HDFC Bank Ltd. v. DCIT

Godrej & Boyce Mfg Co. Ltd, Mumbai vs. Addl CIT RG 10(2), Mumbai

The appeals of the AO is dismissed

…आयकर अपीलीय अिधकरण, मुंबई “ “ “ “ जी जी जी” खंडपीठ जी Income-tax Appellate Tribunal -“G”Bench Mumbai सव"ी सव"ी राजे"" राजे"",लेखा लेखा सद"य सद"य एवं एवं, राम लाल नेगी राम लाल नेगी, "याियक "याियक सद"य सद"य सव"ी सव"ी राजे"" राजे"" लेखा लेखा सद"य सद"य एवं एवं राम लाल नेगी राम लाल नेगी "याियक "याियक सद"य सद"य Before S/Shri Rajendra,Accountant Member and Ram Lal Negi,Judicial Member आयकर अपील सं/.ITA/8488/Mum/2011,िनधा"रण वष"/Assessment Year: 2008-09 Godrej & Boyce Mfg. Co.Ltd. ACIT-10(2) Pirojshah Nagar,Vikhroli Aayakar Bhavan, M.K. Road Vs. Mumbai-400 079. Mumbai-400 020. PAN:AAACG 1395 D आयकर अपील सं/. ITA/850…

Toshvin Analytical P.Ltd, Mumbai vs. DCIT 1(3), Mumbai

In the result, the appeal filed by the assessee is allowed for statistical purpose

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं /I.Ta No.3089/Mum/2013 ("नधा"रण वष" / Assessment Year:2008-09 M/S. Toshvin Analytical The Dcit 1(3), बनाम/ Pvt. Ltd., Aayakar Bhavan, Vs. 103 Sj House, 1St Floor, Mumbai-400 020 Sitaram Mills Compound, N.M. Joshi Marg, Lower Parel, Mumbai-400 011 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabct 4482D (अपीलाथ" /Appellant) .. (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant By: Shri Mihir Naniwadekar Shri Sunil Kumar ""यथ" क" ओर से/Respondent By: Agarwal

…out of accumulated funds, no disallowance is required to be made. Therefore, he prays that similar direction may be given for this Assessment Year also. He also places reliance on the decision of Hon’ble Bombay High Court in the case of HDFC Bank Ltd Vs DCIT (383 ITR 529) for the proposition that if there are sufficient accumulated funds and assessee makes investments, even if there were some borrowings, the presumption is that the investments are made out of own funds only and not from the borrowed funds and in such circumstances, disallowance u/s. 14A is not warranted. 6. The Ld. Departmental Representative pl…

ACIT 21(2), Mumbai vs. Vivek Mehrotra, Mumbai

In the result, the appeal filed by the assessee is allowed and appeal filed by the revenue is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2010-11 Vivek Mehrotra, Jt Cit 21(2), 7 Plot No.231, C-10 Bldg, 5Th Floor, बना Shri Nilayam Bldg., Pratyakshakar Bhavan, म/ Sion(E) Bkc, Bandra(E) Vs. Mumbai-400022 Mumbai-51 (Appellant) (Respondent ) P.A. No.Aahpm4127B Assessment Year: 2010-11 Jt Cit 21(2), Vivek Mehrotra, C-10 Bldg, 5Th Floor, 7 Plot No.231, बनाम/ Pratyakshakar Bhavan, Shri Nilayam Bldg., Sion(E) Vs. Bkc, Bandra(E) Mumbai-400022 Mumbai-51 (Revenue) (Respondent ) P.A. No. Aahpm4127B Assessee By Shri Nitesh Joshi & Rajiv Mehrotra (Ar) Revenue By Shri Ravinder Sindhu (Dr) सुनवाई क" तार"ख/Date Of Hearing: 13/07/2016 10/08/2016 आदेश क" तार"ख /Date Of Order:

