CIT v. Essar Tele

Hindustan Petroleum Corporation Ltd, Mumbai vs. Addl CIT RG 1(1), Mumbai

In the result we affirm the order of ld CIT(A) id affirmed and

Bench: Shri Shamim Yahya () & Shri Pawan Singh () Hindustan Petroleum The Addl.Cit, Range-1(1), Corporation Ltd., Mumbai 17, Jamashedji Tata Road, V/S Mumbai-400 020 Pan: Aaach1118B Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “H”, MUMBAI BEFORE SHRI SHAMIM YAHYA (ACCOUNTANT MEMBER) AND SHRI PAWAN SINGH (JUDICIAL MEMBER) Hindustan Petroleum The Addl.CIT, Range-1(1), Corporation Ltd., Mumbai 17, Jamashedji Tata Road, v/s Mumbai-400 020 PAN: AAACH1118B APPELLANT RESPONDENT ITA No. 5702& 5705 /Mum/2010 (Assessment Year : 2006-07) The Addl.CIT, Range-1(1), Hindustan Petroleum Corporation Mumbai Ltd,17, Jamashedji Tata Road, vs Mumbai-400 020 PAN: AAACH1118B APPELLANT RESPONDENT Assessee by Shri PJ Pardiwalla & Ms. Aarti Sathe Revenue by Shri B Sriniwas, CIT-DR Date of hearing 05-08-201…

Tarapur Synthetics Pvt. Ltd., Mumbai vs. ITO 3 (3)(3), Mumbai

The appeal stands allowed in terms of our above order

Bench: Hon’Ble Shri Mahavir Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.5417/Mum/2018 (िनधा"रण वष" / Assessment Year:2014-15) Tarapur Synthetics Private Limited Income Tax Officer-3(3)(3) बनाम/ 701, Tulsiani Chambers Aaykar Bhavan Free Press Journal Marg Mumbai-400 020. Vs. Nariman Point, Mumbai-400 021. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aabct-2020-R (अपीलाथ"/Appellant) (""थ" / Respondent) : Revenue By : Shri Akhtar H. Ansari & Saurabh Kumar Rai -Ld.Dr.S Assessee By : Shri J.P. Bairagra-Ld. Ar सुनवाई की तारीख/ : 16/09/2019 Date Of Hearing घोषणा की तारीख / : 30/09/2019 Date Of Pronouncement

…ect & Technical Services Ltd. [264 Taxman 76 SLP dismissed on 03/05/2019] (iii) Hon’ble Supreme Court in Pr.CIT V/s Oil Industry Development Board [103 Taxmann.com 326 SLP dismissed on 08/02/2019] (iv) Hon’ble Supreme Court in CIT V/s Essar Teleholdings Ltd. [401 ITR 445] Respectfully following the same, we hold that the additional disallowance of Rs.4.79 Lacs made by Ld. AO while computing income under normal provisions, would not be sustainable. Accordingly, we delete the same. Ground Nos. 1 & 3 stand allowed. 5. So far as the addition of disallowance u/s 14A while computing Book Profits u/s 115JB is concerned…

ACIT Cen. Cir. - 25, Mumbai vs. M/S. Parle Products P. Ltd., Mumbai

In the result this ground No

Bench: Shri R.C. Sharma () & Shri Pawan Singh () - Ay 1998-99 - Ay 2002-03 Ita No. 3891/Mum/2007 - Ay 2003-04 - Ay 2009-10 - Ay 2008-09 - Ay 2007-08 - Ay 2006-07 - Ay 2010-11

…00/-, proportionate salary 20% of the finance controller of Rs.1,47,998/- and other administrative expenses of Rs.50,000/-. In support of his submissions the ld AR for assessee relied on the decision of Supreme Court in CIT Vs Essar Technology Ltd. [(2018) 401 ITR 445 (SC) ]. 26. On the hand the ld. DR for the revenue supported the order of the assessing officer. 27. We have considered the rival submissions of the parties and have perused the order of the lower authorities. During the relevant period the assessee earned exempt income of Rs. 13,25,76,769/- on account of interest on tax free bonds and Rs.5,86…

Icici Securities Ltd ( Earlier Known As Icici Brokerage Services Ltd), Mumbai vs. Addl CIT RG 4(1), Mumbai

