CIT v. Green Infra Ltd.

Hydroair Tectonics (Pcd) Ltd, Navi Mumbai vs. DCIT Cen Cir 2(1), Mumbai

Bench: Shri Joginder Singh () & Shri G Manjunatha ()

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D”, MUMBAI Before Shri JOGINDER SINGH (VICE PRESIDENT) AND Shri G MANJUNATHA (ACCOUNTANT MEMBER) ITA No 946/Mum/2016 - AY 2005-06 ITA No 947/Mum/2016 - AY 2008-09 ITA No 948/Mum/2016 - AY 2009-10 Rajkumari Singh vs Dy.CIT, Cent.Cir.8, Mumbai A-1201, Building No.2 12th Floor, Seawoods Estate NRI Complex, Nerul, Navi Mumbai PAN : AMJPS2625N APPELLANT RESPONDEDNT ITA No 847/Mum/2017 - AY 2008-09 Shri Harbhajan Singh vs Dy.CIT, Cent.Cir.8, Mumbai A-1201, Building No.2 12th Floor, Seawoods Estate NRI Complex, Nerul, Navi Mumbai PAN : AANPS8492B APPELLANT RESPONDE…

Rajkumari Singh, Navi Mumbai vs. DCIT Cen Cir 8, Mumbai

Bench: Shri Joginder Singh () & Shri G Manjunatha ()

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D”, MUMBAI Before Shri JOGINDER SINGH (VICE PRESIDENT) AND Shri G MANJUNATHA (ACCOUNTANT MEMBER) ITA No 946/Mum/2016 - AY 2005-06 ITA No 947/Mum/2016 - AY 2008-09 ITA No 948/Mum/2016 - AY 2009-10 Rajkumari Singh vs Dy.CIT, Cent.Cir.8, Mumbai A-1201, Building No.2 12th Floor, Seawoods Estate NRI Complex, Nerul, Navi Mumbai PAN : AMJPS2625N APPELLANT RESPONDEDNT ITA No 847/Mum/2017 - AY 2008-09 Shri Harbhajan Singh vs Dy.CIT, Cent.Cir.8, Mumbai A-1201, Building No.2 12th Floor, Seawoods Estate NRI Complex, Nerul, Navi Mumbai PAN : AANPS8492B APPELLANT RESPONDE…

ITO 12(2)(2), Mumbai vs. Fact Tradelink P.Ltd, Mumbai

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Amarjit Singhincome Tax Officer-12(2)(2) M/S. Facts Tradelink P. Ltd. Room No. 146A, 1St Floor 206, Ghanshyam Tower Vs. Aayakar Bhavan, M.K. Road M.G. Road, Borivali (E), Mumbai 400020 Mumbai 400066 Pan – Aaacf7985Q Appellant Respondent Appellant By: Shri Rajiv Gubgotra Respondent By: Shri Suchek Anchaliya Date Of Hearing: 04.10.2018 Date Of Pronouncement: 31.10.2018 O R D E R Per Rajesh Kumar, Am This Appeal Filed By Revenue Is Directed Against The Order Of The Cit(A)-20, Mumbai Dated 30.12.2016 & It Relates To A.Y. 2007-08. 2. The Revenue Has Raised The Following Grounds: -

…tement, Balance Sheet, Profit & Loss Account and Share Application Form, etc. of the shareholders decided the issue in favour of the assessee. The learned A.R. relied on the following decisions in defence of his arguments: - i) CIT vs. Green Infra Ltd. (2017) 392 ITR 7 (Bom) ii) Green Infra Ltd. vs. ITO, ITA No. 7762/Mum/2012 iii) CIT vs. Gagandeep Infrastructure Pvt. Ltd., (2017) 394 ITR 690 (Bom) iv) ACIT vs. Gagandeep Infrastructure Pvt. Ltd., v) PCIT vs. Acquatic Remedies Pvt. Ltd., I.T. Appeal No. 83-85 of 2016 (Bom HC) vi) CIT vs. Goa Sponge and Power Ltd., I.T. Appeal No. 16 of 2012 (Bom HC) vii) ACIT vs.…

ITO 6(3)(2), Mumbai vs. Indo Energy International Ltd, Mumbai

In the result, the Revenue’s appeal and the assessee’s cross objection are allowed for statistical purposes

Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm

…her placed reliance upon the following case laws: 1 ACIT Vs. Gagandeep Infrastructure Pvt. Ltd. [40 CCH 128](Mumbai) 2 CIT Vs. Gagandeep Infrastructure Pvt. Ltd. [394 ITR 680](Bombay) 3 Green Infra Ltd Vs. ITO [145 ITD 240](Mumbai) 4 CIT Vs. Green Infra Ltd [392 ITR 7](Bombay) 5 CIT Vs. Orchid Industries Pvt. Ltd. [397 ITR 136](Bombay) 6 ITO Vs. M/s Sringeri Technologies Pvt. Ltd. [ITA No.3924/Mum/2014] (ITAT Mumbai) 7 DCIT Vs. M/s Alcon Biosciences P Ltd [ITA No.l946/M/2016](ITAT Mumbai) 8 Khubchandani Healthparks Pvt. Ltd. Vs. ITO [384 ITR 322](Bombay) 8 M/s. Indo Energy International Ltd. 11. We have carefu…

