CIT v. Softworks Computers Pvt. Ltd.

DY. COMMISSIONER OF INCOME TAX 5(2)(1), MUMBAI, MUMBAI vs. JSW STEEL COATED PRODUCTS LIMITED, MUMBAI

In the result, appeal of the

Bench: Shri Pawan Singh & Shri Girish Agrawal

…decisions would not be applicable on the loan transaction which has been taken on capital account, even if it is for the business purpose. The Hon'ble Bombay High Court in a subsequent decision in the case of CIT vs. Softworks Computers Pvt. Ltd. Reported in 354 ITR 16, has held that loan taken for acquiring a capital asset when subsequently waived is not chargeable to tax. The relevant observation of the Hon'ble High Court wherein they had discussed the ratio of Solid Container Ltd. (supra) and the earlier decision of the Hon'ble Bombay High Court in the case of Mahindra & Mahindra is reproduced as under: 7. W…

DCIT-5(2)(1),MUMBAI, AAYAKAR BHAVAN vs. JSW STEEL COATED PRODUCTS LIMITED, MUMBAI

In the result, appeal of the

Bench: Shri Pawan Singh & Shri Girish Agrawal

…decisions would not be applicable on the loan transaction which has been taken on capital account, even if it is for the business purpose. The Hon'ble Bombay High Court in a subsequent decision in the case of CIT vs. Softworks Computers Pvt. Ltd. Reported in 354 ITR 16, has held that loan taken for acquiring a capital asset when subsequently waived is not chargeable to tax. The relevant observation of the Hon'ble High Court wherein they had discussed the ratio of Solid Container Ltd. (supra) and the earlier decision of the Hon'ble Bombay High Court in the case of Mahindra & Mahindra is reproduced as under: 7. W…

JSW STEELS LTD,MUMBAI vs. DCIT CC 8(3), MUMBAI

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

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

…decisions would not be applicable on the loan transaction which has been taken on capital account, even if it is for the business purpose. The Hon'ble Bombay High Court in a subsequent decision in the case of CIT vs. Softworks Computers Pvt. Ltd. Reported in 354 ITR 16, has held that loan taken for acquiring a capital asset when subsequently waived is not chargeable to tax. The relevant observation of the Hon'ble High Court wherein they had discussed the ratio of Solid Container Ltd. (supra) and the earlier decision of the Hon'ble Bombay High Court in the case of Mahindra & Mahindra is reproduced as under: "7. W…

ACIT CENT. CIR 5(4), MUMBAI vs. SHRI SUNIL B.DALAL, MUMBAI

In the result, Appeal of The ld AO is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm The Asst. Commissioner Of Income Tax, Shri Sunil B Dalal Central Circle 5(4) D/52, Tarabaug Estate, Room No.1927, 19Th Floor, Charni Road, Vs. Air India Bldg, Mumbai-400 004 Nariman Point, Mumbai-400 021 (Respondent) (Appellant) Pan No. Aaepd3658F Assessee By : Shri Sashi Tulsiyan, Ar Revenue By : Shri Hoshang B. Irani, Dr Date Of Hearing: 06.07.22 Date Of Pronouncement : 12.07.2022

…le since the same is in the nature of cash or money. Assessee relied on the decision of Hon'ble Delhi High Court in case of Logitronics (P.) Ltd. Vs CIT [2011] 197 Taxman 394 (Delhi), Hon'ble Bombay High Court in case of CIT vs. Soft works Computers (P.) Ltd. 354 ITR 16. The learned Assessing Officer rejected the contention of the assessee stating that the several judgments quoted do not apply to Shri Sunil B Dalal; A.Y. 18–19 the facts of the case as the loan written back was taken for primary business activity of the assessee i.e. advancing to others for earning interest income. The learned Assessing Officer he…

BATLIBOI LTD,MUMBAI vs. DCIT CIR 2(1), MUMBAI

In the result, appeal of the assessee is allowed in part

Bench: Shri M.Balaganesh, Am & Shri Pavan Kumar Gadale, Jm M/S. Batliboi Limited Vs. Dy. Cit, Circle 2(1) Bharat House, Aayakar Bhavan 5Th Floor, 104 5Th Floor, Mumbai-400001 Mumbai Samachar Marg Fort, Mumbai -400 001 Pan/Gir No. Aaacb4408L (Appellant) .. (Respondent)

