Asstt. CIT v. Spray Engineering Devices Ltd.

23 Taxmann.com 267Income Tax Appellate Tribunal2012#3051 most cited

What is Asstt. CIT v. Spray Engineering Devices Ltd. authority for?

A contrary Tribunal order is superseded by a High Court's view which was subsequently followed by another Tribunal bench.

39

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2026.

Also referred to as

Asstt. CIT v. Spray Engineering Devices Ltd. · ITAT · Chandigarh bench · Chennai bench · contrary tribunal order · rule of law · precedent

Also reported as

53 SOT 70

Sections most often in play

Section 36(1)(iii)Section 143(3)Section 153A(1)(b)Section 195Section 35DSection 37(1)Section 40(a)(ia)Section 40A(2)(b)

Issues it is cited on

section 8d(2)(ii)ready for usesection 35(1)(i)section 35(1)(iv)section 5(2)(b)section 35(1)(ii)r&d expendituresection 35(1)section 244weighted deductionsection 35(2ab)section 5(2)

Judgments citing Asstt. CIT v. Spray Engineering Devices Ltd.

M/S. Electrosteel Casting Limited., Kolkata vs. DCIT, Cental Circle - 4(4), Kolkata

ITA 139/KOL/2018[2013-14]Status: DisposedITAT Kolkata28 Feb 2019AY 2013-14

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Dr. P. K. Srihari, CIT-DR & Robin Choudhury, Addl.CIT(DR)
Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH KOLKATA BEFORE SHRI S. S. GODARA, JM & DR. A. L. SAINI, AM आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/s. Electrosteel Castings Ltd. Vs. DCIT, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAACE 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) DCIT, Central Circle-4(4), Vs. M/s. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेख…

M/S. Electrosteel Casting Limited., Kolkata vs. DCIT, Cental Circle - 4(4), Kolkata

ITA 138/KOL/2018[2012-13]Status: DisposedITAT Kolkata28 Feb 2019AY 2012-13

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Dr. P. K. Srihari, CIT-DR & Robin Choudhury, Addl.CIT(DR)
Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH KOLKATA BEFORE SHRI S. S. GODARA, JM & DR. A. L. SAINI, AM आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/s. Electrosteel Castings Ltd. Vs. DCIT, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAACE 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) DCIT, Central Circle-4(4), Vs. M/s. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेख…

DCIT Cir. 7(3)(2), Mumbai vs. People Interactive (I) Pvt. Ltd., Mumbai

ITA 5132/MUM/2016[2010-11]Status: DisposedITAT Mumbai21 Feb 2018AY 2010-11

Bench: Sh. R. C. Sharma, Am & Sh. Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 5132 & 5133/Mum/2016 (निर्धारणवर्ा / Assessment Year: 2010-11 &2011-12)

For Appellant: Shri M. C. OmiFor Respondent: ShriR. S. Samria, AR
Section 143(1)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SH. R. C. SHARMA, AM & SH. SANDEEP GOSAIN, JM आयकरअपीलसं./ I.T.A. No. 5132 & 5133/Mum/2016 (निर्धारणवर्ा / Assessment Year: 2010-11 &2011-12) People Interactive (I) Pvt. DCIT Cir -7 (3) (2) Room No. 669A, 6th Ltd. बिधम/ 205, Shiv E Numh, 2nd Floor, AayakarBhavan, M. Vs. Floor, Dr. Annie Besant k. road, Mumbai-400020 Road, Worli, Mumbai-400018. स्थायीलेखासं./जीआइआरसं./ PAN No. AAECS7931B (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant by : Shri M. C. Omi Ningshen, DR प्रत्यथीकीओरसे/Respondentby : ShriR. S. Samria, AR सुनवाईकीतारी…

Dy.C.I.T.1(1), Raipur (Cg) vs. M/S Navbharat Press, Raipur (Cg)

