CIT v. Creative World Telefilms Ltd.

Chitwan Developers P. Ltd, Raigad vs. ITO 6(2)(1), Mumbai

Accordingly the appeal filed by the assessee is hereby allowed for statistical purpose

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.4897/M/13 ("नधा"रण वष" / Assessment Year: 2009-10) M/S. Chitwan Developers Income Tax Officer 6(2)(1) बनाम/ Private Limited Aaykar Bhawan, Vs. A-9/2, Midc Taloja Mumbai - 400020 Industrial Estate, Taloja Raigarh – 410208 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaccc7160J

…share application money cannot be treated as unexplained cash credit on account of assessee even after purchase by bogus shareholders in view of the law settled in CIT Vs. Lovely Exports (P.) Ltd. (216 CTR 195) (SC) and CIT Vs. Creative World Telefilms Ltd. (333 ITR 100) (Bom.)(HC) and CIT Vs. Steller Investment Ltd. (251 ITR 263) (SC). It is also argued that the assessee have established the identity of the share applicants and therefore in the said circumstances the said amount is not required to be added towards taxable income of the assessee, in view of the law A.Y.2009-10 settled in CIT Vs. AI Anam Agro Fo…

ITO 5(1)(2), Mumbai vs. Genesis Trading P. Ltd, Mumbai

In the result, all the three appeals of the revenue as well as cross objection of the assessee are dismissed

Bench: Shri R.C.Sharma, Am & Shri Ramlal Negi, Jm आमकय अऩीर सं./Ita No.5332 To 5334/Mum/2014 (नििाारण वषा / Assessment Year :2005-06 To 2007-08) Ito-5(1)(2), Mumbai Vs. M/S Genesis Trading Pvt. Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & Cross Objection No.40/Mum/2016 (Arising Out Of Ita No.5334/Mum/2014) (नििाारण वषा / Assessment Year : 2007-08) M/S Genesis Trading Pvt. Vs. Ito-5(1)(2), Mumbai Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri S.K.Bepari ननधाारयती की ओर से /Assessee By : Shri N.R.Agrawal सुनवाई की तायीख / Date Of Hearing : 28/04/2016 घोषणा की तायीख/Date Of Pronouncement 08/06/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The Assessment Year 2005-06 To 2007-08, In The Matter Of Order Passed U/S.143(3) R.W.S.147 Of The I.T.Act. The Assessee Has Also Filed Cross Objection.

…ment is free to proceed to re-open their individual assessments in accordance with law but this amount of share money cannot be regarded as undisclosed income u/s 68 of the appellant company. The Bombay High Court in the case of Creative World Telefilms Ltd., 333 ITR 100 also followed the above decision of Supreme Court in the case of Lovely Exports Pvt. Ltd. It was held by the Bombay High Court that the assessing officer ought to have found out the details of share holders through PAN cards, bank account details or from their bankers so as to reach them. 7.5.3 The Delhi High Court (Full Bench) in the case of Sop…

ITO 5(1)(2), Mumbai vs. Genesis Trading P. Ltd, Mumbai

In the result, all the three appeals of the revenue as well as cross objection of the assessee are dismissed

Bench: Shri R.C.Sharma, Am & Shri Ramlal Negi, Jm आमकय अऩीर सं./Ita No.5332 To 5334/Mum/2014 (नििाारण वषा / Assessment Year :2005-06 To 2007-08) Ito-5(1)(2), Mumbai Vs. M/S Genesis Trading Pvt. Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & Cross Objection No.40/Mum/2016 (Arising Out Of Ita No.5334/Mum/2014) (नििाारण वषा / Assessment Year : 2007-08) M/S Genesis Trading Pvt. Vs. Ito-5(1)(2), Mumbai Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri S.K.Bepari ननधाारयती की ओर से /Assessee By : Shri N.R.Agrawal सुनवाई की तायीख / Date Of Hearing : 28/04/2016 घोषणा की तायीख/Date Of Pronouncement 08/06/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The Assessment Year 2005-06 To 2007-08, In The Matter Of Order Passed U/S.143(3) R.W.S.147 Of The I.T.Act. The Assessee Has Also Filed Cross Objection.