…oresaid proposition is also well supported by Hon'ble Bombay High Court in the case of Mahindra & Mahindra v. CIT [2003] 261 ITR 501/128 Taxman 394 (Bom.). Similarly, in a later judgment Hon'ble Court in the case of CIT v. Softworks Computers (P.) Ltd. [2013] 354 ITR 16/216 Taxman 219 (Mag.)/35 taxmann.com 610 (Bom.), after considering the said judgment and also the 33 M/s. Batliboi Limited judgment of Solid Containers Ltd. v. Dy. CIT [2009] 308 ITR 417/178 Taxman 192 (Bom.), observed and held as under:— "7. We find that the decision of this court in the matter of Solid Containers Ltd. (supra) has also considere…

DCIT CEN CIR 8(3), MUMBAI vs. TRANQUIL HOMES & HOLDING P.LTD, BANGALORE

Bench: Shri D.T. Garasia () & Shri Ashwani Taneja ()

…CIT(A) and also relied upon the judgments considered by the Ld. CIT(A). In addition to that, he placed reliance on the following judgements:- CIT vs Xylon Holdings Pvt Ltd (Income Tax Appeal No.3704 of 2001) dated 13-09-2012 CIT vs Softworks Computers Pvt Ltd 354 ITR 16 (Bom) Skraemeco Regent Ltd vs CIT 331 ITR 317 (Mad) 10. In addition to the above, the Ld. Counsel drew our attention on the statement of Shri M.V.S. Sesagiri Rao in the capacity of Director of JSW Steel Ltd recorded on oath at time of search upon the aforesaid company as well as break-up of the surrender made by Shri M.V.S. Sesagiri Rao at the tim…

DCIT CEN CIR 8(3), MUMBAI vs. NALWA CHROME P.LTD, MUMBAI

Bench: Shri D.T. Garasia () & Shri Ashwani Taneja ()

…CIT(A) and also relied upon the judgments considered by the Ld. CIT(A). In addition to that, he placed reliance on the following judgements:- CIT vs Xylon Holdings Pvt Ltd (Income Tax Appeal No.3704 of 2001) dated 13-09-2012 CIT vs Softworks Computers Pvt Ltd 354 ITR 16 (Bom) Skraemeco Regent Ltd vs CIT 331 ITR 317 (Mad) 10. In addition to the above, the Ld. Counsel drew our attention on the statement of Shri M.V.S. Sesagiri Rao in the capacity of Director of JSW Steel Ltd recorded on oath at time of search upon the aforesaid company as well as break-up of the surrender made by Shri M.V.S. Sesagiri Rao at the tim…

DCIT 8(1), MUMBAI vs. GARWARE POLYESTER LTD, MUMBAI

In the result, appeal filed by the assessee company in ITA No

Bench: Shri & Shri Amit Shukla & Manoj Kumar Aggarwalआमकय अऩीर सं./I.T.A. No. 6169/Mum/2011 (नििाारण वषा / Assessment Year: 2007-08) आमकय अऩीर सं./I.T.A. No. 6541/Mum/2011 (नििाारण वषा / Assessment Year: 2007-08) बिाम/ M/S Garware Polyester Dy. Cit- 8(1), Limited, 50 A, Swami Mumbai. V. Nityanand Marg, Western Express Highway, Vile Parle (East), Mumbai – 57. स्थामी रेखा सं./ Pan : Aaacgo571D (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) Assessee By Shri Saurabh Deshpande Revenue By : Shri Anuj Kisandwala सुनवाई की तायीख /Date Of Hearing : 12-01-2017 घोषणा की तायीख /Date Of Pronouncement : 18-01-2017 आदेश / O R D E R Per, Amit Shukla: The Aforesaid Cross Appeals Have Been Filed By The Assessee As Well As By The Revenue Against The Impugned Order Dated 28Th July, 2011, Passed By The Ld. Cit(Appeals) – 15, Mumbai For The Quantum Assessment Passed U/S 144(C)(4) R.W.S. 143(3) Of The Income Tax Act, 1961, For The Assessment Year 2007-08. Ita 6169/M/11 & Ita 6541/M/11 2

