Skip to content


Latest Cases Home > Latest Court: income tax appellate tribunal itat mumbai Page 10 of about 2,049 results (0.142 seconds)

Dec 27 2007 (TRI)

Glenmark Laboratories Ltd. Vs. the Dy. Comm. of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)116TTJ(Mum.)131

1. This is an appeal by the assessee against the order of the CIT(A) relating to assessment year 2002-03.2 The assessee is objecting in holding that DEPB/DFRC income will not form part of business income for the purpose of computing deduction Under Section 80HHC of the Act.3 Briefly stated facts of the case are that the assessee is engaged in the business of export of Generic Pharmaceuticals, Formulations etc.During the year the assessee had carried out trading exports. The assessee has claimed deduction Under Section 80HHC amounting to Rs. 76,80,735/-. The same was computed taking into consideration the DEPB income amounting to Rs. 1,21,91,643/-. The A.O did not consider DEPB income as eligible for deduction Under Section 80HHC of the Act.Further, after reducing the DEPB there was a loss and considering decision of Hon'ble Supreme Court in the case of 1pca Laboratories (266 ITR 52), the deduction Under Section 80HHC was disallowed. The assessee filed an appeal before the CIT(A), whic...

Tag this Judgment!

Dec 14 2007 (TRI)

Bhavesh Estates (India) (P) Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

1. This appeal has been filed by the assessee against the order of the Commissioner (Appeals), for the assessment year 2003-04.2. The first issue is against the confirmation of the assessed income at Pis. 4,99,260 as against the nil income declared in the return of income for the assessment year 2003-04 has been opposed.2.1 The assessee company is in the business of construction. During the year, the assessee company had entered into an understanding with M/s Arora Builders (alias M/s Sukhmani Construction) for the development of immovable property situated at Andheri, Mumbai, vide development agreement dated 28-11-2003. The said agreement was registered with the office of the sub-Registrar, Mumbai. As per development agreement there are two phases of constructionone for rehabilitation and second for sale. The entire expenses for Phase-I, i.e. rehabilitation, were borne by the company on behalf of M/s Sukhmani Construction and for Phase-II, i.e. sale, the entire expenses were borne by...

Tag this Judgment!

Dec 11 2007 (TRI)

income Tax Officer Vs. Godrej Soaps Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)114TTJ(Mum.)950

2. First ground of objection taken by the Revenue is directed against the order of the CIT(A) in allowing exemption under Section 10(33) of the IT Act, 1961, even though after reducing the interest and expenses attributable to the dividend income, the net dividend was a negative figure. Assessee filed the return on 26th Nov., 1998 declaring loss of Rs. 33,06,04,294 and income under Section 115JA at Rs. 2,30,74,240. The return was processed under Section 143(1)(a) on 13th Sept., 1999 without making any adjustments. Subsequently assessee filed the revised return on 30th March, 2000 declaring same income under Section 115JA and loss at Rs. 34,04,65,648, which was processed on 12th March, 2001 without any adjustments. Notices under Sections 142(1) and 143(2) were issued. Assessee is engaged in the business of manufacturing and/or trading in consumer products such as soaps, detergents, cosmetics, industrial chemicals, oils, oilseeds, oil palm nursery and plantation, financial operations an...

Tag this Judgment!

Nov 30 2007 (TRI)

Asstt. Cit Vs. Ajanta Pharma Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

1. This appeal by the revenue is preferred against the order of the Commissioner (Appeals) on a solitary ground that the Commissioner (Appeals) has erred in holding that the profit earned from exports as computed in Clauses (a) to (c) of Section 80HHC(3) is eligible for reduction under Clause (iv) of Explanation to Section 115JB of the IT Act and thereby directing the assessing officer to allow reduction of Rs. 6,64,25,939 as profit from export while computing the book profit under Section 115JB of the Income Tax Act, 1961.2. The facts in brief on the impugned issue are that the assessee company is engaged in manufacturing and sale of pharmaceutical products. During the assessment proceedings the assessing officer recomputed the book profit under Section 115JB of the Act at Rs. 1,33,66,209 as against Rs. 81,021 disclosed by the assessee. The assessing officer has observed in the assessment order that Section 80HHC(1) allows deduction to the extent of profits, referred to in Sub-sectio...

Tag this Judgment!

Nov 30 2007 (TRI)

Sheela Securities (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)114TTJ(Mum.)112

1. Both these appeals are assessee's appeals directed against the order of learned CIT(A)-XXIX, Mumbai dt. 23rd Dec., 2004 for asst. yr.2001-02 and against the order of CIT dt. 28th March, 2006 under Section 263 for the same assessment year. For the sake of convenience, both these appeals are being disposed of by this common order. (1) On the facts and circumstances of the case and in law, learned CIT(A) erred in disallowing loss of Rs. 10,86,472 by treating the same as speculation loss. (2) The learned CIT(A) erred in applying Explanation to Section 73 for disallowing the loss incurred by the appellant.4. Briefly stated, the facts are that the assessee is a sub-broker of M/s Kantilal Mangaldas See (P) Ltd., one of the main brokers of the Bombay Stock Exchange. During this year, the assessee has earned net brokerage of Rs. 17,68,213. The assessee had also some share trading in its own account in which, it has incurred loss of Rs. 10,86,472 on delivery based share trading and Rs. 32,42...

