CIT v. Reliance Utilities & Power Ltd.

DCIT Cir 2(2)(2), Mumbai vs. Mahindra Engineering Services Ltd, Mumbai

Bench: Shri Mahavir Singh & Shri Rajesh Kumarassessment Year: 2010-11

…that the assessee’s own share capital and reserves were Rs.81.89 crores whereas the investments were at Rs.21.31 cores. The Ld. CIT(A) by following the decision of the Hon’ble Bombay High Court in the case of “CIT vs. Reliance Utilities and Power Ltd.” (2009) 313 ITR 340 (Bom) and “CIT vs. HDFC Bank Ltd.” (2014) 366 ITR 505 (Bom) deleted the disallowance made under rule 8D2(ii), however, sustained the disallowance under rule 8D2(iii). The Ld. CIT(A) observed that since the suo-moto disallowance has been made by the assessee himself to the tune of Rs.7,71,055/- therefore no further disallowance is required to be m…

DCIT 32(2), Mumbai vs. Metform Corporation, Mumbai

In the result, appeal filed by the revenue for assessment year 2011-2012

Bench: Shri Rajesh Kumar (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2011-12 The Dy. Commissioner Of Income M/S Metform Corporation, Tax -32(2), 601-602, Siddharth Arcace, Pratyaksha Kar Bhavan, Factory Lane, L.T. Road, Room No. 308, C-10, 3Rd Floor, Vs. Borivali (West), Bandra Kurla Complex, Mumbai - 400092 Bandra (East), Pan: Aaafm9883D Mumbai - 400051 (Appellant) (Respondent) Revenue By : Ms. Jothi Lakshmi Nayak (Dr) Assessee By : Shri M. Subramanian (Ar) Date Of Hearing: 06/06/2019 Date Of Pronouncement: 28/06/2019

…han the investments made in the securities yielding tax free income. Therefore, the disallowance u/s 14A r.w. Rule 8D(2)(ii) was not called for. Moreover the ld. CIT (A) has taken the support of the decision of CIT V/s Reliance Utilities and Power Ltd. [2009] 313 ITR 340 (Bom) CIT V/s Reliance Utilities and Power Ltd. [2009] 313 ITR 340 (Bom), CIT V/s HDFC Bank Ltd. (2014), 366 ITR 505 (Bom) which affirmed by CIT V/s HDFC Bank Ltd. (2016) 383 ITR 529 (Bom) (SC). In view of the above findings, we find that the order of the ld. FAA does not suffer from any infirmity legal or otherwise and therefore do not require a…

Bharat Petroleum Corporation Ltd, Mumbai vs. Addl CIT RG 2(1), Mumbai

Appeal is allowed in favour of assessee

Bench: Hon’Ble Shri G.S. Pannu & Hon’Ble Shri Sandeep Gosain

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE HON’BLE SHRI G.S. PANNU, VICE PRESIDENT AND HON’BLE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER I.T.A. No.4280/Mum/2013 I.T.A. No.5121/Mum/2013 (Assessment Year: 2008-09) (Assessment Year: 2009-10) In the matter of Bharat Petroleum Corporation Ltd., Additional Commissioner of 3rd taxation section floor, Bharat Income Tax, Range-2(1), Bhavan-II, 4 & 6 Currimbhoy Rd. Mumbai Vs. Ballard Estate, Mumbai PAN/GIR No.AAACB2902M (Revenue) : (Assessee) Assessee by : Shri. J.D. Mistry Revenue by : Shri. H.N. Singh : 28.6.2019 Date of Hearing Date of Pronouncement : 28.…

