CIT v. Reliance Utilities & Power Ltd.

Bhavarlal Mangilal Jain, Mumbai vs. ACIT 19 (1), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Vikas Awasthyआअसं. 2245/मुं/2019 ("न.व 2012-13) Shri Bhavarlal Mangilal Jain, 58/1, Ganesh Kripa Building, Mughbhat Lane, Thakurdwar Road, Mumbai 400 004 Pan: Aabpj 9306K ...... अपीलाथ" /Appellant बनाम Vs. The Acit -19(1), 203, 2Nd Floor, Matru Mandir, Tardeo Road, Mumbai 400 007 ..... ""तवाद"/Respondent

…आयकर अपील"य अ"धकरण मुंबई पीठ “एस एम सी” , मुंबई IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI "ी "वकास अव"थी, "या"यक सद"य के सम" BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER आअसं. 2245/मुं/2019 ("न.व 2012-13) Shri Bhavarlal Mangilal Jain, 58/1, Ganesh Kripa Building, Mughbhat Lane, Thakurdwar Road, Mumbai 400 004 PAN: AABPJ 9306K ...... अपीलाथ" /Appellant बनाम Vs. The ACIT -19(1), 203, 2nd Floor, Matru Mandir, Tardeo Road, Mumbai 400 007 ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant by : Shri Nimesh Chothani ""तवाद" "वारा/Respondent by : Shri Sanjay J. Seth सुनवाई क" "त"थ/ Date of hearing :…

Olive Bar & Kitchen Private Limited, Mumbai vs. Assistant Commissioner of Income Tax - Circle 13(1)(1), Mumbai

In the result, the assessee’s appeal is allowed

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm M/S. Olive Bar & Kitchen Pvt. Ltd. Asst. Cit-13(1)(1) Pali Hill Tourist Hotel, Mumbai 14, Union Park, Khar (W), Vs. Mumbai-400 052

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, AM AND SHRI AMARJIT SINGH, JM M/s. Olive Bar & Kitchen Pvt. Ltd. Asst. CIT-13(1)(1) Pali Hill Tourist Hotel, Mumbai 14, Union Park, Khar (W), Vs. Mumbai-400 052 PAN/GIR No. AAACO 5346 G (Appellant) : (Respondent) Appellant by : Shri Mahesh Rajora Respondent by : Ms. Shreekala Pardeshi : 16.02.2021 Date of Hearing Date of Pronouncement : 01.04.2021 O R D E R Per Shamim Yahya, A. M.: This appeal by the assessee is directed against the order of the learned Commissioner of Income Tax (Appeals)-21, Mumbai (‘ld.CIT(A) for short) dat…

Modison Metals Ltd, Mumbai vs. DCIT, Circle - 3(2)(1), Mumbai

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

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI RAJESH KUMAR, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No. 3666/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2015-16) Modison Metals Ltd बिधम/ DCIT, Circle-3(2)(1) R. No. 608, 6th Floor, 33, Nariman Bhavan, 227, Vs. Nariman Point, Mumbai- Aayakar Bhavan, M. K. 400021. Road, Mumbai-400020. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. :AAACA3768N (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee by: Shri Satish Mody Revenue by: Shri Bharat Andhale सुनवाई की तारीख / Date of Hearing: 12/01/2021 घोषणा की तारीख /Date of Pronouncement: 01/04/…

Roha Dyechem Pvt. Ltd., Mumbai vs. DCIT Central Range - 7(4), Mumbai

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

Bench: Shri Rajesh Kumar, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.2744/Mum/2019 (ननधधारण वर्ा / Assessment Years: 2015-16) बनधम/ M/S. Roha Dyechem Pvt. Dcit, Central Range-7(4) Ltd. Aaykar Bhavan, Maharshi Vs. A44/45, Road No.2, Karve Road, Churchgate- Midc, Andheri (E), 400020. Mumbai-400093. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. :Aaacr4974P (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri Snehal Shah Revenue By: Shri Bharat Andhale (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 05/01/2021 घोषणा की तारीख /Date Of Pronouncement: 01/04/2021 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 04.02.2019 Passed By The Commissioner Of Income Tax (Appeals)-49, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2015-16. 2. The Assessee Has Raised The Following Grounds Of Appeal: - “1. The Commissioner Of Income Tax Appeals(Cit(A) Erred In Confirming The Additional Disallowance Of Rs.44,13,583/- U/S 14A R.W.S. 8D Under Normal Provisions As Well As U/S 115Jb Of The Income Tax Act. 2. The Appellant Prays That The Disallowance Of Rs.44,13,583/- Should Be Deleted. Without Prejudice, The Disallowance Be Appropriately Reduced. The Appellant Craves Leave To Add, Amend And/Or Alter The Above Grounds Of Appeal.”

