CIT v. Indo Swiss Jewels Ltd.

ACIT -3(1)(2), MUMBAI vs. HIKAL LTD., MUMBAI

In the result, the In the result, the appeal of Revenue for assessment year 2010

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2010-11 & Assessment Year: 2011-12 Acit-3(1)(2), Hikal Ltd., Room No. 607, 6Th Floor, 717/718, Maker Chambers V, Aayakar Bhavan, Vs. Nariman Point, Mumbai-400020. Mumbai-400021. Pan No. Aaach 0383 A Appellant Respondent : Revenue By Mr. Sanjay Vishwas Rao Deshmukh, Cit-Dr/ Mr. R.N. D’Souza, Dr Assessee By : Mr. Sanjay Parikh, Ar : Date Of Hearing 02/11/2022 Date Of Pronouncement : 28/12/2022

…on of the which in turn had followed the decision of the Hon’ble Bombay High Court in the case of CIT v. Indo Swiss Jewels Hon’ble Bombay High Court in the case of CIT v. Indo Swiss Jewels Hon’ble Bombay High Court in the case of CIT v. Indo Swiss Jewels Ltd. 284 ITR 389.He also submitted that interest income is to be .He also submitted that interest income is to be .He also submitted that interest income is to be included in EOU unit and eligible for deduction u/s. 10B of the Act nit and eligible for deduction u/s. 10B of the Act nit and eligible for deduction u/s. 10B of the Act for which he relied on various c…

MELLONA DEVELOPERS PVT. LTD.,MUMBAI vs. ITO, WARD- 3 (2)(2), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Mellona Developers Pvt. Ltd., V. Income Tax Officer – Ward – 3(2)(2) Room No. 673A, Aayakar Bhavan 514, Dalamal Towers, 211 M.K. Road, Mumbai - 400020 F.P.J. Marg, Nariman Point Mumbai - 400021 Pan: Aafcm3780K (Appellant) (Respondent) Assessee By : Shri K. Gopal Department By : Shri Mahita Nair

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER M/s. Mellona Developers Pvt. Ltd., v. Income Tax Officer – Ward – 3(2)(2) Room No. 673A, Aayakar Bhavan 514, Dalamal Towers, 211 M.K. Road, Mumbai - 400020 F.P.J. Marg, Nariman Point Mumbai - 400021 PAN: AAFCM3780K (Appellant) (Respondent) Assessee by : Shri K. Gopal Department by : Shri Mahita Nair Date of Hearing : 12.07.2022 Date of Pronouncement : 08.08.2022 O R D E R PER S. RIFAUR RAHMAN (AM) 1. This appeal is filed by the assessee against order of Le…

FIRST FLIGHT COURIERS LTD,MUMBAI vs. DCIT 12(2)(1), MUMBAI

Appeal stands allowed for statistical purposes

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.1324/Mum/2018 (िनधा"रण वष" / Assessment Year: 2013-14) M/S. First Flight Couriers Ltd. Dcit-12(2)(1) बनाम Room No.223, 2Nd Floor नाम नाम/ नाम G-1001/02, Lotus Corporate Park Graham Firth Steel Compound Aaykar Bhavan, M.K. Road Vs. Goregaon (East), Mumbai-400 063. Mumbai-400 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacf-0841-R (अपीलाथ"/Appellant) (ू"यथ" / Respondent) : & आयकरअपील सं./ I.T.A. No.2439/Mum/2018 (िनधा"रण वष" / Assessment Year: 2013-14) Dcit-12(2)(1) M/S. First Flight Couriers Ltd. बनाम Room No.223, 2Nd Floor नाम/ नाम नाम G-1001/02, Lotus Corporate Park Aaykar Bhavan, M.K. Road Graham Firth Steel Compound Vs. Mumbai-400 020. Goregaon (East), Mumbai-400 063. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacf-0841-R (अपीलाथ"/Appellant) (ू"यथ" / Respondent) :

…d interest income had no nexus with assessee’s business. Aggrieved, the assessee is in further appeal before us. 4.2 Before us, Ld. AR has placed reliance on the following judicial pronouncements: - i) CIT V/s Indo Swiss Jewels Ltd. [Hon’ble Bombay High Court 284 ITR 389] ii) CIT V/s Green Infra Ltd. [Hon’ble Bombay High Court ITA No. 1162 of 2014] iii) Powai Labs Tech. P. Ltd. V/s ITO [Mumbai Tribunal ITA No.3352/Mum/2011] iv) Global Inf. Services Ltd. V/s DCIT [Mumbai Tribunal ITA No.3290/Mum/2010] v) Sujay Trading P. Ltd. V/s JCIT [Mumbai Tribunal 111 ITD 249] 4.3 We have carefully considered the same. At the…

