CIT v. Priya Village Roadshows Ltd.

Ambuja Cements Ltd ( Formerly Known As Gujarat Ambuja Cements Ltd), Mumbai vs. Addl CIT 3(1), Mumbai

In the result, the appeal of the revenue is thus dismissed

…uction of the film was abandoned and expenditure incurred not only during the current year but also in respect of cost incurred in earlier years was allowed as a trading loss. 1.8 Reliance is placed in the case of CIT -vs.- Priya Village Roadshows Ltd. (2011) 332 ITR 594 (Del) wherein the High Court held as under "The expenditure was incurred in respect of same business which is already carried on by the assessee. Two projects which were undertaken were for the expansion of same business, namely, one for taking over Savitri Cinema for conversion into multiplex and operation and management thereof and other for co…

The Indian Hotels Co. Ltd., Mumbai vs. Pr. CIT-1, Mumbai

In the result, the appeal of the assessee is hereby allowed

Bench: Shri Amarjit Singh, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.950/Mum/2021 (ननधधारण वर्ा / Assessment Years: 2014-15) बनधम/ The Indian Hotels Company Pcit-1 Room No.330, 3Rd Floor, Ltd. Vs. 9Th Floor, Express Towers, Aayakar Bhavan, Barrister Rajini Patel Marg, Maharishi Karve Road, Nariman Point, Mumbai- Mumbai-400020. 400021. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaact3957G (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri K. K. Ved Revenue By: Shri Surendra Kumar (Dr) सुनवाई की तारीख / Date Of Hearing: 17/03/2022 घोषणा की तारीख /Date Of Pronouncement: 12/04/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 31.03.2021 Passed By The Principal Commissioner Of Income Tax-01, Mumbai [Hereinafter Referred To As The “Pcit”] Relevant To The A.Y.2014-15 In Which The Principal Commissioner Of Income Tax-01 Has Invoked The Revisional Power U/S 263 Of The I.T. Act, 1961. 2. The Assessee Has Raised The Following Grounds Of Appeal: - “Re.: Validity Of Order U/S, 263; On The Facts & In The Circumstances Of The Case & In Law, The Impugned Order Dated 31 March 2021 Passed Under Section 263 Of The Act Is Without Jurisdiction & Bad In Law. Without Prejudice To The Above, On The Facts & Circumstances Of The Case & In Law, The Principal Commissioner Of Income Tax (“Pcit”) Has Erred In Passing The Order Dated 31 March 2021 U/S. 263 Of The Act.

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.950/Mum/2021 (ननधधारण वर्ा / Assessment Years: 2014-15) बनधम/ The Indian Hotels Company PCIT-1 Room No.330, 3rd Floor, Ltd. Vs. 9th Floor, Express Towers, Aayakar Bhavan, Barrister Rajini Patel Marg, Maharishi Karve Road, Nariman Point, Mumbai- Mumbai-400020. 400021. स्थधयी लेखध सं./जीआइआर सं./PAN/GIR No. : AAACT3957G (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee by: Shri K. K. Ved Revenue by: Shri Surendra Kumar (DR) सुनवाई की तारीख / Date of Hearing: 17/03/2022…

Knight Riders Sorts P. Ltd, Mumbai vs. DCIT Cen Cir 4(2), Mumbai

In the result, ground no. 6 & 7 of appeal are allowed

Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm

…dy. The Assessing Officer allowed only 1/5th of the expenses. The assessee is entitled for the entire expenditure. In support of his submissions the ld AR for the assessee relied on the decision of Delhi High Court in CIT Vs Priya Village Roadshow Ltd. (2011) 332 ITR 594. 18.On the other hand, the ld. DR for the Revenue supported the order of lower authorities. The ld. DR submits that the case of the assessee is clearly covered by section 35D. 19.We have considered the rival submission of the parties and have gone through the orders of authorities below. The Assessing Officer treated ITA. Nos. 5237/M/2017 & 5092…

Tata Motors Ltd, Mumbai vs. CIT (Ltu), Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri Pawan Singh & Shri G. Manjunathatata Motors Ltd. Vs. The Cit(Ltu) 29Th Floor, Centre 1 Bombay House, 24 Homi Mody Street World Trade Centre Hutatma Chowk Cuffe Parade Mumbai-400 001 Mumbai-400 005 Pan/Gir No.Aaact2727Q (Appellant) .. (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL “E”, BENCH MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER & SHRI G. MANJUNATHA, ACCOUNTANT MEMBER Tata Motors Ltd. Vs. The CIT(LTU) 29th Floor, Centre 1 Bombay House, 24 Homi Mody Street World Trade Centre Hutatma Chowk Cuffe Parade Mumbai-400 001 Mumbai-400 005 PAN/GIR No.AAACT2727Q (Appellant) .. (Respondent) Revenue by Shri.R.Manjunatha Swamy, CIT, DR Assessee by Shri. Rajan Vora & Shri.Nikhil Tiwari, AR’s Date of Hearing 25/09/2019 Date of Pronouncement 13/12/2019 आदेश / O R D E R आदेश आदेश आदेश PER G.MANJUNATHA: This appeal filed by the assessee is directed agains…

DCIT -9(3)(2), Mumbai vs. M/S. Bharti Retail Ltd.(Now Furure Retail Limted), Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am Dcit-9(3)(2) Vs. M/S. Bharti Retail Ltd. (Now 418, Aayakar Bhavan Future Retail Ltd.) 4Th Floor, M.K. Marg Knowledge House, Mumbai – 400 020 Off. Jogeshwari-Vikhroli Link Road, Shyam Nagar Jogeshwari – East Mumbai – 400 060 Pan/Gir No.Aadcb1093N (Appellant) .. (Respondent)

…ssessee. The market research has been conducted for the existing business to assess the market attractiveness and customer preferences. The assessee relied upon the decision of the Hon’ble Delhi High Court in the case of CIT vs. Priya Village Roadshows Ltd., (332 ITR 594) (Delhi) in which it was held that if any expenditure is incurred for setting-up new unit which are part of existing line of business, the expenses are revenue in nature. The other decisions were also relied upon by assessee in support of the same contention. 4. The Ld. CIT(A) after considering the explanation of the assessee, in the light of mat…