Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT

ITA 1314/CHNY/2016[2010-11]Status: DisposedITAT Chennai15 Sept 2016AY 2010-11

…was not to be notionally carried forward and set off before granting such deduction. The ld. Commissioner of Income Tax (Appeals) had followed the judgment of Hon’ble Jurisdictional High Court in the case of M/s. Sri Valayuthasamy Spinning Mills Ltd vs. ACIT 340 ITR 477. The contention of the Revenue before us is that the assessees had claimed deduction u/s 80IA(4) of the Act without setting off of the depreciation of the said units for the earlier years. As against this, claim of the assessees are that such depreciation loss was already adjusted and therefore, notional loss could not be brought forward and fo…

DCIT, Tiruppur vs. Kesharinandan Knit Fabrcies (P) Ltd., Tiruppur

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

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita Nos.1313 & 1314/Mds/2016 "नधा"रण वष" / Assessment Years : 2012-13 & 2010-11 The Deputy Commissioner Of M/S Kesharinandan Knit Fabrics Income Tax, V. (P) Ltd., Circle – 1, 174/175, Lingai Gounder Street, Tirupur. Tirupur – 641 602. Pan : Aaack 8625 Q (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri A.V. Sreekanth, JCITFor Respondent: Shri N. Vijay Kumar, CA

ITA 1313/CHNY/2016[2012-13]Status: DisposedITAT Chennai15 Sept 2016AY 2012-13

…ection 80-IA of the Income-tax Act, 1961 (in short 'the Act') was rejected by the CIT(Appeals) on the ground that the Revenue filed the appeals before the Apex Court against the judgment of Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT (340 ITR 477). However, the CIT(Appeals) found that the judgment of Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. (supra) is binding on the Assessing Officer and accordingly, he allowed the claim of the assessee. This Tribunal is of the considered opinion that when the judgment of Madras High Court in Velayudhaswamy Spinning 3 I.T.A. Nos.1313…

DCIT, Tiruppur vs. Kesharinandan Knit Fabrcies (P) Ltd., Tiruppur

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

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita Nos.1313 & 1314/Mds/2016 "नधा"रण वष" / Assessment Years : 2012-13 & 2010-11 The Deputy Commissioner Of M/S Kesharinandan Knit Fabrics Income Tax, V. (P) Ltd., Circle – 1, 174/175, Lingai Gounder Street, Tirupur. Tirupur – 641 602. Pan : Aaack 8625 Q (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri A.V. Sreekanth, JCITFor Respondent: Shri N. Vijay Kumar, CA

ITA 829/CHNY/2016[2011-12]Status: DisposedITAT Chennai08 Sept 2016AY 2011-12

…ection 80-IA of the Income-tax Act, 1961 (in short 'the Act') was rejected by the CIT(Appeals) on the ground that the Revenue filed the appeals before the Apex Court against the judgment of Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT (340 ITR 477). However, the CIT(Appeals) found that the judgment of Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. (supra) is binding on the Assessing Officer and accordingly, he allowed the claim of the assessee. This Tribunal is of the considered opinion that when the judgment of Madras High Court in Velayudhaswamy Spinning 3 I.T.A. Nos.1313…

DCIT, Chennai vs. Chettinad Builders Pvt. Ltd., Chennai

In the result, the appeal of the Revenue is partly allowed

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri. Shiva Srinivas, IRS, JCITFor Respondent: Shri. K.B. Muralidaran, C.A

Section 143(2)Section 143(3)Section 14ASection 260ASection 801ASection 80I

…an appeal before the Commissioner of Income Tax (Appeals). 5.2 On appeal, the Commissioner of Income Tax (Appeals) observed that the issue is covered by the jurisdictional High Court order in the case of CIT vs. Velayuthasamy Spinning Mills 231 CTR 368 /340 ITR 477 and allowed the claim of the assessee by directing the ld. Assessing Officer to withdraw the disallowance. . Against Commissioner of Income Tax (Appeals) order, the Revenue assailed an appeal before Tribunal. 5.3 We heard the rival submissions and perused the material on record. The only contention of the Department before the Tribunal that…

