Pr. CIT v. Ajit Ramakant Phatarpekar

SICOM LTD ,MUMBAI vs. DY COMMISSIONER OF INCOME TAX CIRCLE 3(3)(1), MUMBAI

In the result, the appeal filed by the assesee is partly allow for statistical purpose and the appeal filed by the revenue is allowed for statistical purposes

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadale, Judicialmember Sicom Ltd, Vs. Dy Commissioner Of Solitaire Corporate Income Tax Circle Park, Bldg No.04, 3(3)(1), Chakala, Andheri(E), 6Th Floor, Room No. Mumbai-400093. 609,Aayakar Bhavan, Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent) Dy Commissioner Of Vs. Sicom Ltd, Income Tax Circle Solitaire Corporate Park, 3(3)(1), Bldg No.04, Chakala, 6Th Floor, Room No. Andheri(E), 609,Aayakar Bhavan, Mumbai-400093. Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent)

…ceed exempt income • PCIT vs Caraf Builders & Constructions Pvt Ltd (2019) (101 taxmann.com 167) (Delhi HC) SLP/Dismissed rejected in (2019) (112 taxmann.com 322) (SC) 25 ITA . No. 1694/MUM/2023 & 2036/MUM/2023 SICOM LTD. • PCIT vs Ajit Phatarphekar (2020) (429 ITR 319) (Bombay HC) • ITO vs Moderate Leasing & Capital Services Ltd (ITA No. 2279/Del/2015) dated 31 January 2018 • Nadathur Estates Pvt Ltd vs ACIT (ITA Nos.267 & 268/Bang/2018) dated 3 May 2019 affirmed by Hon'ble Karnataka High Court in (ITA No.247 of 2020) dated 3 June 2021 (e) Disallowance under section 14A should be restricted to 1% of administr…

ACIT-2(2)(1), MUMBAI vs. M/S MPL PLASTICS LIMITED (EARLIER KNOWN AS M/S MILTON PLASTICS LTD) , MUMBAI

In the result, all the appeals of the Revenue are dismissed

…/s. MPL Plastics Limited 26. In so far as disallowance u/s.14A is concerned, admittedly, the ld. CIT(A) has restricted the disallowance to the exempt of income which issue now is covered by the following decisions of the Hon’ble Jurisdictional High Court:-  429 ITR 319 (Bom) Pr. CIT v Ajit Ramakant Phatarpekar  421 ITR 125 (Bom) PV HSBC Invest Direct (India) Ltd 27. Thus, on this issue also, the grounds raised by the Revenue for A.Y.2013-14 to 2016-17 are dismissed. 27. In the result, all the appeals of the Revenue are dismissed. Order pronounced on 27th April, 2023 (PADMAVATHY S) JUDICIAL MEMBER Mumbai; Da…

ACIT-2(2)(1), MUMBAI vs. M/S MPL PLASTICS LIMITED (EARLIER KNOWN AS M/S MILTON PLASTICS LTD), MUMBAI

In the result, all the appeals of the Revenue are dismissed

…/s. MPL Plastics Limited 26. In so far as disallowance u/s.14A is concerned, admittedly, the ld. CIT(A) has restricted the disallowance to the exempt of income which issue now is covered by the following decisions of the Hon’ble Jurisdictional High Court:-  429 ITR 319 (Bom) Pr. CIT v Ajit Ramakant Phatarpekar  421 ITR 125 (Bom) PV HSBC Invest Direct (India) Ltd 27. Thus, on this issue also, the grounds raised by the Revenue for A.Y.2013-14 to 2016-17 are dismissed. 27. In the result, all the appeals of the Revenue are dismissed. Order pronounced on 27th April, 2023 (PADMAVATHY S) JUDICIAL MEMBER Mumbai; Da…

ACIT-2(2)(1), MUMBAI vs. M/S MPL PLASTICS LIMITED (EARLIER KNOWN AS M/S MILTON PLASTICS LTD), MUMBAI

In the result, all the appeals of the Revenue are dismissed

…/s. MPL Plastics Limited 26. In so far as disallowance u/s.14A is concerned, admittedly, the ld. CIT(A) has restricted the disallowance to the exempt of income which issue now is covered by the following decisions of the Hon’ble Jurisdictional High Court:-  429 ITR 319 (Bom) Pr. CIT v Ajit Ramakant Phatarpekar  421 ITR 125 (Bom) PV HSBC Invest Direct (India) Ltd 27. Thus, on this issue also, the grounds raised by the Revenue for A.Y.2013-14 to 2016-17 are dismissed. 27. In the result, all the appeals of the Revenue are dismissed. Order pronounced on 27th April, 2023 (PADMAVATHY S) JUDICIAL MEMBER Mumbai; Da…

ACIT-2(2)(1), MUMBAI vs. M/S MPL PLASTICS LIMITED (EARLIER KNOWN AS MILTON PLASTICS LTD) , MUMBAI

In the result, all the appeals of the Revenue are dismissed

…/s. MPL Plastics Limited 26. In so far as disallowance u/s.14A is concerned, admittedly, the ld. CIT(A) has restricted the disallowance to the exempt of income which issue now is covered by the following decisions of the Hon’ble Jurisdictional High Court:-  429 ITR 319 (Bom) Pr. CIT v Ajit Ramakant Phatarpekar  421 ITR 125 (Bom) PV HSBC Invest Direct (India) Ltd 27. Thus, on this issue also, the grounds raised by the Revenue for A.Y.2013-14 to 2016-17 are dismissed. 27. In the result, all the appeals of the Revenue are dismissed. Order pronounced on 27th April, 2023 (PADMAVATHY S) JUDICIAL MEMBER Mumbai; Da…