…ment is free to proceed to re-open their individual assessments in accordance with law but this amount of share money cannot be regarded as undisclosed income u/s 68 of the appellant company. The Bombay High Court in the case of Creative World Telefilms Ltd., 333 ITR 100 also followed the above decision of Supreme Court in the case of Lovely Exports Pvt. Ltd. It was held by the Bombay High Court that the assessing officer ought to have found out the details of share holders through PAN cards, bank account details or from their bankers so as to reach them. 7.5.3 The Delhi High Court (Full Bench) in the case of Sop…

ITO 5(1)(2), Mumbai vs. Genesis Trading P. Ltd, Mumbai

In the result, all the three appeals of the revenue as well as cross objection of the assessee are dismissed

Bench: Shri R.C.Sharma, Am & Shri Ramlal Negi, Jm आमकय अऩीर सं./Ita No.5332 To 5334/Mum/2014 (नििाारण वषा / Assessment Year :2005-06 To 2007-08) Ito-5(1)(2), Mumbai Vs. M/S Genesis Trading Pvt. Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & Cross Objection No.40/Mum/2016 (Arising Out Of Ita No.5334/Mum/2014) (नििाारण वषा / Assessment Year : 2007-08) M/S Genesis Trading Pvt. Vs. Ito-5(1)(2), Mumbai Ltd., Oceanic, 3Rd Floor, Flat No.34, Rajab Ali Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccg 1820 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri S.K.Bepari ननधाारयती की ओर से /Assessee By : Shri N.R.Agrawal सुनवाई की तायीख / Date Of Hearing : 28/04/2016 घोषणा की तायीख/Date Of Pronouncement 08/06/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The Assessment Year 2005-06 To 2007-08, In The Matter Of Order Passed U/S.143(3) R.W.S.147 Of The I.T.Act. The Assessee Has Also Filed Cross Objection.

…ment is free to proceed to re-open their individual assessments in accordance with law but this amount of share money cannot be regarded as undisclosed income u/s 68 of the appellant company. The Bombay High Court in the case of Creative World Telefilms Ltd., 333 ITR 100 also followed the above decision of Supreme Court in the case of Lovely Exports Pvt. Ltd. It was held by the Bombay High Court that the assessing officer ought to have found out the details of share holders through PAN cards, bank account details or from their bankers so as to reach them. 7.5.3 The Delhi High Court (Full Bench) in the case of Sop…

Bermaco Energy Systems Ltd, Navi Mumbai vs. DCIT CC 47, Mumbai

In the result, appeal for A

…, but it cannot be regarded as undisclosed income of assessee company. Further reliance was placed on the decision of Hon’ble Supreme Court in the case of Orissa Corporation Pvt. Ltd., 159 ITR 78, Bombay High Court in the case of Creative World Telefilm Ltd., 333 ITR 100, Allahabad High Court in the case of Vacmet Packaging (India) Pvt. Ltd., 2014-TIOL-297- HC-ALL-IT 14. In support of the proposition that burden is on the Department to show that money received by the assessee company is money received was actually assessee's own money particularly when the assessee has complied with all the ingredients of section…

Bermaco Energy Systems Ltd, Navi Mumbai vs. DCIT CC 47, Mumbai

In the result, appeal for A

…, but it cannot be regarded as undisclosed income of assessee company. Further reliance was placed on the decision of Hon’ble Supreme Court in the case of Orissa Corporation Pvt. Ltd., 159 ITR 78, Bombay High Court in the case of Creative World Telefilm Ltd., 333 ITR 100, Allahabad High Court in the case of Vacmet Packaging (India) Pvt. Ltd., 2014-TIOL-297- HC-ALL-IT 14. In support of the proposition that burden is on the Department to show that money received by the assessee company is money received was actually assessee's own money particularly when the assessee has complied with all the ingredients of section…

Bermaco Energy Systems Ltd, Navi Mumbai vs. DCIT CC 47, Mumbai

In the result, appeal for A

…, but it cannot be regarded as undisclosed income of assessee company. Further reliance was placed on the decision of Hon’ble Supreme Court in the case of Orissa Corporation Pvt. Ltd., 159 ITR 78, Bombay High Court in the case of Creative World Telefilm Ltd., 333 ITR 100, Allahabad High Court in the case of Vacmet Packaging (India) Pvt. Ltd., 2014-TIOL-297- HC-ALL-IT 14. In support of the proposition that burden is on the Department to show that money received by the assessee company is money received was actually assessee's own money particularly when the assessee has complied with all the ingredients of section…

Jalaram Enterprises Co. P.Ltd, Mumbai vs. DCIT Cen Cir 2, Mumbai

In the result, the appeal filed by the assessee is partly allowed for statistical purpose and the appeal filed by the Revenue is dismissed

