18.07. 2017. 2. CIT v. Akshay Textile Trading & Agencies Pvt Ltd.

DCIT Central Circle 6(2), Mumbai vs. M/S Alok Industries Ltd, Mumbai

In the result, the appeals of Revenue are partly allowed for statistical purposes

Bench: Shri Shamim Yahya & Shri Pawan Singh

…1 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A”, MUMBAI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER ITA NOS. 900 TO 906/MUM/2019 : A.Ys : 2006-07 TO 2011-12 DCIT, Central Circle – 6(2), vs. M/s. Alok Industries Limited Tower B, 2nd floor, Peninsula Mumbai. (Appellant) Business Park, G.K. Marg, Lower Parel, Mumbai 400 013. PAN : AAACA0210C (Respondent) Appellant by : Shri Rajiv Harit (CIT-DR) & Shri Michael Jerald (Sr.DR) Respondent by : Shri Nimesh K. Chothani Date of Hearing : 05/02/2020 Date of Pronouncement : 16/07/2020 O R D E R PER SHAMIM YAHYA, ACCOUNTANT…

DCIT Central Circle 6(2), Mumbai vs. M/S Alok Industries Ltd, Mumbai

In the result, the appeals of Revenue are partly allowed for statistical purposes

Bench: Shri Shamim Yahya & Shri Pawan Singh

…1 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A”, MUMBAI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER ITA NOS. 900 TO 906/MUM/2019 : A.Ys : 2006-07 TO 2011-12 DCIT, Central Circle – 6(2), vs. M/s. Alok Industries Limited Tower B, 2nd floor, Peninsula Mumbai. (Appellant) Business Park, G.K. Marg, Lower Parel, Mumbai 400 013. PAN : AAACA0210C (Respondent) Appellant by : Shri Rajiv Harit (CIT-DR) & Shri Michael Jerald (Sr.DR) Respondent by : Shri Nimesh K. Chothani Date of Hearing : 05/02/2020 Date of Pronouncement : 16/07/2020 O R D E R PER SHAMIM YAHYA, ACCOUNTANT…

Nanavati Constructions, Mumbai vs. DCIT 20(2), Mumbai

The appeal stands allowed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ I.T.A. No.2631/Mum/2017 (िनधा"रण वष" / Assessment Year: 2011-12) & आयकरअपील सं./ I.T.A. No.2632/Mum/2017 (िनधा"रण वष" / Assessment Year: 2012-13) & आयकरअपील सं./ I.T.A. No.2633/Mum/2017 (िनधा"रण वष" / Assessment Year: 2013-14) Nanavati Constructions Dcit-24(3) बनाम/ 52, Sarvodaya Industrial Estate Piramal Chambers, Lalbaugh Mahakali Caves Road Parel Vs. Andheri(E), Mumbai-400 093. Mumbai- 400 012. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaffn-9695-M (अपीलाथ"/Appellant) (""थ" / Respondent) : Assessee By : Shri B.V. Jhaveri-Ld.Ar Revenue By : Ms. Kavita P. Kaushik-Ld. Dr सुनवाई की तारीख/ : 29/01/2020 Date Of Hearing घोषणा की तारीख / : 13/03/2020 Date Of Pronouncement आदेश / O R D E R

…ions, which have already been extracted in the impugned order. 5.2 Regarding clubbing of rental income in the hands of the assessee, the assessee, inter-alia, relied upon the decision of Bombay High Court rendered in Akshay Textiles Trading Agencies Pvt Ltd. (304 ITR 401) and also on the decision of Hon’ble Calcutta High Court in CIT V/s Indra & Co. (268 ITR 240) for the submissions that only the actual rent received by the assessee was to be brought to tax. The attention was drawn to the fact the leave and license agreement was entered with 6 persons on 20/04/2009 which was much before subsequent leave and licen…