In the result, appeal filed by Revenue is dismissed

ITA 160/BIL/2014[2010-11]Status: DisposedITAT Raipur15 Jan 2018AY 2010-11

Bench: : Shri N.S.Saini & Shri Pavan Kumar Gadale, Judical Member Dcit-1(1), Raipur-1 Vs Navbharat Press, Press Complex, G.E.Road, Raipur(C.G.)-492001 Pan No. : Aadfn 0350 R (Appellant) Tsednepser .. Revenue By : Shri Ajit Kumar Laskar, Dr Assessee By : None(Written Submission) Date Of Hearing : 12/01/2018 Date Of Pronouncement 15/01/2018 आदेश / O R D E R Per Shri N.S.Saini, Am: This Is An Appeal Filed By The Revenue Against The Order Of The Cit(A), Raipur, Dated 12.06.2014 For The Assessment Year 2010-2011. 2. The Revenue Has Raised The Following Grounds :- “1. Whether In Law & On Facts & Circumstances Of The Case, The Cit(A) Has Erred In Deleting The Disallowance Of Interest U/S.36(1)(Iii) Of The Income Tax Act, 1961 Of Rs.41,54,811/- As Interest Bearing Funds Were Used For Non-Business Purposes.” 3. Brief Facts Of The Case Are That The Assessee Is A Partnership Firm Derives Income From Printing & Publishing Of Hindi Daily Newspaper “Nav Bharat” & English Daily “Central Chronicle” From Raipur. The Assessee Filed Its Return Of Income Declaring Total Income Of Rs.1,85,77,530/-. Thereafter The Ao Framed The Assessment U/S.143(3) Of The Act Determining The Total Income Of The Assessee At Rs.2,27,32,341/-.

For Appellant: None(Written Submission)For Respondent: Shri Ajit Kumar Laskar, DR
Section 143(3)Section 36(1)(iii)Section 44A

…IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR BEFORE : SHRI N.S.SAINI, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICAL MEMBER DCIT-1(1), Raipur-1 vs Navbharat Press, Press Complex, G.E.Road, Raipur(C.G.)-492001 PAN No. : AADFN 0350 R (Appellant) tsednepseR .. Revenue by : Shri Ajit Kumar Laskar, DR Assessee by : None(Written Submission) Date of Hearing : 12/01/2018 Date of Pronouncement 15/01/2018 आदेश / O R D E R Per Shri N.S.Saini, AM: This is an appeal filed by the Revenue against the order of the CIT(A), Raipur, dated 12.06.2014 for the assessment year 2010-2011. 2. The Revenue has ra…

Saraswati Dynamics Pvt. Ltd., Roorkee vs. ACIT, Haridwar

In the result, both the appeals of the assessee are allowed

ITA 4376/DEL/2011[2007-08]Status: DisposedITAT Delhi26 May 2017AY 2007-08

Bench: Shri Before Shri R.K. Pandabefore Shri Before Shri R.K. Pandar.K. Panda & R.K. Panda & And & Ms. Suchitra Kamble Ms. Suchitra Kamblems. Suchitra Kamble Ms. Suchitra Kamble

For Appellant: Dr. Rakesh Gupta and Shri Somil Agarwal, AdvocatesFor Respondent: Shri S.S. Rana, CIT-DR
Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL DELHI DELHI BENCH DELHI DELHI BENCH BENCH ’G BENCH ’G ’G’: NEW DELHI ’G : NEW DELHI : NEW DELHI : NEW DELHI BEFORE SHRI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER BEFORE SHRI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER R.K. PANDA, ACCOUNTANT MEMBER AND R.K. PANDA, ACCOUNTANT MEMBER AND AND AND , JUDICIAL MEMBER MS. SUCHITRA KAMBLE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER MS. SUCHITRA KAMBLE MS. SUCHITRA KAMBLE , JUDICIAL MEMBER , JUDICIAL MEMBER ITA No ITA Nos.1563/Del/2011…

M/S Saraswati Dynamics, Roorkee vs. Addl. CIT, Haridwar

In the result, both the appeals of the assessee are allowed

ITA 1563/DEL/2011[2006-07]Status: DisposedITAT Delhi26 May 2017AY 2006-07

Bench: Shri Before Shri R.K. Pandabefore Shri Before Shri R.K. Pandar.K. Panda & R.K. Panda & And & Ms. Suchitra Kamble Ms. Suchitra Kamblems. Suchitra Kamble Ms. Suchitra Kamble

