Indusind Bank Ltd. v. ACIT

Meecon P.Ltd, Mumbai vs. DCIT Cir 3(2), Mumbai

In the result, appeal of the assessee is allowed, as above

Bench: Shri G.S. Pannu & Shri Amarjit Singh: A.Y : 1997-98

…pecified in purchase invoices and lease deed. He, thus, confirmed the order of Assessing Officer. On further appeal by the assessee before the Hon’ble ITAT, the Hon’ble ITAT relying on the decision of Special Bench of ITAT Mumbai in the case of Indus Ind Bank 135 ITD 165 (Mumbai) upheld the disallowance of depreciation on Boilers. The relevant para of the ITAT order in quantum proceedings is reproduced hereunder: “6.5 All this indicate that the assessee has not entered into either financial lease or operating lease and the entire transaction in March 1997 was only to claim depreciation on boilers at 100%, which…

Stanrose Mafatlal Investments and Finanace Ltd, Mumbai vs. ITO RG 3(3)(3), Mumbai

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई “ आई मुंबई आई आई” खंडपीठ आई खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“I”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं शि"जीत डे, "याियक सद"य Before S/Shri Rajendra,Accountant Member and Saktijit Dey,Judicial Member आयकर आयकर आयकर अपील आयकर अपील अपील संसंसंसं/ ITA No. 5440/Mum/2009: िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष"/Assessment Year:2004-05 वष" Stanrose Mafatlal Investments and Income tax Officer Finance Limited Range-3(3)(3), Aayakar Bhavan, 57-A, Vijayalaxmi Mafatlal Centre M.K. Road,Mumbai-…

DCIT 2(3), Mumbai vs. Tata Chemicals Ltd, Mumbai

In the result, appeal filed by the revenue for the assessment year 1999-

Bench: Shri D. Karunakara Rao (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 1999-2000 The Dcit-2(3), M/S Tata Chemicals Ltd., R. No. 552, 5Th Floor, Bombay House, Aayakar Bhavan, 24, Homi Modi Street, Fort, M.K. Road, Vs. Mumbai - 400001 Mumbai- 400020 Pan: Aaact4059M (Appellant) (Respondent)

…(A) confirmed the disallowance of depreciation of Rs. 69.02 crores. The issue relating to the claim of depreciation vis-à-vis sale and lease back of assets has been considered by Mumbai Special Bench of the Tribunal in the case of IndusInd Bank Ltd. Vs. ACIT 135 ITD 165. However, this entire controversy has been set at rest by the decision of the Hon’ble Supreme Court in the case of I.C.D.S Ltd. Vs. CIT 350 ITR 527 wherein the Apex Court has allowed depreciation in the case of sale and leased back transaction. This decision of the Hon’ble Supreme Court has been followed by the Tribunal in the case of Development…

DCIT Cir 3(3), Mumbai vs. Sicom Ltd, Mumbai

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

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm M/S. Sicom Ltd., Vs. Dcit – 3(3) – Mumbai-20 Nirmal, 1St Floor, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent) & Dcit – 3(3) – Mumbai- Vs. M/S. Sicom Ltd., Nirmal, 1St Floor, Nariman Point, 20 Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent)

…sue has not been examined properly. In the absence of any proper material and record to come to such a finding, matter restored to the AO to examine it afresh. CIT vis Cosmo Films Ltd., (2011) 245 CTR (Del.) M/s. SICOM Ltd., 23; Indusind Bank vis ACIT, (2012) 135 ITD 165 (Murn.).. relied on.” 6. We have gone through the order of the Tribunal and found that under similar facts, assessee’s claim of depreciation was restored back to the file of the AO. In an appeal filed by Revenue before the Hon’ble Bombay High Court vide order dated 08/08/2016, we found that following question of law has been accepted by the High…

Sicom Ltd, Mumbai vs. DCIT RG 3(3), Mumbai

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

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm M/S. Sicom Ltd., Vs. Dcit – 3(3) – Mumbai-20 Nirmal, 1St Floor, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent) & Dcit – 3(3) – Mumbai- Vs. M/S. Sicom Ltd., Nirmal, 1St Floor, Nariman Point, 20 Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent)

…sue has not been examined properly. In the absence of any proper material and record to come to such a finding, matter restored to the AO to examine it afresh. CIT vis Cosmo Films Ltd., (2011) 245 CTR (Del.) M/s. SICOM Ltd., 23; Indusind Bank vis ACIT, (2012) 135 ITD 165 (Murn.).. relied on.” 6. We have gone through the order of the Tribunal and found that under similar facts, assessee’s claim of depreciation was restored back to the file of the AO. In an appeal filed by Revenue before the Hon’ble Bombay High Court vide order dated 08/08/2016, we found that following question of law has been accepted by the High…

Dcb Bank Ltd, Mumbai vs. ACIT Cir 2(3), Mumbai

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

Bench: Shri N.K. Billaiya & Shri Amarjit Singhआयकर अपील सं/ I.Ta No. 820/Mum/2014 ("नधा"रण वष" / Assessment Year:2010-11 Dcb Bank Ltd., The Acit-Circle 2(3), बनाम/ Formerly Development Aayakar Bhavan, Vs. Credit Bank Ltd., 6Th Floor, Mumbai-400 020 Peninsulla Business Park, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai-400 013