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,F,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “F”, MUMBAI "ी अ"मत शु"ला, "या"यक सद"य एवं "ी अ"वनी तनेजा, लेखा सद"य, के सम" Before Shri Amit Shukla, Judicial Member, and Shri Ashwani Taneja, Accountant Member Assessment Year: 2010-11 Vivek Mehrotra, JT CIT 21(2), 7 Plot No.231, C-10 Bldg, 5th Floor, बना Shri Nilayam Bldg., Pratyakshakar Bhavan, म/ Sion(E) BKC, Bandra(E) Vs. Mumbai-400022 Mumbai-51 (Appellant) (Respondent ) P.A. No.AAHPM4127B Assessment Year: 2010-11 JT CIT 21(2), Vivek Mehrotra, C-10 Bldg, 5th Floor, 7 Plot No.231, बनाम/ Pratyakshakar Bhavan, Shri…

Vivek Mehrotra, Mumbai vs. Jt CIT 21(2), Mumbai

In the result, the appeal filed by the assessee is allowed and appeal filed by the revenue is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2010-11 Vivek Mehrotra, Jt Cit 21(2), 7 Plot No.231, C-10 Bldg, 5Th Floor, बना Shri Nilayam Bldg., Pratyakshakar Bhavan, म/ Sion(E) Bkc, Bandra(E) Vs. Mumbai-400022 Mumbai-51 (Appellant) (Respondent ) P.A. No.Aahpm4127B Assessment Year: 2010-11 Jt Cit 21(2), Vivek Mehrotra, C-10 Bldg, 5Th Floor, 7 Plot No.231, बनाम/ Pratyakshakar Bhavan, Shri Nilayam Bldg., Sion(E) Vs. Bkc, Bandra(E) Mumbai-400022 Mumbai-51 (Revenue) (Respondent ) P.A. No. Aahpm4127B Assessee By Shri Nitesh Joshi & Rajiv Mehrotra (Ar) Revenue By Shri Ravinder Sindhu (Dr) सुनवाई क" तार"ख/Date Of Hearing: 13/07/2016 10/08/2016 आदेश क" तार"ख /Date Of Order:

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,F,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “F”, MUMBAI "ी अ"मत शु"ला, "या"यक सद"य एवं "ी अ"वनी तनेजा, लेखा सद"य, के सम" Before Shri Amit Shukla, Judicial Member, and Shri Ashwani Taneja, Accountant Member Assessment Year: 2010-11 Vivek Mehrotra, JT CIT 21(2), 7 Plot No.231, C-10 Bldg, 5th Floor, बना Shri Nilayam Bldg., Pratyakshakar Bhavan, म/ Sion(E) BKC, Bandra(E) Vs. Mumbai-400022 Mumbai-51 (Appellant) (Respondent ) P.A. No.AAHPM4127B Assessment Year: 2010-11 JT CIT 21(2), Vivek Mehrotra, C-10 Bldg, 5th Floor, 7 Plot No.231, बनाम/ Pratyakshakar Bhavan, Shri…

Wockhardt Hospitals Ltd, Mumbai vs. Addl CIT RG 10(1), Mumbai

In the result appeal filed by the assessee company in ITA no

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 805/Mum/2011 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3002/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Wockhardt Hospitals Deputy Commissioner Of बनाम/ Ltd., Income Tax – Range 10(1), V. Wockhardt Towers, Aayakar Bhavan, Bandra-Kurla Complex, Mumbai-400 020 Bandra(E), Mumbai – 400051. "थायी लेखा सं./Pan : Aaacw3342G (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…आयकर अपील"य अ"धकरण “G” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 805/Mum/2011 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3002/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) M/s Wockhardt Hospitals Deputy Commissioner of बनाम/ Ltd., Income Tax – Range 10(1), v. Wockhardt Towers, Aayakar Bhavan, Bandra-Kurla Complex, Mumbai-400 020 Bandra(E), Mumbai – 400051. "थायी लेखा सं./PAN : AAACW3342G (अपीलाथ" /Appellant) .. (""यथ" / Respondent) Assessee by…

