessment years, when the assessee exercises the option, the only losses of the years beginning from initial assessment year alone are to be brought forward and no losses of earlier years which were alr…

DCIT, New Delhi vs. M/S. Petronet Lng Ltd., New Delhi

Appeal of the assessee is allowed

ITA 4903/DEL/2015[2010-11]Status: DisposedITAT Delhi18 Mar 2021AY 2010-11

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

For Appellant: Sh. Vishal Kalra, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 14ASection 234C

…puted after deduction of the notionally brought forward losses and depreciation of the eligible business even though they were in fact set-off against other income in the earlier years 29. The Hon’ble Court of Madras in the case of VS Mills Pvt. Ltd. Vs ACIT 340 ITR 477 held that the eligible business was the only source of income, during the previous year relevant to initial assessment year and every subsequent assessment years, when the assessee exercises the option, the only losses of the years beginning from initial assessment year alone are to be brought forward and no losses of earlier years which were alr…

DCIT, New Delhi vs. M/S. Petronet Lng Ltd., New Delhi

Appeal of the assessee is allowed

ITA 4902/DEL/2015[2009-10]Status: DisposedITAT Delhi18 Mar 2021AY 2009-10

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

For Appellant: Sh. Vishal Kalra, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 14ASection 234C

…puted after deduction of the notionally brought forward losses and depreciation of the eligible business even though they were in fact set-off against other income in the earlier years 29. The Hon’ble Court of Madras in the case of VS Mills Pvt. Ltd. Vs ACIT 340 ITR 477 held that the eligible business was the only source of income, during the previous year relevant to initial assessment year and every subsequent assessment years, when the assessee exercises the option, the only losses of the years beginning from initial assessment year alone are to be brought forward and no losses of earlier years which were alr…

Deputy Commissioner of Income-Tax, Circle - 8, Pune vs. M/S. Advik Hi-Tech Pvt.Ltd, Pune

In the result, appeal of the Revenue in ITA No

ITA 1790/PUN/2017[2011-12]Status: DisposedITAT Pune08 Dec 2020AY 2011-12

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm आयकर अपीऱ सं. / Ita No. 1578/Pun/2017 नििाारण वषा / Assessment Year : 2011-12 M/S. Advik Hi-Tech Pvt. Ltd. Gat No.357/99, Chakan Talegaon Road, Vill- Kharabwadi, Tal. Khed, Chakan, Pune-410 501 Pan : Aacca3106E .......अऩीऱाथी / Appellant बिाम / V/S. The Deputy Commissioner Of Income Tax, Circle-8, Pune.

For Appellant: Shri Sharad ShahFor Respondent: Shri S.P Walimbe

…her activity begins. The assessee had placed reliance vide submitting CBDT Circular No.1/2016 dated 15.02.2016 that the Board had accepted the decision of the Hon‟ble Madras High Court in the case of Velayudhaswamy Spinning Mills (P) Ltd. Vs. ACIT reported in 38 DTR 57. The Board has clarified through the Circular that the initial assessment year as mentioned in Section 80IA(5) of the Act would mean the first year opted for by the assessee for claiming deduction u/s.80IA. The deduction is allowable for 10 years from the initial assessment year chosen by the assessee out of the 15 years beginning from the year in…

M/S Advik Hi-Tech Pvt Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 8, Pune

In the result, appeal of the Revenue in ITA No

ITA 1578/PUN/2017[2011-12]Status: DisposedITAT Pune08 Dec 2020AY 2011-12

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm आयकर अपीऱ सं. / Ita No. 1578/Pun/2017 नििाारण वषा / Assessment Year : 2011-12 M/S. Advik Hi-Tech Pvt. Ltd. Gat No.357/99, Chakan Talegaon Road, Vill- Kharabwadi, Tal. Khed, Chakan, Pune-410 501 Pan : Aacca3106E .......अऩीऱाथी / Appellant बिाम / V/S. The Deputy Commissioner Of Income Tax, Circle-8, Pune.

