CIT v. Friends & Friends Shipping (P.) Ltd.

217 Taxmann 267High Court2013#2315 most cited
50

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Friends & Friends Shipping (P.) Ltd. · Friends & Friends Shipping · Sooraj Mull Nagarmull · speculation loss · section 43(5) · section 14A disallowance · r&d expenditure · weighted deduction · section 35(2AB) · transfer pricing · section 92B · business expediency

Also reported as

35 Taxmann.com 553

Issues it is cited on

speculation losssection 43(5)section 14a(1)r&d expenditurespeculative transactionweighted deductionsection 35(2ab)interest free advancescorporate guaranteesection 92bbusiness expediencydisallowance under section 14a

Judgments citing CIT v. Friends & Friends Shipping (P.) Ltd.

Mahendra Brothers Exports Pvt. Ltd., Mumbai vs. Addl. C.I.T.5(2), Mumbai

Appeal stands dismissed

ITA 7449/MUM/2011[2008-09]Status: DisposedITAT Mumbai25 Jul 2016AY 2008-09

Bench: Shri G S Pannu & Shri Amit Shukla

Section 10(34)Section 143(3)Section 14A

…आयकर अपीलीय अिधकरण “बी” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI "ी जी.एस. प"ू, लेखा सद"य एवं "ी अिमत शु"ला, "याियक सद"य के सम" । BEFORE SHRI G S PANNU, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER ITA No. : 7319/Mum/2011 (Assessment year: 2008-09) Vs मह" "दस" ए""पो""स "ाइवेट "ल"मटेड DCIT-5(2), Room No.571, Mahendra Brothers Exports P Ltd, Aayakar Bhavan, M K Road, 611, Panchratna, Opera House, Mumbai -400 020 M P Marg, Mumbai -400 004 "थयी लेखा सं. PAN: AAFCM 0246 E अपीलाथ" (Appellant) ""यथ" (Respondent) ITA No.: 7449/Mum/2011 (Assessment year: 2004-05) मह" "दस"…

DCIT 5(2), Mumbai vs. Mahendra Brothers Exports P. Ltd, Mumbai

Appeal stands dismissed

ITA 7319/MUM/2011[2008-09]Status: DisposedITAT Mumbai25 Jul 2016AY 2008-09

Bench: Shri G S Pannu & Shri Amit Shukla

Section 10(34)Section 143(3)Section 14A

…आयकर अपीलीय अिधकरण “बी” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI "ी जी.एस. प"ू, लेखा सद"य एवं "ी अिमत शु"ला, "याियक सद"य के सम" । BEFORE SHRI G S PANNU, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER ITA No. : 7319/Mum/2011 (Assessment year: 2008-09) Vs मह" "दस" ए""पो""स "ाइवेट "ल"मटेड DCIT-5(2), Room No.571, Mahendra Brothers Exports P Ltd, Aayakar Bhavan, M K Road, 611, Panchratna, Opera House, Mumbai -400 020 M P Marg, Mumbai -400 004 "थयी लेखा सं. PAN: AAFCM 0246 E अपीलाथ" (Appellant) ""यथ" (Respondent) ITA No.: 7449/Mum/2011 (Assessment year: 2004-05) मह" "दस"…

DCIT 8(1), Mumbai vs. Enercon India Ltd, Mumbai

In the result, both the appeals of the revenue are dismissed

ITA 4089/MUM/2012[2008-09]Status: DisposedITAT Mumbai08 Mar 2016AY 2008-09

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am आमकय अऩीर सं./I.T.A. No.6751/Mum/2011 (ननधधायण वषा / Assessment Years: 2007-08) Dy. Commissioner Of Income Tax M/S Enercon India Limited, –Range 8(1), Enercon Tower, A-9, Room No.210, Veera Industrial Estate, फनधभ/ Aayakar Bhavan, Veera Desai Road, Vs. M.K.Road, Andheri (W), Mumbai-400020 Mumbai-400053

For Appellant: Shri Manjunatha SwamyFor Respondent: Shri J P Bairagra
Section 115JSection 143(2)Section 143(3)Section 14ASection 36(1)(iii)Section 43(5)Section 43(5)(a)

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ “ई” म ुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI श्री सी. एन.प्रसाद, न्याययक सदस्य एवं श्री राजेश कुमार, ऱेखा सदस्य के समक्ष BEFORE SHRI C.N. PRASAD, JM AND SHRI RAJESH KUMAR, AM आमकय अऩीर सं./I.T.A. No.6751/Mum/2011 (ननधधायण वषा / Assessment Years: 2007-08) Dy. Commissioner of Income Tax M/s Enercon India Limited, –Range 8(1), Enercon Tower, A-9, Room No.210, Veera Industrial Estate, फनधभ/ Aayakar Bhavan, Veera Desai Road, Vs. M.K.Road, Andheri (W), Mumbai-400020 Mumbai-400053 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) : आमकय अऩीर सं./I.T.A. No.4089/Mum/…

