CIT v. Lok

DCIT (It) 3(3)(1), Mumbai vs. Niko (Neco ) Ltd, Mumbai

In the result, appeal of the Revenue is allowed for statistical

…held that temporary business funds were deposited by the assessee into the bank account till the date of its requirement and therefore by placing reliance on the decision of the Hon’ble Jurisdictional High Court in the case of CIT vs. Lok Holdings reported in 308 ITR 356, the said interest income would be taxable as ‘business income’. Respectfully following the same, the ground No.1 raised by the Revenue is dismissed. 4. The second ground in Revenue’s appeal is challenging the action of the Id. CIT(A) granting deduction u/s.80IB(9) of the Act on profit of Rs.208,96,63,164/- earned by the assessee from explorati…

DCIT (It) 3(3)(1), Mumbai vs. Niko (Neco ) Ltd, Mumbai

In the result, appeal of the Revenue is allowed for statistical

…held that temporary business funds were deposited by the assessee into the bank account till the date of its requirement and therefore by placing reliance on the decision of the Hon’ble Jurisdictional High Court in the case of CIT vs. Lok Holdings reported in 308 ITR 356, the said interest income would be taxable as ‘business income’. Respectfully following the same, the ground No.1 raised by the Revenue is dismissed. 4. The second ground in Revenue’s appeal is challenging the action of the Id. CIT(A) granting deduction u/s.80IB(9) of the Act on profit of Rs.208,96,63,164/- earned by the assessee from explorati…

DCIT (It) 3(3)(1), Mumbai vs. Niko (Neco ) Ltd, Mumbai

In the result, appeal of the Revenue is allowed for statistical

…held that temporary business funds were deposited by the assessee into the bank account till the date of its requirement and therefore by placing reliance on the decision of the Hon’ble Jurisdictional High Court in the case of CIT vs. Lok Holdings reported in 308 ITR 356, the said interest income would be taxable as ‘business income’. Respectfully following the same, the ground No.1 raised by the Revenue is dismissed. 4. The second ground in Revenue’s appeal is challenging the action of the Id. CIT(A) granting deduction u/s.80IB(9) of the Act on profit of Rs.208,96,63,164/- earned by the assessee from explorati…

DCIT Central Cir.1(2), Mumbai vs. M/S. Sunny Vista Realators Pvt. Ltd, Mumbai

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year: 2008-09 Assessment Year: 2009-10 Assessment Year: 2013-14

…Ld. AR in this respect has relied upon the various case laws including the decision of Hon'ble Karnataka High Court in the case of "Swish Chandra & Co. vs. CIT" 234 ITR 70 (KAR) (and decision of Hon'ble Bombay High Court in the case of "CIT Vs. Lok Holdings" 308 ITR 356 (Bom.) and has contended that the said decisions are fully applicable on the facts of this case. The Ld. DR on the other hand has relied upon the findings of the lower authorities. 10. We find that in the facts and circumstances of the case in hand, the decision of Hon'ble Bombay High Court in the case of "CIT vs. Lok Holdings" (supra) is squarel…

DCIT 1(1)(2), Mumbai vs. M/S Godrej Developers Pvt Ltd (Now Amalgamated With Godrej Project Development Ltd), Mumbai

In the result, appeal filed by the revenue is dismissed

Bench: Shri Vikas Awasthy () & Shri Gagan Goyal ()

…hence not allowed to be carried forward.” 5. When the assessee challenged the action of the Assessing Officer before Ld.CIT(A), the Ld.CIT(A), following the judgement of the jurisdictional High Court in the case of Commissioner of Income-Tax v. Lok Holdings (308 ITR 356) (Bom) and also by following his predecessor’s order for assessment year 2012-13, allowed the claim of the assessee, by observing as under:- 5 ITA 4520/Mum/2019 “4.3. I have considered the AO's order, appellant's submissions and details filed. I find that the interest income has been earned on margin money/deposit given for the purpose of obta…