For Appellant: Shri Sharad ShahFor Respondent: Shri S.P Walimbe

…her activity begins. The assessee had placed reliance vide submitting CBDT Circular No.1/2016 dated 15.02.2016 that the Board had accepted the decision of the Hon‟ble Madras High Court in the case of Velayudhaswamy Spinning Mills (P) Ltd. Vs. ACIT reported in 38 DTR 57. The Board has clarified through the Circular that the initial assessment year as mentioned in Section 80IA(5) of the Act would mean the first year opted for by the assessee for claiming deduction u/s.80IA. The deduction is allowable for 10 years from the initial assessment year chosen by the assessee out of the 15 years beginning from the year in…

ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Company Pvt. Ltd, Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1194/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2013-14

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and
Section 10ASection 143(2)Section 143(3)Section 2Section 263

…gainst other income in earlier years. However it is seen that, this was done since at that time, the year of commencement of business was considered as the initial Asst. year. The Hon'ble Madras High Court in the case of Velayudhaswamy Spinning Mills vs. ACIT 340 ITR 463, decided a similar issue in favour of the appellant on an identical issue. The decision in the case ofSadbhav Engineering Ltd. vs DC/7 in ITA No. 610/Ahd/2008, 1834 & 2054/Ahd/2009 1835 & 2Q55/Ahd/2009 and 2053/Ahd/2009, wherein the Hon. Tribunal has held as under- " We find that section 801A of the Act which has been substituted with effect fro…

ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Company Pvt. Ltd, Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1193/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2012-13

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and
Section 10ASection 143(2)Section 143(3)Section 2Section 263

…gainst other income in earlier years. However it is seen that, this was done since at that time, the year of commencement of business was considered as the initial Asst. year. The Hon'ble Madras High Court in the case of Velayudhaswamy Spinning Mills vs. ACIT 340 ITR 463, decided a similar issue in favour of the appellant on an identical issue. The decision in the case ofSadbhav Engineering Ltd. vs DC/7 in ITA No. 610/Ahd/2008, 1834 & 2054/Ahd/2009 1835 & 2Q55/Ahd/2009 and 2053/Ahd/2009, wherein the Hon. Tribunal has held as under- " We find that section 801A of the Act which has been substituted with effect fro…

M/S. Zaveri & Co. Pvt. Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax, Circle-4(1)(2), Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1081/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2013-14

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and
Section 10ASection 143(2)Section 143(3)Section 2Section 263

…gainst other income in earlier years. However it is seen that, this was done since at that time, the year of commencement of business was considered as the initial Asst. year. The Hon'ble Madras High Court in the case of Velayudhaswamy Spinning Mills vs. ACIT 340 ITR 463, decided a similar issue in favour of the appellant on an identical issue. The decision in the case ofSadbhav Engineering Ltd. vs DC/7 in ITA No. 610/Ahd/2008, 1834 & 2054/Ahd/2009 1835 & 2Q55/Ahd/2009 and 2053/Ahd/2009, wherein the Hon. Tribunal has held as under- " We find that section 801A of the Act which has been substituted with effect fro…

DCIT Corporate Circle 2(1), Chennai vs. The India Cements Ltd., Chennai

In the result, the appeal of the Revenue in I

ITA 2416/CHNY/2019[2016-17]Status: DisposedITAT Chennai12 Dec 2019AY 2016-17

Bench: Shri George Mathan & Shri S. Jayaraman

For Respondent: Mr. Saroj Kumar, Advocate

…आयकर अपीलीय अधिकरण, ‘डी’ न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI श्री जॉजज माथन, न्याधयक सदस्य एवं श्री श्री एस. जयरामन, लेखा सदस्य के समक्ष BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER ITA Nos.2412, 2413, 2414, 2415 & 2416/Chny/2019 Assessment Years: 2011-12, 2012-13, 2014-15, 2015-16 & 2016-17 The Deputy Commissioner of Income M/s. The India Cements Limited, Tax, Corporate Circle-2(1), No.827, Dhun Building, Room No.511,5th Floor, Vs. Anna Salai, Wanaparthy Block, Chennai – 600 002. 121, Mahatma Gandhi Road, Nungambakkam, Chennai – 600 034…

