Cheminvest Ltd. v. CIT

ITA 18/MUM/2015[2010-11]Status: DisposedITAT Mumbai19 Aug 2016AY 2010-11

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “J”, MUMBAI BEFORE SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER ITA Nos.26 & 27/M/2015 Assessment Years: 2010-11 & 2011-12 M/s. Centrum Capital Ltd., DCIT, Circle 2(1), Bombay Mutual Building, Aayakar Bhavan, 2nd Floor, Dr. D.N. Road, Vs. Mumbai Fort, Mumbai – 400 001 PAN: AAACC5099G (Appellant) (Respondent) ITA Nos.18 & 19/M/2015 Assessment Years: 2010-11 & 2011-12 M/s. Centrum Capital Ltd., ACIT 2(1)(1), R.No.561, 5th Floor, Bombay Mutual Building, 2nd Floor, Dr. D.N. Road, Vs. Aayakar Bhavan, Fort, M.K. Road, Mumbai – 400 0…

ACIT 2(1)(1), Mumbai vs. Centrum Capital Ltd, Mumbai

In the result, the appeals of the assessee are partly allowed and that of the Revenue are dismissed

Bench: Shri D. Karunakara Rao & Shri Sanjay Garg

For Appellant: Shri Jehangir Mistri, A.R. with Surendra Nijsure, A.RFor Respondent: Shri Sujit Bangar, D.R

ITA 4306/DEL/2014[2010-11]Status: DisposedITAT Delhi19 Aug 2016AY 2010-11

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “J”, MUMBAI BEFORE SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER ITA Nos.26 & 27/M/2015 Assessment Years: 2010-11 & 2011-12 M/s. Centrum Capital Ltd., DCIT, Circle 2(1), Bombay Mutual Building, Aayakar Bhavan, 2nd Floor, Dr. D.N. Road, Vs. Mumbai Fort, Mumbai – 400 001 PAN: AAACC5099G (Appellant) (Respondent) ITA Nos.18 & 19/M/2015 Assessment Years: 2010-11 & 2011-12 ACIT 2(1)(1), M/s. Centrum Capital Ltd., R.No.561, 5th Floor, Bombay Mutual Building, 2nd Floor, Dr. D.N. Road, Aayakar Bhavan, Vs. M.K. Road, Fort, Mumbai – 400 0…

Om Air Freight Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed

Bench: Smt Diva Singh

Section 143(2)Section 14ASection 40A

…A) upon the decision of the Special Bench in the case of Chem Invest Ltd. vs ITO [2009] 121 ITD 318 (Del.) (SB) by the CIT(A). Relying upon the decision of the Hon’ble Delhi High Court in the case of Chem Invest Ltd. vs CIT [2015] 61 taxmann.com 118 (Del.) 378 ITR 33 (Delhi) (copy filed). It was submitted by the Ld.AR that the Hon’ble Court has held that section 14A was not applicable when no exempt income is received. 2.1. Inviting attention to the said decision it was submitted that the Hon’ble Court was considering the following substantial question of law:- “Whether disallowance under Section 14A of the…

Manglam Wires Pvt. Ltd., Delhi vs. ITO, New Delhi

In the result, the appeal of the assessee is allowed

ITA 4418/DEL/2014[2011-12]Status: DisposedITAT Delhi19 Aug 2016AY 2011-12

Bench: Smt Diva Singh

ITA 5535/MUM/2015[2011-12]Status: DisposedITAT Mumbai12 Aug 2016AY 2011-12

…s leave to add, alter, forgo or amend any grounds of appeal at the time of hearing.” 2. The Ld.AR submitted right at the outset point at issue is covered in assessee’s favour by the decision of the Delhi High Court in the case of ChemInvest Ltd. vs CIT [2015] 378 ITR 33 (Del.). Referring to facts, it was submitted that in the facts of the present case also, no exempt income has been received by the assessee. The specific fact it was submitted is coming out from the assertions made in the assessment order vide letter dated 23.03.2013. The I.T.A .No.-4418/Del/2014 Ld.Sr.DR was required to address whether any exempt…

