CIT v. HDFC Bank Ltd.

ADIT (It) 1(2), Mumbai vs. Dbs Bank Ltd, Mumbai

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri N.K. Pradhan

…assessee by following the decision of the Hon'ble Jurisdictional High Court in CIT v/s Band of Baroda. The learned Authorised Representative submitted, the same view has again been expressed by the Hon'ble Jurisdictional High Court in CIT v/s HDFC Bank Ltd., 368 ITR 377. The learned Authorised Representative submitted, the Assessing Officer himself has allowed assessee’s claim in all other assessment years, except, the impugned assessment year. He, therefore, submitted that re–opening of assessment has rightly been held as invalid by the first appellate authority. 6. We have considered the submissions of the pa…

Jhp Securities P.Ltd, Mumbai vs. Asst CIT RG 4(3), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Sri Mahavir Singh & Sri Manoj Kumar Aggarwaljhp Securities Ltd., Dev Neo Vikram, Vs. The Asst. Commissioner Of Income “B”Wing, 2Nd Floor, Sahakar Nagar Tax, Range-4 (3), Aayakar Bhavan, 6Th Floor, M. K. Marg, Mumbai 20 Chs, Above Audi Car Showroom, New Link Road, Andheri (West), Mumbai 53 Pan:Aaacj 2847 H Appellant .. Respondent .. Appellant By Sri Dev Datta Mainkar, Ar Respondent By .. Sri Durga Dutt, Sr. Dr Date Of Hearing .. 18-08-16 Date Of Pronouncement .. 18-08-16 O R D E R Per Mahavir Singh, Jm: This Appeal By The Assessee Is Arising Out Of The Order Of The Cit (A)-8, Mumbai In Appeal No.Cit (A)-8/Cir.4/165/2013-14 Dated 17-10-2014. Assessment Was Framed By The Acit- 4(3), Mumbai For The Assessment Year 2010-11 Vide His Order U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter “The Act”) Dated 22-03-2013. 2. The First Issue In This Appeal Of The Assessee Is Against The Order Of The Cit (A) Confirming The Disallowance Of Expenses Relatable To Exempted Income By Invoking The Provisions Of Section 14A Of The Act Read With Rule 8D (2) (Ii) Of The Income Tax Rules, 1962 (Hereinafter “The Rules”) At Rs.10,49,330/-.

…fore the CIT (A) also relied on the decision of the Hon’ble Bombay High Court in the case of CIT Vs Reliance Utilities & Power Ltd. (2009) 313 ITR 340 (Bom.) and also recent judgment of the Hon’ble Bombay High Court in the case of CIT Vs HDFC Bank Ltd. (2014) 366 ITR 505 (Bom.). 3 But, neither the CIT (A) nor the AO has dealt with the issue of availability of funds and the CIT (A) just confirmed the addition. The CIT (A) only recorded the following findings in Para 2.3 of his order:- “2.3 During the course of appellate proceedings, it was submitted that average value investment has been wrongly computed by the A…

Runwal Developement P.Ltd, Mumbai vs. Asst CIT Cen Cir 23, Mumbai

In the result, assessee’s appeal in ITA No 4824/Mum/2014 is partly allowed for statistical purposes

Bench: Shri Saktijit Dey & Shri Ramit Kochar

…आयकर अपील"य अ"धकरण “D” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 4824/Mum/2014 ("नधा"रण वष" / Assessment Year : 2011-12) M/s Runwal Developers Pvt. Assistant Commissioner of बनाम/ Ltd., Income Tax- Central v. Runwal & Omkar Square, Circle – 23, 5 th floor, Mumbai. Off Eastern Express Highway, Sion Chunabhatti Signal, Sion (E), Mumbai – 400022. "थायी लेखा सं./PAN : AAACR0395J .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Assessee by Shri Rishabh Shah Revenue by : Shri Sunil K…

Laxmi Ventures (I) Ltd, Mumbai vs. Asst CIT Cir 6(3), Mumbai

The appeal of the assessee is allowed for statistical purposes

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.7025 & 7026/Mum/2014 (ननधधायण वषा / Assessment Year :2001-02 & 2008-09) Laxmi Ventures (India) Pvt Ltd, बनाम/ Asstt. Commissioner Of Income Tax 36/40, Mahalaxmi Bridge Arcade, Circle 6(3), Vs. Mumbai Mahalaxmi, Mumbai-400026 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…made in the subsidiaries/associate concerns delete the disallowance completely. While coming to this conclusion, we get support from the decision in the cases of CIT V/s RELIANCE UTILITIES AND POWER LTD. [2009] 313 ITR 340 (Bom), CIT V/s HDFC BANK LTD. [2014] 366 ITR 505 (Bom) wherein it has been held that if the assessee has interest free and interest bearing funds for making investment and if the interest free funds are more than the interest bearing funds, then no disallowance under rule 8D (2)(ii) of the Rules is required. In case of strategic investments in subsidiary concerns, no disallowance u/s 14A is cal…

