CIT v. Rajendra Prasad Mody

Asstt Commissioner of Income Tax, CC-7(3), Mumbai vs. M/S Macrotech Developers Ltd .(Successor to M/S Sahajanad Hi-Tech Construction Pvt Ltd.), Mumbai

In the result, for A.Y. 2015-16, the appeal of the learned

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Macrotech Developers Ltd. (Successor To M/S Sahajanad Acit Cc-7(3) Hi-Tech Construction Pvt. Room No. 655, Ltd.) Aayakar Bhavan, 412,4Th Floor, 17-G, Vs. M.K.Road, Vardhaman Chambers, Mumbai- 400 020 Cawasji Patel Road, Horniman Cirlce, Fort, Mumbai-400001 (Respondent) (Appellant) Pan No.Aaecp1936F Acit Cc-7(3) Macrotech Developers Ltd. Room No. 655, (Successor To Bellissimo Aayakar Bhavan, Developers Thane Private Limited) M.K.Road, 412, Floor-4, 17G Vs. Mumbai- 400 020 Vardhman Chamber, Cawasji, Patel Road, Horniman Circle, Fort, Mumabi-400 001 (Respondent) (Appellant) Pan No.Aadco0409D ‘Ita No. 1864/Mum/2022 (Assessment Year 2015-16) Macrotech Developers Ltd. Dcit, (Successor To Bellissimo Central Circle 7(3) Developers Thane Private Room No. 655, 6 Th Floor, Limited) 412, Floor-4, 17G Aaykar Bhavan, Vs. Vardhman Chamber, Cawasji, M. K. Road, Patel Road, Horniman Circle, Mumbai-400 021 Fort, Mumabi-400 001 (Respondent) (Appellant) Pan No.Aadco0409D

…acts the hon'ble ITA Nos. 18931864 & 1885/Mum/2022 High Courts have allowed deduction u/s 57(mi) if the Act: In this respect, the assessee has relied on the following judicial decisions - CIT vs Rajendra Prasad Mody [115 ITR 0519 SC] CIT VS. Modi Pvt. Ltd [208 ITR 31] (Bombay) CIT Vs. South India Corporation (Agencies) Ltd [290 ITR 217)(Madras) R.K. Kabel Ltd Vs. Addl. CIT [66 DTR 250] (Mumbai) The assessee has also further made the submission as under: - 3.1 The assessee would humbly submit that reducing the interest income from the WIP and taxing the same under the head income from other sources shall be…

Assistant Commissioner of Income Tax, Central Circle-7(3), Mumbai vs. M/S Macrotech Developers Ltd, Mumbai

In the result, for A.Y. 2015-16, the appeal of the learned

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Macrotech Developers Ltd. (Successor To M/S Sahajanad Acit Cc-7(3) Hi-Tech Construction Pvt. Room No. 655, Ltd.) Aayakar Bhavan, 412,4Th Floor, 17-G, Vs. M.K.Road, Vardhaman Chambers, Mumbai- 400 020 Cawasji Patel Road, Horniman Cirlce, Fort, Mumbai-400001 (Respondent) (Appellant) Pan No.Aaecp1936F Acit Cc-7(3) Macrotech Developers Ltd. Room No. 655, (Successor To Bellissimo Aayakar Bhavan, Developers Thane Private Limited) M.K.Road, 412, Floor-4, 17G Vs. Mumbai- 400 020 Vardhman Chamber, Cawasji, Patel Road, Horniman Circle, Fort, Mumabi-400 001 (Respondent) (Appellant) Pan No.Aadco0409D ‘Ita No. 1864/Mum/2022 (Assessment Year 2015-16) Macrotech Developers Ltd. Dcit, (Successor To Bellissimo Central Circle 7(3) Developers Thane Private Room No. 655, 6 Th Floor, Limited) 412, Floor-4, 17G Aaykar Bhavan, Vs. Vardhman Chamber, Cawasji, M. K. Road, Patel Road, Horniman Circle, Mumbai-400 021 Fort, Mumabi-400 001 (Respondent) (Appellant) Pan No.Aadco0409D

…acts the hon'ble ITA Nos. 18931864 & 1885/Mum/2022 High Courts have allowed deduction u/s 57(mi) if the Act: In this respect, the assessee has relied on the following judicial decisions - CIT vs Rajendra Prasad Mody [115 ITR 0519 SC] CIT VS. Modi Pvt. Ltd [208 ITR 31] (Bombay) CIT Vs. South India Corporation (Agencies) Ltd [290 ITR 217)(Madras) R.K. Kabel Ltd Vs. Addl. CIT [66 DTR 250] (Mumbai) The assessee has also further made the submission as under: - 3.1 The assessee would humbly submit that reducing the interest income from the WIP and taxing the same under the head income from other sources shall be…

Macrotech Developers Ltd(Successor to Bellissimo Developers Thane Private Limited), Mumbai vs. Dy Commissioner of Income Tax, Central Circle 7(3) (Formerly Income Tax Officer, Ward 6(3)(2)), Mumbai

