DCIT v. Viraj Profiles Ltd.

Jsw Investments Pvt Ltd., Mumbai vs. CIT (A)-10, Mumbai

In the result, the appeals of the assessee and appeal of the revenue are partly allowed for statistical purposes

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1085 & 1086/Mum/2023 (A.Ys. 2013-14 & 2014-15) Jsw Investment Pvt. Ltd. Vs. Dy. Cit-5(2)(1) Jsw Centre, Bandra 21, 3Rd Floor, Mittal Kurla Complex, Court, 22, Bandra (East), Nariman Point, Mumbai – 400 051 Mumbai – 400 020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aajcs2498G Appellant .. Respondent

…w, the Ld. CIT(A) erred in holding that the sum disallowed u/s 14A cannot be added to the net profit while computing book profit u/s 115JB of the Act while not placing reliance on decision of Hon'ble ITAT Mumbai in the case of DCIT v Viraj Profiles Ltd (2016) 156 ITD 72 (Mumbai Trib.), and Dabur India Ltd v ACIT (2013) 145 ITD 175 (Mumbai- Trib.). The appellant prays that the order of the Ld. CIT (A) be set aside and the order of the be restored. The appellant craves leave to add, alter, modify or amend any ground(s) of appeal which may be necessary.” 2. Fact in brief is that return of income declaring total loss…

Jsw Investments Pvt Ltd., Mumbai vs. CIT, (A)-10, Mumbai

In the result, the appeals of the assessee and appeal of the revenue are partly allowed for statistical purposes

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1085 & 1086/Mum/2023 (A.Ys. 2013-14 & 2014-15) Jsw Investment Pvt. Ltd. Vs. Dy. Cit-5(2)(1) Jsw Centre, Bandra 21, 3Rd Floor, Mittal Kurla Complex, Court, 22, Bandra (East), Nariman Point, Mumbai – 400 051 Mumbai – 400 020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aajcs2498G Appellant .. Respondent

…w, the Ld. CIT(A) erred in holding that the sum disallowed u/s 14A cannot be added to the net profit while computing book profit u/s 115JB of the Act while not placing reliance on decision of Hon'ble ITAT Mumbai in the case of DCIT v Viraj Profiles Ltd (2016) 156 ITD 72 (Mumbai Trib.), and Dabur India Ltd v ACIT (2013) 145 ITD 175 (Mumbai- Trib.). The appellant prays that the order of the Ld. CIT (A) be set aside and the order of the be restored. The appellant craves leave to add, alter, modify or amend any ground(s) of appeal which may be necessary.” 2. Fact in brief is that return of income declaring total loss…

ACIT Circle-3 (3)(2), Mumbai vs. M/S Solitaire Appliances Pvt Ltd., Mumbai

In the result, the appeals of the assessee for assessment year

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant ()

…D.C.I. T. Cen. Cir. 18 & 19, Mumbai vs. Viraj the case of D.C.I. T. Cen. Cir. 18 & 19, Mumbai vs. Viraj Profiles Ltd. (2015) 64 taxmann.com 52 (Mumbai Profiles Ltd. (2015) 64 taxmann.com 52 (Mumbai Profiles Ltd. (2015) 64 taxmann.com 52 (Mumbai - Trib.)/2016, 156 ITD 72 (Mumbai Trib.)/2016, 156 ITD 72 (Mumbai - Trib.) wherein it is clear Trib.) wherein it is clear that the provisions of section provisions of section-14A r.w.r. 8D is applicable for 14A r.w.r. 8D is applicable for computation of book profit u/s 115JB of computation of book profit u/s 115JB of the Act. Act. 5. Tlie appellant prays that tlie order of…

Solitaire Appliances Pvt. Ltd., Mumbai vs. Dy. CIT 3 (3)(3), Mumbai

In the result, the appeals of the assessee for assessment year

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant ()

…D.C.I. T. Cen. Cir. 18 & 19, Mumbai vs. Viraj the case of D.C.I. T. Cen. Cir. 18 & 19, Mumbai vs. Viraj Profiles Ltd. (2015) 64 taxmann.com 52 (Mumbai Profiles Ltd. (2015) 64 taxmann.com 52 (Mumbai Profiles Ltd. (2015) 64 taxmann.com 52 (Mumbai - Trib.)/2016, 156 ITD 72 (Mumbai Trib.)/2016, 156 ITD 72 (Mumbai - Trib.) wherein it is clear Trib.) wherein it is clear that the provisions of section provisions of section-14A r.w.r. 8D is applicable for 14A r.w.r. 8D is applicable for computation of book profit u/s 115JB of computation of book profit u/s 115JB of the Act. Act. 5. Tlie appellant prays that tlie order of…

