S.P. Shrivastava & Sons vs. CIT 86 ITR 730(All.), CIT v. Chidambaranath Mudliyar

M/S JSW STEEL LTD.,MUMBAI vs. ASST CIT CC 3 (2), MUMBAI

…Hon‟ble Madras High Court allowed the Appeal of Revenue holding that deduction for the aforesaid amount could not be allowed to the assessee. (c) The decision of the Tribunal in the case of Grindwell Norton Ltd. vs. Deputy Commissioner of Income Tax (2004) 91 ITD 412 (Mum) also does not assist the case of Revenue. In this case the holding company had given loan to one subsidiary and provided financial assistance to another subsidiary to rescue it from financial crisis. Both the subsidiaries went into liquidation and the assessee in that case claimed deduction for the amount given to subsidiaries as business lo…

STANDARD INDUSTRIES LTD,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX-3, MUMBAI

In the result, on this appeal filed by the assessee stands dismissed

Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm आयकर अपील सं/ I.T.A. No.1886/Mum/2018 (निर्धारण वर्ा / Assessment Year:2013-14) Standard Industries Ltd. बिधम/ Pcit-3 59, The Arcade, 1St Floor, 612, Aayakar Bhavan, M. K. Vs. World Trade Centre, Cuffe Road, Mumbai-400020. Parade Colaba, Mumbai- 400005. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcs8888C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Mr. K. K. Ved Revenue By: Shri Ajay Kumar (Dr) सुनवाई की तारीख / Date Of Hearing: 17/12/2019 घोषणा की तारीख /Date Of Pronouncement: 20/02/2020 आदेश / O R D E R Per Shamim Yahya, Am: This Appeal Filed By The Assessee Is Directed Against The Order Of The Principal Commissioner Of Income Tax-3, Mumbai [Hereinafter Referred To As The “Pcit”] Dated 15/01/2018 & Pertains To A.Y.2013-14. 2. The Grounds Of Appeal Are As Under: - “The Appellant Objects To The Order Dated 15 January 2018 (Received On 25 January 2018) Passed By The Learned Principal Commissioner Of Income Tax -3 (Referred To As Cit), Mumbai Under Section 263 Of The Income-Tax Act. 1961 ('The Act') On The Following Grounds: I. Validity Of Order Under Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, AM AND SHRI RAM LAL NEGI, JM आयकर अपील सं/ I.T.A. No.1886/Mum/2018 (निर्धारण वर्ा / Assessment Year:2013-14) Standard Industries Ltd. बिधम/ PCIT-3 59, The Arcade, 1st Floor, 612, Aayakar Bhavan, M. K. Vs. World Trade Centre, Cuffe Road, Mumbai-400020. Parade Colaba, Mumbai- 400005. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AABCS8888C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee by: Mr. K. K. Ved Revenue by: Shri Ajay Kumar (DR) सुनवाई की तारीख / Date of Hearing: 17/12/2019 घोषणा की तारीख /Date of Pronouncement: 20/02/20…

INCOME TAX OFFICER WARD 1(4), THANE vs. LUKE MARTIN FERNANDES, MUMBAI

In the result, appeal filed by the revenue is dismissed

Bench: G. Manjunatha & Shri Ram Lal Negiito,Ward-1(4) Vs. Luke Martin Fernandes Room No.11 B-2/104, Raunak Park Chs 6Th Floor, Ashar It Park Ltd., Kokani Pada B-Wing, Wagle Industrial Pokharan Road No.2 Estate, Thane(W)-400 604 Thane West-400 606 Pan/Gir No.Aafpf7705G (Appellant) .. (Respondent)

…. 2226 of 1997, order dated 13.03.2002 ii. The Hon'ble Supreme Court in The case of CIT Vs Sun Engineering Works (P) Ltd. reported in 198 ITR 297. iii. The Hon'ble ITAT, Mumbai Bench 'G' [Third Member] in the case of M/s. Grindwell Norton Ltd. vs. DCIT [2G04] 91 ITD 412 [MUM ][TM] iv Hon'ble ITAT Mumbai in The case of Kanchan FerroMeT ITA No. 1552/Mum/2017 order dated 05 06.2017 has discussed judgment of Hon’ble Supreme Court in NK Proteins and held as under 6. The learned Counsel of the assessee pleaded that addition in this case be restricted to 12.5% of the bogus purchases as herd by the Hon'ble Gujarat High C…

