Ranbaxy Laboratories Ltd. v. ACIT

DCIT CEN CIR 1(4), MUMBAI vs. GRASIM INDUSTRIES LTD, MUMBAI

In the result, appeal of the revenue and the assessee are partly allowed, and the additional ground of the assessee is dismissed

Bench: Shri Narendra Kumar Billaiya & Shri Anikesh Banerjee

…claim through notes to computation forming part of return of income. 26. The Ld. DR argued that the claim of the assessee cannot be allowed in view of the direct decision of the Hon’ble Delhi Tribunal in the case of Ranbaxy Laboratory Ltd. v. Additional CIT (124 TTJ 771), wherein it was held that benefit or income foregone cannot be considered as an expenditure. Further, the assessee had not incurred any expenditure and had merely received a lesser amount of share premium. The said cannot be characterised as expenditure within the meaning of section 37 of the Act. Grasim Industries Ltd. 27. The Ld. DR has conten…

GRASIM INDUSTRIES LIMITED,MUMBAI vs. DCIT, CC-1(4), MUMBAI

In the result, appeal of the revenue and the assessee are partly allowed,\nand the additional ground of the assessee is dismissed

…through notes to computation forming\npart of return of income.\n\n26. The Ld. DR argued that the claim of the assessee cannot be allowed in view\nof the direct decision of the Hon'ble Delhi Tribunal in the case of Ranbaxy\nLaboratory Ltd. v. Additional CIT (124 TTJ 771), wherein it was held that benefit or\nincome foregone cannot be considered as an expenditure. Further, the assessee\nhad not incurred any expenditure and had merely received a lesser amount of share\npremium. The said cannot be characterised as expenditure within the meaning of\nsection 37 of the Act.\n\n27. The Ld. DR has contended that the for…

GOLDMAN SACHS (INDIA) SECURITIES PVT.LTD,MUMBAI vs. ACIT CIR 7 (1) (1) , MUMBAI

In the result, ground no. 8 and 9 are allowed for statistical purpose

Bench: Shri Pawan Singh&Girish Agrawal(Physical Hearing) Goldman Sachs (India) Securities Acit, Circle-7(1)(1), Private Limited, 951-A, Rational House, Vs Aayakarbhawan, Mumbai- Appasaheb Marathe Marg, Prabhadevi, 400020. Mumbai-400025. [Pan No. Aafca6819F] Appellant / Assessee Respondent / Revenue

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER &GIRISH AGRAWAL, ACCOUNTANT MEMBER (Physical hearing) Goldman Sachs (India) Securities ACIT, Circle-7(1)(1), Private Limited, 951-A, Rational House, Vs AayakarBhawan, Mumbai- Appasaheb Marathe Marg, Prabhadevi, 400020. Mumbai-400025. [PAN No. AAFCA6819F] Appellant / Assessee Respondent / Revenue Assessee by Shri Madhur Agrawal, Advocate Revenue by Ms. Neena Jeph, CIT-DR Date of institution of appeal 22.09.2022 Date of hearing 07.05.2025 Date of pronouncement 03.06.2025 Order under section 254(1) of Income Tax Act PE…

DCIT-LTU - 2, MUMBAI vs. AMBUJA CEMENTS LTD , MUMBAI

In the result, the appeal of the revenue is dismissed

…d 3843/Mum/2019 Assessment years: 2010-11, 2011-12 and 2012-13 Page 44 of 99 claim of the assessee was thus declined as premature. He also relied upon a decision of the coordinate bench of this Tribunal, in the case of Ranbaxy Laboratories Ltd Vs ACIT [(2009) 124 TTJ 771 (Del)]. Aggrieved, the assessee carried the matter in appeal before the CIT(A) without success. The assessee is not satisfied and is in further appeal before us. 72. We have heard the rival contentions, perused the material on record and duly considered the facts of the case in the light of the applicable legal position. 73. We find that in asses…

IDEA CELLULAR LTD,MUMBAI vs. DCIT 3(2), MUMBAI

In the result, appeal of the Revenue in ITA No

…cise their options, then the ESOP should go back to the assessee. The ld. CIT(A) by placing reliance on the decision of M/s. Vodafone Idea Ltd., (Formerly known as Idea Cellular Ltd.,) the Delhi Tribunal in the case of Ranbaxy Laboratories Ltd., reported in 124 TTJ 771 upheld the action of the ld. AO by stating that the provisions made for ESOP expenditure is notional and contingent in nature. 3.2. Further, the ld. CIT(A) in para 5.7.4 had also observed that since the shares were the capital of the assessee company and any loss on account of capital should be considered as capital loss and not the Revenue expe…

