DepakFertilisers and Petrochemicals Copn. Ltd. v. DCIT

ITO-1(3)(4), MUMBAI vs. VISHWAS RAYONS PRIVATE LIMITED , MUMBAI

Bench: Hon’Ble Shri Sandeep Gosain& Hon’Ble Shri Om Prakash Kantito- 1(3)(4) Vs. Vishwas Rayons Private Room No. 528, 5Th Floor, Limited Aayakarbhavan, M.K. Road, Room No. 19, 3Rd Floor Mumbai- 400020 6 M.K. Amin Marg, Bora Bazar Street, Fort, Mumbai- 400001 Pan/Gir No. Aadcv1302N (Applicant) (Respondent) Assesseeby Shri. Rasesh Shah Revenue By Ms. Kavitha Kaushik,Sr.Dr. Date Of Hearing 13.11.2025 Date Of Pronouncement 20.01.2026 आदेश / Order Per Sandeep Gosain, Jm: The Present Appeal Has Been Filed By The Revenue Challenging The Impugned Order 23.12.2024 Passed U/S 250 Of The Income Tax Act, 1961 (‘The Act’), By The National Faceless Appeal Centre, Delhi (Nfac) For The Assessment Year 2014-15. The Following Grounds Are Reproduced Below: “1. I) On The Facts & Circumstances Of The Case & In Law The Ld. Cit(A) Erred Allowing The Appeal Of The Assessee & Deleting The Addition Of Rs.3,62,27,500/- Made By The Ao Under I The Provisions Of Section 68 Of The 2 Vishwas Rayons Private Limited

…ore, are of the considered view that the revenue was not justified in treating this receipt as revenue receipt. We therefore, set aside the order of CIT(A) and delete the addition." 10 Vishwas Rayons Private Limited Brijlaxmi Leasing & Finance Ltd. [2009] - 118 ITD 546 (Ahd. Trib.), has held as under: "7. .....In the instant case the assessee was to receive call money in respect of share as per the terms of prospectus and the allotment letters, but the same were not received from some of the shareholders. In this case, the share application money was forfeited as per the terms of the prospectus. The above fact…

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)

…um/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 – [(2015) 53 taxmann.com 63 (Mum – Trib.)] g. Sunita Gupta Share Borkers Limited vs. ACIT in ITA No.4188/Del/2010 vide order dated 7.12.2011. The above case laws amply support the proposition that amount received as a capital receipt toward financial instruments like warrants, share capital etc. can…

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

…n the nature of capital receipt, since 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 lo…

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:…