DCIT, Tiruppur vs. Armstrong Knitting Mills, Tiruppur

In the result, the appeals of the Department in ITA Nos

ITA 1653/CHNY/2016[2012-13]Status: DisposedITAT Chennai17 Aug 2016AY 2012-13

Bench: Shri Abraham P. George & Shri G. Pavan Kumar

For Appellant: Shri. Shiva Srinivas, IRS, JCITFor Respondent: Shri. N. Vijaykumar, C.A

ITA 1646/CHNY/2016[2013-14]Status: DisposedITAT Chennai17 Aug 2016AY 2013-14

…n appeal before the Commissioner of Income Tax (Appeals).. On appeal, the Commissioner of Income Tax (Appeals) 5. observed that the issue is covered by the jurisdictional High Court order in the case of CIT vs. Velayuthasamy Spinning Mills 231 CTR 368 and 340 ITR 477 and allowed the claim of the assessee. Against Commissioner of Income Tax (Appeals) order, the Revenue assailed an appeal before Tribunal. We heard the rival submissions and perused the material on 6. record. The only contention of the Department before the Tribunal that the Revenue has not accepted the judgment of Madras High Court and an a…

DCIT, Tiruppur vs. Viking Knitters, Tiruppur

In the result, the appeals of the Department in ITA Nos

Bench: Shri Abraham P. George & Shri G. Pavan Kumar

For Appellant: Shri. Shiva Srinivas, IRS, JCITFor Respondent: Shri. N. Vijaykumar, C.A

ITA 1029/BANG/2015[2010-11]Status: DisposedITAT Bangalore27 Jul 2016AY 2010-11

…n appeal before the Commissioner of Income Tax (Appeals).. On appeal, the Commissioner of Income Tax (Appeals) 5. observed that the issue is covered by the jurisdictional High Court order in the case of CIT vs. Velayuthasamy Spinning Mills 231 CTR 368 and 340 ITR 477 and allowed the claim of the assessee. Against Commissioner of Income Tax (Appeals) order, the Revenue assailed an appeal before Tribunal. We heard the rival submissions and perused the material on 6. record. The only contention of the Department before the Tribunal that the Revenue has not accepted the judgment of Madras High Court and an a…

Asst.C.I.T., Hubli vs. M/S Bellad & Co, Hubli

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Raom/S.Bellad & Co., Vidyanagar, Hubli. … Appellant Pa No: Aabfb6457D Vs. Deputy Commissioner Of Income-Tax, Hubli. … Respondent & Asst. Commissioner Of Income-Tax, Circle 1(1), Hubballi. … Appellant Vs. M/S.Bellad & Co., Vidyanagar, Hubballi. … Respondent Assessee By : Shri C.R.Nulvi, Ca Revenue By : Shri C.N.Bipin, Jcit(Dr) Date Of Hearing : 04/07/2016 Date Of Pronouncement : 27/07/2016 O R D E R Per Inturi Rama Rao, Am : These Are Cross Appeals Filed By The Assessee As Well As The Revenue Directed Against The Order Of The Cit(A), Hubli, Dated 26/02/2015 For The Assessment Year 2010-11. Ita No.1004 & 1029/Bang/2015 Page 2 Of 13 2. Briefly Facts Of The Case Are As Under: The Assessee-Firm Is Engaged In The Business Of Dealers In Hmt Tractors, Spares, Hero Honda Motors-Cycles & Dealing In Sony Products & Also In The Business Of Generation Of Power Through Wind Mills. Return Of Income For The Assessment Year 2010-11 Was Filed On 30/09/2010 Declaring Income Of Rs.51,74,070/-. Against Said Return Of Income, Assessment Was Completed By The Acit, Circle 1(1), Hubli, Vide Order Dated 14/03/2013 Passed Under Section 143(3) Income-Tax Act, 1961 ['The Act' For Short] At A Total Income Of Rs.1,51,04,807/- After Making Several Disallowances. One Of Those Disallowances Relates To Expenditure Incurred On Renovation Of Showroom Of Rs.17,18,671/- Treating It Capital Expenditure Allowed Depreciation At 10%. He Also Made Addition Of Rs.29,02,161/- As Deemed Dividend Under Section 2(22)(E) Of The Act. The Ao Also Disallowed Deduction Under Section 80Ia(5) Of The Act As, According To The Ao, After Setting Off Of Brought Forward Loss, There Was No Eligible Profit For Deduction U/S 80Ia Of The Act.

