ACIT v. Vireet Investment Pvt. Ltd.

Tata Projects Ltd, Mumbai vs. DCIT Circle - 2(3)(1), Mumbai

In the result , appeal of the assessee in ITA no

Bench: Shri Sandeep Gosain & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.329/Mum/2018 (नििाारण वर्ा / Assessment Year : 2013-14 बिाम/ Tata Projects Limited, Dcit Circle-2(3)(1) 2Nd,3Rd & 4Th Floor, Aayakar Bhawan Transocean House, M K Road V. Lake Boulevard Road, Mumbai-400020 Hiranandani Gardens Mhada Colony Powai, Mumbai-400076 स्थायी ऱेखा सं./ Pan: Aaact4119L (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri. R.R. Vora & Shri. Vipual Soni Revenue By: Shri. D.G. Pansari (Dr) सुनवाई की तारीख /Date Of Hearing : 26.03.2019 घोषणा की तारीख /Date Of Pronouncement : 29.03.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 329/Mum/2018, Is Directed Against Appellate Order Dated 27.10.2017 In Appeal No. Cit(A)-6/It-52/2016-17, Passed By Learned Commissioner Of Income Tax (Appeals)-6, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2013-14, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 24.02.2016 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2013-14. I.T.A. No.329/Mum/2018

…e invoked, then only those investments are to be taken into account while computing average investments which actually yielded an exempt income in view of decision of Special Bench of ITAT, Delhi in the case of ACIT v. Vireet Investment Private Limited (2017) 165 ITD 27(Del. SB-trib.). It was I.T.A. No.329/Mum/2018 conceded by learned counsel for the assessee that in view of decision of Hon’ble Supreme Court in the case of Maxopp Investment Limited v. CIT reported in (2018) 402 ITR 640 (SC), now even strategic investments in associated concerns/subsidiaries are also to be covered for making disallowance u/s 14A…

Alok Industries Ltd., Mumbai vs. DCIT Cent. Cir. 6(2), Mumbai

In the result, the appeal of the assessee is allowed on the limited aspects of the ground No

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh, Jm M/S. Alok Industries Ltd., Vs. Deputy Commissioner Of Tower B, 2Nd Floor Income Tax, Peninsula Business Park Central Circle-6(2), G.K. Marg, Lower Parel Air India Building, Marine Mumbai – 400 013 Drive, Nariman Point Mumbai – 400 021 Pan/Gir No.Aaaca0201C (Appellant) .. (Respondent)

…`IN THE INCOME TAX APPELLATE TRIBUNAL “K”, BENCH MUMBAI BEFORE SHRI M.BALAGANESH, AM & SHRI AMARJIT SINGH, JM M/s. Alok Industries Ltd., Vs. Deputy Commissioner of Tower B, 2nd Floor Income Tax, Peninsula Business Park Central Circle-6(2), G.K. Marg, Lower Parel Air India Building, Marine Mumbai – 400 013 Drive, Nariman Point Mumbai – 400 021 PAN/GIR No.AAACA0201C (Appellant) .. (Respondent) Assessee by Shri Bhadresh Doshi / Shri Nimesh Chothani Revenue by Shri Shishir Dhamji / Ms. Nilu Jaggi Date of Hearing 18/03/2019 Date of Pronouncement 10/04/2019 आदेश / O R D E R PER M. BALAGANESH (A.M): This appeal f…

DCIT Cir 6(3), Mumbai vs. Greaves Cotton Ltd, Mumbai

In the result, the appeal of the assessee is treated as

Bench: Shri B.R. Baskaran & Shri Amarjit Singh

…book profit under Section 115JB of the Act. 6.2. Both the parties are aggrieved. 6.3. We heard both the parties on this issue. Ld. AR placed reliance on the decision rendered by the Delhi Special Bench of ITAT in the case of Vireet Investment Pvt. Ltd., [165 ITD 27] and contended that the amount computed u/s. 14A of the Act cannot be adopted for the purpose of Section 115JB of the Act. 6.4. On the contrary, Ld. DR supported the order passed by Ld. CIT(A). 6.5. We notice that the Delhi Special Bench of ITAT in the case of Vireet Investment Pvt. Ltd., ((supra)) held that the : 6 : ITA Nos. 2482 & 2575/Mum/…

