ACIT v. Prakash I. Shah

115 ITD 167Income Tax Appellate Tribunal2008#2233 most cited

What is ACIT v. Prakash I. Shah authority for?

The department cannot improve upon the Assessing Officer's case by changing the basis of additions without issuing a show cause notice to the assessee.

51

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2015 to 2025.

Also referred to as

ACIT v. Prakash I. Shah · 115 ITD 167 · ITAT Mumbai · department cannot improve AO's case · change basis of addition · show cause notice · section 143(3) · assessment procedure · appellate authority powers

Sections most often in play

Section 133(6)Section 143(3)Section 147Section 153Section 270ASection 271AACSection 274Section 44AA

Issues it is cited on

section 253(2)section 44aasection 57(iii)colourable deviceintangible assetssection 57addition under section 68section 132(1)section 145(3)non-application of mindsection 274share application money

Judgments citing ACIT v. Prakash I. Shah

Barkha Bimal Kumar Agarwal, Mumbai vs. Assistant Commissioner of Income Tax Central Circle 5(4), Mumbai

In the result, all the appeals raised by the assessee stands allowed

ITA 1878/MUM/2025[2021-22]Status: DisposedITAT Mumbai27 May 2025AY 2021-22

Bench: Hon’Ble Shri Sandeep Gosain

Section 147Section 250Section 68Section 69A

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH MUMBAI BEFORE HON’BLE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER ITA Nos. 1873, 1874 & 1875/Mum/2025 (A.Ys: 2019-20, 2021-22 & 2020-21) Barkha Kishore Kumar Vs. ACIT, CC – 5(4) 19th Floor, Air India Agarwal Bldg, Nariman Point, 19/40/C-2, Seksaria Mumbai – 400 021. Industrial Estate, Chincholi Bunder Road, S.V. Road, Malad (W), Mumbai – 400 064. PAN/GIR No. ABUPT6569N (Applicant) (Respondent) ITA Nos. 1876, 1877 & 1878/Mum/2025 (A.Ys: 2020-21, 2022-23 & 2021-22) Barkha Bimal Kumar Vs. ACIT, CC – 5(4) 19th Floor, Air India 19/40/C-2, Seksaria Bldg, Nariman Point, Indus…

Barkha Bimal Kumar Agarwal, Mumbai vs. Assistant Commissioner of Income Tax Central Circle 5(4), Mumbai

In the result, all the appeals raised by the assessee

ITA 1877/MUM/2025[2022-23]Status: DisposedITAT Mumbai27 May 2025AY 2022-23

Bench: Hon’Ble Shri Sandeep Gosain

Section 147Section 250Section 68Section 69A

…O without issuing any show cause notice to the assessee, then in that case it was held that the department cannot improve upon on the case of the AO. Reliance is being placed upon the decision of the Coordinate Benches in the case of ACIT Vs. Prakash L. Shah (115 ITD 167) (Мит. Tri). And in the case of JCIT Vs. Flipkart India Pvt. Ltd. (ΙΤΑ Νο 2846, 2847 & 2728/Bang/2018) (Bang. Tri), it was held as under: 18. We have heard the submission of the learned DR, who relied on the order of the AO. The learned counsel for the Assessee while relying on the order of the CIT(A), further submitted that ground No.3 & 4 raise…

Barkha Bimal Kumar Agarwal, Mumbai vs. Assistant Commissioner of Income Tax Central Circle 5(4), Mumbai

In the result, all the appeals raised by the assessee stands allowed

ITA 1876/MUM/2025[2020-21]Status: DisposedITAT Mumbai27 May 2025AY 2020-21

Bench: Hon’Ble Shri Sandeep Gosain

Section 147Section 250Section 68Section 69A

…O without issuing any show cause notice to the assessee, then in that case it was held that the department cannot improve upon on the case of the AO. Reliance is being placed upon the decision of the Coordinate Benches in the case of ACIT Vs. Prakash L. Shah (115 ITD 167) (Mит. Tri). And in the case of JCIT Vs. Flipkart India Pvt. Ltd. (ΙΤΑ Νο 2846, 2847 & 2728/Bang/2018) (Bang. Tri), it was held as under: 18. We have heard the submission of the learned DR, who relied on the order of the AO. The learned counsel for the Assessee while relying on the order of the CIT(A), further submitted that ground No.3 & 4 rai…

Barkha Kishore Kumar Agarwal, Mumbai vs. Assistant Commissioner of Income Tax Central Circle 5(4), Mumbai

In the result, all the appeals raised by the assessee stands allowed

ITA 1875/MUM/2025[2020-21]Status: DisposedITAT Mumbai27 May 2025AY 2020-21

Bench: Hon’Ble Shri Sandeep Gosain

Section 147Section 250Section 68Section 69A

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH MUMBAI BEFORE HON’BLE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER ITA Nos. 1873, 1874 & 1875/Mum/2025 (A.Ys: 2019-20, 2021-22 & 2020-21) Barkha Kishore Kumar Vs. ACIT, CC – 5(4) 19th Floor, Air India Agarwal Bldg, Nariman Point, 19/40/C-2, Seksaria Mumbai – 400 021. Industrial Estate, Chincholi Bunder Road, S.V. Road, Malad (W), Mumbai – 400 064. PAN/GIR No. ABUPT6569N (Applicant) (Respondent) ITA Nos. 1876, 1877 & 1878/Mum/2025 (A.Ys: 2020-21, 2022-23 & 2021-22) Barkha Bimal Kumar Vs. ACIT, CC – 5(4) 19th Floor, Air India 19/40/C-2, Seksaria Bldg, Nariman Point, Indus…

Barkha Kishore Kumar Agarwal, Mumbai vs. Assistant Commissioner of Income Tax Central Circle 5(4), Mumbai

In the result, all the appeals raised by the assessee stands allowed

ITA 1874/MUM/2025[2021-22]Status: DisposedITAT Mumbai27 May 2025AY 2021-22

Bench: Hon’Ble Shri Sandeep Gosain

Section 147Section 250Section 68Section 69A

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH MUMBAI BEFORE HON’BLE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER ITA Nos. 1873, 1874 & 1875/Mum/2025 (A.Ys: 2019-20, 2021-22 & 2020-21) Barkha Kishore Kumar Vs. ACIT, CC – 5(4) 19th Floor, Air India Agarwal Bldg, Nariman Point, 19/40/C-2, Seksaria Mumbai – 400 021. Industrial Estate, Chincholi Bunder Road, S.V. Road, Malad (W), Mumbai – 400 064. PAN/GIR No. ABUPT6569N (Applicant) (Respondent) ITA Nos. 1876, 1877 & 1878/Mum/2025 (A.Ys: 2020-21, 2022-23 & 2021-22) Barkha Bimal Kumar Vs. ACIT, CC – 5(4) 19th Floor, Air India 19/40/C-2, Seksaria Bldg, Nariman Point, Indus…

Barkha Kishore Kumar Agarwal, Mumbai vs. Assistant Commissioner of Income Tax Central Circle 5(4), Mumbai

In the result, all the appeals raised by the assessee stands allowed

ITA 1873/MUM/2025[2019-20]Status: DisposedITAT Mumbai27 May 2025AY 2019-20

Bench: Hon’Ble Shri Sandeep Gosain

Section 147Section 250Section 68Section 69A

…O without issuing any show cause notice to the assessee, then in that case it was held that the department cannot improve upon on the case of the AO. Reliance is being placed upon the decision of the Coordinate Benches in the case of ACIT Vs. Prakash L. Shah (115 ITD 167) (Mum. Tri). And in the case of JCIT Vs. Flipkart India Pvt. Ltd. (ITA No 2846, 2847 & 2728/Bang/2018) (Bang. Tri), it was held as under: 18. We have heard the submission of the learned DR, who relied on the order of the AO. The learned counsel for the Assessee while relying on the order of the CIT(A), further submitted that ground No.3 & 4 rai…

Hsbc Electronic Data Processing India Private Limited, Hyderabad vs. Addl. Commissioner of Income Tax, Range-2, Hyderabad

In the result, Ground No.6(b) is allowed and Ground

ITA 1613/HYD/2017[2010-11]Status: DisposedITAT Hyderabad27 Mar 2025AY 2010-11

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G.आ.अपी.सं /Ita No.1613/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2010-11) Hsbc Electronic Data Vs. Addl. C.I.T Processing India (P) Ltd Range-8 Hyderabad Hyderabad Pan:Aaach8235M (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Cas Nusrath Farheen & Shyam Agarwal राज" व "ारा/Revenue By:: Smt. M. Narmada, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 26/03/2025 घोषणा की तारीख/Pronouncement: 27/03/2025 आदेश/Order

For Appellant: CAs Nusrath Farheen &For Respondent: : Smt. M. Narmada, CIT(DR)
Section 10ASection 254(2)

…ssing Officer, but the same was made before the learned CIT (A). The learned CIT (A) in para 12.1 to 12.2 has held as under: “12.1 I have considered the arguments of the assessee and find that the Hon'ble ITAT special bench in the case of Sri. Prakash L Shah (115 ITD 167) held that the foreign exchange gain emanating from export is integral part of export proceeds. However, the facts in the present case are different. The gains realized are not derived from export of ITES but are either hedging gains or marked to market notional gains as per the accounting standards. These gains, as observed by the Assessing Offi…

Dy. Commissioner of Income Tax, Circle-2(2), Hyderabad vs. Hsbc Electronic Data Processing India Private Limited, Hyderabad

In the result, the appeal filed by the Revenue is dismissed

ITA 1632/HYD/2017[2010-11]Status: DisposedITAT Hyderabad05 Aug 2024AY 2010-11

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri Rajan Vora, C.AFor Respondent: : Shri Kumar Pranav, CIT-DR
Section 10ASection 115Section 115JSection 251(1)(a)Section 37(1)Section 41(1)

…आआआआ आआआआआआ आआआआआआ, आआआआआआआआ आआआ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘B’ Bench, Hyderabad BEFORE SHRI LALIET KUMAR, JUDICIAL MEMBER AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA No.1613/Hyd/2017 (निर्धारण वर्ा/Assessment Year:2010-11) M/s. HSBC Electronic Data Vs. Addl. Commissioner of Income Tax, Processing India Pvt. Ltd., Range-2, Hyderabad. Hyderabad-500 081 PAN: AAACH8235M (Appellant) (Respondent) आ.अपी.सं /ITA No.1632/Hyd/2017 (निर्धारण वर्ा/Assessment Year:2010-11) Dy. Commissioner of Income Tax, M/s. HSBC Electronic Data Vs. Circle 2(2), Hyderabad. Processing India Pvt. Ltd.,…

M/S. United Phosphorus Ltd., Mumbai vs. DCIT Cent. Cir. - 38, Mumbai

In the result, appeal of the revenue is partly allowed

ITA 4695/MUM/2005[1999-2000]Status: DisposedITAT Mumbai20 Sept 2023AY 1999-2000

Bench: Shri Amit Shukla & Shri Gagan Goyalm/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W), Mumbai – 400 052 Pan: Aaacu3440P ...... Appellant Vs. Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ..... Respondent Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ...... Appellant Vs. M/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W) Mumbai – 400 052 Pan: Aaacu3440P ...... Respondent (Now Known As Uniphos Enterprises Ltd.)

For Appellant: Ms. Vasanti B Patel / Shri KiritFor Respondent: Shri Rajneesh Yadav
Section 143(3)Section 37(1)

…. In this connection, reliance is placed on the following decisions: (a) CIT vs Meghalaya Steels Ltd (383 ITR 217)(SC) (b) ACIT vs. Maxcare Laboratories Ltd. (92 ITD 11) (Cuttack) (c) ACIT vs Vinati Organics Ltd (36 CCH 123) (Mum) (d) ACIT vs Prakash L Shah (115 ITD 167) (Mum SB) (Now known as Uniphos Enterprises Ltd.) 38. Further, it is submitted that the Ld. CIT (A) has in principle agreed that the items at para 32 above should be considered as part of the profit of the undertaking. However, the Ld. CIT (A) has upheld the exclusion of the aforesaid items from the profit of the undertaking on the ground that t…

Taj Tv Ltd., Mumbai vs. Dy CIT (International Taxation)-4(1)(2), Mumbai

ITA 821/MUM/2021[2017-18]Status: DisposedITAT Mumbai31 Mar 2023AY 2017-18

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Taj Tv Limited Dcit (International C/O. Suresh Surana & Taxation)-4(1)(2) Associates Llp Air India Building, 8Th Floor, Bakhtawar, Vs. Nariman Point, Nariman Point, Mumbai-400 Mumbai-400 021 020 (Appellant) (Respondent) Pan No. Aabct6542J Reference Of Orders / Directions In Appeal Sr Orders & Directions Passed By Date No 1 Draft Assessment Order U/S The Deputy 27/12/2019 144C Of The Act Commissioner Of Income Tax , International Taxation, Circle 4 (1) (2), Mumbai 2 Direction U/S 144C (5) Of The Cit (Drp-2) , 22/03/2021 Act Mumbai - 2 3 Assessment Order U/S 143 93) The Deputy 12/04/2021 R.W.S 144C (13) Of The Act Commissioner Of Income Tax , International Taxation, Circle 4 (1) (2), Mumbai

For Appellant: Shri P.J. Pardiwala Sr AdvFor Respondent: Shri G.C. Srivastava, Adv
Section 143Section 144C

…e Tax Versus Flipkart India Private Limited, Assistant Commissioner Of Income Tax Versus Balaji Trust, Mahindra And Mahindra Ltd Versus Deputy Commissioner Of Income Tax 30 SOT 374 (Special Bench) and Assistant Commissioner Of Income Tax Versus Parkash L shah 115 ITD 167. xii. The learned authorized representative further submitted that the revenue submitted that Taj India constitutes a permanent establishment of the assessee in India and that it had entered into contract on behalf of the appellant as is evident from schedule 7 of the share purchase agreement placed at page number 50 of the department‟s paper boo…

DCIT Cen Cir 5(1), Mumbai vs. Martand Properties Ltd, Mumbai

In the result, all the appeals filed by the department are dismissed and all the Cross objections filed by the assessee are also dismissed

ITA 465/MUM/2018[2010-11]Status: DisposedITAT Mumbai08 Aug 2022AY 2010-11

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Vijay MehtaFor Respondent: Shri T. Shankar &
Section 132(1)Section 143(3)Section 147Section 148Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA NOs. 458, 459 & 460/MUM/2018 (A.Y: 2007-08, 2008-09 & 2009-10) DCIT, Central Circle – 5(1) v. M/s. Reva Properties Ltd., Room No. 1928, 19th Floor 324, Master Mind – IV Air India Building, Nariman Point Royal palms, Aarey Milk Colony Goregaon (E), Mumbai - 400065 Mumbai – 400 021 PAN: AABCR9185P (Appellant) (Respondent) C.O. Nos. 182, 183 & 184/Mum/2018 [ARISING OUT OF ITA NOs. 458, 459 & 460/MUM/2018 (A.Y: 2007-08, 2008-09 & 2009-10)] M/s. Reva Propert…

DCIT Cen Cir 5(1), Mumbai vs. Martand Properties Ltd, Mumbai

In the result, all the appeals filed by the department are dismissed and all the Cross objections filed by the assessee are also dismissed

