Nice Bombay Transport (P.) Ltd. v. Asstt. CIT

CENTRAL BANK OF INDIA,MUMBAI vs. DY COMM OF INCOME TAX 2(1) (1) , MUMBAI

…t the facts of the Respondent in the\npresent appeal are similar to the order passed by another Bench of the Tribunal in the\ncase of Nice Bombay Transport (P.) Ltd. v. Asstt. CIT [2019] 103 taxmann.com\nCentral Bank of India (A.Y. 2013-14 to 2016-17)\n9\n338/175 ITD 684 (Delhi - Trib.) wherein issue relating to Section 14A of the Act read\nwith Rule 8D of the Rules in respect of shares held in stock has been discussed and\nadjudicated in favour of the Assessee.\n18. Learned counsel for Appellant has submitted that the facts of the assessee in the\ncase of Nice Bombay Transport (P.) Ltd. (supra) are distinct from…

DCIT CIR. 2(1)(2), MUMBAI vs. M/S CENTRAL BANK OF INDIA, MUMBAI

In the result, the appeal by the Revenue for the

…at the facts of the Respondent in the\npresent appeal are similar to the order passed by another Bench of the Tribunal in the\ncase of Nice Bombay Transport (P.) Ltd. v. Asstt. CIT [2019] 103 taxmann.com\nCentral Bank of India (A.Y. 2013-14 to 2016-17) 8\n338/175 ITD 684 (Delhi. - Trib.) wherein issue relating to Section 14A of the Act read\nwith Rule 8D of the Rules in respect of shares held in stock has been discussed and\nadjudicated in favour of the Assessee as under:-\n18. Learned counsel for Appellant has submitted that the facts of the assessee in the\ncase of Nice Bombay Transport (P.) Ltd. (supra) are di…

CENTRAL BANK OF INDIA,MUMBAI vs. ACIT -2(1)(2), MUMBA

…he facts of the Respondent in the\npresent appeal are similar to the order passed by another Bench of the Tribunal in the\ncase of Nice Bombay Transport (P.) Ltd. v. Asstt. CIT [2019] 103 taxmann.com\n\nCentral Bank of India (A.Y. 2013-14 to 2016-17) 9\n\n338/175 ITD 684 (Delhi. - Trib.) wherein issue relating to Section 14A of the Act read\nwith Rule 8D of the Rules in respect of shares held in stock has been discussed and\nadjudicated in favour of the Assessee there.\n\n18. Learned counsel for Appellant has submitted that the facts of the assessee in the\ncase of Nice Bombay Transport (P.) Ltd. (supra) are dist…

CENTRAL BANK OF INDIA,MUMBAI vs. CIT(A)-3, MUMBAI

In the result, the appeal by the Revenue for the

…at the facts of the Respondent in the\npresent appeal are similar to the order passed by another Bench of the Tribunal in the\ncase of Nice Bombay Transport (P.) Ltd. v. Asstt. CIT [2019] 103 taxmann.com\nCentral Bank of India (A.Y. 2013-14 to 2016-17) 8\n338/175 ITD 684 (Delhi. Trib.) wherein issue relating to Section 14A of the Act read\nwith Rule 8D of the Rules in respect of shares held in stock has been discussed and\nadjudicated in favour of the Assessee as under:-\n18. Learned counsel for Appellant has submitted that the facts of the assessee in the\ncase of Nice Bombay Transport (P.) Ltd. (supra) are dist…

JT. CIT (OSD) -2(1)(2), MUMBAI vs. CENTRAL BANK OF INDIA, MUMBAI

In the result, the appeal by the Revenue for the

…he facts of the Respondent in the\npresent appeal are similar to the order passed by another Bench of the Tribunal in the\ncase of Nice Bombay Transport (P.) Ltd. v. Asstt. CIT [2019] 103 taxmann.com\n\nCentral Bank of India (A.Y. 2013-14 to 2016-17) 9\n\n338/175 ITD 684 (Delhi. Trib.) wherein issue relating to Section 14A of the Act read\nwith Rule 8D of the Rules in respect of shares held in stock has been discussed and\nadjudicated in favour of the Assessee thus:-\n\n18. Learned counsel for Appellant has submitted that the facts of the disallowance in\nthe case of Nice Bombay Transport (P.) Ltd. (supra) are di…

DCIT 2(1)(1), MUMBAI vs. CENTRAL BANK OF INDIA, MUMBAI

In the result, the appeal by the Revenue for the

…at the facts of the Respondent in the\npresent appeal are similar to the order passed by another Bench of the Tribunal in the\ncase of Nice Bombay Transport (P.) Ltd. v. Asstt. CIT [2019] 103 taxmann.com\nCentral Bank of India (A.Y. 2013-14 to 2016-17) 9\n338/175 ITD 684 (Delhi. – Trib.) wherein issue relating to Section 14A of the Act read\nwith Rule 8D of the Rules in respect of shares held in stock has been discussed and\nadjudicated in favour of the Assessee as under:-\n18. Learned counsel for Appellant has submitted that the facts of the assessee in the\ncase of Nice Bombay Transport (P.) Ltd. (supra) are di…

