India Finance and Construction Co. Pvt. Ltd. v. DCIT

200 ITR 710High Court1993#5077 most cited

What is India Finance and Construction Co. Pvt. Ltd. v. DCIT authority for?

Reassessment proceedings under section 147/148 require tangible material that has a live link to the formation of the belief of income escapement. The Assessing Officer cannot rely on borrowed satisfaction.

23

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2025.

Also referred to as

India Finance and Construction Co. Pvt. Ltd. v. DCIT · 200 ITR 710 · section 147 · section 148 · tangible material · live link · escapement of income · borrowed satisfaction · reassessment · income tax assessment

Sections most often in play

Section 143(3)Section 142(1)Section 147Section 148Section 151Section 115BBESection 143(1)Section 143(2)

Issues it is cited on

section 5(2)(b)section 5(2)share capital and share premiumsource of sourcecreditworthiness of the creditorsection 250(4)tangible materialcommercial expediencyborrowed satisfactionadmission of additional evidencecommissioner (appeals)share application money

Judgments citing India Finance and Construction Co. Pvt. Ltd. v. DCIT

DY. COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION), JAIPUR, HIGHCOURT CIRCLE, JAIPUR vs. LATE VANDANA AGARWAL THROUGH LEGAL HEIR SH. NISHIT AGARWAL, JAIPUR

In the result the appeal of the revenue is allowed for statistical

ITA 1237/JPR/2024[2017-18]Status: DisposedITAT Jaipur16 Jul 2025AY 2017-18
For Appellant: Sh. Ashish Sharma, Adv. &For Respondent: Mrs. Alka Gautam, CIT-DR
Section 143(3)

…ty was available which is not within the scope of his discharge of duty as an AO. In this regard the appellant has placed reliance on two case laws namely, CIT v/sA.Raman& Co. (1968) 67 ITR 11 (SC) and India Finance & Construction Co. (P) Ltd. v/s DCIT (1993) 200 ITR 710 (Bom.). 17. With respect to the observation of the AO as to why new bank account was required to be opened in IDBI Bank, the appellant has stated that extensive queries were made by the Investigation Wing about the nature/ source of their deposits and a detailed reply along with all the necessary documents was duly filed before the DDIT(Investig…

TEAM GLOBAL LOGISTICS PVT. LTD.,MUMBAI vs. DCIT-11(3)(1), MUMBAI

In the result the appeal is allowed

ITA 4453/MUM/2023[2012-13]Status: DisposedITAT Mumbai15 Oct 2024AY 2012-13

Bench: SHRI BR BASKARAN (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

Section 143(2)Section 143(3)Section 147Section 148Section 151(1)Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘E’ BENCH MUMBAI BEFORE: SHRI BR BASKARAN, ACCOUNTANT MEMBER & SHRI SUNIL KUMAR SINGH, JUDICIAL MEMBER Team Global Vs. DCIT-11(3)(1) Logistics Pvt. Ltd. Aayakar Bhavan, 701-702, Times M.K.Road, Square Building, Mumbai-400020. Andheri Kurla Road, Sakinaka, Andheri-400005. PAN/GIR No. AACCT2540H (Appellant) .. (Respondent) Assessee by Shri. Dharmesh Shah a/w Ms. Mitali Parekh Revenue by Shri. P.D. Chougule (Addl. CIT) SR. DR Date of Hearing 16/07/2024 Date of Pronouncement 15/10/2024 आदेश / O R D E R PER SUNIL KUMAR SINGH (J.M): 1. This appeal has been preferred against…

SHILPA MANISH SHAH,MUMBAI vs. ITO, WARD 27(3)(3), NAVI MUMBAI

Appeal of the assessee is allowed

ITA 3089/MUM/2024[2014-15]Status: DisposedITAT Mumbai09 Sept 2024AY 2014-15

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Sunil Kumar Singh, Hon’Ble

For Appellant: Ms. Neha ParanjpeFor Respondent: Shri P. Sudhakar Naik, Sr. DR
Section 143(3)Section 147Section 148

