ACIT v. ITD Cementation India Ltd.

SHAPOORJI PALLONJI AND COMPANY PRIVATE LIMITED ,MUMBAI vs. PRINCIPLE COMMISSIONER OF INCOME TAX (CENTRAL),-4, MUMBAI

In the result, the appeal of the assessee is allowed

…14 taxmann.com 186 (Mum. ITAT) dated 26/05/2009;  Decision of this Tribunal in the case of Dredging International NV reported in 148 SOT 430 (Mumbai ITAT)] dated 16/09/2011;  Decisions of this Tribunal in the case of ITD Cementation India Ltd reported in 146 ITD 59 (Mum. ITAT)] dated 16/09/2011 and Toyo Engineering India Limited in ITA No. 6219 & 6916/Mum/2014 dated 04/04/2018. 3.13. However, for abundant precaution and as prudent businessman, the assessee has merely disallowed the same under normal provisions of the Act. In this regard, we hold that merely because the assessee had disallowed a particular it…

ASSISTANT COMMISSIONER OF INCOME TAX 25(3), MUMBAI vs. SMITH BUILDCON, MUMBAI

In the result, the appeal of the Revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2014-15

…ssessment proceedings. There were no adverse remark by Tax Auditor. All the aforementioned payments were made by the appellant through proper banking channel and TDS was deducted at the applicable rate. In the case of ACIT vs. ITD Cementation India Ltd (2014) 146 ITD 59 /160 TTJ Mumbai, it has been held that where books of account of assessee were audited and auditor had not given adverse comments on maintenance of books of account or stock register, it was apparent that assessee's books of account are genuine. Further, appellant has stated that there was an actual loss of Rs.2,26,93,966/- in the A.Y.2015-16 and…

ITO 25(2)(1), MUMBAI vs. ACTUBE ENTERPRISES, MUMBAI

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.3941/Mum/2017 (नििाारण वर्ा / Assessment Year : 2010-11) बिाम/ Income Tax Officer-25(2)(1) Actube Enterprises Room No. 505, C-10, 5Th 27, Laxmi Flat Owner Floor, Pratyakshkar Chs Limited , V. Bhavan, Bkc, M.G. Road Extension, Bandra(East), Vile Parle(East), Mumbai-400051 Mumbai-400057 स्थायी ऱेखा सं./ Pan: Aabfa2570J (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri. Vivek Anand Ojha (Dr) Assessee By: Apurva R. Shah (Ar) सुनवाई की तारीख /Date Of Hearing : 01.07.2019 घोषणा की तारीख /Date Of Pronouncement : 05.08.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Revenue, Being Ita No. 3941/Mum/2017, Is Directed Against Appellate Order Dated 15.03.2017 In Appeal No. Cit(A)-37/It-722/Ito-25(2)(1)/15-16, Passed By Learned Commissioner Of Income Tax (Appeals)-37, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year(Ay) 2010-11, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Assessment Order Dated 31.12.2015 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) R.W.S. 147 Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay:2010-11. I.T.A. No.3941/Mum/2017

…uce the suppliers before Assessing officer after 3 years from the date of purchase. The Assessing officer in appellant's own case has accepted the books of accounts on similar facts for the A.Y.2010-11. In the case of ACIT vs. ITD Cementation India Ltd (2014) 146 ITD 59 /160 TTJ Mumbai, it has been held that where books of account of assessee were audited and auditor had not given adverse comments on maintenance of books of account or stock register, it was apparent that assessee's books of account are genuine and the Assessing officer was wrong in rejecting the same. In appellant's case, auditor has not given an…

TOYO ENGGINEERING INDIA LTD,MUMBAI vs. ADDL CIT RG 10(3), MUMBAI

…d that the FAA had allowed the disputed amount in the succeeding year. He relied upon the cases of Woodward Governor (312 ITR 254),Jacobs Engineering India Private Ltd.(14 taxmann.com 186), Dredging International NV (48 SOT 430) and ITD Cementation India Ltd.(146 ITD 59).The Departmental Representative(DR)supported the order of the FAA. 3.3.We have heard the rival submissions and perused the material before us.We find that vide its letter is dated 11/10/2012,01/11/201 and 29/01/2013,the assessee had made detailed submissions about applicability of AS-7,that it had argued that the main reason for the anticipated l…

PRANKIT EXPORTS, MUMBAI vs. ITO 25(3)(2), MUMBAI

In the result both the appeals of the assessee as well of the revenue stand dismissed

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1441/Mum/2016 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ Prankit Exports, Ito 25(3)(2) 301 Shviling Apartments, Mumbai Juhu 10T H Road, V. Vile Parle(W), Mumbai-400049 स्थायी ऱेखा सं./ Pan : Aaafp2359K (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…uce the suppliers before Assessing officer after 3 years from the date of purchase. The Assessing officer in appellant's own case has accepted the books of accounts on similar facts for the A.Y.2010-11. In the case of ACIT vs. ITD Cementation India Ltd (2014) 146 ITD 59 /160 TTJ Mumbai, it has been held that "where books of account of assessee were audited and auditor had not given adverse comments on maintenance of books of account or stock register, it was apparent that assessee's books of account are genuine and the Assessing officer was wrong in rejecting the same. In appellant's case, auditor has not given a…

ACIT 4(2), MUMBAI vs. FIRMENICH AROMATICS (I) P. TLD, MUMBAI

In the result, departmental ground no

Bench: Shri Dt Garasia, Jm & Shri Rajesh Kumar, Am

…orities are not justified in rejecting the book result. We also get the supports from decision of CIT vs. Poonam Rani 326 ITR 223 Delhi, Ashoka Refractories vs. CIT 279 ITR 547, CIT vs. Bhavani Industries 65 Taxmann Rajasthan and ACIT vs. Cementation of India 146 ITD 59 Mumbai. Therefore, considering the facts of this case we are of the view that the AO and the CIT(A) is not justified in rejecting the same and we reverse the finding of the CIT(A) and we allow the appeal of the assessee on this ground. In the result appeal is allowed. 9. Second grounds relates to confirming the disallowance of excise interest of…