CENTRAL BANK OF INDIA,MUMBAI vs. ACIT - 2(1)(2), MUMBAI

In the result, the appeal by the Revenue for the

…at the facts of the Respondent in the\npresent appeal are similar to the order passed by another Bench of the Tribunal in the\ncase of Nice Bombay Transport (P.) Ltd. v. Asstt. CIT [2019] 103 taxmann.com\nCentral Bank of India (A.Y. 2013-14 to 2016-17) 9\n338/175 ITD 684 (Delhi.- Trib.) wherein issue relating to Section 14A of the Act read\nwith Rule 8D of the Rules in respect of shares held in stock has been discussed and\nadjudicated in favour of the Assessee. Learned counsel for Appellant has made the\nsubmissions that the assessee has furnished all the details which were asked for by the\nAO and in respect of…

ACIT - 2(1)(2), MUMBAI vs. CENTRAL BANK OF INDIA, MUMBAI

…he facts of the Respondent in the\npresent appeal are similar to the order passed by another Bench of the Tribunal in the\ncase of Nice Bombay Transport (P.) Ltd. v. Asstt. CIT [2019] 103 taxmann.com\n\nCentral Bank of India (A.Y. 2013-14 to 2016-17) 8\n\n338/175 ITD 684 (Delhi.- Trib.) wherein issue relating to Section 14A of the Act read\nwith Rule 8D of the Rules in respect of shares held in stock has been discussed and\nadjudicated in favour of the Assessee there.\n\n18. Learned counsel for Appellant has submitted that the facts of the assessee in the\ncase of Nice Bombay Transport (P.) Ltd. (supra) are disti…

CENTRAL BANK OF INDIA,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX 2(1)(2), MUMBAI

…at the facts of the Respondent in the\npresent appeal are similar to the order passed by another Bench of the Tribunal in the\ncase of Nice Bombay Transport (P.) Ltd. v. Asstt. CIT [2019] 103 taxmann.com\nCentral Bank of India (A.Y. 2013-14 to 2016-17) 9\n338/175 ITD 684 (Delhi. - Trib.) wherein issue relating to Section 14A of the Act read\nwith Rule 8D of the Rules in respect of shares held in stock has been discussed and\nadjudicated in favour of the Assessee as under:-\n18. Learned counsel for Appellant has submitted that the facts of the disallowance in\nthe case of Nice Bombay Transport (P.) Ltd. (supra) ar…

ASSISTANT COMMISSIONER, MUMBAI vs. IDBI BANK LIMITED, MUMBAI

In the result, the appeal of the revenue bearing ITA No

Bench: Shri. Anikesh Banerjee & Smt. Renu Jauhri

…essee further submits that no disallowance is warranted under section 14A as held by Kolkata tribunal in UCO Bank (ITA No. 1615 /Kol/2016), Delhi tribunal in case of Punjab National Bank (ITA No. 5481 /Del/2014 and Nice Bombay Transport (P) Ltd reported vide (175 ITD 684) 12. In without prejudice submission, the learned AR submitted that no disallowance under Rule 8D(2)(ii) is warranted in assessee’s cases as the interest free funds of ₹14567.58 Crore are far exceed the securities from which tax free income was earned of ₹ 1598.60 Crore. In support of his submission the learned AR relied upon the decision of Bom…

ACIT, CIR-2(1)(1), MUMBAI vs. M/S. BANK OF INDIA, MUMBAI

The appeal is dismissed and appeal of assessee is allowed

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhry, Jm M/S Bank Of India Acit, Circle 2(1)(1) Room No.575, 5Th Floor, C5 Block Star House, Bandra Kurla Complex, Aaykar Bhavan, Vs. M.K. Road, Bandra East, Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaacb0472C M/S Bank Of India Acit, Circle 2(1)(1) C5 Block Star House, Room No.575, 5Th Floor, Bandra Kurla Complex, Aaykar Bhavan, Vs. Bandra East, M.K. Road, Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Assessee By : Mr . C Naresh Ca Revenue By : Shri Sanjay Deshmukh Cit Dr & Shri P D Chougule, Addl. Cit Date Of Hearing: 3/7/2023 & 08.12.2023 Date Of Pronouncement : 21.12.2023

