ITO v. Daga Capital Management (P) Ltd.

Tata International Ltd, Mumbai vs. Addl CIT 7(3), Mumbai

In the result, Ground No. 6 to 9 (additional ground) of

Bench: Shri Pawan Singh & Shri S. Rifaur Rahmantata International Limited, Acit-7(3), Room No. 675, 6Th Floor, Block A, Shivsagar Estates, Dr. Annie Besant Road, Worli, Vs. Aayakar Bhavan, M.K. Road, Mumbai-400018 Mumbai-400020 Pan: Aaact3198F Appellant Respondent Acit-7(3), Tata International Limited, Room No. 675, 6Th Floor, Block A, Shivsagar Estates, Vs. Dr. Annie Besant Road, Worli, Aayakar Bhavan, M.K. Road, Mumbai-400018 Mumbai-400020 Pan: Aaact3198F Appellant Respondent Cross Objection No. 223/Mum/2013 In Ita No. 4451/Mum/2010 Tata International Limited, Acit-7(3), Room No. 675, 6Th Floor, Block A, Shivsagar Estates, Dr. Annie Besant Road, Worli, Vs. Aayakar Bhavan, M.K. Road, Mumbai-400018 Mumbai-400020 Pan: Aaact3198F Appellant Respondent Appellant By : Shri P.J. Pardiwala, Shri Nitesh Joshi, Shri Milin Thakore & Ms. Astha Shah (Ar) Respondent By : Shri A. Mohan (Cit- Dr)

…llowed the ITA No. 4376, 4451 Mum 2010 & C.O. No. 223 Mum 2013-Tata International Limited. decision of CIT(A)-XXXIII, Mumbai dated 02.01.2006. The ld. CIT(A) affirmed the action of Assessing Officer by following the decision of ITO vs. Daga Capital [(2009) 117 ITD 169 (Mum SB)]. The ld. AR of the assessee submits that it is an admitted position under law that Rule 8D is prospective in nature and cannot be made applicable for Assessment Years prior to A.Y. 2008-09. The ld. AR further submits that in assessee’s own case for similar disallowance, the co-ordinate bench in appeal for A.Y. 2000-01, 2001-02 & 2002…

Ambit Capital Pvt. Ltd., Mumbai vs. Addll. CIT, Circle -4 (1), Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri Mahavir Prasad (Jm) & Shri S. Rifaur Rahman (Am) Assessment Year: 2011-12 Ambit Capital Pvt. Ltd. The Additional Commissioner Ambit House, 449, Senapati Of Income Tax Bapat Marg, Lower Parel, Circle-4(1), Aaykar Bhavan, M. Vs. Mumbai- 400013 K. Road, Mumbai- 400013 Pan: Aab Cp6 621 N (Appellant) (Respondent) Assessee By : Shri Nitesh Joshi Revenue By : Shri S. Michael Jerald (Dr) Date Of Hearing: 04/11/2019 Date Of Pronouncement: 07/11/2019

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “A”, MUMBAI BEFORE SHRI MAHAVIR PRASAD (JM) AND SHRI S. RIFAUR RAHMAN (AM) Assessment Year: 2011-12 Ambit Capital Pvt. Ltd. The Additional Commissioner Ambit House, 449, Senapati of Income Tax Bapat Marg, Lower Parel, Circle-4(1), Aaykar Bhavan, M. Vs. Mumbai- 400013 K. Road, Mumbai- 400013 PAN: AAB CP6 621 N (Appellant) (Respondent) Assessee by : Shri Nitesh Joshi Revenue by : Shri S. Michael Jerald (DR) Date of Hearing: 04/11/2019 Date of Pronouncement: 07/11/2019 O R D E R PER MAHAVIR PRASAD, JM This appeal has been preferred by the assessee against the o…

Reliance Life Sciences P.Ltd, Navi Mumbai vs. DCIT RG 7(2), Mumbai

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Ble&

…essing Officer has not given any justification and satisfaction for invoking the provisions of Rule 8D but applied mechanically referring to the decision of the Hon’ble Bombay high court and the special Bench in the case of Daga Capital Management Pvt. Ltd., [117 ITD 169]. 10. Assessee has clearly stated that for earning dividend income no expenditure has been incurred and all the expenditure which has been debited to P&L account is only with reference to the life sciences business activity. On a perusal of the expenditure debited to P&L account, we noticed that majority of the expenditure is on account of life…

Reliance Life Scinces P.Ltd, Navi Mumbai vs. Asst CIT RG 7(2), Mumbai

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Ble&

…essing Officer has not given any justification and satisfaction for invoking the provisions of Rule 8D but applied mechanically referring to the decision of the Hon’ble Bombay high court and the special Bench in the case of Daga Capital Management Pvt. Ltd., [117 ITD 169]. 10. Assessee has clearly stated that for earning dividend income no expenditure has been incurred and all the expenditure which has been debited to P&L account is only with reference to the life sciences business activity. On a perusal of the expenditure debited to P&L account, we noticed that majority of the expenditure is on account of life…

DCIT Cen Cir 8(3), Mumbai vs. Sun Investment P.Ltd, Mumbai

In the result, the appeal filed by the revenue is hereby ordered to be dismissed

Bench: Shri Ramit Kochar, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1677/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2007-08) Dcit Cent. Cir- 8(3) बिधम/ M/S. Sun Investment Pvt. (Erstwhile Dcit, Cc-46, Ltd. Vs. Mumbai) Jindal Mansion, 5A Dr. G. 6Th Floor, Room No.659, Deshmukh Marg, Mumbai- Aayakar Bhavan, M.K. 400026. Road, Mumbai-400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs0389M (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri Chaudhary Arun Kumar Singh (Sr. Ar) Assessee By: Shri Rishabh Shah सुनवाई की तारीख / Date Of Hearing: 24/07/2019 घोषणा की तारीख /Date Of Pronouncement: 26/08/2019 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 04.12.2017 Passed By The Commissioner Of Income Tax (Appeals) -47, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2007- 08. 2. The Revenue Has Raised The Following Grounds: -

…to such exempt income earned. In view of this the AO has made a disallowance amounting to Rs.3,46,60,480/- by invoking provision of Rule 8D. The AO has placed reliance on the judgment of Hon'ble ITAT Special Bench, Mumbai decision in the case of Daga Capital 117 ITD 169 (Mum). 15.1 The matter was then taken to First Appellate Authority (FAA), wherein the CIT(A) dismissed the appeal of the appellant. Thereafter, the matter was taken to Hon'ble ITAT, wherein the ITAT restored the matter back to the file of CIT(A) holding that the provisions of Rule 8D are not applicable to the case of the appellant, as the same pe…