For Appellant: Shri C.R.Nulvi, CAFor Respondent: Shri C.N.Bipin, JCIT(DR)

Section 143(3)Section 2(22)(e)Section 40Section 43BSection 80I

…amount and bring it notionally. In coming to the decision as above the ITAT Bangalore placed reliance on the decision of the Hon'ble High Court of Madras in the case of Velayudhswamy Spinnin Mills P Ltd Vs. ACIT and CIT Vs. Mohan Breveries & Distelleries Ltd. 340 ITR 477 wherein it has been held that loss in earlier year to initial assessment year already absorbed cannot be ITA No.1004 & 1029/Bang/2015 Page 11 of 13 notionally brought forward and set off against profits of eligible business. It does not allow the revenue to look backward and find out if there is any loss of earlier years and bring forward notiona…

M/S Bellad & Company, Hubli vs. DCIT, Hubli

In the result, the appeal filed by the revenue is dismissed

ITA 1004/BANG/2015[2010-11]Status: DisposedITAT Bangalore27 Jul 2016AY 2010-11

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Raom/S.Bellad & Co., Vidyanagar, Hubli. … Appellant Pa No: Aabfb6457D Vs. Deputy Commissioner Of Income-Tax, Hubli. … Respondent & Asst. Commissioner Of Income-Tax, Circle 1(1), Hubballi. … Appellant Vs. M/S.Bellad & Co., Vidyanagar, Hubballi. … Respondent Assessee By : Shri C.R.Nulvi, Ca Revenue By : Shri C.N.Bipin, Jcit(Dr) Date Of Hearing : 04/07/2016 Date Of Pronouncement : 27/07/2016 O R D E R Per Inturi Rama Rao, Am : These Are Cross Appeals Filed By The Assessee As Well As The Revenue Directed Against The Order Of The Cit(A), Hubli, Dated 26/02/2015 For The Assessment Year 2010-11. Ita No.1004 & 1029/Bang/2015 Page 2 Of 13 2. Briefly Facts Of The Case Are As Under: The Assessee-Firm Is Engaged In The Business Of Dealers In Hmt Tractors, Spares, Hero Honda Motors-Cycles & Dealing In Sony Products & Also In The Business Of Generation Of Power Through Wind Mills. Return Of Income For The Assessment Year 2010-11 Was Filed On 30/09/2010 Declaring Income Of Rs.51,74,070/-. Against Said Return Of Income, Assessment Was Completed By The Acit, Circle 1(1), Hubli, Vide Order Dated 14/03/2013 Passed Under Section 143(3) Income-Tax Act, 1961 ['The Act' For Short] At A Total Income Of Rs.1,51,04,807/- After Making Several Disallowances. One Of Those Disallowances Relates To Expenditure Incurred On Renovation Of Showroom Of Rs.17,18,671/- Treating It Capital Expenditure Allowed Depreciation At 10%. He Also Made Addition Of Rs.29,02,161/- As Deemed Dividend Under Section 2(22)(E) Of The Act. The Ao Also Disallowed Deduction Under Section 80Ia(5) Of The Act As, According To The Ao, After Setting Off Of Brought Forward Loss, There Was No Eligible Profit For Deduction U/S 80Ia Of The Act.

