Maxopp Investment Ltd. v. CIT

Tech Process Solutions Ltd, Mumbai vs. Asst CIT 10(1), Mumbai

In the result, the appeals of assessee in ITA

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am

…income. Simply the AO has applied Rule 8D(2)(iii) and by applying the said formula he has computed the disallowance. According to us, this issue is squarely covered by the decision of Hon’ble Supreme Court in the case of Maxopp Investment Ltd. vs. CIT [2018] 402 ITR 640 (SC), held as under: - ““41. Having regard to the language of Section 14A(2) of the Act, read with Rule 8D of the Rules, we also make it clear that before applying the theory of apportionment, the AO needs to record satisfaction that having regard to the kind of the assessee, suo moto disallowance under Section 14A was not correct. It will be in…

ACIT 10(1), Mumbai vs. Technoprocess Solutions Ltd ( Formerly Bill Junction Payment Ltd), Mumbai

In the result, the appeals of assessee in ITA

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am

…income. Simply the AO has applied Rule 8D(2)(iii) and by applying the said formula he has computed the disallowance. According to us, this issue is squarely covered by the decision of Hon’ble Supreme Court in the case of Maxopp Investment Ltd. vs. CIT [2018] 402 ITR 640 (SC), held as under: - ““41. Having regard to the language of Section 14A(2) of the Act, read with Rule 8D of the Rules, we also make it clear that before applying the theory of apportionment, the AO needs to record satisfaction that having regard to the kind of the assessee, suo moto disallowance under Section 14A was not correct. It will be in…

Technprocess Solutions Ltd, Mumbai vs. Asst CIT 10(1), Mumbai

In the result, the appeals of assessee in ITA

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am

…income. Simply the AO has applied Rule 8D(2)(iii) and by applying the said formula he has computed the disallowance. According to us, this issue is squarely covered by the decision of Hon’ble Supreme Court in the case of Maxopp Investment Ltd. vs. CIT [2018] 402 ITR 640 (SC), held as under: - ““41. Having regard to the language of Section 14A(2) of the Act, read with Rule 8D of the Rules, we also make it clear that before applying the theory of apportionment, the AO needs to record satisfaction that having regard to the kind of the assessee, suo moto disallowance under Section 14A was not correct. It will be in…

Neharaj Stock Brokers P.Ltd, Mumbai vs. ACIT Cir 4(2), Mumbai

The appeal stands dismissed

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपीलसं./I.T.A. No.1673/Mum/2013 (िनधा"रण वष" / Assessment Year: 2009-10) Neharaj Stock Brokers Private Limited Assistant Commissioner Of Income 51, Advent, 12-A Tax Circle-4(2) बनाम/ Gen. Jagannathrao Bhosle Marg Room No.642, 6Th Floor Vs. Nariman Point, Mumbai-400 021 Aaykar Bhavan, M.K.Road Mumbai-400 020 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aabcn-4279-L (अपीलाथ"/Appellant) (""थ" / Respondent) :

…allowance is arising only out of the fact that Ld. AO has added the value of inventories also while working out the said disallowance. The same is well in line with recent decision of Hon’ble Supreme Court rendered in Maxopp Investment Ltd. Vs CIT [12/02/2018 91 Taxmann.com 154]. Therefore, we find no reason to deviate from the stand of lower authorities so far as disallowance u/r 8D(2)(iii) is concerned. 5.2 Further, the interest disallowance u/r 8D(2)(ii) has already been set aside by Ld. first appellate authority to the file of Ld. AO to ascertain the factual matrix of assessee’s submissions that interest expe…

ACIT - 2(3)(1), Mumbai vs. Tata Realty & Infrastructure Ltd., Mumbai

In the result, the appeal is allowed for statistical purposes

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2011-12 Acit Circle-2(3)(1) R. No. M/S Tata Reality & 552 5Th Floor, Aayakar Vs. Infrastructure Ltd., Bahvan, M.K. Road, Elphinston Building, 2Nd Mumbai-400020. Floor, Veer Nariman Road, Mumbai-400001. Pan No. Aacct6242L Appellant Respondent Revenue By : Mr. R. Manjunatha Swamy, Cit-Dr Assessee By : Mr. Neeraj Sheth, Ar Date Of Hearing : 27/09/2018 Date Of Pronouncement : 28/09/2018

