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“eligible business”

DeductionsSection 80IASection 80IA975 judgments

The decision most relied on for eligible business is Totgars Co-operative Sale Society Ltd. v. ITO (322 ITR 283), cited in 1,283 judgments on BharatTax.

Leading authorities on eligible business

Totgars Co-operative Sale Society Ltd. v. ITO
322 ITR 283 · 2010 · Supreme Court
1,283
citing judgments

The interest income earned by a cooperative society from investing its surplus funds in fixed deposits with banks is not "derived from" its eligible business activities and is taxable as "income from other sources" under Section 56, thus not qualifying for deduction under Section 80P.

State Bank Of India v. CIT
389 ITR 578 · 2016 · High Court
817
citing judgments

Income arising from a cooperative society's surplus funds invested in short-term deposits and securities is not attributable to the society's core activities and, therefore, is not eligible for exemption under Section 80P(2)(a)(i) of the Income-tax Act.

Liberty India v. CIT
317 ITR 218 · 2009 · Supreme Court
571
citing judgments

The Supreme Court clarified that for profits and gains to be eligible for deductions under sections like 10B, 80IA, or 80IB, the income must be "derived from" or have a direct nexus to the eligible business activity. Income from incidental sources like the sale of scrips/licenses or interest on employee loans is generally not considered as derived from the eligible business for such deductions.

CIT v. Smifs Securities Ltd.
348 ITR 302 · 2012 · Supreme Court
540
citing judgments

Goodwill, whether arising from an amalgamation or a slump sale, is an intangible asset eligible for depreciation under Section 32(1) of the Income-tax Act. While the assessee must prove the existence and valuation of such goodwill, it is recognized as a depreciable asset.

Citizen Co-operative Society Ltd. v. ACIT
397 ITR 1 · 2017 · Supreme Court
499
citing judgments

A co-operative credit society engaged in banking business with the general public, accepting deposits from non-members and advancing loans to non-members, is treated as a co-operative bank. Such a society falls under the exclusionary clause of Section 80P(4) and is not eligible for deduction under Section 80P(2)(a)(i).

Totgar's Co-operative Sale Society Ltd. v. ITO
188 Taxmann 282 · 2010 · Supreme Court
486
citing judgments

Interest income earned by a co-operative society from investments, particularly with co-operative banks, is not eligible for deduction under Section 80P as it is not attributable to the core business activities of the society and constitutes "other income", not "profits and gains of business".

Pandian Chemicals Ltd. v. CIT
262 ITR 278 · 2003 · Supreme Court
353
citing judgments

Income eligible for deduction under Section 80IA or 80IC must have a direct nexus with the eligible business activity of the industrial undertaking. Income merely incidental to the business, even if part of the assessee's overall business, is not considered "derived from" the eligible undertaking.

CIT v. Sterling Foods
237 ITR 579 · 1999 · Supreme Court
311
citing judgments

Income eligible for profit-linked deductions under sections like 80-IC or 10B must have a direct nexus to the eligible business activity or be derived from the industrial undertaking itself, and not merely attributable to it or arising from a post-manufacturing event.

Judgments citing eligible business

M/S. Ptc India Financial Services Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessee for AY 2013-14 and 2014-15

ITA 2162/DEL/2017[2013-14]Status: DisposedITAT Delhi29 Nov 2023AY 2013-14

Bench: Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year 2013-14 & Asstt. Year 2014-15

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Shri Vivek Vardhan, Sr. DR
Section 234BSection 36(1)(viii)Section 37

requirement of section 80-1A and, hence, the long term finance provided by the assessee to such undertaking cannot be called an 'eligible business for purposes of deduction u/s 36(1)(viii). Consequently, any profit derived by it from such financing is also not eligible for deduction

Shri Ramnikgiri Maharajgiri Gauswami, Rajkot vs. The DCIT, Central Circle, Rajkot