Appeal of the assessee is allowed and that of department is dismissed, as above

Bench: Shri G.S. Pannu & Shri Ram Lal Negi: A.Y : 2006-07

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C”, MUMBAI BEFORE SHRI G.S. PANNU, VICE PRESIDENT AND SHRI RAM LAL NEGI, JUDICIAL MEMBER : A.Y : 2006-07 M/s. ICICI Securities Limited Vs. Additional Commissioner of (earlier known as ICICI Brokerage Income-tax, Range-4(1), Services Limited) Mumbai. (Respondent) (in the case of erstwhile ICICI Web Trade Limited which was merged with ICICI Brokerage Services Ltd.), Taxation Department, ICICI Bank Ltd., ICICI Bank Towers, 9th floor, East Wing, South Tower, Bandra- Kurla Complex, Bandra (E), Mumbai 400 051. PAN : AAACI6284P (Appellant) : A.Y : 2006-07 Assistant C…

Ass CIT 1(3)(1), Mumbai vs. Raman and Weil P. Ltd, Mumbai

In the result, appeals filed by the revenue are hereby ordered to be dismissed

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. Nos.1953 To 1955/Mum/2017 (निर्धारण वर्ा / Assessment Years: 2006-07, 2007-08 & 2008-09) Acit-1(3)(1) बिधम/ M/S. Raman & Weil Pvt. Room No. 540, 5Th Floor, Ltd. Vs. 15, Chetau Marine, B-Road, Aayakar Bhavan, M.K. Churchgate, Mumbai- Road, Mumbai-400020. 400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacr5065M (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri R. Sindhu Assessee By: Shri Percy Pardiwalla/Nishant Thakkur/Jasmin Amalsadvala सुनवाई की तारीख / Date Of Hearing: 13/05/2019 घोषणा की तारीख /Date Of Pronouncement: 25/06/2019 आदेश / O R D E R Per Amarjit Singh (Jm): The Revenue Has Filed The Above Mentioned Appeals Against The Different Order Passed By The Commissioner Of Income Tax (Appeals)-3, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Ys. 2006-07, 2007-08 & 2008-09. Ita. No.1953/M/2017 2. The Revenue Has Filed The Present Appeals Against The Order Dated 26.12.2016 Passed By The Commissioner Of Income Tax (Appeals)-3

…e seems unjustifiable. Earlier to the period 2008-09 it was justifiable to earn the exempt income on reasonable basis unless satisfaction has been recorded by AO in the order. We also find support of law settled in case titled as CIT Vs. Essar Technology Ltd. 90 Taxmann.com 2(SC) &Godrej & Boyce 328 ITR 81 (Bom). Taking into account of all the facts and circumstances, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to ITA. Nos. 1953 to 1955/Mum/2017 A.Ys.2006-07, 2007-08 & 2008-09 be interfere with at this appellate stage. Accordingly, these…

Kansai Nerolac Paints Ltd, Mumbai vs. Addl CIT RG 6(2), Mumbai

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6789/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ Dcit Circle -6(2) M/S. Kansai Nerolac Paints Ltd., R.No. 563, Aayakar Bhavan, Nerolac House, K.G. Marg, M.K. Road, Churchgate, V. Lower Parel, Mumbai-400020 Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. आयकर अपीऱ सं./I.T.A. No.7196/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ M/S. Kansai Nerolac Paints Addl. Cit Circle -6(2) Ltd., R.No. 669, Nerolac House, K.G. Marg, Aayakar Bhavan, V. Lower Parel, Mumbai 400013 M.K. Road, Mumbai- 400020 स्थायी ऱेखा सं./ Pan : Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…m tax free bonds to the tune of Rs. 1.02 crores which were claimed as an exempt income u/s 10(15) of the 1961 Act. The assessee relied on the decision of Hon‟ble Supreme Court in the case of CIT v. Essar Teleholdings Ltd., (2018) 90 Taxmann.com 2 (SC): (2018) 401 ITR 445(SC) to contend that Rule 8D of the 1962 Rules is prospective in nature and shall be applicable from AY 2008-09 onwards .The assessee drew our attention to audited financial account of the assesssee for financial year 2006-07 which are placed in file. Our attention was drawn to Balance Sheet as at 31.03.2007 to contend that assessee‟s own interest…

