Court : Income Tax Appellate Tribunal ITAT Mumbai
1. The Department has filed the present appeal against the order passed by the ld. CIT(A) on 07.06.2004 on the following grounds: On the facts and in the circumstances of the case and in law, the ld. CIT(A) has erred in allowing the claim of 'unabsorbed loss on capital expenditure on Scientific research & development of the demerged company and treating the same as accumulated loss/depreciation loss as per provisions of Section 32(2) and hence to be treated at par for the purpose as contemplated Under Section 71A(4) of the I-T Act 2. Briefly stated, the facts of the case are that M/s. Maharashtra Hybrid Seeds Co. Ltd. (de-merged company) had a Vegetable Seeds Division, which was separated by way of de-merger duly approved by the Hon'ble Bombay High Court vide its order dated 20.09.2000 w.e.f.01.04.2000. As a result of the aforesaid de-merger, the resulting company, i.e., M/s. Mahyco Vegetable Seeds Ltd. (assessee) was created.Before de-merger, there was unabsorbed depreciation amo...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
1. These cross appeals are preferred by the assessee as well as the revenue against the order of the Commissioner (Appeals) pertaining to the assessment year 1997-98. Since these appeals were heard together the same are being disposed off through this consolidated order. We, however, prefer to adjudicate these appeals one by one.2. Through this appeal, the assessee has assailed the order of the Commissioner (Appeals) on various grounds: 3. The first ground relates to disallowance of carry forward of unabsorbed investment allowance of the erstwhile A.K Structural Foam Ltd. (AKSF) on the ground that it can only be carry forward and set off for a period of 8 years from the assessment year for which it is related i.e. Assessment Year 1988-89 and the investment allowance cannot be carried forward for set off for assessment year 1997-98, even though the amalgamation of AKSF with the assessee was effective from 1-4-1991 i.e. relevant to assessment year 1992-93.4. The brief facts borne out fr...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1988)25ITD479(Mum.)
1. This appeal by the assessee has raised several issues which are considered seriatim below. (i) Swastik Household & Industrial Products, (ii) Sarabhai Research Centre and (iii) Operation Research Group. A company, M/s. Karamchand Premchand Pvt. Ltd., transferred and assigned as a going concern on 30-6-1973 its various industrial undertakings and businesses to its wholly-owned subsidiary. While doing so, with effect from 30-6-1973, that company had transferred and assigned its industrial undertaking of Swastik Oil Mill division as a going concern to the assessee-company. With effect from the close of business of the assessee as on 28-2-1977, the assessee-company which had in the meanwhile set up two divisions, Swastik Research Centre and Operation Research Group, in 1974, transferred the industrial undertakings and businesses of Swastik Household & Industrial Products Division, business of Operation Research Group and the Sarabhai Research Centre to its subsidiary company, M/...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
1. This is an appeal by the assessee against the order dated 20.11.2006 of learned CIT(A)-XXIII, Mumbai relating to A.Y. 2002-03.2. First dispute that arises for consideration in this appeal is as to whether the revenue authorities were justified in holding that a capital gain arose on transfer of TFD by the assessee to ITEL, in computing such capital gain on transfer at Rs. 45.9S Crores and bringing the same to tax.3. The facts and circumstances giving rise to the above issue are as follows: The Assessee is a company. It is engaged in the business of providing solutions in the field of voice communications and manufacture of telephone instruments, EPBAX systems etc. It was earlier known as Tata Telecom Ltd. (TTL). The Assessee had two divisions viz. Business Communications Divisions (BCD) and the Tata Fone Division (TFD), The BCD provided communication solutions and the TFD was engaged in the manufacture of EPBAX and telephone instruments. During the previous year relevant to the ass...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2007)111TTJ(Mum.)385
1. The assessee is in appeal before us against the order of learned CIT(A)-C-III Mumbai, dt. 16th Nov., 1998 passed for asst. yr. 1995-96.The first grievance of the assessee relates to confirmation of disallowance of debenture issue expenditure amounting to Rs. 5,21,22,533 on the ground that it is capital in nature.2. The brief facts of the case are that the appellant assessee is a public limited company registered under the Companies Act, 1956. It is a manufacturer and supplier of benzoate plasticizers, benzoic acid and sodium benzoate, an import substitute. It has filed its return of income on 30th Nov., 1995 declaring total income of Rs. 1,43,01,080.The case was selected for scrutiny and learned AO with a view to give logical end to the proceedings issued notice under Section 143(2) and 142(1) of the Act. The learned AO on scrutiny of the statement of total income noticed that assessee has claimed debenture issue expenses of Rs. 5,21,22,533 as allowable deduction while computing th...
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