CIT v. Riyaz A. Sheikh

Synchem Chemicals (India) P.Ltd, Mumbai vs. DCIT 10(1), Mumbai

In the result, the appeal of the revenue is dismissed and appeal of the assessee is allowed

…rendered by this Tribunal in the case of Shri Sudhakar Shetty was reversed by the decision of Ms. Hemalata S Shetty (wife of Shri Sudhakar Shetty) by following the decision of Hon'ble Jurisdictional High Court in the case of CIT vs. Riyaz A Sheikh reported in 41 Taxmann.com 455(Bom). 12.2. We also find further that the decision rendered by this Tribunal in the case of Ms. Hemalata Shetty supra has been subsequently upheld by the Hon'ble Jurisdictional High Court in ITA No.1755 of 2016 dated 05/03/2019 wherein it was held that the amount received by a partner on retirement is not subject to tax in the hands of ret…

M/S Multiventure Financial Services Pvt Ltd., Mumbai vs. ITO 3 (2)(2), Mumbai

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER ITA Nos.3715, 3716 & 3717/M/2019 Assessment Years: 2010-11, 2011-12, 2013-14 Income Tax Officer- M/s. Multiventure 3(2)(2), Financial Services Pvt. Room No.673A, 6th Floor, Ltd., Aayakar Bhavan, Vs. 113, 1st Floor, Maker M.K. Road, Chamber-V, Mumbai - 400020 Nariman Point, Mumbai – 400 021 PAN: AADCM 2372F (Appellant) (Respondent) Assessment Year: 2013-14 Income Tax Officer- M/s. Multiventure 3(2)(2), Properties Pvt. Ltd., Room No.673A, 6th Floor, 113, 1st Floor,…

ITO - 3(2)(2), Mumbai vs. M/S Multiventure Financial Services Pvt. Ltd, Mumbai

In the result, the appeals of the Revenue are dismissed and the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER ITA Nos.3715, 3716 & 3717/M/2019 Assessment Years: 2010-11, 2011-12, 2013-14 Income Tax Officer- M/s. Multiventure 3(2)(2), Financial Services Pvt. Room No.673A, 6th Floor, Ltd., Aayakar Bhavan, Vs. 113, 1st Floor, Maker M.K. Road, Chamber-V, Mumbai - 400020 Nariman Point, Mumbai – 400 021 PAN: AADCM 2372F (Appellant) (Respondent) Assessment Year: 2013-14 Income Tax Officer- M/s. Multiventure 3(2)(2), Properties Pvt. Ltd., Room No.673A, 6th Floor, 113, 1st Floor,…

Anik Industries Ltd, Mumbai vs. DCIT CC 40, Mumbai

The appeal stands allowed

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.7189/Mum/2014 (िनधा"रण वष" / Assessment Year:2010-11) M/S. Anik Industries Ltd. Dcit-Central Circle -40 बनाम/ 610, Tulsiani Chambers Mumbai. Vs. Nariman Point, Mumbai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacm-2696-K (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकरअपील सं./ I.T.A. No.5234/Mum/2016 (िनधा"रण वष" / Assessment Year:2012-13) M/S. Anik Industries Ltd. Dcit-Central Circle -40 बनाम/ 610, Tulsiani Chambers Mumbai. Vs. Nariman Point, Mumbai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacm-2696-K (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Bhupendra Shah-Ld. Ar ""थ"कीओरसे/Respondent By : Shri Manoj Kumar-Ld. Dr सुनवाईकीतारीख/ : 17/01/2020 Date Of Hearing घोषणाकीतारीख / : 19/03/2020 Date Of Pronouncement

…t paid to a partner upon retirement, after taking accounts and upon deduction of liabilities, does not involve an element of transfer within the meaning of Section 2(47). This decision has subsequently been followed by Hon’ble Court in CIT V/s Riyaj A.Sheikh (41 Taxmann.com 455 26/02/2013). Similar analogous view has been taken by Hon’ble court in subsequent decisions titled as Pr.CIT V/s Electroplast Engineers (104 Taxmann.com 444 26/03/2019) which follows the decision of Hon’ble Karnataka High M/s Anik Industries Ltd. Assessment Years-2010-11 & 2012-13 Court in CIT V/s Dynamic Enterprises (359 ITR 83 2013). Si…

