CIT v. Taj International Jewellers (20 Taxmann.com 1)

ARVIND CHHOTALAL MORZARIA,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 27(1), MUMBAI

In the result, the appeal of the assessee bearing ITA No

ITA 5176/MUM/2025[2017-18]Status: DisposedITAT Mumbai10 Dec 2025AY 2017-18

Bench: Shri Anikesh Banerjee & Shri Prabhash Shankar

For Appellant: Shri Dharan Gandhi & Ms. Vinita NaraFor Respondent: Shri Surendra Mohan (SR.DR)

Section 143(3)Section 24Section 250Section 57

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A”, MUMBAI BEFORE SHRI ANIKESH BANERJEE, JUDICIAL MEMBER AND SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER I.T.A No.5176/Mum/2025 (Assessment Year: 2017-18) Arvind Chhotalal Morzaria vs Assistant Commissioner of 501, Neelkanth Royale, 5th Income-tax, Circle-27(1), Mumbai Room No. 415, 4th Floor, Tower Floor, Joshi Lane, Off. M.G. Road, Ghatkopar (West), No.6, Vashi Railway Station, Navi Mumbai-400 077 Mumbai, Maharastra PAN : AEKPM9977L APPELLANT RESPONDENT Assessee by : Shri Dharan Gandhi & Ms. Vinita Nara Respondent by : Shri Surendra Mohan (SR.DR) Date of hear…

NARAYAN INDUSTIRES ,NEW DELHI vs. ACIT, CIRCLE- 60(1), NEW DELHI

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

ITA 6153/DEL/2017[2014-15]Status: DisposedITAT Delhi30 Jun 2022AY 2014-15

Bench: Sh. Aakash Deep Jaindr. B. R. R. Kumar

For Appellant: Sh. Rohit Jain, Adv. &For Respondent: Sh. N. K. Bansal, Sr. DR

Section 253

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI Before Sh. Aakash Deep Jain, Vice President Dr. B. R. R. Kumar, Accountant Member ITA No. 6153/Del/2017 : Asstt. Year : 2014-15 Narayan Industries, Vs ACIT, 504-A, Nagarjuna Apartments, Circle-60(1), Chilla Regulator, Mayur Vihar, New Delhi Phase-1, New Delhi (APPELLANT) (RESPONDENT) PAN No. ADPPC2225D Assessee by : Sh. Rohit Jain, Adv. & Ms. Manish Sharma, Adv. Revenue by : Sh. N. K. Bansal, Sr. DR Date of Hearing: 12.05.2022 Date of Pronouncement: 30.05.2022 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed b…

DHARAM BHUSHAN JAIN,NEW DELHI vs. ACIT, CIRCLE- 61(1), NEW DELHI

In the result, appeal of the Assessee is allowed

ITA 4578/DEL/2018[2014-15]Status: DisposedITAT Delhi10 Jan 2022AY 2014-15

Bench: Shri R.K. Panda & Shri N.K. Choudhary

For Appellant: Shri Ravi Pratap MallFor Respondent: Ms. Sangeeta Yadav, Sr.DR

Section 143(2)Section 234ASection 234BSection 234CSection 57Section 57o

…he claim and disallow the claim of expenditure incurred of Rs.5,41,398/-. 3. That without prejudice and in the alternative the learned CIT(A) has further erred in failing to appreciate that the Hon'ble High Court in the case of CIT vs. U. K. Bose reported in 212 Taxmann 399 has held that netting of interest is permissible while computing the total income and thus the claim of deduction made from interest income was a permissible deduction. 3 ITA.No.4578/Del./2018 Shri Dharam Bhushan Jain, New Delhi. 4. The finding of the learned CIT(A) in his order that the deduction is not allowable u/s 57of the Act is based o…