Tag this Judgment!

Nov 30 2007 (TRI)

Godavari Sugar Mills Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)115TTJ(Mum.)788

1. The only grievance of the assessee in this appeal is that the CIT(A) erred in not granting deduction of bank interest of Rs. 3,72,10,370 and upholding the decision of the AO.The brief facts of the case are that the assessee is a company engaged in the manufacture of sugar. The AO at the time of the original assessment Under Section 143(3) noticed that the assessee has made a claim of a deduction of Rs. 3,72,10,370 from its profit regarding the interest amount payable on cash credit for Sakharwadi/Lakshmiwadi factories to the Bank of India. He disallowed the claim for deduction on account of interest payable to the extent of Rs. 3,72,10,370 to the Bank of India on the ground that it is shown as contingent liability in the annual report of the company and that it has not crystallized during the year. On appeal, the CIT(A) remanded the matter back to the file of the AO directing him to verify the facts and also to consider the correspondence from the Bank of India stating that the ban...

Tag this Judgment!

Nov 27 2007 (TRI)

Mukand Global Finance Ltd. Vs. Dcit - Range 3(2)

Court : Income Tax Appellate Tribunal ITAT Mumbai

1. This appeal by the assessor is directed against the order of the; CIT(A) on various grounds, which are as under: 1. Setting off of loss on sale of flat (Deemed Short Term Capital Gain) On the facts and in the circumstances of the case and in law, the Ld Commissioner of Income-tax (Appeals) erred in confirming the action of Ld Assessing Officer in not setting off loss of Rs. 34,43,668/-, being deemed short term loss, against income under the head "Profits & Gains of Business and Profession. 2.1 On the facts and in the circumstances of the case and in law, the ld Commissioner of Income Tax (Appeals) erred in confirming the disallowance of deduction of Rs. 1,01,40,295/in respect of provisions for non performing assets. 2.2 In doing so, the ld Commissioner of Income-tax (Appeals) was not justified in the following respects: (a) In not appreciating the fact that the provision of non performing assets was made on the basis of prudential norms prescribed by the Reserve Bank of India f...

Tag this Judgment!

Nov 26 2007 (TRI)

The Acit Vs. Triace

Court : Income Tax Appellate Tribunal ITAT Mumbai

1. The Revenue is in appeal before us against the order of id. CIT(A) dated 6/2/04 passed for assessment year 1995-96. The solitary grievance of the Revenue is that ld. CIT(A) has erred in deleting the addition of Rs. 18,50,000/- made by the A.O on the ground that assessee has generated good will which was transferred by it to one of the partners, though not on dissolution but on retirement and such transfer does come within the ambit of expression "otherwise" employed in Section 45 (4) of the Act.2. The ld. Counsel for the assessee at the very outset pointed out that in this case return of income was filed n 27/10/95. The assessee has disclosed all the material facts fully and duly, i.e. copy of the partnership deed, copy of the retirement cum partnership deed dated 1/4/1994, detailed explanation in respect of payment made to the retired partner was made to the A.O. He further pointed out that after going through all these documents the assessment under Section 143(3) was made on 31/...

Tag this Judgment!

Nov 23 2007 (TRI)

The Dy. Cit Vs. Lyka Labs Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

1. These are the cross appeals by the assessee as well as Revenue pertaining to Assessment Year 1998-99 which have been heard together and are being disposed off by the common order for the sake of convenience.2. The first ground raised by the assessee in this appeal reads as under: 1. The learned CIT(A) erred in upholding the action of the Assessing Officer in considering the sum of Rs. 6 crores received from US Vitamins Ltd. in consideration of the transfer of marketing information and clinical data and allied rights and, agreeing to refrain from directly or indirectly competing with them, to be in the nature of a revenue receipt.3. Briefly stated, the facts relating to the above issue are these. The assessee company is engaged in the business of manufacturing of bulk drugs and formulation of pharmaceutical products, which are sold both in domestic and export market. In addition, the assessee was also marketing a Nitro Glycerine based product named 'Angispan TR', manufactured by ano...

Tag this Judgment!

Nov 16 2007 (TRI)

Voltas Ltd. Vs. Asstt. Cwt

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)113ITD19(Mum.)

1. In exercise of the powers conferred by Section 255 of the Income Tax Act, the Hon'ble President has constituted this Special Bench to decide upon the following issues: 1. Whether the value of the immovable asset owned by an assessee is includible in the net wealth of the owner/assessee or the lessee in terms of Section 4(8)(b) of the Wealth Tax Act read with Section 269UA(f) of the Income Tax Act where the term of the lease is (i) exceeding 12 months but less than 12 years; and/or (ii) exceeding 12 years 2. Whether the words in parenthesis in Section 4(8)(b) of the Wealth Tax Act "(excluding any rights by way of lease from month to month or for a period not exceeding one year)" in fact relate to the nature of the lease agreement, which will not qualify for applying the provisions of Section 4(8)(b) of the Wealth Tax Act 3. Whether lease agreement for a period for less than one year with an extension clause which is normally an agreement of leave and licence, will not be covered by ...

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //