ACIT v. Vireet Investment Pvt. Ltd.

Asst CIT 5(3)(2), Mumbai vs. Spaco Technologies (I) P.Ltd, Mumbai

In the result, appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon’Blem/S. Spaco Technologies (I) Private Ltd., V. Acit – 5(3)(2) 901, Prasad Chambers, Opera House Aayakar Bhavan Mumbai 400 004 M.K. Road Mumbai-400 020 Pan: Aabcs5307E (Appellant) (Respondent) Dcit– 5(3)(2) V. M/S. Spaco Technologies (I) Private Ltd., Room No. 573, 5Th Floor 901, Prasad Chambers, Opera House Aayakar Bhavan Mumbai 400 004 M.K. Road Mumbai-400 020 Pan: Aabcs5307E (Appellant) (Respondent) Assessee By : Milin Dattani Department By : Shri Chaudhary Arunkumar Singh

…those investments while computing the average value of investments for the purpose of disallowance under Rule 8D(2)(iii) of I.T. Rules following the decision of the Delhi Special Bench of the Tribunal in the case of ACIT v. Vireet Investments Private Limited [165 ITD 27]. Copy of the order is placed on record. 11. Ld. DR vehemently supported the orders of the Assessing Officer. 12. We have heard the rival submissions, perused the order of the Tribunal and noticed that the Tribunal directed the Assessing Officer to exclude the investments made in growth funds while computing the M/s Spaco Technologies (I) Privat…

Spaco Technologies (I) P.Ltd, Mumbai vs. Asst CIT 5(3)(2), Mumbai

In the result, appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon’Blem/S. Spaco Technologies (I) Private Ltd., V. Acit – 5(3)(2) 901, Prasad Chambers, Opera House Aayakar Bhavan Mumbai 400 004 M.K. Road Mumbai-400 020 Pan: Aabcs5307E (Appellant) (Respondent) Dcit– 5(3)(2) V. M/S. Spaco Technologies (I) Private Ltd., Room No. 573, 5Th Floor 901, Prasad Chambers, Opera House Aayakar Bhavan Mumbai 400 004 M.K. Road Mumbai-400 020 Pan: Aabcs5307E (Appellant) (Respondent) Assessee By : Milin Dattani Department By : Shri Chaudhary Arunkumar Singh

…those investments while computing the average value of investments for the purpose of disallowance under Rule 8D(2)(iii) of I.T. Rules following the decision of the Delhi Special Bench of the Tribunal in the case of ACIT v. Vireet Investments Private Limited [165 ITD 27]. Copy of the order is placed on record. 11. Ld. DR vehemently supported the orders of the Assessing Officer. 12. We have heard the rival submissions, perused the order of the Tribunal and noticed that the Tribunal directed the Assessing Officer to exclude the investments made in growth funds while computing the M/s Spaco Technologies (I) Privat…

Dy. Commissioner of Income Tax 1(1)(1), Mumbai vs. M/S. Gcil Finance Ltd., Mumbai

In the result, the appeal of the Revenue in ITA no

Bench: Shri Sandeep Gosain & Shri Ramit Kochar

…l.) , the disallowance of expenditure u/s 14A cannot exceed exempt income. Further as laid down by Hon’ble ITAT ,Special Bench , Delhi in the case of ACIT v. Vireet Investment Private Limited I.T.A. No. 3092/Mum/2016 I.T.A. No.7061/Mum/2017 reported in (2017) 165 ITD 27(Delhi-Trib.(SB) , only those investments are to be considered for making disallowance of expenditure u/s. 14A of the 1961 Act read with Rule 8D of the 1962 Rules, which has actually yielded tax free income during the year under consideration. So far as contention of the assessee that AO has not recorded satisfaction before invoking provisions of S…

K.Raheja Corp P.Ltd, Mumbai vs. Asst CIT Cen Cir 29, Mumbai

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

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am M/S. K. Raheja Corporation Vs. Asst. Commissioner Of Pvt. Ltd., Income Tax, Plot No.C-30, G-Block Central Circle – 29 Opp: Sidbi, Bandra Kurla Mumbai Complex, Bandra East Mumbai – 400 051 Pan/Gir No.Aaacp0522B (Appellant) .. (Respondent)

…lowance by considering only 4 M/s. K. Raheja Corporation Pvt. Ltd those investments that had yielded exempt income to the assessee. This direction is given in the light of decision of Special Bench of Delhi Tribunal in the case of Vireet Investment (P) Ltd. 165 ITD 27. Accordingly, the altered ground raised by the assessee with regard to disallowance u/s.14A of the Act r.w.r. 8D(2) of the rules under normal provisions of the Act is partly allowed. 5.2. With regard to disallowance made u/s. 14A of the Act, while computing book profits u/s.115JB of the Act, we find that the computation mechanism provided in rule…

DCIT CC 6(3), Mumbai vs. Horizon Infrastructure Ltd, Mumbai

In the result, appeal filed by the assessee ITA No

Bench: Shri G. Manjunatha & Shri Ravish Soodita No.2471/Mum/2018 (Assessment Year: 2013-14) (Assessment Year: 2014-15) Horizon Infrastructure Ltd. Vs. Dcit,Cc-6(3) (Now Known As Skil Air India Building Infrastructure Ltd.) Nariman Point Mumbai-400 021 Skil House, 209 Bank Street Cross Lane, Fort Mumbai-400 023

…IN THE INCOME TAX APPELLATE TRIBUNAL “H”, BENCH MUMBAI BEFORE SHRI G. MANJUNATHA, Accountant Member & SHRI RAVISH SOOD, Judicial Member ITA No.2471/Mum/2018 (Assessment Year: 2013-14) (Assessment Year: 2014-15) Horizon Infrastructure Ltd. Vs. DCIT,CC-6(3) (Now known as SKIL Air India Building Infrastructure Ltd.) Nariman Point Mumbai-400 021 SKIL House, 209 Bank Street Cross Lane, Fort Mumbai-400 023 PAN/GIR No.AAACH9240E (Appellant) .. Respondent) & ITA No.5817/Mum/2017 ITA No.5818/Mum/2017 (Assessment Year: 2010-11) (Assessment Year: 2011-12) M/s. Horizon Country Wide Vs. DCIT,CC-6(3) Air India Buil…

Horizon Infrastructure Ltd(Now Known As Skil Infrastructure Limited), Mumbai vs. DCIT CC 6(3), Mumbai

In the result, appeal filed by the assessee ITA No

Bench: Shri G. Manjunatha & Shri Ravish Soodita No.2471/Mum/2018 (Assessment Year: 2013-14) (Assessment Year: 2014-15) Horizon Infrastructure Ltd. Vs. Dcit,Cc-6(3) (Now Known As Skil Air India Building Infrastructure Ltd.) Nariman Point Mumbai-400 021 Skil House, 209 Bank Street Cross Lane, Fort Mumbai-400 023

…IN THE INCOME TAX APPELLATE TRIBUNAL “H”, BENCH MUMBAI BEFORE SHRI G. MANJUNATHA, Accountant Member & SHRI RAVISH SOOD, Judicial Member ITA No.2471/Mum/2018 (Assessment Year: 2013-14) (Assessment Year: 2014-15) Horizon Infrastructure Ltd. Vs. DCIT,CC-6(3) (Now known as SKIL Air India Building Infrastructure Ltd.) Nariman Point Mumbai-400 021 SKIL House, 209 Bank Street Cross Lane, Fort Mumbai-400 023 PAN/GIR No.AAACH9240E (Appellant) .. Respondent) & ITA No.5817/Mum/2017 ITA No.5818/Mum/2017 (Assessment Year: 2010-11) (Assessment Year: 2011-12) M/s. Horizon Country Wide Vs. DCIT,CC-6(3) Air India Buil…

Horizon Country Wide Logistics Ltd(Now Succeeded on Amalgamation by Skil Infrastructure Limited ), Mumbai vs. DCIT 1(2)(Presently ACIT--6(3)), Mumbai

In the result, appeal filed by the assessee ITA No

Bench: Shri G. Manjunatha & Shri Ravish Soodita No.2471/Mum/2018 (Assessment Year: 2013-14) (Assessment Year: 2014-15) Horizon Infrastructure Ltd. Vs. Dcit,Cc-6(3) (Now Known As Skil Air India Building Infrastructure Ltd.) Nariman Point Mumbai-400 021 Skil House, 209 Bank Street Cross Lane, Fort Mumbai-400 023