For Appellant: Dr. Rakesh Gupta and Shri Somil Agarwal, AdvocatesFor Respondent: Shri S.S. Rana, CIT-DR
Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL DELHI DELHI BENCH DELHI DELHI BENCH BENCH ’G BENCH ’G ’G’: NEW DELHI ’G : NEW DELHI : NEW DELHI : NEW DELHI BEFORE SHRI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER BEFORE SHRI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER R.K. PANDA, ACCOUNTANT MEMBER AND R.K. PANDA, ACCOUNTANT MEMBER AND AND AND , JUDICIAL MEMBER MS. SUCHITRA KAMBLE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER MS. SUCHITRA KAMBLE MS. SUCHITRA KAMBLE , JUDICIAL MEMBER , JUDICIAL MEMBER ITA No ITA Nos.1563/Del/2011…

M/S. Religare Finvest Ltd., New Delhi vs. ACIT, New Delhi

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

ITA 2284/DEL/2013[2008-09]Status: DisposedITAT Delhi28 Apr 2017AY 2008-09

Bench: Sh. I.C. Sudhir & Sh. O.P. Kantassessment Year: 2008-09 Vs. Acit, Circle-15(1), New Delhi Religare Finvest Ltd., D-3, P3B, District Centre, Saket, New Delhi Pan : Aafcs6801H (Appellant) (Respondent) Appellant By Sh. Rohit Garg, Adv. & Ms. Tejasvi Jain, Ca Respondent By Sh. F.R. Meena, Sr.Dr Date Of Hearing 28.03.2017 Date Of Pronouncement 28.04.2017 Order Per O.P. Kant, A.M.: This Appeal By The Assessee Is Directed Against The Order Of Learned Commissioner Of Income Tax (Appeals)-Xviii, New Delhi, Dated 28.02.2013, Raising The Following Grounds Of Appeal:

Section 28Section 36Section 37(1)Section 40A(2)(b)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘F’, NEW DELHI BEFORE SH. I.C. SUDHIR, JUDICIAL MEMBER AND SH. O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2008-09 Vs. ACIT, Circle-15(1), New Delhi Religare Finvest Ltd., D-3, P3B, District Centre, Saket, New Delhi PAN : AAFCS6801H (Appellant) (Respondent) Appellant by Sh. Rohit Garg, Adv. & Ms. Tejasvi Jain, CA Respondent by Sh. F.R. Meena, Sr.DR Date of hearing 28.03.2017 Date of pronouncement 28.04.2017 ORDER Per O.P. KANT, A.M.: This appeal by the assessee is directed against the order of learned Commissioner of Income Tax (Appeals)-XVIII, New Delhi, dated…

Tantia Financial Services Ltd, Kolkata vs. ITO, Ward-4(1), Kolkata

In the result, the appeal filed by the assessee on this ground , is allowed

ITA 1624/KOL/2016[2012-13]Status: DisposedITAT Kolkata13 Jan 2017AY 2012-13

Bench: Shri S. S. Viswanethra Ravi, Jm & Dr. A. L. Saini, Am]

For Appellant: Shri Manish Tiwari, FCAFor Respondent: Shri SallongYaden, Addl.CIT
Section 10Section 115JSection 143(3)Section 14A

…sessee also stated that the disallowance made u/s. 14A of the Act cannot be added to the net profit for computing book profit u/s. 115JB of the Act. For this purpose, the assessee relied on following two decisions: (i) ACIT Vs. Spray Engineering Devices Ltd. 53 SOT 70 (Chd.) and (ii) ITA No. 1741/Kol/2011 & 12/Kol/2012 in the case of Spark Finwiz Ltd. dated 19.10.2012. 6.2. On the other hand, the Ld. DR for the Revenue has primarily reiterated the stand taken by the AO, which we have already noted in earlier para and is not being repeated again for the sake of brevity. 6.3. Having heard rival submissions and pe…

M/S. Religare Commodities Ltd., New Delhi vs. ACIT, New Delhi

In the result the disallowance made by the Ld

ITA 2283/DEL/2013[2008-09]Status: DisposedITAT Delhi04 Jan 2017AY 2008-09

Bench: Ms Suchitra Kamble & Shri Prashant Maharishireligare Commodities Ltd, Acit, D3, P3B, District Centre, Saket, Circle-15(1), Vs. New Delhi New Delhi Pan:Aaacf8356R (Appellant) (Respondent) Religare Commodities Ltd, Dcit, D3, P3B, District Centre, Saket, Circle-15(1), Vs. New Delhi New Delhi Pan:Aaacf8356R (Appellant) (Respondent)