…ent. 17. In this regard, the Tribunal has observed that the facts of the Respondent in the present appeal are similar to the order passed by another Bench of the Tribunal in the case of Nice Bombay Transport (P.) Ltd. v. Asstt. CIT [2019] 103 taxmann.com 338/175 ITD 684 (Delhi - Trib.) wherein issue relating to Section 14A of the Act read with Rule 8D of the Rules in respect of shares held in stock has been discussed and adjudicated in favour of the Assessee therein. 18. Learned counsel for Appellant has submitted that the facts of the assessee in the case of Nice ITA Nos. 1228 & 1094/Mum/2023 Bank of India; A.…

BANK OF INDIA,MUMBAI vs. DCIT-2(1)(1), MUMBAI

The appeal is dismissed and appeal of assessee is allowed

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhry, Jm M/S Bank Of India Acit, Circle 2(1)(1) Room No.575, 5Th Floor, C5 Block Star House, Bandra Kurla Complex, Aaykar Bhavan, Vs. M.K. Road, Bandra East, Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaacb0472C M/S Bank Of India Acit, Circle 2(1)(1) C5 Block Star House, Room No.575, 5Th Floor, Bandra Kurla Complex, Aaykar Bhavan, Vs. Bandra East, M.K. Road, Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Assessee By : Mr . C Naresh Ca Revenue By : Shri Sanjay Deshmukh Cit Dr & Shri P D Chougule, Addl. Cit Date Of Hearing: 3/7/2023 & 08.12.2023 Date Of Pronouncement : 21.12.2023

…ent. 17. In this regard, the Tribunal has observed that the facts of the Respondent in the present appeal are similar to the order passed by another Bench of the Tribunal in the case of Nice Bombay Transport (P.) Ltd. v. Asstt. CIT [2019] 103 taxmann.com 338/175 ITD 684 (Delhi - Trib.) wherein issue relating to Section 14A of the Act read with Rule 8D of the Rules in respect of shares held in stock has been discussed and adjudicated in favour of the Assessee therein. 18. Learned counsel for Appellant has submitted that the facts of the assessee in the case of Nice ITA Nos. 1228 & 1094/Mum/2023 Bank of India; A.…

CENTRAL BANK OF INDIA ,MUMBAI vs. THE NATIONAL FACELESS APPEAL CENTRE, DELHI

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

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…dent. 17. In this regard, the Tribunal has observed that the facts of the Respondent in the present appeal are similar to the order passed by another Bench of the Tribunal in the case of Nice Bombay Transport (P.) Ltd. v. Asstt. CIT [2019] 103 taxmann.com 338/175 ITD 684 (Delhi - Trib.) wherein issue relating to Section 14A of the Act read with Rule 8D of the Rules in respect of shares held in stock has been discussed and adjudicated in favour of the Assessee therein. 18. Learned counsel for Appellant has submitted that the facts of the assessee in the case of Nice Bombay Transport (P.) Ltd. (supra) are distinct…

YES BANK LIMITED,MUMBAI vs. DCIT - 2(2)(2), MUMBAI

In the result, both the appeals of the Revenue and assessee he appeals of the Revenue and assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2014-15 Dcit-2(2)(2), M/S Yes Bank Ltd., Room No. 545, 5Th Floor, 9Th Floor, Nehru Centre, Discovery Of Vs. Aayakar Bhavan, India, Dr. Ab Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent Assessment Year: 2014-15 M/S Yes Bank Ltd., Dcit-2(2)(2), 9Th Floor, Nehru Centre, Room No. 545, 5Th Floor, Aayakar Discovery Of India, Dr. Ab Vs. Bhavan, Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 2014-15 DCIT-2(2)(2), M/s Yes Bank Ltd., Room No. 545, 5th floor, 9th Floor, Nehru Centre, Discovery of Vs. Aayakar Bhavan, India, Dr. AB Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. PAN No. AAACY 2068 D Appellant Respondent Assessment Year: 2014-15 M/s Yes Bank Ltd., DCIT-2(2)(2), 9th Floor, Nehru Centre, Room No. 545, 5th floor, Aayakar Discovery of India, Dr. AB Vs. Bhavan, Road, Worli, M.K. Road, Churchgate, Mumbai-40001…

DCIT-2(2)(2), MUMBAI vs. YES BANK LTD., MUMBAI

In the result, both the appeals of the Revenue and assessee he appeals of the Revenue and assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2014-15 Dcit-2(2)(2), M/S Yes Bank Ltd., Room No. 545, 5Th Floor, 9Th Floor, Nehru Centre, Discovery Of Vs. Aayakar Bhavan, India, Dr. Ab Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent Assessment Year: 2014-15 M/S Yes Bank Ltd., Dcit-2(2)(2), 9Th Floor, Nehru Centre, Room No. 545, 5Th Floor, Aayakar Discovery Of India, Dr. Ab Vs. Bhavan, Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 2014-15 DCIT-2(2)(2), M/s Yes Bank Ltd., Room No. 545, 5th floor, 9th Floor, Nehru Centre, Discovery of Vs. Aayakar Bhavan, India, Dr. AB Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. PAN No. AAACY 2068 D Appellant Respondent Assessment Year: 2014-15 M/s Yes Bank Ltd., DCIT-2(2)(2), 9th Floor, Nehru Centre, Room No. 545, 5th floor, Aayakar Discovery of India, Dr. AB Vs. Bhavan, Road, Worli, M.K. Road, Churchgate, Mumbai-40001…

