Commissioner of Income Tax (IT)-4 v. M/s. Siemens Nixdorf Information Systemse GmbH

VINAY TARACHAND CHAWLA,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX - 6, MUMBAI

In the result, the appeal of the assessee is allowed

…0 Crores for an amount of Rs.5 lakhs and\nclaimed the loss of Rs.29.95 Crores as short-term capital loss.\nThis loss is also allowed as explained by the Hon'ble\njurisdictional High Court in the cases of CIT vs Siemens Nixdorf\nInformation Systeme GmbH [2020] 114 Taxmann.com 531 Bom\nand PCIT vs Reliance Natural Resource Ltd [2019] 111\nTaxmann.com 413 Bom, wherein Hon'ble jurisdictional High\nCourt has held that 'Loan given by assessee to its subsidiary\ncompany would be covered by meaning of 'capital asset' under\nsection 2(14)' [headnote from taxmann.com]. SLP filed by\ndepartment against above two decisions h…

RELIANCE LIFE SCIENCES P. LTD.,MUMBAI vs. PR. CIT-8, MUMBAI

The appeals stand allowed in terms of our above order

Bench: Hon’Ble Shri Pavan Kumar Gadale, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) 1. आयकरअपील सं./ I.T.A. No.533/Mum/2021 (धििाारण वर्ा / Assessment Year: 2014-15) & 2. आयकरअपील सं./ I.T.A. No.534/Mum/2021 (धििाारण वर्ा / Assessment Year: 2015-16) Reliance Life Sciences Pvt. Ltd. Pr. Cit - 8 Dhirubhai Ambani Life Sciences Centre, Aaykar Bhavan, M. K. Road, बिाम/ R-282, Ttc Area Of Midc Mumbai-400 020 Vs. Thane Belapur Road, Rabale, Navi Mumbai-400 701 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aabcr-7594-L (अपीलाथी/Appellant) : (प्रत्यथी / Respondent) अपीलाथीकीओरसे/ Appellant By : Shri Nimesh Vora-Ld. Ar प्रत्यथीकीओरसे/Respondent By : Shri Anand Mohan-Ld. Cit-Dr सुनवाईकीतारीख/ : 07/09/2021 Date Of Hearing घोषणाकीतारीख / : 05/10/2021 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal () 1.1 As Per The Provisions Of Section 263 Of Income Tax Act, 1961, The Revenue Authorities Namely Pr. Commissioner Of Income Tax / Commissioner Of Income Tax Is Vested With The Supervisory Powers Of Suo-Moto Revision Of Any Order Passed By The Assessing Officer [Ao]. For The Said Purpose, The Appropriate Authority May Call For & Examine

…ed the claim on merits by submitting that the investment was a capital asset and losses arising there-from were allowable as capital losses, inter-alia, in terms of the decision of Hon’ble Bombay High Court in CIT V/s Siemens Nixdorf Information Systems GmbH (114 Taxmann.com 531). 4.3 However, disregarding the same, Ld. Pr. CIT concluded that Ld. AO had failed to make necessary enquiry and bring on record all facts necessary for determining the true character and nature of income. Omission to do so has made the order erroneous and prejudicial within the meaning of Sec.263 read with explanation 2(a). Therefore, th…