ITA 464/MUM/2018[2009-10]Status: DisposedITAT Mumbai08 Aug 2022AY 2009-10

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Vijay MehtaFor Respondent: Shri T. Shankar &
Section 132(1)Section 143(3)Section 147Section 148Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA NOs. 458, 459 & 460/MUM/2018 (A.Y: 2007-08, 2008-09 & 2009-10) DCIT, Central Circle – 5(1) v. M/s. Reva Properties Ltd., Room No. 1928, 19th Floor 324, Master Mind – IV Air India Building, Nariman Point Royal palms, Aarey Milk Colony Goregaon (E), Mumbai - 400065 Mumbai – 400 021 PAN: AABCR9185P (Appellant) (Respondent) C.O. Nos. 182, 183 & 184/Mum/2018 [ARISING OUT OF ITA NOs. 458, 459 & 460/MUM/2018 (A.Y: 2007-08, 2008-09 & 2009-10)] M/s. Reva Propert…

DCIT CC-5(1), Mumbai vs. Reva Properties Limited, Mumbai

In the result, all the appeals filed by the department are dismissed and all the Cross objections filed by the assessee are also dismissed

ITA 460/MUM/2018[2009-10]Status: DisposedITAT Mumbai08 Aug 2022AY 2009-10

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Vijay MehtaFor Respondent: Shri T. Shankar &
Section 132(1)Section 143(3)Section 147Section 148Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA NOs. 458, 459 & 460/MUM/2018 (A.Y: 2007-08, 2008-09 & 2009-10) DCIT, Central Circle – 5(1) v. M/s. Reva Properties Ltd., Room No. 1928, 19th Floor 324, Master Mind – IV Air India Building, Nariman Point Royal palms, Aarey Milk Colony Goregaon (E), Mumbai - 400065 Mumbai – 400 021 PAN: AABCR9185P (Appellant) (Respondent) C.O. Nos. 182, 183 & 184/Mum/2018 [ARISING OUT OF ITA NOs. 458, 459 & 460/MUM/2018 (A.Y: 2007-08, 2008-09 & 2009-10)] M/s. Reva Propert…

DCIT CC-5(1), Mumbai vs. Reva Properties Limited, Mumbai

In the result, all the appeals filed by the department are dismissed and all the Cross objections filed by the assessee are also dismissed

ITA 459/MUM/2018[2008-09]Status: DisposedITAT Mumbai08 Aug 2022AY 2008-09

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Vijay MehtaFor Respondent: Shri T. Shankar &
Section 132(1)Section 143(3)Section 147Section 148Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA NOs. 458, 459 & 460/MUM/2018 (A.Y: 2007-08, 2008-09 & 2009-10) DCIT, Central Circle – 5(1) v. M/s. Reva Properties Ltd., Room No. 1928, 19th Floor 324, Master Mind – IV Air India Building, Nariman Point Royal palms, Aarey Milk Colony Goregaon (E), Mumbai - 400065 Mumbai – 400 021 PAN: AABCR9185P (Appellant) (Respondent) C.O. Nos. 182, 183 & 184/Mum/2018 [ARISING OUT OF ITA NOs. 458, 459 & 460/MUM/2018 (A.Y: 2007-08, 2008-09 & 2009-10)] M/s. Reva Propert…

DCIT CC-5(1), Mumbai vs. Reva Properties Limited, Mumbai

In the result, all the appeals filed by the department are dismissed and all the Cross objections filed by the assessee are also dismissed

ITA 458/MUM/2018[2007-08]Status: DisposedITAT Mumbai08 Aug 2022AY 2007-08

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Vijay MehtaFor Respondent: Shri T. Shankar &
Section 132(1)Section 143(3)Section 147Section 148Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA NOs. 458, 459 & 460/MUM/2018 (A.Y: 2007-08, 2008-09 & 2009-10) DCIT, Central Circle – 5(1) v. M/s. Reva Properties Ltd., Room No. 1928, 19th Floor 324, Master Mind – IV Air India Building, Nariman Point Royal palms, Aarey Milk Colony Goregaon (E), Mumbai - 400065 Mumbai – 400 021 PAN: AABCR9185P (Appellant) (Respondent) C.O. Nos. 182, 183 & 184/Mum/2018 [ARISING OUT OF ITA NOs. 458, 459 & 460/MUM/2018 (A.Y: 2007-08, 2008-09 & 2009-10)] M/s. Reva Propert…