Lhotse Developers and Traders Pvt Ltd., Mumbai vs. Dy It 12(3)(2), Mumbai

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

Bench: Shri M Balaganesh & Shri Pavan Kumar Gadalem/S Lhotse Developers Vs. Dcit – 12(3)(2) & Traders Pvt Ltd., Room No. 147B, 1St Hotel Grand Hometel, Floor, Aaykar Bhavan, Cts No. 406/11, 4Th Mk Road, Mkumbai – Floor, Raheja 400020. Chambers, Linking Road, Santacruz (W), Mumbai – 400054. Pan/Gir No. : Aabcl0079N Appellant .. Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI M BALAGANESH, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER M/s Lhotse Developers Vs. DCIT – 12(3)(2) and Traders Pvt Ltd., Room No. 147B, 1st Hotel Grand Hometel, Floor, Aaykar Bhavan, CTS No. 406/11, 4th MK Road, Mkumbai – Floor, Raheja 400020. Chambers, Linking Road, Santacruz (W), Mumbai – 400054. PAN/GIR No. : AABCL0079N Appellant .. Respondent Appellant by : Shri Ravindra Poojary. AR Respondent by : Shri Mehul B. Jain. DR Date of Hearing 09.11.2021 Date of Pronouncement 17.11.2021 आदेश / O R D E R PER PAVAN KUMAR GADALE…

ITO 9(1)(4), Mumbai vs. Asian Homes P.Ltd, Mumbai

In the result, appeal is dismissed

Bench: Shri Saktijit Dey () & Shri Rajesh Kumar ()

…could receive deposits as well as advance money and therefore, it could not be said that the said activity violated the objectives of the assessee. Reliance was placed, inter-alia, on the decision of Hon'ble Bombay High Court rendered in CIT V/s Lok Holdings (308 ITR 356) wherein it was held that interest received by the assessee property developer, on temporary deposits of surplus money out of advances received by from intending purchases was business income and not income from other sources. In the ITA Nos.5583-84/Mum/2016 Asian infraprojects Private Limited Assessment Years-2009-10 & 2011-12 above background,…

DCIT, CC- 8(1), Mumbai vs. Nirshilp Securities Pvt. Ltd., Mumbai

In the result, the appeal of the revenue in ITA No

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘B‘ BENCH MUMBAI BEFORE: SHRI C.N. PRASAD, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER ITA No.6322/Mum/2019 (Assessment Year :2016-17) DCIT-CC-8(1) Vs. M/s.Nirshilp Securities Pvt. Ltd., Room No.656, 6th Floor 301-308, 3rd Floor, Aayakar Bhavan Bhagwati House-A-19 M.K.Road, Mumbai Veera Desai Road Maharashtra-400 020 Andheri (W) Mumbai – 400 058 Maharashtra PAN/GIR No.AABCN4361M (Appellant) .. (Respondent) DCIT-CC-8(1) Vs. M/s.Dolat Investment Ltd., Room No.656, 6th Floor 301-308, 3rd Floor, Aayakar Bhavan Bhagwati House-A-19 M.K.Road, Mumbai Veera Desai Road Mah…

Asst CIT 16(1), Mumbai vs. National Films Development Corporation Ltd, Mumbai

In the result, appeal of the revenue is dismissed

Bench: Shri Mahavir Singh & Shri M.Balaganeshacit, Circle-16(1) Vs. M/S. National Film Room No.439, 4Th Floor Development Corporation Ltd. 6Th Floor, Discovery Of India Aaykar Bhawan M.K.Road Dr. Annie Besant Road Mumbai-400 020 Nehru Centre Worli, Mumbai-400 018 Pan/Gir No.Aaacn3540R (Appellant) .. (Respondent) Assessee By Shri Chetan A. Karia, Ar Revenue By Ms. Kavita P.Kaushik, Dr Date Of Hearing 30/09/2020 Date Of Pronouncement 18/11/2020 आदेश / O R D E R Per M. Balaganesh (A.M): This Appeal Filed By Revenue In Ita No.444/Mum/2019 For Assessment Year (Ay) 2013-14 Arise Out Of The Order By The Ld. Commissioner Of Income Tax (Appeals)-04, Mumbai In Appeal No.Cit(A)-4/E-File-66/Acit-16(1)/2016-17, Dated 19/11/2018 (Ld. Cit(A) In Short) Against The Order Of Assessment Passed U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As Act) Dated 23/03/2016 By The Ld. Assistant Commissioner Of Income Tax-16(1), Mumbai (Hereinafter Referred To As Ld. Ao).

