Garware Wall Ropes Ltd. v. ACIT

Sunidhi Securities & Finance Ltd, Mumbai vs. ACIT 4(2), Mumbai

Bench: Shri B.R.Baskaran, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1245/Mum/2012, 4983/Mum/2012 & 6135/Mum/2013 ("नधा"रण वष" / Assessment Year: 2008-09, 2009-10 & 2010-11) M/S. Sunidhi Securities & बनाम/ A.C.I.T. 4(2) Finance Ltd. Aayakar Bhavan, Vs. Maker Chamber Iv, Mumbai 14Th Floor, Nariman Point, Mumbai - 400021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs1657D

…ith rule 8D of the Act. In support of this contention the learned representative of the assessee has placed reliance upon the order passed by the Income Tax Appellate Tribunal, Mumbai Bench in ITA No.1923/M/12 and others Asst. CIT Vs. M/s. Smart Chip Ltd. and 65 SOT 86 (Mum-Trib) Garware Wall Ropes Ltd. Vs. Addl. CIT and Mumbai Bench in ITA Nos. 1752 to 1754/Mum/13 and others M/s.Twinkle Enviro Tech. Ltd. Vs. DCIT. It is also argued that the shares which did not earn any dividend income is not also liable to be included for the purpose to calculate the expenditure towards to earn the exempt income and placed reli…

Sunidhi Securities & Finance Ltd, Mumbai vs. ACIT 4(2), Mumbai

Bench: Shri B.R.Baskaran, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1245/Mum/2012, 4983/Mum/2012 & 6135/Mum/2013 ("नधा"रण वष" / Assessment Year: 2008-09, 2009-10 & 2010-11) M/S. Sunidhi Securities & बनाम/ A.C.I.T. 4(2) Finance Ltd. Aayakar Bhavan, Vs. Maker Chamber Iv, Mumbai 14Th Floor, Nariman Point, Mumbai - 400021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs1657D

…ith rule 8D of the Act. In support of this contention the learned representative of the assessee has placed reliance upon the order passed by the Income Tax Appellate Tribunal, Mumbai Bench in ITA No.1923/M/12 and others Asst. CIT Vs. M/s. Smart Chip Ltd. and 65 SOT 86 (Mum-Trib) Garware Wall Ropes Ltd. Vs. Addl. CIT and Mumbai Bench in ITA Nos. 1752 to 1754/Mum/13 and others M/s.Twinkle Enviro Tech. Ltd. Vs. DCIT. It is also argued that the shares which did not earn any dividend income is not also liable to be included for the purpose to calculate the expenditure towards to earn the exempt income and placed reli…

Saurashtra Fuels P.Ltd, Mumbai vs. DCIT Cir 3(3), Mumbai

In the result, assessee appeal in ITA No 7274/Mum/2012 for assessment year 2009-10 is partly allowed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

…lowance of interest expenditure under provisions of Section 14A of the Act. The learned counsel relied upon the following decisions : 1. CIT v. Oriental Structures Engineers Private Limited , 35 taxmann.com 210 (Del. HC) 2. Garware Wall Ropes Limited v. ACIT 65 SOT 86, Mum-Trib. 3.JM Financial Limited v. ACIT (ITA no. 4521/Mum/2012) 4. Sh Jigar P. Shah v. ACIT in ITA no 4366/Mum/2014 dated 24-02-2016) The learned counsel has submitted written submissions before the Tribunal which we have gone through and taken note of while deciding instant appeal. PMS Management Fee The learned counsel reiterated its submiss…

Addl CIT 24(3), Mumbai vs. Indervadan H Jain, Mumbai

In the result, appeal of revenue is allowed in part

…in the case of Oriental Structural Engineers (P) Ltd. and also by the coordinate bench of the Mumbai Tribunal in the case of M/s Smart Chip Ltd., ITA Nos.1923, 5196, 5367/Mum/2012, order dated 28-11-2014, Garware Wall Ropes Ltd., ITA Nos.5408, 4957/Mum/2012, 65 SOT 86 and M/s JM Financial Limited, ITA No.4521/Mum/2012, order dated 26-3- 2014. 7. Respectfully following the above order, we do not find any infirmity in the order of CIT(A) for excluding the strategic investment made in the joint venture business projects while computing disallowance under rule 8D(ii). 8. The revenue is also aggrieved for deleting di…

