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 367,154 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

Joint Commissioner of Income-Tax (OSD), Circle -7, Pune vs. M/S. L.B. Kunjir, Pune

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

ITA 7/PUN/2018[2014-15]Status: DisposedITAT Pune27 Aug 2019AY 2014-15

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…

Deputy Commissioner of Income-Tax, Circle - 7, Pune vs. M/S. L.B. Kunjir, Pune

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

ITA 2614/PUN/2017[2013-14]Status: DisposedITAT Pune27 Aug 2019AY 2013-14

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…

Assistant Commissioner of Income-Tax, Pune vs. Sanghvi Movers Ltd., Pune

In the result, the appeal of Revenue is dismissed

ITA 1193/PUN/2017[2012-13]Status: DisposedITAT Pune26 Aug 2019AY 2012-13

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

For Appellant: Shri Aniruddha AsgokarFor Respondent: Shri Vilas Munde
Section 80I

…ht forward losses of earlier years against income from the eligible business. The issue is now well settled by the judgment 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. The assessee’s claim of deduction u/s. 80IA(5) was denied in assessment year 2010-11, as well. The Commissioner of Income Tax (Appeals) allowed assessee’s claim. The Revenue carried the issue in appeal before the Tribunal in ITA No. 2259/PUN/2014. The Tribunal vide order dated 23-08-2017 dismissed the appeal of Revenue and held that the assessee…

The Dy. Commissioner of Income Tax, Circle-2(1)(1`), Ahmedabad vs. M/S. Gujarat Ambuja Exports Ltd., Ahmedabad

In the result, appeals of the Revenue and CO of the assessee; all are dismissed

ITA 2037/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad23 Aug 2019AY 2013-14

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kedia

For Appellant: Shri S.K. Dev, Sr.DRFor Respondent: Shri Tushar P. Hemani, AR
Section 143(2)Section 80I

…sidered for set off against the eligible profit and loss, if any, incurred in the prior year to “initial assessment year” must be ignored. For this proposition, judgment of Hon’ble Madras High Court in the case of CIT Vs. Velayudhaswamy Spinning Mills P.Ltd., 340 ITR 477 (Mad) was relied upon. The ld.CIT(A) has accepted the claim of the assessee and held that unabsorbed depreciation or loss of the years prior to initial assessment year are not required to be set off against the eligible profits and thus the assessee is entitled for deduction under section 80IA on the enhanced amount. 6. Against this decision of…

The DCIT, Circle- 2(1)(1), Ahmedabad vs. M/S. Gujarat Ambuja Exports Limited, Ahmedabad

In the result, appeals of the Revenue and CO of the assessee; all are dismissed

ITA 3233/AHD/2015[2012-13]Status: DisposedITAT Ahmedabad23 Aug 2019AY 2012-13

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kedia

For Appellant: Shri S.K. Dev, Sr.DRFor Respondent: Shri Tushar P. Hemani, AR
Section 143(2)Section 80I

…sidered for set off against the eligible profit and loss, if any, incurred in the prior year to “initial assessment year” must be ignored. For this proposition, judgment of Hon’ble Madras High Court in the case of CIT Vs. Velayudhaswamy Spinning Mills P.Ltd., 340 ITR 477 (Mad) was relied upon. The ld.CIT(A) has accepted the claim of the assessee and held that unabsorbed depreciation or loss of the years prior to initial assessment year are not required to be set off against the eligible profits and thus the assessee is entitled for deduction under section 80IA on the enhanced amount. 6. Against this decision of…

The DCIT, Circle-4, Ahmedabad vs. M/S. Gujarat Ambuja Exports Limited, Ahmedabad

In the result, appeals of the Revenue and CO of the assessee; all are dismissed

ITA 2490/AHD/2014[2011-12]Status: DisposedITAT Ahmedabad23 Aug 2019AY 2011-12

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kedia

For Appellant: Shri S.K. Dev, Sr.DRFor Respondent: Shri Tushar P. Hemani, AR
Section 143(2)Section 80I

…sidered for set off against the eligible profit and loss, if any, incurred in the prior year to “initial assessment year” must be ignored. For this proposition, judgment of Hon’ble Madras High Court in the case of CIT Vs. Velayudhaswamy Spinning Mills P.Ltd., 340 ITR 477 (Mad) was relied upon. The ld.CIT(A) has accepted the claim of the assessee and held that unabsorbed depreciation or loss of the years prior to initial assessment year are not required to be set off against the eligible profits and thus the assessee is entitled for deduction under section 80IA on the enhanced amount. 6. Against this decision of…