Compuage Infocom Ltd, Mumbai vs. DCIT 5(1), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri R.C. Sharma & Shri Sandeep Gosain: (A.Y : 2011-12) M/S. Compuage Infocom Ltd., Vs. Dcit-5(1), Mumbai 601, D-Wing, Lotus Corporate Park, (Respondent) Ram Mandir Lane, Nr. Jai Coach, Western Express Highway, Mumbai 400 063. Pan : Aabcc4077F (Appellant)

For Appellant: Shri Suril V. ShahFor Respondent: Shri Neil Philip

ITA 4824/MUM/2014[2011-12]Status: DisposedITAT Mumbai11 Aug 2016AY 2011-12

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI SANDEEP GOSAIN, JUDICIAL MEMBER : (A.Y : 2011-12) M/s. Compuage Infocom Ltd., Vs. DCIT-5(1), Mumbai 601, D-Wing, Lotus Corporate Park, (Respondent) Ram Mandir Lane, Nr. Jai Coach, Western Express Highway, Mumbai 400 063. PAN : AABCC4077F (Appellant) Assessee by : Shri Suril V. Shah Revenue by : Shri Neil Philip Date of Hearing : 21/07/2016 Date of Pronouncement : 12/08/2016 O R D E R PER SANDEEP GOSAIN, JM : The present appeal has been filed by the assessee against the order of Commissioner of In…

Runwal Developement P.Ltd, Mumbai vs. Asst CIT Cen Cir 23, Mumbai

In the result, assessee’s appeal in ITA No 4824/Mum/2014 is partly allowed for statistical purposes

Bench: Shri Saktijit Dey & Shri Ramit Kochar

For Respondent: Shri Sunil Kumar Agarwal

Section 143(3)Section 14ASection 40Section 80G

…आयकर अपील"य अ"धकरण “D” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 4824/Mum/2014 ("नधा"रण वष" / Assessment Year : 2011-12) M/s Runwal Developers Pvt. Assistant Commissioner of बनाम/ Ltd., Income Tax- Central v. Runwal & Omkar Square, Circle – 23, 5 th floor, Mumbai. Off Eastern Express Highway, Sion Chunabhatti Signal, Sion (E), Mumbai – 400022. "थायी लेखा सं./PAN : AAACR0395J .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Assessee by Shri Rishabh Shah Revenue by : Shri Sunil K…

Laxmi Ventures (I) Ltd, Mumbai vs. Asst CIT Cir 6(3), Mumbai

The appeal of the assessee is allowed for statistical purposes

ITA 7025/MUM/2014[2001-02]Status: DisposedITAT Mumbai10 Aug 2016AY 2001-02

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.7025 & 7026/Mum/2014 (ननधधायण वषा / Assessment Year :2001-02 & 2008-09) Laxmi Ventures (India) Pvt Ltd, बनाम/ Asstt. Commissioner Of Income Tax 36/40, Mahalaxmi Bridge Arcade, Circle 6(3), Vs. Mumbai Mahalaxmi, Mumbai-400026 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

For Appellant: Shri Haridas Bhat

ITA 6988/MUM/2014[2009-10]Status: DisposedITAT Mumbai10 Aug 2016AY 2009-10

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ “ए” म ुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE HON’BLE S/SHRI JOGINDER SINGH (JM), AND RAJESH KUMAR,(AM) आमकय अऩीर सं./I.T.A. No.7025 & 7026/Mum/2014 (ननधधायण वषा / Assessment Year :2001-02 & 2008-09) Laxmi Ventures (India) Pvt Ltd, बनाम/ Asstt. Commissioner of Income tax 36/40, Mahalaxmi Bridge Arcade, Circle 6(3), Vs. Mumbai Mahalaxmi, Mumbai-400026 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. स्थधमी रेखध सं./जीआइआय सं./PAN No. :AAACT0213D अऩीरधथी ओय से / Appellant by: Shri Haridas Bhat प्रत्मथी की ओय से/Respondent by Shri A Ramchandra सुनवधई क…