Wockhardt Hospitals Ltd, Mumbai vs. Addl CIT RG 10(1), Mumbai

In the result appeal filed by the assessee company in ITA no

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 805/Mum/2011 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3002/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Wockhardt Hospitals Deputy Commissioner Of बनाम/ Ltd., Income Tax – Range 10(1), V. Wockhardt Towers, Aayakar Bhavan, Bandra-Kurla Complex, Mumbai-400 020 Bandra(E), Mumbai – 400051. "थायी लेखा सं./Pan : Aaacw3342G (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…आयकर अपील"य अ"धकरण “G” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 805/Mum/2011 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3002/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) M/s Wockhardt Hospitals Deputy Commissioner of बनाम/ Ltd., Income Tax – Range 10(1), v. Wockhardt Towers, Aayakar Bhavan, Bandra-Kurla Complex, Mumbai-400 020 Bandra(E), Mumbai – 400051. "थायी लेखा सं./PAN : AAACW3342G (अपीलाथ" /Appellant) .. (""यथ" / Respondent) Assessee by…

Wockhardt Hospitals Ltd., Mumbai vs. DCIT 10(1), Mumbai

In the result appeal filed by the assessee company in ITA no

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 805/Mum/2011 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3002/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Wockhardt Hospitals Deputy Commissioner Of बनाम/ Ltd., Income Tax – Range 10(1), V. Wockhardt Towers, Aayakar Bhavan, Bandra-Kurla Complex, Mumbai-400 020 Bandra(E), Mumbai – 400051. "थायी लेखा सं./Pan : Aaacw3342G (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…आयकर अपील"य अ"धकरण “G” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 805/Mum/2011 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3002/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) M/s Wockhardt Hospitals Deputy Commissioner of बनाम/ Ltd., Income Tax – Range 10(1), v. Wockhardt Towers, Aayakar Bhavan, Bandra-Kurla Complex, Mumbai-400 020 Bandra(E), Mumbai – 400051. "थायी लेखा सं./PAN : AAACW3342G (अपीलाथ" /Appellant) .. (""यथ" / Respondent) Assessee by…

Alkyl Amines Chemicals Ltd, Navi Mumbai vs. Asst CIT 10(3), Mumbai

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

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2009-10

…6.79 lakhs as against total amount of investment of Rs.230.26 lakhs. Under these circumstances, we do not find any justification for disallowance u/s 14A on account of interest, as was held by the Hon’ble Bombay High Court in the case of CIT v. HDFC Bank Ltd. 366 ITR 505. It is further noted that entire investment has been made either in the 100% subsidiary companies or in associated companies in which assessee holds more than 37% shares. Thus, entire investment is a strategic investment. It is further noted by us that one of the investment is made into a foreign company which will earn taxable amount of dividend…

Mantor Capital Ltd, Mumbai vs. Asst CIT Cen Cir 22, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “B”, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI SANDEEP GOSAIN, JUDICIAL MEMBER आमकय अऩीर सं./ITA Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) ACIT CC 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AACCP7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. AND आमकय अऩीर सं./ ITA Nos. 194 to 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 to 2011-2012) Vs. ACIT, Mentor Capital Ltd. 713 Raheja Centre Free CC…

Mantor Capital Ltd, Mumbai vs. Asst CIT Cen Cir 22, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “B”, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI SANDEEP GOSAIN, JUDICIAL MEMBER आमकय अऩीर सं./ITA Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) ACIT CC 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AACCP7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. AND आमकय अऩीर सं./ ITA Nos. 194 to 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 to 2011-2012) Vs. ACIT, Mentor Capital Ltd. 713 Raheja Centre Free CC…

Mantor Capital Ltd, Mumbai vs. Asst CIT Cen Cir 22, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “B”, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI SANDEEP GOSAIN, JUDICIAL MEMBER आमकय अऩीर सं./ITA Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) ACIT CC 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AACCP7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. AND आमकय अऩीर सं./ ITA Nos. 194 to 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 to 2011-2012) Vs. ACIT, Mentor Capital Ltd. 713 Raheja Centre Free CC…

Mentor Capital Ltd, Mumbai vs. DCIT Cen Cir 22, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “B”, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI SANDEEP GOSAIN, JUDICIAL MEMBER आमकय अऩीर सं./ITA Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) ACIT CC 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AACCP7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. AND आमकय अऩीर सं./ ITA Nos. 194 to 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 to 2011-2012) Vs. ACIT, Mentor Capital Ltd. 713 Raheja Centre Free CC…