A.C.I.T. 8(1), Mumbai vs. Enercon India Limited, Mumbai

In the result, both the appeals of the revenue are dismissed

ITA 6751/MUM/2011[2007-08]Status: DisposedITAT Mumbai08 Mar 2016AY 2007-08

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am आमकय अऩीर सं./I.T.A. No.6751/Mum/2011 (ननधधायण वषा / Assessment Years: 2007-08) Dy. Commissioner Of Income Tax M/S Enercon India Limited, –Range 8(1), Enercon Tower, A-9, Room No.210, Veera Industrial Estate, फनधभ/ Aayakar Bhavan, Veera Desai Road, Vs. M.K.Road, Andheri (W), Mumbai-400020 Mumbai-400053

For Appellant: Shri Manjunatha SwamyFor Respondent: Shri J P Bairagra
Section 115JSection 143(2)Section 143(3)Section 14ASection 36(1)(iii)Section 43(5)Section 43(5)(a)

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ “ई” म ुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI श्री सी. एन.प्रसाद, न्याययक सदस्य एवं श्री राजेश कुमार, ऱेखा सदस्य के समक्ष BEFORE SHRI C.N. PRASAD, JM AND SHRI RAJESH KUMAR, AM आमकय अऩीर सं./I.T.A. No.6751/Mum/2011 (ननधधायण वषा / Assessment Years: 2007-08) Dy. Commissioner of Income Tax M/s Enercon India Limited, –Range 8(1), Enercon Tower, A-9, Room No.210, Veera Industrial Estate, फनधभ/ Aayakar Bhavan, Veera Desai Road, Vs. M.K.Road, Andheri (W), Mumbai-400020 Mumbai-400053 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) : आमकय अऩीर सं./I.T.A. No.4089/Mum/…

Hiraco India P.Ltd, Mumbai vs. DCIT 5(1), Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 2300/MUM/2015[2009-10]Status: DisposedITAT Mumbai20 Jan 2016AY 2009-10

Bench: S/Shri B.R.Baskaran, Am & Amarjit Singh, Jm आमकय अऩीर सं./I.T.A. N.2300/Mum/2015 (ननधधायण वषा / Assessment Year:2009-10) बनाम/ M/S Hiraco India Pvt.Ltd, Dy.Commissioner Of Income Gw 2050, Tax-5(1), Vs. Bharat Diamond Bourse, Aayakar Bhavan, Bandra Kurla Complex, M K Road, Babdra (E), Mumbai-400020. Mumbai-400051 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ “एच” म ुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE S/SHRI B.R.BASKARAN, AM AND AMARJIT SINGH, JM आमकय अऩीर सं./I.T.A. N.2300/Mum/2015 (ननधधायण वषा / Assessment Year:2009-10) बनाम/ M/s Hiraco India Pvt.Ltd, Dy.Commissioner of Income GW 2050, Tax-5(1), Vs. Bharat Diamond Bourse, Aayakar Bhavan, Bandra Kurla Complex, M K Road, Babdra (E), Mumbai-400020. Mumbai-400051 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. स्थधमी रेखध सं./जीआइआय सं./PAN. :AACCHO427M अऩीरधथी ओय से / Assessee by Shri Vijay Mehta प्रत्मथी की ओय से/Revenue by Shri Vijay Soni सुनवधई की…

ACIT, Bangalore vs. M/S K. Mohan & Company (Exports) Pvt. Ltd., Bangalore

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

ITA 1103/BANG/2012[2008-09]Status: DisposedITAT Bangalore24 Apr 2015AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri V. Srinivasan, C.AFor Respondent: Shri P. Dhivahar, Jt. CIT(DR)
Section 10BSection 10B(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, JUDICIAL MEMBER AND SHRI JASON P. BOAZ , ACCOUNTANT MEMBER ITA Nos.1093/Bang/2009, 1266/Bang/2010 & 1057/Bang/2012 Assessment years : 2006-07, 2007-08 & 2008-09 M/s. K. Mohan & Company Vs. The Assistant Commissioner of (Exports) Pvt. Ltd., Income Tax, B1, 62-5, Begur Road, Circle 11(5), Bommanahalli, Bangalore. Bangalore – 560 068. PAN: AAACL 9811H APPELLANT RESPONDENT Assessment year : 2008-09 The Assistant Commissioner of Vs. M/s. K. Mohan & Company Income Tax, (Exports) Pvt. Ltd., Circle 11(5), Bangalore – 560 068. PAN…

