CIT v. Axis (P.) Equity Ltd.

391 ITR 370High Court#20725 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2018 to 2024.

Sections most often in play

Section 234B of the Income Tax Act Section 56(2)(viib) of the Income Tax Act Section 68 of the Income Tax Act

Judgments citing CIT v. Axis (P.) Equity Ltd.

M/S Monk Akarshala Private Limited, Mumbai vs. Dy Commissioner of Income Tax, Circle-2(2)(1), Mumbai

ITA 4151/MUM/2023[2012-13]Status: DisposedITAT Mumbai03 May 2024AY 2012-13

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Sunil Kumar Singh, Hon'Blem/S. Monk Akarshala Private Limited V. Dcit – Circle – 2(2)(1) 4116 Oberoi Garden Estate Room No. 545 Chandivli Vlg Farm Road Aayakar Bhavan, M.K. Road Near Chandivli Studio, Saki Naka Mumbai - 400020 Mumbai City - 400072 Pan: Aagcm4703K (Appellant) (Respondent) Assessee Represented By : Shri Ajay Wadhwa & Ms. Manasi Vyas Department Represented By : Smt Mahita Nair

Section 234B

…bmitted by the Tribunal as follow "Whether there was evidence before the Tribunal to hold that the assessee company set up its business as from September 1, 1946?" and we will answer that in the affirmative.” 13. In the case of CIT v. Axis (P.) Equity Ltd., [391 ITR 370 (Bom)] the Hon’ble Jurisdictional High Court of Bombay was again seized with a similar situation and following the decision in the case of The Western India Vegetables Products Ltd., v. CIT (supra), the Hon’ble High Court held as under: - “7. We note that a similar issue viz. distinction between setting up of business and commencement of busines…

ITO Corporate Ward 1(3), Chennai vs. C.S.Housing Property Development Pvt. Ltd., Chennai

Accordingly, the order of the learned Commissioner of Income Tax (Appeals) is confirmed and the appeal of the Revenue in I.T.A No.2427/Chny/2018 is dismissed

ITA 2427/CHNY/2018[2012-13]Status: DisposedITAT Chennai25 Jan 2022AY 2012-13

Bench: Shri V. Durga Rao & Shri G. Manjunatha

For Appellant: Mr. AR.V. Sreenivasan, Addl. CITFor Respondent: Mr. R. Sivaraman, Advocate

Section 143(3)Section 147Section 148Section 35D

…Carefour Wc & C India P. Limited Vs. DCIT (2014) 368 ITR 692 (Del.); iv. Commissioner of Income Tax Vs. Dhoomketu Builder and Development P. Limited (2014) 368 ITR 680 (Del.); v. Commissioner of Income Tax Vs. Axis Private Equity Limited (Bombay High Court), 391 ITR 370; vi. Maruti Insurance Broking Private Limited Vs. Deputy Commissioner of Income Tax, 435 ITR 34. - 9 - | P a g e I.T.A No.2427/Chny/2018 15. The Commissioner of Income Tax (Appeals) after considering the relevant facts has rightly held that the expenses claimed by the Assessee is allowable u/s.37(1) of the Income Tax Act, 1961. Thus, we do not f…

ACIT, Circle-30(1), New Delhi vs. Msk (Jv), New Delhi

The appeal of the Revenue is dismissed

ITA 7232/DEL/2018[2015-16]Status: DisposedITAT Delhi07 Dec 2021AY 2015-16

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri R. S. Singhvi, C. A.; &For Respondent: Shri M. N. Shete, Sr. D.R

Section 3

…India Electronics Ltd. (2013) 356 ITR 354 (Del.); (iii) Carefour Wc & C India P. Ltd. Vs. DCIT (2014) 368 ITR 692 (Del.); (iv) CIT Vs. Dhoomketu Builder And Development P Ltd. (2014) 368 ITR 680 (Del.); (v) CIT Vs. Axis Pvt. Equity Limited (Bombay High Court) 391 ITR 370; (vi) Maruti Insurance Broking Pvt. Ltd. Vs. DCIT 435 ITR 34. 7. Thus, we do not find any merit in the case of the revenue and accordingly, the order of the ld. CIT (Appeals) is confirmed and the appeal of the Revenue is dismissed. Order pronounced in the open court on : 07/12/2021. ( DR. B.R.R. KUMAR ) JUDICIAL MEMBER Dated : 07/12/2021. *MEH…

Aig Global Asset Management Company (I) P. Ltd, Mumbai vs. Asst CIT Cir 6(1), Mumbai

In the result, appeal of the assessee is allowed for statistical purposes

ITA 2470/MUM/2011[2007-08]Status: DisposedITAT Mumbai10 Oct 2018AY 2007-08

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm M/S. Pinebridge India Pvt. Ltd., Vs. The Assistant Commissioner Of (Formerly Known As Aig Global Income Tax Circle 6(1), Asset Management (I) Pvt. Ltd., Aayakar Bhavan, 1101, Tower-B, M.K.Road, Peninsula Business Park Mumbai – 400 020 Ganpatrao Kadam Marg Lower Parel Mumbai – 400 013 Pan/Gir No.Aagca0084P Appellant) .. Respondent)

Section 143(3)

…irs and maintenance etc., and relied on the following judicial pronouncements in support of the contention that expenditure incurred after business is set up is to be allowed as revenue expenditure. 5 M/s. Pinebridge India Pvt. Ltd., 1. Axis (P) Equity Ltd., 391 ITR 370 (Bombay HC) 2. Multi Act Realty Enterprises Pvt. Ltd., ITAT Mumbai Bench in ITA No.7274/Mum/2011 order dated 28/08/2015 3. HSBC Securities India Holdings Pvt. Ltd., ITAT Mumbai Bench in ITA No.3181/Mum/99 dated 28/11/2001 4. Axis Private Equity Ltd., ITAT Mumbai Bench in ITA No.3045/Mum/2013 dated 19/08/2013. 9. On the other hand, learned DR reli…