In the result, the appeal filed by the assessee is hereby partly allowed

ITA 94/RJT/2019[2015-16]Status: DisposedITAT Rajkot29 Nov 2023AY 2015-16

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकरअपीलसं./Ita Nos.91 & 92/Rjt/2019 निर्धररवरध/Asstt. Years: 2011-12 & 2012-13 & आयकरअपीलसं./Ita Nos.93 & 94/Rjt/2019 निर्धररवरध/Asstt. Years: 2014-15 & 2015-16 Shri Ramnikgiri Maharajgiri D.C.I.T, Gauswami, Vs. Circle-1, 403, Prince Tower, Rajkot. 16, Panchnath Plot, Rajkot-360001. Pan: Acbpg1256B

For Appellant: Shri Mehul Ranpura, A.RFor Respondent: Shri Ashish Kumar Pandey, Sr. D.R
Section 131(1)Section 132Section 139Section 148Section 44A

payer public at large, the legislature had provided provisions of section 44AD to tax the income at eight percentage of total turnover of eligible business. No doubt the appellant's turnover does not come within the ambit of provision of section 44AD of the Act, however, it gives some sort ... determining the income of an assessee. Any business other than plying, hiring or leasing goods carriage falls within the ambit of explanation of eligible business subject to limit of turnover prescribed therein. In the present case the wastage / debris obtained from demolition of building is a business of scrap dealer

Shri Ramnikgiri Maharajgiri Gauswami, Rajkot vs. The DCIT, Central Circle, Rajkot

In the result, the appeal filed by the assessee is hereby partly allowed

ITA 93/RJT/2019[2014-15]Status: DisposedITAT Rajkot29 Nov 2023AY 2014-15

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकरअपीलसं./Ita Nos.91 & 92/Rjt/2019 निर्धररवरध/Asstt. Years: 2011-12 & 2012-13 & आयकरअपीलसं./Ita Nos.93 & 94/Rjt/2019 निर्धररवरध/Asstt. Years: 2014-15 & 2015-16 Shri Ramnikgiri Maharajgiri D.C.I.T, Gauswami, Vs. Circle-1, 403, Prince Tower, Rajkot. 16, Panchnath Plot, Rajkot-360001. Pan: Acbpg1256B

For Appellant: Shri Mehul Ranpura, A.RFor Respondent: Shri Ashish Kumar Pandey, Sr. D.R
Section 131(1)Section 132Section 139Section 148Section 44A

payer public at large, the legislature had provided provisions of section 44AD to tax the income at eight percentage of total turnover of eligible business. No doubt the appellant's turnover does not come within the ambit of provision of section 44AD of the Act, however, it gives some sort ... determining the income of an assessee. Any business other than plying, hiring or leasing goods carriage falls within the ambit of explanation of eligible business subject to limit of turnover prescribed therein. In the present case the wastage / debris obtained from demolition of building is a business of scrap dealer

Shri Ramnikgiri Maharajgiri Gauswami, Rajkot vs. The DCIT, Central Circle, Rajkot

In the result, the appeal filed by the assessee is hereby partly allowed

ITA 92/RJT/2019[2012-13]Status: DisposedITAT Rajkot29 Nov 2023AY 2012-13

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकरअपीलसं./Ita Nos.91 & 92/Rjt/2019 निर्धररवरध/Asstt. Years: 2011-12 & 2012-13 & आयकरअपीलसं./Ita Nos.93 & 94/Rjt/2019 निर्धररवरध/Asstt. Years: 2014-15 & 2015-16 Shri Ramnikgiri Maharajgiri D.C.I.T, Gauswami, Vs. Circle-1, 403, Prince Tower, Rajkot. 16, Panchnath Plot, Rajkot-360001. Pan: Acbpg1256B

For Appellant: Shri Mehul Ranpura, A.RFor Respondent: Shri Ashish Kumar Pandey, Sr. D.R
Section 131(1)Section 132Section 139Section 148Section 44A

payer public at large, the legislature had provided provisions of section 44AD to tax the income at eight percentage of total turnover of eligible business. No doubt the appellant's turnover does not come within the ambit of provision of section 44AD of the Act, however, it gives some sort ... determining the income of an assessee. Any business other than plying, hiring or leasing goods carriage falls within the ambit of explanation of eligible business subject to limit of turnover prescribed therein. In the present case the wastage / debris obtained from demolition of building is a business of scrap dealer

