Principal Commissioner of Income-tax-3 v. Reliance Ports and Terminals Ltd.

M/S. Fortune Gourmet Specialities Private Limited, Mumbai vs. ACIT Circle 6(3)(1), Mumbai

In the result, appeal of the assessee is allowed

Bench: Ms. Kavitha Rajagopal & Smt. Renu Jauhrim/S. Fortune Gourment Vs. Acit Circle 6(3)(1) Specialities Private Limited Aayakar Bhavan, 107 Adhyaru Industrial Mumbai-400020. Estate, Sun Mill Comound, Lower Parel, Mumbai-400013. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacf4952B Appellant .. Respondent

…that the assessee derived dividend income which is exempt of Rs. 4,27,313/-. Thus, the excess disallowance of expenditure over and above exempt income earned is not correct. In this regard, hon'ble High Court in the case of Reliance Ports and Terminals Ltd. (114 Taxmann.com 529) held that disallowance u/s. 14A cannot be more than exempted income itself. By respectfully following the above judgement, the AO is hereby directed to restrict the disallowance u/s. 14A to the extent of exempt income claimed. Accordingly, the grounds raised by the appellant are hereby partly allowed.” Aggrieved, the assessee has filed a…

Deputy Commissioner of Income Tax, Mumbai vs. Welspun Steel Limited, Gujarat

Accordingly, Ground No.1 raised by the Revenue is dismissed

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI OMKARESHWAR CHIDARA (Accountant Member)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI OMKARESHWAR CHIDARA, ACCOUNTANT MEMBER Deputy Commissioner of Income Tax, Mumbai Room No.1923, 19th Floor, Air India Building, Nariman Point, Mumbai – 400021, Maharashtra. …………. Appellant Welspun Steel Limited Vs Survey No.650&652, Village Versamedi, Distt – Kutch Anjar, Gujarat [PAN:AAACW6515B] …………. Respondent Appearance For the Respondent/Department : Dr.Kishor Dhule For the Appellant/Assessee : Shri Ajay Nagpal Date Conclusion of hearing : 24.12.2024 Pronouncement of order : 31.12.2024 O R D E R [ Per Rahul Ch…

Deputy Commissioner of Income Tax 14(2)(1), Mumbai vs. India Debt Management Private Limited, Mumbai

…IN THE INCOME TAX APPELLATE TRIBUNAL "K" BENCH, MUMBAI SHRI B.R. BASKARAN, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER DCIT-14(2)(1), Mumbai, 432, Aaykar Bhavan, 4th Floor, M.K. Marg, Mumbai – 400020 …………… Appellant India Debt Management Pvt. Ltd., Vs C-59 Platina, ‘G’ Block, B.K.C. Bandra (E), Mumbai - 400051 Respondent ……………. [PAN: AABCI4256N] Appearance For the Appellant/Department : Shri Purnesh Gururani For the Respondent/Assessee : Shri Vijay Mehta Date : 02.03.2023 Conclusion of hearing : 30.05.2023 Pronouncement of order O R D E R Per Rahul Chaudhary, Judicial Member: By way of the present a…

Jindal Drugs Pvt Ltd, Mumbai vs. Circle, 3(2)(1), Mumbai

In the result, the present appeal is partly allowed

…t cannot exceed the amount of exempt income as held by the Hon‟ble Supreme Court in the case of DCIT Vs State Bank of Patiala: 99 Taxmann.com 286 SC, which was followed by the Hon‟ble Bombay High Court in the case of DCIT Vs. Reliance Ports and Terminals Ltd: 114 Taxmann.com 529 Bombay. The Hon‟ble Delhi High Court has, in the case of Era Infrastructure India Ltd (supra), held that the amendments to Section 14A introduced by the Finance Act, 2022 shall apply from Assessment Year 2022-23. Thus, there ITA. No. 2806//Mum/2022 Assessment Year: 2017-18 is no change in law with respect to assessment years prior to 202…

M/S. Gyanshankar Investment & Trading Company Pvt Ltd, Mumbai vs. ACIT Circle 7(`1) (1), Mumbai

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

Bench: Shri Kuldip Singh & Shri Amarjit Singhm/S Gyanshankar Vs. Ito-35(1)(5) Investment & Trading Aayakar Bhavan, Company Pvt. Ltd. Maharishi Carve Road, 1601, Marathon Heights, Mumbai - 400020 P.B. Marg, Lower Parel, Mumbai – 400013 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aabcg83362R Appellant .. Respondent

…ITA No.55/Mum/2022 A.Y.2016-17 1 M/s Gyanshankar Investment & Trading Vs. ITO-35(1)(5) IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER M/s Gyanshankar Vs. ITO-35(1)(5) Investment & Trading Aayakar Bhavan, Company Pvt. Ltd. Maharishi Carve Road, 1601, Marathon Heights, Mumbai - 400020 P.B. Marg, Lower Parel, Mumbai – 400013 स्थायी लेखा सं./जीआइआर सं./ PAN/GIR No: AABCG83362R Appellant .. Respondent Appellant by : Amit Agarwal Respondent by : Harmesh Lal Date of Hearing 06.10.2022 Date of Pronouncement 17.10.2022 आदेश / O…

Dy Commissioner of Income Tax, Circle-8(2)(1), Mumbai-400020 vs. M/S. PAN India Network Infravest Lt., Mumbai-400018

Accordingly, order of Ld. CIT(A) is confirmed and ground raised by revenue are dismissed