G.K. FOUNDERS P.LTD,MUMBAI vs. ASST CIT 14(1)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2012-13

…ferent from the decisions relied upon by the AO and Ld. CIT(A). In defence of his argument, the Ld. A.R. relied on a series of decisions. 1. CIT vs. Jaypee Dsc Ventures Ltd. (ITA No.357/2010 dated 16.12.2010 (Delhi-HC) 2. CIT vs. Indo Swiss Jewels Ltd. (2005) 284 ITR 389 (Bom.) 3. Lok Holdings (2008) 308 ITR 256 (Bom.) 4. CIT vs. Koshika Telecom (2006) 287 ITR 479 (Delhi) The Ld. A.R. submitted that even in the assessee’s own case similar issue was allowed by Ld. CIT(A) in the assessment year 2010-11 by allowing the appeal in favour of the assessee a copy of which is placed on page No.108 to 110 of the paper boo…

MAHINDRA & MAHINDRA LTD,MUMBAI vs. ADDL CIT RG 2(2), MUMBAI

In the result, appeal by the assessee is partly allowed

Bench: Shri Shamim Yahya & Shri Ram Lal Negi

…king advances kept with banks and other concerns – held interest was in the nature of business income reason being that monies accrued from business and monies accured from business and monies were also used for the purpose of business. Indo Swiss Jewels Ltd (284 ITR 389)(Bom) – interest on surplus funds kept aside awaiting utilization for specific purpose – taxable as business income.” 66. Upon carefully consideration, we find that the impugned income has been shown as business income. The Assessing Officer has not tinkered the classification, however, the DRP has directed to treat the same as income from other…

M/S. SHRM FOOD & ALLIED SERVICES PVT. LTD,MUMBAI vs. THE ITO WD 8(3)(1),

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “ ई” खंडपीठ मुंबई खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“E”Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"",लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं, संदीप एवं संदीप संदीप गोसांई संदीप गोसांई गोसांई, "याियक गोसांई "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Shri Rajendra,Accountant Member and Sandeep Gosain,Judicial Member आयकर अपील अपील संसंसंसं./I.T.A./596/Mum/2008,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2004-05 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" SHRM Food…

SCI FORBES LTD,MUMBAI vs. ITO 5(3)(2), MUMBAI

In the result, assessee’s appeal is dismissed

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2010-11 Shapoorji Pallonji Forbes Income Tax Officer-5(3)(2), Shipping Ltd. (Formerly Room No.526B बनाम/ Known As Sci Forbes Ltd.), Aayakar Bhavan, Vs. C/O- Kalyaniwalla & Mistry M.K. Road, Llp, Esplanade House, Mumbai-400020 02Nd Floor, Hazarimal Somani Marg, Fort, Mumbai-400001 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aakcs0662F

…cor Power Ltd., 380 ITR 474; v) CIT v/s Arihant Threads Ltd., 12 taxmann.com 69; vi) Bharat Oman Refineries Ltd. v/s ITO, 52 taxmann.com 347; 7 Shapoorji Pallonji Forbes Shipping Ltd. (Formerly known as SCI Forbes Ltd.), vii) CIT v/s Indo Swiss Jewels Ltd., 284 ITR 389; viii) Keshavji Ravji and Co. v/s CIT, 183 ITR 1; ix) ACG Associated Capsules Pvt. Ltd. v/s CIT, 343 ITR 89; x) Liberty Footwear Co. v/s CIT, 383 ITR 195. 8. Learned Departmental Representative strongly relying upon the observations of the learned Commissioner (Appeals) and the Assessing Officer submitted, as per the TTS under Chapter–XII–G, only…

DCIT CEN CIR 8(3), MUMBAI vs. OSSIAN EXPORTS, MUMBAI

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Ram Lal Negim/S. Ossian Exports Income Tax Officer-14(2)(4) 902, Jewel World Earnest House Vs. Kalbadevi Road Nariman Point Mumbai 400002 Mumbai Pan – Aaacfo0992K Appellant Respondent Dcit, Central Circle-8(3) M/S. Ossian Exports (Erstwhile Dcit, Cc-46) 902, Jewel World Room No. 659, 6Th Floor Vs. Kalbadevi Road Aayakar Bhavan, M.K. Road Mumbai 400002 Mumbai 400020 Pan – Aaacfo0992K Appellant Respondent

…or to the amendment to section 10A(4) of the Act. He also relied on the Judgment of the Apex Court in the case of CIT vs. Karnal Cooperative Sugar Mills Ltd 243 ITR 2 (SC) and the judgment of the Bombay High court in the case of CIT vs. Indo Swiss Jewells Ltd 284 ITR 389 (Bom) and also on various precedents of the Hon'ble Supreme Court as well as various High Courts, copies of which are placed in voluminous paper book, and submitted that the said judgments were relied upon by the Tribunal in adjudicating the issue in favour of the assessee in the said case dated 31.1.2014 (supra). 5. After hearing both the partie…