ACIT-2(2)(1) , MUMBAI vs. M/S MPL PLASTICS LIMITED (EARLIER KNOWN AS MILTON PLASTICS LTD), MUMBAI

In the result, all the appeals of the Revenue are dismissed

…/s. MPL Plastics Limited 26. In so far as disallowance u/s.14A is concerned, admittedly, the ld. CIT(A) has restricted the disallowance to the exempt of income which issue now is covered by the following decisions of the Hon’ble Jurisdictional High Court:-  429 ITR 319 (Bom) Pr. CIT v Ajit Ramakant Phatarpekar  421 ITR 125 (Bom) PV HSBC Invest Direct (India) Ltd 27. Thus, on this issue also, the grounds raised by the Revenue for A.Y.2013-14 to 2016-17 are dismissed. 27. In the result, all the appeals of the Revenue are dismissed. Order pronounced on 27th April, 2023 (PADMAVATHY S) JUDICIAL MEMBER Mumbai; Da…

ACIT-2(2)(12), MUMBAI vs. M/S MPL PLASTICS LIMITED (EARLIER KNOWN AS M/S MILTON PLASTICS LTD), MUMBAI

In the result, all the appeals of the Revenue are dismissed

…/s. MPL Plastics Limited 26. In so far as disallowance u/s.14A is concerned, admittedly, the ld. CIT(A) has restricted the disallowance to the exempt of income which issue now is covered by the following decisions of the Hon’ble Jurisdictional High Court:-  429 ITR 319 (Bom) Pr. CIT v Ajit Ramakant Phatarpekar  421 ITR 125 (Bom) PV HSBC Invest Direct (India) Ltd 27. Thus, on this issue also, the grounds raised by the Revenue for A.Y.2013-14 to 2016-17 are dismissed. 27. In the result, all the appeals of the Revenue are dismissed. Order pronounced on 27th April, 2023 (PADMAVATHY S) JUDICIAL MEMBER Mumbai; Da…

DY.C.I;.T.CENTRAL CIR6 (3), MUMBAI vs. M/S. REYNOLD SHIRTING LTD, MUMBAI

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singhdcit, Cc – 6(3) Vs. Reynold Shirting Ltd Room No. 1926, 19Th 402, 4Th Floor, Kamla Floor, Air India Bldg, Hub Ns Road No.1 Nariman Point, Juhu Scheme, Vile Mumbai-400021. Parle (W), Mumbai -400049. Pan/Gir No. : Aaccr7055H Appellant .. Respondent Appellant By : Ms.Mahita Nair.Dr Respondent By : Ms.Mitalli Gopani.Ar Date Of Hearing 03.08.2022 Date Of Pronouncement 08.08.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals) – 54, Mumbai Passed U/S 143(3) & 250. The Revenue Has Raised The Following Revised Grounds Of Appeal:

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER DCIT, CC – 6(3) Vs. Reynold Shirting Ltd Room No. 1926, 19th 402, 4th Floor, Kamla Floor, Air India Bldg, hub NS Road No.1 Nariman Point, Juhu Scheme, Vile Mumbai-400021. Parle (W), Mumbai -400049. PAN/GIR No. : AACCR7055H Appellant .. Respondent Appellant by : Ms.Mahita Nair.DR Respondent by : Ms.Mitalli Gopani.AR Date of Hearing 03.08.2022 Date of Pronouncement 08.08.2022 आदेश / O R D E R PER PAVAN KUMAR GADALE JM: The revenue has filed the appeal against the order of…

ROYAL TWINKLE STAR CLUB P. LTD,MUMBAI vs. ACIT CEN CIR 14, MUMBAI

In the result, appeal is partly allowed as indicated above

Bench: Shri Saktijit Dey & Shri Rajesh Kumarassessment Year: 2011-12 Royal Twinkle Star Club Pvt. Ltd., The Acit, 317/318, Parvati Industrial Central Circle-2(4), Estate, Sun Mill Compound, (Erstwhile Central Circle – 14), Lower Parel (W), Vs. Pratishtha Bhavan, 8Th Floor, Mumbai - 400013 Mumbai Pan: Aaecr0618L (Appellant) (Respondent) Assessee By : Shri Hiro Rai (Ar) Revenue By : Shri Bharat Andhle (Dr) Date Of Hearing : 15/09/2021 Date Of Pronouncement: 29/09/2021

…such contention, learned counsel relied upon the following decisions: 1. ACIT vs. Vireet Investment (P) Ltd. (2017) 165 ITD 27 ITAT (Delhi Tribunal Special Bench) 2. ACB India Ltd. vs. CIT (2015) 374 ITR 108 (Delhi) 3. PCIT VS. Ajit Ramakant Phatarpekar [2021 429 ITR 319 (Bombay) 5. Learned Departmental Representative strongly relied upon the observations of the AO and learned Commissioner (Appeals). 6. We have considered rival submissions in the light of decision relied upon and perused the materials on record. Undisputedly, in the year under 3 Assessment Year: 2011-12 consideration the assessee had earned exe…