…ovided there is tangible material to come to conclusion that there is escapement of income from assessment reasons must have a live link with formation of belief. 7. The Hon’ble Bombay High Court in the case of India Finance and Construction Company Pvt. Ltd 200 ITR 710 on similar set up facts held as under:- “7. The second transaction on the basis of which notice under section 148 is issued relates to a transaction entered into in May 1982 under which the assessee-company advanced to C.R. Developers (P.) Ltd. a sum of Rs 15 lakhs purporting to be an advance for the purpose of construction of a hotel. I.T.A. No…

DCIT-CC 5(2), MUMBAI vs. JETAIR PRIVATE LIMITED, NEW DELHI

In the result, appeal of the Revenue is dismissed and Cross Objection of the assessee is dismissed as infructuous

ITA 3050/MUM/2022[2018-19]Status: DisposedITAT Mumbai24 Jul 2023AY 2018-19
Section 131Section 133ASection 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘F‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER DCIT-CC 5(2) Vs. M/s. Jetair Private Mumbai Limited Jetair House 13 Community Centre Yusuf Sarai Delhi – 100 049 PAN/GIR No.AAACJ0121C (Appellant) .. (Respondent) CO No.23/Mum/2023 (Arising out of ITA No.3050/Mum/2022) (Assessment Year :2018-19) M/s. Jetair Private Vs. DCIT-CC 5(2) Limited Mumbai Jetair House 13 Community Centre Yusuf Sarai Delhi – 100 049 PAN/GIR No.AAACJ0121C (Appellant) .. (Respondent) Assessee by Shri Manan Mathuria Revenue by Shri Suresh D Gaikwad Date of…

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1(4), BENGALURU vs. M/S SNOWSHINE REALTORS PVT.LTD. , BENGALURU

In the result, the revenue appeals in ITA Nos

ITA 1443/BANG/2018[2008-09]Status: DisposedITAT Bangalore28 Oct 2022AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

For Appellant: Shri Dilip, Junior Standing Counsel forFor Respondent: Dept
Section 147

…ka (1970) 76 ITR 128 (AP) ii) N. Sundareswaram V. CIT (1972) 84 ITR 173 (Ker) iii) Smt.Hemlata Agarwal V. CIT (1967) 64 ITR 428 (All) iv) ITO V. Lakshmani Mewal Das (1976) 103 ITR 437 (SC) v) India Finance & Construction Co., (P) Ltd V. B.N.Panda, DCIT (1993) 200 ITR 710 (Born) 9. The learned Commissioner of Income Tax (Appeals) erred in ignoring the ratio laid down by Hon'ble High Court of Delhi in the case of Principal Commissioner of Income Tax V. RMG Polyvinyl (I) Ltd (2017) 83 Taxmann.com 348 ITA Nos.1441 & 1442/Bang/2018 & CO 103 & 104/Bang/2018 ITA No.1443/Bang/2018 & CO No.105/Bang/2018 M/s. Kansur Devel…

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1(4), BENGALURU vs. M/S KANSUR DEVELOPERS INDIA PVT. LTD. , BENGALURU

In the result, the revenue appeals in ITA Nos

ITA 1442/BANG/2018[2012-13]Status: DisposedITAT Bangalore28 Oct 2022AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

For Appellant: Shri Dilip, Junior Standing Counsel forFor Respondent: Dept
Section 147

…ka (1970) 76 ITR 128 (AP) ii) N. Sundareswaram V. CIT (1972) 84 ITR 173 (Ker) iii) Smt.Hemlata Agarwal V. CIT (1967) 64 ITR 428 (All) iv) ITO V. Lakshmani Mewal Das (1976) 103 ITR 437 (SC) v) India Finance & Construction Co., (P) Ltd V. B.N.Panda, DCIT (1993) 200 ITR 710 (Born) 9. The learned Commissioner of Income Tax (Appeals) erred in ignoring the ratio laid down by Hon'ble High Court of Delhi in the case of Principal Commissioner of Income Tax V. RMG Polyvinyl (I) Ltd (2017) 83 Taxmann.com 348 ITA Nos.1441 & 1442/Bang/2018 & CO 103 & 104/Bang/2018 ITA No.1443/Bang/2018 & CO No.105/Bang/2018 M/s. Kansur Devel…

