ACE Designers Ltd. v. Additional Commissioner of Income Tax

120 Taxmann.com 321High Court2020#6839 most cited
16

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2021 to 2025.

Sections most often in play

Section 115JBSection 14ASection 36(1)(iii)Section 142(1)Section 143(2)Section 37Section 37(1)Section 43CA

Issues it is cited on

section 36(2)section 43catransfer of capital assetstrategic investmentbusiness expediencyinterest free advancessection 10(34)commercial expediencysource of sourceenduring benefitcreditworthiness of the creditorsection 36(1)(iii)

Judgments citing ACE Designers Ltd. v. Additional Commissioner of Income Tax

ASST. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 2(3) MUMBAI, MUMBAI vs. INDUSIND MEDIA AND COMMUNICATION LTD, MUMBAI

ITA 3945/MUM/2025[2020-21]Status: DisposedITAT Mumbai16 Dec 2025AY 2020-21

Bench: Ms. Suchitra Raghunath Kamble & Shri Girish Agrawal

Section 143(3)Section 195Section 36(1)(vii)Section 36(2)Section 40Section 9(1)(vi)

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE MS. SUCHITRA RAGHUNATH KAMBLE, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA No. 3945/MUM/2025 Assessment Year: 2020-21 Appellant Asst. Commissioner of Income Tax Central Circle 2(3), Mumbai Room No. 803, Old CGO Annex building, Churchgate, Mumbai 400020 VS Respondent Indusind Media and Communication Ltd. 49/50, In Centre 12 Road MIDC, Andheri East, Mumbai 400093 PAN: (AAACI1198L) Present for: Appellant by Shri Mihir Naniwadekar and Shri R.H. Gurjar, Advocates Respondent by Shri Satya Pal Kumar, CIT DR Date of Hearing 18.09.2025 Date…

THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1),, AHMEDABAD vs. GUJARAT APOLLO INDUSTRIES LIMITED,, MEHSANA

In the result, the appeal of the Revenue is dismissed

ITA 407/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad09 Oct 2025AY 2018-19

Bench: Dr. B.R.R. Kumar, Vice-Shri Siddhartha Nautiyalthe Assistant Commissioner Gujarat Apollo Industries Ltd., Vs. Of Income Tax, Block No.486,487, 488, Circle-2(1)(1), Ahmedabad Mehsana Highway, Ahmedabad. Opp. Water Park, Dholasan, Mehsana-382732. [Pan :Aaacg7248 P] (Appellant) .. (Respondent) Appellant By : Shri Bp Srivastava, Sr. Dr Respondent By: Shri Mehul K Patel, Ar Date Of Hearing 06.08.2025 Date Of Pronouncement 09.10.2025 O R D E R Per Dr. B.R.R. Kumar, Vice-:-

For Appellant: Shri BP Srivastava, Sr. DRFor Respondent: Shri Mehul K Patel, AR
Section 115JSection 143(3)Section 14ASection 250Section 36Section 37(1)

…. The expenditure may not have been incurred under any legal obligation, yet it is allowable as a business expenditure if it was incurred on grounds of commercial expediency. [Para 25] ACIT Vs. Gujarat Apollo Industries Ltd. Asst. Year : 2018-19 - 8– (2020) 120 Taxmann.com 321 (Karnataka) Ace Designers Ltd. Section 28(i) of the Income-tax Act, 1961 - Business loss/deductions - Allowable as (Investment in subsidiary) - Assessment year 2004-05 - Assessee- company was engaged in business of manufacture and export of computerized numerical controlled machines - Assessee made investment in equity of its wholly owned…

DCIT, CC-2(1), BANGALORE, BANGALORE vs. ADARSH DEVELOPERS, BENGALURU

In the result appeal of the learned assessing officer is dismissed on its merit and appeal of the assessee is also dismissed as withdrawn

ITA 1160/BANG/2024[2020-21]Status: DisposedITAT Bangalore29 Apr 2025AY 2020-21

Bench: Shri Prashant Maharishi & Shri Soundararajan K.Assessment Year : 2020-21

For Appellant: Shri Hemant Pai, CAFor Respondent: Ms. Neera Malhotra
Section 143(1)Section 143(2)Section 143(3)Section 28Section 36Section 37

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : BANGALORE BEFORE SHRI PRASHANT MAHARISHI, VICE PRESIDENT AND SHRI SOUNDARARAJAN K., JUDICIAL MEMBER Assessment year : 2020-21 Adarsh Developers, Vs. The Deputy Commissioner No.2/4, Langford Garden, of Income Tax, Richmond Town, Central Circle 2(1), Bangalore. Bangalore – 560 025. PAN: AAGFA 3674G APPELLANT RESPONDENT Assessment year : 2020-21 The Deputy Commissioner Adarsh Developers, of Income Tax, Vs. No.10, Vittal Malya Road, Central Circle 2(1), Bangalore – 560 001. PAN: AAGFA 3674G Bangalore. APPELLANT RESPONDENT Assessee by : Shri Hemant Pai, CA Revenue…

ADARSH DEVELOPERS ,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 2(1), BENGALURU

In the result appeal of the learned assessing officer is dismissed on its merit and appeal of the assessee is also dismissed as withdrawn

ITA 1082/BANG/2024[2020-21]Status: DisposedITAT Bangalore29 Apr 2025AY 2020-21

Bench: Shri Prashant Maharishi & Shri Soundararajan K.Assessment Year : 2020-21

For Appellant: Shri Hemant Pai, CAFor Respondent: Ms. Neera Malhotra
Section 143(1)Section 143(2)Section 143(3)Section 28Section 36Section 37

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : BANGALORE BEFORE SHRI PRASHANT MAHARISHI, VICE PRESIDENT AND SHRI SOUNDARARAJAN K., JUDICIAL MEMBER Assessment year : 2020-21 Adarsh Developers, Vs. The Deputy Commissioner No.2/4, Langford Garden, of Income Tax, Richmond Town, Central Circle 2(1), Bangalore. Bangalore – 560 025. PAN: AAGFA 3674G APPELLANT RESPONDENT Assessment year : 2020-21 The Deputy Commissioner Adarsh Developers, of Income Tax, Vs. No.10, Vittal Malya Road, Central Circle 2(1), Bangalore – 560 001. PAN: AAGFA 3674G Bangalore. APPELLANT RESPONDENT Assessee by : Shri Hemant Pai, CA Revenue…

INCOME TAX OFFICER-WARD-6(3)(1), MUMBAI vs. KOHINOOR PLANET CONSTRUCTIONS PVT. LTD., MUMBAI

In the result, the appeal filed by the revenue is partly allowed for statistical purpose

ITA 1495/MUM/2024[2017-18]Status: DisposedITAT Mumbai29 Apr 2025AY 2017-18

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am & Kohinoor Planet Constructions Pvt. Assistant Commissioner Of Income Ltd. Tax, Circle 6(3)(1) 506, 5Th Floor, Aayakar Bhavan, Kohinoor Corporate Office, Senapati Vs. Bapat Marg, Dadar West, Mumbai – Maharishi Karve Road, Mumbai – 400028. 400020. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) & Income Tax Officer, Ward-6(3)(1) Kohinoor Planet Constructions Room No. 524, 5Th Floor, Aayakar Pvt. Ltd. Bhavan, M. K. Road, Mumbai – 3, Kohinoor Corporate Office, Vs. 400020. Senapati Bapat Marg, Dadar West, Mumbai – 400028. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) Assessee By : Shri. Jayesh Dadia : Shri. Biswanath Das – Cit Dr. Respondent By : 30.01.2025 Date Of Hearing Date Of Pronouncement : 29.04.2025 O R D E R Per Bench: These Are Cross Appeals Filed By The Assessee & Revenue, Challenging The Order Of The Learned Commissioner Of Income Tax (Appeals) Delhi (‘Ld. Cit(A)’ For Short)