Wockhardt Hospitals Ltd., Mumbai vs. DCIT 10(1), Mumbai

In the result appeal filed by the assessee company in ITA no

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 805/Mum/2011 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3002/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Wockhardt Hospitals Deputy Commissioner Of बनाम/ Ltd., Income Tax – Range 10(1), V. Wockhardt Towers, Aayakar Bhavan, Bandra-Kurla Complex, Mumbai-400 020 Bandra(E), Mumbai – 400051. "थायी लेखा सं./Pan : Aaacw3342G (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…आयकर अपील"य अ"धकरण “G” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 805/Mum/2011 ("नधा"रण वष" / Assessment Year : 2008-09) आयकर अपील सं./I.T.A. No. 3002/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) M/s Wockhardt Hospitals Deputy Commissioner of बनाम/ Ltd., Income Tax – Range 10(1), v. Wockhardt Towers, Aayakar Bhavan, Bandra-Kurla Complex, Mumbai-400 020 Bandra(E), Mumbai – 400051. "थायी लेखा सं./PAN : AAACW3342G (अपीलाथ" /Appellant) .. (""यथ" / Respondent) Assessee by…

Mantor Capital Ltd, Mumbai vs. Asst CIT Cen Cir 22, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

…fore the CIT(A). The issue that no disallowance may be made under section 14A, if the interest free funds are in excess of investments yielding exempt income is settled by the jurisdictional High Court decisions in the case of HDFC Bank 49 taxmann.com 335 and 67 Taxmann.com 42 and Reliance Utilities 313 ITR 340 and by the decision of the Gujarat High Court in CIT Vs UTI Bank (2013), 32 Taxmann.com 370 etc. 36. The assessee had suo moto disallowed interest u/s.14A of the Act in the computation of income out of abundant caution. The assessee during the proceedings u/s.143(3) had made a claim before the AO that own…

Mantor Capital Ltd, Mumbai vs. Asst CIT Cen Cir 22, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

…fore the CIT(A). The issue that no disallowance may be made under section 14A, if the interest free funds are in excess of investments yielding exempt income is settled by the jurisdictional High Court decisions in the case of HDFC Bank 49 taxmann.com 335 and 67 Taxmann.com 42 and Reliance Utilities 313 ITR 340 and by the decision of the Gujarat High Court in CIT Vs UTI Bank (2013), 32 Taxmann.com 370 etc. 36. The assessee had suo moto disallowed interest u/s.14A of the Act in the computation of income out of abundant caution. The assessee during the proceedings u/s.143(3) had made a claim before the AO that own…

Mantor Capital Ltd, Mumbai vs. Asst CIT Cen Cir 22, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

…fore the CIT(A). The issue that no disallowance may be made under section 14A, if the interest free funds are in excess of investments yielding exempt income is settled by the jurisdictional High Court decisions in the case of HDFC Bank 49 taxmann.com 335 and 67 Taxmann.com 42 and Reliance Utilities 313 ITR 340 and by the decision of the Gujarat High Court in CIT Vs UTI Bank (2013), 32 Taxmann.com 370 etc. 36. The assessee had suo moto disallowed interest u/s.14A of the Act in the computation of income out of abundant caution. The assessee during the proceedings u/s.143(3) had made a claim before the AO that own…

Mentor Capital Ltd, Mumbai vs. DCIT Cen Cir 22, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

…fore the CIT(A). The issue that no disallowance may be made under section 14A, if the interest free funds are in excess of investments yielding exempt income is settled by the jurisdictional High Court decisions in the case of HDFC Bank 49 taxmann.com 335 and 67 Taxmann.com 42 and Reliance Utilities 313 ITR 340 and by the decision of the Gujarat High Court in CIT Vs UTI Bank (2013), 32 Taxmann.com 370 etc. 36. The assessee had suo moto disallowed interest u/s.14A of the Act in the computation of income out of abundant caution. The assessee during the proceedings u/s.143(3) had made a claim before the AO that own…