Shri Ramnikgiri Maharajgiri Gauswami, Rajkot vs. The DCIT, Central Circle, Rajkot

In the result, the appeal filed by the assessee is hereby partly allowed

ITA 91/RJT/2019[2011-12]Status: DisposedITAT Rajkot29 Nov 2023AY 2011-12

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकरअपीलसं./Ita Nos.91 & 92/Rjt/2019 निर्धररवरध/Asstt. Years: 2011-12 & 2012-13 & आयकरअपीलसं./Ita Nos.93 & 94/Rjt/2019 निर्धररवरध/Asstt. Years: 2014-15 & 2015-16 Shri Ramnikgiri Maharajgiri D.C.I.T, Gauswami, Vs. Circle-1, 403, Prince Tower, Rajkot. 16, Panchnath Plot, Rajkot-360001. Pan: Acbpg1256B

For Appellant: Shri Mehul Ranpura, A.RFor Respondent: Shri Ashish Kumar Pandey, Sr. D.R
Section 131(1)Section 132Section 139Section 148Section 44A

payer public at large, the legislature had provided provisions of section 44AD to tax the income at eight percentage of total turnover of eligible business. No doubt the appellant's turnover does not come within the ambit of provision of section 44AD of the Act, however, it gives some sort ... determining the income of an assessee. Any business other than plying, hiring or leasing goods carriage falls within the ambit of explanation of eligible business subject to limit of turnover prescribed therein. In the present case the wastage / debris obtained from demolition of building is a business of scrap dealer

Gunita Pradeep Kapur, Mumbai vs. ITO, Ward-19(1)(3), Mumbai

In the result, appeal of the assessee is allowed

ITA 1989/MUM/2023[2016-17]Status: DisposedITAT Mumbai06 Nov 2023AY 2016-17

Bench: Shri Pavan Kumar Gadale & Shri Gagan Goyalgunita Pradeep Kapur 4Th Floor, Mitra Kunj, 16 Peddar Road, Grant Road, Mumbai-400 026 Pan: Aivpk6313M ...... Appellant Vs. Ito Ward 19(1)(3) Matru Mandir, Tardeo Road, Mumbai-400007 ..... Respondent

For Appellant: Shri K. Gopal & Om Kandalkar, Ld. ARFor Respondent: Shri Rameshwar Meena, Ld. DR
Section 250Section 44A

basis. 44AD. (1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or gross receipts of the assessee in the previous year on account ... given full effect to and no further deduction under those sections shall be allowed. (3) The written down value of any asset of an eligible business shall be deemed to have been calculated as if the eligible assessee had claimed and had been actually allowed the deduction in respect

Tata Power Delhi Distribution Ltd., Delhi vs. DCIT, Circle-25(1), Delhi

In the result, the Assessee’s appeal for AY 2013-14 stands partly allowed for statistical purposes and appeal for AY 2014-

ITA 5781/DEL/2018[2014-15]Status: DisposedITAT Delhi06 Nov 2023AY 2014-15

Bench: Hon’Ble Justice C.V. Bhadang & Shri G.S. Pannu, Hon’Ble

Section 56Section 80I

business of distribution and supply of electricity in the North and North West area of Delhi. Profits derived by the assessee from the eligible business are entitled for exemption as specified in Section 80IA of the Act, for which there is no dispute. In the assessment, the Assessing Officer differed ... collection, maintenance charges, miscellaneous income, rebates, etc. As per the Assessing Officer, the aforestated incomes are not the incomes directly derived from the eligible business of the assessee as mentioned in Section 80IA(4)(iv) of the Act. 3.2. In the context of the Ground of appeal raised

Tata Power Delhi Distribution Ltd., Delhi vs. DCIT, Circle-25(1), Delhi

In the result, the Assessee’s appeal for AY 2013-14 stands partly allowed for statistical purposes and appeal for AY 2014-