…nding media release and production of big films/short films, that the process of film production would undertake different stages and would be spread over for a longer period of time. He relied upon cases of Paramount Premium Ltd. (190 ITR 259), Lok Holdings (308 ITR 356), Bihar State Co-operative bank Ltd. (39 ITR 114) and finally allowed the appeal filed by the assessee. 4. During the course of hearing before us, the Departmental Representative(DR)strongly supported the order of the AO and stated that assessee was not in business of earning interest income, that interest income was rightly assessed as income f…

Kellogg India P.Ltd, Mumbai vs. Assistant Commissioner of Income Tax 15(2)(1), Mumbai

The appeal stands partly allowed in terms of our above order

Bench: Hon’Ble Shri Vikas Awasthy, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode)

…1 Kellogg India Private Limited Assessment Year-2013-14 आयकर अपीलीय अिधकरण “के” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI माननीय "ी िवकास अव"थी, "ाियक सद" एवं माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" के सम"। BEFORE HON’BLE SHRI VIKAS AWASTHY, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing through Video Conferencing mode) आयकरअपील सं./ I.T.A. No. 137/Mum/2018 ("नधा"रणवष" / Assessment Year: 2013-14) Kellogg India Private Limited ACIT-15(2)(1) 1001-1002, 10th Floor Room No.357, 3rd Floor बनाम/ Hiranandani Knowledge Park Aaykar Bhavan, M.K. Road, Vs. Hiranandani Business Park, Powai…

DCIT 9(1)(2), Mumbai vs. Asian Infra Projects P.Ltd, Mumbai

The appeal stands partly allowed in the same manner

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am

…could receive deposits as well as advance money and therefore, it could not be said that the said activity violated the objectives of the assessee. Reliance was placed, inter-alia, on the decision of Hon’ble Bombay High Court rendered in CIT V/s Lok Holdings (308 ITR 356) wherein it was held that interest received by the assessee property developer, on temporary deposits of surplus money out of advances received by from intending purchases was business income and not income from other sources. In the ITA Nos.5583-84/Mum/2016 Asian infraprojects Private Limited Assessment Years-2009-10 & 2011-12 above background,…

Pawansut Dwellers Private Limited, Mumbai vs. Income Tax Officer 10(3)(3), Mumbai

The appeal of the assessee is partly allowed for statistical purposes in terms of our aforesaid observations

Bench: Shri Ravish Sood, Jm & Shri N.K Pradhan, Am

…order of the ITAT, Mumbai “C” Bench in the case of Chhaganlal Khimji & Co. Pvt. Ltd. Vs. ACIT (ITA No. 7629/Mum/2013, dated 23.09.2015). Further, the Ld. A.R relied on the judgment of the Hon‟ble High Court of Bombay in the case of CIT Vs. Lok Holdings (2009) 308 ITR 356 (Bom). The Ld. A.R taking us through the aforesaid judgment submitted, that it was observed by the Hon‟ble High Court that where the assessee company which was engaged in a construction business had deposited money received in the course of such business with the bank, the interest income earned on such bank deposits or amounts given by way of te…

Kellogg India P.Ltd, Mumbai vs. DCIT 10(3), Mumbai

In the result, assessee’s appeal is partly allowed

Bench: Shri Saktijit Deyand Shri N.K. Pradhan

…customers. The resultant float is parked in short term bank deposits. The period of these deposits ranges from 30 to 90 days. Reliance has been placed on the judgment of Hon'ble Bombay High Court 27 Kellogg India Pvt. Ltd. in the case of CIT Vs. Lok Holdings 308 ITR 356. It is also observed that no details of bank deposits could be provided by AR despite specific request being made by the bench due to which we are unable to ascertain the fact that whether these deposits have direct nexus with the business of the assessee, The Ld. AR has attributed the parking of funds to general credit float enjoyed by the asses…

Maharashtra Airport Development Co. Ltd, Mumbai vs. DCIT Reg 3(2), Mumbai

In the result, the appeal of the assessee is hereby ordered to be allowed

Bench: Shri G. S. Pannu, Vp & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.3072/Mum/2014 (ननधधारण वर्ा / Assessment Years: 2010-11) बनधम/ M/S. Maharashtra Airport Dcit, Range 3(2) Mumbai. Development. Company Vs. Ltd., 8Th Floor, World Trade Centre Tower No.1, Cuffe Parade, Mumbai-400005. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aadcm9623M (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri Nishant Samaiya (Dr) Assessee By: Shri Salil Kapoor/ Sumit Lalchandani

