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Aug 17 2007 (TRI)

Videsh Sanchar Nigam Ltd. Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)111ITD190(Mum.)

..... to the profits derived from any trade or business carried on by the assessee other than the industrial undertaking. while considering again the scope of section 15c of the it act, 1922, the court held that the new industrial unit would not lose its separate and independent identity even though it has been set up by a company which is already running an ..... ownership does not render undertakings, which are otherwise capable of being separated into a common undertaking. while considering the exemption available to an assessee under section 15c of the it act, 1922, the court held that exemption is confined to profit derived from the industrial undertaking and cannot operate in respect of any profit derived by the assessee from any trade or business ..... other than the industrial undertaking. in this context, the court held that section 15c of the it act, 1922 does not make an industrial undertaking per se the unit of assessment. there is a clear distinction between the assessee and the industrial undertaking. in this ..... could be classified as a newly established industrial undertaking and will qualify for the relief. in this case again, the calcutta high court was considering a case in the light of section 15c of the old it act, 1922. the court observed that section 15c makes a distinction between the assessee and the industrial undertaking. the unit of assessment is the assessee and not .....

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