M/S Manish Finlease (P) Ltd, Patna vs. ITO, Ward-2(1), Patna

ITA 25/PAT/2019[2010-11]Status: DisposedITAT Patna09 Aug 2019AY 2010-11

Bench: Shri Chandra Mohan Garg & Laxmi Prasad Sahuassessment Year : 2010-2011 Manish Finlease Pvt Ltd., Vs. Ito, Ward 2(1), Patna Chandi House Exhibition Road, Patna Pan/Gir No.Aaccm 6252 B (Appellant) .. ( Respondent) Assessee By : Shri A.K.Rastogi & Rakesh Kumar, Ars Revenue By : Shri Indrajeet Singh, Dr Date Of Hearing : 20/06/ 2019 Date Of Pronouncement : 09/08/ 2019 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of The Cit(A)-1, Patna Dated 27.9.2018 For The Assessment Year 2010-2011. 2. The Appeal Filed By The Assessee Is Delayed By 51 Days. The Assessee Has Filed Application For Condonation Of Delay Stating The Reasons For Not Filing The Appeal In Time Before The Tribunal. After Hearing The Submissions Of The Parties, We Are Satisfied That The Assessee Had A Bonafide Reason For Not Filing The Appeal In Time. Therefore, We Condone The Delay & Proceed To Decide The Appeal Of The Assessee On Merits.

For Appellant: Shri A.K.Rastogi & Rakesh Kumar, ARsFor Respondent: Shri Indrajeet Singh, DR
Section 133(6)Section 143(2)Section 143(3)Section 147Section 148(1)Section 68

…` IN THE INCOME TAX APPELLATE TRIBUNAL, PATNA BENCH, PATNA BEFORE SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER AND LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Assessment Year : 2010-2011 Manish Finlease Pvt Ltd., Vs. ITO, Ward 2(1), Patna Chandi House Exhibition Road, Patna PAN/GIR No.AACCM 6252 B (Appellant) .. ( Respondent) Assessee by : Shri A.K.Rastogi & Rakesh Kumar, ARs Revenue by : Shri Indrajeet Singh, DR Date of Hearing : 20/06/ 2019 Date of Pronouncement : 09/08/ 2019 O R D E R Per Bench This is an appeal filed by the assessee against the order of the CIT(A)-1, Patna dated 27.9.2018 for the assessment year 2010-2…

Assistant Commissioner of Income Tax, Pune vs. M/S. Damodar Jaganath Malpani, Sangamner

In the result the appeal of Revenue is dismissed

ITA 1374/PUN/2017[2013-14]Status: DisposedITAT Pune01 Aug 2019AY 2013-14

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

For Appellant: Shri Nikhil PathakFor Respondent: Mrs. Nanditha Kanchan
Section 143(3)Section 80I

…cision of Coordinate Bench of the Tribunal in the case of Poonawala Estate Stud & Agro Farm Pvt. Ltd. reported in 136 TTJ (Pune) 236 and also following the judgment of Hon'ble Madras High Court in the case of Velayudhaswamy Spinning Mills Pvt. Ltd reported in 340 ITR 477. As such, Ld. DR could not bring any contrary decision on the issue under consideration. Thus, the initial assessment year constitutes the assessment year in which the deduction u/s.80IA of the Act is first claimed by the assessee after exercising his option as per the provisions of Section 80IA(2) of the Act. Therefore, we are of the opinion tha…

Deputy Commissioner of Income Tax, Pune vs. Shri Gautam B. Ladkat, Pune

In the result, the appeal of Revenue in ITA No

ITA 1360/PUN/2017[2013-14]Status: DisposedITAT Pune01 Aug 2019AY 2013-14

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita Nos.1358/Pun/2017 "नधा"रण वष" / Assessment Year : 2013-14

For Appellant: Shri Sharad ShahFor Respondent: Shri Pankaj Garg
Section 143(3)Section 80ISection 80l

…Supreme Court dismissed the Special Leave Petition filed in the case of CIT Vs. Best Corporation Ltd.(supra.), wherein the High Court held that since it had consistently followed decision in the case of Velayudhaswamy Spinning Mills (P.) ltd. Vs. ACIT (2012) 340 ITR 477 (Mad) and on the basis of said decision CBDT had issued Circular No.1 of 2016, dated 15.02.2016 clarifying term 'initial assessment year' in section 80IA(5) of the Act, order of Tribunal holding that assessee was entitled to deduction against other business income was deserved to be upheld. 40. The CBDT vide Circular No.1/2016, dated 1502.2016 ha…