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1-(4), BENGALURU vs. M/S KANSUR DEVELOPERS INDIA PVT. LTD., BENGALURU

In the result, the revenue appeals in ITA Nos

ITA 1441/BANG/2018[2009-10]Status: DisposedITAT Bangalore28 Oct 2022AY 2009-10

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

For Appellant: Shri Dilip, Junior Standing Counsel forFor Respondent: Dept
Section 147

…ka (1970) 76 ITR 128 (AP) ii) N. Sundareswaram V. CIT (1972) 84 ITR 173 (Ker) iii) Smt.Hemlata Agarwal V. CIT (1967) 64 ITR 428 (All) iv) ITO V. Lakshmani Mewal Das (1976) 103 ITR 437 (SC) v) India Finance & Construction Co., (P) Ltd V. B.N.Panda, DCIT (1993) 200 ITR 710 (Born) 9. The learned Commissioner of Income Tax (Appeals) erred in ignoring the ratio laid down by Hon'ble High Court of Delhi in the case of Principal Commissioner of Income Tax V. RMG Polyvinyl (I) Ltd (2017) 83 Taxmann.com 348 ITA Nos.1441 & 1442/Bang/2018 & CO 103 & 104/Bang/2018 ITA No.1443/Bang/2018 & CO No.105/Bang/2018 M/s. Kansur Devel…

TATA REALTY AND INFRASTRUCTURE LTD,MUMBAI vs. AST CIT 2(3)(1), MUMBAI

ITA 763/MUM/2020[2015-16]Status: DisposedITAT Mumbai28 Jan 2022AY 2015-16
For Appellant: Aarti VissanjiFor Respondent: Sanjeev Kashyap
Section 115JSection 143(2)Section 143(3)

…nd remaining 30% of such principal amount was written off in F.Y. 2018-19. The ld. counsel has referred the decision of Hon’ble Bombay High Court in the case of India Fianance & Construction Co. P. Ltd. Vs. B.N. Panda, Deputy Commissioner of Income Tax (1993) 200 ITR 710 (Bom). We have perused the referred pronouncement wherein the Hon’ble jurisdictional High Court on identical issue held as under:- “the assessee company has in fact not received any interest in respect of this advance from M/s C.R. Developers Pvt. Limited in the assessment year 1988-89. When no income is received there is no question of paying a…

JT CIT(OSD) 2(3)(1), MUMBAI vs. M/S TATA REALTY AND INFRASTRUCTURE LTD., MUMBAI

ITA 730/MUM/2020[2015-16]Status: DisposedITAT Mumbai28 Jan 2022AY 2015-16
For Appellant: Aarti VissanjiFor Respondent: Sanjeev Kashyap
Section 115JSection 143(2)Section 143(3)

…nd remaining 30% of such principal amount was written off in F.Y. 2018-19. The ld. counsel has referred the decision of Hon’ble Bombay High Court in the case of India Fianance & Construction Co. P. Ltd. Vs. B.N. Panda, Deputy Commissioner of Income Tax (1993) 200 ITR 710 (Bom). We have perused the referred pronouncement wherein the Hon’ble jurisdictional High Court on identical issue held as under:- “the assessee company has in fact not received any interest in respect of this advance from M/s C.R. Developers Pvt. Limited in the assessment year 1988-89. When no income is received there is no question of paying a…

M/S. UNITED SPIRITS LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, BANGALORE

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

ITA 489/BANG/2017[2012-13]Status: DisposedITAT Bangalore29 May 2020AY 2012-13

Bench: Shri B.R. Baskaran & Shri Pavan Kumar Gadaleit(Tp)A No.489/Bang/2017 (Assessment Year: 2012-13) M/S. United Spirits Limited, Ub Towers, No.24, Vittal Mallya Road, Bangalore-560 001 ….Appellant Vs. Dy. Commissioner Of Income Tax, Circle 7(1)(1), Bangalore. ……Respondent. Assessee By: Shri Perci Pardiwala, Senior Advocate & Shri Ketan Ved, C.A. Revenue By: Shri Bipin C.N, Jcit (D.R) Date Of Hearing : 06.03.2020. Date Of Pronouncement : 29.05.2020. O R D E R Per Shri B.R. Baskaran, A.M. : The Assessee Has Filed This Appeal Challenging The Assessment Order Dated 31-01-2017 Passed By The Assessing Officer For Assessment Year 2012-13 Passed U/S 143(3) R.W.S 144C(13) Of The Act.

For Appellant: Shri Perci Pardiwala, Senior Advocate and Shri Ketan Ved, C.AFor Respondent: Shri Bipin C.N, JCIT (D.R)
Section 143(3)Section 144C(10)Section 144C(13)Section 14ASection 154Section 36(1)(iii)Section 92C

…from out of the said loans, since there was no contractual right to receive interest on the said loans. In this regard, he placed his reliance on the decision rendered by Hon’ble Bombay High Court in the case of India Finance & Construction Co. (P) Ltd (1993)(200 ITR 710), wherein it was held that, when no income is 11 IT(TP)A No.489/Bang/2017 . received, there is no question of paying any tax on income which the respondents (department) think should have been received, but was in fact not received. Accordingly he submitted that, in the absence of any income from international transaction, no transfer pricing adj…

ADANI AGRO PVT. LTD.,,AHMEDABAD vs. THE DY.CIT.,CIRCLE-1,, AHMEDABAD

In the result, the assessee appeal is thus allowed

ITA 1809/AHD/2012[2009-10]Status: DisposedITAT Ahmedabad20 Sept 2019AY 2009-10

Bench: Shri O. P. Meena& Ms. Madhumita Roy

For Appellant: Shri S. N. Soparkar, Sr. Advocate with Parin ShahFor Respondent: 17.09.2019
Section 115JSection 143(3)Section 14ASection 234BSection 234C

…reme Court in the case of CIT v. Shivakami Co. Pvt. Ltd. [1986] 159 ITR 71 (SC). We also find support in our view from a Division Bench judgment of the Bombay High Court in the case of India Finance and Construction Co. Pvt. Ltd. v. B.N . Panda, Dy. CIT[1993] 200 ITR 710." A.Y. 1994-95 We further find that the order of ld. CIT(A) is in conformity with the decision of jurisdictional High Court in the case of MarghabhaiKishabhai Patel & Co. (supra) wherein Hon'ble Court referred to the case of Madras High Court in the case of RamlingaChoodambikaiMils Ltd. vs. CIT (1955) 281 ITR 952 and that of Gujarat High Court i…

AURA SECURITIES PVT. LTD.,AHMEDABAD vs. DY. COMMISSIONER OF INCOME TAX,, AHMEDABAD

In the result the appeal of the assessee is allowed

ITA 3462/AHD/2014[2008-09]Status: DisposedITAT Ahmedabad28 Jun 2019AY 2008-09

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.834/Ahd/2012 "नधा"रण वष"/Asstt. Year: 2008-2009 Dcit, Aura Securities Pvt. Ltd. Circle-1, V Akhay Building, B/H, Vadilal Ahmedabad. S. House, 53, Shrimali Society, Navrangpura, Ahmedabad-380009 Pan: Aabct4637N आयकर अपील सं./Ita No.986/Ahd/2012 िनधा"रण वष"/Asstt. Year: 2008-2009 Aura Securities Pvt. Ltd. Acit, Akhay Building, B/H, Vadilal Vs. Circle-1, House, 53, Shrimali Society, Ahmedabad. Navrangpura, Ahmedabad-380009 Pan: Aabct4637N

For Appellant: ShriFor Respondent: Shri Mudit Nagpal, S.R. D.R
Section 115JSection 14ASection 234BSection 234CSection 271(1)(c)