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI G. S. PANNU, VP AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.3072/Mum/2014 (ननधधारण वर्ा / Assessment Years: 2010-11) बनधम/ M/s. Maharashtra Airport DCIT, Range 3(2) Mumbai. Development. Company Vs. Ltd., 8th Floor, World Trade Centre Tower No.1, Cuffe Parade, Mumbai-400005. स्थधयी लेखध सं./जीआइआर सं./PAN/GIR No. : AADCM9623M (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue by: Shri Nishant Samaiya (DR) Assessee by: Shri Salil Kapoor/ Sumit Lalchandani सुनवाई की तारीख / Date of Hearing: 17/05/2019 घोषणा की तारीख /Date of Pronouncem…

Asst CIT 16(1), Mumbai vs. Natinal Films Development Corporation Ltd, Mumbai

In the result the appeal filed by the revenue is dismissed

Bench: Shri Shamim Yahya & Shri Ramlal Negiआयकर अपील सुं./I.T.A. No.5956/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13 बिाम/ Acit 16(1) M/S. National Film R.No.439,Aayakar Bhavan, Development M.K Marg, Mumbai 400020 Corporation, V. 6Th Floor, Discovery Of India, Dr. Annie Besant Road, Nehru Centre, Worli, Mumbai 400018 स्थायी लेखा सुं./Pan:Aaacn3540R (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri. Aarsi Prasad (Dr) Assessee By: Shri. Chetan Karia स िवाई की तारीख /Date Of Hearing : 11.03.2019 घोर्णा की तारीख /Date Of Pronouncement : 17.05.2019 आदेश / O R D E R Per Ramlal Negi, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 12.06.2017, Passed By The Commissioner Of Income Tax (Appeals)-4, (Cit(A)) Pertaining To The Assessment Year 2012-13 Whereby The Ld. Cit(A) Has Partly Allowed The Appeal Filed By The Assessee Against Assessment Order Passed U/S. 143(3) Of The Income Tax (Act). 2. The Assessee Company Engaged In The Business Of Distribution Of Films, Film Production, Film Finance, Media Campaign, Exports Of Films, Service Projects Including Subtitling, Hiring Of Equipments, Video Studio Etc., Filed Its Return Of Income For The Assessment Year Under

…usiness activity. Hence, the interest income earned by the assessee from the deposits made is to be taxed under the head income from other sources. The Ld. DR further submitted that judgment of the Hon’ble Bombay High Court in the case of CIT vs. Lok Holdings 308 ITR 356 (Bom) and CIT vs. Paramount Premium P. Ltd., 190 ITR 259 (Bom) are not applicable to the facts of the present case. Since the AO has rightly treated the income in question under the head income from other sources, the Ld. CIT(A) ought to have confirmed the findings of the AO. The Ld. DR further submitted that since the impugned order passed by th…

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

…as under:- ―Interest earned on temporary deployment of surplus business funds hence assessable under the head Business income as in the past Case law relied upon by the DRP (Swani Spices 332 ITR 268)(Bom) was rendered in the context of s 80HHC; Lok Holdings (308 ITR 356)(Bom) - surplus money received by way of booking 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 fund…

Gahlot Construction, Navi Mumbai vs. ITO 28(1)(5), Mumbai

In the result, the appeal of the revenue is dismissed and the appeal of the assessee is treated as allowed

Bench: S/Shri B.R. Baskaran (Am) & Sandeep Gosain (Jm)

…o meet urgent requirements of business and the same has fetched interest income. She submitted that such interest income is assessable under the head Business as per the decision rendered by Hon’ble Bombay High Court in the case of CIT vs. LOK Holdings (2009)(308 ITR 356). 9. We heard Ld D.R and perused the record. We notice that, in the earlier years, the assessee did not contest the decision rendered against the assessee by Ld CIT(A) on this issue. We notice that the assessee has parked the part of Customer advances only in banks, which has earned interest income. We notice the prayer of the assessee is square…

Tech Process Solutions Ltd, Mumbai vs. Asst CIT 10(1), Mumbai

In the result, the appeals of assessee in ITA

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am

…s of the appellant were available for short period of time for deposing the same in fixed deposits and mutual funds. Thus the interest income has been earned on deployment of business receipts. The Hon’ble Bombay High Court in the case of CIT vs. Lok Holdings 308 ITR 356 held that where business receipts are used for earning interest income, the interest income was assessable under the head business income. In the case under considerations the business receipts were not surplus funds but were not immediately required for the purpose of business activities. Thus these business receipts were available to the appell…