Cheminvest Ltd. v. CIT

DCIT (IT) 3(1)(1) , MUMBAI vs. ANTWERP DIAMOND BANK NV, MUMBAI

In the result appeal filed by the revenue is dismissed

…l settled and one can refer to the following cases wherein the said proposition has been upheld: • ClT v/s. Delile Enterprises (ITA No 110 of 2009) (Born) • Cheminvest Ltd., v/s. CIT (2015) 378 ITR 33 (Delhi) • ACIT vs. Lafarge India Holding (P) Ltd., (2008)-(19 SOT 121) (Mum Trib) • CIT v/s Shivam Motors Pvt Ltd., (2015) 230 Taxman 63 (Allahabad) • CIT v/s. Corrtech Energy Pvt. Ltd.. (233 Taxman 130) (Gujarat) • ACIT v/s. Mr. M. Baskaran (ITA No.1717/Mds/2013) • CIT v/s.Lakhani Marketing Inc (2015) 226 Taxman 45 (P & H) • Huntsman International (India) P. Ltd., v/s DCIT (2016] 66 taxmann.com 325 (Mum, Trib) 6.…

DCIT (IT) 1(1)(2), MUMBAI vs. ANTWERP DIAMOND BANK NV., MUMBAI

In the result, appeals filed by the Revenue are dismissed in terms indicated hereinabove"

Bench: Shri Mahavir Singh, Jm & Shri G. Manjunatha, Am

…l settled and one can refer to the following cases wherein the said proposition has been upheld: • ClT v/s. Delile Enterprises (ITA No 110 of 2009) (Born) • Cheminvest Ltd., v/s. CIT (2015) 378 ITR 33 (Delhi) • ACIT vs. Lafarge India Holding (P) Ltd., (2008)-(19 SOT 121) (Mum Trib) • CIT v/s Shivam Motors Pvt Ltd., (2015) 230 Taxman 63 (Allahabad) • CIT v/s. Corrtech Energy Pvt. Ltd.. (233 Taxman 130) (Gujarat) • ACIT v/s. Mr. M. Baskaran (ITA No.1717/Mds/2013) • CIT v/s.Lakhani Marketing Inc (2015) 226 Taxman 45 (P & H) • Huntsman International (India) P. Ltd., v/s DCIT (2016] 66 taxmann.com 325 (Mum, Trib) 6. C…

ZOETIS PHARMACEUTICALS RESEARCH P. LTD,MUMBAI vs. ACIT 11(3)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.3715/Mum/2018 (नििाारण वर्ा / Assessment Year : 2014-15) बिाम/ Zoetis Pharmaceutical Acit 11(3)(2) Research P. Ltd., Mumbai 31, Level-3, V. Kalpataru Synergy, Opp. Grand Hyatt, Santacruz (E), Mumbai-400055 स्थायी ऱेखा सं./ Pan : Aadcp5293L (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri. Siddharth Shah Revenue By : Shri. C.S. Sharma, Dr सुनवाई की तारीख /Date Of Hearing : 19.09.2018 घोषणा की तारीख /Date Of Pronouncement : 26.09.2018 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 3715/Mum/2018, Is Directed Against Appellate Order Dated 31.03.2018 Passed By Learned Commissioner Of Income Tax (Appeals)-18, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2014-15, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Assessment Order Dated 28.12.2016 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 2014-15. I.T.A. No.3715/Mum/2018

…आयकर अपीऱीय अधिकरण “G” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.3715/Mum/2018 (नििाारण वर्ा / Assessment Year : 2014-15) बिाम/ Zoetis Pharmaceutical ACIT 11(3)(2) Research P. Ltd., Mumbai 31, Level-3, v. Kalpataru Synergy, Opp. Grand Hyatt, Santacruz (E), Mumbai-400055 स्थायी ऱेखा सं./ PAN : AADCP5293L (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee by: Shri. Siddharth Shah Revenue by : Shri. C.S. Sharma, DR सुनवाई की तारीख /Date of Hearing : 19.09.2018 घोषणा क…