DCIT 6(2), Mumbai vs. Kansai Nerolac Paints Ltd, Mumbai

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6789/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ Dcit Circle -6(2) M/S. Kansai Nerolac Paints Ltd., R.No. 563, Aayakar Bhavan, Nerolac House, K.G. Marg, M.K. Road, Churchgate, V. Lower Parel, Mumbai-400020 Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. आयकर अपीऱ सं./I.T.A. No.7196/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ M/S. Kansai Nerolac Paints Addl. Cit Circle -6(2) Ltd., R.No. 669, Nerolac House, K.G. Marg, Aayakar Bhavan, V. Lower Parel, Mumbai 400013 M.K. Road, Mumbai- 400020 स्थायी ऱेखा सं./ Pan : Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…m tax free bonds to the tune of Rs. 1.02 crores which were claimed as an exempt income u/s 10(15) of the 1961 Act. The assessee relied on the decision of Hon‟ble Supreme Court in the case of CIT v. Essar Teleholdings Ltd., (2018) 90 Taxmann.com 2 (SC): (2018) 401 ITR 445(SC) to contend that Rule 8D of the 1962 Rules is prospective in nature and shall be applicable from AY 2008-09 onwards .The assessee drew our attention to audited financial account of the assesssee for financial year 2006-07 which are placed in file. Our attention was drawn to Balance Sheet as at 31.03.2007 to contend that assessee‟s own interest…

DCIT 11(1)(1), Mumbai vs. Ritika Hotas Pvt.Ltd., Mumbai

In the result, appeals of the revenue are dismissed

Bench: Shri C.N. Prasad, Jm & Shri M.Balaganesh, Am

…eted the disallowance made by the ld. AO u/s.14A of the Act on the ground that assessee has not earned any exempt income during the year under consideration. It is now well settled by the Hon’ble Supreme Court in the case of Essar Teleholdings Ltd reported in 401 ITR 445 (SC) that no disallowance u/s.14A of the Act could be made when there is no exempt income claimed by the assessee. Hence, we do not find any infirmity in the order of ld. CIT(A) in this regard. Accordingly Ground No.1 raised by the revenue for both the years is dismissed. 2.2. The next common issue to be decided in this appeal is as to whether th…

Tml Drivelines Ltd, Mumbai vs. Asst CIT 2(1)(2), Mumbai

In the result, appeal of the assessee in ITA no

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1729/Mum/2017 (नििाारण वर्ा / Assessment Year : 2006-07) बिाम/ Tata Motors Ltd., Acit 2(1)(2), (Successor To Tml Aayakar Bhawan Drivelines Limited) Mumbai 400020 V. Bombay House, 24, Homi Mody Street, Hutatma Chowk, Mumbai-400001 स्थायी ऱेखा सं./ Pan: Aaach7625P (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri Hari Iyer Revenue By: Shri. D.G Pansari (Dr) सुनवाई की तारीख /Date Of Hearing : 28.01.2019 घोषणा की तारीख /Date Of Pronouncement : 29.03.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 1729/Mum/2017, Is Directed Against Appellate Order Dated 07.12.2016 In Appeal No. Cit(A)-3/It-46/Acit-2(1)(1)/16-17, Passed By Learned Commissioner Of Income Tax (Appeals)-3, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year(Ay) 2006-07, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 31.01.2015 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Read With Section 254 Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2006-07. I.T.A. No.1729/Mum/2017

…g Limited(supra) holding that Rule 8D of the 1962 Rules is prospective being applicable from AY 2008-09 onwards is now been confirmed by Hon’ble Supreme Court in the case of CIT v. Essar Teleholdings Limited , vide judgment dated 31.01.2018 reported in (2018) 401 ITR 445(SC), wherein Hon’ble Supreme Court held as under: “48. Applying the principles of statutory interpretation for interpreting retrospectivity of a fiscal statute and looking into the nature and purpose of sub-section (2) and sub-section (3) of Section 14A as well as purpose and intent of Rule 8D coupled with the explanatory notes in the Finance Bil…