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. FR Meena, Sr. DR
Section 28Section 36(1)(ii)Section 37(1)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE MS SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Religare Commodities Ltd, ACIT, D3, P3B, District Centre, Saket, Circle-15(1), Vs. New Delhi New Delhi PAN:AAACF8356R (Appellant) (Respondent) Religare Commodities Ltd, DCIT, D3, P3B, District Centre, Saket, Circle-15(1), Vs. New Delhi New Delhi PAN:AAACF8356R (Appellant) (Respondent) Assessee by : Sh. Ajay Vohra, Sr. Adv Sh. Rohit Garg, Adv Ms. Tejasvi Jain, CA Revenue by: Sh. FR Meena, Sr. DR Date of Hearing 05/10/2016 Date of pronouncement 04/01/2017 O R D E R PER…

DCIT 3(2), Mumbai vs. Indiabulls Wholesale Services Ltd, Mumbai

In the result the appeals of the revenue stand dismissed and the appeal of the assessee is allowed

ITA 6081/MUM/2014[2010-11]Status: DisposedITAT Mumbai30 Jun 2016AY 2010-11

Bench: Shri Shailendra Kumar Yadav, Jm & Shri Rajesh Kumar, Am आयकर अपीऱ सं./I.T.A. No.1165/Mum/2014 (ननधधारण वषा / Assessment Year : 2008-09) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Retail Service Ltd, Tax-7(1), Room No.622, (Formerly Knows As Pyramid Vs. Aayakar Bhavan, Retails Ltd, Now Known As M K Road, M/S Store One Retails India Mumbai-400020 (Ltd),11Th Floor, Indiabulls Finance Centre, Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aadcp5164C आयकर अपीऱ सं./I.T.A. No.5732/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) बनधम/ M/S Indiabulls Wholesale Dy.Commissioner Of Income Tax- 3(2), Services Ltd, Vs. Aayakar Bhavan, M-62 & 63, 1St Floor, M K Road, Connaught Place, Mumbai-400020 New Delhi-110001 आयकर अपीऱ सं./I.T.A. No.6081/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Wholesale Tax-3(2), Services Ltd, Vs. Room No.674, 6Th Floor, 14Th Floor, Aayakar Bhavan, Indiabulls Finance Centre, M K Road, Tower No.1, Plot No.612-613, Mumbai-400020 Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aabci7129N अपीऱार्थी ओर से / Revenue By Shri Javed Akhatar प्रत्यर्थी की ओर से/ Assessee By S/Shri Jitendra Sangvi & Amit Khatiwalla

Section 143(1)Section 143(2)Section 143(3)Section 14ASection 56Section 57

…No.4448/Del/2013 ITAT 7 Baroda Industries P L V/s ITO ITA No.4213/Mum/2013 ITAT 8 Provogue (India) Limited V/s DCIT 9 CIT V/s Raymond Apparel Ltd ITA No.255 and 720/Mum/2012 ITAT 10. EIH Associated Hotels Limited V/s DCIT 11 ACIT V/s Spray Engineering Devices 23 Taxmann.com 267 ITAT 33. On the other hand, the ld.DR relied heavily on the orders of authorities below and prayed that the order passed by the ld. CIT(A) be upheld. As the assessee has made huge investments in shares and other securities and therefore has definitely incurred certain expenses in relation to those investments which were rightly computed b…

Indiabulls Wholesale Services Ltd, New Delhi vs. DCIT Cir 3(2), Mumbai

In the result the appeals of the revenue stand dismissed and the appeal of the assessee is allowed

ITA 5732/MUM/2014[2010-11]Status: DisposedITAT Mumbai30 Jun 2016AY 2010-11

Bench: Shri Shailendra Kumar Yadav, Jm & Shri Rajesh Kumar, Am आयकर अपीऱ सं./I.T.A. No.1165/Mum/2014 (ननधधारण वषा / Assessment Year : 2008-09) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Retail Service Ltd, Tax-7(1), Room No.622, (Formerly Knows As Pyramid Vs. Aayakar Bhavan, Retails Ltd, Now Known As M K Road, M/S Store One Retails India Mumbai-400020 (Ltd),11Th Floor, Indiabulls Finance Centre, Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aadcp5164C आयकर अपीऱ सं./I.T.A. No.5732/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) बनधम/ M/S Indiabulls Wholesale Dy.Commissioner Of Income Tax- 3(2), Services Ltd, Vs. Aayakar Bhavan, M-62 & 63, 1St Floor, M K Road, Connaught Place, Mumbai-400020 New Delhi-110001 आयकर अपीऱ सं./I.T.A. No.6081/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Wholesale Tax-3(2), Services Ltd, Vs. Room No.674, 6Th Floor, 14Th Floor, Aayakar Bhavan, Indiabulls Finance Centre, M K Road, Tower No.1, Plot No.612-613, Mumbai-400020 Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aabci7129N अपीऱार्थी ओर से / Revenue By Shri Javed Akhatar प्रत्यर्थी की ओर से/ Assessee By S/Shri Jitendra Sangvi & Amit Khatiwalla

