DCIT 10(3)(2), MUMBAI vs. PHOENIX MECANO (I) PLTD, MUMBAI

In the result, appeal of the Revenue is allowed

Bench: Shri Joginder Singh, Assessment Year:2011-12

4. Sub-section (6) of sections 10A and 10B were amended by Finance Act, 2003 with retrospective effect from 1-4-2001. Circular No. 7/2003, dated 5-9-2003 explains the amendments brought by Finance Act, 2003. The relevant paragraph is reproduced below: 6 M/s Phoenix Mecano (I) Pvt. Ltd. "20. Providing for carry forward of business losses and unabsorbed

ASST CIT CIR 1, KALYAN vs. ASB INTERNATIONAL P. LTD, AMBERNATH

In the result, appeals filed by the Revenue in ITA No

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.7034/Mum/2013 & 7035/Mum/2013 ("नधा"रण वष" / Assessment Years : 2004-05 & 2006-07) Asstt. Commissioner Of M/S Asb International बनाम/ Income Tax – Circle 1, Pvt. Ltd., V. Kalyan, E-9, Addl Ambernath Indl. 1St Floor,, Area, Mohan Plaza, Midc Anand Nagar, Wayale Nagar, Ambernath. Khadakpada, Kalyan. "थायी लेखा सं./Pan :Aaaca8424F .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

section 72 of the Act. The assessee has not come forward by filing appeal ITA 7034/Mum/2013 and 4 ITA 7035/Mum/2013 with the tribunal with respect to the findings of the ld. CIT(A) with respect to the adjustments of the unabsorbed depreciation of the eligible unit while computing profits u/s 10B

M/S. CENTURY TEXTILES AND INDUSTRIES LTD,MUMBAI vs. THE ACIT CIR 6(2), MUMBAI

The appeal of the assessee stands allowed

Bench: Shri Amit Shukla & Shri Rajesh Kumar

4. The relevant facts qua the issue raised in the impugned order under section 263 are that, the assessee company is a Public Limited Company, which is engaged in manufacturing of diverse products. It has 18 units, out of which 2 units, namely, ‘Century Yarn’ and ‘Century Denim’ are 100% export oriented unit eligible for deduction under section 10B

M/S. CENTURY TEXTILES AND INDUSTRIES LTD,MUMBAI vs. THE ACIT RG 6(2), MUMBAI

The appeal of the assessee stands allowed

Bench: Shri Amit Shukla & Shri Rajesh Kumar

4. The relevant facts qua the issue raised in the impugned order under section 263 are that, the assessee company is a Public Limited Company, which is engaged in manufacturing of diverse products. It has 18 units, out of which 2 units, namely, ‘Century Yarn’ and ‘Century Denim’ are 100% export oriented unit eligible for deduction under section 10B

HINDUSTAN UNILEVER LTD,MUMBAI vs. ITO CIR 1(1)(4), MUMBAI

In the result, both the appeal of the assessee and the revenue are partly allowed

Bench: Shri Vikas Awasthy () & Ms. Padmavathy S. ()

depreciation of tea unit in Dharwad for the purpose of section 80IB. Allocation of research & Development expenses and interest expenses and while determining the profits for the purpose of deduction under section 80IB – Ground No.5 & 6 14. The Assessing Officer during the course of assessment held that the outcome of the research expenditure is futuristic in nature in the manufacturing

FAIRFIELD ATLAS LTD,MUMBAI vs. DCIT (OSD) -I, MUMBAI

10B of the Act. As per the formula stated above, the entire profits of the business are to be taken which are multiplied by the ratio of the export turnover to the total turnover of the business. Sub-section (4) does not require an assessee to establish a direct nexus with the business of the undertaking and once an income

DEPUTY COMMISSIONER OF INCOME TAX 1(1)(2), MUMBAI vs. HINDUSTAN UNILEVER LIMITED, MUMBAI

Bench: Shri Om Prakash Kantshri Sandeep Singh Karhail

4 9. erred in reducing deduction under section 80-IB from the "profits of the business" for the purposes of computing deduction under section 80HHC of the Act. Deduction under section 10B - Miscellaneous income 10. erred in denying the exemption u/s 10B in respect of the miscellaneous income of Rs. 73,805/- (Rs.11,806/- at Etah and Rs.61

DCIT, CIRCLE-1, , KALYAN vs. M/S ASB INTERNATIONAL PVT LTD, MUMBAI

In the result the appeal of the revenue stand dismissed

Bench: Amarjit Singh & Shri Sandip Singh Karhaildcit, C-1,Kalyan Vs. M/S. Asb International 1St Floor, Mohan Plaza, Pvt. Ltd. Mayale Naar, E9, E44, Addl. Kalyan(W)- 421301 Ambernath, Industrial Area, Anand Nagar, Ambernath Thane-421506 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aaaca8424F Appellant .. Respondent C.O. No. 65/Mum/2023 (A.Y. 2009-10)

4) of section 35 of the Act or the second proviso to clause (ix) of sub-section (1) of section 36 shall not be applicable in relation to any such allowance or deduction. Similarly, no loss as referred to in sub-section (1) or in section 72 or sub-section (1) or sub- section (3) of section