Rahas Investment P.Ltd, Mumbai vs. DCIT 10(1), Mumbai

In the result, appeal of the assessee is dismissed and appeal of the revenue is dismissed

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh, Jm M/S. Lupin Investments Vs. Deputy Commissioner Of Private Limited (Successor To Income Tax, 10(1) Rahas Investments Private Aayakar Bhavan Limited M.K.Road, 159, Cst Road, Mumbai – 400 020 Kalina, Santacruz(E) Mumbai – 400 098 Pan/Gir No.Aaacr3202L (Appellant) .. (Respondent) Deputy Commissioner Of Vs. M/S. Lupin Investments Private Income Tax, 10(1) Limited (Successor To Rahas Aayakar Bhavan Investments Private Limited M.K.Road, 159, Cst Road, Mumbai – 400 020 Kalina, Santacruz(E) Mumbai – 400 098 Pan/Gir No.Aaacr3202L (Appellant) .. (Respondent) Assessee By Shri Hemen Chandariya Revenue By Shri Padmapani Bora Date Of Hearing 08/11/2019 Date Of Pronouncement 05/02/2020

…rendered by this Tribunal in the case of Shri Sudhakar Shetty was reversed by the decision of Ms. Hemalata S Shetty (wife of Shri Sudhakar Shetty) by following the decision of Hon’ble Jurisdictional High Court in the case of CIT vs. Riyaz A Sheikh reported in 41 Taxmann.com 455(Bom). 12.2. We also find further that the decision rendered by this Tribunal in the case of Ms. Hemalata Shetty supra has been subsequently upheld by the Hon’ble Jurisdictional High Court in ITA No.1755 of 2016 dated 05/03/2019 wherein it was held that the amount received by a partner on retirement is not subject to tax in the hands of re…

DCIT Cen Cir 4(1) Cen RG 4, Mumbai vs. Thakur Estate Development P. Ltd, Mumbai

In the result, the appeal of Revenue is dismissed and cross objection of the assessee is allowed as above

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm) Assessment Year-2012-13 Dcit, M/S Thakur Estate Central Circle-4(1), बनाम/ Development Pvt. Ltd. R. No.1916, 19Th Floor, G-1, Thakur House, Vs. Air India Building, Ahsok Nagar, Kandivali(E), Nariman Point, Mumbai-400101 Mumbai-400021 Pan No.Aaack2629J (राज"व /Revenue) ("नधा"रती /Assessee)

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,डी,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “D”, MUMBAI Before Shri Shamim Yahya (AM) and Shri Amarjit Singh (JM) Assessment Year-2012-13 DCIT, M/s Thakur Estate Central Circle-4(1), बनाम/ Development Pvt. Ltd. R. No.1916, 19th Floor, G-1, Thakur House, Vs. Air India Building, Ahsok Nagar, Kandivali(E), Nariman Point, Mumbai-400101 Mumbai-400021 PAN No.AAACK2629J (राज"व /Revenue) ("नधा"रती /Assessee) CO No.311/Mum/2017 (Arising out of ITA No.4651/Mum/2016) Assessment Year-2012-13 M/s Thakur Estate Development DCIT, Pvt. Ltd. बनाम/ Central Circle-4(1), G-1, Tha…

ITO 16(3)(3), Mumbai vs. Ramal P. Advani, Mumbai

In the result, the appeals filed by the Revenue stand dismissed

Bench: Shri Shamim Yahya, Am & Shri Pawan Singh, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, AM AND SHRI PAWAN SINGH, JM I.T.A. Nos. 6491 & 6963/Mum/2016 (Assessment Year: 2010-11 & 2008-09) I.T.O-16(3)(3), Ramal P. Advani Room NO. 448, 4th Floor, 6, Renukar Building, Aayakar Bhavan, M. K. Road, Vs. Linking Road, Bandra (W), Mumbai-400 020 Mumbai-400 050 PAN/GIR No. ABZPA 0965 G (Appellant) : (Respondent) : Shri Ram Tiwari Appellant by : Shri Nilesh Zaveri Respondent by Date of Hearing : 26.06.2018 Date of Pronouncement : 27.08.2018 O R D E R Per Shamim Yahya, A. M.: These are appeals by the Revenue against the respectiv…