…reme Court in the case of CIT v. Shivakami Co. Pvt. Ltd. [1986] 159 ITR 71 (SC). We also find support in our view from a Division Bench judgment of the Bombay High Court in the case of India Finance and Construction Co. Pvt. Ltd. v. B.N . Panda, Dy. CIT[1993] 200 ITR 710." A.Y. 1994-95 We further find that the order of ld. CIT(A) is in conformity with the decision of jurisdictional High Court in the case of Marghabhai Kishabhai Patel & Co. (supra) wherein Hon'ble Court referred to the case of Madras High Court in the case of Ramlinga Choodambikai Mils Ltd. vs. CIT (1955) 281 ITR 952 and that of Gujarat High Court…

AURA SECURITIES PVT.LTD.,,AHMEDABAD vs. THE ACIT.,CIRCLE-1,, AHMEDABAD

In the result the appeal of the assessee is allowed

ITA 986/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad28 Jun 2019AY 2008-09

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.834/Ahd/2012 "नधा"रण वष"/Asstt. Year: 2008-2009 Dcit, Aura Securities Pvt. Ltd. Circle-1, V Akhay Building, B/H, Vadilal Ahmedabad. S. House, 53, Shrimali Society, Navrangpura, Ahmedabad-380009 Pan: Aabct4637N आयकर अपील सं./Ita No.986/Ahd/2012 िनधा"रण वष"/Asstt. Year: 2008-2009 Aura Securities Pvt. Ltd. Acit, Akhay Building, B/H, Vadilal Vs. Circle-1, House, 53, Shrimali Society, Ahmedabad. Navrangpura, Ahmedabad-380009 Pan: Aabct4637N

For Appellant: ShriFor Respondent: Shri Mudit Nagpal, S.R. D.R
Section 115JSection 14ASection 234BSection 234CSection 271(1)(c)

…reme Court in the case of CIT v. Shivakami Co. Pvt. Ltd. [1986] 159 ITR 71 (SC). We also find support in our view from a Division Bench judgment of the Bombay High Court in the case of India Finance and Construction Co. Pvt. Ltd. v. B.N . Panda, Dy. CIT[1993] 200 ITR 710." A.Y. 1994-95 We further find that the order of ld. CIT(A) is in conformity with the decision of jurisdictional High Court in the case of Marghabhai Kishabhai Patel & Co. (supra) wherein Hon'ble Court referred to the case of Madras High Court in the case of Ramlinga Choodambikai Mils Ltd. vs. CIT (1955) 281 ITR 952 and that of Gujarat High Court…

ACIT, CIRCLE - 6(2), KOLKATA, KOLKATA vs. M/S. UMIL SHARE & STOCK BROKING LIMITED, KOLKATA

ITA 303/KOL/2018[2010-11]Status: DisposedITAT Kolkata10 May 2019AY 2010-11

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2010-11 Acit/Dcit, Circle-6(2) V/S. M/S Usha Martin Ventures Aayakar Bhawan, 6Thfloor, Ltd., 24, R.N. Mukherjee Room No.6/15, P-7, Road, Kolkata-700001 Chowringhee Square, [Pan No.Aaacu 3843 J] Kolkat-700069 .. अपीलाथ" /Appellant ""यथ"/Respondent

Section 143(3)

…आयकर अपील"य अधीकरण, "यायपीठ – “B” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri S.S.Godara, Judicial Member and Dr. A.L. Saini, Accountant Member Assessment Year :2010-11 ACIT/DCIT, Circle-6(2) V/s. M/s Usha Martin Ventures Aayakar Bhawan, 6thFloor, Ltd., 24, R.N. Mukherjee Room No.6/15, P-7, Road, Kolkata-700001 Chowringhee Square, [PAN No.AAACU 3843 J] Kolkat-700069 .. अपीलाथ" /Appellant ""यथ"/Respondent ITA No.303/Kol/2018 & C.O No.44/Kol/2018 (a/o ITA No.303/Kol/2018) Assessment Year;2010-11 ACIT, Circle-6(2) V/s. M/s Umil Share & Stock Aayakar Bhawan, 6thFloor, Broking…