Bench: Shri Amit Shukla, Jm & Shri Prashant Maharishi, Am आयकरअपीलसं./ I.T.A. No. 1061/Mum/2022 (ननधधारणवर्ा / Assessment Year: 2017-18) M/S Pan India Network Dcit Cir-8(2)(1) Infravest Ltd. R. No. 624, 6Th Floor, बनाम/ Aayakar Bhavan, M. K. 135, Continental Vs. Road, Mumbai-400 020 Building, Dr. A. B. Road, Worli Mumbai-400 018 स्थधयीलेखधसं./जीआइआरसं./ Pan No. Aaccp2459H (अपीलधथी/Appellant) (प्रत्यथी / Respondent) : अपीलधथीकीओरसे/ Appellant By : Shri Jay Bhansali, Ld. Ar प्रत्यथीकीओरसे/Respondent By : Shri Shambhu Yadav, Ld. Dr सुनवधईकीतधरीख/ : 10.08.2022 Date Of Hearing घोर्णधकीतधरीख / : 10.08.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeal Has Been Filed By The Revenue Against The Impugned Order Dated 28.01.2022, Passed By Ld. Cit(A)-49, Mumbai For The Quantum Of Assessment Passed U/S 143(3) For Ay 2017-18. The Revenue Has Taken The Following Grounds:-

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JM & SHRI PRASHANT MAHARISHI, AM आयकरअपीलसं./ I.T.A. No. 1061/Mum/2022 (ननधधारणवर्ा / Assessment Year: 2017-18) M/s Pan India Network DCIT Cir-8(2)(1) Infravest Ltd. R. No. 624, 6th floor, बनाम/ Aayakar Bhavan, M. K. 135, Continental Vs. Road, Mumbai-400 020 Building, Dr. A. B. Road, Worli Mumbai-400 018 स्थधयीलेखधसं./जीआइआरसं./ PAN No. AACCP2459H (अपीलधथी/Appellant) (प्रत्यथी / Respondent) : अपीलधथीकीओरसे/ Appellant by : Shri Jay Bhansali, Ld. AR प्रत्यथीकीओरसे/Respondent by : Shri Shambhu Yadav, Ld. DR सुनवधईकीतधरीख/ : 10.08.2022 Da…

M/S P N Writer & Co Pvt Ltd, Mumbai vs. Dy Commissioner of Income Tax Circle 7(1), Mumbai

Accordingly, the ground raised by the assessee is allowed

Bench: Shri Amit Shukla, Jm & Shri Prashant Maharishi, Am आयकरअपीलसं./ I.T.A. No. 1046/Mum/2022 (ननधधारणवर्ा / Assessment Year: 2009-10) Dcit Cir-8(2)(1) M/S P. N. Writer & Co. R. No. 624, Aayakar Pvt. Ltd. बनाम/ 105, Writer, Dr. B. Bhavan, Ambedkar Road, Mumbai-400 021 Vs. Lalbaug, Mumbai-400 033 स्थधयीलेखधसं./जीआइआरसं./ Pan No. Aaacp5966B (अपीलधथी/Appellant) (प्रत्यथी / Respondent) : अपीलधथीकीओरसे/ Appellant By : Shri Priyesh Gansotta, Ld. Ar प्रत्यथीकीओरसे/Respondent By : Shri Shambhu Yadav, Ld. Dr सुनवधईकीतधरीख/ : 10.08.2022 Date Of Hearing घोर्णधकीतधरीख / : 10.08.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeal Has Been Filed By The Assessee Against The Impugned Order Dated 22.03.2022, Passed By National Faceless

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JM & SHRI PRASHANT MAHARISHI, AM आयकरअपीलसं./ I.T.A. No. 1046/Mum/2022 (ननधधारणवर्ा / Assessment Year: 2009-10) DCIT Cir-8(2)(1) M/s P. N. Writer & Co. R. No. 624, Aayakar Pvt. Ltd. बनाम/ 105, Writer, Dr. B. Bhavan, Ambedkar Road, Mumbai-400 021 Vs. Lalbaug, Mumbai-400 033 स्थधयीलेखधसं./जीआइआरसं./ PAN No. AAACP5966B (अपीलधथी/Appellant) (प्रत्यथी / Respondent) : अपीलधथीकीओरसे/ Appellant by : Shri Priyesh Gansotta, Ld. AR प्रत्यथीकीओरसे/Respondent by : Shri Shambhu Yadav, Ld. DR सुनवधईकीतधरीख/ : 10.08.2022 Date of Hearing घोर्णधकीतधरीख…

ACIT CC 3(3), Mumbai vs. M/S. Welspun Steel Ltd, Mumbai

Accordingly, Ground No. 2 raised by the Revenue is dismissed

…elevant previous year. In this regard, he placed reliance upon the following judgments: DCIT Vs. Caraf Builders and Constructions Ltd: 112 Taxmann.com 322 SC, DCIT Vs State Bank of Patiala: 99 Taxmann.com 286 SC, and DCIT Vs. Reliance Ports and Terminals Ltd: 114 Taxmann.com 529 Bombay. Further, relying upon paragraph 7 of the clarification in respect of disallowance under Section 14A of the Act contained in Memorandum to Finance Bill 2022, Ld. Authorised Representative for the Assessee submitted that it has been specifically provided that the amendment shall apply in relation to Assessment Years 2022-23 and subs…