Daga 4 Mrs. Anahaita Nalin Shah v. ACIT Capital Management Pvt. Ltd.

Larsen & Toubro Ltd, Mumbai vs. Addl CIT RG 3, Mumbai

Appeal of the AO is dismissed

Bench: S/Shri Joginder Singh & Rajendraआयकर आयकर अपील अपील संसंसंसं./Ita No./4442/Mum/2010 ,िनधा"रण िनधा"रण वष" वष" /Assessment Years: 1998-99 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Larsen & Toubro Ltd. Dcit - Range 2(2) Room No. 577, 5Th Floor L&T House, N.M. Marg Vs. Ballard Estate, Mumbai-400001 Aayakar Bhavan, M.K. Road Pan: Aaacl0140P Mumbai-400020 आयकर आयकर आयकर अपील आयकर अपील अपील संसंसंसं./Ita No./4599/Mum/2013 ,िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Years: 1998-99 वष" Dcit - Range 2(2) M/S. Larsen & Toubro Ltd. Vs. Mumbai-400020 Ballard Estate, Mumbai-400001 (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri Mukund Chate Assessee By: Shri J.D. Mistry सुनवाई क" तारीख / Date Of Hearing: 24.06.2016 घोषणा क" तारीख / Date Of Pronouncement: 27.07.2016 आयकर आयकर अिधिनयम आयकर आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)केकेकेके अ"तग"त धारा अ"तग"त अ"तग"त आदेश अ"तग"त आदेश आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य सद"य राजे"" राजे"" केकेकेके अनुसार अनुसार Per Rajendra A.M.- लेखा लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Order Dt.26.03.20130Of The Cit(A)-5,Mumbai The Assessing Officer(Ao) & The Assessee Have Filed Cross-Appeals For The Year Under Consideration.Assessee-Company, Engaged In The Business Of Construction, Manufacturing Of Heavy Machinery & Cement, Etc., Filed It Return Of Income On,27.11.1998,Declaring Income Of Rs.37.20 Crores.The Ao Complet -Ed The Assessment,On 28.02.2001, Under Section 143(3) Of The Act, Determining The Income Of The Assessee At Rs.2,09,15,37,490/-.

…as per the working disallowance has to be made at Rs.3.90 crores in place of Rs.1.119 crores. It was contested that the provisions of section 14A r.w. Rule 8D could not be applied retrospectively. Referring to the decision of the Daga Capital Investment Ltd. (26 SOT 603),the FAA held Rule 8D as well as the provisions of sub sections (2) and (3) were retrospective in operation, that all direct and indirect expenses relatable to exempted income. Accordingly he directed the AO to work out the disallowance after examining the working submitted by the assessee. 10.2.Before us the AR started that in A.Y. 1997-98 the FA…

Bp Equities P.Ltd, Mumbai vs. DCIT 4(1), Mumbai

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

Bench: Shri Mahavir Singh, Jm & Shri Rajesh Kumar, Am आमकय अऩीर सं./I.T.A. No.6802/Mum/2014 (ननधधारण वषा / Assessment Year : 2011-12) Bp Equities Private Limited, बनधम/ The Dy. Commissioner Of 24/26, Cama Bldg, 1St Floor, Income Tax Range 4(1), Vs. Dalal Street, Fort, Mumbai. Mumbai-400001 स्थधयी ऱेखध सं./ Pan : Aaacb4602L अपीऱार्थी ओर से / Assessee By Shri Prakash K Jotwani प्रत्यर्थी की ओर से/ Revenue By Shri Sanjeev Jain सुनवाई की तायीख / Date Of Hearing :02.06.2016 घोषणा की तायीख /Date Of Pronouncement :02.06.2016 आदेश / O R D E R Per Bench:

…assessee has claimed dividend income as exempt income amounting to Rs.1,20,841/-. The AO during the course of assessment proceedings following the decision of the Special Bench of the Tribunal rendered in the case of Daga Capital Management Pvt. Ltd. (2008) (26 SOT 603) (Mum)(SB) disallowed the expenses by invoking the provisions of section 14A r.w.rule 8D of the Income tax Rules, 1962 (the Rules) and amount of Rs.9,68,111/- over and above the expenses considered by the assessee at Rs.1,00,042/- vide para 4.5 of the order which reads as under (para 4.5 of AO): “4.5. It is pertinent to mention here that if quant…

