Cheminvest Ltd. v. CIT

Shantilal Jayavantraj Metha, Navi Mumbai vs. ITO 10(3)(3)(3), Mumbai

In the result, appeals of the assessee are allowed, as above

Bench: Shri G.S.Pannu

…tinent point which has been raised is to the effect that in both the assessment years assessee has not earned/declared any exempt income and, therefore, following the ratio of the judgment of the Hon’ble Delhi High Court in the case of Chemivest Ltd. vs. CIT, 378 ITR 33(Del) no disallowance under section 14A of the Act is merited. Apart therefrom, the Ld. Representative for the assessee also referred to the decision of the Mumbai Tribunal in the case of DIT vs. Apex Realty Pvt. Ltd., in ITA No.2855/Mum/2013 dated 31/8/2015, wherein under a similar situation, disallowance under section 14A of the Act has been dele…

ACIT Cir. 8(1), Mumbai vs. M/S. Afcons Infrastructure Ltd., Mumbai

In the result, Department’s appeal is dismissed

Bench: Shri Jason P. Boaz, Accountant Mbmer & Shri Saktijit Dey

…xempt income during the relevant previous year and not to the entire investment of ` 12,24,38,000. For such proposition, he relied upon the following decisions viz. (i) CIT v/s Delite Enterprise, ITA no.110 of 2009 (Bom.); (ii) Cheminvest Ltd. v/s CIT, [2015] 61 Taxmann.com 118 and various other decisions. 19. Learned Departmental Representative on the other hand, relied upon the reasoning of the Assessing Officer and the learned Commissioner (Appeals). 20. We have considered the submissions of the parties and perused the material available on record. The first contention of the learned Sr. Counsel is assessee…

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

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

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ “आई” म ुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI SHAILENDRA KUMAR YADAV, JM AND 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 (नन…

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

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

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ “आई” म ुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI SHAILENDRA KUMAR YADAV, JM AND 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 (नन…

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

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

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ “आई” म ुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI SHAILENDRA KUMAR YADAV, JM AND 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 (नन…

Fiduciary Euromax Global Markets Ltd, Mumbai vs. DCIT 8(1), Mumbai

In the result, this appeal of the assessee is allowed

Bench: Shri G.S. Pannu & Shri Sanjay Garg

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “F”, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER ITA Nos.1349/M/2012 & 955/M/2014 Assessment Years: 2009-10 & 2010-11 M/s. Fiduciary Euromax Global DCIT – 8(1), Markets Ltd., Aayakar Bhavan, Unit No.T7B, 5th Floor, Mumbai - 400020 Phoenix House, Block No.2, Vs. Phoenix Mills Compound, 462, Senapati Bapat Marg, Mumbai – 400 013 PAN: AAACF 1326P (Appellant) (Respondent) Present for: Assessee by : Shri V.C. Shah, A.R. Revenue by : Shri S. Senthil Kumaran, D.R. Date of Hearing : 09.06.2016 Date of Pronouncement : 29.06.2016…

Fiduciary Euromax Global Markets Ltd, Mumbai vs. DCIT 8(1), Mumbai

In the result, this appeal of the assessee is allowed

Bench: Shri G.S. Pannu & Shri Sanjay Garg

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “F”, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER ITA Nos.1349/M/2012 & 955/M/2014 Assessment Years: 2009-10 & 2010-11 M/s. Fiduciary Euromax Global DCIT – 8(1), Markets Ltd., Aayakar Bhavan, Unit No.T7B, 5th Floor, Mumbai - 400020 Phoenix House, Block No.2, Vs. Phoenix Mills Compound, 462, Senapati Bapat Marg, Mumbai – 400 013 PAN: AAACF 1326P (Appellant) (Respondent) Present for: Assessee by : Shri V.C. Shah, A.R. Revenue by : Shri S. Senthil Kumaran, D.R. Date of Hearing : 09.06.2016 Date of Pronouncement : 29.06.2016…