ACIT CC 3(3) Cen RG 3, Mumbai vs. Mentor Capital Ltd, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “B”, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI SANDEEP GOSAIN, JUDICIAL MEMBER आमकय अऩीर सं./ITA Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) ACIT CC 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AACCP7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. AND आमकय अऩीर सं./ ITA Nos. 194 to 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 to 2011-2012) Vs. ACIT, Mentor Capital Ltd. 713 Raheja Centre Free CC…

The Thane District Central Co. Op Bank Ltd, Thane vs. DCIT Cir 3, Thane

…HDFC Bank Ltd. (supra), the Tribunal has allowed the amortization of loss arisen on account of premium paid on ‘Investments held to maturity’ as deductable following the decision of the Hon’ble Bombay High Court in the case of “CIT vs. HDFC Bank Ltd.” (2014) 366 ITR 505. 7226 & 7295/M/14-Thane District Central Co-opBank (10-11) The Ld. D.R. has fairly agreed that the issue is squarely covered by the above decision. Further, the Ld. A.R. of the assessee has brought our attention to the another decision of the Hon’ble Bombay High Court in the case of “CIT vs. Thane Bharat Sahakari Bank Ltd. in ITA No.1117 of 2013…

Asst CIT Cir 3, Thane vs. The Thane District Central Co Operative Bank Ltd, Thane

…HDFC Bank Ltd. (supra), the Tribunal has allowed the amortization of loss arisen on account of premium paid on ‘Investments held to maturity’ as deductable following the decision of the Hon’ble Bombay High Court in the case of “CIT vs. HDFC Bank Ltd.” (2014) 366 ITR 505. 7226 & 7295/M/14-Thane District Central Co-opBank (10-11) The Ld. D.R. has fairly agreed that the issue is squarely covered by the above decision. Further, the Ld. A.R. of the assessee has brought our attention to the another decision of the Hon’ble Bombay High Court in the case of “CIT vs. Thane Bharat Sahakari Bank Ltd. in ITA No.1117 of 2013…

Sonphankhi Shares & Securities P.Ltd, Mumbai vs. ITO WD 4(2)(2), Mumbai

In the result, assessee company appeal in ITA No 7068/Mum/2012 for assessment year 2009-10 is partly allowed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

…9) 313 ITR 340(Bom. HC) . We are agreeable with the contentions of the assessee company in view of the decision of Hon’ble Bombay High Court decision in the case of Reliance Utilities and Power Limited (supra) , CIT v. HDFC Bank Limited in ITA no 330 of 2012 (366 ITR 505(Bom. HC) ) and CIT v. HDFC Bank Limited(WP no. 1753 of 2016)((2016) 67 taxmann.com 42(Bom.HC), the disallowance u/s 14A of the Act read with Rule 8D(2)(ii) of Income Tax Rules, 1962 is not warranted and we order deletion of the disallowance under Rule 8D(2)(ii) of Income Tax Rules, 1962 to the tune of disallowance of interest expenditure of Rs.2,…

Ajcon Global Services Ltd, Mumbai vs. ITO 4(1)(1), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri B R Baskaran & Shri Amit Shukla

…आयकर अपीलीय अिधकरण “ए” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A”, MUMBAI "ी बी आर भा"करन, लेखा सद"य एवं "ी अिमत शु"ला, "याियक सद"य के सम" । BEFORE SHRI B R BASKARAN, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER ITA No. : 50/Mum/2013 (Assessment year: 2009-10) अ"कोन "लोबल स"व"सेस "ल"मटेड Vs Income Tax Officer Tax -4(1)(1), Ajcon Global Services Ltd., Aayakar Bhavan, 101, Samarth, M K Marg, 151 Lt P.N. Kotnis Road, Mumbai -400 020 Mahim, Mumbai -400 016 PAN:AABCA 1950 B अपीलाथ" (Appellant) ""यथ" (Respondent) Appellant by "ी "प"दरा कारखनीस : Shri Bhupendra Karkhanis Respo…

Ashok Apparels P. Ltd., Mumbai vs. D.C.I.T. Cen. Cir.47, Mumbai

In the result, grounds No

Bench: Shri Amit Shukla & Shri Ashwani Taneja

…ssessee that investments were made from the coffers of interest free funds only, is squarely covered by the decision of Hon’ble Bombay High Court in the case of Reliance Utilities and Power Ltd (supra) which also reiterated in the case of CIT v HDFC Bank Ltd, 366 ITR 505. However, he submitted that it was only in 2007-08, there would be deficiency, because investment have exceeded the interest free funds and, therefore, any interest if at all should be disallowed then the same should be on account of the excess investment made over and above the interest free funds. He further pointed out that, in any case, if at…