…आयकर अपीऱीय अधिकरण “K” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI AND SHRI AMIT SHUKLA, JUDICIAL MEMBER AND MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER आमकय अऩीर सं./I.T.A. No. 6169/Mum/2011 (नििाारण वषा / Assessment Year: 2007-08) आमकय अऩीर सं./I.T.A. No. 6541/Mum/2011 (नििाारण वषा / Assessment Year: 2007-08) बिाम/ M/s Garware Polyester Dy. CIT- 8(1), Limited, 50 A, Swami Mumbai. v. Nityanand Marg, Western Express Highway, Vile Parle (East), Mumbai – 57. स्थामी रेखा सं./ PAN : AAACGO571D (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) Assessee by Shri Saurabh Deshpande R…

GARWARE POLYESTER LTD.,MUMBAI vs. DY.CIT-8(1), MUMBAI

In the result, appeal filed by the assessee company in ITA No

Bench: Shri & Shri Amit Shukla & Manoj Kumar Aggarwalआमकय अऩीर सं./I.T.A. No. 6169/Mum/2011 (नििाारण वषा / Assessment Year: 2007-08) आमकय अऩीर सं./I.T.A. No. 6541/Mum/2011 (नििाारण वषा / Assessment Year: 2007-08) बिाम/ M/S Garware Polyester Dy. Cit- 8(1), Limited, 50 A, Swami Mumbai. V. Nityanand Marg, Western Express Highway, Vile Parle (East), Mumbai – 57. स्थामी रेखा सं./ Pan : Aaacgo571D (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) Assessee By Shri Saurabh Deshpande Revenue By : Shri Anuj Kisandwala सुनवाई की तायीख /Date Of Hearing : 12-01-2017 घोषणा की तायीख /Date Of Pronouncement : 18-01-2017 आदेश / O R D E R Per, Amit Shukla: The Aforesaid Cross Appeals Have Been Filed By The Assessee As Well As By The Revenue Against The Impugned Order Dated 28Th July, 2011, Passed By The Ld. Cit(Appeals) – 15, Mumbai For The Quantum Assessment Passed U/S 144(C)(4) R.W.S. 143(3) Of The Income Tax Act, 1961, For The Assessment Year 2007-08. Ita 6169/M/11 & Ita 6541/M/11 2

…आयकर अपीऱीय अधिकरण “K” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI AND SHRI AMIT SHUKLA, JUDICIAL MEMBER AND MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER आमकय अऩीर सं./I.T.A. No. 6169/Mum/2011 (नििाारण वषा / Assessment Year: 2007-08) आमकय अऩीर सं./I.T.A. No. 6541/Mum/2011 (नििाारण वषा / Assessment Year: 2007-08) बिाम/ M/s Garware Polyester Dy. CIT- 8(1), Limited, 50 A, Swami Mumbai. v. Nityanand Marg, Western Express Highway, Vile Parle (East), Mumbai – 57. स्थामी रेखा सं./ PAN : AAACGO571D (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) Assessee by Shri Saurabh Deshpande R…

ASST CIT CIR 11(5) vs. JSW STEEL LTD,

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

…. The aforesaid proposition is also well supported by Hon’ble Bombay High Court in the case of Mahindra & Mahindra vs. CIT, reported in 261 ITR 501. Similarly, in a later judgment Hon’ble Court in the case of CIT vs. Softworks Computers Pvt. Ltd., reported in 354 ITR 16, after considering the said judgment and also the judgment of Solid containers Ltd., reported in 308 ITR 417, observed and held as under:- “7. We find that the decision of this court in the matter of Solid Containers Ltd. (supra) has also considered the earlier decision in the matter of Mahindra and Mahindra Ltd. (supra) and distinguished the sam…

JSW STEEL LTD vs. ASST CIT CIR 11(5),

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

…. The aforesaid proposition is also well supported by Hon’ble Bombay High Court in the case of Mahindra & Mahindra vs. CIT, reported in 261 ITR 501. Similarly, in a later judgment Hon’ble Court in the case of CIT vs. Softworks Computers Pvt. Ltd., reported in 354 ITR 16, after considering the said judgment and also the judgment of Solid containers Ltd., reported in 308 ITR 417, observed and held as under:- “7. We find that the decision of this court in the matter of Solid Containers Ltd. (supra) has also considered the earlier decision in the matter of Mahindra and Mahindra Ltd. (supra) and distinguished the sam…