PCIT v. Bajaj

Nuvama Wealth Management Limited, Bandra East, Mumbai vs. Deputy Comissioner of Income Tax, Cgo Building, Mumbai

Bench: Shri Saktijit Dey, Vp & Ms Padmavathy S, Am

…rther, while recording such a satisfaction, nature of loan taken by the assessee for purchasing the shares/making the investment in shares is to be examined by the AO.” 14. So is also held by Hon'ble Bombay High Court in case of PCIT Vs. Bajaj finance Limited 309 CTR 28 (Bom). In Para no. 9 Hon'ble High Court deleted the disallowance under Rule 8D of the Rules for the reason that the assessee offered voluntarily and made detail representation with no other expenditure is incurred by assessee, the learned Assessing Officer rejected the explanation of the assessee but merely proceeded to make disallowance by invoki…

Nuvama Wealth Management Limited, Bandra East, Mumbai vs. Deputy Comissioner of Income Tax, Cgo Building, Mumbai

Bench: Shri Saktijit Dey, Vp & Ms Padmavathy S, Am

…rther, while recording such a satisfaction, nature of loan taken by the assessee for purchasing the shares/making the investment in shares is to be examined by the AO.” 14. So is also held by Hon'ble Bombay High Court in case of PCIT Vs. Bajaj finance Limited 309 CTR 28 (Bom). In Para no. 9 Hon'ble High Court deleted the disallowance under Rule 8D of the Rules for the reason that the assessee offered voluntarily and made detail representation with no other expenditure is incurred by assessee, the learned Assessing Officer rejected the explanation of the assessee but merely proceeded to make disallowance by invoki…

Edelweiss Financial Services Ltd, Mumbai vs. ACIT Cent Cir -1(2), Mumbai

The appeal is allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

…ot have gone to invoke the provisions of Rule 8D of the Rules. For this proposition, he relied on the decision of Hon'ble Bombay High Court in the case of PCIT Vs. Bombay Stock Exchange Limited in ITA No. 1017 of 2017 (Boom HC). PCIT Vs. Bajaj Finance Limited 309 CTR 28 (Bom). He further submitted that the co- ordinate Bench in assessee’s own case for A.Y. 2010-11 has decided this issue vide order dated 15th July, 2015, he therefore stated that this issue is covered in favour of the assessee by assessee’s own case as well as order of Hon'ble Bombay High Court. (ii) He submitted that for working of disallowance e…

Edelweiss Financial Services Ltd, Mumbai vs. ACIT Central Cir-1(2), Mumbai

The appeal is allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

…ot have gone to invoke the provisions of Rule 8D of the Rules. For this proposition, he relied on the decision of Hon'ble Bombay High Court in the case of PCIT Vs. Bombay Stock Exchange Limited in ITA No. 1017 of 2017 (Boom HC). PCIT Vs. Bajaj Finance Limited 309 CTR 28 (Bom). He further submitted that the co- ordinate Bench in assessee’s own case for A.Y. 2010-11 has decided this issue vide order dated 15th July, 2015, he therefore stated that this issue is covered in favour of the assessee by assessee’s own case as well as order of Hon'ble Bombay High Court. (ii) He submitted that for working of disallowance e…

Eldelweiss Securities Ltd, Mumbai vs. ACIT Circle 4(1) (1), Mumbai

The appeal is allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

…ot have gone to invoke the provisions of Rule 8D of the Rules. For this proposition, he relied on the decision of Hon'ble Bombay High Court in the case of PCIT Vs. Bombay Stock Exchange Limited in ITA No. 1017 of 2017 (Boom HC). PCIT Vs. Bajaj Finance Limited 309 CTR 28 (Bom). He further submitted that the co- ordinate Bench in assessee’s own case for A.Y. 2010-11 has decided this issue vide order dated 15th July, 2015, he therefore stated that this issue is covered in favour of the assessee by assessee’s own case as well as order of Hon'ble Bombay High Court. (ii) He submitted that for working of disallowance e…