In the result, for A.Y. 2015-16, the appeal of the learned

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Macrotech Developers Ltd. (Successor To M/S Sahajanad Acit Cc-7(3) Hi-Tech Construction Pvt. Room No. 655, Ltd.) Aayakar Bhavan, 412,4Th Floor, 17-G, Vs. M.K.Road, Vardhaman Chambers, Mumbai- 400 020 Cawasji Patel Road, Horniman Cirlce, Fort, Mumbai-400001 (Respondent) (Appellant) Pan No.Aaecp1936F Acit Cc-7(3) Macrotech Developers Ltd. Room No. 655, (Successor To Bellissimo Aayakar Bhavan, Developers Thane Private Limited) M.K.Road, 412, Floor-4, 17G Vs. Mumbai- 400 020 Vardhman Chamber, Cawasji, Patel Road, Horniman Circle, Fort, Mumabi-400 001 (Respondent) (Appellant) Pan No.Aadco0409D ‘Ita No. 1864/Mum/2022 (Assessment Year 2015-16) Macrotech Developers Ltd. Dcit, (Successor To Bellissimo Central Circle 7(3) Developers Thane Private Room No. 655, 6 Th Floor, Limited) 412, Floor-4, 17G Aaykar Bhavan, Vs. Vardhman Chamber, Cawasji, M. K. Road, Patel Road, Horniman Circle, Mumbai-400 021 Fort, Mumabi-400 001 (Respondent) (Appellant) Pan No.Aadco0409D

…acts the hon'ble ITA Nos. 18931864 & 1885/Mum/2022 High Courts have allowed deduction u/s 57(mi) if the Act: In this respect, the assessee has relied on the following judicial decisions - CIT vs Rajendra Prasad Mody [115 ITR 0519 SC] CIT VS. Modi Pvt. Ltd [208 ITR 31] (Bombay) CIT Vs. South India Corporation (Agencies) Ltd [290 ITR 217)(Madras) R.K. Kabel Ltd Vs. Addl. CIT [66 DTR 250] (Mumbai) The assessee has also further made the submission as under: - 3.1 The assessee would humbly submit that reducing the interest income from the WIP and taxing the same under the head income from other sources shall be…

DCIT 9(3)(1), Mumbai vs. Dodson Lindblom Hydro Power P.Ltd, Mumbai

Bench: S/Sh. Rajendra & C. N. Prasadआयकर अपील अपील संसंसंसं./I.T.A./6704/Mum/2016, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2012-13 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Dy. Cit 9(3)(1) M/S. Dodson Lindblom Hydro Power Pvt. 215, 2Nd Floor, Aayakar Bhavan Ltd. Mumbai - 400020 Vs. 6-Shiv Vastu, Tejpal Scheme Road No.5, Vile Parle (E),Mumbai - 400057 Pan:Aaacd7612A (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri Ram Tiwari-Dr Assessee By: Shri Pankaj K. Jain-Ar सुनवाई क" तारीख / Date Of Hearing: 12/06/2018 घोषणा क" तारीख / Date Of Pronouncement: 12/06/2018 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 सद"य सद"य,राजे"" राजे"" केकेकेके अनुसार अनुसार /Per Rajendra, Am- लेखा लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Order Dated 24.08.2016 Of Cit(A)-16, Mumbai,The Assessing Officer (Ao) Has Filed The Present Appeal. Assessee-Company,Engaged In The Business Of Generation Of Hydro Electric Power, Filed Its Return Of Income On 21.09.2012, Declaring Total Income At Rs.2.57 Crore, Later On A Revised Return Was Filed On 19.08.2013 Declaring Income At Rs.1.96 Crores.On 25.09. 2013,The Assessee Revised The Return For The Second Time Disclosing Income Of Rs.3.57 Cores. The Ao Completed The Assessment On 28.02.2015,U/S.143(3) Of The Act,Determining Its Income At Rs. 5.53 Crores.

…आयकर अपीलीय अपीलीय अिधकरण अिधकरण, मुंबई मुंबई “डी डी” खंडपीठ खंडपीठ आयकर आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण मुंबई मुंबई डी डी खंडपीठ खंडपीठ Income-tax Appellate Tribunal “D”Bench Mumbai सव"ी सव"ी राजे"" राजे"", लेखा लेखा सद"य सद"य एवं एवं सी सी. एन एन. "साद "साद, "याियक "याियक सद"य सद"य सव"ी सव"ी राजे"" राजे"" लेखा लेखा सद"य सद"य एवं एवं सी सी एन एन "साद "साद "याियक "याियक सद"य सद"य Before S/Sh. Rajendra, Accountant Member & C. N. Prasad, Judicial Member आयकर अपील अपील संसंसंसं./I.T.A./6704/Mum/2016, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2012-13 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Dy. CIT 9…