Section 143(1)Section 143(2)Section 143(3)Section 14ASection 56Section 57

…No.4448/Del/2013 ITAT 7 Baroda Industries P L V/s ITO ITA No.4213/Mum/2013 ITAT 8 Provogue (India) Limited V/s DCIT 9 CIT V/s Raymond Apparel Ltd ITA No.255 and 720/Mum/2012 ITAT 10. EIH Associated Hotels Limited V/s DCIT 11 ACIT V/s Spray Engineering Devices 23 Taxmann.com 267 ITAT 33. On the other hand, the ld.DR relied heavily on the orders of authorities below and prayed that the order passed by the ld. CIT(A) be upheld. As the assessee has made huge investments in shares and other securities and therefore has definitely incurred certain expenses in relation to those investments which were rightly computed b…

DCIT Cir 7(1), Mumbai vs. Indiabulls Retail Service Ltd, Mumbai

In the result the appeals of the revenue stand dismissed and the appeal of the assessee is allowed

ITA 1165/MUM/2014[2008-09]Status: DisposedITAT Mumbai30 Jun 2016AY 2008-09

Bench: Shri Shailendra Kumar Yadav, Jm & Shri Rajesh Kumar, Am आयकर अपीऱ सं./I.T.A. No.1165/Mum/2014 (ननधधारण वषा / Assessment Year : 2008-09) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Retail Service Ltd, Tax-7(1), Room No.622, (Formerly Knows As Pyramid Vs. Aayakar Bhavan, Retails Ltd, Now Known As M K Road, M/S Store One Retails India Mumbai-400020 (Ltd),11Th Floor, Indiabulls Finance Centre, Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aadcp5164C आयकर अपीऱ सं./I.T.A. No.5732/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) बनधम/ M/S Indiabulls Wholesale Dy.Commissioner Of Income Tax- 3(2), Services Ltd, Vs. Aayakar Bhavan, M-62 & 63, 1St Floor, M K Road, Connaught Place, Mumbai-400020 New Delhi-110001 आयकर अपीऱ सं./I.T.A. No.6081/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Wholesale Tax-3(2), Services Ltd, Vs. Room No.674, 6Th Floor, 14Th Floor, Aayakar Bhavan, Indiabulls Finance Centre, M K Road, Tower No.1, Plot No.612-613, Mumbai-400020 Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aabci7129N अपीऱार्थी ओर से / Revenue By Shri Javed Akhatar प्रत्यर्थी की ओर से/ Assessee By S/Shri Jitendra Sangvi & Amit Khatiwalla

Section 143(1)Section 143(2)Section 143(3)Section 14ASection 56Section 57

…No.4448/Del/2013 ITAT 7 Baroda Industries P L V/s ITO ITA No.4213/Mum/2013 ITAT 8 Provogue (India) Limited V/s DCIT 9 CIT V/s Raymond Apparel Ltd ITA No.255 and 720/Mum/2012 ITAT 10. EIH Associated Hotels Limited V/s DCIT 11 ACIT V/s Spray Engineering Devices 23 Taxmann.com 267 ITAT 33. On the other hand, the ld.DR relied heavily on the orders of authorities below and prayed that the order passed by the ld. CIT(A) be upheld. As the assessee has made huge investments in shares and other securities and therefore has definitely incurred certain expenses in relation to those investments which were rightly computed b…

Glance Investments India P.Ltd, Mumbai vs. ITO WD 2(1)(4), Mumbai

Appeal of the assessee is allowed

ITA 5792/MUM/2014[2010-11]Status: DisposedITAT Mumbai07 Apr 2016AY 2010-11

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2010-11 Glance Investments (India) Ito, Private Limited, Ward-2(1)(4), बनाम/ Office No.2, Crescent Aayakar Bhavan, Vs. Chambers, 3Rd Floor, 56 M.K.Road, Tamarind Lane, Fort, Mumbai-400020 Mumbai-400023 Pan No.Aabcg5421D (अपीलाथ" /Appellant) (""यथ"/Respondent)