OSSIAN EXPORTS,MUMBAI vs. ITO 14(2)(4), MUMBAI

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Ram Lal Negim/S. Ossian Exports Income Tax Officer-14(2)(4) 902, Jewel World Earnest House Vs. Kalbadevi Road Nariman Point Mumbai 400002 Mumbai Pan – Aaacfo0992K Appellant Respondent Dcit, Central Circle-8(3) M/S. Ossian Exports (Erstwhile Dcit, Cc-46) 902, Jewel World Room No. 659, 6Th Floor Vs. Kalbadevi Road Aayakar Bhavan, M.K. Road Mumbai 400002 Mumbai 400020 Pan – Aaacfo0992K Appellant Respondent

…or to the amendment to section 10A(4) of the Act. He also relied on the Judgment of the Apex Court in the case of CIT vs. Karnal Cooperative Sugar Mills Ltd 243 ITR 2 (SC) and the judgment of the Bombay High court in the case of CIT vs. Indo Swiss Jewells Ltd 284 ITR 389 (Bom) and also on various precedents of the Hon'ble Supreme Court as well as various High Courts, copies of which are placed in voluminous paper book, and submitted that the said judgments were relied upon by the Tribunal in adjudicating the issue in favour of the assessee in the said case dated 31.1.2014 (supra). 5. After hearing both the partie…

DCIT 7(2), MUMBAI vs. SWAN ENERGY LTD, MUMBAI

In the result appeal filed by the Revenue is dismissed

Bench: Shri R.C. Sharma() & Shri Amarjeet Singh () Assessment Year: 2008-09

…Mum)(SB) 193, The Spl. Bench Mumbai I.T.A.T. held that if surplus funds are deposited in a bank, the interest income partakes the character of income from other sources irrespective of the nature of assessee business. In the case of CIT Vs. Indo Swiss Jewels, 284 ITR 389 wherein High Court held that short term inter-corporate deposits made out of surplus funds kept for importing the machinery for business purposes, hence the interest earned on deposits had to be treated as business income and not income from other sources . In the case of Snam Progetti SPA Vs. Addl. CIT, 133 ITR 70, the Del High Court held that i…

JEWEL ART,MUMBAI vs. DCIT CEN CIR 13, MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri R.C.Sharma & Shri Pawan Singhm/S Jewel Art Dcit, Cc-13, Gala No. 19/22, Gem & Jewellery [Now Dcit, Cc-2(3)], Mumbai. Complex No. Ii, Seepz, Vs. Andheri (E), Mumbai-400096. Pan: Aacfj2646R (Appellant) (Respondent) Assessee By : Shri Rishabh Shah (Ar) Revenue By : Shri Jeevanlal Lavedia (Dr) Date Of Hearing : 06.10.2016 Date Of Pronouncement : 07.10.2016 O R D E R Per Pawan Singh, Jm: 1. This Appeal U/S 253 Of The Income-Tax Act Is Directed By The Assessee Against The Order Of Cit(A)-48, Mumbai Dated 05.08.2015 For Assessment Year (Ay) 2010-11. 2. Brief Facts Of The Case Are That A Search & Seizure Action U/S 132 & Survey U/S 133A Of The Income-Tax Act Was Carried Out In Case Of Asian Star Group On 29.10.2010. Consequent Upon Search, The Notice U/S 153 Of The Act Was Issued To The Assessee. In Response To The Notice, Assessee Filed Return Of Income On 27.09.2011. While Framing The Assessment U/S 143(3) R.W.S. 153A, The Assessing Officer (Ao) Besides The Other Addition Made The Addition Of Rs. 44,59,441/- Holding That The Income From Other Sources Which Was Earned As Interest On Fd’S Is Not Eligible For Exemption U/S 10A. Aggrieved By The Order Of Ao, Assessee Filed Appeal Before The Cit(A)

…cer. In this regard, Ld Counsel relied on the following decisions. i) CIT vs. Vidyut Steel Ltd. 219 ITR 30 (AP) ii) CIT vs. Koshika Telecom Ltd 287 ITR 479 (Del) iii) CIT vs. Karnal Cooperative Sugar Mills Ltd 243 ITR 2 (SC) iv) CIT vs. Indo Swiss Jewells Ltd 284 ITR 389 (8om) 15. On the other hand, Ld OR dutifully relied on the order of the AO. 16. We have heard both the parties and perused the orders of the Revenue Authorities as well as citations quoted by the Ld Counsel along with the relevant material placed before us. On perusal of the cited judgments of the higher judiciary, we find that they are relevant…