ITA 5780/DEL/2018[2013-14]Status: DisposedITAT Delhi06 Nov 2023AY 2013-14

Bench: Hon’Ble Justice C.V. Bhadang & Shri G.S. Pannu, Hon’Ble

Section 56Section 80I

business of distribution and supply of electricity in the North and North West area of Delhi. Profits derived by the assessee from the eligible business are entitled for exemption as specified in Section 80IA of the Act, for which there is no dispute. In the assessment, the Assessing Officer differed ... collection, maintenance charges, miscellaneous income, rebates, etc. As per the Assessing Officer, the aforestated incomes are not the incomes directly derived from the eligible business of the assessee as mentioned in Section 80IA(4)(iv) of the Act. 3.2. In the context of the Ground of appeal raised

ACIT, Central- 25(1), New Delhi vs. Tata Power Delhi Distribution Ltd., New Delhi

In the result, the Assessee’s appeal for AY 2013-14 stands partly allowed for statistical purposes and appeal for AY 2014-

ITA 5769/DEL/2018[2014-15]Status: DisposedITAT Delhi06 Nov 2023AY 2014-15

Bench: Hon’Ble Justice C.V. Bhadang & Shri G.S. Pannu, Hon’Ble

Section 56Section 80I

business of distribution and supply of electricity in the North and North West area of Delhi. Profits derived by the assessee from the eligible business are entitled for exemption as specified in Section 80IA of the Act, for which there is no dispute. In the assessment, the Assessing Officer differed ... collection, maintenance charges, miscellaneous income, rebates, etc. As per the Assessing Officer, the aforestated incomes are not the incomes directly derived from the eligible business of the assessee as mentioned in Section 80IA(4)(iv) of the Act. 3.2. In the context of the Ground of appeal raised

ACIT, Central- 25(1), New Delhi vs. Tata Power Delhi Distribution Ltd., New Delhi

In the result, the Assessee’s appeal for AY 2013-14 stands partly allowed for statistical purposes and appeal for AY 2014-

ITA 5768/DEL/2018[2013-14]Status: DisposedITAT Delhi06 Nov 2023AY 2013-14

Bench: Hon’Ble Justice C.V. Bhadang & Shri G.S. Pannu, Hon’Ble

Section 56Section 80I

business of distribution and supply of electricity in the North and North West area of Delhi. Profits derived by the assessee from the eligible business are entitled for exemption as specified in Section 80IA of the Act, for which there is no dispute. In the assessment, the Assessing Officer differed ... collection, maintenance charges, miscellaneous income, rebates, etc. As per the Assessing Officer, the aforestated incomes are not the incomes directly derived from the eligible business of the assessee as mentioned in Section 80IA(4)(iv) of the Act. 3.2. In the context of the Ground of appeal raised

Sureprep (India) P.Ltd, Mumbai vs. ITO WD 8(3)(2), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 5855/MUM/2014[2011-12]Status: DisposedITAT Mumbai03 Nov 2023AY 2011-12

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.2243/मुं/2013 (िन.व.2009-10) आअसं.5523/मुं/2013 (िन.व.2010-11) आअसं.5855/मुं/2014 (िन.व.2011-12) M/S. Sureprep (India) Private Limited, 4Th Floor, Dhantak Plaza, Makwana Road, Marol, Andheri(E), Mumbai – 400 034. Pan: Aahcs-9039-H ...... अपीलाथ" /Appellant बनाम Vs. The Income Tax Officer, Ward 8(3)(2), 2Nd Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 020. ..... "ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Shri Dalpat Shah & Ms. Arti Shah "ितवादी "ारा/Respondent By : Ms. Samrudhi Dhananjay Hande & Shri P.D. Chougule सुनवाई क" ितिथ/ Date Of Hearing : 25/08/2023 घोषणा क" ितिथ/ Date Of Pronouncement : 03/11/2023 आदेश आदेश/ Order आदेश आदेश Per Vikas Awasthy, Jm: These Three Appeals By The Assessee For Assessment Years 2009-10, 2010-11 & 2011-12 Are Taken Up Together For Adjudication As The Issues Involved In These Appeals Are Identical. The Appeal Of Assessee For Assessment Year 2009-10 Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-18, Mumbai [ In Short ‘The Cit(A)’ ], Dated 02/01/2013