For Appellant: Shri. Jayesh DadiaFor Respondent: 30.01.2025
Section 143(2)Section 143(3)Section 250Section 36(2)Section 37Section 43CSection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JM AND SMT. RENU JAUHRI, AM And Kohinoor Planet Constructions Pvt. Assistant Commissioner of Income Ltd. Tax, Circle 6(3)(1) 506, 5th Floor, Aayakar Bhavan, Kohinoor Corporate Office, Senapati Vs. Bapat Marg, Dadar West, Mumbai – Maharishi Karve Road, Mumbai – 400028. 400020. PAN/GIR No. AABCR6994E (Assessee) : (Respondent) & Income Tax Officer, Ward-6(3)(1) Kohinoor Planet Constructions Room No. 524, 5th Floor, Aayakar Pvt. Ltd. Bhavan, M. K. Road, Mumbai – 3, Kohinoor Corporate Office, Vs. 400020. Senapati Bapat Marg, Dadar Wes…

INCOME TAX OFFICER WARD-6(3)(1), MUMBAI vs. KOHINOOR PLANET CONSTRUCTIONS PRIVATE LIMITED, MUMBAI

In the result, the appeal filed by the revenue is partly allowed for statistical purpose

ITA 1493/MUM/2024[2016-17]Status: DisposedITAT Mumbai29 Apr 2025AY 2016-17

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am & Kohinoor Planet Constructions Pvt. Assistant Commissioner Of Income Ltd. Tax, Circle 6(3)(1) 506, 5Th Floor, Aayakar Bhavan, Kohinoor Corporate Office, Senapati Vs. Bapat Marg, Dadar West, Mumbai – Maharishi Karve Road, Mumbai – 400028. 400020. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) & Income Tax Officer, Ward-6(3)(1) Kohinoor Planet Constructions Room No. 524, 5Th Floor, Aayakar Pvt. Ltd. Bhavan, M. K. Road, Mumbai – 3, Kohinoor Corporate Office, Vs. 400020. Senapati Bapat Marg, Dadar West, Mumbai – 400028. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) Assessee By : Shri. Jayesh Dadia : Shri. Biswanath Das – Cit Dr. Respondent By : 30.01.2025 Date Of Hearing Date Of Pronouncement : 29.04.2025 O R D E R Per Bench: These Are Cross Appeals Filed By The Assessee & Revenue, Challenging The Order Of The Learned Commissioner Of Income Tax (Appeals) Delhi (‘Ld. Cit(A)’ For Short)

For Appellant: Shri. Jayesh DadiaFor Respondent: 30.01.2025
Section 143(2)Section 143(3)Section 250Section 36(2)Section 37Section 43CSection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JM AND SMT. RENU JAUHRI, AM And Kohinoor Planet Constructions Pvt. Assistant Commissioner of Income Ltd. Tax, Circle 6(3)(1) 506, 5th Floor, Aayakar Bhavan, Kohinoor Corporate Office, Senapati Vs. Bapat Marg, Dadar West, Mumbai – Maharishi Karve Road, Mumbai – 400028. 400020. PAN/GIR No. AABCR6994E (Assessee) : (Respondent) & Income Tax Officer, Ward-6(3)(1) Kohinoor Planet Constructions Room No. 524, 5th Floor, Aayakar Pvt. Ltd. Bhavan, M. K. Road, Mumbai – 3, Kohinoor Corporate Office, Vs. 400020. Senapati Bapat Marg, Dadar Wes…

KOHINOOR PLANET CONSTRUCTIONS PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 6(3)(2), MUMBAI

In the result, the appeal filed by the revenue is partly allowed for statistical purpose

ITA 1159/MUM/2024[AY 2016-17]Status: DisposedITAT Mumbai29 Apr 2025

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am & Kohinoor Planet Constructions Pvt. Assistant Commissioner Of Income Ltd. Tax, Circle 6(3)(1) 506, 5Th Floor, Aayakar Bhavan, Kohinoor Corporate Office, Senapati Vs. Bapat Marg, Dadar West, Mumbai – Maharishi Karve Road, Mumbai – 400028. 400020. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) & Income Tax Officer, Ward-6(3)(1) Kohinoor Planet Constructions Room No. 524, 5Th Floor, Aayakar Pvt. Ltd. Bhavan, M. K. Road, Mumbai – 3, Kohinoor Corporate Office, Vs. 400020. Senapati Bapat Marg, Dadar West, Mumbai – 400028. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) Assessee By : Shri. Jayesh Dadia : Shri. Biswanath Das – Cit Dr. Respondent By : 30.01.2025 Date Of Hearing Date Of Pronouncement : 29.04.2025 O R D E R Per Bench: These Are Cross Appeals Filed By The Assessee & Revenue, Challenging The Order Of The Learned Commissioner Of Income Tax (Appeals) Delhi (‘Ld. Cit(A)’ For Short)