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI MAHAVIR SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2011-12 ACIT Circle-2(3)(1) R. No. M/s Tata Reality & 552 5th floor, Aayakar Vs. Infrastructure Ltd., Bahvan, M.K. Road, Elphinston Building, 2nd Mumbai-400020. floor, Veer Nariman Road, Mumbai-400001. PAN No. AACCT6242L Appellant Respondent Revenue by : Mr. R. Manjunatha Swamy, CIT-DR Assessee by : Mr. Neeraj Sheth, AR Date of Hearing : 27/09/2018 Date of pronouncement : 28/09/2018 ORDER PER N.K. PRADHAN, AM This is an appeal filed by the Revenue.…

Tata Petrodyne Ltd, Mumbai vs. Asst CIT 2(3), Mumbai

In the result, assessee’s appeal is allowed for statistical purposes

Bench: Shri Saktijit Dey & Shri Ramit Kochar

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA no.4887/Mum./2012 (Assessment Year : 2008–09) Tata Petrodyne Ltd. The Metropolitan Building 3rd Floor, Bandra Kurla Complex ……………. Appellant Bandra (E), Mumbai 400 051 PAN – AAACT0090N v/s Asstt. Commissioner of Income Tax ……………. Respondent Circle–2(3), Mumbai ITA no.5571/Mum./2012 (Assessment Year : 2008–09) Asstt. Commissioner of Income Tax ……………. Appellant Circle–2(3), Mumbai v/s Tata Petrodyne Ltd. The Metropolitan Building 3rd Floor, Bandra Kurla Complex ……………. Respo…

Zoetis Pharmaceuticals Research P. Ltd, Mumbai vs. ACIT 11(3)(2), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.3715/Mum/2018 (नििाारण वर्ा / Assessment Year : 2014-15) बिाम/ Zoetis Pharmaceutical Acit 11(3)(2) Research P. Ltd., Mumbai 31, Level-3, V. Kalpataru Synergy, Opp. Grand Hyatt, Santacruz (E), Mumbai-400055 स्थायी ऱेखा सं./ Pan : Aadcp5293L (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri. Siddharth Shah Revenue By : Shri. C.S. Sharma, Dr सुनवाई की तारीख /Date Of Hearing : 19.09.2018 घोषणा की तारीख /Date Of Pronouncement : 26.09.2018 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 3715/Mum/2018, Is Directed Against Appellate Order Dated 31.03.2018 Passed By Learned Commissioner Of Income Tax (Appeals)-18, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2014-15, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Assessment Order Dated 28.12.2016 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2014-15. I.T.A. No.3715/Mum/2018

…investments in subsidiary company and hence Section 14A is not applicable which in any case proposition is now decided against I.T.A. No.3715/Mum/2018 the tax-payer by Hon’ble Supreme Court in the case of Maxopp Investment Limited v. CIT reported in (2018) 402 ITR 640(SC) . The said belief’s which made assessee revise its return of income was found mentioned in note to the revised return of income filed by the assessee with its revised return of income(pb/page 129).During the course of assessment proceedings u/s 143(3) r.w.s. 143(2) conducted by the AO, the assessee justified its stand of withdrawing disallowa…