Deputy Commissioner of Income Tax-3(3)(2), Mumbai vs. M/S. Solitaire Appliances Pvt. Ltd, Mumbai

In the result, the appeals of the assessee for assessment year

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant ()

…D.C.I. T. Cen. Cir. 18 & 19, Mumbai vs. Viraj the case of D.C.I. T. Cen. Cir. 18 & 19, Mumbai vs. Viraj Profiles Ltd. (2015) 64 taxmann.com 52 (Mumbai Profiles Ltd. (2015) 64 taxmann.com 52 (Mumbai Profiles Ltd. (2015) 64 taxmann.com 52 (Mumbai - Trib.)/2016, 156 ITD 72 (Mumbai Trib.)/2016, 156 ITD 72 (Mumbai - Trib.) wherein it is clear Trib.) wherein it is clear that the provisions of section provisions of section-14A r.w.r. 8D is applicable for 14A r.w.r. 8D is applicable for computation of book profit u/s 115JB of computation of book profit u/s 115JB of the Act. Act. 5. Tlie appellant prays that tlie order of…

Dhoot Trading & Agencies Limited, Mumbai vs. DCIT 3 (3) (1), Mumbai

In the result, the appeal preferred by the Revenue [ITA No

…IN THE INCOME TAX APPELLATE TRIBUNAL "G" BENCH, MUMBAI SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER DCIT Circle 3(3)(1), Mumbai, Room No. 609, 6th Floor, Aayakar Bhavan, M.K. Road, Mumbai - 400020 ……………… Appellant M/s Shree Dhoot Trading & Agencies Ltd., 171-C, 17th Floor, Mittal Court, C Wing, Vs Nariman Point, Mumbai – 400021 [PAN: AACCS1621C] ……………. Respondent M/s Shree Dhoot Trading & Agencies Ltd., 171-C, 17th Floor, Mittal Court, C Wing, Nariman Point, Mumbai – 400021 [PAN: AACCS1621C] ……………… Appellant DCIT Circle 3(3)(1), Mumbai, Room No. 609, 6th Floor, Vs Aayakar Bhavan,…

Deputy Commissioner of Income Tax Circle 3(3)(1), Mumbai vs. M/S. Shree Dhoot Trading & Agencies Ltd, Mumbai

In the result, the appeal preferred by the Revenue [ITA No

…IN THE INCOME TAX APPELLATE TRIBUNAL "G" BENCH, MUMBAI SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER DCIT Circle 3(3)(1), Mumbai, Room No. 609, 6th Floor, Aayakar Bhavan, M.K. Road, Mumbai - 400020 ……………… Appellant M/s Shree Dhoot Trading & Agencies Ltd., 171-C, 17th Floor, Mittal Court, C Wing, Vs Nariman Point, Mumbai – 400021 [PAN: AACCS1621C] ……………. Respondent M/s Shree Dhoot Trading & Agencies Ltd., 171-C, 17th Floor, Mittal Court, C Wing, Nariman Point, Mumbai – 400021 [PAN: AACCS1621C] ……………… Appellant DCIT Circle 3(3)(1), Mumbai, Room No. 609, 6th Floor, Vs Aayakar Bhavan,…

Welspun Steel Ltd. (Successor in Interest to Welspun Energy Pvt. Ltd.), Mumbai vs. ITO 8(3)(2), Mumbai

…CIT(A) erred in restricting the disallowance u/s 14A of the Act to 10% of exempt income earned during the year, when the issue is squarely covered in favour of the revenue by the decision of „F‟ bench of ITAT, Mumbai in the case of Viraj Profiles Ltd. (2016) 156 ITD 72, Mumbai.” 4. The Assessee has raised following grounds of appeal in ITA No. 2786/Mum/2018: “1. .a) On the facts and in circumstances of the case and in law, the CIT(A) erred confirming addition to the extent of Rs. 52,85,697/- (being restricted to exempt income earned) out addition of Rs. 4,98,43,035/- made by the AO to income of Appellant by wa…

Jt. CIT (OSD) CC-7(2), Mumbai vs. M/S. Mumbai Nashik Expressway Pvt. Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blejt.Cit(Osd)-Central Circle -7(2) V. M/S. Mumbai Nasik Expressway Pvt. Ltd., Room No. 655, Aayakar Bhavan Unit 803, 8Th Floor, A-Wing, One Bkc M.K. Road, Mumbai - 400020 Bandra Kurla Complex, Bandra (E) Mumbai -400051 Pan: Aaecm3349K (Appellant) (Respondent) Assessee By : Shri Gaurav Kabra Department By : Shri Rajesh Damor