For Appellant: Shri. Jayesh DadiaFor Respondent: 30.01.2025
Section 143(2)Section 143(3)Section 250Section 36(2)Section 37Section 43CSection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JM AND SMT. RENU JAUHRI, AM And Kohinoor Planet Constructions Pvt. Assistant Commissioner of Income Ltd. Tax, Circle 6(3)(1) 506, 5th Floor, Aayakar Bhavan, Kohinoor Corporate Office, Senapati Vs. Bapat Marg, Dadar West, Mumbai – Maharishi Karve Road, Mumbai – 400028. 400020. PAN/GIR No. AABCR6994E (Assessee) : (Respondent) & Income Tax Officer, Ward-6(3)(1) Kohinoor Planet Constructions Room No. 524, 5th Floor, Aayakar Pvt. Ltd. Bhavan, M. K. Road, Mumbai – 3, Kohinoor Corporate Office, Vs. 400020. Senapati Bapat Marg, Dadar Wes…

KOHINOOR PLANET CONSTRUCTIONS PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 6(3)(1), MUMBAI

In the result, the appeal filed by the revenue is partly allowed for statistical purpose

ITA 1158/MUM/2024[AY 2017-18]Status: DisposedITAT Mumbai29 Apr 2025

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am & Kohinoor Planet Constructions Pvt. Assistant Commissioner Of Income Ltd. Tax, Circle 6(3)(1) 506, 5Th Floor, Aayakar Bhavan, Kohinoor Corporate Office, Senapati Vs. Bapat Marg, Dadar West, Mumbai – Maharishi Karve Road, Mumbai – 400028. 400020. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) & Income Tax Officer, Ward-6(3)(1) Kohinoor Planet Constructions Room No. 524, 5Th Floor, Aayakar Pvt. Ltd. Bhavan, M. K. Road, Mumbai – 3, Kohinoor Corporate Office, Vs. 400020. Senapati Bapat Marg, Dadar West, Mumbai – 400028. Pan/Gir No. Aabcr6994E (Assessee) : (Respondent) Assessee By : Shri. Jayesh Dadia : Shri. Biswanath Das – Cit Dr. Respondent By : 30.01.2025 Date Of Hearing Date Of Pronouncement : 29.04.2025 O R D E R Per Bench: These Are Cross Appeals Filed By The Assessee & Revenue, Challenging The Order Of The Learned Commissioner Of Income Tax (Appeals) Delhi (‘Ld. Cit(A)’ For Short)

For Appellant: Shri. Jayesh DadiaFor Respondent: 30.01.2025
Section 143(2)Section 143(3)Section 250Section 36(2)Section 37Section 43CSection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JM AND SMT. RENU JAUHRI, AM And Kohinoor Planet Constructions Pvt. Assistant Commissioner of Income Ltd. Tax, Circle 6(3)(1) 506, 5th Floor, Aayakar Bhavan, Kohinoor Corporate Office, Senapati Vs. Bapat Marg, Dadar West, Mumbai – Maharishi Karve Road, Mumbai – 400028. 400020. PAN/GIR No. AABCR6994E (Assessee) : (Respondent) & Income Tax Officer, Ward-6(3)(1) Kohinoor Planet Constructions Room No. 524, 5th Floor, Aayakar Pvt. Ltd. Bhavan, M. K. Road, Mumbai – 3, Kohinoor Corporate Office, Vs. 400020. Senapati Bapat Marg, Dadar Wes…

SIDDHAYU AAURVEDIC RESEARCH FOUNDATION PVT. LTD,MUMBAI vs. ADDL/JT/ACIT/ITO/NFAC/// THE ACIT CIRCLE 34(3) (2) , DELHI

In the result this appeal is dismissed with costs

ITA 745/MUM/2022[2017-18]Status: DisposedITAT Mumbai24 Sept 2024AY 2017-18

Bench: Shri Anikesh Banerjee & Shri Gagan Goyalsiddhayu Aayurvedic Research Foundation Pvt. Ltd., C/704, Pramukh Plaza, Cardinal Gracious Road, Chakala, Andheri East, Mumbai-400 069. Pan No. Aaacs8335F ..... Appellant Vs. Acit Circle 4(3) (2) Aaykar Bhavan, M. K. Road, Mumbai-400 020. ..... Respondent