DCIT 3(2)(1), Mumbai vs. Mangalore Refinery and Petrochemicals Ltd, Mumbai

In the result the appeal filed by the revenue is dismissed

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2009-10 Mangalore Refinery & Addl. Cit-3(2), Mumbai Petrochemicals Ltd. 15Th Vs. Floor, Maker Tower, Ewing, Cuffe Parade, Mumbai- 400005. Pan No. Aaacm5132A Respondent Appellant Assessment Year: 2009-10 Dcit-3(2) Room No. Mangalore Refinery & 674, 6Th Floor, Petrochemicals Ltd. 15Th Vs. Aayakarbhavan, M. K. Floor, Maker Tower, Ewing, Road, Mumbai-400020. Cuffe Parade, Mumbai- 400005. Pan No. Aaacm5132A Appellant Respondent Assessee By : Mr. J.D.J. Mistri, Senior Advocate & Mr. Madhur Agrawal, Advocate Revenue By : Mr.Samuel Darse, Cit(Dr) Date Of Hearing : 12/06/2018 Date Of Pronouncement: 07/09/2018

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “L” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2009-10 Mangalore Refinery & Addl. CIT-3(2), Mumbai Petrochemicals Ltd. 15th Vs. Floor, Maker Tower, Ewing, Cuffe Parade, Mumbai- 400005. PAN No. AAACM5132A Respondent Appellant Assessment Year: 2009-10 DCIT-3(2) Room No. Mangalore Refinery & 674, 6th Floor, Petrochemicals Ltd. 15th Vs. AayakarBhavan, M. K. Floor, Maker Tower, Ewing, Road, Mumbai-400020. Cuffe Parade, Mumbai- 400005. PAN No. AAACM5132A Appellant Respondent Assessee by : Mr. J.D.J. Mis…

Magnalore Refinery and Petrochemicals Ltd, Mumbai vs. Addl CIT 3(2)

In the result the appeal filed by the revenue is dismissed

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2009-10 Mangalore Refinery & Addl. Cit-3(2), Mumbai Petrochemicals Ltd. 15Th Vs. Floor, Maker Tower, Ewing, Cuffe Parade, Mumbai- 400005. Pan No. Aaacm5132A Respondent Appellant Assessment Year: 2009-10 Dcit-3(2) Room No. Mangalore Refinery & 674, 6Th Floor, Petrochemicals Ltd. 15Th Vs. Aayakarbhavan, M. K. Floor, Maker Tower, Ewing, Road, Mumbai-400020. Cuffe Parade, Mumbai- 400005. Pan No. Aaacm5132A Appellant Respondent Assessee By : Mr. J.D.J. Mistri, Senior Advocate & Mr. Madhur Agrawal, Advocate Revenue By : Mr.Samuel Darse, Cit(Dr) Date Of Hearing : 12/06/2018 Date Of Pronouncement: 07/09/2018

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “L” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2009-10 Mangalore Refinery & Addl. CIT-3(2), Mumbai Petrochemicals Ltd. 15th Vs. Floor, Maker Tower, Ewing, Cuffe Parade, Mumbai- 400005. PAN No. AAACM5132A Respondent Appellant Assessment Year: 2009-10 DCIT-3(2) Room No. Mangalore Refinery & 674, 6th Floor, Petrochemicals Ltd. 15th Vs. AayakarBhavan, M. K. Floor, Maker Tower, Ewing, Road, Mumbai-400020. Cuffe Parade, Mumbai- 400005. PAN No. AAACM5132A Appellant Respondent Assessee by : Mr. J.D.J. Mis…

Ambuja Cement India P.Ltd, Mumbai vs. Asst CIT Cir 3(1), Mumbai

In the result appeal of the assessee is allowed as indicated above

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2600/Mum/2014 (नििाारण वर्ा / Assessment Year : 2005-06)

…the head Income from Other the same is further utilized for the purpose of Sources. Hence, the disallowance the business shall be assessable under the head made by the AO is upheld. business income [CIT(A)'s order Pg. No. 34] CIT -vs.- Green Infra Ltd. (2017) 392 ITR 7 (Bom) I.T.A. No.2600/Mum/2014 Interest earned on short term deposits on the money kept for the purpose of business is taxable under the head business income CIT -vs.- Paramount Premises (P) Ltd. (1991) 190 ITR 259 (Bom) Interest earned on advances/ deposits received from prospective customers shall be assessable under the head business income Sim…

DCIT- 3(2)(1), Mumbai vs. Jagaon Franchisee Pvt. Ltd., Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri G. Manjunatha