…assessee. 5. On the facts and circumstances of the case and in the law, the Ld. CITA) erred in deleting the disallowance made u/s 14A in 115JB income without appreciating the fact that ITAT, F-Bench, Mumbai, in the case of Derr Vs. Viraj Profiles Ltd. (2016) 156 ITD 72 (Mumbai-Trib) vide its order dated 21.10.2015 has held that in terms of clause (f) to Explanation 1 to section 1151B(2) disallowance made by Assessing Officer under section 14A read with rule 8D of 1962 Rules, has to be added back for purpose of arriving at figure of book profit.” 6. With regard to Ground No. 1 and 2 which are interconnected to o…

Jt. CIT (OSD), CC-7(2), Mumbai vs. M/S. Andhra Expressway Ltd, Mumbai

In the result, both the appeals filed by the revenue stands dismissed

Bench: Shri G. S. Pannu & Shri Amit Shukla, Jm आयकरअपीलसं./ I.T.A. No. 1588/Mum/2021 (ननधधारणवर्ा / Assessment Year: 2014-15) & आयकरअपीलसं./ I.T.A. No. 1589/Mum/2021 (ननधधारणवर्ा / Assessment Year: 2013-14) Jcit (Osd), Cc-7(2), M/S Andhra Expressway Ltd. R. No. 655, Aayakar बनाम/ Ground Floor, Gammon Bhavan, M. K. Road, House, Veer Savarkar Vs. Mumbai-400020 Marg, Prabhadevi, Mumbai-400 025 स्थधयीलेखधसं./जीआइआरसं./ Pan No. Aadca3577E (अपीलधथी/Appellant) (प्रत्यथी / Respondent) : अपीलधथीकीओरसे/ Appellant By : Smt. Shailja Rai, Ld. Dr प्रत्यथीकीओरसे/Respondent By Shri Rakesh Joshi, Ld. Ar : सुनवधईकीतधरीख/ : 01.06.2022 Date Of Hearing घोर्णधकीतधरीख / : 24.06.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeals Have Been Filed By The Revenue Against The Separate Impugned Order Of Even Date 29.06.2021, Passed By 2

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI G. S. PANNU, PRESIDENT & SHRI AMIT SHUKLA, JM आयकरअपीलसं./ I.T.A. No. 1588/Mum/2021 (ननधधारणवर्ा / Assessment Year: 2014-15) & आयकरअपीलसं./ I.T.A. No. 1589/Mum/2021 (ननधधारणवर्ा / Assessment Year: 2013-14) JCIT (OSD), CC-7(2), M/s Andhra Expressway Ltd. R. No. 655, Aayakar बनाम/ Ground Floor, Gammon Bhavan, M. K. Road, House, Veer Savarkar Vs. Mumbai-400020 Marg, Prabhadevi, Mumbai-400 025 स्थधयीलेखधसं./जीआइआरसं./ PAN No. AADCA3577E (अपीलधथी/Appellant) (प्रत्यथी / Respondent) : अपीलधथीकीओरसे/ Appellant by : Smt. Shailja Rai, Ld. DR प्रत्यथीकीओरसे/…

DCIT 3(3)(2), Mumbai vs. M/S Sky Appliances Ltd, Mumbai

Appeal is allowed

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year: 2014-15

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “E”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER Assessment Year: 2014-15 Dy. Commissioner of M/s. Sky Appliances Ltd., 171, 17th Floor, C-Wing, Income Tax- 3(3)(2), Room No.628, Mittal Court, Vs. 6th Floor, Nariman Point, Aayakar Bhavan, Mumbai – 400 021 M.K. Road, PAN: AAICS8688M Mumbai - 400020 (Appellant) (Respondent) Present for: Assessee by : None Revenue by : Shri B.K. Bagchi, D.R. Date of Hearing : 08 . 03 . 2022 Date of Pronouncement : 08 . 03 . 2022 O R D E R Per : Kuldip Singh, Judicial Member: The appell…

Deputy Commissioner of Income Tax 3(2)(2), Mumbai vs. Premier Limited, Mumbai

In the result, appeal of the revenue is partly allowed for statistical purposes

Bench: Shri Mahavir Singh, Vice- & Shri Rajesh Kumardcit- 3(2)(2), M/S Premier Ltd. Room No.674, 6Th Floor, 58, Nariman Bhavan, Nariman Aayakar Bhavan, M.K. Road, Point, Mumbai-400021. Mumbai-400020. Pan: Aaact5523G Vs. Appellant Respondent : Ms. Shreeleela Pardeshi (Dr) Appellant By Revenue By : Ms. Shefali (Ar) Date Of Hearing : 03.11.2020 Date Of Pronouncement : 12.01.2021 Order