For Appellant: Shri C.R.Nulvi, CAFor Respondent: Shri C.N.Bipin, JCIT(DR)

Section 143(3)Section 2(22)(e)Section 40Section 43BSection 80I

…amount and bring it notionally. In coming to the decision as above the ITAT Bangalore placed reliance on the decision of the Hon'ble High Court of Madras in the case of Velayudhswamy Spinnin Mills P Ltd Vs. ACIT and CIT Vs. Mohan Breveries & Distelleries Ltd. 340 ITR 477 wherein it has been held that loss in earlier year to initial assessment year already absorbed cannot be ITA No.1004 & 1029/Bang/2015 Page 11 of 13 notionally brought forward and set off against profits of eligible business. It does not allow the revenue to look backward and find out if there is any loss of earlier years and bring forward notiona…

Assistant Commissioner of Income Tax., Davangere vs. M/S Bs Channabasappa & Sons, Davangere

In the result, all these six appeals of the revenue are allowed for statistical purposes

ITA 1154/BANG/2014[2006-07]Status: DisposedITAT Bangalore20 Jul 2016AY 2006-07

Bench: Shri A.K. Garodia & Smt. Asha Vijayraghavan

ITA 837/CHNY/2016[2011-12]Status: DisposedITAT Chennai10 Jun 2016AY 2011-12

…pointed out that in this case, it is noted by Hon’ble Karnataka High Court that this issue is covered in favour of the assessee by the judgment of Hon’ble Madras High Court rendered in the case of Velayudhaswamy Spinning Mills (P) Ltd. vs. ACIT as reported in 38 DTR 57. 4. In the rejoinder, it was submitted by the learned DR of the revenue that even as per this judgment of Hon’ble Karnataka High Court rendered in the case of CIT ITA No. 1154 to 1159/B/2014 3 vs. Shri Anil H. Lad (Supra), the losses of the eligible unit for the years beginning from the initial assessment year has to be brought forward and the lo…

ACIT, Chennai vs. Grt Hotels & Resorts Pvt. Ltd., Chennai

In the result, the appeals of the Department in ITA Nos

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. No.836/Mds/2016 "नधा"रण वष" /Assessment Year : 2007-2008. The Assistant Commissioner Vs. M/S. Grt Jewellers (India) Of Income Tax, Pvt. Ltd, Central Circle 3(3) 138, Usman Road, Chennai 600 034. T. Nagar, Chennai 600 017. [Pan Aaacr 3582R ] आयकर अपील सं./I.T.A. Nos. 837 & 838/Mds/2016 "नधा"रण वष" /Assessment Years :2011-12 & 2012-13. The Assistant Commissioner Vs. M/S. Grt Hotels & Resorts Of Income Tax, Pvt. Ltd, Central Circle 3(3) 138, Usman Road, Chennai 600 034. T. Nagar, Chennai 600 017. [Pan Aaacg 3608B] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. P. Radhakrishnan, IRS, JCITFor Respondent: Shri. S. Sridhar, Advocate

Section 143(3)Section 148Section 80Section 80I

…essee preferred an appeal before the Commissioner of Income Tax (Appeals).. On appeal, the Commissioner of Income Tax (Appeals) 4. observed that the issue is covered by the jurisdictional High Court order in the case of CIT vs. Velayuthasamy Spinning Mills 231 CTR 368 and allowed the claim of the assessee. Against Commissioner of Income Tax (Appeals) order, the Revenue assailed an appeal before Tribunal. We heard the rival submissions and perused the material on 5. record. The only contention of the Department before the Tribunal that the Revenue has not accepted the judgment of Madras High Court and an a…