…IN THE INCOME TAX APPELLATE TRIBUNAL “H”, BENCH MUMBAI BEFORE SHRI G. MANJUNATHA, Accountant Member & SHRI RAVISH SOOD, Judicial Member ITA No.2471/Mum/2018 (Assessment Year: 2013-14) (Assessment Year: 2014-15) Horizon Infrastructure Ltd. Vs. DCIT,CC-6(3) (Now known as SKIL Air India Building Infrastructure Ltd.) Nariman Point Mumbai-400 021 SKIL House, 209 Bank Street Cross Lane, Fort Mumbai-400 023 PAN/GIR No.AAACH9240E (Appellant) .. Respondent) & ITA No.5817/Mum/2017 ITA No.5818/Mum/2017 (Assessment Year: 2010-11) (Assessment Year: 2011-12) M/s. Horizon Country Wide Vs. DCIT,CC-6(3) Air India Buil…

DCIT CC 6(3), Mumbai vs. Horizon Infrastructure Ltd, Mumbai

In the result, appeal filed by the assessee ITA No

Bench: Shri G. Manjunatha & Shri Ravish Soodita No.2471/Mum/2018 (Assessment Year: 2013-14) (Assessment Year: 2014-15) Horizon Infrastructure Ltd. Vs. Dcit,Cc-6(3) (Now Known As Skil Air India Building Infrastructure Ltd.) Nariman Point Mumbai-400 021 Skil House, 209 Bank Street Cross Lane, Fort Mumbai-400 023

…IN THE INCOME TAX APPELLATE TRIBUNAL “H”, BENCH MUMBAI BEFORE SHRI G. MANJUNATHA, Accountant Member & SHRI RAVISH SOOD, Judicial Member ITA No.2471/Mum/2018 (Assessment Year: 2013-14) (Assessment Year: 2014-15) Horizon Infrastructure Ltd. Vs. DCIT,CC-6(3) (Now known as SKIL Air India Building Infrastructure Ltd.) Nariman Point Mumbai-400 021 SKIL House, 209 Bank Street Cross Lane, Fort Mumbai-400 023 PAN/GIR No.AAACH9240E (Appellant) .. Respondent) & ITA No.5817/Mum/2017 ITA No.5818/Mum/2017 (Assessment Year: 2010-11) (Assessment Year: 2011-12) M/s. Horizon Country Wide Vs. DCIT,CC-6(3) Air India Buil…

Suhami Power & Finance Corporation, Mumbai vs. ACIT-17(3), Mumbai

In the result, the appeal filed by the assessee is hereby ordered to be allowed as indicated above

…o be considered for the purpose of disallowance u/s 14A of the Act r.w. Rule 8D(2)(iii) of the Rules and in support of this contention, the Ld. Representative of the assessee has placed reliance upon the decision in case of ACIT Vs. Vireet Investment P. Ltd. (165 ITD 27 (SB) (Del). However, on the other hand, the Ld. Representative of the Department has refuted the said contention. In the case decided by Special Bench of Delhi titled as ACIT Vs. Vireet Investment P. Ltd. it is specifically held that those investments which yielded the exempt income is liable to be considered for assessing the expenditure to earn…

S.Nihar & Co., Mumbai vs. Additional CIT-12(2), Mumbai

In the result, the appeal filed by the assessee is hereby ordered to be partly allowed

Bench: Shri Ramit Kochar, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1487/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2011-12) S. Nihar & Co. बिधम/ Additional Cit-12(2) 512, Maker Bhawan, Iii, Earnest House, Nariman Vs. New Marine Lines, Mumbai- Point, Mumbai-. 400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Absfs1058B (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri Navin B. Gandhi Revenue By: Shri Chaudhary Arun Kumar Singh (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 23/07/2019 घोषणा की तारीख /Date Of Pronouncement: 31/07/2019 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 05.12.2017 Passed By The Commissioner Of Income Tax (Appeals) -28, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2011- 12. 2. The Assessee Has Raised The Following Grounds: -