Assistant Commissioner of Income Tax-19(1), Mumbai vs. Balaji Trust, Mumbai

ITA 5139/MUM/2017[2013-14]Status: DisposedITAT Mumbai25 Nov 2021AY 2013-14

Bench: Shri S. Rifaur Rahman & Shri Ravish Sood

For Appellant: Shri P.J. Pardiwala, Senior Advocate a/wFor Respondent: Shri Prakash Chhotaray a/w
Section 143(2)Section 143(3)Section 145(1)Section 2(24)Section 56(1)Section 56(2)(vii)

…nds of appeal raised by the revenue did not merit admission the ld. A.R had relied on a host of judicial pronouncements, as under :  DCIT Vs. Padinjarekkara Agencies Ltd. (53 ITD 317) (Cochin)  ACIT Vs. DHL Operations BV (108 TTJ 152)(Mum)  Prakash L. Shah 115 ITD 167 (Mum)(SB) 7 Balaji TrustITA no.5139/Mum./2017  Mahindra & Mahindra Ltd. Vs. DCIT 122 ITD 216 (Mum)(SB)  CIT Vs. S.A Builders Ltd. (38 taxmann.com 255)(P&H) Apart from that, the assessee had also assailed the additional grounds of appeal qua the merits therein involved. 9. We have heard the ld. Authorized representatives for both the parties…

M/S Centum Rakon India Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Circle-2(1)(1), Bangalore

In the result, the appeal filed by the assessee stands allowed

ITA 1964/BANG/2017[2009-10]Status: DisposedITAT Bangalore01 Nov 2021AY 2009-10

Bench: Shri Chandra Poojari & Smt Beena Pillaiita. No. 1964/Bang/2017 Assessment Year: 2009-10 M/S. Rakon India Pvt. The Deputy Ltd., Commissioner Of #12, Khb Industrial Area, Income Tax, Yelahanka New Town, Circle 2(1)(1), Bangalore – 560 106. Vs. Bangalore. Pan: Aadcc2533L (Appellant) (Respondent) Appellant By : Shri Sandeep Chalapathy, Ca Shri Kannan Narayanan, Jcit Respondent By : (Dr) Date Of Hearing : 17.08.2021 Date Of Pronouncement : 01.11.2021 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against Order Dated 14/07/2017 Passed By The Ld.Cit(A), Bangalore-2 For Assessment Year 2009-10 On Following Grounds Of Appeal: “1. That The Order Of The Learned Commissioner Of Income Tax (Appeals) In So Far It Is Prejudicial To The Interests Of The Appellant Is Bad & Erroneous In Law & Against The Facts & Circumstances Of The Case. 2. That The Learned Commissioner Of Income Tax (Appeals) Erred In Law & On Facts In Determining The Alp Of International Transaction At Rs. 32,77,99,833 /- 3. Comparables: 3.1. That The Learned Commissioner Of Income Tax (Appeals) Erred In Law & On Facts In Choosing M/S. Valiant Communication Ltd As A Comparable Entity Ignoring The Fact That M/S. Valiant Communication

For Appellant: Shri Sandeep Chalapathy, CAFor Respondent: (DR)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “A” BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT BEENA PILLAI, JUDICIAL MEMBER ITA. No. 1964/Bang/2017 Assessment Year: 2009-10 M/s. Rakon India Pvt. The Deputy Ltd., Commissioner of #12, KHB Industrial Area, Income Tax, Yelahanka New Town, Circle 2(1)(1), Bangalore – 560 106. vs. Bangalore. PAN: AADCC2533L (Appellant) (Respondent) Appellant by : Shri Sandeep Chalapathy, CA Shri Kannan Narayanan, JCIT Respondent by : (DR) Date of Hearing : 17.08.2021 Date of Pronouncement : 01.11.2021 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Presen…

