DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 8,, PUNE vs. M/S. FINOLEX CABLES LTD,, PUNE
In the result, appeal of the Revenue is partly allowed
ITA 539/PUN/2022[2013-14]Status: DisposedITAT Pune26 May 2023AY 2013-14
Bench: Shri R.S. Syal, Hon. Vice-& Shri Partha Sarathi Chaudhury, Hon.Dcit, Circle-8, Vs M/S. Finolex Cables Ltd., Pune. 26/27, Mumbai Pune Road, Pimpri, Pune. Pan: Aaacf 2637 D Appellant/Revenue Respondent /Assessee Assessee By : Shrij.G. Pendse, Ar Revenue By : Shrim.M. Chate, Cit Dr Date Of Hearing : 24/05/2023 Date Of Pronouncement : 26/05/2023 Order Perpartha Sarathi Chaudhury, Jm: This Appeal Preferred By The Revenue Emanates From The Order Of Commissioner Of Income Tax (Appeals)-13, Pune, Dated 19.05.2022For A.Y.2013-14 As Per The Following Revised Grounds Of Appeal:- “1(A) Whether On The Facts & Circumstances Of The Case & In Law, The Ld. Cit(A) Has Erred In Allowing The Claim Of The Assessee U/S 80Ic On Income Earned From Sale Of Scrap Without Appreciating The Fact That Assesses Itself Categorized Income Earned From Sale Of Scrap As Other Income In The Profit & Loss Statement Of Roorkee Unit Undertaking & The Same Is Not Derived From The Activities Of The Eligible Business. 1(B) Whether On The Facts & Circumstances Of The Case & In Law, The Ld.Cit(A)Has Erred In Ignoring The Decision Of Hon'Ble Supreme Court In The Case Of Liberty India Vs. Cit (2009) 317 Itr 218 (Sc) Wherein The Words "Derived From' Is Explained? 1(C) Whether On The Facts & Circumstances Of The Case & In Law, The Ld. Cit(A) Was Justified In Allowing The Claim Of The Assessee U/S 80Ic On Sale Of Scrap, Relying On The Decision Of The Hon'Ble Madras High Court In The Case Of M/S Fenner India Ltd. (241 Itr 803) Without Appreciating The Facts That The Same Has Been M/S. Finolex Cables Ltd.
For Appellant: ShriJ.G. Pendse, ARFor Respondent: ShriM.M. Chate, CIT DR
Section 143(3)Section 14ASection 80ISection 92(2)Section 92B
199)
237 ITR 579 when it was not derived from the activities of the eligible business?
2(a) Whether on the facts and circumstances of the case, the Ld.
CIT(A) has erred in deleting the allowances made u/s 14A of the Act by relying upon the decision of the Hon'ble ITAT, Pune wherein the Hon'ble Tribunal held
