Modi Industries Ltd. v. CIT

DCIT- CC- 4(1), MUMBAI vs. JYOTI H. MEHTA, MUMBAI

In the result, appeal filed by the revenue is dismissed

Bench: Shri. Vikas Awasthy & Shri G. Manjunathadcit,Cc-4(1), Mumbai Vs. Smt. Jyoti H Mehta Room No.1916, 19Th Floor 32, Madhuli, D.A.B.Road Air India Building Worli, Mumbai-400 026 Nariman Point Mumbai-400 021 Pan/Gir No.Abnph8233B (Appellant) .. (Respondent)

…unal, in the case of Late Harshad S Mehta has considered the issue, in light of provisions of section 234A and 234B and 234C of the I.T.Act, 1961 and also by following the decision of Hon’ble Supreme Court, in the case of Mody industries Limited vs CIT (1995) 216 ITR 759 (SC), had came to the conclusion that interest chargeable u/s 234A and 234B shall be computed up to the date of regular assessment and further, held that regular assessment means, the assessment made u/s 143(3) or section 144 of the I.T.Act 1961. Similarly, insofar as charging interest u/s 220(2) of the I.T.Act, 1961. The Tribunal by following th…

DCIT CEN CIR 4 ( 1) CR - 4 ,PR. CIT (C)- 2 , MUMBAI vs. SHRI HARSHAD S. MEHTA, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri Vikas Awasthy & Shri N.K.Pradhandy.Commissioner Of Income Tax, Central Circle-4(1),Cen.Range-4, Room Nom.1916, 19Th Floor, Air India Bldg., Nariman Point, Mumbai 400 021 ...... Appellant Vs. Shri Harsad S. Mehta, 32, Madhuli, Dr.A.B.Road, Worli, Mumbai – 400 018 Pan:Abapm 1848F ..... Respondent Appellant By : Dr. P.Daniel, Spl. Counsel Respondent By : Shri Dharmesh Shah Date Of Hearing : 09/10/2019 Date Of Pronouncement : 1710/2019

…n 14/01/2019 arising from assessment order dated 15/03/2016 passed under section 254 r.w.s. 143(3) of the Act. The Tribunal after considering the facts and the decision of Hon’ble Supreme Court of India in the case of Modi Industries Ltd. vs. CIT, reported as 216 ITR 759(SC) held that the charging of interest under section 234A, 234B and 234C is mandatory, however, the interest under section 234B can be charged upto the date of passing of original assessment order under sections 143(3)/144 of the Act. In other words, the interest cannot be charged upto the date of assessment order passed in consequence to the ord…

DCIT CEN CIR 8(4), MUMBAI vs. SAVITA OIL TECHNOLOGIES LTD, MUMBAI

Appeal is allowed

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.7620/Mum/2016 (नििाारण वर्ा / Assessment Year : 2010-11)

…आयकर अपीऱीय अधिकरण “E” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.7620/Mum/2016 (नििाारण वर्ा / Assessment Year : 2010-11) बिाम/ Deputy Commissioner of Savita Oil Technologies Income-tax, Ltd. Central Circle 8(4) 66-67,Nariman Bhawan, v. 6th Floor, R.No. 658 Nariman Point, Aayakar Bhavan, Mumbai-400021 M.K Road, Mumbai-400020 स्थायी ऱेखा सं./ PAN:AAACS7934A (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue by: Shri. D.G Pansari, DR Assessee by: Shri. Shiv Prakash स…

ORICON ENTERPRISES LTD,MUMBAI vs. ACIT CEN CIR 3(3), MUMBAI

Bench: S/Sh. Rajendra & Pawan Singh

…ing to tax income that had escaped assessment, that it was not open for the assessee to claim a benefit or a deduction.The FAA referred to the cases of Sun Engineering Works Private Ltd. (198 ITR 297),K Sudhakar S Shanbhag (241 ITR 65)and Modi Industries Ltd.(216 ITR 759)and finally held that the transaction entered into by the assessee was a slump sale within the meaning of section 2(42C), that the provisions of section 50B were applicable, there was no infirmity in the order of the view in treating the transaction is a slump sale. 5.2.Before us,the AR contended that no new facts were required to be investigated…