…diture to earn the exempt income in view of the provisions u/s 14A r.w. Rule 8D (2)(iii) of the Income Tax Rule, 1962 and in this regard the Ld. Representative of the assessee has also relied upon the decision of the CIT Vs. Vireet Investment (P.) Ltd. [2017] 165 ITD 27/82 taxmann.com 415. However, on the other hand, the Ld. Representative of the department has refuted the said contention. As per the record, the assessee has earned the dividend income of Rs.4,17,927/- on investment of Rs.31,92,927/- in LIC mutual fund. The CIT(A) has taken into consideration the whole investment in sum of Rs.65,96,464/- for the p…

Minal Industries Limited, Mumbai vs. Deputy Commissioner of Income Tax -10(2)(2), Mumbai

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

Bench: Shri C.N. Prasad, Hon'Blem/S. Minal Industries Limited Deputy Commissioner Of V. 603, A Wing, Minal Complex Income Tax – 10(2)(2) Off Saki Vihar Road Mumbai Andheri (E), Mumbai – 400 072 Pan: Aabcm 3102 D (Appellant) (Respondent) Assessee By : Shri Kiran Mehta Department By : Shri Chaitanya Anjaria

…ed. Assessing Officer shall also decide the issue keeping in view the decision of the Hon'ble Supreme Court in the case of Maxopp Investment Ltd. v. CIT (supra) and the Special Bench of Delhi Tribunal in the case of ACIT v. Vireet Investments Private Limited [165 ITD 27]. Thus, this issue of disallowance u/s. 14A r.w. Rule 8D is restored to the file of the Assessing Officer to decide in view of the above observations, after providing adequate opportunity of being heard to the assessee. 5 M/s. Minal Industries Limited 10. The last grounds of appeal in the appeal of the assessee is regarding restricting the deduct…

DCIT Cir 6(3)(2), Mumbai vs. Jm Financial Institutional Securities P. Ltd, Mumbai

In the result, appeal of the revenue is dismissed and cross objection is allowed

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am Acit-6(3)(2), R.No.522 Vs. M/S. J.M.Financial Institutional 5Th Floor, Aayakar Bhavan Securities Ltd., 7Th Floor, Cenergy Appasaheb M.K.Road, Mumbai – 400 020 Marathe Marg, Prabhadevi Mumbai – 400 025 Pan/Gir No.Aaacm7079C (Appellant) .. (Respondent)

…e computing book profits u/s.115JB of the Act also in the light of the Special Bench decision of Delhi Tribunal in the case of ACIT vs. Vireet Investments ITA No.6961/Mum/2017 & CO No.04/Mum/2019 M/s. J.M. Financial Institutional Securities Ltd. reported in 165 ITD 27. Accordingly, the ground No.3 raised by the revenue is dismissed. 8. The ground No.4 & 5 raised by the revenue are general in nature and does not require any specific adjudication. CO No.04/Mum/2019 (A.Y.2013-14) 9. The Cross objection preferred by the assessee is with regard to consideration of net interest paid (i.e. after reducing the interes…

Directi Internet Solutions P.Ltd, Mumbai vs. DCIT 5(1), Mumbai

In the result, the appeal is partly allowed

Bench: Shri Ravish Sood () & Shri N.K. Pradhan () Assessment Year: 2011-12 Directi Internet Solutions Deputy Commissioner Of Pvt. Ltd., The Regency Chs Income Tax-5(1), Vs. Ltd., Office No. 11 &12 Aayakarbhavan, Mumbai. Next To Nandi Cinema, National Library Road, Bandra West, Mumbai- 400050. Pan No. Aaccg4058M Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI RAVISH SOOD (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2011-12 Directi Internet Solutions Deputy Commissioner of Pvt. Ltd., the Regency CHS Income Tax-5(1), Vs. Ltd., Office No. 11 &12 AayakarBhavan, Mumbai. Next to Nandi Cinema, National Library Road, Bandra West, Mumbai- 400050. PAN No. AACCG4058M Appellant Respondent Assessee by : Mr. FerozeAndhyarujina, AR Revenue by : Mr. D.G. Pansari, DR Date of Hearing : 15/07/2019 : 24/07/2019 Date of pronouncement ORDER PER N.K. PRADHAN, AM This is an appeal fi…