Aha Holding P.Ltd ( Formerly Known As I Dream Holdings P. Ltd), Mumbai vs. ACIT Cen Cir 22, Mumbai

Bench: S/Shjoginder Singh & Rajendraआयकर अपील सं./Ita/8395/Mum/2011,िनधा"रण िनधा"रण वष" वष" /Assessment Years: 2008-09 िनधा"रण िनधा"रण वष" वष" Aha Holdings Private Ltd. Acit Central Circle-22 (Formerly Known As Idream Holding Pvt. 403, Aayakar Bhavan, M.K. Road Ltd.), 161 Star City, 2Nd Floor, Vs. Mumbai-400 026. Mahim(W),Mumbai-400 016. Pan:Aafcs 6404 E (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri M.Murli Assessee By: Shri Hiro Rai सुनवाई क" तारीख / Date Of Hearing: 23.03.2016 घोषणा क" तारीख / Date Of Pronouncement: 30.03.2016 आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) अनुसार Per Rajendra A.M.- लेखा सद"य सद"य राजे"" राजे"" केकेकेके अनुसार लेखा लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Order Dated 19/10/2011 Of The Cit (A) – 39, Mumbai The Assessee Has Filed The Present Appeal.Assessee-Company,Engaged In The Business Of Financing & Investment, Filed Its Return Of Income On 30/09/2008,Declaring A Loss Of Rs. 4.22 Crores. The Assessing Officer (Ao) Completed The Assessment U/S.143 (3) Of The Act,On 24/12/2010, Determining The Income Of The Assessee At Rs.(-) 3.78 Crores.

…अिधकरण," ए” खंडपीठ आयकर अपीलीय अपीलीय अिधकरण खंडपीठ मुंबई मुंबई आयकर आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण खंडपीठ खंडपीठ मुंबई मुंबई INCOME TAX APPELLATE TRIBUNAL,MUMBAI-“A”,BENCH सव"ी जोिग"दर "सह, "याियक सद"य एवं राजे"", लेखा सद"य Before S/ShJoginder Singh,Judicial Member & Rajendra,Accountant Member आयकर अपील सं./ITA/8395/Mum/2011,िनधा"रण िनधा"रण वष" वष" /Assessment Years: 2008-09 िनधा"रण िनधा"रण वष" वष" AHA Holdings Private Ltd. ACIT Central Circle-22 (Formerly known as IDream Holding Pvt. 403, Aayakar Bhavan, M.K. Road Ltd.), 161 Star City, 2nd Floor, Vs. Mumbai-400 026. Mahim(W),Mumbai-400 016. PAN:AAFCS…

Mazagon Dock Ltd., Mumbai vs. Asst. Commissioner of Income Tax, Cir 6(3), Mumbai

In the result, both the appeals filed by the revenue are treated as allowed for statistical purposes and all the appeals filed by the assessee are treated as partly allowed for statistical purposes

Bench: S/Shri B.R.Baskaran, Am & Pawan Singh, Jm आमकय अऩीर सं./I.T.A. No.5034/Mum/ 2011 No.5033/Mum/2011 (ननधधायण वषा / Assessment Years: 2004-05 & 2007-08)

…ome over the total income. 11. The Ld A.R further submitted that the investment made in subsidiary companies will not attract disallowance u/s 14A of the Act as held by the co-ordinate bench of Mumbai ITAT in the case of Garware Wall Ropes Ltd Vs. ACIT (2014)(65 SOT 86). He further submitted that the Hon’ble Bombay High Court has held in the case reported in 339 ITR 632 that the disallowance u/s 14A is not called for when the assessee did not incur any expenditure at all. 6 5 03 3 / M/ 2 01 1 an d si x a p p ea ls 12. The Ld A.R further submitted that the assessing officer himself has restricted the disallowanc…

ACIT 6(3), Mumbai vs. Mazgaon Dock Ltd, Mumbai

In the result, both the appeals filed by the revenue are treated as allowed for statistical purposes and all the appeals filed by the assessee are treated as partly allowed for statistical purposes