Deputy Commissioner of Income Tax, Pune vs. Shri Sameer B. Ladkar, Pune

In the result, the appeal of Revenue in ITA No

ITA 1358/PUN/2017[2013-14]Status: DisposedITAT Pune01 Aug 2019AY 2013-14

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita Nos.1358/Pun/2017 "नधा"रण वष" / Assessment Year : 2013-14

For Appellant: Shri Sharad ShahFor Respondent: Shri Pankaj Garg
Section 143(3)Section 80ISection 80l

…Supreme Court dismissed the Special Leave Petition filed in the case of CIT Vs. Best Corporation Ltd.(supra.), wherein the High Court held that since it had consistently followed decision in the case of Velayudhaswamy Spinning Mills (P.) ltd. Vs. ACIT (2012) 340 ITR 477 (Mad) and on the basis of said decision CBDT had issued Circular No.1 of 2016, dated 15.02.2016 clarifying term 'initial assessment year' in section 80IA(5) of the Act, order of Tribunal holding that assessee was entitled to deduction against other business income was deserved to be upheld. 40. The CBDT vide Circular No.1/2016, dated 1502.2016 ha…

Kirloskar Oil Engines Ltd., Pune vs. Additional Commissioner of Income-Tax

In the result, the appeal of Revenue is partly allowed for statistical purpose in the terms aforesaid

ITA 1831/PUN/2014[2009-10]Status: DisposedITAT Pune17 Jul 2019AY 2009-10

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

For Appellant: Shri C.H. NaniwadekarFor Respondent: Shri Sudhendu Das
Section 14Section 14A

…ness are required to be set off against the income of eligible business only. The issue is squarely covered by 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, which has been subsequently followed by the Pune Bench of Tribunal in the case of Poonawalla Estate Stud & Agro Farm (P) Ltd. Vs. Assistant Commissioner of Income Tax reported as 136 TTJ 236. 10.5 In respect of ground No. 8 the ld. AR submitted that the Revenue has assailed the findings of Commissioner of Income Tax (Appeals) in allowing benefit…

Echjay Industries P.Ltd, Mumbai vs. Asst CIT Cen Cir 45, Mumbai

Appeals are allowed

ITA 5245/MUM/2017[2006-07]Status: DisposedITAT Mumbai17 Jul 2019AY 2006-07

Bench: : Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm Assessment Year :2006-07) Assessment Year :2010-11) Assessment Year :2011-12) Assessment Year :2012-13) Assessment Year :2013-14) Assessment Year :2014-15) Assessment Year :2010-11) & Assessment Year :2012-13) M/S. Echjay Industries Pvt. Ltd. M/S. Echjay Industries Pvt. Vs. Asst. Commissioner Of Ltd., Income Tax, Central Circle- 83, Bajaj Bhavan 45,/Dy.Commissioner Of Nariman Point Income Tax-Circle 8(2) Mumbai – 400 023 Mumbai, Aayakar Bhavan Mumbai – 400 020 Pan/Gir No. : Aaace1157B (Appellant) .. (Respondent)

For Appellant: Shri N.R. RaoFor Respondent: Shri Sachchidanand Dube
Section 143(3)Section 147

…off the brought forward depreciation loss from such eligible unit, there was no profit left with the assessee in such eligible unit. Later when the decision of Hon’ble Madras High Court in the case of Velayuthaswamy Spinning Mills Pvt Ltd vs ACIT reported in 340 ITR 477 (Mad) and CIT vs Defree Engineering Pvt Ltd reported in 77 Taxmann.com 11 (Mad) came and got widely discussed in the public forum, the assessee thought it fit to make a claim before the ld CITA. Their Lordships of Hon’ble Madras High Court held that when the units eligible for deduction u/s 80IA of the Act , if the carried forward depreciation lo…

M/S Micro Turners, Chandigarh vs. ACIT, Chandigarh

In the result, the appeal of the assessee is treated as partly allowed

ITA 445/CHANDI/2017[2013-14]Status: DisposedITAT Chandigarh16 Jul 2019AY 2013-14

Bench: Shri N.K. Saini & Shrisanjay Gargआयकरअपीलसं./Ita No. 445/Chd/2017 "नधा"रणवष" / Assessment Year : 2013-14

For Appellant: Sh. T.N. Singla, CAFor Respondent: Sh. Manjit Singh, Sr. DR
Section 80Section 80I