Vahanvati Consultants P. Ltd, Mumbai vs. DCIT 2(3), Mumbai

In the result, the appeal of the assessee is hereby partly allowed

Bench: Shri G.S. Pannu, Am & Shri Sanjay Garg, Jm आयकर अपील सं./ I.T.A. No. 8700/Mum/2011 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / / / / Assessment Year: 2008-09) वष" M/S Vahanvati Consultants P Ltd Dcit 2(3) बनाम बनाम/ बनाम बनाम 3Rd Floor, Crescent Chambers, 56 Room No.555, 5Th Floor, Tamarind Lane, Fort, Aaykar Bhavan, Maharshi Karve Vs. Mumbai-400 023. Road, Churchgate, Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabcv0361M (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Manish V Shah ""यथ" क" ओर से/Respondent By : Shri S. Senthill Kumaran सुनवाई क" तारीख / : 08/06/2016 Date Of Hearing घोषणा क" तारीख / : 29.06.2016 Date Of Pronouncement आदेश / O R D E R Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 26.09.2011 Of The Commissioner Of Income Tax (Appeals) - 6, [Hereinafter Referred To As The Cit(A)] Relevant To Assessment Year 2008-09. 2. The Assessee Has Taken The Following Grounds Of Appeal: I. “Inappropriateness Of Confirming Additions That The Ao Made By Treating Short Term Capital Gain As Business Income. The Learned Cit(A) Erred In Facts & Circumstances Of The Case & In Law In Confirming Addition That The Ao Had Made By Treating The Short Term Capital Gain As Business Income.

…IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI G.S. PANNU, AM AND SHRI SANJAY GARG, JM आयकर अपील सं./ I.T.A. No. 8700/Mum/2011 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / / / / Assessment Year: 2008-09) वष" M/s Vahanvati Consultants P Ltd DCIT 2(3) बनाम बनाम/ बनाम बनाम 3rd Floor, Crescent Chambers, 56 Room No.555, 5th Floor, Tamarind Lane, Fort, Aaykar Bhavan, Maharshi Karve Vs. Mumbai-400 023. Road, Churchgate, Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. AABCV0361M (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant by : Shri Manish V Shah ""यथ" क" ओर से/Resp…

Man Infraprojects Ltd, Mumbai vs. DCIT RG 8(2), Mumbai

In the result, appeal of the assessee stands allowed

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.5775/Mum/2013 ("नधा"रण वष" / Assessment Year : 2010-11) Man Infraprojects Ltd., Dy. Commissioner Of बनाम/ 101, Man House, Income Tax – Range 8(2), V. S.V. Road, Vile Parle, Room No. 209, Mumbai – 400 056. Aayakar Bhavan, Mumbai – 20. "थायी लेखा सं./Pan : Aaecm9991M (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…dated 20th January, 2016 in favour of the assessee company, whereby the Tribunal has allowed the appeal of the assessee company for the assessment year 2009-10 following the decision of Hon’ble Delhi High Court in the case of Cheminvest Limited v. CIT (2015) 378 ITR 33 (Delhi HC) . It is also submitted that the issue is also covered by the decision of Hon’ble Delhi High Court in the case of Cheminvest Limited v. CIT (2015) 378 ITR 33 (Delhi HC) as the assessee company has also not earned any exempt income during the relevant previous year r and hence disallowance u/s 14A of the Act is not called for. 8. The ld.…

Red Chillies Entertainment P.Ltd, Mumbai vs. ACIT Cen Cir 29, Mumbai

In the result, assessee’s appeal for A

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER ITA no.5271/Mum./2013 (Assessment Year : 2010–11) Red Chillies Entertainment Pvt. Ltd. Plot no.612, Junction of Ram Krishna Mission Road & 15th Cross Road ……………. Appellant Santacruz (W), Mumbai 400 054 PAN – AACCR2518P v/s Asstt. Commissioner of Income Tax Central Circle–29, Aayakar Bhawan ……………. Respondent 101, M.K. Road, Mumbai 400 020 ITA no.1577/Mum./2013 (Assessment Year : 2009–10) Red Chillies Entertainment Pvt. Ltd. Plot no.612, Junction of Ram Krishna Mission Road &…

Premier Finance & Trading Co. Ltd, Mumbai vs. ACIT Cir 7(1), Mumbai

…e u/s 14A of the Act ignoring the ratio of the Tribunal in Cheminvest Ltd. (121 ITD 318)(Del.). The crux of argument on behalf of the assessee is that no income was earned by the assessee and merely hypothetical disallowance has been made. Reliance was placed 378 ITR 33 (Del.) order dated 02/09/2015. Considering the totality of facts and the arguments from both sides, we find that the Hon’ble Delhi High Court in the aforesaid order dated 02/09/2015 held that where no exempt income was earned by the assessee in the relevant assessment years and since the genuineness of expenditure is not in doubt, there is no ques…