M/S K. Mohan & Company (Exports) Private Limited, Bangalore vs. ACIT, Bangalore

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

ITA 1057/BANG/2012[2008-09]Status: DisposedITAT Bangalore24 Apr 2015AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri V. Srinivasan, C.AFor Respondent: Shri P. Dhivahar, Jt. CIT(DR)
Section 10BSection 10B(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, JUDICIAL MEMBER AND SHRI JASON P. BOAZ , ACCOUNTANT MEMBER ITA Nos.1093/Bang/2009, 1266/Bang/2010 & 1057/Bang/2012 Assessment years : 2006-07, 2007-08 & 2008-09 M/s. K. Mohan & Company Vs. The Assistant Commissioner of (Exports) Pvt. Ltd., Income Tax, B1, 62-5, Begur Road, Circle 11(5), Bommanahalli, Bangalore. Bangalore – 560 068. PAN: AAACL 9811H APPELLANT RESPONDENT Assessment year : 2008-09 The Assistant Commissioner of Vs. M/s. K. Mohan & Company Income Tax, (Exports) Pvt. Ltd., Circle 11(5), Bangalore – 560 068. PAN…

M/S. K. Mohan & Company (Exports) Pvt. Ltd., Bangalore vs. ACIT, Bangalore

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

ITA 1266/BANG/2010[2007-08]Status: DisposedITAT Bangalore24 Apr 2015AY 2007-08

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri V. Srinivasan, C.AFor Respondent: Shri P. Dhivahar, Jt. CIT(DR)
Section 10BSection 10B(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, JUDICIAL MEMBER AND SHRI JASON P. BOAZ , ACCOUNTANT MEMBER ITA Nos.1093/Bang/2009, 1266/Bang/2010 & 1057/Bang/2012 Assessment years : 2006-07, 2007-08 & 2008-09 M/s. K. Mohan & Company Vs. The Assistant Commissioner of (Exports) Pvt. Ltd., Income Tax, B1, 62-5, Begur Road, Circle 11(5), Bommanahalli, Bangalore. Bangalore – 560 068. PAN: AAACL 9811H APPELLANT RESPONDENT Assessment year : 2008-09 The Assistant Commissioner of Vs. M/s. K. Mohan & Company Income Tax, (Exports) Pvt. Ltd., Circle 11(5), Bangalore – 560 068. PAN…

M/S K. Mohan & Compnay (Exports) Pvt. Ltd., Bangalore vs. ACIT, Bangalore

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

ITA 1093/BANG/2009[2006-07]Status: DisposedITAT Bangalore24 Apr 2015AY 2006-07

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri V. Srinivasan, C.AFor Respondent: Shri P. Dhivahar, Jt. CIT(DR)
Section 10BSection 10B(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, JUDICIAL MEMBER AND SHRI JASON P. BOAZ , ACCOUNTANT MEMBER ITA Nos.1093/Bang/2009, 1266/Bang/2010 & 1057/Bang/2012 Assessment years : 2006-07, 2007-08 & 2008-09 M/s. K. Mohan & Company Vs. The Assistant Commissioner of (Exports) Pvt. Ltd., Income Tax, B1, 62-5, Begur Road, Circle 11(5), Bommanahalli, Bangalore. Bangalore – 560 068. PAN: AAACL 9811H APPELLANT RESPONDENT Assessment year : 2008-09 The Assistant Commissioner of Vs. M/s. K. Mohan & Company Income Tax, (Exports) Pvt. Ltd., Circle 11(5), Bangalore – 560 068. PAN…

Star Exports & Imports, Bangalore vs. Add.C.I.T., Bangalore

Appeal of the assessee is allowed

ITA 997/BANG/2012[2009-10]Status: DisposedITAT Bangalore06 Feb 2015AY 2009-10

Bench: Shri N.V.Vasudevan & Shri Abraham P George

For Appellant: Shri H.N.Khincha, CAFor Respondent: Shri P.Dhivahar, JCIT
Section 43(5)

…the Hon’ble Bombay High Court in the case of CIT Vs Badridas Gauridu (P)Ltd 261 ITR 256 and that of Hon’ble Gujarat High Court in CIT Vs Panchamahal Steel Ltd (Tax Appeal No.131 of 2013 dated 28-03-2013) and CIT Vs Friends & Friends Shipping Pvt.Ltd.(2013) 217 Taxmann 267. As per the learned AR all these decision follow the law laid down by the Hon’ble Mumbai High Court in the case of Sooraj Mull Nagarmull ( Supra) which was brushed aside by the lower authorities for no reason. Reliance was also placed on the following Tribunal decision/Board Circulars i) Rushabh Diamond Vs ACIT ITA NO.7217/Mum/2012 dt.26-0…