Commissioner of Income Tax v. Shervani Hospitalities Ltd.

The Ruby Mills Limited, Mumbai vs. DCIT, Circle - 8(3)(1), Mumbai

In the result, the substantial ground of appeal is allowed

Bench: Shri Pawan Singh & Shri Prabhash Shankar(Physical Hearing) The Ruby Mills Limited Dcit, Circle – 8(3)(1), 11Th Floor, Ruby House A, J.K. Sawant Vs Aayakarbhawan,Mumbai-400020. Marg, Dadar West, Mumbai – 400028. [Pan No. Aaact0220G] Appellant / Assessee Respondent / Revenue

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER (Physical hearing) The Ruby Mills Limited DCIT, Circle – 8(3)(1), 11th Floor, Ruby House A, J.K. Sawant Vs AayakarBhawan,Mumbai-400020. Marg, Dadar West, Mumbai – 400028. [PAN No. AAACT0220G] Appellant / Assessee Respondent / Revenue Assessee by Ms. Simran Dhawan & Ravi Ganatra Advocates Revenue by Shri Umashankar Prasad, CIT-DR Date of institution of appeal 30.04.2025 Date of hearing 26.06.2025 Date of pronouncement 30.06.2025 Order under section 254(1) of Income Tax A…

DCIT CC7 (2), Mumbai vs. M/S. Anik Industries Ltd, Mumbai

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Pramod Kumar & Shri Pavan Kumar Gadaledcit, Cc-7(2) Vs. M/S Anik Industries Ltd Room No. 655, 3Rd Floor, 610, Tulsiani Aayakar Bhavan, Chamber, Nariman Point Mk Road, Mumbai – 400021. Mumbai – 400020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacm2696K Appellant .. Respondent Appellant By : Smt Shailja Rai.Dr Respondent By : Shri.Bhupendra Shah.Ar Date Of Hearing 26.07.2022 Date Of Pronouncement 28.07.2022 आदेश / O R D E R Per Pavan Kumar Gadale, Jm: The Revenue Has Filed The Appeal Against The Order Passed By The Commissioner Of Income Tax (Appeals) U/S 271(1)(C) & 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

…t does not readily follow merely because the claim was found inadmissible. 6.2.41. I find that a similar standpoint has been upheld by the Hon'ble High Court of Delhi in the case of Commissioner of Income Tax v. Shervani Hospitalities Ltd. reported in [(2013) 261 CTR 449 (Del)], wherein the following observations have been made: "Disallowance of claim for deduction was made. Issue raised by the assessee was debatable and capable of two views. Assessee had an arguable case or had taken a bonafide plea. Assessee had given its explanation and categorically and clearly stated the true and full facts in the return its…

M/S.Robust Transportation Private Limited, Mumbai vs. DCIT-3(3)(1), Mumbai

In the result, this appeal by the assessee stands allowed

Bench: Shri Shamim Yahya, Am & Shri Saktijit Dey, Jm

…hen the appellant had furnished full details in return itself, and, the claim is debatable. This similar standpoint has been upheld by the Hon'ble High Court of Delhi in the case of Commissioner of Income Tax v. Shervani Hospitalities Ltd. reported in [(2013) 261 CTR 449 (Del)] wherein the following observations have been made: "Disallowance of claim for deduction was made. Issue raised by the assessee was debatable and capable of two views. Assessee had an arguable case or had taken a bonafide plea. Assessee had given its explanation and categorically and clearly stated the true and full facts in the return itse…

Asst CIT Cen Cir 29, Mumbai vs. Sunil Mantri Realtors Ltd, Mumbai

Bench: S/Shri Rajendra & Pawan Singhअपील संसंसंसं./I.T.A./5159/Mum/2014, िनधा"रण वष" /Assessment Year: 2010-11 आयकर अपील िनधा"रण वष" आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" The Acit-Central Circle 29, Sunil Mantri Realtors Ltd., Room No.414, 4Th Floor, Aayakar Bhavan, G-1, Court Chambers, Ground Floor, Mumbai-400 020 Vs. V Thakkersey Marg, 35, New Marine Lines, Churchgate, Mumbai 400 020. Pan: Aaecm3036B (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By : Shri V Justin- Dr Assessee By : Shri Abhishek Jhunjhunwala-Ar सुनवाई क" तारीख / Date Of Hearing: 10.04.2018 घोषणा क" तारीख / Date Of Pronouncement: 10.04.2018 आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) अनुसार Per Rajendra, Am- लेखा सद"य सद"य राजे"" राजे"" केकेकेके अनुसार लेखा लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Order Dated 20Th May 2014 Of Cit(A)-40, Mumbai, The Assessing Officer (Ao) Has Filed The Present Appeal. Assessee- Company Had Filed Its Return Of Income On 30/09/2010, Declaring Total Income Of Rs 46,144/-. The Ao Completed The Assessment, On 30Th Jan 2013, Under Section 143(3) Of The Act, Determining Its Income At Rs 40.42 Lacs. While Completing The Assessment,He Made Disallowance Of Rs 39.96 Lacs With Regard To Profit On Sale Of Shares. He Issued A Notice Under Section 274 R.W.S 271(1)(C) Of The Act For Filing Inaccurate Particulars Of Income.

…sessee preferred appeal before the First Appellate Authority (FAA) and made detailed submissions. After considering the available material and relying upon the judgment of Reliance Petro Chemicals Product Limited (322 ITR 158), Sherwani Hospitalities Limited (261 CTR 449), Bacardy Martini India Limited 288 ITR 585), he allowed the appeal of the assessee. 3. In the meanwhile, the assessee challenged the additions in the quantum appeal. Vide its order dated 30th September 2015, the Tribunal (ITA 4216/Mum/2013) restored back issue of taxability of Long Term Capital gains on listed equity shares to the file of the A…