ESSAR HOUSE LTD,MUMBAI vs. ASST CIT (CIR) 6(2)(2), MUMBAI

In the result the appeal of the revenue is dismissed

ITA 1930/MUM/2018[2014-15]Status: DisposedITAT Mumbai11 Dec 2020AY 2014-15

Bench: Shri Rajesh Kumar & Shri Ravish Soodassessment Year: 2014-15 M/S. Essar House Ltd., Asst Cit (Cir) 6(2)(2), Essar House, R.No.504, 5Th Floor, 11 K.K. Marg, Vs. Aayakar Bhavan, Mahalaxmi, M.K. Road, Mumbai – 400 034 Mumbai - 400020 Pan: Aaacj2883P (Appellant) (Respondent) Present For: Assessee By : Shri Vijay Mehta, A.R. & Shri Anuj Kisnadwala, A.R. Revenue By : Shri R. Manjunatha Swamy, D.R. Date Of Hearing : 23.10.2020 Date Of Pronouncement : 11.12.2020 O R D E R Per Rajesh Kumar: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 31.01.2018 Of The Commissioner Of Income Tax (Appeals) [Hereinafter Referred To As The Cit(A)] Relevant To Assessment Year 2014-15. 2. The Various Grounds Raised By The Assessee Are As Under: “1. The Cit (A) Has Erred In Confirming The Disallowance Of Interest Amount Payable Towards Defeasance Of Sales Tax Liability Amounting To Rs.226,07,45,800. 2. The Cit(A) Has Erred In Holding That Interest Liability Cannot Be Treated As Expenditure Incurred For The Purpose Of Earning Or Making Income By Way Of Discounting Charges On The Zero Coupon Bonds (Zcbs) & Consequently , The Same Is Not Eligible For Deduction U/S 57(Iii) Of The Act Against The Income By Way Of Discounting Charges On Zcbs. 3. The Cit(A) Erred In Holding That Transaction Is Not A Bonafide In Nature & Interest Liability Was Arisen From Adoption Of A Colorable Device By The Appellant For Avoidance Of Tax.

For Appellant: Shri Vijay Mehta, A.R. &For Respondent: Shri R. Manjunatha Swamy, D.R

Section 57

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “E”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI RAVISH SOOD, JUDICIAL MEMBER Assessment Year: 2014-15 M/s. Essar House Ltd., Asst CIT (CIR) 6(2)(2), Essar House, R.No.504, 5th Floor, 11 K.K. Marg, Vs. Aayakar Bhavan, Mahalaxmi, M.K. Road, Mumbai – 400 034 Mumbai - 400020 PAN: AAACJ2883P (Appellant) (Respondent) Present for: Assessee by : Shri Vijay Mehta, A.R. & Shri Anuj Kisnadwala, A.R. Revenue by : Shri R. Manjunatha Swamy, D.R. Date of Hearing : 23.10.2020 Date of Pronouncement : 11.12.2020 O R D E R Per Rajesh Kumar, Accountant Member: The…

ACIT (LTU), NEW DELHI vs. M/S HAVELLS INDIA LTD., NEW DELHI

In the result, appeal of the assessee is partly allowed

ITA 466/DEL/2011[2007-08]Status: DisposedITAT Delhi25 Aug 2020AY 2007-08

Bench: Shri Amit Shukla & Shri Prashant Maharishihavells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi Cr Building Ip Estate, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Ltu, Nbcc Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Acit (Ltu), Vs. Havells India Ltd, Nbcc Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi Pan: Aaach0351E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Saras Kumar, Sr. DR

Section 143(3)Section 144ASection 14ASection 80H

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ―C‖: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Havells India Ltd, Vs. DCIT, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi CR Building IP Estate, PAN: AAACH0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. DCIT, 1/7 Ram Kishore Road, LTU, NBCC Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, PAN: AAACH0351E New Delhi (Appellant) (Respondent) ACIT (LTU), Vs. Havells India Ltd, NBCC Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi PAN: AAACH…

M/S HAVELLS INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, appeal of the assessee is partly allowed

ITA 6073/DEL/2010[2007-08]Status: DisposedITAT Delhi25 Aug 2020AY 2007-08

Bench: Shri Amit Shukla & Shri Prashant Maharishihavells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi Cr Building Ip Estate, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Ltu, Nbcc Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Acit (Ltu), Vs. Havells India Ltd, Nbcc Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi Pan: Aaach0351E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Saras Kumar, Sr. DR

Section 143(3)Section 144ASection 14ASection 80H

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ―C‖: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Havells India Ltd, Vs. DCIT, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi CR Building IP Estate, PAN: AAACH0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. DCIT, 1/7 Ram Kishore Road, LTU, NBCC Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, PAN: AAACH0351E New Delhi (Appellant) (Respondent) ACIT (LTU), Vs. Havells India Ltd, NBCC Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi PAN: AAACH…

M/S HAVELLS INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, appeal of the assessee is partly allowed

ITA 6072/DEL/2010[2004-05]Status: DisposedITAT Delhi25 Aug 2020AY 2004-05

Bench: Shri Amit Shukla & Shri Prashant Maharishihavells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi Cr Building Ip Estate, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Ltu, Nbcc Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Acit (Ltu), Vs. Havells India Ltd, Nbcc Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi Pan: Aaach0351E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Saras Kumar, Sr. DR

Section 143(3)Section 144ASection 14ASection 80H

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ―C‖: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Havells India Ltd, Vs. DCIT, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi CR Building IP Estate, PAN: AAACH0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. DCIT, 1/7 Ram Kishore Road, LTU, NBCC Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, PAN: AAACH0351E New Delhi (Appellant) (Respondent) ACIT (LTU), Vs. Havells India Ltd, NBCC Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi PAN: AAACH…