DCIT Corporate Circle 2(1), Chennai vs. The India Cements Ltd., Chennai

In the result, the appeal of the Revenue in I

ITA 2415/CHNY/2019[2015-16]Status: DisposedITAT Chennai12 Dec 2019AY 2015-16

Bench: Shri George Mathan & Shri S. Jayaraman

For Respondent: Mr. Saroj Kumar, Advocate

…आयकर अपीलीय अधिकरण, ‘डी’ न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI श्री जॉजज माथन, न्याधयक सदस्य एवं श्री श्री एस. जयरामन, लेखा सदस्य के समक्ष BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER ITA Nos.2412, 2413, 2414, 2415 & 2416/Chny/2019 Assessment Years: 2011-12, 2012-13, 2014-15, 2015-16 & 2016-17 The Deputy Commissioner of Income M/s. The India Cements Limited, Tax, Corporate Circle-2(1), No.827, Dhun Building, Room No.511,5th Floor, Vs. Anna Salai, Wanaparthy Block, Chennai – 600 002. 121, Mahatma Gandhi Road, Nungambakkam, Chennai – 600 034…

DCIT Corporate Circle 2(1), Chennai vs. The India Cements Ltd., Chennai

In the result, the appeal of the Revenue in I

ITA 2414/CHNY/2019[2014-15]Status: DisposedITAT Chennai12 Dec 2019AY 2014-15

Bench: Shri George Mathan & Shri S. Jayaraman

For Respondent: Mr. Saroj Kumar, Advocate

…आयकर अपीलीय अधिकरण, ‘डी’ न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI श्री जॉजज माथन, न्याधयक सदस्य एवं श्री श्री एस. जयरामन, लेखा सदस्य के समक्ष BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER ITA Nos.2412, 2413, 2414, 2415 & 2416/Chny/2019 Assessment Years: 2011-12, 2012-13, 2014-15, 2015-16 & 2016-17 The Deputy Commissioner of Income M/s. The India Cements Limited, Tax, Corporate Circle-2(1), No.827, Dhun Building, Room No.511,5th Floor, Vs. Anna Salai, Wanaparthy Block, Chennai – 600 002. 121, Mahatma Gandhi Road, Nungambakkam, Chennai – 600 034…

DCIT Corporate Circle 2(1), Chennai vs. The India Cements Ltd., Chennai

In the result, the appeal of the Revenue in I

ITA 2413/CHNY/2019[2012-13]Status: DisposedITAT Chennai12 Dec 2019AY 2012-13

Bench: Shri George Mathan & Shri S. Jayaraman

For Respondent: Mr. Saroj Kumar, Advocate

…आयकर अपीलीय अधिकरण, ‘डी’ न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI श्री जॉजज माथन, न्याधयक सदस्य एवं श्री श्री एस. जयरामन, लेखा सदस्य के समक्ष BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER ITA Nos.2412, 2413, 2414, 2415 & 2416/Chny/2019 Assessment Years: 2011-12, 2012-13, 2014-15, 2015-16 & 2016-17 The Deputy Commissioner of Income M/s. The India Cements Limited, Tax, Corporate Circle-2(1), No.827, Dhun Building, Room No.511,5th Floor, Vs. Anna Salai, Wanaparthy Block, Chennai – 600 002. 121, Mahatma Gandhi Road, Nungambakkam, Chennai – 600 034…

DCIT Corporate Circle 2(1), Chennai vs. The India Cements Ltd., Chennai

In the result, the appeal of the Revenue in I

ITA 2412/CHNY/2019[2011-12]Status: DisposedITAT Chennai12 Dec 2019AY 2011-12

Bench: Shri George Mathan & Shri S. Jayaraman

For Respondent: Mr. Saroj Kumar, Advocate

…आयकर अपीलीय अधिकरण, ‘डी’ न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI श्री जॉजज माथन, न्याधयक सदस्य एवं श्री श्री एस. जयरामन, लेखा सदस्य के समक्ष BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER ITA Nos.2412, 2413, 2414, 2415 & 2416/Chny/2019 Assessment Years: 2011-12, 2012-13, 2014-15, 2015-16 & 2016-17 The Deputy Commissioner of Income M/s. The India Cements Limited, Tax, Corporate Circle-2(1), No.827, Dhun Building, Room No.511,5th Floor, Vs. Anna Salai, Wanaparthy Block, Chennai – 600 002. 121, Mahatma Gandhi Road, Nungambakkam, Chennai – 600 034…

Deputy Commissioner of Income-Tax, Pune vs. M/S. Advik Hi-Tech Pvt. Ltd., Pune

In the result, the appeal of Revenue is dismissed

ITA 1197/PUN/2017[2012-13]Status: DisposedITAT Pune16 Oct 2019AY 2012-13

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

For Appellant: Shri Sharad ShahFor Respondent: Ms. Nandita Kanchan
Section 14Section 143(3)Section 14ASection 41(1)Section 80I