…as at 31st March 2010 was Rs.868,635,071/- In HDFC Bank Ltd. vs. DCIT [2016] 67 taxmann.com 42 (Bom), the Hon'ble Bombay High Court referring to the decision in CIT vs. HDFC Bank Ltd. [2014] 366 ITR 505 (Bom) and CIT v. Reliance Utilities & Power Ltd. [2009] 313 ITR 340 (Bom) held as under : “15. It is clear that for the first time in the case of HDFC Bank Ltd. (supra) that this Court took a view that the presumption which has been laid down in Reliance Utilities & Power Ltd. (supra) with regard to investment in tax free securities coming out of assessee's own funds in case the same are in excess of the investme…

Tolani Shipping Co. Ltd., Mumbai vs. DCIT, Cir-5(3)(2), Mumbai

In the result, this appeal by the assessee for A

…ned CIT(A) found the assessee’s contention appropriate that the assessee had sufficient interest free funds. In this regard learned CIT(A) placed reliance upon Hon'ble Jurisdictional High Court decision in the case of CIT Vs. Reliance Utility and Powers Ltd. (313 ITR 340). The assessee also has gave a chart of interest free funds. This was accepted by learned CIT(A) and he held that the disallowance of Rs.2,29,93,962/- on account of interest expenditure relatable to exempt income u/s. 14A is 3 Tolani Shipping Co. Ltd. deleted. However, learned CIT(A) placed reliance upon several case laws including Hon'ble Bomba…

Johnson & Johnson Ltd, Mumbai vs. DCIT Lt-1, Mumbai

Accordingly, this ground raised by the revenue is dismissed

Bench: Shri Vikas Awasthy, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 1454/Mum/2015 (निर्धारणवर्ा / Assessment Year: 2010-11) Dcit-Ltu-1, Johnson & Johnson Pvt. 29Th Floor, Centre No. 1, Ltd. बिधम/ World Trade Centre, 501, Arena Space, Off Jvlr, Opp Majas Bus Cuffe Parade, Vs. Depot, Jogeshwari (East), Mumbai-400 005 Mumbai-400 060 स्थायीलेखासं./जीआइआरसं./ Pan No. Aaacj0866E (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & आयकरअपीलसं./ I.T.A. No. 1043/Mum/2015 (निर्धारणवर्ा / Assessment Year: 2010-11) Dcit-Ltu-1, Johnson & Johnson Pvt. 29Th Floor, Centre No. 1, Ltd. बिधम/ 501, Arena Space, Off World Trade Centre, Cuffe Jvlr, Opp Majas Bus Parade, Vs. Depot, Jogeshwari Mumbai-400 005 (East), Mumbai-400 060 स्थायीलेखासं./जीआइआरसं./ Pan No. Aaacj0866E (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Shri Rajan R. Vora & Shri Pranay Gandhi, Ars प्रत्यथीकीओरसे/Respondentby : Shri Sunil Kumar Mishra, Dr.

…ded by the Coordinate Bench of ITAT in assessee’s own case and ITAT had restored the issue to the AO to analyse the existence of interest free funds and while applying the judgment of Hon’ble Jurisdictional Bombay High Court in the case of Reliance Utilities (313 ITR 340). While giving effect to the ITAT order, the AO in order passed assessment u/s 143(3) r.w.s 254 of the Act observing that assessee has interest free funds as against advance, therefore no disallowance u/s 36(1)(iii) is warranted. 16. For the year under consideration, assessee has interest free fund of Rs. 643.18 crores and advance of Rs. 23.48 c…

Jayantilal Shah, Mumbai vs. Income Tax Officer-21(1)(5), Mumbai

In the result, the appeal is allowed for statistical purposes

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2012-13

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2012-13 Jayantilal Shah, ITO-21(1)(5), Vs. 78 Kakad Industrial Estate, Piramal Chambers, L J Road, Mahim, Lalbaug, Mumbai-400016 Mumbai-400012. PAN No. AAPPS 5091 N Appellant Respondent Assessee by : Ms. Radhakant Sarat, AR Revenue by : Mr. Sanjay J. Sethi, DR Date of Hearing : 25/02/2021 Date of pronouncement : 18/03/2021 ORDER PER N.K. PRADHAN, A.M. This is an appeal filed by the assessee. The relevant assessment year is 2012-13. The appeal is…

Acme Avenue Infrastructure Pvt. Ltd., Mumbai vs. ITO 9 (1)(1), Mumbai

In the result, the appeal is allowed for statistical purposes

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2016-17

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2016-17 Acme Avenue Infrastructure ITO-9(1)(1), Private Limited, Vs. Aayakar Bhavan, Building 10, 5th floor, Solitaire Mumbai-400020 Corporate Park, Guru Har Govindji Marg, Chakala, Andheri-400059. PAN No. AAJCA 8284 C Appellant Respondent Assessee by : None Revenue by : Ms. Smita Verma, DR Date of Hearing : 16/02/2021 Date of pronouncement : 18/03/2021 ORDER PER N.K. PRADHAN, A.M. This is an appeal filed by the assessee. The relevant assessment…