Entertainment Network (India) Ltd, Mumbai vs. Asst CIT RG 11(1), Mumbai

In the result, the appeals of the assessee in ITA No

Bench: Shri Sandeep Gosain & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.852/Mum/2016 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Entertainment Network Acit 16(1), Room No. 439, 4T H Floor, Aayakar Bhavan, (India) Ltd., M.K Road, 4T H Floor, A Wing, V. Mumbai- 400020 Matulya Centre, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaace7796G आयकर अपीऱ सं./I.T.A. No.812/Mum/2016 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Acit 16(1), Room No. 439, Entertainment Network 4T H Floor, Aayakar Bhavan, (India) Ltd., M.K Road, Mumbai 400020 4T H Floor, A Wing, V. Matulya Centre, Senapati Bapat Marg, Lower Parel(West), Mumbai-400013 स्थायी ऱेखा सं./ Pan : Aaace7796G (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…hares but income was earned on redemption of mutual fund which is offered by the assessee to tax as Short Term Capital Gain(STCG). The assessee relied upon the decision of Hon‟ble Bombay High Court in the case of CIT v. Reliance Utilities & Power Ltd., (2009) 313 ITR 340 (Bom) and also relied upon decision of Hon‟ble Supreme Court in the case of S.A. Builders Limited v. CIT (2007) 288 ITR 1(SC) for its claim of deduction of interest expenses . 9.2 The AO after considering submissions of the assessee was of the view that for AY 2006-07, 2008-09 and 2009-10 , this issue was decided by AO against the assessee . The…

ACIT 16(1), Mumbai vs. Entertainment Network (India) Ltd, Mumbai

In the result, the appeals of the assessee in ITA No

Bench: Shri Sandeep Gosain & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.852/Mum/2016 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Entertainment Network Acit 16(1), Room No. 439, 4T H Floor, Aayakar Bhavan, (India) Ltd., M.K Road, 4T H Floor, A Wing, V. Mumbai- 400020 Matulya Centre, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaace7796G आयकर अपीऱ सं./I.T.A. No.812/Mum/2016 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Acit 16(1), Room No. 439, Entertainment Network 4T H Floor, Aayakar Bhavan, (India) Ltd., M.K Road, Mumbai 400020 4T H Floor, A Wing, V. Matulya Centre, Senapati Bapat Marg, Lower Parel(West), Mumbai-400013 स्थायी ऱेखा सं./ Pan : Aaace7796G (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…hares but income was earned on redemption of mutual fund which is offered by the assessee to tax as Short Term Capital Gain(STCG). The assessee relied upon the decision of Hon‟ble Bombay High Court in the case of CIT v. Reliance Utilities & Power Ltd., (2009) 313 ITR 340 (Bom) and also relied upon decision of Hon‟ble Supreme Court in the case of S.A. Builders Limited v. CIT (2007) 288 ITR 1(SC) for its claim of deduction of interest expenses . 9.2 The AO after considering submissions of the assessee was of the view that for AY 2006-07, 2008-09 and 2009-10 , this issue was decided by AO against the assessee . The…

Ass CIT 1(3)(1), Mumbai vs. Raman and Weil P. Ltd, Mumbai

In the result, appeals filed by the revenue are hereby ordered to be dismissed

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. Nos.1953 To 1955/Mum/2017 (निर्धारण वर्ा / Assessment Years: 2006-07, 2007-08 & 2008-09) Acit-1(3)(1) बिधम/ M/S. Raman & Weil Pvt. Room No. 540, 5Th Floor, Ltd. Vs. 15, Chetau Marine, B-Road, Aayakar Bhavan, M.K. Churchgate, Mumbai- Road, Mumbai-400020. 400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacr5065M (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri R. Sindhu Assessee By: Shri Percy Pardiwalla/Nishant Thakkur/Jasmin Amalsadvala सुनवाई की तारीख / Date Of Hearing: 13/05/2019 घोषणा की तारीख /Date Of Pronouncement: 25/06/2019 आदेश / O R D E R Per Amarjit Singh (Jm): The Revenue Has Filed The Above Mentioned Appeals Against The Different Order Passed By The Commissioner Of Income Tax (Appeals)-3, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Ys. 2006-07, 2007-08 & 2008-09. Ita. No.1953/M/2017 2. The Revenue Has Filed The Present Appeals Against The Order Dated 26.12.2016 Passed By The Commissioner Of Income Tax (Appeals)-3

