Principal Commissioner of Income Tax-2 v. Bombay Stock Exchange Ltd.

DCIT- 2(2)(2), Mumbai vs. Yes Bank Ltd., Mumbai

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI SANDEEP SINGH KARHAIL, JM ITA No. 3499/Mum/2018 (Assessment Year 2012-13) The Deputy Commissioner of Income Tax , Yes Bank Limited 9th Floor, Nehru Centre, Circle 2(2)(2) Discovery of India, Dr. AB Road, 545, Aykar Bhavan, Vs. Worli, Mumbai-400 018 MK road, Mumbai-400 020 (Respondent) (Appellant) PAN No. AAACY2068D ITA No. 3237/Mum/2018 (Assessment Year 2012-13) The Deputy Commissioner of Income Tax , Yes Bank Limited 9th Floor, Nehru Centre, Circle 2(2)(2) 545, Aaykar Bhavan, Discovery of India, Dr. AB Road, Vs. Wo…

DCIT- 2(2)(2), Mumbai vs. Yes Bank Ltd., Mumbai

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI SANDEEP SINGH KARHAIL, JM ITA No. 3499/Mum/2018 (Assessment Year 2012-13) The Deputy Commissioner of Income Tax , Yes Bank Limited 9th Floor, Nehru Centre, Circle 2(2)(2) Discovery of India, Dr. AB Road, 545, Aykar Bhavan, Vs. Worli, Mumbai-400 018 MK road, Mumbai-400 020 (Respondent) (Appellant) PAN No. AAACY2068D ITA No. 3237/Mum/2018 (Assessment Year 2012-13) The Deputy Commissioner of Income Tax , Yes Bank Limited 9th Floor, Nehru Centre, Circle 2(2)(2) 545, Aaykar Bhavan, Discovery of India, Dr. AB Road, Vs. Wo…

DCIT 2(2)(2), Mumbai vs. Yes Bank Ltd., Mumbai

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI SANDEEP SINGH KARHAIL, JM ITA No. 3499/Mum/2018 (Assessment Year 2012-13) The Deputy Commissioner of Income Tax , Yes Bank Limited 9th Floor, Nehru Centre, Circle 2(2)(2) Discovery of India, Dr. AB Road, 545, Aykar Bhavan, Vs. Worli, Mumbai-400 018 MK road, Mumbai-400 020 (Respondent) (Appellant) PAN No. AAACY2068D ITA No. 3237/Mum/2018 (Assessment Year 2012-13) The Deputy Commissioner of Income Tax , Yes Bank Limited 9th Floor, Nehru Centre, Circle 2(2)(2) 545, Aaykar Bhavan, Discovery of India, Dr. AB Road, Vs. Wo…

Jp Morgan Services (I) Pvt. Ltd., Mumbai vs. DCIT 10 (2)(1), Mumbai

In the result, appeal by the assessee is allowed

Bench: Shri Vikas Awasthy & Shri M. Balaganeshआअसं. 3512/मुं/2019 ("न. व. 2014-15) J.P.Morgan Services India Private Limited, Level Nos. 9 To 11, Prism Towers, Mindspace, Link Road, Goregaon (West), Mumbai – 400 104. Pan: Aabcd-0503-B ...... अपीलाथ"/Appellant बनाम Vs. Deputy Commissioner Of Income Tax, Circle 10(2)(1), Room No.509, Aaykar Bhavan, M.K.Road, Mumbai 400 020 . ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri Porus Kaka Sr. Advocate With Shri & Divesh Chawla ""तवाद" "वारा/Respondent By : Shri Satya Pinisetty सुनवाई क" "त"थ/ Date Of Hearing : 09/02/2022 घोषणा क" "त"थ/ Date Of Pronouncement : 05/05/2022 आदेश/Order Per Vikas Awasthy, Jm: This Appeal By The Assessee Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-55, Mumbai [ In Short ‘The Cit(A)’] Dated 28/02/2019, For The Assessment Year 2014-15. 2 2. The Assessee In Appeal Has Assailed Transfer Pricing (Tp) Adjustment & Disallowance Made U/S. 14A R.W.R. 8D Of The Income Tax Act, 1961 [In Short ‘The Act’]. The Relevant Grounds Raised By The Assessee In Appeal Are As Under:-

…आयकर अपील"य अ"धकरण मुंबई पीठ “के” "ी "वकास अव"थी, "या"यक सद"य एवं "ी एम बालगणेश, लेखा सद"य के सम" . IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “ K”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI M. BALAGANESH, ACCOUNTANT MEMBER आअसं. 3512/मुं/2019 ("न. व. 2014-15) J.P.Morgan Services India Private Limited, Level Nos. 9 to 11, Prism Towers, Mindspace, Link Road, Goregaon (West), Mumbai – 400 104. PAN: AABCD-0503-B ...... अपीलाथ"/Appellant बनाम Vs. Deputy Commissioner of Income Tax, Circle 10(2)(1), Room No.509, Aaykar Bhavan, M.K.Road, Mumbai 400 020 . ..... ""तवाद"/Respondent अपीलाथ" "वारा/ A…

