Mid East Port Folio Management Ltd. v. DCIT

M/S. STAR CHEMICAL (BOMBAY) P. LTD.,MUMBAI vs. DCIT CIT - 3(3), MUMBAI

Bench: Shri Kuldip Singh & Shri Gagan Goyal

…re remanded back to the Assessing Officer (AO) to decide afresh in the light of the decision ITA Nos.5986 & 5987/M/2006 5 M/s. Star Chemicals (Bom) Pvt. Ltd. rendered by Special Bench of Tribunal in case of Mid East Port Folio Management Ltd. Vs. DCIT (2003) 87 ITD 537 (Mum.) (SB) (Trib). 4. Briefly stated facts necessary for adjudication of the controversy at hand are : the assessee company claimed depreciation of Rs.1,89,98,891/- including depreciation of Rs.1,77,00,000/- on assets like economizers, recuperotors and air heaters leased to Rajasthan State Electricity Board (RSEB). The assessee company claimed d…

M/S. STAR CHEMICAL (BOMBAY) P. LTD.,MUMBAI vs. DCIT CIT - 3(3), MUMBAI

Bench: Shri Kuldip Singh & Shri Gagan Goyal

…re remanded back to the Assessing Officer (AO) to decide afresh in the light of the decision ITA Nos.5986 & 5987/M/2006 5 M/s. Star Chemicals (Bom) Pvt. Ltd. rendered by Special Bench of Tribunal in case of Mid East Port Folio Management Ltd. Vs. DCIT (2003) 87 ITD 537 (Mum.) (SB) (Trib). 4. Briefly stated facts necessary for adjudication of the controversy at hand are : the assessee company claimed depreciation of Rs.1,89,98,891/- including depreciation of Rs.1,77,00,000/- on assets like economizers, recuperotors and air heaters leased to Rajasthan State Electricity Board (RSEB). The assessee company claimed d…

ITO 1(2)(3), MUMBAI vs. NATH CAPITAL FINANCIAL SERVICES, MUMBAI

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

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

…2001 by order dated 10.05.2005 restored the matter to the file of the Assessing Officer with the direction to decide the issue keeping in view the decision of the ITAT Special Bench of Mumbai Tribunal in the case of Mid-East Portfolio Management Ltd. v. DCIT [87 ITD 537] observing as under: - “2. At the very outset, it was pointed out by the Ld. Counsel for the assessee that the issue involved is covered by the earlier order of the Tribunal in assessee’s own case for the Assessment Year 1995-96 in ITA.No. 2151/Mum/2000 dated 09.01.2004 which is put on record. The Ld. Courses for the assessee further contended tha…

BFIL FINANCE LIMITED (FORMERLY ITC BHADRACHALAM FINANCE & INVESTMENTS LTD),MUMBAI vs. I.T.O.1(1)(3), MUMBAI

In the result, the appeal filed by the assessee is allowed

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2002-03 & Assessment Year: 2002-03 Bfil Finance Ltd. (Formerly The Income-Tax Itc Bhadrachalam Finance & Vs. Officer-1(1)-1 Investment Ltd.) Eucharistic Aayakar Bhavan, Congress Building No. 1, 4Th Maharshi Karve Road, Floor, 5, Convent Street, Mumbai-400020. Colaba, Mumbai-400039. Pan No. Aaaci3193H (Appellant) (Respondent) Assessee By : Mr. F. V. Irani, Ar Revenue By : Ms. Arju Garodia, Dr Date Of Hearing : 08/03/2018 Date Of Pronouncement: 28/03/2018

…order for AY 2001-02 which has been confirmed by the Ld. CIT(A). Thus the AO made a disallowance of Rs.34,65,455/- and added back to the total income of the assessee. 3.2 In appeal, the Ld. CIT(A) followed the decision in Mid East Portfolio Management v. DCIT 87 ITD 537 (Mum), Asia Brown Bavery 154 Taxman 512 (SC) and also the order of the Tribunal in Marico Industries (ITA No. 3373/Mum/2002), J.M. Shares & Stock (ITA No. 4658/Mum/1998) and confirmed the disallowance of Rs.34,65,465/- made by the AO by following the order of his predecessor for AY 1996- 97. 3.3 Before us, the Ld. counsel of the assessee submits t…

COL AMARJIT D NAGI,MUMBAI vs. ASST CIT CIR 20,

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

…dated 12·1- 2004 set-aside the order of CIT(Appeals) and sent back the matter to the assessing officer with the direction to examine the issue in light of the decision in the case of Mid East Portfolio Management Ltd by Hon'ble Special Bench, I.T.A.T., Mumbai 87 ITD 537. 6. In the assessment orders framed under Section 143(3) r.w.s 254 dated 29/03/2005 AO observed that the details submitted were perused and after Nutech Corporate Services Ltd., vs ITO 8(2)(1) careful study and analysis of the paperbook furnished by the assessee which was also produced before the Hon'ble ITAT, the following facts were emerged whic…

THE DCIT 8(2), MUMBAI vs. M/S. NUTECH COPORATE SERVICES LTD (FORMERLY KNOWN AS IIT CAPITAL SERVICES LTD), MUMBAI

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

…dated 12·1- 2004 set-aside the order of CIT(Appeals) and sent back the matter to the assessing officer with the direction to examine the issue in light of the decision in the case of Mid East Portfolio Management Ltd by Hon'ble Special Bench, I.T.A.T., Mumbai 87 ITD 537. 6. In the assessment orders framed under Section 143(3) r.w.s 254 dated 29/03/2005 AO observed that the details submitted were perused and after Nutech Corporate Services Ltd., vs ITO 8(2)(1) careful study and analysis of the paperbook furnished by the assessee which was also produced before the Hon'ble ITAT, the following facts were emerged whic…

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)

…transaction with Prestige Food Ltd. and Rajasthan Electricity Board and the same was remanded to the file of AO in the light of direction and guidelines contained in ITAT, Mumbai Special Bench case titled as East Portfolio Management Ltd. vs. DCIT reported as 87 ITD 537 along with the additions/issues in respect of AY-1996-97. However, as per the paper book filed by the assessee, the ld. CIT(A) in its order dated 03.02.2010 upheld the addition made by the AO and dismissed the appeal by common order. Against which further appeal was filed by the assessee which was registered vide ITA No. 4013 & 4011/Mum/ 2010 and…

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)

…transaction with Prestige Food Ltd. and Rajasthan Electricity Board and the same was remanded to the file of AO in the light of direction and guidelines contained in ITAT, Mumbai Special Bench case titled as East Portfolio Management Ltd. vs. DCIT reported as 87 ITD 537 along with the additions/issues in respect of AY-1996-97. However, as per the paper book filed by the assessee, the ld. CIT(A) in its order dated 03.02.2010 upheld the addition made by the AO and dismissed the appeal by common order. Against which further appeal was filed by the assessee which was registered vide ITA No. 4013 & 4011/Mum/ 2010 and…