Greaves Cotton Ltd, Mumbai vs. Asst CIT Cir 6(3), Mumbai

In the result, the appeal of the assessee is treated as

Bench: Shri B.R. Baskaran & Shri Amarjit Singh

…book profit under Section 115JB of the Act. 6.2. Both the parties are aggrieved. 6.3. We heard both the parties on this issue. Ld. AR placed reliance on the decision rendered by the Delhi Special Bench of ITAT in the case of Vireet Investment Pvt. Ltd., [165 ITD 27] and contended that the amount computed u/s. 14A of the Act cannot be adopted for the purpose of Section 115JB of the Act. 6.4. On the contrary, Ld. DR supported the order passed by Ld. CIT(A). 6.5. We notice that the Delhi Special Bench of ITAT in the case of Vireet Investment Pvt. Ltd., ((supra)) held that the : 6 : ITA Nos. 2482 & 2575/Mum/…

DCIT Cen Cir 4(1) Cen RG 4, Mumbai vs. Oberoi Realty Ltd, Mumbai

Bench: Shri Sandeep Gosain () & Shri N.K. Pradhan () Assessment Year: 2012-13 Oberoi Realty Limited, The Deputy Commerz, 3Rd Floor, Vs. Commissioner Of Income International Business Tax, Central Circle-4(1), Park, Oberoi Garden City, Room No. 1916, Air Off Western Express India Building, Nariman Highway, Goregaon (East), Point, Mumbai-400021. Mumbai-400063. Pan No. Aabck0235H Appellant Respondent Assessment Year: 2012-13 The Deputy Commissioner Oberoi Realty Limited, Of Income Tax, Central Vs. Commerz, 3Rd Floor, Circle-4(1), Room No. International Business 1916, Air India Building, Park, Oberoi Garden Nariman Point, Mumbai- City, Off Western 400021. Express Highway, Goregaon (East), Mumbai-400063. Pan No. Aabck0235H Appellant Respondent Assessment Year: 2013-14 Oberoi Realty Limited, The Deputy Commerz, 3Rd Floor, Vs. Commissioner Of Income International Business Tax, Central Circle-4(1), Park, Oberoi Garden City, Room No. 1916, Air Off Western Express India Building, Nariman Highway, Goregaon (East), Point, Mumbai-400021. Mumbai-400063. Oberoi Realty Ltd. Pan No. Aabck0235H Appellant Respondent Assessment Year: 2013-14 The Deputy Commissioner Oberoi Realty Limited, Of Income Tax, Central Vs. Commerz, 3Rd Floor, Circle-4(1), Room No. International Business 1916, Air India Building, Park, Oberoi Garden Nariman Point, Mumbai- City, Off Western 400021. Express Highway, Goregaon (East), Mumbai-400063. Pan No. Aabck0235H Appellant Respondent

…hether shares are held as stock-in-trade or to maintain controlling interest in company, disallowance by apportionment of expenditure is attracted. Also we may refer to para 11.16 of the order of the Special Bench in ACIT v. Vireet Investment Pvt. Ltd. (2017) 58 ITR (Trib) 313 (Delhi) (SB), wherein it is held only those investments are to be considered for Oberoi Realty Ltd. income during the year. We find that the above two decisions have relevance in the instant case. Therefore, we set aside the order of the CIT(A) on the above issue and restore the matter to the file of the AO to make an order afresh after fol…