Acmevac Pumps & Engg. Pvt. Ltd., Thane vs. ACIT - 2(1)(1), Mumbai

Bench: Shri Joginder Singh() & Shri G Manjunatha ()

…ed upon 8 ITA 5155/Mum/2016 the decision of Hon’ble Supreme Court in the case of Apollo Tyres Ltd vs CIT 255 ITR 273 (SC). The assessee also relied upon the decision of jurisdictional High Court in the case of CIT vs Akshay Textile Trading & Agencies Pvt Ltd 304 ITR 401 (Bom). 9. We have heard both the parties and perused the material available on record. The fact with regard to the impugned dispute are that the assessee has credited profit derived from transfer of property to the Reserves & Surplus Account in the balance-sheet without routing it through P&L Account. The AO has recomputed book profit u/s 115JB o…

Bhupati Investments & Finance P. Ltd, Mumbai vs. ITO 5(1)(2), Mumbai

Bench: Shri Rajendra & Shri C.N. Prasadbhupati Investments & Finances Pvt Ltd V. Income Tax Officer B-34/35, 3Rd Floor 5(1)(2) Paragon Condominium Aayakar Bhavan P.B. Marg, Room No.525/570 Worli M.K.Road Mumbai 400 001 Mumbai 400 020 Pan : Aaacb 0441 P (Appellant) (Respondent) Bhupati Investments & Finances Pvt Ltd V. Acit – 5(1) B-34/35, 3Rd Floor Room No.525/570 Paragon Condominium Aayakar Bhavan P.B. Marg, M.K.Road Worli Mumbai 400 020 Mumbai 400 001 Pan : Aaacb 0441 P (Appellant) (Respondent) Assessee By: Shri Nitesh Joshi

…r Companies Act, it is not open to the AO to make changes in the accounts so prepared for the computation of book profit. The Id. AR also referred to the judgment of Hon’ble High Court of Bombay in case of CIT vs. Akshay Textiles Trading And Agencies P. Ltd. (304 ITR 401) and the judgment of same High court in case of CIT vs. Adhhut Trading Co. P. Ltd. (338 ITR 94) in which the Hon'ble High Court following the judgment of Hon'ble Supreme Court in the case of Apollo Tyres Ltd. (supra), held that the accounts prepared under the Companies Act and certified by the authorities under the said Act have to be accepted. I…

Wadinar Power Company Ltd, Mumbai vs. Addl CIT 5(3), Mumbai

Bench: Shri Jason P. Boaz & Shri Sandeep Gosainm/S. Vadinar Power Company Ltd. Additional Cit-5(3) 5Th Floor, Tower-Ii, Equinox Aayakar Bhavan Business Park, Off Bandra Kurla Vs. M.K. Road, Mumbai 400020 Complex, Lbs Marg, Kurla (W) Mumbai 400070 Pan - Aaacv5226C Appellant Respondent

…igh Court in the case of Veekaylal Investments Company Pvt. Ltd. (supra), no longer holds the ground as it has been negatived/reversed by the Hon'ble Bombay High Court in a subsequent judgment in the case of Akshay Textiles Trading and Agencies P. Ltd. (2008) 304 ITR 401 (Bom) on the similar issue, by following the decision of the Hon'ble Apex Court in Apollo Tyres Ltd. (supra). It is submitted that a similar finding has also been rendered by the Hon'ble Bombay High Court in the case of Adbhut Trading Co. P. Ltd. (2011) 338 ITR 94 (Bom). It was further submitted that a Coordinate Bench of this Tribunal in the cas…

Kantadevi Gupta, Mumbai vs. ITO 14(2)(2), Mumbai

In the result, all the appeals are allowed for statistical purposes

Bench: Shri Joginder Singh & Shri Sanjay Aroraassessment Year:2007-08 Santlal Gupta, Ito-14(2)(2), 404, A Waghwadi, Mumbai Kalbadevi Mumbai ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aabpg6320Q Assessment Year:2007-08 Kantadevi Gupta, Ito-14(2)(2), 404, A Waghwadi, Mumbai Kalbadevi Mumbai ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Ahrpg7451P