ACIT, Chennai vs. Grt Jewellers (India) Pvt. Ltd., Chennai

In the result, the appeals of the Department in ITA Nos

ITA 836/CHNY/2016[2007-08]Status: DisposedITAT Chennai10 Jun 2016AY 2007-08

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. No.836/Mds/2016 "नधा"रण वष" /Assessment Year : 2007-2008. The Assistant Commissioner Vs. M/S. Grt Jewellers (India) Of Income Tax, Pvt. Ltd, Central Circle 3(3) 138, Usman Road, Chennai 600 034. T. Nagar, Chennai 600 017. [Pan Aaacr 3582R ] आयकर अपील सं./I.T.A. Nos. 837 & 838/Mds/2016 "नधा"रण वष" /Assessment Years :2011-12 & 2012-13. The Assistant Commissioner Vs. M/S. Grt Hotels & Resorts Of Income Tax, Pvt. Ltd, Central Circle 3(3) 138, Usman Road, Chennai 600 034. T. Nagar, Chennai 600 017. [Pan Aaacg 3608B] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. P. Radhakrishnan, IRS, JCITFor Respondent: Shri. S. Sridhar, Advocate

Section 143(3)Section 148Section 80Section 80I

…essee preferred an appeal before the Commissioner of Income Tax (Appeals).. On appeal, the Commissioner of Income Tax (Appeals) 4. observed that the issue is covered by the jurisdictional High Court order in the case of CIT vs. Velayuthasamy Spinning Mills 231 CTR 368 and allowed the claim of the assessee. Against Commissioner of Income Tax (Appeals) order, the Revenue assailed an appeal before Tribunal. We heard the rival submissions and perused the material on 5. record. The only contention of the Department before the Tribunal that the Revenue has not accepted the judgment of Madras High Court and an a…

M/S. Paswara Electronics Pvt. Ltd., Ghaziabad vs. ITO, New Delhi

In the result, the appeal of the assessee stands allowed for statistical purposes

ITA 371/DEL/2014[2009-10]Status: DisposedITAT Delhi30 May 2016AY 2009-10

Bench: Shri G.D. Agrawal & Shri Chandra Mohan Garg

For Appellant: Shri Akhilesh Kumar, AdvFor Respondent: Ms. Susan D. George, Sr. DR

ITA 575/CHNY/2016[2009-10]Status: DisposedITAT Chennai26 May 2016AY 2009-10

…emption had already been accepted in the earlier years and there was no change in the facts. The ld. AR relied on the decisions in the case of CIT Vs. Delhi Press Patra Prakashan Ltd [2013] 355 ITR 1 [Del], Velayudhaswamy Spinning Mills P. Ltd Vs. ACIT [2012] 340 ITR 477 [Mad] and Amrit Fees Ltd Vs. ACIT 344 ITR 187 [Cal]. The ld. AR further submitted that the ld. CIT(A) was not justified in coming to a haste and arbitrary conclusion without appreciating the facts and circumstances of the case 2 and the written submissions of the assessee placed on record. The ld. AR also submitted that the claim of exemption u/…

DCIT, Chennai vs. Shriniwasa Roadways Pvt Ltd., Chennai

In the result, both the appeals filed by the Revenue are dismissed

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojariआयकर अपील सं./Ita No.574/Mds/2016 "नधा"रण वष" / Assessment Year : 2011-12

For Appellant: Shri Jayaraghavan, JCITFor Respondent: Shri S. Sridhar, Advocate

ITA 574/CHNY/2016[2011-12]Status: DisposedITAT Chennai26 May 2016AY 2011-12

…ction 80-IA of the Income-tax Act, 1961 (in short 'the Act'). According to the Ld. D.R., the CIT(Appeals) in both the appeals allowed the claim of the assessees by following the judgment of Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT (340 ITR 477). According to the Ld. D.R., the Revenue has already filed an appeal before the Apex Court and the same is pending for disposal. Therefore, according to the Ld. D.R., 3 I.T.A. No.574 & 575/Mds/16 the CIT(Appeals) ought not to have allowed the claim of the assessees. 4. We heard Shri S. Sridhar, the Ld.counsel for the assessee in I.T.A. No.574/M…