ACIT 4(3)(1), Mumbai vs. Kotak Securities Ltd, Mumbai

Bench: Shri Manoj Kumar Aggarwal, Am & Shri Ravish Sood, Jm आयकरअपीलसं./I.T.A. No.6666/Mum/2016 (िनधा"रणवष" / Assessment Year: 2012-13) Kotak Securities Limited Deputy Commissioner Of 27, Bkc, C-27 Income Tax Range 4(3)(1) बनाम/ G Block, Bandra Kurla Complex Room No. 649, 6Th Floor Vs. Bandra (East) Aaykar Bhavan, M.K. Road Mumbai- 400 051 Mumbai-400 020 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaack-3436-F (अपीलाथ"/Appellant) (""थ" / Respondent) : & आयकरअपीलसं./I.T.A. No.7005/Mum/2016 (िनधा"रणवष" / Assessment Year: 2012-13) Deputy Commissioner Of Kotak Securities Limited Income Tax Range 4(3)(1) 27, Bkc, C-27 बनाम/ Room No. 649, 6Th Floor G Block, Bandra Kurla Complex Vs. Bandra (East) Aaykar Bhavan, M.K. Road Mumbai- 400 051 Mumbai-400 020 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaack-3436-F (अपीलाथ"/Appellant) (""थ" / Respondent) :

…ITA.Nos.6666, 7005/Mum/2016 Kotak Securities Limited Assessment Year-2012-13 आयकर अपीलीय अिधकरण “एच” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI "ी मनोज कुमार अ"वाल, लेखा सद" एवं "ी रिवश सूद, "ाियक सद" के सम"। BEFORE SHRI MANOJ KUMAR AGGARWAL, AM AND SHRI RAVISH SOOD, JM आयकरअपीलसं./I.T.A. No.6666/Mum/2016 (िनधा"रणवष" / Assessment Year: 2012-13) Kotak Securities Limited Deputy Commissioner of 27, BKC, C-27 Income Tax Range 4(3)(1) बनाम/ G Block, Bandra Kurla Complex Room No. 649, 6th Floor Vs. Bandra (East) Aaykar Bhavan, M.K. Road Mumbai- 400 051 Mumbai-400 020 "थायीलेखासं./जीआइआरसं…

Kotak Securities Ltd, Mumbai vs. DCIT RG 4(3)(1), Mumbai

Bench: Shri Manoj Kumar Aggarwal, Am & Shri Ravish Sood, Jm आयकरअपीलसं./I.T.A. No.6666/Mum/2016 (िनधा"रणवष" / Assessment Year: 2012-13) Kotak Securities Limited Deputy Commissioner Of 27, Bkc, C-27 Income Tax Range 4(3)(1) बनाम/ G Block, Bandra Kurla Complex Room No. 649, 6Th Floor Vs. Bandra (East) Aaykar Bhavan, M.K. Road Mumbai- 400 051 Mumbai-400 020 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaack-3436-F (अपीलाथ"/Appellant) (""थ" / Respondent) : & आयकरअपीलसं./I.T.A. No.7005/Mum/2016 (िनधा"रणवष" / Assessment Year: 2012-13) Deputy Commissioner Of Kotak Securities Limited Income Tax Range 4(3)(1) 27, Bkc, C-27 बनाम/ Room No. 649, 6Th Floor G Block, Bandra Kurla Complex Vs. Bandra (East) Aaykar Bhavan, M.K. Road Mumbai- 400 051 Mumbai-400 020 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaack-3436-F (अपीलाथ"/Appellant) (""थ" / Respondent) :

…ITA.Nos.6666, 7005/Mum/2016 Kotak Securities Limited Assessment Year-2012-13 आयकर अपीलीय अिधकरण “एच” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI "ी मनोज कुमार अ"वाल, लेखा सद" एवं "ी रिवश सूद, "ाियक सद" के सम"। BEFORE SHRI MANOJ KUMAR AGGARWAL, AM AND SHRI RAVISH SOOD, JM आयकरअपीलसं./I.T.A. No.6666/Mum/2016 (िनधा"रणवष" / Assessment Year: 2012-13) Kotak Securities Limited Deputy Commissioner of 27, BKC, C-27 Income Tax Range 4(3)(1) बनाम/ G Block, Bandra Kurla Complex Room No. 649, 6th Floor Vs. Bandra (East) Aaykar Bhavan, M.K. Road Mumbai- 400 051 Mumbai-400 020 "थायीलेखासं./जीआइआरसं…