ACIT CC 3(3) Cen RG 3, Mumbai vs. Mentor Capital Ltd, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

…fore the CIT(A). The issue that no disallowance may be made under section 14A, if the interest free funds are in excess of investments yielding exempt income is settled by the jurisdictional High Court decisions in the case of HDFC Bank 49 taxmann.com 335 and 67 Taxmann.com 42 and Reliance Utilities 313 ITR 340 and by the decision of the Gujarat High Court in CIT Vs UTI Bank (2013), 32 Taxmann.com 370 etc. 36. The assessee had suo moto disallowed interest u/s.14A of the Act in the computation of income out of abundant caution. The assessee during the proceedings u/s.143(3) had made a claim before the AO that own…

Sonphankhi Shares & Securities P.Ltd, Mumbai vs. ITO WD 4(2)(2), Mumbai

In the result, assessee company appeal in ITA No 7068/Mum/2012 for assessment year 2009-10 is partly allowed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

…आयकर अपील"य अ"धकरण “E” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 7068/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) Sonpankhi Shares and ITO Ward 4(2)(2) बनाम/ Securities Private Limited Mumbai v. 12, Reyfreda , Sir M V Marg, Chakala,Andheri East Mumbai-400 093 "थायी लेखा सं./PAN : AAFCS0822E .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Assessee by Shri Nishit Gandhi Revenue by : Dr. Suman Ratnam Darsi (D.R.) सुनवाई क" तार"ख /Date of Hearing : 29-07-2016 घोषणा क" त…

Rajesh J Thakkar, Mumbai vs. DCIT 13(3), Mumbai

In the result, the appeal filed by the assessee in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 2808/Mum/2014 ("नधा"रण वष" / Assessment Year : 2009-10) Mr. Rajesh J. Thakkar, The Deputy Commissioner बनाम/ 407, Saiya House, Of Income Tax – 13(3), V. Narsi Natha Street, Room No. 427, 279, Bhat Bazar, Aaykar Bhavan, Masjid, M.K. Road, Mumbai – 400 009. Mumbai – 400 020. "थायी लेखा सं./Pan : Aaapt1856B (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…आयकर अपील"य अ"धकरण “D” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 2808/Mum/2014 ("नधा"रण वष" / Assessment Year : 2009-10) Mr. Rajesh J. Thakkar, The Deputy Commissioner बनाम/ 407, Saiya House, of Income Tax – 13(3), v. Narsi Natha Street, Room No. 427, 279, Bhat Bazar, Aaykar Bhavan, Masjid, M.K. Road, Mumbai – 400 009. Mumbai – 400 020. "थायी लेखा सं./PAN : AAAPT1856B (अपीलाथ" /Appellant) .. (""यथ" / Respondent) Assessee by Shri Sanjay R. Parikh Revenue by : Shri B.S. Bist,…

Subhakam Ventures (I) P. Ltd, Mumbai vs. ACIT Cir 2(3), Mumbai

The appeal of the assessee is partly allowed

Bench: S/Sh.Rajendra & C.N. Prasadआयकर अपील अपील संसंसंसं./I.T.A./2954/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Shubkam Ventures(I) Pvt. Ltd. Acit, Circle-2(3) The Internatinal House Aayakar Bhavan 4Th Floor, 16, Mk Road Vs. Mumbai. Churchgate,Mumbai-400 020. Pan:Aaacw 1624 M आयकर अपील अपील संसंसंसं./I.T.A./3376/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Acit, Circle-2(3) Shubkam Ventures(I) Pvt. Ltd. Vs. Mumbai. Mumbai 400 020. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By:Shri R.K. Sahu Assessee By: Shri Sanjay Parikh सुनवाई क" तारीख / Date Of Hearing: 28.07.2016 घोषणा क" तारीख / Date Of Pronouncement: 28.07.2016 आयकर आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश 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) "" केकेकेके अनुसार अनुसार अनुसार Per Rajendra, Am- अनुसार राजे"" "" "" लेखा सद"य सद"य राजे लेखा लेखा लेखा सद"य सद"य राजे राजे Challenging The Order,Dated 14/02/2013 Of The Cit (A)-6,Mumbai, The Assessing Officer(Ao)And The Assessee Have Filed The Cross-Appeals For The Year Under Consi - Deration.Assessee-Company,Engaged In The Business Of Investments & Trading In Shares & Securities,Filed Its Return Of Income On 29/09/2009,Declaring Total Loss Of Rs.16.12 Lakhs.The Ao Completed The Assessment, U/S.143 (3)Of The Act,On 27/12/ 2011,Determining The Income Of The Assessee At Rs.1,20,45,370/-.