M/S. Avinash Bhosale Infrastructure, Pune vs. DCIT Central Cir- 2(3), Mumbai

In the result, appeal by the assessee is partly allowed

Bench: Shri Vikas Awasthyआअसं. 1952/मुं/2020 ("न.व 2017-18) M/S. Avinash Bhosale Infrastructure Pvt. Ltd. 2, Abil House, Ganesh Khind Road, Range Hill Corner, Pune 411 007. Pan: Aabca-5452-C ...... अपीलाथ" /Appellant बनाम Vs. Dcit Central Cir 2(3), 8Th Floor, Room No.803, Old Cgo Bldg. Pratistha Bhavan, M.K. Road, Mumbai 400 020 ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri Vijay Mehta ""तवाद" "वारा/Respondent By : Shri T. Shankar सुनवाई क" "त"थ/ Date Of Hearing : 28/12/2021 घोषणा क" "त"थ/ Date Of Pronouncement : 25/03/2022

…आयकर अपील"य अ"धकरण मुंबई पीठ “एस एम सी” , मुंबई "ी "वकास अव"थी, "या"यक सद"य के सम" IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER आअसं. 1952/मुं/2020 ("न.व 2017-18) M/s. Avinash Bhosale Infrastructure Pvt. Ltd. 2, ABIL House, Ganesh Khind Road, Range Hill Corner, Pune 411 007. PAN: AABCA-5452-C ...... अपीलाथ" /Appellant बनाम Vs. DCIT Central Cir 2(3), 8th Floor, Room No.803, Old CGO Bldg. Pratistha Bhavan, M.K. Road, Mumbai 400 020 ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant by : Shri Vijay Mehta ""तवाद" "वारा/Respondent by : Shri T. Shankar सुनवा…

DCIT-9(3)(2), Mumbai vs. Future Corporate Resources Ltd, Mumbai

In the result, appeal of the assessee is allowed and appeal of the revenue is dismissed

…is only in the event of the Assessing Officer not being so satisfied that recourse to the prescribed method is mandated by law…….” 8. Further, identical issue came up before Hon'ble Bombay High Court in the case of Pr.CIT v. Bombay Stock Exchange Ltd., (2020) 185 DTR 390 (Bom) and the Hon'ble Bombay High Court considering the decision of the Hon'ble Supreme Court in the case of Maxopp Investment Ltd., v. CIT [402 ITR 640] held as under: - “11. Non-satisfaction with the disallowance offered by the assessee has to be arrived at on the basis of the accounts submitted by the assessee. In 7 ITA No.4145/Mum/2019 & C.O…

63 Moons Technologies Ltd. (Formerly Known As Financial Technologies (India) Ltd.), Mumbai vs. DCIT, Cent. Cir. - 8(3), Mumbai

In the result, assessee’s appeals are partly allowed

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

…IN THE INCOME TAX APPELLATE TRIBUNAL “J” Bench, Mumbai Before Shri Shamim Yahya (AM) & Shri Amarjit Singh (JM) ITA Nos.4775 & 4776/Mum/2016 (Assessment Years: 2009-10 & 10-11) 63 Moon Technologies Limited DCIT, CC-8(3) (formerly Financial Technologies Room No.659, Aaykar Bhawan (India) Limited) M.K.Road, Mumbai-400 021 FT Tower, CTS No.256-257, Vs. Suren Road, Chakala, Andheri(E) Mumbai-400 093 PAN/GIR No. AAACF5737C (Assessee) (Revenue) : Assessee by : Shri Chetan A.Karia Revenue by : Shri Vatsalya Saxena Date of Hearing : 27.09.2021 Date of Pronouncement : 16 .12.2021 O R D E R Per Shamim Yahya(A.M.).: The…

Future Consumer Enterprise Ltd, Mumbai vs. ACIT 9(3)(2), Mumbai

In the result, appeal of the assessee is allowed and appeal of the revenue is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Future Consumer Enterprises Ltd., V. Acit, Ward – 9(3)(2) Ground Floor, Knowledge House Aayakar Bhavan Off Jogeshwari Vikroli Link Road M.K. Road Shyam Nagar, Jogeshwari(E) Mumbai – 400 020 Mumbai – 400 060 Pan: Aabcs0279B (Appellant) (Respondent) Dcit – 9(3)(2) V. M/S. Future Consumer Ltd., Room No. 418, 4Th Floor {Formerly Known As M/S. Future Aayakar Bhavan Consumer Enterprises Ltd.,} M.K. Road Ground Floor, Knowledge House Mumbai – 400 020 Off Jogeshwari Vikroli Link Road Shyam Nagar, Jogeshwari(E) Mumbai – 400 060 Pan: Aabcs0279B (Appellant) (Respondent) Assessee By : Ms. Dinkle Hariya Department By : Shri Vijay Kumar Menon

…IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT) “F” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER M/s. Future Consumer Enterprises Ltd., v. ACIT, Ward – 9(3)(2) Ground Floor, Knowledge House Aayakar Bhavan Off Jogeshwari Vikroli Link Road M.K. Road Shyam Nagar, Jogeshwari(E) Mumbai – 400 020 Mumbai – 400 060 PAN: AABCS0279B (Appellant) (Respondent) DCIT – 9(3)(2) v. M/s. Future Consumer Ltd., Room No. 418, 4th Floor {formerly known as M/s. Future Aayakar Bhavan Consumer Enterprises Ltd.,} M.K. Road Ground Floor, Knowledge House Mumbai – 40…

Future Corporate Resources Ltd(Now Merged With Suhani Trading and Investment Consultants Private Limited), Mumbai vs. ACIT -9(3)(2), Mumbai

In the result, appeal of the assessee is allowed and appeal of the revenue is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Future Corporate Resources Ltd., V. Acit, Ward – 9(3)(2) Aayakar Bhavan {Now Merged With Suhani Trading & Investment Consultants Pvt. Ltd.,} M.K. Road Ground Floor, Knowledge House Mumbai – 400 020 Off Jogeshwari Vikroli Link Road Shyam Nagar, Jogeshwari(E) Mumbai – 400 060 Pan: Aajcs3979E (Appellant) (Respondent) Dcit – 9(3)(2) V. M/S. Future Corporate Resources Ltd., Room No. 418, 4Th Floor Ground Floor, Knowledge House Aayakar Bhavan Off Jogeshwari Vikroli Link Road M.K. Road Shyam Nagar, Jogeshwari(E) Mumbai – 400 020 Mumbai – 400 060 Pan: Aajcs3979E (Appellant) (Respondent) Assessee By : Ms. Dinkle Hariya Department By : Shri Vijay Kumar Menon

…IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT) “F” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER M/s. Future Corporate Resources Ltd., v. ACIT, Ward – 9(3)(2) Aayakar Bhavan {Now Merged with Suhani Trading and Investment Consultants Pvt. Ltd.,} M.K. Road Ground Floor, Knowledge House Mumbai – 400 020 Off Jogeshwari Vikroli Link Road Shyam Nagar, Jogeshwari(E) Mumbai – 400 060 PAN: AAJCS3979E (Appellant) (Respondent) DCIT – 9(3)(2) v. M/s. Future Corporate Resources Ltd., Room No. 418, 4th Floor Ground Floor, Knowledge House Aayakar Bhavan…

J. M Fianancial & Investment Consultancy Services P.Ltd, Mumbai vs. ACIT(OSD)-3, Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blej.M. Financial & Investment V. Acit (Osd)– 3 Consultancy Services P. Ltd., Aayakar Bhavan, M.K. Road 5Th Floor, 5B Cnergy Mumbai - 400020 Appasaheb Marathe Marg Prabhadevi, Mumbai-400025 Pan: Aaacj1237H (Appellant) (Respondent) Assessee By : Shri K. Shivram Department By : Shri Vijay Kumar Menon

…ble Bombay High Court in the case of Godrej & Boyce Mfg., Co. Ltd., v. CIT [328 ITR 81]. Ld. Counsel for the assessee strongly placed reliance on the decision of the Hon'ble Jurisdictional High Court in the case of Pr.CIT v. Bombay Stock Exchange Ltd., (2020) 185 DTR 390 (Bom) in support of his above contentions. 7. Ld. Counsel for the assessee further submits that Ld.CIT(A) did not consider the alternative argument of the assessee regarding not reducing average value of investments from which no dividend income was earned. 8. Ld. DR on the other hand submitted that Assessing Officer has recorded his satisfacti…

Assistant Commissioner of Income Tax 2(3)(1), Mumbai vs. Tata Capital Limited, Mumbai

In the result, appeals of the assessee are partly allowed as indicated above and revenue’s appeals are dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri M. Balaganesh, Hon'Ble

…IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT) “E” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI M. BALAGANESH, HON'BLE ACCOUNTANT MEMBER ITA NOs. 7058 & 7059/MUM/2017 (A.Y: 2012-13 & A.Y. 2013-14) M/s. Tata Capital Limited v. DCIT – 2(3)(1) 11th Floor, Tower A Room No. 552, 5th Floor Peninsual Business Park Aayakar Bhavan, M.K. Road Ganpatrao Kadam Marg Mumbai - 400020 Lower Parel, Mumbai -400013 PAN: AADCP9147P (Appellant) (Respondent) ITA NOs. 59 & 60/MUM/2018 (A.Y: 2012-13 & A.Y. 2013-14) ACIT – 2(3)(1) v. M/s. Tata Capital Limited Room No. 552, 5th Floor One Forbes, Dr. V.B.…

Assistant Commissioner of Income Tax 2(3)(1), Mumbai vs. Tata Capital Limited, Mumbai

In the result, appeals of the assessee are partly allowed as indicated above and revenue’s appeals are dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri M. Balaganesh, Hon'Ble

…IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT) “E” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI M. BALAGANESH, HON'BLE ACCOUNTANT MEMBER ITA NOs. 7058 & 7059/MUM/2017 (A.Y: 2012-13 & A.Y. 2013-14) M/s. Tata Capital Limited v. DCIT – 2(3)(1) 11th Floor, Tower A Room No. 552, 5th Floor Peninsual Business Park Aayakar Bhavan, M.K. Road Ganpatrao Kadam Marg Mumbai - 400020 Lower Parel, Mumbai -400013 PAN: AADCP9147P (Appellant) (Respondent) ITA NOs. 59 & 60/MUM/2018 (A.Y: 2012-13 & A.Y. 2013-14) ACIT – 2(3)(1) v. M/s. Tata Capital Limited Room No. 552, 5th Floor One Forbes, Dr. V.B.…

Tata Capital Ltd, Mumbai vs. DCIT 2(3)(1), Mumbai

In the result, appeals of the assessee are partly allowed as indicated above and revenue’s appeals are dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri M. Balaganesh, Hon'Ble

…IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT) “E” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI M. BALAGANESH, HON'BLE ACCOUNTANT MEMBER ITA NOs. 7058 & 7059/MUM/2017 (A.Y: 2012-13 & A.Y. 2013-14) M/s. Tata Capital Limited v. DCIT – 2(3)(1) 11th Floor, Tower A Room No. 552, 5th Floor Peninsual Business Park Aayakar Bhavan, M.K. Road Ganpatrao Kadam Marg Mumbai - 400020 Lower Parel, Mumbai -400013 PAN: AADCP9147P (Appellant) (Respondent) ITA NOs. 59 & 60/MUM/2018 (A.Y: 2012-13 & A.Y. 2013-14) ACIT – 2(3)(1) v. M/s. Tata Capital Limited Room No. 552, 5th Floor One Forbes, Dr. V.B.…

Tata Capital Ltd, Mumbai vs. DCIT 2(3)(1), Mumbai

In the result, appeals of the assessee are partly allowed as indicated above and revenue’s appeals are dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri M. Balaganesh, Hon'Ble

…IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT) “E” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI M. BALAGANESH, HON'BLE ACCOUNTANT MEMBER ITA NOs. 7058 & 7059/MUM/2017 (A.Y: 2012-13 & A.Y. 2013-14) M/s. Tata Capital Limited v. DCIT – 2(3)(1) 11th Floor, Tower A Room No. 552, 5th Floor Peninsual Business Park Aayakar Bhavan, M.K. Road Ganpatrao Kadam Marg Mumbai - 400020 Lower Parel, Mumbai -400013 PAN: AADCP9147P (Appellant) (Respondent) ITA NOs. 59 & 60/MUM/2018 (A.Y: 2012-13 & A.Y. 2013-14) ACIT – 2(3)(1) v. M/s. Tata Capital Limited Room No. 552, 5th Floor One Forbes, Dr. V.B.…

Greatship (India) Ltd, Mumbai vs. DCIT 5(1)(1), Mumbai

In the result, appeal is partly allowed

Bench: Shri Saktijit Dey () & Shri Manoj Kumar Aggarwal ()

…I.T.A. No.901/Mum/2015 1 IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) I.T.A. No.901 /Mum/2015 (Assessment year 2010-11) Greatship (India) Ltd vs Deputy Commissioner of Income-tax- C/o Kalyaniwalla & Mistry 5(1)(1), Mumbai Army & Navy Building 3rd Floor, 148, Mahatma Gandhi Road, Fort, Mumbai-400 001 PAN : AABCG8542K APPELLANT RESPONDENT Assessee by Shri Nitesh Joshi Respondent by Shri Sushil Kumar Mishra, DR Date of hearing 24-03-2021 Date of pronouncement 22-04-2021 O R D E R Per Saktijit Dey, JM: This…