CIT v. India Advantage Securities Ltd.

Siddhesh Capital Market Services P.Ltd, Mumbai vs. DCIT Cir 3(3), Mumbai

Appeal of the AO is dismissed

Bench: S/Shri Rajendra, A.M. & Amarjit Singh, J.M. आयकर अपील सुं./Ita No. 6532/Mum/2012,धनधावरण र्र्व /Assessment Year: 2009-10 M/S.Siddhesh Capital Market Services Dy. Commissioner Of Income Tax, P.Ltd,122, Maker Chamber Iii, Circle-3(3), Vs. Nariman Point, Mumbai – 400021 Mumbai. Pan: Aaccs4582N (अपीलाथी /Appellant) (प्रत्यथी / Respondent) आयकर अपील सुं./Ita No.2489/Mum/2015 धनधावरण र्र्व /Assessment Year: 2010-11 Dy. Commissioner Of Income Tax, M/S.Siddhesh Capital Market Services, Vs. Circle-3(3),Mumbai. Nariman Point, Mumbai – 400021 आयकर अपील सुं./Ita No.2517/Mum/2015 धनधावरण र्र्व /Assessment Year: 2010-11 M/S.Siddhesh Capital Market Services, Dy. Commissioner Of Income Tax, Vs. Nariman Point, Mumbai – 400021 Circle-3(3),Mumbai. Revenue By: Shri V. Justin-Dr Assessee By: Shri Vijay Mehta स नर्ाई की तारीख / Date Of Hearing: 03/10/2017 घोर्णा की तारीख / Date Of Pronouncement: 01/01/2018 आयकर अधधधनयम,1961 की धारा 254(1) के अन्द्तगवत आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सदस्य,राजेन्द्र के अन सार -Per Rajendra,Am: Challenging The Orders Dated 26.06.2012 & 12.01.2015 Of Cit(A)-7 & Cit-8,Respectively, The Assessee & The Assessing Officer(Ao)Have Filed Appeals For The Above-Mentioned Two Assessment Years.As The Issues Involved In Both The Appeals Are Common,So,We Are Adjudicat- Ing Them Together. Assessee-Company Is Engaged In The Business Of Finance,Trading, Investment & Derivative Transaction In Shares & Securities. The Details Of Filing Of Returns, Returned Incomes,Dates Of Assessments & Assessed Incomes Can Be Tabulated As Under: Ay. Roi Filed On Returned Income Asstt.Date Assessed Income 09-10 22.09.2009 (-) Rs.81,01,51,079/- 30.11.2011 (-) Rs.80,82,06,669/- 10-11 21.09.2010 Rs. 48,14,034/- 11.02.2013 Rs. 49,72,360/-

…trading so all the expenses related to the business have to allowed.Considering the peculiar facts and circumstances of the case,we decide first ground of appeal in favour of the assessee.We would also like to refer the case of India Advantage Securities Ltd.(380 ITR 471),wherein it has been held that no disallowance can be made u/s.14A for the securities held as stock in trade. 6.Second ground of appeal deals with deduction u/s.35 DD of the Act.Following our order for the earlier year,we restore the issue to the file of the FAA for fresh adjudication.Second ground stand partly allowed. 7.Last ground is about val…