DCIT-3(4), MUMBAI vs. M/S IDBI BANK LTD , MUMBAI

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

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit- 3(4) V. M/S. Idbi Bank Ltd 29Th Floor, Center-1 Central Processing Unit (Tds) World Trade Center, Cuffe Parade Plot No. 82/83, Elemach Bldg Mumbai- 400005 Road No. 7, Street No. 15 Midc, Andheri (E) Mumbai- 400093 Pan: Aabci8842G (Appellant) (Respondent) M/S. Idbi Bank Ltd V. Acit/Dcit-Ltu 22Nd Floor, Idbi Tower 29Th Floor, Centre No. 1 Wtc Complex, Cuffe Parade World Trade Centre, Cuffe Parade Mumbai- 400005 Mumbai- 400005 Pan: Aabci8842G (Appellant) (Respondent)

…essee further submits that no disallowance is warranted under section 14A as held by Kolkata tribunal in UCO Bank (ITA No. 1615 /Kol/2016), Delhi tribunal in case of Punjab National Bank (ITA No. 5481 /Del/2014 and Nice Bombay Transport (P) Ltd reported vide (175 ITD 684). 12. In without prejudice submission, the learned AR submitted that no disallowance under Rule 8D(2)(ii) is warranted in assessee’s cases as the interest free funds of ₹14567.58 Crore are far exceed the securities from which tax free income was earned of ₹ 1598.60 Page No. | 10 ITA NO. 2937 & 2919/MUM/2022 (A.Y: 2017-18) M/s. IDBI Bank Ltd Cro…

GAJANAN ENTERPRISES,MUMBAI vs. ACIT CIRCLE 17(1), MUMBAI

Bench: Shri S. Rifaur Rahman & Shri Ravish Soodgajanan Enterprises, 4Th Floor, Rustom Acit, Circle-17(1), Building, 29, Veer Nariman Road, Fort, Mumbai. Vs. Mumbai 400 001 Pan – Aakfg7595A (Appellant) (Respondent)

…ed shares as stock-in-trade for the purpose of trading, and was only incidentally in receipt of dividend income on the same, therein relied on the order of the ITAT, Delhi Bench „E‟ in the case of Nice Bombay Transport (P) Ltd. Vs. ACIT(OSD), New Delhi (2019) 175 ITD 684 (Del). Also, reliance was placed upon the order of ITAT “F” Bench, Mumbai in the case M/s Vora Financial Services (P) Ltd. Vs. ACIT-2(3)(1), Mumbai (ITA No.532/Mum/2018, dated 29.06.2018. The Ld. A.R drawing support from the latter order submitted, that the Tribunal taking cognizance of the fact that the assessee before them was in receipt of maj…

CROMPTON GREAVES LTD,MUMBAI vs. DCIT CIR 6(2), MUMBAI

In the result, the assessee’s appeal in ITA No

Bench: Shri A. D. Jain, Vp & Shri Rajesh Kumar, Am Asst. Cit-6(2)(1) M/S. Crompton Greaves Ltd. R. No.504/563-C, 5Th Floor, 6Th Floor, Cg House, Vs. Aayakar Bhavan, M. K. Road, Dr. Annie Besant Road, Worli, Mumbai-400 020 Mumbai-400 030 Pan/Gir No. Aaacc 2089 A (Revenue) : (Assessee) & M/S. Crompton Greaves Ltd. Asst. Cit-6(2)(1) 6Th Floor, Cg House, R. No.504/563-C, 5Th Floor, Vs. Dr. Annie Besant Road, Worli, Aayakar Bhavan, M. K. Road, Mumbai-400 030 Mumbai-400 020 Pan/Gir No. Aaacc 2089 A (Assessee) : (Revenue) : Shri A. M. Mittal Revenue By Assessee By : Shri Pradip Kapasi Date Of Hearing : 23.09.2019 Date Of Pronouncement : 27.09.2019

…re any expenditure because the investments in subsidiaries is a onetime investment and did not need any expenditure to maintain it; that it was a legacy investment. Reference in this regard has been made to Nice Bombay Transport (P.) Ltd. v. ACIT (OSD) (2019) 175 ITD 684 (Delhi)(Trib.). It has further been contended that a good part of the investments, upto Rs.92.25 crores was made in the past and it included investments in shares of substitute that did not require expenditure; that the investments were mainly in the units of the mutual funds, maintained by the fund Manager of the mutual funds and, therefore, s…