DCIT 3(2), MUMBAI vs. IDEA CELLULAR LTD, MUMBAI

In the result, appeal of the Revenue in ITA No

…cise their options, then the ESOP should go back to the assessee. The ld. CIT(A) by placing reliance on the decision of M/s. Vodafone Idea Ltd., (Formerly known as Idea Cellular Ltd.,) the Delhi Tribunal in the case of Ranbaxy Laboratories Ltd., reported in 124 TTJ 771 upheld the action of the ld. AO by stating that the provisions made for ESOP expenditure is notional and contingent in nature. 3.2. Further, the ld. CIT(A) in para 5.7.4 had also observed that since the shares were the capital of the assessee company and any loss on account of capital should be considered as capital loss and not the Revenue expe…

DCIT 7(1)(1), MUMBAI vs. GOLDMAN SACHS (INDIA) SECURITIES P.TL, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Mrs. Diva Singh & Shri Rifaur Rahmangoldman Sachs (India) Dy.Cit-7(1)(1), Securities Pvt. Ltd. Room No. 522, Aayakar Bhavan, 951 A, Rational House, Vs M.K. Road, Mumbai-400020. Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025. Pan: Aafca6819F अपीलाथ"/Appellant ""यथ"/Respondent & Dy.Cit-7(1)(1), Goldman Sachs (India) Securities Room No. 522, Aayakar Pvt. Ltd. Bhavan, Vs 951 A, Rational House, M.K. Road, Mumbai-400020. Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025. Pan: Aafca6819F अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Sh. Percy J. Pardiwalla, Sr. Advocate Sh. M. Aggarwal, Advocate Revenue By : Sh. Yogesh Kamat, Cit-Dr Date Of Hearing : 25.11.2021 Date Of Pronouncement : 17.02.2022

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE MRS. DIVA SINGH, JUDICIAL MEMBER & SHRI RIFAUR RAHMAN, ACCOUNTANT MEMBER Goldman Sachs (India) Dy.CIT-7(1)(1), Securities Pvt. Ltd. Room No. 522, Aayakar Bhavan, 951 A, Rational House, Vs M.K. Road, Mumbai-400020. Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025. PAN: AAFCA6819F अपीलाथ"/Appellant ""यथ"/Respondent & Dy.CIT-7(1)(1), Goldman Sachs (India) Securities Room No. 522, Aayakar Pvt. Ltd. Bhavan, Vs 951 A, Rational House, M.K. Road, Mumbai-400020. Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025. PAN: AAFCA6819F अपीलाथ"/Appellant ""य…

GOLDMAN SACHS (INDIA) SECURITIES P.LTD,MUMBAI vs. DCIT RG 7(1)(1), MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Mrs. Diva Singh & Shri Rifaur Rahmangoldman Sachs (India) Dy.Cit-7(1)(1), Securities Pvt. Ltd. Room No. 522, Aayakar Bhavan, 951 A, Rational House, Vs M.K. Road, Mumbai-400020. Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025. Pan: Aafca6819F अपीलाथ"/Appellant ""यथ"/Respondent & Dy.Cit-7(1)(1), Goldman Sachs (India) Securities Room No. 522, Aayakar Pvt. Ltd. Bhavan, Vs 951 A, Rational House, M.K. Road, Mumbai-400020. Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025. Pan: Aafca6819F अपीलाथ"/Appellant ""यथ"/Respondent Assessee By : Sh. Percy J. Pardiwalla, Sr. Advocate Sh. M. Aggarwal, Advocate Revenue By : Sh. Yogesh Kamat, Cit-Dr Date Of Hearing : 25.11.2021 Date Of Pronouncement : 17.02.2022

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE MRS. DIVA SINGH, JUDICIAL MEMBER & SHRI RIFAUR RAHMAN, ACCOUNTANT MEMBER Goldman Sachs (India) Dy.CIT-7(1)(1), Securities Pvt. Ltd. Room No. 522, Aayakar Bhavan, 951 A, Rational House, Vs M.K. Road, Mumbai-400020. Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025. PAN: AAFCA6819F अपीलाथ"/Appellant ""यथ"/Respondent & Dy.CIT-7(1)(1), Goldman Sachs (India) Securities Room No. 522, Aayakar Pvt. Ltd. Bhavan, Vs 951 A, Rational House, M.K. Road, Mumbai-400020. Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025. PAN: AAFCA6819F अपीलाथ"/Appellant ""य…

DY. CIT 7(2)(1), MUMBAI vs. M/S MAHENDRA CIE AUTOMOTIVE LTD. (FORMELY KNOWN AS MAHINDRA FORGINGS LTD.), MUMBAI

In the result, appeals of the revenue for A

Bench: Shri C.N. Prasad, Hon'Bleshri S. Rifaur Rahman, Hon'Ble

…y laid out or expended for the purposes of the trade'. 4. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred by not giving due consideration to the decision of Delhi Tribunal in the case of Ranbaxy Laboratories Ltd vs ACIT [124 TTJ 771 (2009) (Delhi Tribunal) where it has been held that the issue of shares at below market price does not result into incurring any expenditure; rather it results into short receipt of share premium which the assessee was otherwise entitled to and the receipt of share premium is not taxable and hence any short receipt 3 ITA NO. 2320 to 2325/MUM/201…