Oberoi Realty Ltd, Mumbai vs. ACIT Cen Cr 4(1) Cr 4, Mumbai

Bench: Shri Sandeep Gosain () & Shri N.K. Pradhan () Assessment Year: 2012-13 Oberoi Realty Limited, The Deputy Commerz, 3Rd Floor, Vs. Commissioner Of Income International Business Tax, Central Circle-4(1), Park, Oberoi Garden City, Room No. 1916, Air Off Western Express India Building, Nariman Highway, Goregaon (East), Point, Mumbai-400021. Mumbai-400063. Pan No. Aabck0235H Appellant Respondent Assessment Year: 2012-13 The Deputy Commissioner Oberoi Realty Limited, Of Income Tax, Central Vs. Commerz, 3Rd Floor, Circle-4(1), Room No. International Business 1916, Air India Building, Park, Oberoi Garden Nariman Point, Mumbai- City, Off Western 400021. Express Highway, Goregaon (East), Mumbai-400063. Pan No. Aabck0235H Appellant Respondent Assessment Year: 2013-14 Oberoi Realty Limited, The Deputy Commerz, 3Rd Floor, Vs. Commissioner Of Income International Business Tax, Central Circle-4(1), Park, Oberoi Garden City, Room No. 1916, Air Off Western Express India Building, Nariman Highway, Goregaon (East), Point, Mumbai-400021. Mumbai-400063. Oberoi Realty Ltd. Pan No. Aabck0235H Appellant Respondent Assessment Year: 2013-14 The Deputy Commissioner Oberoi Realty Limited, Of Income Tax, Central Vs. Commerz, 3Rd Floor, Circle-4(1), Room No. International Business 1916, Air India Building, Park, Oberoi Garden Nariman Point, Mumbai- City, Off Western 400021. Express Highway, Goregaon (East), Mumbai-400063. Pan No. Aabck0235H Appellant Respondent

…hether shares are held as stock-in-trade or to maintain controlling interest in company, disallowance by apportionment of expenditure is attracted. Also we may refer to para 11.16 of the order of the Special Bench in ACIT v. Vireet Investment Pvt. Ltd. (2017) 58 ITR (Trib) 313 (Delhi) (SB), wherein it is held only those investments are to be considered for Oberoi Realty Ltd. income during the year. We find that the above two decisions have relevance in the instant case. Therefore, we set aside the order of the CIT(A) on the above issue and restore the matter to the file of the AO to make an order afresh after fol…

Asst CIT (Ltu) 2, Mumbai vs. Glenmark Pharmaceuticals Ltd, Mumbai

In the result, the appeal filed by the Revenue stands partly allowed for statistical purpose

Bench: Shri Shamim Yahya & Shri Ravish Soodacit (Ltu)-2 M/S. Glenmark Pharmaceuticals Ltd. World Trade Centre Glenmark Huse, Hdo Corporate Centre-1, 29Th Flor Vs. Bldg., Wing A, B.D. Sawant Marg Cuff Parade Chakala, Opp. Western Express Mumbai 400005 High Way, Andheri (E), Mumbai Pan – Aaacg2207L Appellant Respondent

…ly those investments should have been considered from which exempt income has been earned. For this, the ld.counsel of the assessee placed reliance upon the decision of the ITAT Special Bench decision in the case of ACIT v. Vireet Investments Private Limited [165 ITD 27]. Lastly, 5 M/s. Glenmark Pharmaceuticals Ltd. the ld. Counsel of the assessee submitted that the ld. CIT(A) ought to have held that disallowance u/s. 14A while computing the income u/s.115JB is consequential. Hence, the disallowance made under normal provisions should be considered for the purpose of disallowance while computing the income u/s.1…

Deputy Commissioner of Income Tax-3(3)(1), Mumbai vs. Reliance Capital Ltd, Mumbai