Bench: Shri C.N. Prasad & Shri Ashwani Tanejaआयकर अपील सं /I.Ta No. 4289/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11 M/S. Jalaram Enterprises The Dcit, बनाम/ Co. Pvt. Ltd., Central Circle-2, Vs. 7,Pathai Niwas, N.S. Road, Old Cgo Bldg., Mulund (W), Mumbai- 400 020 Mumbai-400 080 आयकर अपील सं /I.Ta No. 5060/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11 The Dcit, M/S. Jalaram Enterprises Co. बनाम/ Central Circle-2, Pvt. Ltd., Vs. Old Cgo Bldg., 7,Pathai Niwas, N.S. Road, Mumbai- 400 020 Mulund (W), Mumbai-400 080

…eating these unsecured loan creditors as bogus transactions and made addition of Rs. 2,66,05,000/- u/s. 68 of the Act. 10. On appeal, the Ld. CIT(A) following the decision of the Hon’ble Bombay High Court in the case of CIT Vs Creative World Telefilms Ltd., (15 Taxmann.com 183) deleted the addition made u/s. 68 of the Act against which the Revenue is in appeal before us. 11. The Ld. Departmental Representative submits that in the course of assessment proceedings, the Assessing Officer issued summons to all the creditors. The creditors did not appear but details were submitted through post. The Ld. Departmental…

DCIT Cen Cir 40, Mumbai vs. Gibs Computers Ltd, Mumbai

Bench: S/Sh. B.R. Baskaran & Sandeep Gosainआयकर अपी अपील संसंसंसं/.Ita No.2066/Mum/2013,िनधा"रण िनधा"रण वष" वष"/Assessment Year-2007-08 आयकर आयकर आयकर अपी अपी िनधा"रण िनधा"रण वष" वष" आयकर अपील अपील संसंसंसं/.Ita No. 2071/Mum/2013,िनधा"रण िनधा"रण वष" वष"/Assessment Year- 2008-09 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Dcit-Central Circle-40 M/S.Gibs Computers Ltd. 6Th Room No.653, Floor, Radha Bhavan, 121 Nagindas Aayakar Bhavan, M.K. Road Vs Master Road Mumbai-20. Mumbai-400 023. Pan: Aabcg 0096 L (अपीलाथ" /Appellant) (""यथ" / Respondent) िनधा"रती िनधा"रती ओर ओर सेसेसेसे/Assessee By : S/Shri Rajiv Khandelwal & Neelkanth Khandelwal राज"व क" ओर से/ Revenue By : Ms. Sasmita Misra--Cit-Dr, िनधा"रती िनधा"रती ओर ओर सुनवाई सुनवाई क" क" तारीख तारीख सुनवाई सुनवाई क" क" तारीख तारीख / Date Of Hearing : 10.02.2016 घोषणा क" तारीख / Date Of Pronouncement : 04.03.2016 Order लेखा सद"य लेखा सद"य बी बी.आर आर. बा बा"करन "करन केकेकेके अनुसार अनुसार/ Per B.R. Baskaran, Am- लेखा लेखा सद"य सद"य बी बी आर आर बा बा "करन "करन अनुसार अनुसार The Revenue Has Filed These Two Appeals Challenging The Orders Passed By Ld Cit(A)-36, Mumbai For Assessment Years 2007-08 & 2008-09. Since Issue Urged In Both The Appeals Is Identical In Nature, These Appeals Were Heard Together & Are Being Disposed Of By This Common Order, For The Sake Of Convenience. 2. The Revenue Is Aggrieved By The Decision Of Ld Cit(A) In Deleting The Additions Made By The Ao U/S 68 Of The Act.

…uments produced by the assessee on the aspects, there have to be some cogent reasons and materials for the Assessing Officer and he cannot go into the realm of suspicion. " 15. The Hon'ble Bombay High Court in the case of CIT Vs. Creative World Telefilms us. 333 ITR 100 (Bom) observed that if the share application money is received by the assessee-company from alleged bogus shareholders, whose names are given to the Assessing Officer, then the Department can always proceed against them and if necessary reopen their individual assessments. The Hon'ble Court further observed that if the assessee had given the deta…