DY. CIT 7(2)(1), MUMBAI vs. M/S MAHENDRA CIE AUTOMOTIVE LTD. (FORMELY KNOWN AS MAHINDRA FORGINGS LTD.), MUMBAI

In the result, appeals of the revenue for A

Bench: Shri C.N. Prasad, Hon'Bleshri S. Rifaur Rahman, Hon'Ble

…y laid out or expended for the purposes of the trade'. 4. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred by not giving due consideration to the decision of Delhi Tribunal in the case of Ranbaxy Laboratories Ltd vs ACIT [124 TTJ 771 (2009) (Delhi Tribunal) where it has been held that the issue of shares at below market price does not result into incurring any expenditure; rather it results into short receipt of share premium which the assessee was otherwise entitled to and the receipt of share premium is not taxable and hence any short receipt 3 ITA NO. 2320 to 2325/MUM/201…

DY. CIT 7(2)(1), MUMBAI vs. M/S MAHENDRA CIE AUTOMOTIVE LTD. (FORMELY KNOWN AS MAHINDRA FORGINGS LTD.), MUMBAI

In the result, appeals of the revenue for A

Bench: Shri C.N. Prasad, Hon'Bleshri S. Rifaur Rahman, Hon'Ble

…y laid out or expended for the purposes of the trade'. 4. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred by not giving due consideration to the decision of Delhi Tribunal in the case of Ranbaxy Laboratories Ltd vs ACIT [124 TTJ 771 (2009) (Delhi Tribunal) where it has been held that the issue of shares at below market price does not result into incurring any expenditure; rather it results into short receipt of share premium which the assessee was otherwise entitled to and the receipt of share premium is not taxable and hence any short receipt 3 ITA NO. 2320 to 2325/MUM/201…

DY. CIT 7(2)(1), MUMBAI vs. M/S MAHENDRA CIE AUTOMOTIVE LTD. (FORMELY KNOWN AS MAHINDRA FORGINGS LTD.), MUMBAI

In the result, appeals of the revenue for A

Bench: Shri C.N. Prasad, Hon'Bleshri S. Rifaur Rahman, Hon'Ble

…y laid out or expended for the purposes of the trade'. 4. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred by not giving due consideration to the decision of Delhi Tribunal in the case of Ranbaxy Laboratories Ltd vs ACIT [124 TTJ 771 (2009) (Delhi Tribunal) where it has been held that the issue of shares at below market price does not result into incurring any expenditure; rather it results into short receipt of share premium which the assessee was otherwise entitled to and the receipt of share premium is not taxable and hence any short receipt 3 ITA NO. 2320 to 2325/MUM/201…

DY. CIT 7(2)(1), MUMBAI vs. M/S MAHENDRA CIE AUTOMOTIVE LTD. (FORMELY KNOWN AS MAHINDRA FORGINGS LTD.), MUMBAI

In the result, appeals of the revenue for A

Bench: Shri C.N. Prasad, Hon'Bleshri S. Rifaur Rahman, Hon'Ble

…y laid out or expended for the purposes of the trade'. 4. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred by not giving due consideration to the decision of Delhi Tribunal in the case of Ranbaxy Laboratories Ltd vs ACIT [124 TTJ 771 (2009) (Delhi Tribunal) where it has been held that the issue of shares at below market price does not result into incurring any expenditure; rather it results into short receipt of share premium which the assessee was otherwise entitled to and the receipt of share premium is not taxable and hence any short receipt 3 ITA NO. 2320 to 2325/MUM/201…

DY. CIT 7(2)(1), MUMBAI vs. M/S MAHENDRA CIE AUTOMOTIVE LTD. (FORMELY KNOWN AS MAHINDRA FORGINGS LTD., MUMBAI

In the result, appeals of the revenue for A

Bench: Shri C.N. Prasad, Hon'Bleshri S. Rifaur Rahman, Hon'Ble

…y laid out or expended for the purposes of the trade'. 4. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred by not giving due consideration to the decision of Delhi Tribunal in the case of Ranbaxy Laboratories Ltd vs ACIT [124 TTJ 771 (2009) (Delhi Tribunal) where it has been held that the issue of shares at below market price does not result into incurring any expenditure; rather it results into short receipt of share premium which the assessee was otherwise entitled to and the receipt of share premium is not taxable and hence any short receipt 3 ITA NO. 2320 to 2325/MUM/201…