Stockholding Corporation of India v. CIT

DCIT 2(3), MUMBAI vs. ZENSAR TECHNOLOGIES LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri Vikas Awasthy& Shri S. Rifaur Rahmanआअसं.8389/मुं/2010 (िन.व. 2005-06) Dcit-2(3), Room No.555, 5Th Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ...... अपीलाथ"/Appellant बनाम Vs. M/S. Zensar Technologies Ltd., Magnet House, 2Nd Floor, N.M.Marg, Ballard Estate, Mumbai – 400 001 Pan: Aaacz 0742 K ....."ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Shri Manoj Kumar, Cit - Dr "ितवादी"ारा/Respondent By : Shri Nitesh Joshi, Advocate सुनवाई की ितिथ/ Date Of Hearing : 22/08/2023 घोषणा की ितिथ/ Date Of Pronouncement : 13/11/2023 आदेश/Order Per Vikas Awasthy, Jm:

…r to grant interest u/s. 244A of the Act on the refund of self-assessment tax paid. The directions of the CIT(A) are in accordance with the decision of Hon'ble Jurisdictional High Court in the case of Stockholding Corporation of India Ltd. vs. NC Tiwari, CIT, 373 ITR 282(Bombay). 12. In respect of ground No.5 raised by the Revenue on deleting of transfer pricing adjustment, the ld. Counsel for the assessee submitted that in so far as the most appropriate method i.e. TNMM adopted by the assessee, the TPO has accepted the same. The only dispute is with respect to comparables. The ld. Counsel vehemently defending t…

NELITO SYSTEMS LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 15(2)(2), MUMBAI

Bench: Shri Pramod Kumar () & Shri Ravish Sood () Nelito Systems Limited Asstt. Commissioner Of 205 – 208, Building-2, Vs. Income Tax, Circle-15(2)(2) Sector -1, Millennium Business Room No.357, 3Rd Floor, Park, Mahape, Aayakar Bhavan, M.K.Road, Navi Mumbai – 400 710 Mumbai – 400 020 Pan No. Aaacn1818L (Assessee) (Revenue) Assessee By : Shri Sunil Bhandari, A.R Revenue By : Shri Tharian Oommen, D.R Date Of Hearing : 23/09/2021 Date Of Pronouncement : 23/11/2021

…essee that it was duly entitled for interest on the self-assessment tax of Rs.50 lac. In support of his aforesaid contentions the assessee had relied on the following judicial pronouncements: (i). Stock Holding Corporation of India ltd. Vs. CIT [2015] (2015) 373 ITR 282 (Bom.) (ii). CIT vs. Sutlej Industries Ltd. [2010] 325 ITR 331 (iii). Grasim Industries Limited V. Dy. CIT, Central Circle 1(4), Mumbai [2021] 123 taxmann.com 312 (Mumbai). Also, support was drawn by the assessee from the CBDT Circular No. 549, dated 31.10.1989. Further, it was also claimed by the assessee that it was entitled for interest on int…

MORGAN STANLEY ADVANTAGE SERVICES PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX-12(3)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Sri Mahavir Singh, Vp & Sri S Rifaur Rahman, Am आमकय अऩीर िं./ Ita No. 5994/Mum/2019 (ननधाायण वर्ा / Assessment Years 2004-05) Morgan Stanley Advantage The Acit Services Private Limited Circle-12(3)(2), Room No. 147B, 1 St Floor, Athena Building No.5, Sector-30, फनाभ/ Mindspace Goregaon (West), Aayakar Bhawan, M.K. Road, Vs. Mumbai-400 090 Mumbai-400 020 (अऩीराथी / Appellant) (प्रत्मथी/ Respondent) स्थामी रेखा िं./Pan No. Aaeca3400B अऩीराथी की ओय े/ Appellant By : Shri Sunil M Lala, Ar प्रत्मथी की ओय े/ Respondent By : Shri. V.Vidyadhar, Dr ुनवाई की तायीख / Date Of Hearing: 16.03.2021 घोर्णा की तायीख / Date Of Pronouncement: 16.03.2021

…grieved assessee came up before us. 4. Before us, the learned Counsel for the assessee Shri Sunil M. Lala stated that the issue is squarely covered by the Jurisdictional high court in the case of Stock Holding Corporation of India Ltd. Vs. N.C. Tewari (2015)(373 ITR 282)(Bom.), wherein Hon’ble High Court after discussing the provision of section 244A(1) of the Act held that it is not covered under sub clause (a) of this provision but duly fall under sub clause (b) i.e. residuary clause fall under section 244A(1) of the Act. According to Hon’ble Supreme Court even self assessment tax attracts interest under secti…

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

In the result, both the appeals of the assessee are allowed and both the appeals of the revenue are dismissed

