DCIT v. Brijlaxmi Leasing and Finance Ltd.

DCIT 9(3)(2), MUMBAI vs. FUTURE RETAIL LTD, MUMBAI

The appeal of the assessee is allowed, and appeal of the Assessing Officer is dismissed

Bench: Shri C. N. Prasad, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 5959/Mum/2016 (निर्धारणवर्ा / Assessment Year: 2012-13)

…ssessee and the Ld. CIT(A) for the proposition that receipt on account of forfeiture has to be considered only as a capital receipt which are as under. a. Multan Electric upply Co. Ltd. – [(1945) 13 ITR 457 (Lah)] b. Asiatic Oxygen Ltd. V/s. Dy. CIT – [(1994) 49 ITD 355 (Cal)] 15 I.T.A. No. 5959/Mum/2016 & ITA No. 867/Mum/2017 M/s Future Retail Ltd. c. Prism Cement Ltd. V/s. JCIT – [(2006) 101 ITD 103 (Mum)] d. DepakFertilisers and Petrochemicals Copn. Ltd. V/s. DCIT – [(2009) 116 ITD 372 (Mum)] e. DCIT V/s. Brijlaxmi Leasing & Finance Ltd. – [(2009) 118 ITD 546 (Ahd)] f. Graviss Hospitality Ltd. V/s. Dy. CIT –…

EXIND TRADING P. LTD,MUMBAI vs. ITO 6(2)(4), MUMBAI

In the result, this appeal by the assessee stands allowed for statistical purposes

Bench: Shri Shamim Yahya & Shri Ravish Sood: A.Y : 2012-13

…e assessee further submitted that Section 78(1) and 78(2) of the Companies Act, 1956 are independent and cannot be read together. He further referred to the following case laws :- i. PCIT vs Apeak Infotech, 397 ITR 148 (Bom.) ii. Asiatic Oxygen Ltd. vs DCIT, 49 ITD 355 (Kol.) iii. Vodafone India Services Pvt. Ltd. vs. Union of India & Ors., (368 ITR 1) (Bom.) iv. CBDT Instruction No. 2/2015 dated 29.01.2015 v. ACIT vs Rajesh Digital Media Pvt. Ltd., ITA No. 6251/Mum/2017 dated 20.02.2019 vi. CIT vs Allahabad Bank Ltd., 73 ITR 745 (SC) vii. DCIT vs Finproject India (P) Ltd., 171 ITD 82 (Mum.) viii. Credit Suisse…

DCIT, CC-2(3), MUMBAI vs. PROVOGUE (INDIA) LTD., MUMBAI

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

…the amount was originally received for subscription to the share capital of the company. In support of his contention, the assessee relied upon the following decisions:– i) DCIT v/s Brijlaxmi Leasing and Financing Ltd., 118 ITD 546; ii) Asiatic Oxygen Ltd., 49 ITD 355; iii) Deepak Fertilizer and Petrochemicals Ltd. v/s DCIT, 116 ITD 372. 9. The Assessing Officer did not find merit in the submissions of the assessee. He was of the view that the amount received by the assessee towards share warrant was in the course of its business, therefore, is in the nature of unsecured loans. Thus, relying upon the decision o…

BALASORE ALLOYS LTD,ORRISSA vs. ASST CIT CEN CIR 3(2), MUMBAI

In the result appeal of the assessee is allowed

Bench: Sh. G.S. Pannu & Sh. Pawan Singhआयकरअपीलसं./I.T.A. No. 1170/Mum/2015 (िनधा"रणवष" / Assessment Year: 2010-11)

…rism Cement Ltd Versus ACIT [2006] 101 ITD 103(Mumbai), DCIT Versus Brijlaxmi Leasing and Finance Ltd [2009] 118 ITD (AHD), Deepak Fertilizers and Petrochemicals Corporation Ltd Versus DCIT [2009] 116 ITD 372 (Mumbai) and Asiatic Oxygen Ltd Versus DCIT [1994] 49 ITD 355 (Mumbai). It was argued that the decision of Hon’ble Supreme Court in CIT TV Sundaram Ayenger & Sons 222 ITR 344 (SC) relied by lower authorities is not applicable on the facts of the present case. 5. On the other hand the learned DR for the revenue strongly supported the orders of authorities below. The learned DR for the revenue further argued t…

ASST CIT (OSD 8(2), MUMBAI vs. JAYANT AGRO ORGANICS LTD, MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2011-12 Acit-8(2)(Osd), M/S Jayant Agro Organics R. No.218, Ltd. बनाम/ Aayakar Bhavan, Akhandanand, 38, Marok Vs. M.K. Road, Co-Op. Industrial Estate, Mumbai-400020 Off. M.V. Road, Sakinaka, Andheri (East), Mumbai-400059 Pan No.Aaacj7581Q (राज"व /Revenue) ("नधा"रती /Assessee)

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ“जे”,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “J”, MUMBAI "ी जोिग"दर "सह, "याियक सद"य एवं "ी राजे"", लेखा सद"य, के सम" । Before Shri Joginder Singh, Judicial Member and Shri Rajendra, Accountant Member Assessment Year-2011-12 ACIT-8(2)(OSD), M/s Jayant Agro Organics R. No.218, Ltd. बनाम/ Aayakar Bhavan, Akhandanand, 38, Marok Vs. M.K. Road, Co-op. Industrial Estate, Mumbai-400020 Off. M.V. Road, Sakinaka, Andheri (East), Mumbai-400059 PAN No.AAACJ7581Q (राज"व /Revenue) ("नधा"रती /Assessee) Shri Ashish Heliwal-DR राज"व क" ओर से / Revenue by "नधा"रती क" ओर से /…

ACIT (OSD) 8(2), MUMBAI vs. JAYANT AGRO ORGANICS LTD, MUMBAI

Bench: Shri Sanjay Garg & Shri Ashwani Tanejaassessment Year: 2010-11 Dcit (Osd)-8(2), M/S. Jayant Agro Organics Room No.218, 2Nd Floor, Ltd., Aayakar Bhavan, 38, Marol Co-Op Industrial M.K. Road, Vs. Estate, Mumbai - 400020 Off. M.V. Road, Sakinaka, Andheri (E), Mumbai – 59 Pan: Aaacj 7581Q (Appellant) (Respondent) Present For: Assessee By : Shri Madhur Agarwal, A.R. Revenue By : Shri K. Mohandas, D.R. Date Of Hearing : 17.02.2016 Date Of Pronouncement : 24.02.2016

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “J”, MUMBAI BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI ASHWANI TANEJA, ACCOUNTANT MEMBER Assessment Year: 2010-11 DCIT (OSD)-8(2), M/s. Jayant Agro Organics Room No.218, 2nd Floor, Ltd., Aayakar Bhavan, 38, Marol Co-op Industrial M.K. Road, Vs. Estate, Mumbai - 400020 Off. M.V. Road, Sakinaka, Andheri (E), Mumbai – 59 PAN: AAACJ 7581Q (Appellant) (Respondent) Present for: Assessee by : Shri Madhur Agarwal, A.R. Revenue by : Shri K. Mohandas, D.R. Date of Hearing : 17.02.2016 Date of Pronouncement : 24.02.2016 O R D E R Per Sanjay Garg, Judicial Member:…