DCIT Cir 3(3)(1), Mumbai vs. Siddhesh Capital Market Services P.Ltd, Mumbai

Appeal of the AO is dismissed

Bench: S/Shri Rajendra, A.M. & Amarjit Singh, J.M. आयकर अपील सुं./Ita No. 6532/Mum/2012,धनधावरण र्र्व /Assessment Year: 2009-10 M/S.Siddhesh Capital Market Services Dy. Commissioner Of Income Tax, P.Ltd,122, Maker Chamber Iii, Circle-3(3), Vs. Nariman Point, Mumbai – 400021 Mumbai. Pan: Aaccs4582N (अपीलाथी /Appellant) (प्रत्यथी / Respondent) आयकर अपील सुं./Ita No.2489/Mum/2015 धनधावरण र्र्व /Assessment Year: 2010-11 Dy. Commissioner Of Income Tax, M/S.Siddhesh Capital Market Services, Vs. Circle-3(3),Mumbai. Nariman Point, Mumbai – 400021 आयकर अपील सुं./Ita No.2517/Mum/2015 धनधावरण र्र्व /Assessment Year: 2010-11 M/S.Siddhesh Capital Market Services, Dy. Commissioner Of Income Tax, Vs. Nariman Point, Mumbai – 400021 Circle-3(3),Mumbai. Revenue By: Shri V. Justin-Dr Assessee By: Shri Vijay Mehta स नर्ाई की तारीख / Date Of Hearing: 03/10/2017 घोर्णा की तारीख / Date Of Pronouncement: 01/01/2018 आयकर अधधधनयम,1961 की धारा 254(1) के अन्द्तगवत आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सदस्य,राजेन्द्र के अन सार -Per Rajendra,Am: Challenging The Orders Dated 26.06.2012 & 12.01.2015 Of Cit(A)-7 & Cit-8,Respectively, The Assessee & The Assessing Officer(Ao)Have Filed Appeals For The Above-Mentioned Two Assessment Years.As The Issues Involved In Both The Appeals Are Common,So,We Are Adjudicat- Ing Them Together. Assessee-Company Is Engaged In The Business Of Finance,Trading, Investment & Derivative Transaction In Shares & Securities. The Details Of Filing Of Returns, Returned Incomes,Dates Of Assessments & Assessed Incomes Can Be Tabulated As Under: Ay. Roi Filed On Returned Income Asstt.Date Assessed Income 09-10 22.09.2009 (-) Rs.81,01,51,079/- 30.11.2011 (-) Rs.80,82,06,669/- 10-11 21.09.2010 Rs. 48,14,034/- 11.02.2013 Rs. 49,72,360/-

…trading so all the expenses related to the business have to allowed.Considering the peculiar facts and circumstances of the case,we decide first ground of appeal in favour of the assessee.We would also like to refer the case of India Advantage Securities Ltd.(380 ITR 471),wherein it has been held that no disallowance can be made u/s.14A for the securities held as stock in trade. 6.Second ground of appeal deals with deduction u/s.35 DD of the Act.Following our order for the earlier year,we restore the issue to the file of the FAA for fresh adjudication.Second ground stand partly allowed. 7.Last ground is about val…

Siddhesh Capital Market Services P.Ltd, Mumbai vs. DCIT Cir 3(3), Mumbai

Appeal of the AO is dismissed

Bench: S/Shri Rajendra, A.M. & Amarjit Singh, J.M. आयकर अपील सुं./Ita No. 6532/Mum/2012,धनधावरण र्र्व /Assessment Year: 2009-10 M/S.Siddhesh Capital Market Services Dy. Commissioner Of Income Tax, P.Ltd,122, Maker Chamber Iii, Circle-3(3), Vs. Nariman Point, Mumbai – 400021 Mumbai. Pan: Aaccs4582N (अपीलाथी /Appellant) (प्रत्यथी / Respondent) आयकर अपील सुं./Ita No.2489/Mum/2015 धनधावरण र्र्व /Assessment Year: 2010-11 Dy. Commissioner Of Income Tax, M/S.Siddhesh Capital Market Services, Vs. Circle-3(3),Mumbai. Nariman Point, Mumbai – 400021 आयकर अपील सुं./Ita No.2517/Mum/2015 धनधावरण र्र्व /Assessment Year: 2010-11 M/S.Siddhesh Capital Market Services, Dy. Commissioner Of Income Tax, Vs. Nariman Point, Mumbai – 400021 Circle-3(3),Mumbai. Revenue By: Shri V. Justin-Dr Assessee By: Shri Vijay Mehta स नर्ाई की तारीख / Date Of Hearing: 03/10/2017 घोर्णा की तारीख / Date Of Pronouncement: 01/01/2018 आयकर अधधधनयम,1961 की धारा 254(1) के अन्द्तगवत आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सदस्य,राजेन्द्र के अन सार -Per Rajendra,Am: Challenging The Orders Dated 26.06.2012 & 12.01.2015 Of Cit(A)-7 & Cit-8,Respectively, The Assessee & The Assessing Officer(Ao)Have Filed Appeals For The Above-Mentioned Two Assessment Years.As The Issues Involved In Both The Appeals Are Common,So,We Are Adjudicat- Ing Them Together. Assessee-Company Is Engaged In The Business Of Finance,Trading, Investment & Derivative Transaction In Shares & Securities. The Details Of Filing Of Returns, Returned Incomes,Dates Of Assessments & Assessed Incomes Can Be Tabulated As Under: Ay. Roi Filed On Returned Income Asstt.Date Assessed Income 09-10 22.09.2009 (-) Rs.81,01,51,079/- 30.11.2011 (-) Rs.80,82,06,669/- 10-11 21.09.2010 Rs. 48,14,034/- 11.02.2013 Rs. 49,72,360/-