…related transactions were purely financial transaction. 2. On the facts and in circumstances of the case and in law, the Ld.CIT(A) erred in not following the decision of 9 ITA. Nos. 615 & 820/M/2014 Special Bench in the case of Indusind Bank, as reported in 135 ITD 165, and the ratio laid down by the Hon'ble Supreme Court of India in the case of Asian Brown Boveri Ltd, as reported in 54 Taxman 512 (SC). 3. On the facts and in the circumstances of the case and in law, the Ld.CIT(A) erred in not adhering to judicial discipline in not following the decision of a higher bench, given in the case of Indusind Bank as…

ACIT 2(3), Mumbai vs. Development Credit Bank Ltd, Mumbai

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

Bench: Shri N.K. Billaiya & Shri Amarjit Singhआयकर अपील सं/ I.Ta No. 820/Mum/2014 ("नधा"रण वष" / Assessment Year:2010-11 Dcb Bank Ltd., The Acit-Circle 2(3), बनाम/ Formerly Development Aayakar Bhavan, Vs. Credit Bank Ltd., 6Th Floor, Mumbai-400 020 Peninsulla Business Park, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai-400 013

…related transactions were purely financial transaction. 2. On the facts and in circumstances of the case and in law, the Ld.CIT(A) erred in not following the decision of 9 ITA. Nos. 615 & 820/M/2014 Special Bench in the case of Indusind Bank, as reported in 135 ITD 165, and the ratio laid down by the Hon'ble Supreme Court of India in the case of Asian Brown Boveri Ltd, as reported in 54 Taxman 512 (SC). 3. On the facts and in the circumstances of the case and in law, the Ld.CIT(A) erred in not adhering to judicial discipline in not following the decision of a higher bench, given in the case of Indusind Bank as…

Industrial Investment Trust Ltd, Mumbai vs. DCIT 2(2), Mumbai

In the result, both the appeals filed by the assessee are allowed

Bench: Shri R.C.Sharma & Shri Pawan Singhassessment Year: 1995-96 Industrial Investment Trust Ltd., Dcit-2(2), Raj Bahadur Mansion, 2Nd Floor, 28, Aayakar Bhavan, M. K. Road, Mumbai Samachar Marg, Fort, Mumbai-400020 Vs. Mumbai-400023 Pan: Aaaci1262R (Appellant) (Respondent) Assessment Year: 1996-97 Industrial Investment Trust Ltd., Dcit-2(2), Raj Bahadur Mansion, 2Nd Floor, 28, Aayakar Bhavan, M. K. Road, Mumbai Samachar Marg, Fort, Mumbai-400020 Vs. Mumbai-400023 Pan: Aaaci1262R (Appellant) (Respondent)

…10 and our predecessor bench vide order dated 10.12.2012 further remanded the cases/appeals to the record of CIT(A) to reconsider and decide the same after considering all relevant fact in the light of decision of special bench in Indus-Ind Bank reported vide 135 ITD 165. The ld. CIT(A) while dealing with the remand proceedings, the CIT(A) dismissed both the appeal of the assessee against which to different appeal are filed before jurisdictional High Court. 3. The ld. AR of the assessee has shown the copy of order-sheet of Hon’ble jurisdictional High Court at page no. 91 & 92 of paper book about the filing an ad…

Industrial Investment Trust Ltd, Mumbai vs. DCIT 2(2), Mumbai

In the result, both the appeals filed by the assessee are allowed

Bench: Shri R.C.Sharma & Shri Pawan Singhassessment Year: 1995-96 Industrial Investment Trust Ltd., Dcit-2(2), Raj Bahadur Mansion, 2Nd Floor, 28, Aayakar Bhavan, M. K. Road, Mumbai Samachar Marg, Fort, Mumbai-400020 Vs. Mumbai-400023 Pan: Aaaci1262R (Appellant) (Respondent) Assessment Year: 1996-97 Industrial Investment Trust Ltd., Dcit-2(2), Raj Bahadur Mansion, 2Nd Floor, 28, Aayakar Bhavan, M. K. Road, Mumbai Samachar Marg, Fort, Mumbai-400020 Vs. Mumbai-400023 Pan: Aaaci1262R (Appellant) (Respondent)

…10 and our predecessor bench vide order dated 10.12.2012 further remanded the cases/appeals to the record of CIT(A) to reconsider and decide the same after considering all relevant fact in the light of decision of special bench in Indus-Ind Bank reported vide 135 ITD 165. The ld. CIT(A) while dealing with the remand proceedings, the CIT(A) dismissed both the appeal of the assessee against which to different appeal are filed before jurisdictional High Court. 3. The ld. AR of the assessee has shown the copy of order-sheet of Hon’ble jurisdictional High Court at page no. 91 & 92 of paper book about the filing an ad…