…e ITAT 'D' Bench in the case of ITO vs. RBK Share Broking Pvt. Ltd. - 37 taxman 128(2013) and the decision of the Hon'ble ITAT 'F' Bench in the case of D.C.I. T. Cen. Cir. 18 & 19, Mumbai vs. Viraj Profiles Ltd. (2015) 64 taxmann.com 52 (Mumbai - Trib.)/2016, 156 ITD 72 (Mumbai - Trib.) wherein it is clear that the provisions of section 14A r.w.r. 8D is applicable for computation of book profit u/s 115JB of the Act? 7. We noted that the CIT(A) has restricted the disallowance of exempt income at Rs. 3,000/- only. The CIT(A) has already considered this issue and deleted the disallowance vide para-3.1.4 (which is…

DCIT Cen Cir 3(2), Mumbai vs. Jsw Steel Ltd, Mumbai

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

…under section 14A cannot be considered while computing the book profit under section 115JB, without appreciating the fact that this issue is squarely covered in favour of the revenue by decision of F bench of the ITAT in the case of Viraj Profiles Ltd [(2016) 156 ITD 72 (Mum)]. 3. To adjudicate on these appeals, it is sufficient to take note of the fact that admittedly the assessee did not have any exempt income in the relevant previous year, and yet the Assessing Officer proceeded to make the disallowance under section 14A of the Act, which pertains to disallowance “in respect of expenditure incurred by the ass…

Jsw Steel Ltd., Mumbai vs. DCIT, CC- 3(2), Mumbai

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

…under section 14A cannot be considered while computing the book profit under section 115JB, without appreciating the fact that this issue is squarely covered in favour of the revenue by decision of F bench of the ITAT in the case of Viraj Profiles Ltd [(2016) 156 ITD 72 (Mum)]. 3. To adjudicate on these appeals, it is sufficient to take note of the fact that admittedly the assessee did not have any exempt income in the relevant previous year, and yet the Assessing Officer proceeded to make the disallowance under section 14A of the Act, which pertains to disallowance “in respect of expenditure incurred by the ass…

Dy. C.I.T. - 3(3)(1), Mumbai vs. Shoden Developers Pvt. Ltd., Mumbai

In the result Revenue’s appeals stand dismissed

Bench: Shri Shamim Yahya & Ram Lal Negiita Nos.7388, 7389 & 7399 /Mum/2017 Assessment Years : 2013-14, 2012-13 & 2014-15

…ble ITAT 'D' Bench in the case of ITO vs. RBK Share Broking Pvt. Ltd. - 37 taxman 128(2013) and the decision of the Hon'ble ITAT 'F' Bench in the case of D.C.I.T. Cen. Cir. 18 & 19, Mumbai vs. Viraj Profiles Ltd. (2015) 64 taxmann.com 52 (Mumbai -Trib.)/2016, 156 ITD 72 (Mumbai - Trib.) wherein it is clear that the provisions of section 14A r.w.r. 8D is applicable for computation of book profit u/s 115JB of the Act.” 3. Brief facts of the case are that the assessee has filed revised return of income for A.Y. 2012-13 on 09.01.2014 declaring total income of Rs. 21,87,360/-. The case was selected for scrutiny and s…

DCIT CC-4(2), Central Range-4, Mumbai vs. Vakrangee Ltd, Mumbai

In the result, appeal of the Revenue is dismissed and cross objection of the assessee is partly allowed as indicated above

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Bledy. Commissioner Of Income-Tax V. M/S. Vakrangee Limited Central Circle – 4(2) Vakrangee Corporate House Central Range – 4 Plot No. 93, Road No. 16 R.No. 1918, 19Th Floor Midc, Marol, Andheri (E) Air India Building, Nariman Point Mumbai – 400 093 Mumbai – 400 021 Pan: Aaacv9920D

…owance u/s 14A of the IT Act to the book profit of the assessee within the provision of section 115JB of the IT Act when this issue is squarely covered in favour of revenue by the decision of 'F' bench of ITAT, Mumbai in the case of Viraj Profiles Ltd. (2016) 156 ITD 72, Mumbai" 2. At the time of hearing, Ld. Counsel for the assessee submitted that tax effect on the issues in the present appeal of the Revenue is ₹.12,02,990/- which is below ₹.50 Lacs and in view of the CBDT Circular No. 17/2019 dated 08.08.2019 in F.No.279/Misc.142/2007-ITJ (Pt), the 3 C.O.No. 158/MUM/2019 M/s. Vakrangee Limited appeal of the Re…