ACIT/DCIT, CIRCLE - 6(2), KOLKATA , KOLKATA vs. M/S. USHA MARTIN VENTURES LIMITED , KOLKATA

ITA 199/KOL/2018[2010-11]Status: DisposedITAT Kolkata10 May 2019AY 2010-11

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2010-11 Acit/Dcit, Circle-6(2) V/S. M/S Usha Martin Ventures Aayakar Bhawan, 6Thfloor, Ltd., 24, R.N. Mukherjee Room No.6/15, P-7, Road, Kolkata-700001 Chowringhee Square, [Pan No.Aaacu 3843 J] Kolkat-700069 .. अपीलाथ" /Appellant ""यथ"/Respondent

Section 143(3)

…आयकर अपील"य अधीकरण, "यायपीठ – “B” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri S.S.Godara, Judicial Member and Dr. A.L. Saini, Accountant Member Assessment Year :2010-11 ACIT/DCIT, Circle-6(2) V/s. M/s Usha Martin Ventures Aayakar Bhawan, 6thFloor, Ltd., 24, R.N. Mukherjee Room No.6/15, P-7, Road, Kolkata-700001 Chowringhee Square, [PAN No.AAACU 3843 J] Kolkat-700069 .. अपीलाथ" /Appellant ""यथ"/Respondent ITA No.303/Kol/2018 & C.O No.44/Kol/2018 (a/o ITA No.303/Kol/2018) Assessment Year;2010-11 ACIT, Circle-6(2) V/s. M/s Umil Share & Stock Aayakar Bhawan, 6thFloor, Broking…

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1(4), BENGALURU vs. M/S JAICO REALTORS PVT.LTD., BENGALURU

In the result, the appeal of the revenue is dismissed

ITA 1444/BANG/2018[2008-09]Status: DisposedITAT Bangalore08 May 2019AY 2008-09

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadaleassessment Year :2008-09 M/S. Jaico Realtors Pvt. Ltd., The Assistant Commissioner No. 2650, Ground Floor, Of Income Tax, 37Th B Cross, Vs. 28Th Main, 9Th Block, Central Circle – 1 (4), Bangalore. Jayanagar, Bangalore – 560 009. Pan: Aabcj8421G Appellant Respondent

For Appellant: Shri C. Ramesh, CAFor Respondent: Shri T.N. Prakash, Addl. CIT (DR)
Section 147Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER Assessment Year :2008-09 M/s. Jaico Realtors Pvt. Ltd., The Assistant Commissioner No. 2650, Ground Floor, of Income Tax, 37th B Cross, Vs. 28th Main, 9th Block, Central Circle – 1 (4), Bangalore. Jayanagar, Bangalore – 560 009. PAN: AABCJ8421G APPELLANT RESPONDENT & C.O. No. 106/Bang/2018 (in ITA No. 1444/Bang/2018) Assessment Year : 2008-09 (By Assessee) Assessee by : Shri C. Ramesh, CA Revenue by : Shri T.N. Prakash, Addl. CIT (DR) Date of hearing : 03.04.20…

ITO 9(1)(3), MUMBAI vs. ANCHOR RESIDENCY P.LTD, MUMBAI

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

ITA 4407/MUM/2015[2011-12]Status: DisposedITAT Mumbai14 Mar 2018AY 2011-12

Bench: Shri Joginder Singh () & Shri G Manjunatha ()

Section 143(2)Section 36(1)(iii)

…1 ITA 4407/Mum/2015 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A”, MUMBAI Before Shri Joginder Singh (JUDICIAL MEMBER) AND Shri G Manjunatha (ACCOUNTANT MEMBER) I.T.A No.4407/Mum/2015 (Assessment year: 2011-12) ITO-9(1)(3), Mumbai vs M/s Anchor Residency Pvt Ltd (Formerly known as Anchor Malls Pvt Ltd), Knowledge House, Shyam Nagar, Off Jogeshwari Vikhroli Link Road, Jogeshwari (E), Mumbai-60 PAN : AAFC A2252C Appellant by Shri Rajesh Damar Respondent by Shri Ms. Dinkle Hariya Date of hearing 07-02-2018 Date of pronouncement 14-03-2018 O R D E R Per G Manjunatha, AM : This appeal filed by the reve…

