West Coast Paper Mills Ltd. v. Jt. CIT

DCIT Cen Cir 40, Mumbai vs. Saf Yeast Co. P. Ltd, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

…37&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) can be given for generation of steam power which is used for captive consumption. Further, the Mumbai Bench of the ITAT in the case of West Coast Paper Mills Ltd. vs. Jt. CIT (2006) 100 TTJ 833 held that the deduction provided in Section 80-IA are available to an assessee who generates power and consumes the power itself. The only condition that needs to be satisfied for the provisions of Section 80-IA of the Act to be attracted is that the undertaking must generate power. In that case the assessee generated power using two Diesel Gener…

DCIT Cen Cir 40, Mumbai vs. Saf Yeast Co. P. Ltd, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

…37&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) can be given for generation of steam power which is used for captive consumption. Further, the Mumbai Bench of the ITAT in the case of West Coast Paper Mills Ltd. vs. Jt. CIT (2006) 100 TTJ 833 held that the deduction provided in Section 80-IA are available to an assessee who generates power and consumes the power itself. The only condition that needs to be satisfied for the provisions of Section 80-IA of the Act to be attracted is that the undertaking must generate power. In that case the assessee generated power using two Diesel Gener…

DCIT Cen Cir 40, Mumbai vs. Saf Yeast Co. P. Ltd, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

…37&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) can be given for generation of steam power which is used for captive consumption. Further, the Mumbai Bench of the ITAT in the case of West Coast Paper Mills Ltd. vs. Jt. CIT (2006) 100 TTJ 833 held that the deduction provided in Section 80-IA are available to an assessee who generates power and consumes the power itself. The only condition that needs to be satisfied for the provisions of Section 80-IA of the Act to be attracted is that the undertaking must generate power. In that case the assessee generated power using two Diesel Gener…

Saf Yeast Company P.Ltd, Mumbai vs. DCIT Cen Cir 40, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

…37&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) can be given for generation of steam power which is used for captive consumption. Further, the Mumbai Bench of the ITAT in the case of West Coast Paper Mills Ltd. vs. Jt. CIT (2006) 100 TTJ 833 held that the deduction provided in Section 80-IA are available to an assessee who generates power and consumes the power itself. The only condition that needs to be satisfied for the provisions of Section 80-IA of the Act to be attracted is that the undertaking must generate power. In that case the assessee generated power using two Diesel Gener…

Saf Yeast Company P.Ltd, Mumbai vs. DCIT Cen Cir 40, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

…37&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) can be given for generation of steam power which is used for captive consumption. Further, the Mumbai Bench of the ITAT in the case of West Coast Paper Mills Ltd. vs. Jt. CIT (2006) 100 TTJ 833 held that the deduction provided in Section 80-IA are available to an assessee who generates power and consumes the power itself. The only condition that needs to be satisfied for the provisions of Section 80-IA of the Act to be attracted is that the undertaking must generate power. In that case the assessee generated power using two Diesel Gener…

Saf Yeast Company P.Ltd, Mumbai vs. DCIT Cen Cir 40, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

…37&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) can be given for generation of steam power which is used for captive consumption. Further, the Mumbai Bench of the ITAT in the case of West Coast Paper Mills Ltd. vs. Jt. CIT (2006) 100 TTJ 833 held that the deduction provided in Section 80-IA are available to an assessee who generates power and consumes the power itself. The only condition that needs to be satisfied for the provisions of Section 80-IA of the Act to be attracted is that the undertaking must generate power. In that case the assessee generated power using two Diesel Gener…

Saf Yeast Company P.Ltd, Mumbai vs. DCIT Cen Cir 40, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

…37&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) can be given for generation of steam power which is used for captive consumption. Further, the Mumbai Bench of the ITAT in the case of West Coast Paper Mills Ltd. vs. Jt. CIT (2006) 100 TTJ 833 held that the deduction provided in Section 80-IA are available to an assessee who generates power and consumes the power itself. The only condition that needs to be satisfied for the provisions of Section 80-IA of the Act to be attracted is that the undertaking must generate power. In that case the assessee generated power using two Diesel Gener…