Bench: S/Shri B.R.Baskaran, Am & Pawan Singh, Jm आमकय अऩीर सं./I.T.A. No.5034/Mum/ 2011 No.5033/Mum/2011 (ननधधायण वषा / Assessment Years: 2004-05 & 2007-08)

…ome over the total income. 11. The Ld A.R further submitted that the investment made in subsidiary companies will not attract disallowance u/s 14A of the Act as held by the co-ordinate bench of Mumbai ITAT in the case of Garware Wall Ropes Ltd Vs. ACIT (2014)(65 SOT 86). He further submitted that the Hon’ble Bombay High Court has held in the case reported in 339 ITR 632 that the disallowance u/s 14A is not called for when the assessee did not incur any expenditure at all. 6 5 03 3 / M/ 2 01 1 an d si x a p p ea ls 12. The Ld A.R further submitted that the assessing officer himself has restricted the disallowanc…

Mazgaon Dock Ltd, Mumbai vs. Asst CIT Cir 6(3), Mumbai

In the result, both the appeals filed by the revenue are treated as allowed for statistical purposes and all the appeals filed by the assessee are treated as partly allowed for statistical purposes

Bench: S/Shri B.R.Baskaran, Am & Pawan Singh, Jm आमकय अऩीर सं./I.T.A. No.5034/Mum/ 2011 No.5033/Mum/2011 (ननधधायण वषा / Assessment Years: 2004-05 & 2007-08)

…ome over the total income. 11. The Ld A.R further submitted that the investment made in subsidiary companies will not attract disallowance u/s 14A of the Act as held by the co-ordinate bench of Mumbai ITAT in the case of Garware Wall Ropes Ltd Vs. ACIT (2014)(65 SOT 86). He further submitted that the Hon’ble Bombay High Court has held in the case reported in 339 ITR 632 that the disallowance u/s 14A is not called for when the assessee did not incur any expenditure at all. 6 5 03 3 / M/ 2 01 1 an d si x a p p ea ls 12. The Ld A.R further submitted that the assessing officer himself has restricted the disallowanc…

Mazgaon Dock Ltd, Mumbai vs. Asst CIT Cir 6(3), Mumbai

In the result, both the appeals filed by the revenue are treated as allowed for statistical purposes and all the appeals filed by the assessee are treated as partly allowed for statistical purposes

Bench: S/Shri B.R.Baskaran, Am & Pawan Singh, Jm आमकय अऩीर सं./I.T.A. No.5034/Mum/ 2011 No.5033/Mum/2011 (ननधधायण वषा / Assessment Years: 2004-05 & 2007-08)

…ome over the total income. 11. The Ld A.R further submitted that the investment made in subsidiary companies will not attract disallowance u/s 14A of the Act as held by the co-ordinate bench of Mumbai ITAT in the case of Garware Wall Ropes Ltd Vs. ACIT (2014)(65 SOT 86). He further submitted that the Hon’ble Bombay High Court has held in the case reported in 339 ITR 632 that the disallowance u/s 14A is not called for when the assessee did not incur any expenditure at all. 6 5 03 3 / M/ 2 01 1 an d si x a p p ea ls 12. The Ld A.R further submitted that the assessing officer himself has restricted the disallowanc…

Mazgaon Dock Ltd, Mumbai vs. ITO 6(3)(3), Mumbai

In the result, both the appeals filed by the revenue are treated as allowed for statistical purposes and all the appeals filed by the assessee are treated as partly allowed for statistical purposes

Bench: S/Shri B.R.Baskaran, Am & Pawan Singh, Jm आमकय अऩीर सं./I.T.A. No.5034/Mum/ 2011 No.5033/Mum/2011 (ननधधायण वषा / Assessment Years: 2004-05 & 2007-08)

…ome over the total income. 11. The Ld A.R further submitted that the investment made in subsidiary companies will not attract disallowance u/s 14A of the Act as held by the co-ordinate bench of Mumbai ITAT in the case of Garware Wall Ropes Ltd Vs. ACIT (2014)(65 SOT 86). He further submitted that the Hon’ble Bombay High Court has held in the case reported in 339 ITR 632 that the disallowance u/s 14A is not called for when the assessee did not incur any expenditure at all. 6 5 03 3 / M/ 2 01 1 an d si x a p p ea ls 12. The Ld A.R further submitted that the assessing officer himself has restricted the disallowanc…