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

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh , Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL “D”, BENCH MUMBAI BEFORE SHRI M.BALAGANESH, AM & SHRI AMARJIT SINGH , JM ITA No.6396/Mum/2017 & 6397/Mum/2017 (Assessment Year :2013-14 & 2014-15) Dy. Commissioner of Vs. M/s. Reliance Capital Ltd., 6th Floor, North Wing Income Tax 3(3)(1) Room No.609, 6th Floor, Reliance Centre, Off. Aayakar Bhavan, M.K. Road Western Express Highway, Mumbai-400 020 Santacruz (E), Mumbai – 400 055 PAN/GIR No.AAACR5054J (Appellant) .. (Respondent) Revenue by Shri Jitendra Sanghvi Assessee by Ms. Vidisha Kalra Date of Hearing 23/01/2019 Date of Pronouncement 30/01/2019 आदेश / O R D E R PER…

DCIT 9(3)(2), Mumbai vs. Future Market Networks Ltd, Mumbai

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

…IN THE INCOME TAX APPELLATE TRIBUNAL “F BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA no. 5234/Mum./2017 (Assessment Year : 2013–14) Dy. Commissioner of Income Tax ……………. Appellant Circle–9(3)(2), Mumbai v/s Future Market Networks Ltd. Knowledge House, Shyam Nagar Off Jogeshwari Vikhroli Link Road ……………. Respondent Jogeshwari (E), Mumbai 400 060 PAN – AABCF2006M Revenue by : Shri Shushil Kumar Poddar Assessee by : Shri Dinkle Haria Date of Hearing – 08.01.2019 Date of Order – 30.01.2019 O R D E R PER SAKTIJIT DEY, J.M. This appeal has been filed by the…

DCIT 9(3)(2), Mumbai vs. Future Consumer Limited (Formerly Known As Future Consumer Enterprises Limited ), Mumbai

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

…IN THE INCOME TAX APPELLATE TRIBUNAL “F BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA no.5233/Mum./2017 (Assessment Year :2013–14) Dy. Commissioner of Income Tax ……………. Appellant Circle–9(3)(2), Mumbai v/s Future Consumer Ltd. (Formerly known as Future Consumer Enterprises Ltd.) Knowledge House, Off Jogeshwari– ……………. Respondent Vikhroli Link Road, Shyam Nagar Jogeshwari (E), Mumbai 400 060 PAN – AABCS0279B ITA no. 5264/Mum./2017 (Assessment Year : 2013–14) Asstt. Commissioner of Income Tax ……………. Appellant Circle–9(3)(2), Mumbai v/s Future Human Devel…

DCIT Cen Cir 4(2) Cen RG 4, Mumbai vs. Rockfort Estate Developers P.Ltd, Mumbai

In the result, the appeal of the Revenue is dismissed

…o exempt income, therefore, no provision u/s.14A read with Rule 8D would be applicable. While passing the above mention order, the Hon’ble ITAT Mumbai Bench relied upon the decision of Special Bench in case titled as CIT Vs. Vireet Investment (P.) Ltd. [2017] 165 ITD 27/82 taxmann.com 415. Where there is no exempt income then no expenditure to earn the exempt income is liable to be assessed in view of provisions of u/s 14A r.w. Rule 8D of the Act. Taking into account of all the facts and circumstances, we are of the view that the CIT(A) has decided the matter of controversy judicially and correctly which is not l…

Tata Motors Ltd, Mumbai vs. DCIT 2(3), Mumbai

In the result, assessee’s appeal is partly allowed

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

…ction 14A of the Act is provided under Explanation–1 to section 115JB of the Act, the Assessing Officer could not have made the adjustment. In support, he relied upon the decision of the Hon'ble Delhi High Court in ACIT v/s Vireet Investment Pvt. Ltd., [2017] 165 ITD 27 (Del.). 48. The learned Departmental Representative submitted, since the final computation of income in pursuance to the directions of the DRP can only be made in the final assessment order, only at that stage the Assessing Officer can make adjustment under section 115JB of the Act to the book profit shown. Therefore, he submitted, the Assessing…