CIT v. Reliance Utilities & Power Ltd.

Icici Bank Limited, Mumbai vs. The Dy. Commissioner of Income-Tax 2(3)(1), Mumbai

In the result both appeals of the assessee and revenue are dismissed

Bench: Shri Amit Shukla & Shri Amarjit Singhdcit Cir 3(1) Vs. Icici Bank Ltd. Room No. 607, 6 Th Floor, Icici Towers, Bkc, Aayakar Bhavan, Bandra(E) Mumbai-400020 Mumbai-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaact1398K Appellant .. Respondent Icici Bank Ltd. Vs. Dcit Cir. 2(3)(1) Icici Towers, North East Room No. 552, 5Th Floor, Wing, Ground Floor, Aayakar Bhavan, M.K. Bkc, Bandra(E) Road, Mumbai-400020 Mumbai-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaact1398K Appellant .. Respondent Appellant By : Ms. Aarti Visanji, Ar Respondent By : Shri. K.C. Selvamani, Dr Date Of Hearing 01.06.2023 Date Of Pronouncement .06.2023 आदेश / O R D E R Per Amarjit Singh (Am)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER DCIT Cir 3(1) Vs. ICICI Bank Ltd. Room No. 607, 6 th Floor, ICICI Towers, BKC, Aayakar bhavan, Bandra(E) Mumbai-400020 Mumbai-400051 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACT1398K Appellant .. Respondent ICICI Bank Ltd. Vs. DCIT Cir. 2(3)(1) ICICI Towers, North East Room No. 552, 5th Floor, Wing, Ground Floor, Aayakar bhavan, M.K. BKC, Bandra(E) Road, Mumbai-400020 Mumbai-400051 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACT1398K Appellant .. Respondent Appellant by : Ms. Aa…

Acc Limited, Mumbai vs. DCIT (Ltu), Mumbai

In the result, appeal filed by department is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms Kavitha Rajagopal, Hon'Blem/S. Acc Limited V. Dcit (Ltu) 121, Cement House, M.K. Road 29Th Floor, Center-1 Churchgate, Mumbai-400020 World Trade Centre, Cuffe Parade Mumbai - 400005 Pan: Aaact1507C (Appellant) (Respondent) Asst. Cit – 3(4) V. M/S. Acc Limited 29Th Floor, Center-1 Cement House,121, M.K. Road World Trade Centre, Cuffe Parade Churchgate, Mumbai-400020 Mumbai-400005 Pan: Aaact1507C (Appellant) (Respondent)

…ee for making investment in tax free securities and it was contended that since investment was out of assessee's own interest free funds, in terms of decision of Jurisdictional High Court in case of CIT v. Reliance Utilities & Power Ltd. [2009] 178 Taxman 135/313 ITR 340 (Bom.) and CIT v. HDFC Bank Ltd., [2014] 49 taxmann.com 335/226 Taxman 132 (Mag.)/366 ITR 505 (Bom.), no disallowance of interest is warranted. With regard to the disallowance made under Rule 8D(2)(iii) he contended that assessee itself has offered the amount attributable for earning the exempt income, therefore, further disallowance made by Reve…

Asst. Commissioner of Income Tax-3(4), Mumbai-400005 vs. M/S. Acc Limited, Mumbai-400020

In the result, appeal filed by department is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms Kavitha Rajagopal, Hon'Blem/S. Acc Limited V. Dcit (Ltu) 121, Cement House, M.K. Road 29Th Floor, Center-1 Churchgate, Mumbai-400020 World Trade Centre, Cuffe Parade Mumbai - 400005 Pan: Aaact1507C (Appellant) (Respondent) Asst. Cit – 3(4) V. M/S. Acc Limited 29Th Floor, Center-1 Cement House,121, M.K. Road World Trade Centre, Cuffe Parade Churchgate, Mumbai-400020 Mumbai-400005 Pan: Aaact1507C (Appellant) (Respondent)

…ee for making investment in tax free securities and it was contended that since investment was out of assessee's own interest free funds, in terms of decision of Jurisdictional High Court in case of CIT v. Reliance Utilities & Power Ltd. [2009] 178 Taxman 135/313 ITR 340 (Bom.) and CIT v. HDFC Bank Ltd., [2014] 49 taxmann.com 335/226 Taxman 132 (Mag.)/366 ITR 505 (Bom.), no disallowance of interest is warranted. With regard to the disallowance made under Rule 8D(2)(iii) he contended that assessee itself has offered the amount attributable for earning the exempt income, therefore, further disallowance made by Reve…