Vakrangee Ltd, Mumbai vs. Asst CIT Cen Cir 29, Mumbai

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Gosainm/S. Vakrangee Limited Acit, Central Circle - 29 (Formarlly Vakrangee Softwares Ltd.) Room No. 476, Aayakar Vakrangee House, Plot No. 66 Bhavan, M.K. Road Vs. Marol Co-Op Indl. Estate Mumbai 400020 Off M.V. Road, Andheri (E) Mumbai 400059 Pan - Aaacv9920D Appellant Respondent

For Appellant: Shri Dhamesh ShahFor Respondent: Shri G.M. Doss

Section 115JSection 143(3)Section 14ASection 153A

…income in the year under consideration and therefore no disallowance could have been made under section 14A r.w. Rule 8D. In support of this proposition the learned A.R. placed reliance on the decision of the Hon'ble Delhi High Court in Cheminvest Ltd. (2015) 378 ITR 33 (Del) dated 02.09.2015 which has been followed by a Coordinate Bench of this Tribunal in the case of Fair Exports (India) Pvt. Ltd. in ITA No. 1880, 1881 & 899/Mum/2011 and others dated 17.05.2016. 3.2.2 The learned A.R. further submitted that disallowance under section 14A of the Act r.w. Rule 8D of the I.T. Rules also ought not to have been made…

DCIT 9(2), Mumbai vs. L.R. Enterprises P. Ltd, Mumbai

In the result the appeal of the revenue is dismissed

ITA 52/MUM/2014[2009-10]Status: DisposedITAT Mumbai08 Aug 2016AY 2009-10

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.52/Mum/2014 (ननधधायण वषा / Assessment Year :2009-10) The Dy.Commissioner Of Income बनाम/ L R Enterprises P Ltd., 439 Building No.2, 4Th Floor, Tax –Circle 9(2), Vs. New Sonal Link Indl Estate, Room No.218, 2Nd Floor, Link Road, Malad (W), Ayakar Bhavan,M.K.Road, Mumbai-400054 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

For Appellant: Shri Kailash Kanojiya

Section 10Section 115JSection 143(1)Section 143(2)Section 143(3)Section 14ASection 36

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ “ए” म ुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE HON’BLE S/SHRI JOGINDER SINGH (JM), AND RAJESH KUMAR,(AM) आमकय अऩीर सं./I.T.A. No.52/Mum/2014 (ननधधायण वषा / Assessment Year :2009-10) The DY.Commissioner of Income बनाम/ L R Enterprises P Ltd., 439 Building No.2, 4th floor, Tax –circle 9(2), Vs. New Sonal Link Indl Estate, Room No.218, 2nd Floor, Link road, Malad (W), Ayakar Bhavan,M.K.Road, Mumbai-400054 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. स्थधमी रेखध सं./जीआइआय सं./PAN/GIR No. :AAACL2755L अऩीरधथी ओय से / Appellant by: Shri K…

M/S. Rishi Hi- Tech Builders Pvt. Ltd., Delhi vs. ITO, New Delhi

Appeal stands allowed

ITA 6447/DEL/2012[2009-10]Status: DisposedITAT Delhi08 Aug 2016AY 2009-10

Bench: Shri J.S. Reddy & Shri Kuldip Singh

For Appellant: Shri Adhir Kumar Samal, FCAFor Respondent: Shri F.R. Meena, Senior DR

ITA 7303/MUM/2012[2009-10]Status: DisposedITAT Mumbai29 Jul 2016AY 2009-10

…his dis-satisfaction with reasons; that all the transactions have been routed through CC Account of the assessee while making investment out of the surplus funds and not out of the borrowed fund and relied upon the judgment in case cited as Cheminvest Limited 378 ITR 33 (Del.);. However, on the other hand, ld. DR relied upon the order passed by ld. CIT (A). 6. In the backdrop of the facts and circumstances of the case and the contentions raised by the parties of the appeal, the sole question arises for determination in this case is :- “as to whether AO/CIT (A) have erred in making / confirming addition of Rs.17…