Section 115JSection 143(3)Section 14A

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ “जी”,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI "ी जोिग"दर "सह, "याियक सद"य एवं "ी राजे"", लेखा सद"य, के सम" । Before Shri Joginder Singh, Judicial Member and Shri Rajendra, Accountant Member Assessment Year-2010-11 Glance investments (India) ITO, Private Limited, Ward-2(1)(4), बनाम/ Office No.2, Crescent Aayakar Bhavan, Vs. Chambers, 3rd Floor, 56 M.K.Road, Tamarind Lane, Fort, Mumbai-400020 Mumbai-400023 PAN No.AABCG5421D (अपीलाथ" /Appellant) (""यथ"/Respondent) "नधा"रती क" ओर से / Assessee by Shri Manish V. Shah Mrs. Neelima V. Nadkarni - राज"व क"…

DCIT (OSD) 8(2), Mumbai vs. Khanna Hotels P.Ltd, Mumbai

In the result, the appeal filed by the revenue is partly allowed

ITA 6488/MUM/2013[2010-11]Status: DisposedITAT Mumbai29 Jan 2016AY 2010-11

Bench: Shri G.S.Pannu (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2010-11

For Appellant: Shri. Vikram BatraFor Respondent: Shri. Anuj Kisnadwala
Section 10Section 115JSection 14A

…through PMS for earning Short term Capital gain of Rs. 56,62,674/- and Long term capital gain of Rs. 6,52,06,426/-. The Ld. AR further relied on the 5 Assessment Year: 2010-11 decision of Chandigarh Bench of ITAT in the case of Spray Engineering Pvt. Ltd. (53 SOT 70). 7. We have heard the rival submissions and perused the documents on record in the light of the respective submissions of the parties. The only grievance of the revenue is that the Ld. CIT(A) has wrongly deleted the addition of Rs. 65,76,251/- made by AO to the book profit of the assessee under section 14A of the Act. 8. The assessee has calcula…

Tata Consultancy Services Ltd, Mumbai vs. Addl CIT 2(3), Mumbai

The appeal is partly allowed

ITA 6820/MUM/2010[2005-06]Status: DisposedITAT Mumbai04 Nov 2015AY 2005-06

Bench: Sh. A.D. Jain & Sh. Rajendraassessment Year: 2005-06 Pan : Aaacr4849R M/S. Tata Consultancy Services Ltd. Vs. Addl. Commr. Of Income-Tax, 9Th Floor, Nirmal Building, Range 2(3), Nariman Point, Mumbai. Mumbai. (Appellant) (Respondent) Appellant By:Sh. Dinesh Vyas, Sr. Advocate Respondent By:Sh. N.K. Chand, Cit(Dr) Date Of Hearing : 30/07/2015 Date Of Pronouncement: 04/11/2015 Order Per A.D. Jain, Jm

For Appellant: Sh. Dinesh Vyas, Sr. AdvocateFor Respondent: Sh. N.K. Chand, CIT(DR)
Section 14ASection 30Section 40Section 70Section 90Section 91

…n the following case laws: i) “Biocon Limited”, 25 ITR (T) 402 (SB) Bangalore ii) “Nova Nordisk India (P) Ltd.”, 63 SOT 242 (ITAT Banglore) iii) “SSI Ltd.”, 85 TTJ 1049 (Chennai ITAT) iv) “PVP Ventures Limited”, ( 211 Taxman 554) (Mad) v) Spray Engineering, 53 SOT 70 (ITAT Chandigarh) vi) “Dr. Reddy’s Laboratories Limited”, 30 ITR (T) 393 (ITAT Hyd) vii) “Seassoon David”, 118 ITR 261 (SC). 28. On the other hand, the ld. DR has placed strong reliance on the impugned order. 29. In this regard, the Special Bench of the Tribunal in “Biocon Limited” (supra), has held that in the Employees’ Stock Option Scheme, th…

Asst CIT 4(3), Mumbai vs. People Interactive (I) P.Ltd, Mumbai

ITA 6990/MUM/2013[2007-08]Status: DisposedITAT Mumbai21 Oct 2015AY 2007-08

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kochar

For Appellant: Sh. R. S.SamariaFor Respondent: Shri B S Bisht
Section 143(3)Section 147Section 148Section 151Section 37