Bombay Stock Exchange Ltd, Mumbai vs. Addl CIT RG 2(1), Mumbai

In the result, all the appeals of the assessee are partly allowed for statistical purposes

…ovided in para 5.2 at page 4 of the assessment order. The AO has invoked the provisions of section 14A of the Act r.w.r 8D of the Rules and by following the decision of the Special Bench of the Tribunal in the case of Daga Capital Management Pvt. Ltd. (2008) (26 SOT 603) (Mum)(SB), disallowed the claim of the assessee. The assessee before the CIT(A) challenged the disallowance made by AO disallowing direct expenses under Rule 8D (2)(ii) amounting to Rs.11,56,498/- and 0.5% of average investment under rule 8D (2)(iii) at Rs.6,82,00,000/-. The CIT(A) confirmed the action of the AO by observing as under (Para 5): 3…

Bombay Stock Exchange Ltd, Mumbai vs. Addl CIT RG 2(1), Mumbai

In the result, all the appeals of the assessee are partly allowed for statistical purposes

…ovided in para 5.2 at page 4 of the assessment order. The AO has invoked the provisions of section 14A of the Act r.w.r 8D of the Rules and by following the decision of the Special Bench of the Tribunal in the case of Daga Capital Management Pvt. Ltd. (2008) (26 SOT 603) (Mum)(SB), disallowed the claim of the assessee. The assessee before the CIT(A) challenged the disallowance made by AO disallowing direct expenses under Rule 8D (2)(ii) amounting to Rs.11,56,498/- and 0.5% of average investment under rule 8D (2)(iii) at Rs.6,82,00,000/-. The CIT(A) confirmed the action of the AO by observing as under (Para 5): 3…

Bombay Stock Exchange Ltd, Mumbai vs. Addl CIT RG 2(1), Mumbai

In the result, all the appeals of the assessee are partly allowed for statistical purposes

…ovided in para 5.2 at page 4 of the assessment order. The AO has invoked the provisions of section 14A of the Act r.w.r 8D of the Rules and by following the decision of the Special Bench of the Tribunal in the case of Daga Capital Management Pvt. Ltd. (2008) (26 SOT 603) (Mum)(SB), disallowed the claim of the assessee. The assessee before the CIT(A) challenged the disallowance made by AO disallowing direct expenses under Rule 8D (2)(ii) amounting to Rs.11,56,498/- and 0.5% of average investment under rule 8D (2)(iii) at Rs.6,82,00,000/-. The CIT(A) confirmed the action of the AO by observing as under (Para 5): 3…

Anahaita Nalin Shah, Mumbai vs. ACIT- Range 4 (2), Mumbai

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

Bench: Shri Shailendra Kumar Yadav, Jm & Shri Rajesh Kumar, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI SHAILENDRA KUMAR YADAV, JM AND SHRI RAJESH KUMAR, AM आयकर अपील सं./I.T.A. No. 7115/Mum/2013 ("नधा"रण वष" / Assessment Year: 2010-11) Mrs. Anahaita Nalin Shah Asst. Commissioner of Income Tax, Range 4(2), 6th floor, Income Tax बनाम/ 1/1A, Birla Mansion, 134, N.M. Road, Fort, Office, Maharshi Karve Road, Vs. Mumbai-400 023. Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. AANPS 9303H (अपीलाथ" /Appellant) (""यथ" / Respondent) : : Shri Sanjukta Chowdhury अपीलाथ" क" ओर से / Appellant by : Shri Satya Pal Kumar ""यथ" क" ओर से/Respondent by सुनवाई…

Ashok Kumar Damani, Mumbai vs. ACIT 4(1), Mumbai

Appeal is allowed in favour of assessee

Bench: S/Sh. Rajendra & Parthasarathy Choudhuryअपील सं/.Ita No.1244/Mum/2012,िनधा"रण वष"/Assessment Year-2008-09

…had not given any details to work out the direct nexus of interest expenditure related to exempt income, that the case of the assessee was covered by sub section 3 of section 14A as well as sub section 2. Relying upon the decision of Daga Capital Management (26 SOT 603) he held that even if shares were held in stock- in- trade same were to be considered for the purpose of disallowance.Finally, he upheld the disallowance of Rs.23,84,837/- as worked out by the AO. 4.Before us the Authorised Representative (AR) stated that the AO had made the disallowance without recording any satisfaction, that majority of the sha…