Ashok Apparels P. Ltd., Mumbai vs. D.C.I.T. Cen. Cir.47, Mumbai

In the result, grounds No

Bench: Shri Amit Shukla & Shri Ashwani Taneja

ITA 3563/MUM/2012[2008-09]Status: DisposedITAT Mumbai29 Jul 2016AY 2008-09

…then same should be restricted to the exempt income only, in view of 10 ITA No.: 3561/Mum/2012 ITA No.:3562/Mum/2012 ITA No.:3563/Mum/2012 ITA No.:7303/Mum/2012 M/s Ashok Apparels P Ltd. Delhi High Court judgment in Cheminvest Ltd. vs. CIT, reported in [2015] 378 ITR 33. Thus, with this direction the impugned issue of disallowance of interest under section 14A in AY 2007-08 is treated as partly allowed. 11. As regards the disallowance of indirect expenditure under section 8D(2)(iii), for the assessment years 2008-09 and 2009-10 are concerned, the same has not been pressed by the Ld. Counsel, therefore, the disal…

Ashok Apparels P.Ltd, Mumbai vs. DCIT Cen Cir 47, Mumbai

In the result, grounds No

Bench: Shri Amit Shukla & Shri Ashwani Taneja

ITA 3562/MUM/2012[2007-08]Status: DisposedITAT Mumbai29 Jul 2016AY 2007-08

Ashok Apparels P.Ltd, Mumbai vs. DCIT Cen Cir 47, Mumbai

In the result, grounds No

Bench: Shri Amit Shukla & Shri Ashwani Taneja

ITA 3561/MUM/2012[2006-07]Status: DisposedITAT Mumbai29 Jul 2016AY 2006-07

Ashok Apparels P.Ltd, Mumbai vs. DCIT Cen Cir 47, Mumbai

In the result, grounds No

Bench: Shri Amit Shukla & Shri Ashwani Taneja

ITA 1511/DEL/2014[2010-11]Status: DisposedITAT Delhi29 Jul 2016AY 2010-11

Dcm Ltd., New Delhi vs. DCIT, New Delhi

In the result, the additional ground of the assessee is allowed and ground

Bench: Shri Sudhanshu Srivastava & Shri O.P. Kantdcit Vs Dcm Ltd. Circle 10(1) 6Th Floor, Vikrant Tower, New Delhi. Rajendra Place, New Delhi. Aaacd1012E & Dcm Ltd. Vs Dcit 6Th Floor, Vikrant Tower, Circle 10(1) Rajendra Place, New Delhi. New Delhi. Aaacd1012E Assessee By Sh. Anil Kumar Sharma, Sr. Dr Revenue By Sh. Pradeep Dinodia, Ca

Section 115JSection 143(2)Section 14A

…e company had made suo moto disallowance of Rs. 21.87 lacs. The Ld. AR relied on the decisions of the Hon’ble Delhi High Court in CIT vs. Holcim India P. Limited 272 CTR 282 (Del.), Joint Investment P. Ltd. vs. CIT 372 ITR 694 and Cheminvest Limited vs. CIT 378 ITR 33 for the proposition. ITA No. 1237 & 1511/D/14 Page 7 of 15 On ground no. 1 of the Department’s appeal regarding deletion of disallowance of Rs. 22.32 lacs on account of notional interest on interest free advances to DCM Employees Trust, the Ld. AR submitted that the same is covered in favour of the assessee by orders for earlier assessment year…

DCIT, New Delhi vs. M/S. Dcm Ltd., New Delhi

In the result, the additional ground of the assessee is allowed and ground

ITA 1237/DEL/2014[2010-11]Status: DisposedITAT Delhi29 Jul 2016AY 2010-11

Section 115JSection 143(2)Section 14A

DCIT Cen Cir 8(3) Erstwhile DCIT CC 46, Mumbai vs. Jsw Energy Ltd, Mumbai

In the result, appeal of the Revenue is dismissed as above

ITA 1336/MUM/2015[2010-11]Status: DisposedITAT Mumbai22 Jul 2016AY 2010-11

Bench: Shri G.S.Pannu & Shri Amarjit Singh.