For Appellant: Shri Dalpat Shah & Ms. Arti ShahFor Respondent: Ms. Samrudhi Dhananjay Hande &
Section 10ASection 10A(7)Section 143(3)Section 1O

undertaking referred to in section 80-IA.” Section 80IA (8) & (10): “(8) Where any goods or services held for the purposes of the eligible business are transferred to any other business carried on by the assessee, or where any goods or services held for the purposes of any other business ... carried on by the assessee are transferred to the eligible business and, in either case, the consideration, if any, for such transfer as recorded in the accounts of the eligible business does not correspond to the market value of such goods or services as on the date of the transfer

Sureprep (India)P.Ltd, Mumbai vs. ITO 8(3)(2), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 5523/MUM/2013[2010-11]Status: DisposedITAT Mumbai03 Nov 2023AY 2010-11

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.2243/मुं/2013 (िन.व.2009-10) आअसं.5523/मुं/2013 (िन.व.2010-11) आअसं.5855/मुं/2014 (िन.व.2011-12) M/S. Sureprep (India) Private Limited, 4Th Floor, Dhantak Plaza, Makwana Road, Marol, Andheri(E), Mumbai – 400 034. Pan: Aahcs-9039-H ...... अपीलाथ" /Appellant बनाम Vs. The Income Tax Officer, Ward 8(3)(2), 2Nd Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 020. ..... "ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Shri Dalpat Shah & Ms. Arti Shah "ितवादी "ारा/Respondent By : Ms. Samrudhi Dhananjay Hande & Shri P.D. Chougule सुनवाई क" ितिथ/ Date Of Hearing : 25/08/2023 घोषणा क" ितिथ/ Date Of Pronouncement : 03/11/2023 आदेश आदेश/ Order आदेश आदेश Per Vikas Awasthy, Jm: These Three Appeals By The Assessee For Assessment Years 2009-10, 2010-11 & 2011-12 Are Taken Up Together For Adjudication As The Issues Involved In These Appeals Are Identical. The Appeal Of Assessee For Assessment Year 2009-10 Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-18, Mumbai [ In Short ‘The Cit(A)’ ], Dated 02/01/2013

For Appellant: Shri Dalpat Shah & Ms. Arti ShahFor Respondent: Ms. Samrudhi Dhananjay Hande &
Section 10ASection 10A(7)Section 143(3)Section 1O

undertaking referred to in section 80-IA.” Section 80IA (8) & (10): “(8) Where any goods or services held for the purposes of the eligible business are transferred to any other business carried on by the assessee, or where any goods or services held for the purposes of any other business ... carried on by the assessee are transferred to the eligible business and, in either case, the consideration, if any, for such transfer as recorded in the accounts of the eligible business does not correspond to the market value of such goods or services as on the date of the transfer

Sureprep (India) P.Ltd, Mumbai vs. ITO RG 8(3)(2), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 2243/MUM/2013[2009-10]Status: DisposedITAT Mumbai03 Nov 2023AY 2009-10

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.2243/मुं/2013 (िन.व.2009-10) आअसं.5523/मुं/2013 (िन.व.2010-11) आअसं.5855/मुं/2014 (िन.व.2011-12) M/S. Sureprep (India) Private Limited, 4Th Floor, Dhantak Plaza, Makwana Road, Marol, Andheri(E), Mumbai – 400 034. Pan: Aahcs-9039-H ...... अपीलाथ" /Appellant बनाम Vs. The Income Tax Officer, Ward 8(3)(2), 2Nd Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 020. ..... "ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Shri Dalpat Shah & Ms. Arti Shah "ितवादी "ारा/Respondent By : Ms. Samrudhi Dhananjay Hande & Shri P.D. Chougule सुनवाई क" ितिथ/ Date Of Hearing : 25/08/2023 घोषणा क" ितिथ/ Date Of Pronouncement : 03/11/2023 आदेश आदेश/ Order आदेश आदेश Per Vikas Awasthy, Jm: These Three Appeals By The Assessee For Assessment Years 2009-10, 2010-11 & 2011-12 Are Taken Up Together For Adjudication As The Issues Involved In These Appeals Are Identical. The Appeal Of Assessee For Assessment Year 2009-10 Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-18, Mumbai [ In Short ‘The Cit(A)’ ], Dated 02/01/2013