…trading so all the expenses related to the business have to allowed.Considering the peculiar facts and circumstances of the case,we decide first ground of appeal in favour of the assessee.We would also like to refer the case of India Advantage Securities Ltd.(380 ITR 471),wherein it has been held that no disallowance can be made u/s.14A for the securities held as stock in trade. 6.Second ground of appeal deals with deduction u/s.35 DD of the Act.Following our order for the earlier year,we restore the issue to the file of the FAA for fresh adjudication.Second ground stand partly allowed. 7.Last ground is about val…

H.J. Securities P.Ltd, Mumbai vs. DCIT RG 4(1), Mumbai

The appeal of the assessee is allowed

Bench: Shri G.S. Pannu, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No. 897/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2007-08) M/S. H.J. Securities Pvt. Ltd. Dy. Cit-Range 4(1), 24/26 Ground Floor, बिधम/ Room No. 640, 6Th Floor, Cama Building, Dalal Street Aayakar Bhavan, M.K. Road Vs. Fort, Mumbai-400 001 Mumbai-400 020 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aaach5600E (अपीलाथी/Appellant) (प्रत्यथी / Respondent :

…P a g e | 1 ITA No. 897/Mum/2016 AY: 2007-08 M/s H.J. Securities Pvt. Ltd.Vs. DCIT IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, MUMBAI BEFORE SHRI G.S. PANNU, AM AND SHRI RAVISH SOOD, JM आयकर अपील सं./ I.T.A. No. 897/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2007-08) M/s. H.J. Securities Pvt. Ltd. Dy. CIT-Range 4(1), 24/26 Ground Floor, बिधम/ Room No. 640, 6th Floor, Cama Building, Dalal Street Aayakar Bhavan, M.K. Road Vs. Fort, Mumbai-400 001 Mumbai-400 020 स्थायीलेखासं./जीआइआरसं./ PAN/GIR No. AAACH5600E (अपीलाथी/Appellant) (प्रत्यथी / Respondent : अपीलाथी की ओर से/Appellant by : Shri , S. C. Tiwari, & M…

Nirmal N Kotecha, Mumbai vs. CIT(28), Mumbai

The appeal of the assessee stands partly allowed

Bench: S/Shri Rajendra & Ram Lal Negiआयकर अपील आयकर अपील संसंसंसं./I.T.A./3567/Mum/2015, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Acit-17(2) Mr. Nirmal N. Kotecha Room No.134, Aayakar Bhavan 601, Sukh Castle, Bhadarkar Road Vs. M.K. Road, Mumbai-400 020. Matunga,Mumbai-400 019. Pan:Aezpk 2016 H (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./I.T.A./3700/Mum/2015, िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2009-10 वष" Mr. Nirmal N. Kotecha Vs. Acit-17(2) Mumbai-400 019. Mumbai-400 020. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri Jagdish P. Jangid-Dr Assessee By: Shri Pradeep Kapasi-Ar सुनवाई क" तारीख / Date Of Hearing: 19.05.2017 घोषणा क" तारीख / Date Of Pronouncement: 07.06.2017 आयकर आयकर आयकर अिधिनयम आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)केकेकेके अ"तग"त धारा अ"तग"त अ"तग"त आदेश अ"तग"त आदेश आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार Per Rajendra, Am- अनुसार Challenging The Orders,Dated 27/03/2015,Of The Cit(A)-28,Mumbai,The Assessing Officer (Ao)And The Assessee Have Filed Cross-Appeals For The Above-Mentioned Assessment Year. Assessee,An Individual,Filed His Return Of Income On 30/09/2009, Declaring Total Loss Of Rs. 4. 70Crores.The Ao Completed The Assessment,U/S.143(3) Of The Act,On 29/12/2011,Determining His Income At Rs. 49.29 Crores.