…आयकर अपीलीय अपीलीय अिधकरण अिधकरण, मुंबई मुंबई “ई” खंडपीठ खंडपीठ आयकर आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण मुंबई मुंबई खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“E”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं सी. एन. "साद,"याियक सद"य Before S/Sh.Rajendra,Accountant Member and C.N. Prasad,Judicial Member आयकर अपील अपील संसंसंसं./I.T.A./2954/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Shubkam Ventures(I) Pvt. Ltd. ACIT, Circle-2(3) The Internatinal House Aayakar Bhavan 4th Floor, 16, MK Road Vs. Mumbai. Churchgate,Mumbai-400 020. PAN:AAACW 1624 M आयकर अप…

Starwar Comtrade P.Ltd, Mumbai vs. Asst CIT Cir 3(3), Mumbai

Bench: S/Sh.Rajendra & C.N. Prasadआयकर अपील आयकर अपील संसंसंसं./Ita.S./7291-92/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Ay.S.2010-11 & 2011-12 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Starwar Comtrade P. Ltd. Acit, Range- 3(3) 11,12 1St Floor, Palm Spring Aayakar Bhavan, 6Th Floor Hastikar Marg, Prabhadevi Vs. Mumbai-400 020. Mumbai-400 025. Pan:Aafcs 6880 A (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri J. Saravanan -Dr Assessee By: Shri Dharmesh Shah सुनवाई क" तारीख / Date Of Hearing: 07.07.2016 घोषणा क" तारीख / Date Of Pronouncement: 27.07.2016 आयकर आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश 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) लेखा लेखा सद"य लेखा लेखा सद"य सद"य राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार Per Rajendra, Am- अनुसार Challenging The Orders,Dated 30/10/2014 Of The Cit (A)-7,Mumbai The Assessee Has Filed The Appeals For The Above-Mentioned Assessment Years(Ay.S.).Issue Involved In All The Appeals Is About Disallowance Made U/S.14A Of The Act.So,We Are Adjudicating Both The Appeals By Single Order. The Details Of Dates Of Filing Of Returns,Returned Incomes & Assessed Income Etc. Can Be Summarised As Under In The Tabular Form: A.Y. Roi Filed Assessed Returned Income(Rs.) Assessment Dt. On Income(Rs.) 2010-11 20.09.2010 (-)Rs.2.28 Crores 28.12.2012 (-)7,04,116/- 2011-12 16.09.2011 Nil - 2,61,14,570/-

…at the AO had made the disallowance of Rs.2.12 crores under the head interest expendi - ture,that the assessee had not incurred any dismiss expenditure to or exempt income.He relied upon the cases of India Advantage Securities Ltd. (380 ITR471),HDFC Bank Ltd.(383 ITR 529).The Departmental Representative left the issue to the discretion of the bench. 5.We have heard the rival submissions and perused the material before us. We find that during the year under consideration the assessee had and exempt income of Rs. 17.60 lakhs, that the AO had made disallowance under the head interest expenditure(Rs.2.12 crores) and…