MAFATLAL FINANCE COMPANY LTD ( NOW KNOWN AS HYBRID FINANCIAL SERVICES LTD),MUMBAI vs. DCIT 1(2), MUMBAI

In the result assesses appeal for A

ITA 5531/MUM/2013[2006-07]Status: DisposedITAT Mumbai26 Aug 2016AY 2006-07

Bench: Shri Jason P.Boaz (Am) & Shri Ram Lal Negi (Jm)

For Appellant: Shri. Nitesh JoshiFor Respondent: Shri. Neil Philip
Section 143(3)Section 14ASection 28Section 36(1)(vii)Section 37(1)

…13 Assessment Year: 2006-07 & ITA 7177/Mum/2010 Assessment Year: 2007-08 as per the books of account placed on record, no interest was charged from them at any point of time. Relying upon the decisions in India Finance and Construction Co. Pvt. Ltd. vs. DCIT 200 ITR 710(Bom), CIT vs. A. Raman & Co. 67 ITR 11and Shivnandan Buildcon P. Ltd. vs. CIT 233 Taxman 297 (Del), Ld. Counsel submitted as per the ratio laid down in the aforesaid cases, when no interest has been charged by an assessee, then, it cannot be assessed on the basis of any notional accrual of such interest. The Ld. DR on the other hand, relying on t…

MAFATLAL FIANANCE CO. LTD ( NOW KNOWN AS HYBRID FINANCIAL SEVICE LTD ),NAVI MUMBAI vs. ASST CIT 10(3), MUMBAI

In the result assesses appeal for A

ITA 7177/MUM/2010[2007-08]Status: DisposedITAT Mumbai26 Aug 2016AY 2007-08

Bench: Shri Jason P.Boaz (Am) & Shri Ram Lal Negi (Jm)

For Appellant: Shri. Nitesh JoshiFor Respondent: Shri. Neil Philip
Section 143(3)Section 14ASection 28Section 36(1)(vii)Section 37(1)

…13 Assessment Year: 2006-07 & ITA 7177/Mum/2010 Assessment Year: 2007-08 as per the books of account placed on record, no interest was charged from them at any point of time. Relying upon the decisions in India Finance and Construction Co. Pvt. Ltd. vs. DCIT 200 ITR 710(Bom), CIT vs. A. Raman & Co. 67 ITR 11and Shivnandan Buildcon P. Ltd. vs. CIT 233 Taxman 297 (Del), Ld. Counsel submitted as per the ratio laid down in the aforesaid cases, when no interest has been charged by an assessee, then, it cannot be assessed on the basis of any notional accrual of such interest. The Ld. DR on the other hand, relying on t…

MAFATLAL FINANCE COMPANY LTD ( NOW KNOWN AS HYBRID FINANCIAL SERVICES LTD),NAVI MUMBAI vs. ASST CIT 9(2), MUMBAI

In the result assesses appeal for A

ITA 7176/MUM/2010[2003-04]Status: DisposedITAT Mumbai26 Aug 2016AY 2003-04

Bench: Shri Jason P.Boaz (Am) & Shri Ram Lal Negi (Jm)

For Appellant: Shri. Nitesh JoshiFor Respondent: Shri. Neil Philip
Section 143(3)Section 14ASection 28Section 36(1)(vii)Section 37(1)

…13 Assessment Year: 2006-07 & ITA 7177/Mum/2010 Assessment Year: 2007-08 as per the books of account placed on record, no interest was charged from them at any point of time. Relying upon the decisions in India Finance and Construction Co. Pvt. Ltd. vs. DCIT 200 ITR 710(Bom), CIT vs. A. Raman & Co. 67 ITR 11and Shivnandan Buildcon P. Ltd. vs. CIT 233 Taxman 297 (Del), Ld. Counsel submitted as per the ratio laid down in the aforesaid cases, when no interest has been charged by an assessee, then, it cannot be assessed on the basis of any notional accrual of such interest. The Ld. DR on the other hand, relying on t…

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