Mazgaon Dock Ltd, Mumbai vs. Addl CIT RG 6(3), Mumbai

In the result, both the appeals filed by the revenue are treated as allowed for statistical purposes and all the appeals filed by the assessee are treated as partly allowed for statistical purposes

Bench: S/Shri B.R.Baskaran, Am & Pawan Singh, Jm आमकय अऩीर सं./I.T.A. No.5034/Mum/ 2011 No.5033/Mum/2011 (ननधधायण वषा / Assessment Years: 2004-05 & 2007-08)

…ome over the total income. 11. The Ld A.R further submitted that the investment made in subsidiary companies will not attract disallowance u/s 14A of the Act as held by the co-ordinate bench of Mumbai ITAT in the case of Garware Wall Ropes Ltd Vs. ACIT (2014)(65 SOT 86). He further submitted that the Hon’ble Bombay High Court has held in the case reported in 339 ITR 632 that the disallowance u/s 14A is not called for when the assessee did not incur any expenditure at all. 6 5 03 3 / M/ 2 01 1 an d si x a p p ea ls 12. The Ld A.R further submitted that the assessing officer himself has restricted the disallowanc…

Harendra D. Shah, Mumbai vs. ACIT 21(1), Mumbai

In the result, the appeal filed by the assessee is partly allowed

Bench: S/Shri B.R.Baskaran, Am & Amarjit Singh, Jm आमकय अऩीर सं./I.T.A. No.4367/Mum/2014 (ननधधायण वषा / Assessment Year:2010-2011) बनाम/ Shri Harendra D Shah, Asstt. Commissioner Of Income 60-B, Dolat, Tax21(1), Vs. East West Road, Pratyakshakar Bhavan, Road No.2, Jvpd, Bandra-Kurla-Compex, Vile Parel (W), Mumbai-400051 Mumbai-400049 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…pose of investment is to hold controlling stake in the group concerns and not for earning any dividend income. The ld. AR submitted that an identical issue was expressed by the Co-ordinate Bench of Tribunal in the case of Garware Wall Ropes Ltd V/s CIT (2014) 65 SOT 86(Mumbai). The ld. AR further submitted that the assessee is dealing in trading in derivatives, equity and commodities and hence the investment held by the assessee forms part of his stock-in-trade. Accordingly, by placing the reliance on the decision of Hon’ble jurisdictional Bombay High Court in the case of CIT vs. India Advantage Securities Ltd, t…

Kiran Omprakash Goneka, Mumbai vs. ACIT Cen Cir 14, Mumbai

The appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Shailendra Kumar Yadav & Shri Rajesh Kumar.

…rein the same has been decided that no disallowance is required to be made in case of strategic investment made in group concern. The ld. Counsel also cited a number of other decisions in the case of Asst. CIT vs. M/s. Smart Chip Ltd. in ITA No.1923/Mum/2012, 65 SOT 86, Garware Wall Ropes Ltd. vs. ACIT & M/s. J. M. Financial Ltd. vs. ACIT in ITA No. 4521/Mum/2012. Ld. D.R. relied on the orders of authorities below. 11. We have heard the rival submissions and perused the material on record. We find from the balance sheet filed by the A.R. for the instant financial year at page no.4 to 10 that assessee has made hu…

Kiran Omprakash Goneka, Mumbai vs. ACIT Cen Cir 14, Mumbai

The appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Shailendra Kumar Yadav & Shri Rajesh Kumar.

…rein the same has been decided that no disallowance is required to be made in case of strategic investment made in group concern. The ld. Counsel also cited a number of other decisions in the case of Asst. CIT vs. M/s. Smart Chip Ltd. in ITA No.1923/Mum/2012, 65 SOT 86, Garware Wall Ropes Ltd. vs. ACIT & M/s. J. M. Financial Ltd. vs. ACIT in ITA No. 4521/Mum/2012. Ld. D.R. relied on the orders of authorities below. 11. We have heard the rival submissions and perused the material on record. We find from the balance sheet filed by the A.R. for the instant financial year at page no.4 to 10 that assessee has made hu…