DCIT (IT) 1(1)(2), MUMBAI vs. ANTWERP DIAMOND BANK NV., MUMBAI

In the result, appeals filed by the Revenue are dismissed in terms indicated hereinabove

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm

…ll settled and one can refer to the following cases wherein the said proposition has been upheld:  CIT v/s. Delite Enterprises (ITA No.110 of 2009) (Bom)  Cheminvest Ltd., v/s. CIT (2015) 378 ITR 33 (Delhi)  ACIT vs. Lafarge India Holding (P) Ltd., (2008)-(19 SOT 121) (Mum Trib)  CIT v/s.Shivam Motors Pvt. Ltd., (2015) 230 Taxman 63 (Allahabad)  CIT v/s.Corrtech Energy Pvt. Ltd., (233 Taxman 130) (Gujarat)  ACIT v/s. Mr.M. Baskaran (ITA No.1717/Mds/2013)  CIT v/s.Lakhani Marketing Inc. (2015) 226 Taxman 45 (P & H)  Huntsman International (India) P. Ltd., v/s. DCIT (2016) 66 taxmann.com 325 (Mum.Trib) 6. C…

DCIT (IT) 1(1)(2), MUMBAI vs. ANTWERP DIAMOND BANK NV., MUMBAI

In the result, appeals filed by the Revenue are dismissed in terms indicated hereinabove

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm

…ll settled and one can refer to the following cases wherein the said proposition has been upheld:  CIT v/s. Delite Enterprises (ITA No.110 of 2009) (Bom)  Cheminvest Ltd., v/s. CIT (2015) 378 ITR 33 (Delhi)  ACIT vs. Lafarge India Holding (P) Ltd., (2008)-(19 SOT 121) (Mum Trib)  CIT v/s.Shivam Motors Pvt. Ltd., (2015) 230 Taxman 63 (Allahabad)  CIT v/s.Corrtech Energy Pvt. Ltd., (233 Taxman 130) (Gujarat)  ACIT v/s. Mr.M. Baskaran (ITA No.1717/Mds/2013)  CIT v/s.Lakhani Marketing Inc. (2015) 226 Taxman 45 (P & H)  Huntsman International (India) P. Ltd., v/s. DCIT (2016) 66 taxmann.com 325 (Mum.Trib) 6. C…

VIDEOCON INDUSTRIES LTD,MUMBAI vs. DCIT RG 3(3)(2), MUMBAI

In the result assessee’s appeal is partly allowed

Bench: Shri R.C. Sharma & Shri Amit Shuklaassessment Year: 2011-12

…No. 299/2014] (Mumbai ITAT) viii) Avshesh Mercantile P. Ltd. vs. ACIT [ITA No. 5779/Mum/2006] 148 TTJ 607 ix) Jindal Steel & Alloys Ltd. vs. ACIT [ITA No. 9611Mum/2009] Mumbai ITAT) 15 M/s. Videcon Industries Ltd. x) ACIT vs. Lafarge India Holdings Pvt. Ltd 19 SOT 121 (Mumbai ITAT) xi) ACIT vs. M Baskaran [ITA No. 1717/Mad/2013] 152 ITD 844 (Chennai ITAT) 15. That apart, he pointed out that the assessee had huge surplus fund in the form of ‘share capital’ and ‘reserve and surplus’ which aggregated to Rs.8313,23,39,997/- which is far excess than the investments made which stood at Rs.3966,70,91,020/-. Thus, in…

ADDL CIT RG 1(2), MUMBAI vs. MORGAN STANLEY INDIA SECURITIES P.LTD, MUMBAI

The appeals of the Revenue are dismissed, then the cross objections of the assessee will become in-fructuous

