ABBOTT INDIA LTD,MUMBAI vs. ASST CIT CIR 2(1), MUMBAI

In the result, assessee’s appeal in ITA No 3472/Mum/2013 and ITA No

Bench: Shri Mahavir Singh & Shri Ramit Kochar

Section 32(1)(iia), as it stood at the relevant assessment year, is under; Depreciation. 32• (1) In respect of depreciation of- (iia) in the case of any new machinery or plant (other than ships and aircraft), which has been acquired and installed after the 31st day of March, 2005, by an assessee engaged in the business of manufacture

ABOTT INDIA LTD,MUMBAI vs. ASST CIT CIR 2(1), MUMBAI

In the result, assessee’s appeal in ITA No 3472/Mum/2013 and ITA No

Bench: Shri Mahavir Singh & Shri Ramit Kochar

Section 32(1)(iia), as it stood at the relevant assessment year, is under; Depreciation. 32• (1) In respect of depreciation of- (iia) in the case of any new machinery or plant (other than ships and aircraft), which has been acquired and installed after the 31st day of March, 2005, by an assessee engaged in the business of manufacture

INDIAN OIL CORPORATION LTD.,MUMBAI vs. ADDL. CIT - 10 (1), MUMBAI

In the result, cross objection filed by the assessee is dismissed

gains of the business; (iii) the condition subsequent, the fulfilment of which may result in the reduction or even extinction of the liability, would not have the effect of converting that liability into a contingent liability; (iv) a trader computing his taxable profits for a particular year may properly deduct not only the payments actually made to his employees

DCIT CIR 6(3), MUMBAI vs. M/S. GRASIM INDUSTRIES LTD., MUMBAI

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

iia). 8. The appellant prays for the cost of this appeal in view of section 254 (2B) of the IT. Act. The appellant craves leave to add to, alter, amplify or delete any of the above ground(s) before or at the time of hearing. The appellant respectfully prays that relief prayed for in the abovementioned grounds be granted

GRASIM INDUSTRIES LTD.,MUMBAI vs. DCIT RANGE 6(3), MUMBAI

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

iia). 8. The appellant prays for the cost of this appeal in view of section 254 (2B) of the IT. Act. The appellant craves leave to add to, alter, amplify or delete any of the above ground(s) before or at the time of hearing. The appellant respectfully prays that relief prayed for in the abovementioned grounds be granted

DCIT CEN CIR 3(3) CEN RG 3, MUMBAI vs. WELSPUN CORP LTD, MUMBAI

In the result, appeal filed by the assesee and appeal filed by the revenue are partly allowed for statistical purpose

Bench: Shri G. Manjunatha & Shri Ram Lal Negim/S Welspun Corp Ltd. Vs. Dcit,Central Circle-22 Room No.465, 4Th Floor Welspun House 7Th Floor, B-Wing Aaykar Bhawan Kamla Mills Compound M.K.Road Senapati Bapat Marg Mumbai-400 020 Lower Parel Mumbai-400 013 Pan/Gir No.Aaacw0744L (Appellant) .. (Respondent) & Dcit,Central Circle-3(3) Vs. M/S Welspun Corp Ltd. Room No.401, 4Th Floor Welspun House 7Th Floor, B-Wing Aaykar Bhawan M.K.Road Kamla Mills Compound Mumbai-400 020 Senapati Bapat Marg Lower Parel Mumbai-400 013 Pan/Gir No.Aaacw0744L (Appellant) .. (Respondent)

32(i)(iia) has been deleted and therefore, the Appellant is eligible for additional depreciation for subsequent years also in absence of any reference to a specific previous year in the amended provisions of section c) In reaching to the conclusion and disallowing the claim of additional depreciation, the Id. CIT(A) omitted to consider relevant factors, considerations, principles

WELSPUN CORP LTD,MUMBAI vs. DCIT CEN CIR 22, MUMBAI

In the result, appeal filed by the assesee and appeal filed by the revenue are partly allowed for statistical purpose

Bench: Shri G. Manjunatha & Shri Ram Lal Negim/S Welspun Corp Ltd. Vs. Dcit,Central Circle-22 Room No.465, 4Th Floor Welspun House 7Th Floor, B-Wing Aaykar Bhawan Kamla Mills Compound M.K.Road Senapati Bapat Marg Mumbai-400 020 Lower Parel Mumbai-400 013 Pan/Gir No.Aaacw0744L (Appellant) .. (Respondent) & Dcit,Central Circle-3(3) Vs. M/S Welspun Corp Ltd. Room No.401, 4Th Floor Welspun House 7Th Floor, B-Wing Aaykar Bhawan M.K.Road Kamla Mills Compound Mumbai-400 020 Senapati Bapat Marg Lower Parel Mumbai-400 013 Pan/Gir No.Aaacw0744L (Appellant) .. (Respondent)

32(i)(iia) has been deleted and therefore, the Appellant is eligible for additional depreciation for subsequent years also in absence of any reference to a specific previous year in the amended provisions of section c) In reaching to the conclusion and disallowing the claim of additional depreciation, the Id. CIT(A) omitted to consider relevant factors, considerations, principles

WELSPUN CORP LTD,MUMBAI vs. DCIT CEN CIR 22, MUMBAI

In the result, the appeals filed by the revenue are dismissed and the appeals filed by the assessee are partly allowed for statistical purposes