For Appellant: Shri Dalpat Shah & Ms. Arti ShahFor Respondent: Ms. Samrudhi Dhananjay Hande &
Section 10ASection 10A(7)Section 143(3)Section 1O

undertaking referred to in section 80-IA.” Section 80IA (8) & (10): “(8) Where any goods or services held for the purposes of the eligible business are transferred to any other business carried on by the assessee, or where any goods or services held for the purposes of any other business ... carried on by the assessee are transferred to the eligible business and, in either case, the consideration, if any, for such transfer as recorded in the accounts of the eligible business does not correspond to the market value of such goods or services as on the date of the transfer

Bsc C&C Joint Venture, New Delhi vs. DCIT Circle-61(1), New Delhi

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 2283/DEL/2022[2017-18]Status: DisposedITAT Delhi03 Nov 2023AY 2017-18

Bench: Shri M Balaganesh & Ms. Astha Chandraasstt. Year: 2017-18

For Appellant: Shri Tarandeep Singh, CAFor Respondent: Shri Rajesh Kumar, CIT(DR)
Section 143(1)Section 143(3)Section 40Section 801A(4)(i)Section 80I

derived by an undertaking or an enterprise from any business referred to in sub-section (4) (such business being hereinafter referred to as the eligible business), there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee

National Stock Exchange of India Ltd, Mumbai vs. DCIT, Cir-7(1)(1), Mumbai

In the result ground no.1 of the appeal of the assessee is allowed and grounds no

ITA 730/MUM/2023[2016-17]Status: DisposedITAT Mumbai26 Oct 2023AY 2016-17

Bench: Shri Aby T Varkey & Shri Amarjit Singhita Nos.730 & 731/Mum/2023 (A.Ys. 2016-17 & 2017-18) National Stock Exchange Vs. Dcit, Circle 7(1)(1) Of India Limited Room No. 126, 1 St Floor, Exchange Plaza, Bandra Aaykar Bhavan, Kurla Complex, Bandra M.K. Road, East, Mumbai – 400051 Churchgate -400 020 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aaacn1797L Appellant .. Respondent

For Appellant: Jehangir Mistri Sr. AdvFor Respondent: Srinivasu

respect of any special reserve created and maintained by a specifiedentity, an amount not exceeding twenty per cent of the profits derived from eligible business computed under the head "Profits and gains of business or profession" (before making any deduction under this clause) carried to such reserve account

Bijender Singh Thakran, Gurgaon vs. ITO, Ward-1(3), Gurgaon

In the result, appeal of assessee is partly allowed

ITA 2017/DEL/2023[2011-12]Status: DisposedITAT Delhi18 Oct 2023AY 2011-12

Bench: The Disposal Of The Appeal.” Ground No. 1 & 2:

Section 143(3)Section 2(14)Section 4Section 44ASection 69A

facts & law. 2. (a) Because the action of treating the whole turnover of Rs.8,25,000/- of the ‘eligible assessee engaged in an eligible business’ as unexplained income u/s 69A is in violation to due process of law and against I.T.A.No.2017/Del/2023 intent/rationale behind section 44Ad r.w.s ... submitted that the Ld.CIT(A) has erred in approving the action of the AO treating the whole turnover of Rs.8,25,000/- of the eligible business of assessee as unexplained income u/s 69A of the Income Tax Act, 1961 (for short ‘the Act’) in violation of due process

Gopal Sponge & Power Pvt. Ltd, Raipur vs. Assistant Commissioner of Income Tax, Circle-1(1), Raipur

In the result appeal filed by the assessee stands dismissed, in terms of our observations here in above