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, बी,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “B”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी संजय अरोड़ा, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Sanjay Arora, Accountant Member Assessment Year:2007-08 Santlal Gupta, ITO-14(2)(2), 404, A Waghwadi, Mumbai Kalbadevi Mumbai ("नधा"रती /Assessee) (राज"व /Revenue) PAN. No.AABPG6320Q Assessment Year:2007-08 Kantadevi Gupta, ITO-14(2)(2), 404, A Waghwadi, Mumbai Kalbadevi Mumbai ("नधा"रती /Assessee) (राज"व /Revenue) PAN. No.AHRPG7451P राज"व क" ओर से / Revenue by Shri V.S. Jadhav "नधा"र…

Santlal Gupta, Mumbai vs. ITO 14(2)(2)

In the result, all the appeals are allowed for statistical purposes

Bench: Shri Joginder Singh & Shri Sanjay Aroraassessment Year:2007-08 Santlal Gupta, Ito-14(2)(2), 404, A Waghwadi, Mumbai Kalbadevi Mumbai ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aabpg6320Q Assessment Year:2007-08 Kantadevi Gupta, Ito-14(2)(2), 404, A Waghwadi, Mumbai Kalbadevi Mumbai ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Ahrpg7451P

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, बी,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “B”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी संजय अरोड़ा, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Sanjay Arora, Accountant Member Assessment Year:2007-08 Santlal Gupta, ITO-14(2)(2), 404, A Waghwadi, Mumbai Kalbadevi Mumbai ("नधा"रती /Assessee) (राज"व /Revenue) PAN. No.AABPG6320Q Assessment Year:2007-08 Kantadevi Gupta, ITO-14(2)(2), 404, A Waghwadi, Mumbai Kalbadevi Mumbai ("नधा"रती /Assessee) (राज"व /Revenue) PAN. No.AHRPG7451P राज"व क" ओर से / Revenue by Shri V.S. Jadhav "नधा"र…

ITO 2(3)(4), Mumbai vs. Walchand People First Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 2543/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10)

…nce again in the hands of the owner would amount to taxing an income twice which is not permissible in law. The assessee company also relied upon the decision of Hon’ble jurisdictional High Court in the case of CIT v. Akshay Textiles & Agencies P. Ltd. (2008) 304 ITR 401(Bom.) wherein the Hon’ble Court held that in the absence of any cogent evidence to show that transaction was not genuine, the amount received by an intermediary cannot be assessed in the hands of the taxpayer. The assessee company contended that the A.O. has not challenged or doubted the genuineness of the lease agreements between the assessee co…

Walchand People First Ltd., Mumbai vs. ITO - 2(3)(4), Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 2543/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10)

…nce again in the hands of the owner would amount to taxing an income twice which is not permissible in law. The assessee company also relied upon the decision of Hon’ble jurisdictional High Court in the case of CIT v. Akshay Textiles & Agencies P. Ltd. (2008) 304 ITR 401(Bom.) wherein the Hon’ble Court held that in the absence of any cogent evidence to show that transaction was not genuine, the amount received by an intermediary cannot be assessed in the hands of the taxpayer. The assessee company contended that the A.O. has not challenged or doubted the genuineness of the lease agreements between the assessee co…

Ashit M Patel, Mumbai vs. Addl CIT 21(3), Mumbai

The appeal of the assessee is dismissed

…essing Officer estimated the rental income at Rs.5,89,600/- of two rooms and the assessee let out identical two rooms to another person on rent for Rs.48,000/- only. Reliance was placed upon the decision in CIT vs Akshay Textile Trading and Agencies Pvt. Ltd. 304 ITR 401 (Bom.) and ACIT vs Mayur Recreational and Development Ltd. (2008) 301 ITR (AT) 324 (Del.)(SB). The crux of the argument is that actual rent was received only to the tune of Rs.48,000/-. 2.1. On the other hand, the ld. DR, Shri G. N. Makwana, strongly defended the impugned order by contending that actual rent received by the assessee was Rs.5,89,…