Aditya Birla Telcom Ltd, Mumbai vs. Addl CIT RG 10(1), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri R.C.Sharma, Am & Shri Pavan Singh, Jm आमकय अऩीर सं./Ita No. 5128/Mum/2013 (निर्धारण वषा / Assessment Year :2009-10) Aditya Birla Telecom Ltd., 5Th Vs. Addl. Commissioner Of Floor, Windsor, Off. Cst Road, Income Tax, Near Vidyanagari, Kalina, Range-10(1), Santacruz (E), Mumbai. Aayakar Bhavan, Church Gate, Mumbai स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aafca5315A (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. ननधाारयती की ओर से /Assessee By : Shri J.D. Mistri & Shri Deepak Jain याजस्व की ओर से /Revenue By Shri Deepkant Prasad,Cit-Dr : सुनवाई की तायीख / Date Of Hearing : 15Th October, 2015 घोषणा की तायीख/Date Of Pronouncement : 01.01.2016 आदेश / O R D E R Per R.C.Sharma (A.M.) : This Is An Appeal Filed By The Assessee Against The Order Of Cit(A), Dated 27-06-2013, For The Assessment Year 2009-10, In The Matter Of Order Passed Under Section 143(3) Of The I.T. Act. 2. The Following Grounds Have Been Taken By The Assessee: Ground No. I: Want Of Natural Justice 1. On The Facts & In The Circumstances Of The Case & In Law, The Learned Cit(A) Erred In Confirming The Addition Made By The Ao U/S. 68 Despite The Fact That The Remand Report Of The Ao Confirmed That The Appellant Had Satisfied All The Three Tests, Viz: Identity Of P5 Asia Holding Investment (Mauritius) Ltd., (P5 Asia), Financial Capacity Of P5 Asia & Genuineness

…he onus upon it gets discharged and no addition can 8 be made in the hands of that assessee as the onus shift to the Department. Further reliance was placed on the following decisions rendered u/s. 68 of the Act. CIT vs. Creative World Telefilms Ltd. (2011) (333 ITR 100) (Born.); CIT vs. Oasis Hospitalities P. Ltd. (2011) (333 ITR 119) (Del); CIT vs. Divine Leasing and Finance Ltd. (2007) (299 ITR 268) (Del); CIT vs. Sophia Finance Ltd. (1993) (205 ITR 98) (Del) (FB); CIT vs. Stellar Investment Ltd. (2001) (251 ITR 263) (SC); CIT vs. Winstrall Petrochemicals P Ltd. (330 ITR 603) (Del). 11. On the other hand, it…

DCIT Cen Cir 40, Mumbai vs. Saimangal Investrade Ltd, Mumbai

Bench: Shri N.K. Billaiya & Shri Sanjay Gargassessment Year: 2007-08 Dcit, Cent. Cir.-40, M/S. Saimangal Investrade Ltd., Room No.653, 6Th Floor, Radha Bhavan, 121, Vs. Aayakar Bhavan, Nagindas Master Road, M.K. Road, Mumbai – 400 023 Mumbai - 400020 Pan: Aabcs 4255R (Appellant) (Respondent) Present For: Assessee By : 1) Shri Rajiv Khandelwal, A.R. & 2) Shri Neelkanth Khandelwal, A.R. Revenue By : Dr. P. Daniel, D.R. Date Of Hearing : 29.09.2015 Date Of Pronouncement : 31.12.2015 O R D E R

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “E”, MUMBAI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER Assessment Year: 2007-08 DCIT, Cent. Cir.-40, M/s. Saimangal Investrade Ltd., Room No.653, 6th Floor, Radha Bhavan, 121, Vs. Aayakar Bhavan, Nagindas Master Road, M.K. Road, Mumbai – 400 023 Mumbai - 400020 PAN: AABCS 4255R (Appellant) (Respondent) Present for: Assessee by : 1) Shri Rajiv Khandelwal, A.R. & 2) Shri Neelkanth Khandelwal, A.R. Revenue by : Dr. P. Daniel, D.R. Date of Hearing : 29.09.2015 Date of Pronouncement : 31.12.2015 O R D E R Per Sanjay Garg, Jud…

Vikas Road Carriers Ltd, Mumbai vs. DCIT 7(3), Mumbai

Bench: Hon’Ble S/Shri Sanjay Garg, (Jm) & Ashwani Taneja (Am)

…e inference drawn against the assessee by the lower authorities. A reliance was placed on the decision of the Hon’ble Supreme Court in the case of Lovely Exports (P) Ltd. reported in 216 CTR 194) (SC) and the decision in CIT Vs. Creative World Telefilms Ltd., 333 ITR 100 (Bom.). 7. It was reiterated that the assessee had raised various issues before the Ld. CIT(A), pointing out various doubts, gaps and contradictions in the observations made by the AO in the assessment order. It was also pointed out that no adverse material was provided to the assessee and the AO relied upon the same 6 information allegedly giv…