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, C ,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C”, MUMBAI Before Shri Shailendra Kumar Yadav, Judicial Member, and Shri Ramit Kochar, Accountant Member ITA Nos.6990/Mum/2013 & 6986/Mum/2013 Assessment Years : 2007-08 & 2008-09 ACIT 4(3) People Interactive India Private 6TH Floor, Room No. 649 Limited, 205, Shiv E Numh v. 2nd Floor,Dr.Annie Besant Aayakar Bhawan,Mumbai- 400020 Road, Worli, Mumbai -400018 PAN AAECCS7931B (Appellant) (Respondent) Assessment Year 2009-10 People Interactive India Private ACIT 4(3) 6TH Floor, Room No. 649 Limited, 205, Shiv E Numh v…

Asst CIT 4(3), Mumbai vs. People Ineractive (I) P.Ltd, Mumbai

ITA 6986/MUM/2013[2008-09]Status: DisposedITAT Mumbai21 Oct 2015AY 2008-09

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kochar

For Appellant: Sh. R. S.SamariaFor Respondent: Shri B S Bisht
Section 143(3)Section 147Section 148Section 151Section 37

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, C ,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C”, MUMBAI Before Shri Shailendra Kumar Yadav, Judicial Member, and Shri Ramit Kochar, Accountant Member ITA Nos.6990/Mum/2013 & 6986/Mum/2013 Assessment Years : 2007-08 & 2008-09 ACIT 4(3) People Interactive India Private 6TH Floor, Room No. 649 Limited, 205, Shiv E Numh v. 2nd Floor,Dr.Annie Besant Aayakar Bhawan,Mumbai- 400020 Road, Worli, Mumbai -400018 PAN AAECCS7931B (Appellant) (Respondent) Assessment Year 2009-10 People Interactive India Private ACIT 4(3) 6TH Floor, Room No. 649 Limited, 205, Shiv E Numh v…

People Interactive (I) P.Ltd, Mumbai vs. Asst CIT 4(3), Mumbai

ITA 4979/MUM/2013[2009-10]Status: DisposedITAT Mumbai21 Oct 2015AY 2009-10

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kochar

For Appellant: Sh. R. S.SamariaFor Respondent: Shri B S Bisht
Section 143(3)Section 147Section 148Section 151Section 37

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, C ,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C”, MUMBAI Before Shri Shailendra Kumar Yadav, Judicial Member, and Shri Ramit Kochar, Accountant Member ITA Nos.6990/Mum/2013 & 6986/Mum/2013 Assessment Years : 2007-08 & 2008-09 ACIT 4(3) People Interactive India Private 6TH Floor, Room No. 649 Limited, 205, Shiv E Numh v. 2nd Floor,Dr.Annie Besant Aayakar Bhawan,Mumbai- 400020 Road, Worli, Mumbai -400018 PAN AAECCS7931B (Appellant) (Respondent) Assessment Year 2009-10 People Interactive India Private ACIT 4(3) 6TH Floor, Room No. 649 Limited, 205, Shiv E Numh v…

DCIT Cen Cir 18 & 19, Mumbai vs. Viraj Profiles Ltd, Mumbai

ITA 4439/MUM/2013[2008-09]Status: DisposedITAT Mumbai21 Oct 2015AY 2008-09

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: - 2008-09 Dcit,Central Circle-18 & 19 V. Viraj Profiles Limited Mumbai 10,Imperial Chamber,Wilson Road, Ballard Estate,Mumbai- 400 038 Pan/Gir No. Aabcv1740N Appellant Respondent

Section 10BSection 115JSection 14ASection 80G

…e of arriving at the book profit. The assessee company relied upon the following judgments : a) Apollo Tyres Limited v. CIT 255 ITR 273(SC) b) CIT v. HCL Connect Systems and Services Limited 305 ITR 409 (SC) c) ACIT v. Spray Engineering devices Limited (2012) 53 SOT 70 (Chd. Trib.) Page 5 of 58 Viraj Profiles Limited Assessment year: - 2008-09 5. The CIT(A) allowed the appeal of the assessee company by holding that as observed in Apollo Tyres Limited v. CIT (supra) by Apex court that where Profit and Loss Account has been prepared in accordance with Part II and III of Schedule VI to the Companies Act,1956 and…