Manish C Jogani HUF, Mumbai vs. ITO 16(2)(2), Mumbai

In the result, all the appeals are allowed for statistical purposes

Bench: Shri Sanjay Arora, Am आयकर अपील सं./I.T.A. No. 7344/Mum/2014 ("नधा"रण वष" / Assessment Year: 2008-09) Manish C. Jogani, Huf Ito-16(2)(2), बनाम/ C/21, Shree Ganeshprasad Chs Ltd., Mumbai Vs. Sleater Road, Grant Road, Mumbai-400 007 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aafhm 8076 B (अपीलाथ" /Appellant) (""यथ" / Respondent) : आयकर अपील सं./I.T.A. No. 7345/Mum/2014 ("नधा"रण वष" / Assessment Year: 2008-09) बनाम/ Sandeep C. Jogani (Huf) Ito-16(2)(2), Mumbai-400 007 Mumbai Vs. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aalhs 2461 Q (अपीलाथ" /Appellant) (""यथ" / Respondent) : आयकर अपील सं./I.T.A. No. 7346/Mum/2014 ("नधा"रण वष" / Assessment Year: 2008-09) बनाम/ Girish C. Jogani (Huf) Ito-16(2)(2), Mumbai-400 007 Mumbai Vs. "थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aadhg 0062 M (अपीलाथ" /Appellant) (""यथ" / Respondent) : आयकर अपील सं./I.T.A. No. 7347/Mum/2014 ("नधा"रण वष" / Assessment Year: 2008-09) बनाम/ Champaklal D. Jogani (Huf) Ito-16(2)(2), Mumbai-400 007 Mumbai Vs. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaahj 8938 C (अपीलाथ" /Appellant) (""यथ" / Respondent) : (A.Y. 2008-09) अपीलाथ" क" ओर से / Appellant By : Shri Jayesh Dadia ""यथ" क" ओर से/Respondent By : Smt. Bharati Singh सुनवाई क" तार"ख / : 02.11.2015 Date Of Hearing : 16.11.2015 Date Of Order आदेश / O R D E R Per Sanjay Arora, A. M.: This Is A Set Of Four Appeals By Different Assessees, Agitating The Dismissal Of Their Appeals Contesting Their Respective Assessments U/S. 143(3) R/W S. 147 Of The Income Tax Act, 1961 (‘The Act’ Hereinafter) Dated 07.2.2014 For The Assessment Year (A.Y.) 2008-09 By The Commissioner Of Income Tax (Appeals)-27, Mumbai (‘Cit(A)’ For Short) Vide His Separate Orders Of Even Date (20.10.2014). The Issue/S Arising Being Common, The Appeals Were Posted For Hearing & Were Accordingly, Heard Together.

…(SC) CIT vs. Durga Prasad More [1971] 82 ITR 540 (SC) McDowell & Co. Ltd. vs. Commercial Tax Officer [1985] 154 ITR 148 (SC) Workmen, Associated Rubber Industry Ltd. vs. ARI Ltd. [1986] 157 ITR 77 (SC) CIT v. Akshay Textile Trading & Agencies (P.) Ltd. [2008] 304 ITR 401 (confirming that there was no departure from the principles/ratio of the decision in McDowell & Co. Ltd.(supra) in UOI v. Azadi Bachao Andolan [2003] 263 ITR 706 (SC)) Twinstar Holdings Ltd.v. Dy. CIT [2003] 260 ITR 6 (Bom) (A.Y. 2008-09) It needs to be appreciated that though the Revenue has sought to impugn the transaction/s as bogus/not genuin…