…Rs. 5.47 lakhs, that the disallowance u/s.14A read with Rule 8D of the Rules could not have exceeded the amount of Rs. 16.41 lakhs, being exempt dividend income.He referred to the 2 3700&3567/M/15 Nirmal N. Kotecha cases of India Advantage Securities Ltd. (380 ITR 471),HDFC Bank Ltd. (366 ITR 505), Maxopp Investments Ltd.(374 ITR 272) and Everest Canto Cylinders Ltd. (378 ITR 57). 2.4.We have heard the rival submissions and perused the material before us. We find that assessee had shown dividend income of Rs.16,48,785/-,that he himself had made a disallowance of Rs.10.97 lakhs in the return of income filed by…

ITO 9(2)(3), Mumbai vs. Ninja Securities P.Ltd, Mumbai

In the result, appeal filed by the Revenue in ITA No

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.6570/Mum/2014 ("नधा"रण वष" / Assessment Year : 2010-11) Ito 9(2)(3), M/S Ninja Securities Pvt. बनाम/ Room No. 225, 2 Nd Floor, Ltd., V. Aayakar Bhavan, 29, Laxminarayan M.K. Rd., Shopping Centre, Mumbai – 400 020. Poddar Road, Malad (E), Mumbai – 400 097. "थायी लेखा सं./Pan : Aaacn2336B (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…for assessment year 2012-13 vide orders dated 07-03-2017, wherein the tribunal held as under: “4.During the course of hearing before us, the Authorised Representative (AR) relied upon the cases of HDFC Bank Ltd (383 ITR 529), India Advantages Securities Ltd (380 ITR 471), Max India Ltd (290 CTR 76). The Departmental Representative (DR) left the issue to the discretion of the Bench. 5.After hearing the rival submissions, we find that the only issue to be decided is as to whether the expenditure eligible to stock in trade can be disallowed invoking the provisions of section 14 A r.w.r.8D of the Rules. We find tha…

Ninja Securities P. Ltd, Mumbai vs. ITO 13(1)(1)

…l had held that disallowance u/s.14 A could be made even if shares were held as stock in trade. 4.During the course of hearing before us,the Authorised Representative (AR) relied upon the cases of HDFC Bank Ltd (383 ITR 529), India Advantages Securities Ltd (380 ITR 471), Max India Ltd (290 CTR 76). The Departmental Representative (DR) left the issue to the discretion of the Bench. 5.After hearing the rival submissions,we find that the only issue to be decided is as to whether the expenditure eligible to stock in trade can be disallowed invoking the provisions of section 14 A r.w.r.8D of the Rules. We find that…

Mytas Investment Trust, Mumbai vs. Asst CIT 23(1), Mumbai

Appeal of the assessee stands partly allowed and appeal of the AO is dismissed

Bench: S/Sh.Rajendra & Amarjit Singhआयकर अपील सं./I.T.A./4948/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2012-13 िनधा"रण िनधा"रण वष" वष" Maytas Investment Trust Acit-23(1) Room No.122, 1St Floor The Il&Fs Financial Centre Plot No.C-22, G-Block, Bandra Kurla Vs. Matru Mandir, Grant Road Complex, Bandra (E),Mumbai-400 051. Mumbai-400 007. Pan:Aactm 5906 F (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A./5590/Mum/2016,िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2012-13 वष" Acit-23(1) Vs. Maytas Investment Trust Mumbai-400 007. Mumbai-400 051. (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri N.P. Singh, Cit-Dr अपीलाथ" क" ओर से /Assessee By: Shri D.V. Lakhani (Ar) सुनवाई क" तारीख / Date Of Hearing: 07/12/2016 घोषणा क" तारीख / Date Of Pronouncement: 18. 01.2017 आयकर आयकर अिधिनयम आयकर आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)केकेकेके अ"तग"त धारा अ"तग"त अ"तग"त आदेश अ"तग"त आदेश आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य, राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार/ Per Rajendra A.M.- अनुसार Challenging The Order,Dated 23/06/2016 Of The Cit(A)-33,Mumbai The Assessee & The Assessing Officer(Ao)Have Filed Cross Appeals For The Year Under Consideration.Assessee, An Investment- Trust, Filed Its Return Of Income On 30/09/ 2012,Declaring Loss Of Rs. 16.05 Crores. The Ao Completed The Assessment U/S. 143 (3) Of The Act,On 30/03/2015, Determining Its Income At Rs. 11.29 Crores.