For Appellant: Shri Satyaprakash Singh, Ld. ARFor Respondent: Shri K. C. Selvamani, Ld. DR
Section 143(2)Section 143(3)Section 144CSection 234BSection 270ASection 271ASection 28Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI ANIKESH BANERJEE, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER Siddhayu Aayurvedic Research Foundation Pvt. Ltd., C/704, Pramukh Plaza, Cardinal Gracious Road, Chakala, Andheri East, Mumbai-400 069. PAN No. AAACS8335F ..... Appellant Vs. ACIT Circle 4(3) (2) Aaykar Bhavan, M. K. Road, Mumbai-400 020. ..... Respondent Appellant by : Shri Satyaprakash Singh, Ld. AR Respondent by : Shri K. C. Selvamani, Ld. DR Date of hearing : 19/08/2024 Date of pronouncement : 24/09/2024 ORDER PER GAGAN GOYAL, A.M: This appeal by assessee is d…

JAKHAU SALT COMPANY P LTD.,CHENNAI vs. DCIT, CORPORATE CIRCLE-1(1), CHENNAI

In the result, appeal filed by the assessee is allowed

ITA 367/CHNY/2022[2017-18]Status: DisposedITAT Chennai24 Feb 2023AY 2017-18

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha.G, Hon’Bleआयकरअपीलसं./Ita No.367/Chny/2022 िनधा"रणवष"/Assessment Year: 2017-18 V. M/S. Jakhau Salt Co. P. Ltd., The Dy. Commissioner – No.2, North Crescent Road, Of Income Tax, T. Nagar, Chennai-600 017. Corporate Circle-1(1), Chennai. [Pan:Aaacw 0867 G] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Mr.S.Sridhar, Adv. ""यथ" क" ओर से /Respondent By : Mr.S. Senthil Kumaran, Cit : सुनवाईक"तारीख/Date Of Hearing 09.01.2023 : घोषणाक"तारीख /Date Of Pronouncement 24.02.2023

For Appellant: Mr.S.Sridhar, AdvFor Respondent: Mr.S. Senthil Kumaran, CIT
Section 143(3)Section 263

…आयकर अपीलीय अिधकरण, ‘बी’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH: CHENNAI "ी महावीर िसंह, माननीय उपा"", एवं "ी मंजूनाथा .जी, , माननीय लेखा सद" के सम" BEFORE SHRI MAHAVIR SINGH, HON’BLE VICE PRESIDENT AND SHRI MANJUNATHA.G, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA No.367/Chny/2022 िनधा"रणवष"/Assessment Year: 2017-18 v. M/s. Jakhau Salt Co. P. Ltd., The Dy. Commissioner – No.2, North Crescent Road, of Income Tax, T. Nagar, Chennai-600 017. Corporate Circle-1(1), Chennai. [PAN:AAACW 0867 G] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant by : Mr.S.Sridhar, Adv. ""यथ" क" ओर…

M/S SOUTHERN TPETROCHEMICAL INDUSTRIES CORPRATION LIMITED,CHENNAI vs. ITO, CORPORATE WARD-3(1), CHENNAI

In the result, appeal filed by the assessee is allowed

ITA 232/CHNY/2022[2017-18]Status: DisposedITAT Chennai23 Sept 2022AY 2017-18

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकरअपीलसं./Ita No.232/Chny/2022 िनधा"रणवष"/Assessment Year: 2017-18 M/S.Southern Petrochemical V. The Income Tax Officer, Industries Corporation Ltd., Corporate Ward-3(1), 88, Spic House, Mount Road, Chennai. Guindy, Chennai-600 032. [Pan:Aaacs 4668 K] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr.R.Vijayaraghavan, Adv. &
Section 115JSection 143Section 263