The DCIT Cir 3(1), Mumbai vs. M/S. Icici Bank Ltd, Mumbai

In the result both appeals of the assessee and revenue are dismissed

Bench: Shri Amit Shukla & Shri Amarjit Singhdcit Cir 3(1) Vs. Icici Bank Ltd. Room No. 607, 6 Th Floor, Icici Towers, Bkc, Aayakar Bhavan, Bandra(E) Mumbai-400020 Mumbai-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaact1398K Appellant .. Respondent Icici Bank Ltd. Vs. Dcit Cir. 2(3)(1) Icici Towers, North East Room No. 552, 5Th Floor, Wing, Ground Floor, Aayakar Bhavan, M.K. Bkc, Bandra(E) Road, Mumbai-400020 Mumbai-400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaact1398K Appellant .. Respondent Appellant By : Ms. Aarti Visanji, Ar Respondent By : Shri. K.C. Selvamani, Dr Date Of Hearing 01.06.2023 Date Of Pronouncement .06.2023 आदेश / O R D E R Per Amarjit Singh (Am)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER DCIT Cir 3(1) Vs. ICICI Bank Ltd. Room No. 607, 6 th Floor, ICICI Towers, BKC, Aayakar bhavan, Bandra(E) Mumbai-400020 Mumbai-400051 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACT1398K Appellant .. Respondent ICICI Bank Ltd. Vs. DCIT Cir. 2(3)(1) ICICI Towers, North East Room No. 552, 5th Floor, Wing, Ground Floor, Aayakar bhavan, M.K. BKC, Bandra(E) Road, Mumbai-400020 Mumbai-400051 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACT1398K Appellant .. Respondent Appellant by : Ms. Aa…

Carol Info Services Limited, Mumbai vs. The Deputy Commissioner of Income Tax-15(1)(2), Mumbai

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahmanassessment Year: 2002-03

…funds for more than the investment, loans and advances made/held by the assessee. In these circumstances in view of the law laid down by the Hon’ble Bombay High Court in case of CIT vs. Reliance Utilities and Power 7 M/s. Carol Info Services Ltd. Ltd. (2009) 313 ITR 340 (Bom) it is to be presumed that the investments/loans and advances are made out of own interest free funds of the assessee. Thus the disallowance made by the AO and sustained by the Ld. CIT(A) is not sustainable in the eyes of law, however, subject to reappraisal/verification of financials of the assessee by the AO. 10. Resultantly, appeal filed…

Thomas Cook (India) Ltd, Mumbai vs. Dy CIT 1 (3)92), Mumbai

In the result, the appeal filed by the assessee is a In the result, the appeal filed by the assessee is a In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2015-16 Thomas Cook (India) Ltd., Dy. Cit-1(3)(2), A Wing, 11Th Floor, Marathon Room No. 540, 5Th Floor, Vs. Futurex, N.M. Joshi Marg, Aayakar Bhavan, M.K. Lower Parel (East), Road, Mumbai-400013. Mumbai-400020. Pan No. Aaact 4050 C Appellant Respondent Assessee By : Mr. Ketan Ved Revenue By : Ms. Richa Gulati, Dr : Date Of Hearing 30/05/2023 : Date Of Pronouncement 31/05/2023 Order

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 2015-16 Thomas Cook (India) Ltd., Dy. CIT-1(3)(2), A Wing, 11th floor, Marathon Room No. 540, 5th floor, Vs. Futurex, N.M. Joshi Marg, Aayakar Bhavan, M.K. Lower Parel (East), Road, Mumbai-400013. Mumbai-400020. PAN No. AAACT 4050 C Appellant Respondent Assessee by : Mr. Ketan Ved Revenue by : Ms. Richa Gulati, DR : Date of Hearing 30/05/2023 : Date of pronouncement 31/05/2023 ORDER PER OM PRAKASH KANT, AM This appeal by the assessee is directe…

Deputy Commissioner of Income Tax 12(2)(2), Mumbai vs. Group M Media (India) Private Limited, Mumbai

Bench: Shri Br Baskaran & Shri Kuldip Singhassessment Year: 2014-15

…he AO, however, on the other hand, the Ld. A.R. for the assessee relied upon the order passed by the Ld. CIT(A) and contended that the assessee was having sufficient interest free funds at its disposal and further relied upon Reliance Utilities and Power Ltd. 313 ITR 340 by returning following findings: “5.4.1 I have considered the rival contentions. I find from the balance sheet that the total interest free funds in the form of share capital and reserves and surplus was Rs.144,08,27,594/- The appellant also received interest free advances from clients amounting to Rs.18,35,23,580/- Against this, the appellant gi…

Icici Home Finance Company Ltd, Mumbai vs. Addl CIT 10(1), Mumbai

In the result the appeal of the revenue stand dismissed and the appeal of the assessee is partly allowed

…decision of his predecessors for assessment year 2009-10 in the case of the assessee itself vide order dated 15.11.2012 wherein the Ld. CIT(A) held after following decision of Hon’ble High Court of Mumbai in the case of CIT v/s Reliance Utilities vide ITA No. 313 ITR 340 that where assessee has his own fund as well as borrowed funds, a presumption can be made that the advances for non business purposes have been made out of own funds and that the borrowed funds have not been used for this purpose. The Ld. CIT(A) has also referred the decision of Co-ordinate bench of the ITAT Mumbai in the case of DCIT v/s HDFC ba…

DCIT 10(1), Mumbai vs. Icici Home Finance Co. Ltd, Mumbai

In the result the appeal of the revenue stand dismissed and the appeal of the assessee is partly allowed

…decision of his predecessors for assessment year 2009-10 in the case of the assessee itself vide order dated 15.11.2012 wherein the Ld. CIT(A) held after following decision of Hon’ble High Court of Mumbai in the case of CIT v/s Reliance Utilities vide ITA No. 313 ITR 340 that where assessee has his own fund as well as borrowed funds, a presumption can be made that the advances for non business purposes have been made out of own funds and that the borrowed funds have not been used for this purpose. The Ld. CIT(A) has also referred the decision of Co-ordinate bench of the ITAT Mumbai in the case of DCIT v/s HDFC ba…