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadale

32(1)(iia) of the Act and finally dealt on the provisions of the ITA.No,3890&4364/5063&5483/5165&5043/5166&5044/Mum/2016 M/s. Welspun Corp Ltd, Mumbai. Act, judicial decisions and made addition observing at Para 5.15 & 5.16 of the order as under: 5.15. Thus, the contention of the assessee that because of the amended provisions of the law, it gives

RAMESH JAISINGHANI,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -5(2), MUMBAI

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

iia) of the Act cannot be imported into the provisions of section 55(2)(ac) of the Act: 4. without prejudice to the above, failed to appreciate that the provisions of section 55(2)(aa)(iiia) of the Act providing for cost of acquisition of bonus shares to be Nil cannot be imported into the provisions of section

ASST CIT LTU, MUMBAI vs. AMBUJA CEMENTS LTD, MUMBAI

In the result, the appeal of the revenue is dismissed

gain of Rs. 12,56,20,681/- arising on pre-payment of deferred sales tax liability cannot be treated as revenue receipt liable to tax u/s28 (iv). 4. So far as this grievance is concerned, the assessee was allowed deferral of sales tax liability by the Himachal Pradesh Government General Sales Tax (Deferral Payment of Tax) Scheme 20005 under which

SIR RATAN TATA TRUST,MUMBAI SUBURBAN vs. DEPUTY COMMISSIONER OF INCOME TAX (EXEMPTION)-2(1), MUMBAI

In the result, both the appeals of the assessee in both AY 2014-15 and AY

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm

gains of business, the provisions of clause (iii) of this proviso shall not apply unless the trust or institution maintains separate books of account in respect of such business. (emphasis supplied) 9. The contention of the revenue is that funds of the assessee Trust that were invested before 01.03.1983 in Tata Sons Ltd which is not a modes specified

SIR RATAN TATA TRUST,MUMBAI SUBURBAN vs. ADDITIONAL /JOINT/DEPUTY/ASSISTANT COMMISSIONER OF INCOME TAX, NFAC, MUMBAI

In the result, both the appeals of the assessee in both AY 2014-15 and AY

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm

gains of business, the provisions of clause (iii) of this proviso shall not apply unless the trust or institution maintains separate books of account in respect of such business. (emphasis supplied) 9. The contention of the revenue is that funds of the assessee Trust that were invested before 01.03.1983 in Tata Sons Ltd which is not a modes specified

STATE BANK OF INDIA,MUMBAI vs. ADDL CIT RG 2(2), MUMBAI

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed, as indicated above

Bench: Sri Mahavir Singh, Vp & Sri G Manjunatha, Am आयकर अपील सुं./ Ita No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank Of India The Dy. Commissioner Of 3Rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacs8577K

gains on stock are not to be brought to the tax net. Reliance in this regard is placed on the decision of the Supreme Court in the case of Chainrup Sampatram vs. CIT [1953] 24 ITR 481 (SC), wherein it is held that profit cannot "arise out of the valuation of the closing stock". The relevant extract of the judgement

STAINLESS INDIA P.LTD,MUMBAI vs. DCIT 4(3), MUMBAI

The appeal of the assessee is partly allowed for

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2011-12 Stainless India Pvt. Ltd. Dcit-4(3), (Now Known As Stainless Aayakar Bhavan, बनाम/ India Ltd.), M.K. Road, Vs. 226, 3Rd Floor, Bajaj Bhavan, Mumbai-400020 Nariman Point, Mumbai-400021 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacs7067A

capital gain. Identical is the issue before us in the present appeal, therefore, we are reproducing hereunder the provisions of section 32 of the Act for ready reference:- 32. (1) In respect of depreciation of— (i) buildings, machinery, plant or furniture, being tangible assets; (ii) know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights

DCIT CC- 7(3), MUMBAI vs. ACG ASSOCIATED CAPSULES PVT. LTD., MUMBAI

In the result, no question of law arises

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

gains of business or profession" it would have to be an activity which is in some manner or form connected with business. The word "business" is of wide import which would also include all such activities which coalesce into setting up of the business. See Mazagaon Dock Ltd vs CIT & Excess Profits Tax; (1958) 34 ITR 368 (SC), and Narain

DCIT- CC - 7(3), MUMBAI vs. ACG ASSOCIATED CAPSULES PVT. LTD., MUMBAI

In the result, no question of law arises

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

gains of business or profession" it would have to be an activity which is in some manner or form connected with business. The word "business" is of wide import which would also include all such activities which coalesce into setting up of the business. See Mazagaon Dock Ltd vs CIT & Excess Profits Tax; (1958) 34 ITR 368 (SC), and Narain

ACG ASSOCATION CAPSULES P. LTD,MUMBAI vs. DCIT CEN CIR 7(3), MUMBAI

In the result, no question of law arises

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

gains of business or profession" it would have to be an activity which is in some manner or form connected with business. The word "business" is of wide import which would also include all such activities which coalesce into setting up of the business. See Mazagaon Dock Ltd vs CIT & Excess Profits Tax; (1958) 34 ITR 368 (SC), and Narain

ACG ASSOCATION CAPSULES P. LTD,MUMBAI vs. DCIT CEN CIR 7(3), MUMBAI

In the result, no question of law arises

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

gains of business or profession" it would have to be an activity which is in some manner or form connected with business. The word "business" is of wide import which would also include all such activities which coalesce into setting up of the business. See Mazagaon Dock Ltd vs CIT & Excess Profits Tax; (1958) 34 ITR 368 (SC), and Narain