…ee by observing as under : “5.2. During the appeal proceedings, the appellant submitted that that the CBDT vide circular NO.1/2016 dtd.15/2/2016 had accepted the' decision of the Madras High Court of Velayudhaswamy Spinning Mills (P) Ltd Vs. ACIT reported in 38 DTR 57. The Board has clarified through the circular that the initial assessment year as mentioned in sec.80IA(5) would mean the first year opted for by the assessee for claiming deduction u/s 80IA. The deduction is allowable for 10 years from the initial assessment year show chosen by the assessee out of the 15 years beginning from the year in which unde…

ACIT 2(1), Mumbai vs. Bajaj Electricals Ltd, Mumbai

In the result the appeals, of the assessee and Revenue, are partly allowed as indicated above

ITA 3811/MUM/2012[2008-09]Status: DisposedITAT Mumbai14 Oct 2019AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri M Balaganesh, Am आयकर अपील सुं./ Ita No. 3892/Mum/2011 (यिर्ाारण वर्ा / Assessment Years 2007-08) आयकर अपील सुं./ Ita No. 3789/Mum/2012 (यिर्ाारण वर्ा / Assessment Years 2008-09) Bajaj Electricals Limited The Asst. Commissioner Of 45/47, Bombay Lite Income Tax, (Osd), 2(1), बनाम/ Building, Veer Nariman Aayakar Bhavan, M.K. Road, Vs. Road, Fort Mumbai-400 001 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacb2484Q आयकर अपील सुं./ Ita No. 4516/Mum/2011 (यिर्ाारण वर्ा / Assessment Years 2007-08) आयकर अपील सुं./ Ita No. 3811/Mum/2012 (यिर्ाारण वर्ा / Assessment Years 2008-09) The Asst. Commissioner Of Bajaj Electricals Limited Income Tax, (Osd), 2(1), 45/47, Bombay Lite Building, बनाम/ Aayakar Bhavan, M.K. Road, Veer Nariman Road, Fort Vs. Mumbai-400 020 Mumbai-400 001 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacb2484Q

For Appellant: S/Shri Nitesh JoshiFor Respondent: Shri Sanjay Singh
Section 10(15)Section 143(3)Section 14A

…tion under section 80IA of the Act for the first time in AY 2005-06 which is initially assessment year in term of the section. The CIT(A) following the decision of Hon’ble Madrass High court in the case of Velayuthasamy Spinning Mills (P) Ltd., Vs ACIT (2010) 231 CTR 368 allowed the claim of the assessee by observing in para 5 as under: - “5. I have carefully considered the above submissions of the Ld. Counsel of the appellant and the facts of the case. Section 80IA has bene amended by the Finance Act, 1999 w.e.f 1/4/2000. Prior to its amendment, for the purpose of this section, “initial assessment year” was defi…

Asst CIT 2(1), Mumbai vs. Bajaj Electricals Ltd, Mumbai

In the result the appeals, of the assessee and Revenue, are partly allowed as indicated above

ITA 4516/MUM/2011[2007-08]Status: DisposedITAT Mumbai14 Oct 2019AY 2007-08

Bench: Sri Mahavir Singh, Jm & Sri M Balaganesh, Am आयकर अपील सुं./ Ita No. 3892/Mum/2011 (यिर्ाारण वर्ा / Assessment Years 2007-08) आयकर अपील सुं./ Ita No. 3789/Mum/2012 (यिर्ाारण वर्ा / Assessment Years 2008-09) Bajaj Electricals Limited The Asst. Commissioner Of 45/47, Bombay Lite Income Tax, (Osd), 2(1), बनाम/ Building, Veer Nariman Aayakar Bhavan, M.K. Road, Vs. Road, Fort Mumbai-400 001 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacb2484Q आयकर अपील सुं./ Ita No. 4516/Mum/2011 (यिर्ाारण वर्ा / Assessment Years 2007-08) आयकर अपील सुं./ Ita No. 3811/Mum/2012 (यिर्ाारण वर्ा / Assessment Years 2008-09) The Asst. Commissioner Of Bajaj Electricals Limited Income Tax, (Osd), 2(1), 45/47, Bombay Lite Building, बनाम/ Aayakar Bhavan, M.K. Road, Veer Nariman Road, Fort Vs. Mumbai-400 020 Mumbai-400 001 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacb2484Q

