DHFL Venture Capital Fund v. ITO

M/S. HOUSING DEVELOP,MENT FINANCE CORPN. LTD,MUMBAI vs. THE ADDL CIT RG-1(1), MUMBAI

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

…um.) (refer para- graph 26 at page No. – copy annexed as Exhibit-4 hereto); HDFC Property Fund v/s. ITO (ITA No. 7472/Mum/2017) (Mumbai Tri- bunal) (refer paragraph 12 at page No. 11 copy annexed as Exhibit-5 hereto); DHFL Venture Capital Fund v/s. ITO (2016) 157 ITD 60 (Mumbai) (refer paragraph 12 at page No. 8 – сору annexed as Exhibit-6 hereto); ITO v/s. Kshitij Venture Capital Fund (2011) 140 TTJ 6 (Mumbai) (refer paragraph 13 and 14 at page No. 13 copy annexed as Exhibit-7 hereto); and JM Financial India Fund Scheme v/s. ITO (ITA No. 277/Mum/2019) (Mumbai Tribunal) (refer paragraph 13 to 18 at page Nos. 18 t…

INCOME TAX OFFICER-23(1)(2), MUMBAI vs. INDIAN CORPORATE LOAN SECURITIES TRUST 2008 SERIES 14, MUMBAI

In the result, Revenue's appeal for A

Bench: Shri M.Balaganesh, Am & Shri Ravish Sood, Jm The Ito-23(1)(2) Vs. M/S. Indian Corporate Loan Room No.18 Securities Trust 2008 Matru Mandir Series 14 Grant Road Il & Fs Financial Centre Mumbai – 400 007 Plot No.C-22, G Block 3Rd Floor, Bandra Kurla Complex, Bandra East Mumbai – 400 051 Pan/Gir No. Aaat16786P (Appellant) .. (Respondent) The Ito-23(1)(2) Vs. M/S. Indian Corporate Loan Room No.18 Securities Trust Series Iii Matru Mandir 2009 Grant Road Il & Fs Financial Centre Mumbai – 400 007 Plot No.C-22, G Block Bandra Kurla Complex, Bandra East Mumbai – 400 051 Pan/Gir No. Aaat17440L (Appellant) .. (Respondent) The Ito-23(1)(2) Vs. M/S. Indian Corporate Loan Room No.18 Securities Trust Series Matru Mandir 2008 Series 36 Grant Road Il & Fs Financial Centre Mumbai – 400 007 Plot No.C-22, G Block Bandra Kurla Complex, Bandra East Mumbai – 400 051 Pan/Gir No. Aaat16925L (Appellant) .. (Respondent) आदेश / O R D E R Per Bench: These Appeals In Ita No.4789/Mum/2017, 4791/Mum/2017 & 4794/Mum/2017 For A.Y.2010-11 Arise Out Of The Order By The Ld. Commissioner Of Income Tax (Appeals)-32, Mumbai In Appeal No.Cit(A)- 32/It-604/23(1)(2)/2015-16, Cit(A)-32/It-48/19(3)(2)/2012-13 & Cit(A)-32/It-483/Ito-19(3)(4)/12-13 Respectively Dated 24/04/2017 (Ld. Cit(A) In Short) Against The Order Of Assessment Passed U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As Act) Dated 26/02/2016, 31/10/2012 Respectively By The Ld. Income Tax Officer – 23(1)(2) & 19(3)(2) Respectively, Mumbai (Hereinafter Referred To As Ld. Ao).

…mpilation Box File No. 1 ii. Sancheti Leasing Co. Ltd. v. ITO[2000] 246 ITR 814 (Mad.) at S. No. 5 of Assessee's Legal Compilation Box File No. 1 Reliance was also placed on the decision in the case of DHFL Venture Capital Fund v. ITO [2016] 66 taxmann.com 35/157 ITD 60 (Mum.) wherein it was held that when SEBI has granted registration to the venture capital fund, it is not open to the AO to go into the validity of the said registration as the same is not within the domain of the AO. 6.2.2 It was also submitted that the RBI Guidelines on Securitization provide that securitization can be undertaken by company, tru…

JM FINANCIAL INDIA FUND-SCHEME B,MUMBAI vs. ITO WARD 17(2)(1), MUMBAI

In the result this ground of appeal is allowed

Bench: Shri G.S. Pannu, Vice- & Shri Pawan Singhjm Financial India Fund-Scheme Ito - 17(2)(1) Room No. 123-B, 1St Floor, B, 141, Maker Chambers Iii, Nariman Point, Vs. Aayakar Bhavan, M.K. Road, Mumbai-400021. Mumbai-400020. Pan: Aabtj0401F Appellant Respondent

…xemptions under section 10(23 FB) of the Act. To buttress his submission the learned Sr Advocate of the assessee relied upon the following decisions: (a) Milestone Real Estate Fund Versus ACIT (ITA No. 2509 /Mum/2018), (b) DHFL capital fund Versus ITO [2016] 157 ITD 60 (Mumbai Tribunal), (c) G.V.K. Bioscience Private limited Vs ACIT[2014] 67 SOT 163 (Hyderabad Tribunal), (d) ACIT Versus Small is Beautiful (2013) 60 SOT153 (Hyderabad Tribunal), (e) ITO Versus Gujarat Information technology fund (supra). 6. The learned Counsel for assessee submits that on similar set of fact Mumbai Tribunal in a recent decision…

MILESTONE REAL ESTATE FUND,MUMBAI vs. PR.CIT-25, MUMBAI, MUMBAI

In the result, assessee’s appeal is allowed

Bench: Shri Saktijit Dey & Shri N.K Pradhanmilestone Real Estate Fund 402–A, Hallmark Business Plaza Sant Dhyaneshwar Marg ……………. Appellant Bandra, Mumbai 400 051 Pan – Aaati5880L V/S Asstt. Commissioner Of Income Tax ……………. Respondent Circle–25(3), Mumbai Assessee By : Shri J.D. Mistry, Sr. Counsel A/W Shri Madhur Agarwal Revenue By : Shri Anand Mohan

…decisions:– i) G.V.K. Biosciences Pvt. Ltd. v/s ACIT, [2014]49 taxmann. com 385; ii) ACIT v/s Small Is Beautiful, [2013] 26 ITR (Trib.) 41; iii) ITO v/s Gujarat Information Technology Fund, [2011] 45 SOT 529; and iv) DHFL Venture Capital Fund v/s ITO, [2016] 157 ITD 60. 9. Challenging the observations of the learned Principal Commissioner that the amended provision of section 10(23FB) of the Act is not applicable to the assessee, the learned Sr. Counsel submitted, there is no substance in the reasoning of the revisional authority as the amendment brought to section 10(23FB) of the Act by Finance Act, 2012, is ef…