For Appellant: Shri B.C.S. NaikFor Respondent: Mrs. Hirva Shah

Section 115JSection 143(3)Section 14ASection 153ASection 80I

…ence of any dividend or any other exempt income received in the instant year, no disallowance under section 14A of the Act is merited, is very much apt, as it is in line with the judgment of the Hon’ble Delhi High Court in the case of Cheminvest Ltd. Vs. CIT, 378 ITR 33 (Del). Thus, we have no hesitation in approving the stand of the CIT(A) on this aspect. In any case, so far as the decision of the CIT(A) in retaining the suo-motu disallowance made by the assessee is concerned, the same is not an issue before us. Thus, we hereby affirm the order of the CIT(A) on the aspect agitated by the Revenue. As a consequenc…

M/S. Tata Industries Ltd, Mumbai vs. The ITO 2(3)(3), Mumbai

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

ITA 4894/MUM/2008[2004-2005]Status: DisposedITAT Mumbai20 Jul 2016AY 2004-2005

Bench: Shri G. S. Pannu, Accoutant Member & Shri Sanjay Gargtata Industries Ltd., Vs. The Income Tax Officer, Ward- Bombay House,24,Homi 2 (3) (3), Room No.555, Mody Street, Fort, Mumbai Aayakar Bhavan, Maharshi 400 001 Karve Road, Mumbai 400 020 Pan: Aaact 4058 L Appellant .. Respondent Appellant By Shri Dinesh Vyas, Ar Respondent By Shri Alok Johri, Dr Date Of Hearing 22-06-2016 Date Of Pronouncement 20-07-2016

Section 10ASection 115JSection 14ASection 36

…IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI G. S. PANNU, ACCOUTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER TATA Industries Ltd., Vs. The Income Tax Officer, Ward- Bombay House,24,Homi 2 (3) (3), Room No.555, Mody Street, Fort, Mumbai Aayakar Bhavan, Maharshi 400 001 Karve Road, Mumbai 400 020 PAN: AAACT 4058 L Appellant .. Respondent Appellant by Shri Dinesh Vyas, AR Respondent by Shri Alok Johri, DR Date of hearing 22-06-2016 Date of pronouncement 20-07-2016 O R D E R Per Sanjay Garg, Judicial Member: This appeal is preferred by the assessee against the order of Commissioner of I…

Quantium Advisors P. Ltd, Mumbai vs. DCIT Cir 1(3), Mumbai

Appeal of the assessee is allowed

ITA 3418/MUM/2015[2011-12]Status: DisposedITAT Mumbai15 Jul 2016AY 2011-12

Bench: Shri G.S.Pannu & Shri Pawan Singhquantum Advisors Pvt. Ltd., 503, Regent Chamber, Nariman Point, Mumbai 400 021. Pan:Aaacq 0281C ... Appellant Vs.

For Appellant: S/Shri J.D.Mistry/Niraj D. SethFor Respondent: Shri Amit Kumar Singh

Section 143(3)Section 37(1)

…consideration inasmuch as there was no tax-free dividend income earned by the assessee from QAMC, as no dividend has been paid by QAMC at all. On this aspect, reliance was placed on the judgment of the Hon'ble Delhi High Court in the case of Cheminvest Ltd., 378 ITR 33. It was also pointed out that QAMC was a 100% subsidiary of the assessee-company, and thus, assessee’s investments in its subsidiary were liable to be considered in the nature of strategic investments, which were outside the purview of Sec. 14A of the Act. In support of such proposition, reliance was placed on the judgment of Hon'ble Delhi High Co…

M/S Vipul Ltd., Gurgaon vs. ACIT, New Delhi

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

ITA 2153/DEL/2013[2009-10]Status: DisposedITAT Delhi14 Jul 2016AY 2009-10

Bench: Sh. H.S. Sidhu & Sh. O.P. Kant