ITO 10(2)(3), Mumbai vs. Ritestep Software P.Ltd, Mumbai

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri N.K. Billaiya & Shri Amarjit Singhआयकर अपील सं/ I.Ta No. 3228/Mum/2014 ("नधा"रण वष" / Assessment Year:2005-06 बनाम/ The Ito-10(2)(3), M/S. Zimith Properties Pvt. Aaykar Bhavan, Ltd. Vs. Mumbai-400 020 Ganga Wadi, Agra Road, Shop No. 5 L.B.S. Marg, Opp. Ganesh Pan Bidi Shop, Mumbai-400 086 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aahcz 1962B आयकर अपील सं/ I.Ta No. 3227/Mum/2014 ("नधा"रण वष" / Assessment Year:2009-10 बनाम/ The Ito-10(2)(1), M/S. Sanidhya Trading Pvt. Aaykar Bhavan, Ltd., Vs. Mumbai-400 020 1301/1302, Kalindi Bldg., Neelkanth Valley, Rajawadi, Ghatkopar (E), Mumbai-400 077 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aahcs 9103J आयकर अपील सं/ I.Ta No. 3232 & 3229 /Mum/2014 ("नधा"रण वष" / Assessment Year:2006-07 & 2008-09 बनाम/ The Ito-10(2)(3), M/S. Nextgen Constructions Aaykar Bhavan, Pvt. Ltd., Vs. Mumbai-400 020 Ganga Wadi, Agra Road, Shop No. 5 L.B.S. Marg, Opp. Ganesh Pan Bidi Shop, Mumbai-400 086 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. :Aabcn 8981F आयकर अपील सं/ I.Ta No. 3234 & 3230/Mum/2014

…also dismissed. We find that in all these appeals, the Co-ordinate Bench has followed the ratio laid down by the Hon’ble Supreme Court in the case of Lovely Export (Pvt) Ltd and Hon’ble High Court of Bombay in the case of CIT Vs Creative World Telefilms Ltd. 333 ITR 100. Respectfully following the decision of the Co- ordinate Bench (supra), all these appeals of the Revenue are dismissed. 6. In the result, all the appeals filed by the Revenue are dismissed. Order pronounced in the open court on 4th November, 2015. (AMARJIT SINGH ) (N.K. BILLAIYA) "या"यक सद"य/JUDICIAL MEMBER लेखा सद"य / ACCOUNTANT MEMBER मुंबई Mum…

ITO 10(2)(3), Mumbai vs. Zimith Properties P Ltd, Mumbai

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri N.K. Billaiya & Shri Amarjit Singhआयकर अपील सं/ I.Ta No. 3228/Mum/2014 ("नधा"रण वष" / Assessment Year:2005-06 बनाम/ The Ito-10(2)(3), M/S. Zimith Properties Pvt. Aaykar Bhavan, Ltd. Vs. Mumbai-400 020 Ganga Wadi, Agra Road, Shop No. 5 L.B.S. Marg, Opp. Ganesh Pan Bidi Shop, Mumbai-400 086 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aahcz 1962B आयकर अपील सं/ I.Ta No. 3227/Mum/2014 ("नधा"रण वष" / Assessment Year:2009-10 बनाम/ The Ito-10(2)(1), M/S. Sanidhya Trading Pvt. Aaykar Bhavan, Ltd., Vs. Mumbai-400 020 1301/1302, Kalindi Bldg., Neelkanth Valley, Rajawadi, Ghatkopar (E), Mumbai-400 077 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aahcs 9103J आयकर अपील सं/ I.Ta No. 3232 & 3229 /Mum/2014 ("नधा"रण वष" / Assessment Year:2006-07 & 2008-09 बनाम/ The Ito-10(2)(3), M/S. Nextgen Constructions Aaykar Bhavan, Pvt. Ltd., Vs. Mumbai-400 020 Ganga Wadi, Agra Road, Shop No. 5 L.B.S. Marg, Opp. Ganesh Pan Bidi Shop, Mumbai-400 086 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. :Aabcn 8981F आयकर अपील सं/ I.Ta No. 3234 & 3230/Mum/2014

…also dismissed. We find that in all these appeals, the Co-ordinate Bench has followed the ratio laid down by the Hon’ble Supreme Court in the case of Lovely Export (Pvt) Ltd and Hon’ble High Court of Bombay in the case of CIT Vs Creative World Telefilms Ltd. 333 ITR 100. Respectfully following the decision of the Co- ordinate Bench (supra), all these appeals of the Revenue are dismissed. 6. In the result, all the appeals filed by the Revenue are dismissed. Order pronounced in the open court on 4th November, 2015. (AMARJIT SINGH ) (N.K. BILLAIYA) "या"यक सद"य/JUDICIAL MEMBER लेखा सद"य / ACCOUNTANT MEMBER मुंबई Mum…