DCIT, Chennai vs. Sambha Publishing Co. Pvt. Ltd., Chennai

In the result, both the appeals filed by the Revenue are dismissed

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojariआयकर अपील सं./Ita No.574/Mds/2016 "नधा"रण वष" / Assessment Year : 2011-12

For Appellant: Shri Jayaraghavan, JCITFor Respondent: Shri S. Sridhar, Advocate

ITA 3078/MUM/2009[2002-03]Status: DisposedITAT Mumbai19 May 2016AY 2002-03

…ction 80-IA of the Income-tax Act, 1961 (in short 'the Act'). According to the Ld. D.R., the CIT(Appeals) in both the appeals allowed the claim of the assessees by following the judgment of Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT (340 ITR 477). According to the Ld. D.R., the Revenue has already filed an appeal before the Apex Court and the same is pending for disposal. Therefore, according to the Ld. D.R., 3 I.T.A. No.574 & 575/Mds/16 the CIT(Appeals) ought not to have allowed the claim of the assessees. 4. We heard Shri S. Sridhar, the Ld.counsel for the assessee in I.T.A. No.574/M…

The Tata Power Co. Ltd, Mumbai vs. ITO RG 2(1)(1), Mumbai

In the result, the appeal filed by the assessee company in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3078/Mum/2009 ("नधा"रण वष" / Assessment Year : 2002-03) The Tata Power Co. Ltd, The Asst. Commissioner Of बनाम/ Corporate Center, Block ‘B, Income Tax- Circle V. 5 Th Floor, 2(3),Aayakar Bhavan, 34, Sant Tukaram Road, Maharshi Karve Road, Carnac Bunder, Mumbai – 400 020. Mumbai – 400 009. "थायी लेखा सं./Pan : Aaact0054A (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri Manjunatha Swamy

Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 80I

…g off the losses/unabsorbed depreciation pertaining to the windmill, which were set off in the earlier year against other business income of the assessee following the decision of the jurisdictional High Court in the case of M/s.Velayudhaswamy Spinning Mills (340 ITR 477), when the same is pending appeal before the Supreme Court in SLP.Civil No.33475 of 2012 ? (2) Whether under the facts and circumstances of the case, the Income Tax Appellate Tribunal was correct in holding that the initial assessment year in Section 80IA(5) would only mean the year of claim of deduction under Section 80IA and not the year of co…

Asst CIT (OSD 8(2), Mumbai vs. Jayant Agro Organics Ltd, Mumbai

The appeal of the Revenue is dismissed

ITA 5621/MUM/2014[2011-12]Status: DisposedITAT Mumbai30 Mar 2016AY 2011-12

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2011-12 Acit-8(2)(Osd), M/S Jayant Agro Organics R. No.218, Ltd. बनाम/ Aayakar Bhavan, Akhandanand, 38, Marok Vs. M.K. Road, Co-Op. Industrial Estate, Mumbai-400020 Off. M.V. Road, Sakinaka, Andheri (East), Mumbai-400059 Pan No.Aaacj7581Q (राज"व /Revenue) ("नधा"रती /Assessee)

ITA 3812/MUM/2012[2003-04]Status: DisposedITAT Mumbai30 Mar 2016AY 2003-04

…eduction u/s 80IA of the Act. The Ld. A.R. of the assessee has further stated that this issue is squarely in favour of the assessee by a series of decisions as mentioned below: (a) Velayudhaswamy Spinning Mills Pvt. Ltd. vs. ACIT (2010) 231 CTR (Mad) :[2012] 340 ITR 477 (Mad) (High Court) (After considering Special Bench decision). (b) CIT vs. Emrald Jewel Industry P. Ltd. [2011] 53 DTR 263 (Mad) (High Court) (After considering the above decision) (c) M/s prashant Caterers vs. ITO ITA No. 4226/M/2011 decided on 6.02.2013 (Mumbai Tribunal) 11. Further, the Ld AR has mentioned that in the decisions of Hon'ble Mad…