DCIT (LTU)-2, MUMBAI vs. M/S RELIANCE INDUSTRIES LTD., MUMBAI

In the result, the ITA No

section 35(2AB) in respect of research and development expenditure by observing as follows: ITA Nos.1645 & 2876/Mum/2019 ITA Nos.2344 & 3945/Mum/2019 Assessment Years: 2014-15 & 2015-16 Page 33 of 105 21.1 On perusal of the computation of income statement, it is seen that during the year under consideration the assesse company has claimed weighted deduction under section

RELIANCE INDUSTRIES LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX LARGE TAXPAYER UNIT-2, MUMBAI

In the result, the ITA No

section 35(2AB) in respect of research and development expenditure by observing as follows: ITA Nos.1645 & 2876/Mum/2019 ITA Nos.2344 & 3945/Mum/2019 Assessment Years: 2014-15 & 2015-16 Page 33 of 105 21.1 On perusal of the computation of income statement, it is seen that during the year under consideration the assesse company has claimed weighted deduction under section

RELIANCE INDUSTRIES LIMITED,MUMBAI vs. ACIT , MUMBAI

In the result, the ITA No

section 35(2AB) in respect of research and development expenditure by observing as follows: ITA Nos.1645 & 2876/Mum/2019 ITA Nos.2344 & 3945/Mum/2019 Assessment Years: 2014-15 & 2015-16 Page 33 of 105 21.1 On perusal of the computation of income statement, it is seen that during the year under consideration the assesse company has claimed weighted deduction under section

DCIT(LTU) - 1, MUMBAI vs. ACC LTD., MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Depreciation) as per I.T. Act (A) (B) (C) (D) [A-(B+C+D)] Kymore 36,19,89,511 1,57,97,595 8,92,049 12,40,632 34,40,59,235 Tikaria 4,16,98,121 31,25,544 1,02,757 65,00,091 3,19,69,729 Wadi

ACC LTD.,MUMBAI vs. ADDL CIT(LTU) , MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Depreciation) as per I.T. Act (A) (B) (C) (D) [A-(B+C+D)] Kymore 36,19,89,511 1,57,97,595 8,92,049 12,40,632 34,40,59,235 Tikaria 4,16,98,121 31,25,544 1,02,757 65,00,091 3,19,69,729 Wadi

STRIDES ARCOLAB LTD,NAVI MUMBAI vs. ASST CIR 10(3), MUMBAI

In the result, the appeals assessee is partly allowed for statistical purposes

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Strides Shasun Limited The Asst. Commissioner Of (Formerly Known As Strides Income Tax Circle 10(3), Arcolab Limited) 201, Mumbai Vs. Devavrata, Sector 17, Vashi, Navi Mumbai-400 703 Appellant .. Respondent Pan No. Aadcs8104P

depreciation. Similarly, the Mumbai Tribunal also in the case of ISBC Consultancy Services Ltd. Vs. DCIT (2002) 88 ITD 134 (Mum) held that the customization of software amounted to manufacture and entitled to deduction under section 10A of the Act. In view of the above given facts and circumstances, we are of the view that the assessee is entitled

TECNIMONT ICB PVT. LTD,MUMBAI vs. THE ACIT,CIRCLE 9(3), MUMBAI

4) and (4A) of that section. The conditions are only that the relief should be certified by a Chartered Accountant. As for the manner of calculation, it is very necessary to see that the reference is made only to sub-sections (3) and (3A), where there is Explanation (b) to sub-section (3) referring to the adjusted profit

ITO 2(2)(4), MUMBAI vs. MOBIAPPS INDIA P.LTD, MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2008-09 Income Tax Officer-2(2)(4), M/S Mobiapps India Pvt. Ltd. Room No.542, 5Th Floor, 7/10, Borawala Building, बनाम/ Aayakar Bhavan, Horniman Circle, Fort, Vs. M.K. Road, Mumbai-400001 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaccm3613L

depreciation for each of the relevant assessment year. (7) The provisions of sub-section (8) and sub-section (10) of section 80-IA shall, so far as may be, apply in relation to the undertaking referred to in this section as they apply for the purposes of the undertaking referred to in section 80-IA.” 7. Section 10A was further

ASST CIT (LTU) 2, MUMBAI vs. RELIANCE INDUSTRIES LTD, MUMBAI

Bench: S/Shri B.R.Baskaran (Am) & Amarjit Singh (Jm)

sections, the same profits shall not be allowed as a deduction under any other provision of this Act for the same assessment year and that in any case the deduction shall not exceed the profits and gains of the eligible undertaking or unit or enterprise or business, as the case may be. Even if Section 10A/Section 10B are construed

PEOPLE INERACTIVE (I) P.LTD,MUMBAI vs. PR CIT 7, MUMBAI

The appeals of the assessee are allowed

Bench: Shri Joginder Singh & Shri Rajesh Kumar

depreciation for each of the relevant assessment year. (7) The provisions of sub-section (8) and sub-section (10) of section 80- IA shall, so far as may be, apply in relation to the undertaking referred to in this section as they apply for the purposes of the undertaking referred to in section 80-IA. (7A) Where any undertaking

PEOPLE INERACTIVE (I) P. LTD,MUMBAI vs. PR CIT 7, MUMBAI

The appeals of the assessee are allowed

Bench: Shri Joginder Singh & Shri Rajesh Kumar

depreciation for each of the relevant assessment year. (7) The provisions of sub-section (8) and sub-section (10) of section 80- IA shall, so far as may be, apply in relation to the undertaking referred to in this section as they apply for the purposes of the undertaking referred to in section 80-IA. (7A) Where any undertaking