ITO , WARD- 3 (5), KALYAN vs. LABCO FINE CHEMICALS, MUMBAI

In the result, appeal filed by the revenue is dismissed

Bench: Shri Mahavir Singh & Shri G. Manjunathaito, Ward-3(5) Vs. Labco Fine Chemicals 2Nd Floor, Rani Mansion Mahvir Prabhu Chowk Murbad Road Bazar Peth, Kalyan Kalyan(W)-421 301 Thane

…2226 of 1997r order dated 13.03.2002. ii. The Hon'ble Supreme Court in the case of GIT Vs. Sun Engineering Works (P) Ltd. reported in 198 ITR 297. iii. The Hon'ble ITAT, Mumbai Bench 'G’ [Third Member] in the case of M/s. Grindwell Norton Ltd. vs. DCIT [2004] 91 ITD 412 [MUM] [TM]. iv.. Hon'ble ITAT Mumbai in the case of Kanchan FerroMet ITA No. 1552/Mum/2017 order dated 05.06.2017 has discussed judgment of Hon’ble Supreme Court in NK Proteins and held as under 6. The learned Counsel of the assessee pleaded that addition in this case be restricted to 12.6% of the bogus purchases as held by the Hon'ble Gujarat Hig…

ITO WD- 2(4), THANE vs. PARTH TRADERS, MUMBAI

In the result, appeal of the revenue is dismissed

Bench: Shri Shamim Yahya & Shri Pawan Singhincome-Tax Officer Vs Parth Traders Ward 2(4), Mumbai 63, Mira Co-Op Housing Society Near Asmita Super Market, Maya Nagar, Mira Road (E), Thane 401 107 Pan : Aabfp4130F Appellant Respondednt

…18 the order of Ld.CIT(A) we find that he has relied upon the following judgements while arriving at his conclusion:- 1. CIT vs Sun Engineering Works (P) Ltd 198 ITR 197 (SC) 2. ITAT, Mumbai Bench “G” (Third Member in M/s Grindwell Norton Ltd vs DCIT (2004) 91 ITD 412 (Mum)(TM) 3. CIT vs Simit P Sheth (2013) 38 Taxmann.385 (Guj) 5. The Ld. DR before us could not show any contrary decision to come to a different conclusion than the one arrived at by the Ld.CIT(A). Therefore, we affirm the decision arrived at by the Ld.CIT(A). 6. In the result, appeal of the revenue is dismissed. Order pronounced in the open co…

KOKUYO CAMLIN LTD,MUMBAI vs. ASST CIT 10(1)(2), MUMBAI

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri R.C. Sharma & Shri Pawan Singhkokuyo Camlin Limited Acit -10(1)(2) 48/2, Hilton House, Central Road, Aayakar Bhawan, Midc, Andheri (E), Vs. M. K. Road, Mumbai-400093. Mumbai-400020. Pan: Aaacc1647E Appellant Respondent

…en to enhance the capital base. However, in the present case, the assessee has given advance to its subsidiary to finance its working capital needs and this transaction is of revenue nature. Further, the decision of Bombay Tribunal in Grindwell Norton Ltd. (91 ITD 412 (Bom) is also not applicable on the facts of the present case. In the said case, the loan was given to subsidiary company to earn interest income. However, in the present case, the assessee has given interest free advances. Further, the order of Hyderabad Tribunal in VST Industries (ITA No. 691/Hyd/2005 is also not applicable. In the said cas…

