The Commissioner of Income-tax-V, Mumbai v. Aurangabad Electricals Ltd - 2015-LL-0218-10

Citation	2015-LL-0218-10
Appellant Name	The Commissioner of Income-tax-V, Mumbai
Respondent Name	Aurangabad Electricals Ltd.
Court	HIGH COURT OF BOMBAY
Relevant Act	Income-tax
Date of Order	18/02/2015
Judgment	View Judgment
Keyword Tags	sales tax
Bot Summary:	At the request of the Counsel, all the three appeals were listed on board for final hearing as according to them the issue raised herein is covered by the decision of this Court. In all the three appeals an identical issue arises for our rt consideration i.e. whether the amount of discount granted to the respondent/assessee on account of earlier payment of deferred sales tax ou loan is chargeable to tax on remission under Section 41(1) of the Income Tax Act, 1961 or is it not chargeable to tax as it it a Capital C Account. The impugned order in all the three appeals have followed the h decision of Special Bench of Tribunal in Suzler India Ltd. Vs. Jt. CIT ig reported in 42 SOT 457. The revenue had challenged the decision of H Tribunal in Suzler India Ltd. in Appeal No. 450/2013. The appeal by revenue has been dismissed by order dated 5 December 2014. It is agreed between the Counsel that the issue arising in all the three appeals stands concluded against the revenue and in favour of the appellant by order of this Court in Suzler India Ltd. B 5. Accordingly, following the decision in Suzler India Ltd. , all the three appeals are dismissed.

947.ITXA.2223.11.sxw IN HIGH COURT OF JUDICATURE AT BOMBAY rt ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 2223 OF 2011 ou Commissioner of Income Tax V, Mumbai ..Appellant Vs. C Aurangabad Electricals Ltd. ..Respondent WITH INCOME TAX APPEAL (L) NO. 976 OF 2011 h WITH INCOME TAX APPEAL NO. 2326 OF 2011 ig Commissioner of Income Tax V, Pune ..Appellant Vs. H Automotive Stampings and Assemblies Ltd. ..Respondent .... y Mr. N.N. Singh, Advocate for Appellant. Ms. Sanjukta Chowdhary i/b PKP Legal Solutions for Respondent in ITXA ba No. 2223/2011. Mr. Percy Pardiwalla, Sr. Advocate i/b Atul Jasani for Respondent in ITXAL No. 976/2011 and ITXA No. 2326/2011. .... om CORAM : M.S. SANKLECHA & G.S. KULKARNI, JJ. DATED : 18 FEBRUARY 2015 P.C.: B 1. At request of Counsel, all three appeals were listed on board for final hearing as according to them issue raised herein is covered by decision of this Court. S.S.DESHPANDE 1 / 2 ::: Downloaded on - 24/08/2015 17:20:47 ::: 947.ITXA.2223.11.sxw 2. In all three appeals identical issue arises for our rt consideration i.e. whether amount of discount granted to respondent/assessee on account of earlier payment of deferred sales tax ou loan is chargeable to tax on remission under Section 41(1) of Income Tax Act, 1961 (the 'Act') or is it not chargeable to tax as it it Capital C Account. 3. impugned order in all three appeals have followed h decision of Special Bench of Tribunal in Suzler India Ltd. Vs. Jt. CIT ig reported in 42 SOT 457. revenue had challenged decision of H Tribunal in Suzler India Ltd. (supra) in Appeal No. 450/2013. appeal by revenue has been dismissed by order dated 5 December 2014. y Thus affirming view of Special Bench of Tribunal in Suzler ba India Ltd. (supra) that remission is capital receipt. Thus not liable to tax. om 4. It is agreed between Counsel that issue arising in all three appeals stands concluded against revenue and in favour of appellant by order of this Court in Suzler India Ltd. (supra). B 5. Accordingly, following decision in Suzler India Ltd. (supra), all three appeals are dismissed. No order as to costs. [G.S. KULKARNI, J] [M.S. SANKLECHA, J.] S.S.DESHPANDE 2 / 2 ::: Downloaded on - 24/08/2015 17:20:47 ::: TheCommissionerofIncome-tax-V,Mumbai v. AurangabadElectricalsLtd

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