ITA 226/RPR/2022[2017-18]Status: DisposedITAT Raipur17 Oct 2023AY 2017-18

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am (Ita No. 226/Rpr/2022) (Assessment Year: 2017-18) Gopal Sponge & Power Pvt. Ltd., Vs Assistant Commissioner Of Income Village- Siltara, Near Industrial Tax, Circle-1(1), Raipur, (C.G.) Growth Centre, Phase- 2, Raipur, (C.G.) Pan: Aaccg1525F (अपीलाथ" /Applicant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri B. Subramanyam, Ca राज"व क" ओर से /Revenue By : Shri S.K. Meena, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 02-08-2023 घोषणा क" तार"ख/Date Of Pronouncement : 17-10- 2023

For Appellant: Shri B. Subramanyam, CAFor Respondent: Shri S.K. Meena, CIT-DR
Section 143(3)Section 263Section 801A(4)(iv)

from the power division of the company consisting of Waste Heat recovery-based boiler, turbine etc. is eligible for deduction u/s 80IA (1) being eligible business u/s 80IA(4)(iv). 4. Return of income for the year under consideration i.e. AY 2017-18 was filed by the assessee ... deduction u/s 801A(4)(iv) amounting to Rs. 8,68,43,623/• from gross total income amounting to Rs.9,99,61,001/- of non-eligible business i.e., sponge business of assessee, which should not be allowed. (iii) Further, assessee filed return on 08/08/2018 for AY 2017-18, which is beyond

Assistant Commissioner of Income Tax, Circle-(1), Raipur vs. Shri Bajrang Power and Ispat Ltd., Raipur

The appeal of the revenue is dismissed in terms of our aforesaid observations

ITA 201/RPR/2022[2012-13]Status: PendingITAT Raipur16 Oct 2023AY 2012-13

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No. 201/Rpr/2022 "नधा"रण वष" / Assessment Years : 2012-13 The Assistant Commissioner Of Income Tax, Circle-1(1), Raipur. .......अपीलाथ" / Appellant बनाम / V/S. Shri Bajrang Power & Ispat Limited, 00, Vill. Borjhara, Urla Guma Road, Raipur-493221. Pan : Aaccb2944D ……""यथ" / Respondent

For Appellant: Shri Amit M. Jain, AdvFor Respondent: Dr. Simran Bhullar, CIT-DR
Section 115JSection 143(2)Section 143(3)Section 14ASection 80I

Section 80IA of the Act referred to the price of the commodity prevailing in the market for comparing goods and services transferred by the eligible business to any other business carried on by the same assessee. Elaborating on its aforesaid contention, it was averred by the assessee company that ... Appendix-1) of the Act provides that for the purposes of deduction under this section profits and gains of eligible business are to be computed as if the transfer was done on the market value on that date. 20. The proviso to section 80-IA (8) of the Act requires

Svp Industries Ltd., New Delhi vs. ACIT, Circle- 22(2), New Delhi

In the result, the appeals of the assessee are partly allowed in the manner as indicated above

ITA 4026/DEL/2019[2013-14]Status: DisposedITAT Delhi13 Oct 2023AY 2013-14

Bench: Shri Chandra Mohan Garg & M.Balaganesh

For Appellant: Shri M.P Rastogi, AdvFor Respondent: Shri Vipul Kashyap, Sr. DR
Section 14ASection 80ASection 80J

page 233 (SC), contended that the Hon'ble Supreme Court held that such profits are to be computed as if such eligible business is only source of income. Therefore, the devices adopted to reduce or inflate the profits of the eligible business have to be rejected. The ld. counsel thus

Svp Industries Ltd., New Delhi vs. ACIT Circle-22(2), New Delhi

In the result, the appeals of the assessee are partly allowed in the manner as indicated above

ITA 4025/DEL/2019[2012-13]Status: DisposedITAT Delhi13 Oct 2023AY 2012-13

Bench: Shri Chandra Mohan Garg & M.Balaganesh

For Appellant: Shri M.P Rastogi, AdvFor Respondent: Shri Vipul Kashyap, Sr. DR
Section 14ASection 80ASection 80J

page 233 (SC), contended that the Hon'ble Supreme Court held that such profits are to be computed as if such eligible business is only source of income. Therefore, the devices adopted to reduce or inflate the profits of the eligible business have to be rejected. The ld. counsel thus