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ीवी. दुगा" राव,माननीय"ाियकसद"एवं "ीजी. मंजूनाथा, माननीयलेखासद"केसम" BEFORE SHRI V. DURGA RAO, HON’BLEJUDICIAL MEMBER AND SHRI G. MANJUNATHA, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA No.232/Chny/2022 िनधा"रणवष"/Assessment Year: 2017-18 M/s.Southern Petrochemical v. The Income Tax Officer, Industries Corporation Ltd., Corporate Ward-3(1), 88, SPIC House, Mount Road, Chennai. Guindy, Chennai-600 032. [PAN:AAACS 4668 K] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant by : Mr.R.Vijayaraghavan, Adv. &…

DCIT CENT -CIR.1(2) , MUMBAI vs. M/S. SUNNY VISTA REALTORS PVT. LTD, MUMBAI

In the result appeal of the learned AO is allowed

ITA 1711/MUM/2021[2015-16]Status: DisposedITAT Mumbai26 Aug 2022AY 2015-16

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm The Dy. Commissioner Of Income M/S Sunny Vista Realtors Pvt. Tax, Ltd. Central Circle-1(2), 511, Dalamal Towers, 211, 906, 9Th Floor, Pratishta Bhavan, Vs. Nariman Point, Old Cgo Bldg. (Annexe), Mumbai-400 021 M.K. Road, Mumbai-400 020 (Respondent) (Appellant) Pan No. Aakcs1269E Assessee By : Ms. Kinjal Bhuta, Nihar Mehta & Jayesh B. Kapani, Cas’ Revenue By : Dr. Pallavi Darade, Cit Dr Date Of Hearing: 30.05.2022 Date Of Pronouncement : 26.08.2022

For Appellant: Ms. Kinjal BhutaFor Respondent: Dr. Pallavi Darade, CIT DR
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS. KAVITHA RAJAGOPAL, JM The Dy. Commissioner of Income M/s Sunny Vista Realtors Pvt. Tax, Ltd. Central Circle-1(2), 511, Dalamal Towers, 211, 906, 9th Floor, Pratishta Bhavan, Vs. Nariman Point, Old CGO Bldg. (Annexe), Mumbai-400 021 M.K. Road, Mumbai-400 020 (Respondent) (Appellant) PAN No. AAKCS1269E Assessee by : Ms. Kinjal Bhuta, Nihar Mehta & Jayesh B. Kapani, CAs’ Revenue by : Dr. Pallavi Darade, CIT DR Date of hearing: 30.05.2022 Date of pronouncement : 26.08.2022 O R D E R PER PRASHANT MAHARISHI, AM: 01. Thi…

TORRENT PHARMACEUTICALS LTD.,,AHMEDABAD vs. THE DEPUTY COMMISSIONER OF INCOME TAX (OSD) CIRCLE-8,, AHMEDABAD

In the result appeal of the Revenue is partly allowed

ITA 1285/AHD/2017[2009-10]Status: DisposedITAT Ahmedabad22 Feb 2022AY 2009-10

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita.No.1285 & 1286/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2009-10 & 2010-11 & Ita No.1396 & 1397/Ahd/2018 Asstt.Year 2011-12 & 2012-13 Torrent Pharmaceuticals Ltd. Acit, Circle-4(1)(2) Torrent House Ahmedabad. Vs. Off.Ashram Road Ahmedabad 380 009. आयकर अपील सं./Ita.No.1327 & 1328/Ahd/2017 िनधा"रण वष"/ Asstt. Year: 2009-10 & 2010-11 & आयकर अपील सं./Ita.No.1414 & 1415/Ahd/2018 िनधा"रण वष"/ Asstt. Year: 2011-12 & 2012-13 Acit, Circle-4(1)(2) Torrent Pharmaceuticals Ltd. Ahmedabad. Torrent House Vs. Off.Ashram Road Ahmedabad 380 009. (Applicant) (Responent) Assessee By : Shri Vartik Choksi, With Shri Biren Shah, Ars. Revenue By : Shri Mohd. Usman, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 23/11/2021 घोषणा क" तारीख /Date Of Pronouncement: 22/02/2022 आदेश/O R D E R Per Bench

For Appellant: Shri Vartik Choksi, With Shri Biren Shah, ARsFor Respondent: Shri Mohd. Usman, CIT-DR
Section 139(1)Section 143(3)Section 35Section 80Section 92C

…आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ । IN THE INCOME TAX APPELLATE TRIBUNAL, “D” BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER AND Ms. MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA.No.1285 and 1286/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2009-10 and 2010-11 AND ITA No.1396 and 1397/Ahd/2018 Asstt.Year 2011-12 and 2012-13 Torrent Pharmaceuticals Ltd. ACIT, Circle-4(1)(2) Torrent House Ahmedabad. Vs. Off.Ashram Road Ahmedabad 380 009. आयकर अपील सं./ITA.No.1327 and 1328/Ahd/2017 िनधा"रण वष"/ Asstt. Year: 2009-10 and 2010-11 AND आयकर अपील सं./ITA.No.1414 and 1415/Ahd/2018 िनधा"रण वष"/ Asstt. Year: 2011-12…

REFEX INDUSTRIES LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 5(3), CHENNAI

The appeal stands partly allowed

ITA 2939/CHNY/2017[2013-14]Status: DisposedITAT Chennai07 Feb 2022AY 2013-14

Bench: Hon’Ble Shri V. Durga Rao & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri T. Banusekar (CA) – Ld ARFor Respondent: Shri S. Palani Kumar, Ld. CIT - DR
Section 143(3)Section 32

…ive India Ltd. (370 ITR 728) wherein it was held that loss in investment out of commercial expediency would be an allowable deduction. This decision of Hon’ble Bombay High Court has been followed by Hon’ble Karnataka High Court in ACE Designers Ltd. V/s ADIT (120 Taxmann.com 321) wherein the assessee was engaged in the business of manufacture and export of computerized numerical controlled machines. It made investment in equity of its wholly owned subsidiary company situated in USA. However, the said subsidiary could not perform and was wound up. The loss so suffered was claimed as ‘business loss’ on the ground t…

REFEX INDUSTRIES LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 5(3), CHENNAI

The appeal stands partly allowed

ITA 2938/CHNY/2017[2011-12]Status: DisposedITAT Chennai07 Feb 2022AY 2011-12

Bench: Hon’Ble Shri V. Durga Rao & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri T. Banusekar (CA) – Ld ARFor Respondent: Shri S. Palani Kumar, Ld. CIT - DR
Section 143(3)Section 32

…ive India Ltd. (370 ITR 728) wherein it was held that loss in investment out of commercial expediency would be an allowable deduction. This decision of Hon’ble Bombay High Court has been followed by Hon’ble Karnataka High Court in ACE Designers Ltd. V/s ADIT (120 Taxmann.com 321) wherein the assessee was engaged in the business of manufacture and export of computerized numerical controlled machines. It made investment in equity of its wholly owned subsidiary company situated in USA. However, the said subsidiary could not perform and was wound up. The loss so suffered was claimed as ‘business loss’ on the ground t…

DCIT, CC-7(1), MUMBAI vs. M/S MANEESH PHARMACEUTICALS LTD., MUMBAI

Appeal stands allowed

ITA 4024/MUM/2019[2011-12]Status: DisposedITAT Mumbai17 Jun 2021AY 2011-12

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri J.P.Bairagra-Ld. ARFor Respondent: Shri Sunil Jha – Ld.CIT-DR
Section 143(3)Section 153(1)(a)

…1 आयकर अपीलीय अिधकरण “डी” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI माननीय "ी महावीर िसंह, उपा"" एवं माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" के सम"। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील सं./ I.T.A. No.4024/Mum/2019 (िनधा"रण वष" / Assessment Year: 2011-12) & आयकरअपील सं./ I.T.A. No.4027/Mum/2019 (िनधा"रण वष" / Assessment Year: 2012-13) DCIT-CC-7(1) M/s Maneesh Pharmaceuticals Ltd. बनाम/ 2nd Floor, Kalpatru Court 653, Aaykar Bhawan M.K.Road Dr. Chotiram Gidwani Marg Vs. Mumbai – 400 020 Chembur, Mumbai – 400 074 "थायीलेखासं./जीआइआरसं./…

ACE Designers Ltd. v. Additional Commissioner of Income Tax (120 Taxmann.com 321) — Cited in 16 Judgments | BharatTax