Kaushalya R Sampat, Mumbai vs. ITO 19(3)(2), Mumbai

In the result, the appeal of assessee is allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Mrs. Kaushalya R. Sampat Income Tax Officer, Flat No.1A, Hill Top Society, 9(3)(2),Piramal Chambers, Pali Hill Road, Bandra(W) Vs. Lalbaug,Mumbai-400012 Mumbai-400050 Pan No.Aaqps06609F Appellant .. Respondent Assessee By .. Shri. K.Gopal, Ar Revenue By .. Shri. M.V. Rajguru, Dr Date Of Hearing .. 05-01-2017 Date Of Pronouncement .. 05-01-2017 O R D E R Per Mahavir Singh, Jm:

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SRI MAHAVIR SINGH, JM AND SRI N.K. PRADHAN, AM Mrs. Kaushalya R. Sampat Income Tax Officer, Flat No.1A, Hill Top Society, 9(3)(2),Piramal Chambers, Pali Hill Road, Bandra(W) Vs. Lalbaug,Mumbai-400012 Mumbai-400050 PAN No.AAQPS06609F Appellant .. Respondent Assessee by .. Shri. K.Gopal, AR Revenue by .. Shri. M.V. Rajguru, DR Date of hearing .. 05-01-2017 Date of pronouncement .. 05-01-2017 O R D E R PER MAHAVIR SINGH, JM: This appeal by the assessee is arising out of the order of CIT (A)-30, Mumbai, in appeal No. CIT(A)-30/ITO-19(3)(2)/IT-314/11-12 d…

Ramesh Builders, Mumbai vs. ITO 12(1)(1), Mumbai

In the result, the appeal filed by the assessee-Ramesh Builders(India) in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar V. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./Pan : Aaafr4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…99आयकर अपील"य अ"धकरण “D” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar v. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./PAN : AAAFR4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A. No.1798/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders, बनाम/ Income Tax 9…

Ramesh Builders (India), Mumbai vs. ITO 12(1)(2), Mumbai

In the result, the appeal filed by the assessee-Ramesh Builders(India) in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar V. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./Pan : Aaafr4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…99आयकर अपील"य अ"धकरण “D” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar v. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./PAN : AAAFR4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A. No.1798/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders, बनाम/ Income Tax 9…

Anant B. Tawade, Mumbai vs. ITO 17(3)(1), Mumbai

Bench: Shri Amit Shukla & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 6362/Mum/2012 ("नधा"रण वष" / Assessment Year : 2008-09) Shri Anand B. Tawade, Ito – 17(3)(1), बनाम/ 106, Roop Rayon Mill Piramal Chambers, V. Compound, Lalbaug, Near Datt Mandir, Mumbai. Jijamata Nagar, Kalachowki, Mumbai – 400 033. "थायी लेखा सं./Pan : Acdpt 9937A (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…आयकर अपील"य अ"धकरण “A” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 6362/Mum/2012 ("नधा"रण वष" / Assessment Year : 2008-09) Shri Anand B. Tawade, ITO – 17(3)(1), बनाम/ 106, Roop Rayon Mill Piramal Chambers, v. Compound, Lalbaug, Near Datt Mandir, Mumbai. Jijamata Nagar, Kalachowki, Mumbai – 400 033. "थायी लेखा सं./PAN : ACDPT 9937A (अपीलाथ" /Appellant) .. (""यथ" / Respondent) Assessee by Shri Satish R. Mody Revenue by : Shri Ganesh Bare (Sr.DR) सुनवाई क" तार"ख /Date of Hearing…