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “बी मुंबई बी बी” ” ” ” खंडपीठ बी खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“B”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member आयकर अपील सं./I.T.A./4948/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2012-13 िनधा"रण िनधा"रण वष" वष" Maytas Investment Trust ACIT-23(1) Room No.122, 1st Floor The IL&FS Financial Centre Plot No.C-22, G-Block, Bandra Kurla Vs. Matru Mandir, Grant Road Complex, Bandra (E),Mumbai-400 051. Mum…

Edelwess Finance & Investments Ltd ( Formerly Known As Cross Border Investments P. Ltd), Mumbai vs. Addl CIT RG 3(1), Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri D. Karunakara Rao & Shri Pawan Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER I.T.A. No.6610/M/2011 (Assessment Year: 2008-2009) फनाभ/ Edelweiss Finance & Investments Addl. CIT, Ltd, (Formerly Known as Cross Range 3(1), Vs. Border Investments P Ltd), Mumbai. 14 th Floor, Express Towers, Nariman Point, Mumbai-21. स्थामी रेखा सं./ PAN :AAACC2233N (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. I.T.A. No.7658/M/2011 (Assessment Year: 2008-2009) फनाभ/ DCIT, Circle 3(1), M/s. Cross Border Investments P. R.No.607, 6 th Floor, Ltd., (Now Known as Edelweis…

Shreepati Holding & Finance P. Ltd, Mumbai vs. Addl CIT RG 4(3), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Singh & Shri Ashwani Tanejaassessment Year: 2011-12 Shreepati Holding & Finance Addl. Cit Rg 4(2) P. Ltd. बनाम/ Aayakar Bhavan, 6Th 401, 4Th Floor, Mehta Mahal, Floor, Vs. 15Th Mathew Rd. Mumbai- Opera House, Mumbai-400004 (Appellant) (Respondent ) P.A. No.Aaacs8111R Appellant By Shri Dharmesh Shah (Ar) Revenue By Shri T.A Khan (Dr) सुनवाई क" तार"ख/Date Of Hearing: 28/11/2016 15/12/2016 आदेश क" तार"ख /Date Of Order:

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,E,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “E”, MUMBAI Before Shri Mahavir Singh, Judicial Member, and Shri Ashwani Taneja, Accountant Member Assessment Year: 2011-12 Shreepati Holding & Finance ADDl. CIT RG 4(2) P. Ltd. बनाम/ Aayakar Bhavan, 6th 401, 4th Floor, Mehta Mahal, Floor, Vs. 15th Mathew Rd. Mumbai- Opera House, Mumbai-400004 (Appellant) (Respondent ) P.A. No.AAACS8111R Appellant by Shri Dharmesh Shah (AR) Revenue by Shri T.A Khan (DR) सुनवाई क" तार"ख/Date of Hearing: 28/11/2016 15/12/2016 आदेश क" तार"ख /Date of Order: आदेश / O R D E R Per Ashwan…

Anvil Fintrade P. Ltd, Mumbai vs. Asst CIT Cir 2(1), Mumbai

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

Bench: Shri G.S.Pannu & Shri Ram Lal Negim/S.Anvil Fintrade Pvt. Ltd. 201, 2Nd Floor, Krishna Kunj, Mehta Road, Opp. Sun Flower Hospital, Jvpd Scheme, Vile Parle (W), Mumbai -56. Pan: Aabca 9882 E ...... Appellant Vs. Dy.Commissioner Of Income Tax 2(1), Aaykar Bhavan, Churchgate, Mumbai 40020 .... Respondent

…Pvt. Ltd. vs. ITO, ITA No.6826/Mum/2014 Dated 30/10/2015. (ii)Paresh P. Mehta vs. ITO, ITA No.1715/PN/2015 dated 18/03/2016. (iii)Fudiciary Shares & Stock Brokers Pvt. Ltd. vs. ACIT, (2016) 159 ITD 554(Mum)(Trib) (iv)CIT vs. India Advantage Securities Ltd., 380 ITR 471(Bom) 5. On the other hand, Ld. Departmental Representative pointed out that CIT(A) has upheld the disallowance in terms of the decision of his predecessor in the assessee’s own case for assessment year 2009-10 dated 28/12/2012. On this aspect of the matter, Ld. Representative for the assessee pointed out that the purported order of the CIT(A) fo…

Shreepati Holding & Finance Pvt. Ltd., Mumbai vs. ACIT Range 4(2), Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri Mahavir Singh & Shri D. Karunakara Rao

…be invoked in the cases of exempt income earned out of the shares held as stock-in-trade. For this proposition, Ld Counsel for the assessee relied on the binding judgment of the Hon‟ble High Court in the case of DCIT vs. India Advantage Securities Ltd [2016] 380 ITR 471 (Bom). Further, he also brought our attention to the series of the orders of the ITAT, Mumbai Bench for the proposition that no disallowance can be made under Rule 8D(2)(ii) & (iii) of the Rules. 4. On hearing both the parties, we find, the argument of the Ld Counsel for the assessee has merits and the additions made by the AO are required to be…

S vs. Securities P. Ltd, Mumbai

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

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No. 7442/Mum/2013 ("नधा"रण वष" / Assessment Year: 2010-11 M/S. Svs Securities Pvt. The Acit, Range-4(2), बनाम/ Ltd., Aayakar Bhavan, Vs. 32-B, Khatau Bldg., Mumbai-400 020 Alkesh Dinesh Modi Marg, Fort, Mumbai-400 023 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabcs 5982K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Shri Virag M. Shah अपीलाथ" ओर से/ Appellant By: ""यथ" क" ओर से/Respondent By: Shri R.K. Shah

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ , मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “E ” BENCH, MUMBAI BEFORE SHRI RAJENDRA, ACCOUNTANT MEMBER AND SHRI C.N. PRASAD, JUDICIAL MEMBER आयकर अपील सं /I.TA No. 7442/Mum/2013 ("नधा"रण वष" / Assessment Year: 2010-11 M/s. SVS Securities Pvt. The ACIT, Range-4(2), बनाम/ Ltd., Aayakar Bhavan, Vs. 32-B, Khatau Bldg., Mumbai-400 020 Alkesh Dinesh Modi Marg, Fort, Mumbai-400 023 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. AABCS 5982K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Shri Virag M. Shah अपीलाथ" ओर से/ Appellant by: ""यथ" क" ओर से/Respondent by: Shri R.K. Shah सुनवाई क" ता…

Quest Portfolio Services P. Ltd, Mumbai vs. DCIT 10(3), Mumbai

In the result, assessee’s appeal is partly allowed and the Department’s appeal is dismissed

Bench: Shri Saktijit Dey & N.K. Pradhan & Shri I.T.A. No.1668/Mum/2014 (Assessment Year : 2011-12) Quest Portfolio Services Pvt. Ltd. Dcit - 10(3), Mumbai. 1202, Neelkanth Heights, Near Bank Of India, B.P.S. Cross Road, Mulund (W), Mumbai-400080. Vs. Pan: Aaacq1454B (Appellant) .. ( Respondent)

…held as stock-in-trade, disallowance u/s 14A can be made. 4. The ld. AR submitted before us that the issue is now settled in favour of the assessee by virtue of the decision of the Hon’ble Bombay High Court in case of CIT vs. India Advantage Securities Ltd. (380 ITR 471). The Ld. AR submitted, at best, keeping in view the provisions of Rule 8D(iii) disallowance can be made @ 10% of the dividend income earned. The ld. DR, though, agreed that the issue is covered by the decision of the Hon’ble jurisdictional High Court, however, he relied upon the observations of AO and CIT(A). 5. We have considered the submi…

Jm Financial Services Ltd, Mumbai vs. Asst CIT 4(3), Mumbai

Bench: Shri C.N. Prasad () & Shri Ashwani Taneja ()

…allowance u/s 14A. Reliance was placed on the judgement of Hon’ble Karnataka High Court in the case of CCI Ltd vs JCITY 250 5 I.T.A. No.441/Mum/2015 CTR 291 (Kar) and judgement of Hon’ble Bombay High Court in the case of CIT vs India Advantage Securities Ltd 380 ITR 471 (Bom). Reliance was also placed on the judgment of Pune Bench of the Tribunal in the case of Shri Paresh Pritamlal Mehta vs ITO ITA No.1715/PN/2015 A.Y. 2012-13 order dated 18-03- 2016 wherein, after discussing the entire law and Third Member judgement of the Mumbai Bench of the Tribunal in the case of D.H. Securities Pvt Ltd vs DCIT 41 Taxman.co…

ACIT 21(2), Mumbai vs. Vivek Mehrotra, Mumbai

In the result, the appeal filed by the assessee is allowed and appeal filed by the revenue is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2010-11 Vivek Mehrotra, Jt Cit 21(2), 7 Plot No.231, C-10 Bldg, 5Th Floor, बना Shri Nilayam Bldg., Pratyakshakar Bhavan, म/ Sion(E) Bkc, Bandra(E) Vs. Mumbai-400022 Mumbai-51 (Appellant) (Respondent ) P.A. No.Aahpm4127B Assessment Year: 2010-11 Jt Cit 21(2), Vivek Mehrotra, C-10 Bldg, 5Th Floor, 7 Plot No.231, बनाम/ Pratyakshakar Bhavan, Shri Nilayam Bldg., Sion(E) Vs. Bkc, Bandra(E) Mumbai-400022 Mumbai-51 (Revenue) (Respondent ) P.A. No. Aahpm4127B Assessee By Shri Nitesh Joshi & Rajiv Mehrotra (Ar) Revenue By Shri Ravinder Sindhu (Dr) सुनवाई क" तार"ख/Date Of Hearing: 13/07/2016 10/08/2016 आदेश क" तार"ख /Date Of Order:

…nue carried the matter before the Tribunal and Tribunal upheld the order of Ld. CIT(A) and dismissed the appeal of the revenue by following order of A.Y. 2008-09 and also the judgment of Hon’ble Bombay High Court in the case of India Advantage Securities Ltd. 380 ITR 471 (Bom); relevant part of the order is reproduced below for ready reference: “10. We have heard the ld. D.R. We have observed that the Mumbai Tribunal in assessee’s own case for the assessment year 2008-09 in ITA No. 6332/Mum/2011 vide orders dated 11-01-2013 set aside the order of CIT(A) and deleted the disallowance upheld by the CIT(A) in relatio…

Vivek Mehrotra, Mumbai vs. Jt CIT 21(2), Mumbai

In the result, the appeal filed by the assessee is allowed and appeal filed by the revenue is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2010-11 Vivek Mehrotra, Jt Cit 21(2), 7 Plot No.231, C-10 Bldg, 5Th Floor, बना Shri Nilayam Bldg., Pratyakshakar Bhavan, म/ Sion(E) Bkc, Bandra(E) Vs. Mumbai-400022 Mumbai-51 (Appellant) (Respondent ) P.A. No.Aahpm4127B Assessment Year: 2010-11 Jt Cit 21(2), Vivek Mehrotra, C-10 Bldg, 5Th Floor, 7 Plot No.231, बनाम/ Pratyakshakar Bhavan, Shri Nilayam Bldg., Sion(E) Vs. Bkc, Bandra(E) Mumbai-400022 Mumbai-51 (Revenue) (Respondent ) P.A. No. Aahpm4127B Assessee By Shri Nitesh Joshi & Rajiv Mehrotra (Ar) Revenue By Shri Ravinder Sindhu (Dr) सुनवाई क" तार"ख/Date Of Hearing: 13/07/2016 10/08/2016 आदेश क" तार"ख /Date Of Order:

…nue carried the matter before the Tribunal and Tribunal upheld the order of Ld. CIT(A) and dismissed the appeal of the revenue by following order of A.Y. 2008-09 and also the judgment of Hon’ble Bombay High Court in the case of India Advantage Securities Ltd. 380 ITR 471 (Bom); relevant part of the order is reproduced below for ready reference: “10. We have heard the ld. D.R. We have observed that the Mumbai Tribunal in assessee’s own case for the assessment year 2008-09 in ITA No. 6332/Mum/2011 vide orders dated 11-01-2013 set aside the order of CIT(A) and deleted the disallowance upheld by the CIT(A) in relatio…

Subhakam Ventures (I) P. Ltd, Mumbai vs. ACIT Cir 2(3), Mumbai

The appeal of the assessee is partly allowed

Bench: S/Sh.Rajendra & C.N. Prasadआयकर अपील अपील संसंसंसं./I.T.A./2954/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Shubkam Ventures(I) Pvt. Ltd. Acit, Circle-2(3) The Internatinal House Aayakar Bhavan 4Th Floor, 16, Mk Road Vs. Mumbai. Churchgate,Mumbai-400 020. Pan:Aaacw 1624 M आयकर अपील अपील संसंसंसं./I.T.A./3376/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Acit, Circle-2(3) Shubkam Ventures(I) Pvt. Ltd. Vs. Mumbai. Mumbai 400 020. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By:Shri R.K. Sahu Assessee By: Shri Sanjay Parikh सुनवाई क" तारीख / Date Of Hearing: 28.07.2016 घोषणा क" तारीख / Date Of Pronouncement: 28.07.2016 आयकर आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) "" केकेकेके अनुसार अनुसार अनुसार Per Rajendra, Am- अनुसार राजे"" "" "" लेखा सद"य सद"य राजे लेखा लेखा लेखा सद"य सद"य राजे राजे Challenging The Order,Dated 14/02/2013 Of The Cit (A)-6,Mumbai, The Assessing Officer(Ao)And The Assessee Have Filed The Cross-Appeals For The Year Under Consi - Deration.Assessee-Company,Engaged In The Business Of Investments & Trading In Shares & Securities,Filed Its Return Of Income On 29/09/2009,Declaring Total Loss Of Rs.16.12 Lakhs.The Ao Completed The Assessment, U/S.143 (3)Of The Act,On 27/12/ 2011,Determining The Income Of The Assessee At Rs.1,20,45,370/-.