…t in restricting the disallowance made under u/s. 14A r.w.r. Rule 8D by holding that investment is made by the assessee in shares and securities out of own funds, by relying on the decision of Hon’ble High Court in the case of Reliance Utilities & Power Ltd. (313 ITR 340) and thereby rejecting the application of Rule 8D?" v. Whether on the facts and in the circumstances of the case and in Law, the Ld. CIT(A) was right in deciding ITA. Nos. 1953 to 1955/Mum/2017 A.Ys.2006-07, 2007-08 & 2008-09 the computation of disallowance made under Rule 8D to apply the ratio of decision given in different context and set of…

Td Toll Road Private Limited, Mumbai vs. Deputy Commissioner of Income Tax 15(3)(1), Mumbai

Bench: Shri Sandeep Gosain & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1646/Mum/2018 (नििाारण वर्ा / Assessment Year: 2014-15) बिाम/ Td Toll Road Private Ltd., Dcit-15(3)(1) 361, 3Rd Floor, North Wing, Room No. 451, Reliance Centre, Aayakar Bhavan, V. Santacruz (E), M.K Road, Mumbai-400055 Mumbai-400020 स्थायी ऱेखा सं./ Pan: Aacct6395C (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri. Jitendra Sanghavi Revenue By: Shri. D.G. Pansari (Dr) सुनवाई की तारीख /Date Of Hearing : 25.03.2019 घोषणा की तारीख /Date Of Pronouncement : 21.06.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 1646/Mum/2018, Is Directed Against Appellate Order Dated 31.01.2018, Passed By Learned Commissioner Of Income Tax (Appeals)-24, Mumbai (Hereinafter Called “The Cit(A)”) In Appeal No. Cit(A)-24/Dcit-15(3)(1)/It-244/2016-17, For Assessment Year 2014-15, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 30.12.2016 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2014-15. 2. The Grounds Of Appeal Raised By Assessee In Memo Of Appeal Filed With The Income-Tax Appellate Tribunal, Mumbai (Hereinafter Called “The Tribunal”) Read As Under:-

…आयकर अपीऱीय अधिकरण “E” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.1646/Mum/2018 (नििाारण वर्ा / Assessment Year: 2014-15) बिाम/ TD Toll Road Private Ltd., DCIT-15(3)(1) 361, 3rd Floor, North Wing, Room no. 451, Reliance Centre, Aayakar Bhavan, v. Santacruz (E), M.K Road, Mumbai-400055 Mumbai-400020 स्थायी ऱेखा सं./ PAN: AACCT6395C (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee by: Shri. Jitendra Sanghavi Revenue by: Shri. D.G. Pansari (DR) सुनवाई की तारीख /Date…

Greaves Cotton Ltd, Mumbai vs. Asst CIT Cir 6(3), Mumbai

In the result this ground of appeal

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhgreaves Cotton Ltd. Acit Circle-6(3), Industry Manor, Appasaheb Aayakar Bhavan, M.K. Road, Vs. Marathe Marg, Prabhadevi, Mumbai-400020. Mumbai-400025. Pan: Aaacg2062M Appellant Respondent Greaves Cotton Ltd. Acit Circle-6(3), Industry Manor, Appasaheb Aayakar Bhavan, M.K. Road, Vs. Marathe Marg, Prabhadevi, Mumbai-400020. Mumbai-400025. Pan: Aaacg2062M Appellant Respondent Appellant By : Smt. Arati Vissanji (Advocate) Respondent By : Shri Abbi Rama Karthikey (Dr) Date Of Hearing : 04.06.2019 Date Of Pronouncement : 07.06.2019 Order Under Section 254(1)Of Income Tax Act

…see also brought on record that the interest free funds available with the assessee was much more than the interest free advances given by assessee. The ld. AR further relied upon the decision of jurisdictional High Court in Reliance Utility & Power Ltd. [313 ITR 340]. The ld. AR of the assessee further submits that the 8 ITA No. 7424 Mum 2010 & 8533 Mum 2011-Greaves Cotton Ltd. assessee advanced to its subsidiary in 1998-99 and the revenue never made addition under section 36(1)(iii) prior to the Assessment Year under consideration. 5. On the other hand, the ld. Departmental Representative (DR) for the r…