Pr.CIT v. Veer Gems

407 ITR 639High Court#24878 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 341,001 Indian tax judgments — from 2020 to 2024.

Judgments citing Pr.CIT v. Veer Gems

Tata Motors Ltd, Mumbai vs. ACIT 2(3), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 631/MUM/2013[2008-09]Status: DisposedITAT Mumbai05 Feb 2024AY 2008-09

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.631/मुं/2013 (िन.व. 2008-09) Tata Motors Limited Bombay House, 24,Homi Mody Street, Hutama Chowk, Mumbai – 400001. Pan: Aaact-2727-Q ...... अपीलाथ"/Appellant बनाम Vs. The Addl. Commissioner Of Income Tax Circle -2(3), Mumbai. Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ....."ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Shri J.D.Mistry, Sr.Advocate With Shri Nikhil Tiwari,Advocate "ितवादी "ारा/Respondent By : Ms. Vatsala Jha, Cit-Dr & Shri Manoj Kumar Singh, Sr.Ar सुनवाई की ितिथ/ Date Of Hearing : 10/11/2023 घोषणा की ितिथ/ Date Of Pronouncement : 05/02/2024 आदेश/Order Per Vikas Awasthy, Jm:

For Appellant: Shri J.D.Mistry, Sr.Advocate with Shri Nikhil Tiwari,AdvocateFor Respondent: Ms. Vatsala Jha, CIT-DR and Shri Manoj Kumar Singh, Sr.AR
Section 116Section 143(3)Section 92C

…and the condition mentioned in sub-section (2) to section 92A of the Act both have to be satisfied. In support of his submissions he placed reliance on the following decisions: (i) Kaybee Pvt. Ltd., ITA No.2164/Mum/2015 decided on 28/02/2020. (ii) Veer Gems, 407 ITR 639(Guj)/ 256 Taxman 298(SC) (iii) Ambico Exports and Imports Pvt. Ltd., ITA No.6822/Mum/2017 decided on 30/03/2021. 37 38. Both sides heard. It is an admitted position that as against total assets of Hispano aggregating to Euro 21.95 million the assessee has extended unsecured loans to the tune of Rs.15 million, which count for more than 51% of the…

Ambico Exports and Imports Private Limited, Mumbai vs. Deputy Commissioner of Income Tax 12(1)(1), Mumbai

In the result, appeal by the assessee is partly allowed in the terms aforesaid

ITA 6822/MUM/2017[2013-14]Status: DisposedITAT Mumbai30 Mar 2021AY 2013-14

Bench: Vikas Awasthy & Shri N.K.Pradhanआअसं. 6822/मुं/2017 ("न.व. 2013-14) It(Tp)A No.6822/Mum/2017(A.Y.2013-14)

For Appellant: Shri Sanjay ChokshiFor Respondent: Shri Sunil Deshpande
Section 143(3)Section 40A(2)(b)Section 92Section 92ASection 92A(1)(b)Section 92A(2)Section 92CSection 92DSection 92F

…Orchid Pharma Ltd Vs DCIT [(2016) 76 taxmann.com 63 (Chennai - Trib.)] and Page Industries Ltd Vs DCIT {(2016) 159 ITD 680 (Bang)] also hold. ” [Emphasised by us] 10. The Hon'ble Gujarat High Court in an appeal filed by the revenue i.e. Pr.CIT vs Veer Gems, 407 ITR 639 has upheld the decision of the Tribunal. The Hon’ble Apex Court (256 Taxman 298) while dismissing the SLP filed by the 12 आअसं. 6822/मुं/2017 ("न.व. 2013-14) IT(TP)A NO.6822/MUM/2017(A.Y.2013-14) Revenue has approved the decision of Hon'ble Gujarat High Court. Thus, the view taken by the Tribunal, that the provisions contained in sub-section (…

Sovereign Safeship Management Pvt. Ltd, Mumbai vs. The Income Tax Officer, Ward 13(2)-2, Mumbai

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

ITA 2070/MUM/2016[2011-12]Status: DisposedITAT Mumbai06 Mar 2020AY 2011-12

Bench: Shri Laleit Kumar, Jm & Shri M.Balaganesh, Am M/S. Soveresign Safeship Vs. Income Tax Officer Management Pvt. Ltd., Ward-13(2)-2, Shop No.37, M.M.R.D. Mumbai Market, Vansant Pride Thakur Complex Kandivali (East) Mumbai – 400 101 Pan/Gir No. Aamcs6425N (Appellant) .. (Respondent)

Section 143(3)Section 144C(5)Section 92ASection 92A(2)(c)

…Veer Gems reported in 183 TTJ 588 by referring to para 8 of the said judgement thereon. He also drew our attention to the fact that this tribunal decision was subsequently approved by the Hon‟ble Gujarat High Court in the case of PCIT vs Veer Gems reported in 407 ITR 639 (Guj) and Special Leave Petition preferred by the Revenue before the Hon‟ble Supreme Court was dismissed in 256 Taxman 298 (SC). 7.3. We also find that the co-ordinate bench of this tribunal had an occasion to consider the very same issue recently in the case of Kaybee Pvt Ltd vs ITO in ITA No. 2165/Mum/15 for Asst Year 2007-08 dated 28.2.2020 w…

Pr.CIT v. Veer Gems (407 ITR 639) — Cited in 3 Judgments | BharatTax