…ng disallowance under Rule 8D of the Rules. 4.During the course of hearing before us, the Departmental Representative(DR) left the issue to the discretion of the bench.The Authorised Representative(AR) relied upon the cases of India Advantage Securities Ltd.(380 ITR 471), HDFC Bank Ltd.(383ITR 529) and Yes Bank Ltd. (46 ITR-TRIB-317). We find that in in all the above referred cases it has been held that the shares held as stock in trade cannot be considered for making disallowance u/s.14A of the Act.Respectfully, following the above judgements,we decide effective ground of appeal against the AO. ITA/2954/Mum/201…

Starwar Comtrade P.Ltd, Mumbai vs. Asst CIT Cir 3(3), Mumbai

Bench: S/Sh.Rajendra & C.N. Prasadआयकर अपील आयकर अपील संसंसंसं./Ita.S./7291-92/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Ay.S.2010-11 & 2011-12 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Starwar Comtrade P. Ltd. Acit, Range- 3(3) 11,12 1St Floor, Palm Spring Aayakar Bhavan, 6Th Floor Hastikar Marg, Prabhadevi Vs. Mumbai-400 020. Mumbai-400 025. Pan:Aafcs 6880 A (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri J. Saravanan -Dr Assessee By: Shri Dharmesh Shah सुनवाई क" तारीख / Date Of Hearing: 07.07.2016 घोषणा क" तारीख / Date Of Pronouncement: 27.07.2016 आयकर आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार Per Rajendra, Am- अनुसार Challenging The Orders,Dated 30/10/2014 Of The Cit (A)-7,Mumbai The Assessee Has Filed The Appeals For The Above-Mentioned Assessment Years(Ay.S.).Issue Involved In All The Appeals Is About Disallowance Made U/S.14A Of The Act.So,We Are Adjudicating Both The Appeals By Single Order. The Details Of Dates Of Filing Of Returns,Returned Incomes & Assessed Income Etc. Can Be Summarised As Under In The Tabular Form: A.Y. Roi Filed Assessed Returned Income(Rs.) Assessment Dt. On Income(Rs.) 2010-11 20.09.2010 (-)Rs.2.28 Crores 28.12.2012 (-)7,04,116/- 2011-12 16.09.2011 Nil - 2,61,14,570/-

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण ” मुंबई मुंबई मुंबई मुंबई , , , , खंडपीठ खंडपीठ खंडपीठ खंडपीठ “ “ “ “ ई Income-tax Appellate Tribunal -“E”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं सी .एन ."साद,"याियक सद"य Before S/Sh.Rajendra,Accountant Member and C.N. Prasad,Judicial Member आयकर अपील आयकर अपील संसंसंसं./ITA.s./7291-92/Mum/2014,िनधा"रण िनधा"रण वष" वष" /AY.s.2010-11 & 2011-12 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/s. Starwar Comtrade P. Ltd. ACIT, Range- 3(3) 11,12 1st Floor, Palm Spring Aayakar Bhavan, 6th Floor Hastikar Marg, Prabhadevi Vs. Mumbai-400 020. Mu…

ACIT 21(2), Mumbai vs. Vivek Mehrotra, Mumbai

In the result, the appeal filed by the Revenue in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.915/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) Acit – 21(2), Shri Vivek Mehrotra, बनाम/ R. No. 508. 225, Brij Bhushan, V. C-10, 5 Th Floor, Bkc, Sion (East), Bandra (E), Mumbai- 400 022. Mumbai 400 051. "थायी लेखा सं./Pan : Aahpm 4127 B (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…आयकर अपील"य अ"धकरण “F” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.915/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) ACIT – 21(2), Shri Vivek Mehrotra, बनाम/ R. No. 508. 225, Brij Bhushan, v. C-10, 5 th floor, BKC, Sion (East), Bandra (E), Mumbai- 400 022. Mumbai 400 051. "थायी लेखा सं./PAN : AAHPM 4127 B (अपीलाथ" /Appellant) .. (""यथ" / Respondent) Revenue by : Shri Satya Pal Kumar (D.R.) Assessee by : None सुनवाई क" तार"ख /Date of Hearing : 14-01-2016 घोषणा क" तार"ख /D…