DCIT Cir 6(3)(1), Mumbai vs. Faco Fastners P.Ltd, Mumbai

In the result, appeal of the revenue is allowed in part

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Dcit Cir 6(3)(1) Vs. M/S. Faco Fastners Pvt. R.No.506, 5Th Floor, Aayakar Ltd., Bhavan 196, Mutton Street M.K.Road, Mumbai – 400 Null Bazar, 020 Mumbai – 400 003 Pan/Gir No. Aabcf2490D Appellant) .. Respondent)

…TA No.6203/Mum/2013) 19. DCIT Vs.Rajiv G.Kalathil (ITA No.6,27/Mum/2012/RGR 20. Ramesh Kumar & Co. Vs. ACIT in ITA No.2959/MUM/2014 dt.28.11.2014. 21. Shri.Ganpatraj A.Sanghavi Vs. ACIT. in ITA No.2826/Mum/2013 dt.5.11.2014. 22. West Coast Paper Mills Vs.JCIT[100 TTJ 833(Mum)] 23. ITO Vs. A.CExport[13DTR98(Mum) 24. Unitex Products [22 SOT 429(Mum)], • 25. Teletronics Dealing System Pvt. Ltd. 53 Taxmann.com20(Mum)]. 26. Free India Assurance Services Ltd. Vs. DCIT(132 ITD 60) Mumbai Tribunal. 27. Balaji Textiles Industries Pvt. Ltd.[49 ITD 177 (Mum).] Therefore, since the facts and circumstances of the appellant’s…

Asst CIT Cir 6(2)(2), Mumbai vs. Exim Trade Links (India) P.Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Asst. Cit Cir 6 (2)(2) Vs. M/S. Exim Trade Links R.No.563, Aayakar Bhavan (India) P. Ltd., M.K. Road, Churchgate 31/33, Nishanpada, Dongri Mumbai – 400 020 Mumbai – 400 009 Pan/Gir No. Aaace8448B Appellant) .. Respondent)

…TA No.6203/Mum/2013) 19. DCIT Vs.Rajiv G.Kalathil (ITA No.6,27/Mum/2012/RGR 20. Ramesh Kumar & Co. Vs. ACIT in ITA No.2959/MUM/2014 dt.28.11.2014. 21. Shri.Ganpatraj A.Sanghavi Vs. ACIT. in ITA No.2826/Mum/2013 dt.5.11.2014. 22. West Coast Paper Mills Vs.JCIT[100 TTJ 833(Mum)] 23. ITOVs.A.CExport[13DTR98(Mum) 24. Unitex Products [22 SOT 429(Mum)], • 25. Teletronics Dealing System Pvt, Ltd. 53 Taxmann.com20(Mum)]. 26. Free India Assurance Services Ltd. Vs. DCIT(132 ITD 60) Mumbai Tribunal. 27. Balaji Textiles Industries Pvt. Ltd.[49 ITD 177 (Mum).] Perusal of the appellant's written submission shows that the appel…

Addl CIT Large Tax Payer Unit, Mumbai vs. Reliance Industries Ltd, Mumbai

In the result, appeals of the Revenue are dismissed whereas appeals of the assessee are allowed in part in terms indicated hereinabove

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm Addl. Commissioner Of Vs. M/S. Reliance Industries Ltd.,3Rd Income Tax, Large Tax Floor, Maker Payer Unit, Mumbai Chamber-Iv, 222, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) M/S. Reliance Industries Vs. Addl. Commissioner Of Income Ltd.,3Rd Floor, Maker Tax, Large Tax Payer Unit, Chamber-Iv, 222, Mumbai Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) M/S. Reliance Industries Vs. Asst. Commissioner Of Income Ltd.,3Rd Floor, Maker Tax, Large Tax Payer Unit, Chamber-Iv, 222, Mumbai Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) Asst. Commissioner Of Vs. M/S. Reliance Industries Ltd.,3Rd Income Tax, Large Tax Floor, Maker Payer Unit, Mumbai Chamber-Iv, 222, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) M/S. Reliance Industries Vs. Asst. Commissioner Of Income Ltd.,3Rd Floor, Maker Tax, Large Tax Payer Unit