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ, “बी ” च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, ‘B’, CHANDIGARH "ी एन. के. सैनी, उपा"य" एवं "ी संजय गग", "या"यक सद"य BEFORE SHRI N.K. SAINI, VICE PRESIDENT & SHRISANJAY GARG, JUDICIAL MEMBER आयकरअपीलसं./ITA No. 445/CHD/2017 "नधा"रणवष" / Assessment Year : 2013-14 M/s Micro Towers, Vs. The ACIT, Circle 2(1), SCO 80-81, Chandigarh बनाम Fourth Floor, Sector 17-C, Chandigarh "थायीलेखासं./PAN NO: AABFM5301M अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे/Assessee by : Sh. T.N. Singla, CA राज"वक"ओरसे/ Revenue by : Sh. Manjit Singh, Sr. DR सुनवाईक"तार"ख/Date of…

Deputy Commissioner of Income Tax vs. Sameer B.Ladkat, Pune

In the result, appeal of the Revenue in ITA No

ITA 178/PUN/2017[2012-13]Status: DisposedITAT Pune26 Jun 2019AY 2012-13

Bench: Shri Anil Chaturvedi, Am & Shri Partha Sarathi Chaudhury, Jm आयकर अपीऱ सं. / Ita No.177/Pun/2017 नििाारण वषा / Assessment Year : 2012-13 The Deputy Commissioner Of Income Tax, Circle-7, Pune. .......अऩीऱाथी / Appellant बिाम / V/S. Shri Gautam B. Ladkat, 36, Somwar Peth, Pune-411 011. Pan :Aafpl4838C ……प्रत्यथी / Respondent

For Appellant: Shri Sharad ShahFor Respondent: Shri Vishwas Mundhe
Section 143(2)Section 143(3)Section 80I

…Supreme Court dismissed the Special Leave Petition filed in the case of CIT Vs. Best Corporation Ltd.(supra.), wherein the High Court held that since it had consistently followed decision in the case of Velayudhaswamy Spinning Mills (P.) ltd. Vs. ACIT (2012) 340 ITR 477 (Mad) and on the basis of said decision CBDT had issued Circular No.1 of 2016, dated 15.02.2016 clarifying term 'initial assessment year' in section 80IA(5) of the Act, order of Tribunal holding that assessee was entitled to deduction under section 80IA of the Act without setting off losses/unabsorbed depreciation pertaining to windmill, which we…

Deputy Commissioner of Income Tax vs. Gautam B.Ladkat, Pune

In the result, appeal of the Revenue in ITA No

ITA 177/PUN/2017[2012-13]Status: DisposedITAT Pune26 Jun 2019AY 2012-13

Bench: Shri Anil Chaturvedi, Am & Shri Partha Sarathi Chaudhury, Jm आयकर अपीऱ सं. / Ita No.177/Pun/2017 नििाारण वषा / Assessment Year : 2012-13 The Deputy Commissioner Of Income Tax, Circle-7, Pune. .......अऩीऱाथी / Appellant बिाम / V/S. Shri Gautam B. Ladkat, 36, Somwar Peth, Pune-411 011. Pan :Aafpl4838C ……प्रत्यथी / Respondent

For Appellant: Shri Sharad ShahFor Respondent: Shri Vishwas Mundhe
Section 143(2)Section 143(3)Section 80I

…Supreme Court dismissed the Special Leave Petition filed in the case of CIT Vs. Best Corporation Ltd.(supra.), wherein the High Court held that since it had consistently followed decision in the case of Velayudhaswamy Spinning Mills (P.) ltd. Vs. ACIT (2012) 340 ITR 477 (Mad) and on the basis of said decision CBDT had issued Circular No.1 of 2016, dated 15.02.2016 clarifying term 'initial assessment year' in section 80IA(5) of the Act, order of Tribunal holding that assessee was entitled to deduction under section 80IA of the Act without setting off losses/unabsorbed depreciation pertaining to windmill, which we…

The ITO, Ward-3(1)(2), Ahmedabad vs. M/S. Parry Engineering & Electronics Pvt. Ltd., Ahmedabad

In the result, appeal of the Revenue is dismissed

ITA 1140/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad13 May 2019AY 2013-14

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kedia"नधा"रण वष"/ Asstt. Year: 2013-14 Ito, Ward-3(1)(2) M/S.Parry Engineering & Electronics Ahmedabad. B-608, Nirman Complex Vs. Opp: Havmor Restaurant Navrangpura Ahmedabad 380 009. Pan Aaacp 6747 J

For Respondent: Shri S.K. Dev, Sr.DR
Section 80GSection 80I

…lowed.” 9. With the assistance of learned Representatives, we have gone through the record carefully. We have find that the issue squarely covered by the decision of Madras High Court referred in the case of Velayudhaswamy Spinning Mills vs. ACIT reported in 340 ITR 477. We 6 deem it pertinent to take note of the relevant discussion made by the Hon’ble Court which reads as under: "80-IA. (1) Where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business referred to in sub-section (4) (such business being hereinafter referred to as the elig…