DCIT 5(2), Mumbai vs. Lahoti Overseas Ltd, Mumbai

In the result, appeal of the assessee company in ITA

Bench: Shri Amit Shukla & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3812/Mum/2012 ("नधा"रण वष" / Assessment Year : 2003-04) Dy. Commissioner Of Income M/S Lahoti Overseas Ltd., बनाम/ Tax , 5(2),Room No. 571, 307, Arun Chambers, V. 5 Th Floor, Tardeo Road, Tardeo, Aayakar Bhavan, Mumbai - 400034. M.K. Road, Mumbai – 400 020. "थायी लेखा सं./Pan : Aaacl2578 H .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri Yogesh TharFor Respondent: Shri Ganesh Bare (Sr.DR)

Section 133ASection 143(3)Section 147Section 148Section 151(1)

…g off the losses/unabsorbed depreciation pertaining to the windmill, which were set off in the earlier year against other business income of the assessee following the decision of the jurisdictional High Court in the case of M/s.Velayudhaswamy Spinning Mills (340 ITR 477), when the same is pending appeal before the Supreme Court in SLP.Civil No.33475 of 2012 ? (2) Whether under the facts and circumstances of the case, the Income Tax Appellate Tribunal was correct in holding that the initial assessment year in Section 80IA(5) would only mean the year of claim of deduction under Section 80IA and not the year of co…

DCIT, Chennai vs. Batlibio Enexco Pvt. Ltd., Chennai

In the result, the appeal of the Department in ITA

ITA 24/CHNY/2016[2011-12]Status: DisposedITAT Chennai16 Mar 2016AY 2011-12

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri. A.B. Koli, IRS, JCITFor Respondent: Shri. R. Kumar, Advocate

ITA 2309/CHNY/2015[2012-13]Status: DisposedITAT Chennai26 Feb 2016AY 2012-13

…e the Commissioner of Income Tax (Appeals).. ITA No.24/Mds/2016. :- 3 -: On appeal, the Commissioner of Income Tax (Appeals) 4. observed that the issue is covered by the jurisdictional High Court order in the case of CIT vs. Velayuthasamy Spinning Mills 231 CTR 368 and allowed the claim of the assessee. Against Commissioner of Income Tax (Appeals) order, the Revenue assailed an appeal before Tribunal. We heard the rival submissions and perused the material on 5. record. The only contention of the Department before the Tribunal that the Revenue has not accepted the judgment of Madras High Court and an a…

DCIT, Coimbatore vs. Rangamma Steels & Malleables, Coimbatore

In the result, the appeals of the Revenue are dismissed

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri. Shri. A.V. Sreekanth, IRS, JCITFor Respondent: None

ITA 2308/CHNY/2015[2011-12]Status: DisposedITAT Chennai26 Feb 2016AY 2011-12

…mmissioner of Income Tax (Appeals). ITA Nos.2308 & :- 3 -: 2309/Mds/2015 On appeal, the Commissioner of Income Tax (Appeals) 4. observed that the issue is covered by the jurisdictional High Court order in the case of CIT vs. Velayuthasamy Spinning Mills 231 CTR 368 and allowed the claim of the assessee. Against Commissioner of Income Tax (Appeals) order, the Revenue assailed an appeal before Tribunal. At the time of hearing, none appeared on behalf of the 5. assessee and heard the submissions of ld. Departmental Representative. The only contention of the Department before the Tribunal that the Revenue…

DCIT, Coimbatore vs. Rangamma Steels & Malleables, Coimbatore

In the result, the appeals of the Revenue are dismissed

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri. Shri. A.V. Sreekanth, IRS, JCITFor Respondent: None