VAIBHAVI DISCRETIONARY FAMILY TRUST,MUMBAI vs. ITO 12(2)(1), MUMBAI

In the result, all the appeals filed by the respective assesseee in ITA No

Bench: Shri Sanjay Garg & Shri Ashwani Taneja

…t demand is only contingent demand and not legally enforceable and thus, in reality assessee did not pay tax in pursuance of any order of assessment. Ld. DR further referred to the decision of Hon’ble Supreme Court in the case of Modi Industries Ltd. vs. CIT, 216 ITR 759 referred to in para-6.2.3 of order of Ld. CIT(A) pleaded that the meaning of regular assessment in section 214, would be that a tax payer is entitled to claim interest on the excess amount advance tax paid only with reference to assessed tax determined on regular assessment and further no interest can be claimed under section 214 beyond the date…

K. KACHRADAS PATEL SPECIFIC FAMILY TRUST,MUMBAI vs. ITO 12(2)(1), MUMBAI

In the result, appeals filed by these assessees are partly allowed in the manner aforesaid

Bench: S/Sh. Rajendra & Parthasarathy Choudhurys

…t demand is only contingent demand and not legally enforceable and thus, in reality assessee did not pay tax in pursuance of any order of assessment. Ld. DR further referred to the decision of Hon’ble Supreme Court in the case of Modi Industries Ltd. vs. CIT, 216 ITR 759 referred to in para-6.2.3 of order of Ld. CIT(A) pleaded that the meaning of regular assessment in section 214, would be that a tax payer is entitled to claim interest on the excess amount advance tax paid only with reference to assessed tax determined on regular assessment and further no interest can be claimed under section 214 beyond the date…

K. KACHRADAS PATEL SPECIFIC FAMILY TRUST,MUMBAI vs. ITO 12(2)(1), MUMBAI

In the result, appeals filed by these assessees are partly allowed in the manner aforesaid

Bench: S/Sh. Rajendra & Parthasarathy Choudhurys

…t demand is only contingent demand and not legally enforceable and thus, in reality assessee did not pay tax in pursuance of any order of assessment. Ld. DR further referred to the decision of Hon’ble Supreme Court in the case of Modi Industries Ltd. vs. CIT, 216 ITR 759 referred to in para-6.2.3 of order of Ld. CIT(A) pleaded that the meaning of regular assessment in section 214, would be that a tax payer is entitled to claim interest on the excess amount advance tax paid only with reference to assessed tax determined on regular assessment and further no interest can be claimed under section 214 beyond the date…

RANCHOD DISCRETIONARY FAMILY TRUST,MUMBAI vs. ITO 12(2)(1), MUMBAI

In the result, appeals filed by these assessees are partly allowed in the manner aforesaid

Bench: S/Sh. Rajendra & Parthasarathy Choudhurys

…t demand is only contingent demand and not legally enforceable and thus, in reality assessee did not pay tax in pursuance of any order of assessment. Ld. DR further referred to the decision of Hon’ble Supreme Court in the case of Modi Industries Ltd. vs. CIT, 216 ITR 759 referred to in para-6.2.3 of order of Ld. CIT(A) pleaded that the meaning of regular assessment in section 214, would be that a tax payer is entitled to claim interest on the excess amount advance tax paid only with reference to assessed tax determined on regular assessment and further no interest can be claimed under section 214 beyond the date…

ULLAS DISCRETIONARY FAMILY TRUST,MUMBAI vs. ITO 12(2)(1), MUMBAI

In the result, appeals filed by these assessees are partly allowed in the manner aforesaid

Bench: S/Sh. Rajendra & Parthasarathy Choudhurys

…t demand is only contingent demand and not legally enforceable and thus, in reality assessee did not pay tax in pursuance of any order of assessment. Ld. DR further referred to the decision of Hon’ble Supreme Court in the case of Modi Industries Ltd. vs. CIT, 216 ITR 759 referred to in para-6.2.3 of order of Ld. CIT(A) pleaded that the meaning of regular assessment in section 214, would be that a tax payer is entitled to claim interest on the excess amount advance tax paid only with reference to assessed tax determined on regular assessment and further no interest can be claimed under section 214 beyond the date…