Bench: Shri Joginder Singh & Shri Jason P. Boazassessment Years: 2008-09

…sessee has not earned any tax free income, hence the provision of Cross Objection No.215 & 216/Mum/2015 M/s Morgan Stanley India Securities Pvt. Ltd. section 14A of the Act, will not be applicable. The ratio laid down in ACIT Lafarge India Holding Pvt. Ltd. (19 SOT 121) (Mum. Trib.), Winsome Textiles Industries Ltd. (319 ITR 204)(P & H) supports our view. It is noted that the ld. Assessing Officer disallowed one half percent of the investment, which works out to Rs.4,55,99,525/- u/s 14A of the Act, r.w.r 8D of the Rules. The investments were claimed to be made out of owned funds and there was no borrowing by the…

ADDL CIT RG 1(2), MUMBAI vs. MORGAN STANLEY INDIA SECURITIES P.LTD, MUMBAI

The appeals of the Revenue are dismissed, then the cross objections of the assessee will become in-fructuous

Bench: Shri Joginder Singh & Shri Jason P. Boazassessment Years: 2008-09

…sessee has not earned any tax free income, hence the provision of Cross Objection No.215 & 216/Mum/2015 M/s Morgan Stanley India Securities Pvt. Ltd. section 14A of the Act, will not be applicable. The ratio laid down in ACIT Lafarge India Holding Pvt. Ltd. (19 SOT 121) (Mum. Trib.), Winsome Textiles Industries Ltd. (319 ITR 204)(P & H) supports our view. It is noted that the ld. Assessing Officer disallowed one half percent of the investment, which works out to Rs.4,55,99,525/- u/s 14A of the Act, r.w.r 8D of the Rules. The investments were claimed to be made out of owned funds and there was no borrowing by the…

WOCKHARDT HOSPITALS LTD,MUMBAI vs. ADDL CIT RG 10(1), MUMBAI

In the result appeal filed by the assessee company in ITA no

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 805/Mum/2011 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3002/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Wockhardt Hospitals Deputy Commissioner Of बनाम/ Ltd., Income Tax – Range 10(1), V. Wockhardt Towers, Aayakar Bhavan, Bandra-Kurla Complex, Mumbai-400 020 Bandra(E), Mumbai – 400051. "थायी लेखा सं./Pan : Aaacw3342G (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…ch Energy P.Ltd., ITA No.239/2014(Guj) vii) Holcim (India) Pvt. Ltd. Vs. DCIT, 37 CCH 423(Del) viii) Avshesh Mercantile P. Ltd.,148 TTJ 607(Mum) ix) Shree Shamkamal Finance & Leasing Co. P. Ltd., 21 SOT 42 (Mum) and x) ACIT Vs. Lafarge India Holdings (P) Ltd.,19 SOT 121 (Mum) 6. It was further brought to our notice that assessee has acquired shares of Kanishka in order to acquire its land to build-up hospital on it. The investments were not made with the intention of earning dividend income nor any dividend was earned during the year as well as in future years. In these circumstances, by relying on the following…

WOCKHARDT HOSPITALS LTD.,MUMBAI vs. DCIT 10(1), MUMBAI

In the result appeal filed by the assessee company in ITA no

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 805/Mum/2011 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3002/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Wockhardt Hospitals Deputy Commissioner Of बनाम/ Ltd., Income Tax – Range 10(1), V. Wockhardt Towers, Aayakar Bhavan, Bandra-Kurla Complex, Mumbai-400 020 Bandra(E), Mumbai – 400051. "थायी लेखा सं./Pan : Aaacw3342G (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…ch Energy P.Ltd., ITA No.239/2014(Guj) vii) Holcim (India) Pvt. Ltd. Vs. DCIT, 37 CCH 423(Del) viii) Avshesh Mercantile P. Ltd.,148 TTJ 607(Mum) ix) Shree Shamkamal Finance & Leasing Co. P. Ltd., 21 SOT 42 (Mum) and x) ACIT Vs. Lafarge India Holdings (P) Ltd.,19 SOT 121 (Mum) 6. It was further brought to our notice that assessee has acquired shares of Kanishka in order to acquire its land to build-up hospital on it. The investments were not made with the intention of earning dividend income nor any dividend was earned during the year as well as in future years. In these circumstances, by relying on the following…