ACIT Circle-1, Kalyan vs. Shri. Krishnan Muthukumar, Thane

ITA 7450/MUM/2019[2016-17]Status: DisposedITAT Mumbai06 Sept 2021AY 2016-17

Bench: Shri Rajesh Kumar () & Shri Ravish Sood () Acit, Circle-1 Shri Krishnan Muthukumar 1St Floor, Mohan Plaza, Vs. 31/348, Aksharmahol Chs, Wayale Nagar, Kalyan, Telang Cross Road, West – 421301 Road No.1, Matunga (East) Mumbai -400 019 Pan No. Aakpm0170D (Revenue) (Assessee)

For Appellant: Ms. Ritu Kamal Kishore, A.RFor Respondent: Shri Gurbinder Singh, D.R
Section 143(3)Section 54FSection 64(1)(iv)

…Sec. 254 of the Act. Our aforesaid conviction is fortified by the order of the ‗Special Bench‘ of the ITAT, ACIT, Circle-1, Kalyan West Vs. Shri. Krishna Muthukumar 15 ITA No. 7450/Mum/2019 – A.Y 2016-17 Mumbai in the case of ACIT Vs. Prakash L. Shah (2008) 115 ITD 167 (Mum)(SB). Elaborating on the limitation on the powers of the department qua raising of contentions that are found to be contrary to the stand taken by the A.O, the ‗Special bench‘ of the ITAT, Mumbai in the case of Mahindra & Mahindra Ltd. Vs. DCIT 122 ITD 216 (Mum)(SB) (2009) 122 TTJ 577 (Mum)(SB), had observed, that the department cannot be pe…

D.C.I.T., Circle-6(1), Kolkata vs. Shri Saroj Kumar Poddar, Kolkata

In the result, the appeal of the Revenue is dismissed as not maintainable

ITA 2406/KOL/2019[2014-15]Status: DisposedITAT Kolkata29 Jun 2021AY 2014-15

Bench: Shri J. Sudhakar Reddy, Hon’Ble & Shri Aby T. Varkey, Hon’Ble]

Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘A’, KOLKATA VIRTUAL HEARING [Before Shri J. Sudhakar Reddy, Hon’ble Accountant Member & Shri Aby T. Varkey, Hon’ble Judicial Member] I.T.A. No. 2406/Kol/2019 Assessment Year: 2014-15 Deputy Commissioner of Income Tax, Circle-6(1), Kolkata..................................………......Appellant Vs. Shri Saroj Kumar Poddar..........................................…..………………………….………………….…..Respondent Hongkong House 31, B.B.D. Bag (South) Kolkata – 700 001 [PAN : AFTPP 2386 N] Appearances by: Shri S.K. Tulsiyan, Advocate, appeared on behalf of the assessee. Shri Vijay S…

Synechron Technologies Pvt.Ltd, Pune vs. Assistant Commissioner of Income-Tax, Circle - 6, Pune

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 1692/PUN/2018[2014-15]Status: DisposedITAT Pune20 Jan 2021AY 2014-15

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm आयकर अपीऱ सं. / Ita No. 1692/Pun/2018 नििाारण वषा / Assessment Year : 2014-15 Synechron Technologies Private Limited Cedar Building, Ascendas International, Tech Park Pune, Plot No.18, Rajiv Gandhi Infotech Park, Hinjewadi, Phase-Iii, Pune-411 057. Pan : Aaics2894R .......अऩीऱाथी / Appellant बिाम / V/S. The Assistant Commissioner Of Income Tax, Circle-6, Pune. ……प्रत्यथी / Respondent

For Appellant: Shri M.P. LohiaFor Respondent: Shri Sardar Singh Meena
Section 144C(5)Section 92C(2)

…reign exchange gain/loss in the operating revenue/costs of the assessee as well as that of the comparables, but only in respect of transactions in the revenue field and not the capital field. The Special Bench of the Tribunal in ACIT Vs Prakash I. Shah (2008) 115 ITD 167 (Mum)(SB) has held that the gain due to fluctuations in the foreign exchange rate emanating from exports is its integral part and cannot be differentiated from the export proceeds simply on the ground that the foreign currency rate has increased subsequent to sale but prior to realization. It went on to add that when goods are exported and invoic…