The DCIT, Circle-2(1)(2), Ahmedabad vs. M/S. Jay Chemical Industries Ltd., Ahmedabad

In the result, the appeal ITA 2693/Ahd/2014, ITA 305/Ahd/2015, cross objection 01/Ahd/2015 & 41/Ahd/2015 all are dismissed

ITA 305/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad26 Mar 2019AY 2011-12
For Appellant: Shri Nimish Viawala, A.RFor Respondent: Shri Vinod Talwani, Sr. D.R
Section 143(2)Section 143(3)Section 195Section 4Section 40Section 5Section 5(2)(b)Section 9Section 9(1)(i)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Shri Amarjit Singh, Accountant Member And Ms. Madhumita Roy, Judicial Member ITA Nos. 2693/Ahd/2014 , 305/Ahd/2015 & CO Nos. 01 & 41/Ahd/2015 Assessment Year 2010-11 & 2011-12 The DCIT(OSD)-1, Jay Chemical Industries Circle-4, Ahmedabad & Ltd. Jay House, DCIT, Cir. 2(1)(2), Vs Panchvati Circle, Ahmedabad Ambawadi, Ellis bride, (Appellant/Respondent) Ahmedabad-380006 PAN: AAACJ7625J (Respondent/Cross Objector) Revenue by: Shri Vinod Talwani, Sr. D.R. Assessee by: Shri Nimish Viawala, A.R. Date of hearing : 18-03-2019 Date of pronouncemen…

The DCIT(OSD)-1, Circle-4, Ahmedabad vs. Jay Chemical Industries Ltd., Ahmedabad

In the result, the appeal ITA 2693/Ahd/2014, ITA 305/Ahd/2015, cross objection 01/Ahd/2015 & 41/Ahd/2015 all are dismissed

ITA 2693/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad26 Mar 2019AY 2010-11
For Appellant: Shri Nimish Viawala, A.RFor Respondent: Shri Vinod Talwani, Sr. D.R
Section 143(2)Section 143(3)Section 195Section 4Section 40Section 5Section 5(2)(b)Section 9Section 9(1)(i)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Shri Amarjit Singh, Accountant Member And Ms. Madhumita Roy, Judicial Member ITA Nos. 2693/Ahd/2014 , 305/Ahd/2015 & CO Nos. 01 & 41/Ahd/2015 Assessment Year 2010-11 & 2011-12 The DCIT(OSD)-1, Jay Chemical Industries Circle-4, Ahmedabad & Ltd. Jay House, DCIT, Cir. 2(1)(2), Vs Panchvati Circle, Ahmedabad Ambawadi, Ellis bride, (Appellant/Respondent) Ahmedabad-380006 PAN: AAACJ7625J (Respondent/Cross Objector) Revenue by: Shri Vinod Talwani, Sr. D.R. Assessee by: Shri Nimish Viawala, A.R. Date of hearing : 18-03-2019 Date of pronouncemen…

The DCIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Co. Ltd., Ahmedabad

In the result, the appeal of the revenue is dismissed

ITA 864/AHD/2017[2011-12]Status: DisposedITAT Ahmedabad04 Mar 2019AY 2011-12
Section 10ASection 115JSection 143(3)Section 14ASection 1O

…ght of the applicable legal position. 34. We find that the special bench decision in the case of Goldmine Shares (supra) did not find favour with Hon’ble Courts above. Hon’ble Madras High Court, in the case of Velayudhaswamy Spinning Mills Pvt. Ltd. vs. ACIT (340 ITR 477) rejected that school of thought and observed as follows :- 17. From a reading of sub-section (1), it is clear that it provides that where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business referred to in sub-section (4), i.e., referred to as the eligible business, the…

M/S. Zaveri & Co. Pvt. Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax, Circle-8, Ahmedabad

In the result, the appeal of the revenue is dismissed

ITA 630/AHD/2017[2011-12]Status: DisposedITAT Ahmedabad04 Mar 2019AY 2011-12
Section 10ASection 115JSection 143(3)Section 14ASection 1O

…ght of the applicable legal position. 34. We find that the special bench decision in the case of Goldmine Shares (supra) did not find favour with Hon’ble Courts above. Hon’ble Madras High Court, in the case of Velayudhaswamy Spinning Mills Pvt. Ltd. vs. ACIT (340 ITR 477) rejected that school of thought and observed as follows :- 17. From a reading of sub-section (1), it is clear that it provides that where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business referred to in sub-section (4), i.e., referred to as the eligible business, the…