…sraeay ache sitar, Hag cardio, 27 .Aas! IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “D”, MUMBAI ay of. Haars, WaT Wess, & FAT Before Shri JOGINDER SINGH, Judicial Member, and Shri G. MANJUNATHA, Accountant Member ITA NO.2998/Mum/2016 Assessment Year: 2011-12 DCIT-3(2)(1), Room No.674, 6 Floor, Aayakar Bhavan, M.K. Road, Mumbai-400020 Conn Vs. Jalgaon Franchisee Pvt Ltd. 42-B Wing, Mittal Tower, Free Press Journal Road, Nariman Point, Mumbai-400021 (trated /Revenue) (faAeutat /Assessee) P.A. No.AACCJ2423R tered HH 3 A / Revenue by Shri Abhijit Patankar-CIT-DR aid At 3 B/ Assessee by | Shri K…

DCIT 1(2)(2), Mumbai vs. Om Sagar Engineering P. Ltd, Mumbai

…sideration was Rs.4,24, 69,844/-,that EPS of the assessee was Rs. 44,234/-,that it had charged premium of Rs. 10, 000/-per share. He referred to page number 18 of the paper book and relied upon the cases of Greeen Infra Ltd.(145 ITD 240) and Greeen Infra Ltd.(392 ITR 7). 5.We have heard the rival submissions and perused the material before us.We find that the assessee had received share premium money at the rate of 10,000/-per share,that the AO made an addition of Rs.2.97 crores to the income of the assessee invoking the provisions of section 68 of the Act,that it had obtained a valuation report from a CA about t…

Firstsource Solutions Ltd ( Formerly Known As Icici Onesource Ltd), Mumbai vs. DCIT RG 5(2), Mumbai

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

Bench: S/Shri B.R. Baskaran (Am) & Ramlal Negi (Jm)

…29. The case of the assessee is that it has earned interest income by deploying its surplus funds in its subsidiaries and deposits. Accordingly, by placing reliance on the decision rendered by Hon’ble Bombay High Court in the case of CIT Vs. Green Infra Ltd (392 ITR 7), the Ld A.R submitted that the interest income is required to be assessed as business income. 30. We heard Ld D.R and perused the record. It is the case of the assessee that it has submitted relevant details relating to interest income before the AO. However, the AO observes that the assessee did not furnish any details. In any case, the Hon’ble…

Enlighten Lifestyle Ltd, Mumbai vs. ITO 12(3)(2), Mumbai

In the result, this appeal by the assessee stands allowed

Bench: Shri Shamim Yahyaआयकर अपील सं./I.T.A. No. 3436/Mum/2017 ("नधा"रण वष" / Assessment Year:2012-13) M/S. Enlighten Lifestyle Limited Ito-12(3)(2), (Erstwhile Kornerstone Retail Limited) Mumbai बनाम/ B-101, Synthofine Estate, Vs. Opp. Virnani Industrial Estate, Goregaon (E), Mumabi-400 063 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacck 5467 D (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Chaitanya Joshi & Ms. Ayushi Madani ""यथ" क" ओर से/Respondent By : Ms. N. Hemalatha सुनवाई क" तार"ख / : 08.11.2017 Date Of Hearing घोषणा क" तार"ख / : 08.01.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: This Appeal By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)-20, Mumbai Dated 02.02.2017 & Pertains To The Assessment Year 2012-13. 2. The First Issue Raised Relates To The Disallowance Of Interest Income From Fixed Deposits Amounting To Rs.40,10,535/-, As Income From Other Sources As Against The Income From Profit & Gains From Business & Profession Treated By The Assessee.

…ly against the interest income. Hence, they have considered the interest income as income from other sources. In this regard, the ld. Counsel of the assessee referred to the Hon'ble jurisdictional High Court decision in the case of CIT vs. Green Infra Ltd. 392 ITR 7 (Bom) for the proposition that the interest income from funds pending its utilization for the purpose of business is assessable as business income and not income from other sources. 7. Per contra, the ld. Departmental Representative relied upon the orders of the authorities below. 4 M/s. Enlighten Lifestyle Limited vs. ITO 8. Upon the careful c…

Asst CIT 25(2), Mumbai vs. Pratiksha Shah, Mumbai

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, सी, मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी एन. के. "धान, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri N.K. Pradhan, Accountant Member ITA NOs.1422 & 1423/Mum/2010 Assessment Years: 2005-06 and 2006-07 Smt. Pratiksha Shah, ACIT, A-602, Ekta Milan, Central Cirle-11, बनाम/ Devki Nagar, Eksar Village, Aayakar Bhavan, Vs. Borivali (W), M. K. Road, Mumbai Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.AAFPM4838D Assessment Year: 2005-06 ACIT-25(2), Smt. Pratiksha Shah, C-11,…

ACIT 25(2), Mumbai vs. Pratiksha B Shah, Mumbai

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, सी, मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी एन. के. "धान, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri N.K. Pradhan, Accountant Member ITA NOs.1422 & 1423/Mum/2010 Assessment Years: 2005-06 and 2006-07 Smt. Pratiksha Shah, ACIT, A-602, Ekta Milan, Central Cirle-11, बनाम/ Devki Nagar, Eksar Village, Aayakar Bhavan, Vs. Borivali (W), M. K. Road, Mumbai Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.AAFPM4838D Assessment Year: 2005-06 ACIT-25(2), Smt. Pratiksha Shah, C-11,…