Asst CIT Cen Cir 29, Mumbai vs. Shoppers Stop Ltd, Mumbai

Appeal is allowed

Bench: S/Shri Rajendra & C.N. Prasadआयकर आयकर अपील अपील संसंसंसं./Ita/2189/Mum/2012,िनधा"रण िनधा"रण वष" वष" /Assessment Years: 2008-09 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Acit, Central Circle-29 M/S. Shoppers Stop Ltd. Room No.411, 4Th Floor Eureka Towers, A-Wing, 9Th Floor, Vs. Aayakar Bhavan, M.K. Road Mindspace, Link Road Mumbai-400 020. Malad(W),Mumbai-400 064. Pan:Aabcs 4383 A आयकर आयकर अपील अपील संसंसंसं./Ita/1753/Mum/2012,िनधा"रण िनधा"रण वष" वष" /Assessment Years: 2008-09 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Shoppers Stop Ltd. Vs. Acit, Central Circle-29 Mumbai-400 064. Mumbai-400 020. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By:Shri Sanjeev Kashyap-Dr Assessee By: Ms. Aarti Sathe सुनवाई क" तारीख / Date Of Hearing: 27.07.2016 घोषणा क" तारीख / Date Of Pronouncement: 27.07.2016 आयकर आयकर अिधिनयम आयकर आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)केकेकेके अ"तग"त धारा अ"तग"त अ"तग"त आदेश अ"तग"त आदेश आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार Per Rajendra, Am- अनुसार Challenging The Order Dt.23.1.2012 Of Cit(A)-40, Mumbai The Assessing Officer(A.O) & The Assessee Have Filed The Present Appeals. 2.Assessee-Company,Engaged In The Business Of Retailing A Variety Of Household & Consumer Products,Filed Its Return Of Income On 29.9.2008,Declaring Its Income At Rs.27.51 Crores.The Ao Completed The Assessment U/S.143(3) Of The Act On 16.12.10 Determining The Income Of The Assessee At Rs.36.26 Crores.

…आयकर अपीलीय अिधकरण, मुंबई “ई” खंडपीठ Income-tax Appellate Tribunal -“E”Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"",लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं सी एवं सी सी. एन सी एन एन. "साद एन "साद "साद,"याियक "साद "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Shri Rajendra,Accountant Member and C.N. Prasad,Judicial Member आयकर आयकर अपील अपील संसंसंसं./ITA/2189/Mum/2012,िनधा"रण िनधा"रण वष" वष" /Assessment Years: 2008-09 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" ACIT, Central Circle-29 M/s. Shoppers Stop Ltd. Room No.411, 4th floor Eureka Towers, A-Wing, 9th Floor, Vs. Aayakar B…

Ramesh Builders, Mumbai vs. ITO 12(1)(1), Mumbai

In the result, the appeal filed by the assessee-Ramesh Builders(India) in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar V. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./Pan : Aaafr4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…99आयकर अपील"य अ"धकरण “D” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar v. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./PAN : AAAFR4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A. No.1798/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders, बनाम/ Income Tax 9…

Ramesh Builders (India), Mumbai vs. ITO 12(1)(2), Mumbai

In the result, the appeal filed by the assessee-Ramesh Builders(India) in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar V. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./Pan : Aaafr4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…99आयकर अपील"य अ"धकरण “D” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.1797/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders (India), Income Tax बनाम/ 9, Dhiraj Chambers, Officer,12(1)(2),Aayakar v. 9, Hazarimal Somani Marg, Bhavan,M.K. Road, Fort,Mumbai – 400001. Mumbai. "थायी लेखा सं./PAN : AAAFR4655E .. (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A. No.1798/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Ramesh Builders, बनाम/ Income Tax 9…