INCOME TAX OFFICER, WARD-3(3), MUMBAI vs. SHRI MAHENDRA B GANDHI, MUMBAI

In the result, appeal filed by the revenue is dismissed

Bench: Shri G. Manjunatha & Shri Ram Lal Negi

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC”, BENCH MUMBAI BEFORE SHRI G. MANJUNATHA, ACCOUNTANT MEMBER & SHRI RAM LAL NEGI, JUDICIAL MEMBER ITA No.5310, 5311 & 5312/Mum/2018 (Assessment Years :2009-10,2010-11 & 2011-12) ITO,WARD-3(3) Vs. Mahendra B Gandhi 2nd Floor, Rani Mansion B-205, Haridwar Co-op Society, 2nd Floor Manpada Murbad Road Kalyan(W) Road Mumbai-421 301 Dombivli (East)-421 201 PAN/GIR No.ABHPG6116B (Appellant) .. (Respondent) Assessee by Mahendra B. Gandhi Revenue by R. Bhoopathi Date of Hearing 01/10/2019 Date of Pronouncement 01 /10/2019 आदेश / O R D E R आदेश आदेश आदेश PER G.MANJUNATHA (A…

ACIT 16(1), MUMBAI vs. TIPS INDUSTRIES LTD, MUMBAI

In the result, the appeal filed by revenue in ITA no

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6194 To 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 & 2013-14) बिाम/ M/S. Tips Industries Ltd., Acit 11(1) 601, Durga Chambers, Room No. 439, 6T H Floor, Linking Road, Aayakar Bhawan V. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ Pan : Aaact5284A

…आयकर अपीऱीय अधिकरण “E” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.6194 to 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 and 2013-14) बिाम/ M/s. Tips Industries Ltd., ACIT 11(1) 601, Durga Chambers, Room No. 439, 6t h Floor, Linking Road, Aayakar Bhawan v. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ PAN : AAACT5284A आयकर अपीऱ सं./ I.T.A. No. 6291/Mum/2017 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ ACIT 16(1) M/s. Tips Industries Lt…

TIPS INDUSTRIES LTD,MUMBAI vs. ACIT 16(1), MUMBAI

In the result, the appeal filed by revenue in ITA no

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6194 To 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 & 2013-14) बिाम/ M/S. Tips Industries Ltd., Acit 11(1) 601, Durga Chambers, Room No. 439, 6T H Floor, Linking Road, Aayakar Bhawan V. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ Pan : Aaact5284A

…आयकर अपीऱीय अधिकरण “E” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.6194 to 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 and 2013-14) बिाम/ M/s. Tips Industries Ltd., ACIT 11(1) 601, Durga Chambers, Room No. 439, 6t h Floor, Linking Road, Aayakar Bhawan v. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ PAN : AAACT5284A आयकर अपीऱ सं./ I.T.A. No. 6291/Mum/2017 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ ACIT 16(1) M/s. Tips Industries Lt…

TIPS INDUSTRIES LTD,MUMBAI vs. ACIT 16(1), MUMBAI

In the result, the appeal filed by revenue in ITA no

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6194 To 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 & 2013-14) बिाम/ M/S. Tips Industries Ltd., Acit 11(1) 601, Durga Chambers, Room No. 439, 6T H Floor, Linking Road, Aayakar Bhawan V. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ Pan : Aaact5284A

…आयकर अपीऱीय अधिकरण “E” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.6194 to 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 and 2013-14) बिाम/ M/s. Tips Industries Ltd., ACIT 11(1) 601, Durga Chambers, Room No. 439, 6t h Floor, Linking Road, Aayakar Bhawan v. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ PAN : AAACT5284A आयकर अपीऱ सं./ I.T.A. No. 6291/Mum/2017 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ ACIT 16(1) M/s. Tips Industries Lt…

TIPS INDUSTRIES LTD,MUMBAI vs. ACIT 11(1), MUMBAI

In the result, the appeal filed by revenue in ITA no

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6194 To 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 & 2013-14) बिाम/ M/S. Tips Industries Ltd., Acit 11(1) 601, Durga Chambers, Room No. 439, 6T H Floor, Linking Road, Aayakar Bhawan V. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ Pan : Aaact5284A

…आयकर अपीऱीय अधिकरण “E” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.6194 to 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 and 2013-14) बिाम/ M/s. Tips Industries Ltd., ACIT 11(1) 601, Durga Chambers, Room No. 439, 6t h Floor, Linking Road, Aayakar Bhawan v. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ PAN : AAACT5284A आयकर अपीऱ सं./ I.T.A. No. 6291/Mum/2017 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ ACIT 16(1) M/s. Tips Industries Lt…