…spur ITAT) 41 M/s. Reliance Industries Ltd., 2. Eveready Spinning Mills (P) Ltd v. ACIT, Circle-1, Tirupur - 17 Taxmann 254 (AY 2007-08) Chennai ITAT. 3. Assam Carbon Products Ltd v. ACIT - 100 TT J 224 (IT AT Kolkatta) 4. West Coast Paper Mills Ltd V. JCIT -100 TTJ 833 (Mum) Mumbai ITAT 5. Add!. CIT v. Jindal Steel & Power Ltd - 16 SOT 509 (ITAT Delhi). 6. Shree Cement Ltd v. The Addl. CIT Jaipur-ITA NO.503/JP/2012 (Jaipur ITAT) 54. In any view of the matter, several decision of the Tribunal listed below have taken a view consistent with a view taken by Tribunal in assessee's own case for A Y 2006-07. In the c…

Col Amarjit D Nagi, Mumbai vs. Asst CIT Cir 20

In the result, appeals of the Revenue are dismissed whereas appeals of the assessee are allowed in part in terms indicated hereinabove

…High Courts and Tribunals allowed depreciation on assets on sale and lease back transactions. Further, reliance can be placed on the following decisions - 1. CIT vs. West Coast Paper Mills (ITA No.389 of 2008) (Bombay HC) 2. West Coast Paper Mills vs. Jt CIT 100 TTJ 833 (Mumbai) 3. Development Credit Bank vs. Dy CIT (40 taxmann.com 532) (Mumbai-Trib) 4. Bombay Burmah Trading Co. Pvt. Ltd v. Asstt CIT (82 ITD 531) (Mum) 5. Dy CIT vs. Mls. Sheba Properties Ltd. (ITA Nos. 1954/Mum/2003) 6. Jt CIT vs. Mls Cable Corporation ofIndia Ltd. (2007-TIOL- 397-IT AT-Mum) 7. CIT vs. Cosmo Films Ltd. (2011) (12 taxmann.com 217…

The DCIT 8(2), Mumbai vs. M/S. Nutech Coporate Services Ltd (Formerly Known As Iit Capital Services Ltd), Mumbai

In the result, appeals of the Revenue are dismissed whereas appeals of the assessee are allowed in part in terms indicated hereinabove

…High Courts and Tribunals allowed depreciation on assets on sale and lease back transactions. Further, reliance can be placed on the following decisions - 1. CIT vs. West Coast Paper Mills (ITA No.389 of 2008) (Bombay HC) 2. West Coast Paper Mills vs. Jt CIT 100 TTJ 833 (Mumbai) 3. Development Credit Bank vs. Dy CIT (40 taxmann.com 532) (Mumbai-Trib) 4. Bombay Burmah Trading Co. Pvt. Ltd v. Asstt CIT (82 ITD 531) (Mum) 5. Dy CIT vs. Mls. Sheba Properties Ltd. (ITA Nos. 1954/Mum/2003) 6. Jt CIT vs. Mls Cable Corporation ofIndia Ltd. (2007-TIOL- 397-IT AT-Mum) 7. CIT vs. Cosmo Films Ltd. (2011) (12 taxmann.com 217…

Addl CIT RG 1, Mumbai vs. Indian Petrochemicals Corporation Ltd ( Now Merged With Reliance Indl. Ltd), Baroda

In the result, the appeal filed by the assessee for the assessment year 2005-06 is allowed and both the appeals filed by the Revenue are dismissed

Bench: S/Shri B.R.Baskaran (Am) & Ramlal Negi, (Jm) आमकय अऩीर सं./I.T.A. No.1426/Ahd/2009 (ननधधायण वषा / Assessment Year :2005-06) बनाम/ Indian Petrochemicals Corp.Ltd., The Addl. Commissioner Of Income (Now Merged With Reliance Tax, Range 1, Vs. Industries Ltd) Baroda, P O Petrochemicals, Gujarat Dist-Vadodara -391346 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…captive consumption at the rate of Rs. 3.72 per unit corresponds to the market value of power. Therefore, the AO is directed to allow relief to the assessee under section 80IA as claimed.” distribution agency. In the case of West Coast Mills Ltd. Reported in 100 TTJ 833 (Mum), the Hon’ble Tribunal has held as follows: “Having held that the assessee is entitled for the deduction available under s. 80-IA, the next question is what should be the price attributable to the power generated and consumed by the assessee. The answer to the question is readily available in sub- s. (8) of s. 80-IA, which reads as below: 80…