Shoppers Stop Ltd, Mumbai vs. ACIT Cen Cir 29, Mumbai

Appeal is allowed

Bench: S/Shri Rajendra & C.N. Prasadआयकर आयकर अपील अपील संसंसंसं./Ita/2189/Mum/2012,िनधा"रण िनधा"रण वष" वष" /Assessment Years: 2008-09 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Acit, Central Circle-29 M/S. Shoppers Stop Ltd. Room No.411, 4Th Floor Eureka Towers, A-Wing, 9Th Floor, Vs. Aayakar Bhavan, M.K. Road Mindspace, Link Road Mumbai-400 020. Malad(W),Mumbai-400 064. Pan:Aabcs 4383 A आयकर आयकर अपील अपील संसंसंसं./Ita/1753/Mum/2012,िनधा"रण िनधा"रण वष" वष" /Assessment Years: 2008-09 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Shoppers Stop Ltd. Vs. Acit, Central Circle-29 Mumbai-400 064. Mumbai-400 020. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By:Shri Sanjeev Kashyap-Dr Assessee By: Ms. Aarti Sathe सुनवाई क" तारीख / Date Of Hearing: 27.07.2016 घोषणा क" तारीख / Date Of Pronouncement: 27.07.2016 आयकर आयकर अिधिनयम आयकर आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)केकेकेके अ"तग"त धारा अ"तग"त अ"तग"त आदेश अ"तग"त आदेश आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार Per Rajendra, Am- अनुसार Challenging The Order Dt.23.1.2012 Of Cit(A)-40, Mumbai The Assessing Officer(A.O) & The Assessee Have Filed The Present Appeals. 2.Assessee-Company,Engaged In The Business Of Retailing A Variety Of Household & Consumer Products,Filed Its Return Of Income On 29.9.2008,Declaring Its Income At Rs.27.51 Crores.The Ao Completed The Assessment U/S.143(3) Of The Act On 16.12.10 Determining The Income Of The Assessee At Rs.36.26 Crores.

…आयकर अपीलीय अिधकरण, मुंबई “ई” खंडपीठ Income-tax Appellate Tribunal -“E”Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"",लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं सी एवं सी सी. एन सी एन एन. "साद एन "साद "साद,"याियक "साद "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Shri Rajendra,Accountant Member and C.N. Prasad,Judicial Member आयकर आयकर अपील अपील संसंसंसं./ITA/2189/Mum/2012,िनधा"रण िनधा"रण वष" वष" /Assessment Years: 2008-09 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" ACIT, Central Circle-29 M/s. Shoppers Stop Ltd. Room No.411, 4th floor Eureka Towers, A-Wing, 9th Floor, Vs. Aayakar B…

Raksha Sudhir Sheth, Mumbai vs. ITO WD 22(2)(4), Navi Mumbai

In the result, the appeal of the assessee is partly allowed

Bench: Sri Mahavir Singhsmt. Raksha Sudhir Sheth, 104, Vs. The Income Tax Officer, 7Th Rameshwar, Rajawadi Road, Ward -22(2) (4), Tower-6, Neelkanth Valley, Ghatkopar (East), Vashi Rly. Station Complex, Mumbai 400 077 Vashi, Navi Mumbai 400 703 Pan:Awpps 9103 B Appellant .. Respondent .. Appellant By Ms. Mathuria, Ar Respondent By .. Shri Jitendra Kumar Yadav, Dr .. Date Of Hearing 14-07-2016 Date Of Pronouncement .. 14-07-2016 O R D E R Per Mahavir Singh, Jm: This Appeal By The Assessee Is Arising Out Of The Order Of The Cit (A), Mumbai-25 Passed In Appeal No. Cit (A)-33/It/364/10-11 Dated 01-12-2014. Assessment Was Framed By The Ito, Ward- 22(2)(4), Mumbai For Assessment Year 2008-09 Vide His Order Dated 20-12-2010 Passed U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter “The Act”).

…money, the disallowance cannot be attributed, particularly when the AO is unable to prove the nexus. I find from the facts of the case that the assessee’s issue is covered by the decision of the Hon’ble Bombay High Court in the case of HDFC Ltd. Vs CIT (2016) 383 ITR 529 and CIT Vs. Reliance Utilities (2009) 313 ITR 340. In view of the above facts, I am of the view that the assessee was having own funds, which are more than the funds invested in shares yielding exempted income. Accordingly, the issue being covered, I allow the claim of the assessee. 5. The next issue in this appeal of the assessee is against the…