For Appellant: S/Shri Nitesh JoshiFor Respondent: Shri Sanjay Singh
Section 10(15)Section 143(3)Section 14A

…tion under section 80IA of the Act for the first time in AY 2005-06 which is initially assessment year in term of the section. The CIT(A) following the decision of Hon’ble Madrass High court in the case of Velayuthasamy Spinning Mills (P) Ltd., Vs ACIT (2010) 231 CTR 368 allowed the claim of the assessee by observing in para 5 as under: - “5. I have carefully considered the above submissions of the Ld. Counsel of the appellant and the facts of the case. Section 80IA has bene amended by the Finance Act, 1999 w.e.f 1/4/2000. Prior to its amendment, for the purpose of this section, “initial assessment year” was defi…

Bajaj Electricals Ltd, Mumbai vs. Asst CIT (OSD) 2(1), Mumbai

In the result the appeals, of the assessee and Revenue, are partly allowed as indicated above

ITA 3892/MUM/2011[2007-08]Status: DisposedITAT Mumbai14 Oct 2019AY 2007-08

Bench: Sri Mahavir Singh, Jm & Sri M Balaganesh, Am आयकर अपील सुं./ Ita No. 3892/Mum/2011 (यिर्ाारण वर्ा / Assessment Years 2007-08) आयकर अपील सुं./ Ita No. 3789/Mum/2012 (यिर्ाारण वर्ा / Assessment Years 2008-09) Bajaj Electricals Limited The Asst. Commissioner Of 45/47, Bombay Lite Income Tax, (Osd), 2(1), बनाम/ Building, Veer Nariman Aayakar Bhavan, M.K. Road, Vs. Road, Fort Mumbai-400 001 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacb2484Q आयकर अपील सुं./ Ita No. 4516/Mum/2011 (यिर्ाारण वर्ा / Assessment Years 2007-08) आयकर अपील सुं./ Ita No. 3811/Mum/2012 (यिर्ाारण वर्ा / Assessment Years 2008-09) The Asst. Commissioner Of Bajaj Electricals Limited Income Tax, (Osd), 2(1), 45/47, Bombay Lite Building, बनाम/ Aayakar Bhavan, M.K. Road, Veer Nariman Road, Fort Vs. Mumbai-400 020 Mumbai-400 001 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacb2484Q

For Appellant: S/Shri Nitesh JoshiFor Respondent: Shri Sanjay Singh
Section 10(15)Section 143(3)Section 14A

…tion under section 80IA of the Act for the first time in AY 2005-06 which is initially assessment year in term of the section. The CIT(A) following the decision of Hon’ble Madrass High court in the case of Velayuthasamy Spinning Mills (P) Ltd., Vs ACIT (2010) 231 CTR 368 allowed the claim of the assessee by observing in para 5 as under: - “5. I have carefully considered the above submissions of the Ld. Counsel of the appellant and the facts of the case. Section 80IA has bene amended by the Finance Act, 1999 w.e.f 1/4/2000. Prior to its amendment, for the purpose of this section, “initial assessment year” was defi…

Assistant Commissioner of Income-Tax, Circle - 7, Pune vs. L.B. Kunjir, Pune

In the result, all the three appeals by the Revenue are dismissed

ITA 76/PUN/2019[2012-13]Status: DisposedITAT Pune27 Aug 2019AY 2012-13

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Nikhil PathakFor Respondent: Shri N. Ashok Babu
Section 143(3)Section 80I

…missioner of Income Tax (Appeals) has granted relief to the assessee by following the decision of Tribunal and the decision of Hon’ble Madras High Court in the case of Velayudhaswamy Spinning Mills (P) Ltd. Vs. Assistant Commissioner of Income Tax reported as 340 ITR 477. 5. On the other hand Shri N. Ashok Babu representing the Department vehemently defended the impugned order. The ld. DR submitted that the Department has filed appeal against the order of Tribunal in the case of D.J. Malpani Vs. ACIT (supra). 6. We have heard the submissions made by representatives of rival sides and have perused the orders of a…