Bench: Shri C.N. Prasad, Jm & Shri M.Balaganesh, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT), ‘G‘ BENCH MUMBAI BEFORE SHRI C.N. PRASAD, JM & SHRI M.BALAGANESH, AM ITA No.474/Mum/2016 (Assessment Year: 2008-09) M/s. Grasim Industries Ltd., Vs. DCIT CEN CIR 1(4) 9th Floor, R.No.902, Corporate Finance Division A-2, Aditya Birla Centre Old CGO Building S.K. Ahire Marg, M.K.Road, Mumbai Worli, Mumbai-- 400030 PAN/GIR No.AAACG4464B (Appellant) .. (Respondent) & DCIT CEN CIR 1(4) Vs. M/s. Grasim Industries Ltd., 9th Floor, R.No.902, Corporate Finance Division Old CGO Building A-2, Aditya Birla Centre M.K.Road, Mumbai S.K. Ahire Marg, Worli, Mumbai-- 40003…

RAYMOND LTD,MUMBAI vs. DCIT RG 2(3), MUMBAI

In the result, the appeals of the assessee are allowed

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh, Jm

…rties that the issue arising herein stands concluded against the Revenue and in favour of the appellant - assessee by the decision of this Court in Stock Holding Corporation of India Ltd. Vs. N.C.Tiwari, Commissioner of Income Tax and Ors., reported in (2015) 373 ITR 282 (Bom). 3] In the above view, the substantial question of law is answered in the negative i.e. in favour of the appellant - assessee and against the respondent - revenue. 4) Appeal allowed. No order as to costs. 3.3. The ld. AR before us fairly admitted that this issue was also the subject matter of adjudication by this Tribunal in assessee’s own…

DCIT CEN CIR 8(4), MUMBAI vs. SAVITA OIL TECHNOLOGIES LTD, MUMBAI

Appeal is allowed

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.7620/Mum/2016 (नििाारण वर्ा / Assessment Year : 2010-11)

…case of CIT v. Rajaratna Mills Limited reported in (2016) 241 Taxman 313(SC), the Hon’ble Supreme Court has admitted Special leave Petition(SLP). The Hon’ble Bombay High Court in the case of Stock Holding Corporation of India Limited v. CIT reported in (2015) 373 ITR 282(Bom.) has decided this issue in favour of the tax-payer by holding that interest on refund will be payable u/s 244A(1)(b) of the 1961 Act on refund arising out of excess self assessment tax paid u/s 140A of the 1961 Act which shall be payable from the date of payment of self assessment tax till the date of grant of refund to the taxpayer . We are…

DCIT 8(3)(2), MUMBAI vs. VOLTAS LTD, MUMBAI

In the result, the appeal Revenue is dismissed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

…us, the learned Sr. Departmental Representative heavily relied on AO’s order. On the other hand, the learned Counsel for the assessee argued that this issue is settled by Hon’ble Bombay High Court in the case of Stock holding corporation vs. NC Tewari [2015] 373 ITR 282 (Bombay) wherein, after considering the provisions of section 244A (1b) of the Act, the Hon’ble High Court considered this issue and allowed the claim of the assessee vide para 12 to 14 as under: - “12. Similarly, the next contention urged on behalf of the revenue that the payment of interest should only be made from the date of notice under Sec…

DCIT CIR 2(2)(1), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Blethe Deputy Commissioner Of V. M/S. State Bank Of India Income –Tax, Circle 2(2)(1) Financial Reporting & Taxation Room No. 545, Department, 3Rd Floor, Corporate Centre, Aayakar Bhavan, M.K. Road, State Bank Bhavan, Madam Cama Road, Mumbai-400 020 Nariman Point, Mumbai – 400 021 Pan: Aaacs 8577 K (Appellant) (Respondent) Assessee By : Shri C. Naresh Department By : Shri H.N. Singh

…t tax paid. 2 M/s. State Bank of India 3. At the outset, Learned Counsel for the assessee submitted that this issue is squarely covered by the decision of the Hon'ble Jurisdictional High Court in the case of Stock Holding Corporation of India Limited v. CIT [373 ITR 282] copy of the decision is placed on record. Referring to the said decision, Learned Counsel for the assessee submitted that the Hon'ble Jurisdictional High Court held that interest is payable u/s.244A(i)(b) on refund of excess amount paid towards self-assessment tax, therefore he submitted that in view of this decision the ground of Revenue is lia…

ASST CIT 1(3), MUMBAI vs. STCI LTD, MUMBAI

In the result, appeal filed by the revenue for the assessment year 2003-

Bench: Shri B.R. Baskaran (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2003-2004 The Asst. Cit 1(3), M/S Stci Ltd., 564, 5Th Floor, (Formerly Known As Securities Ayakar Bhavan, Trading Of India Ltd.), M.K. Road, Vs. A/B 1-802, A Wing, Mumbai - 400020 8Th Floor, Marathon Innova, Marathon Nextgen Compound, Off Ganpatrao Kadam Marg, Lower Parel (W), Mumbai- 400013 Pan: Aagcs9709K (Appellant) (Respondent)

…63/- for the period from 13.4.2011 to 4.4.2013 u/s 244A of the Act. The findings of the Ld. CIT(A) is based on the ratio laid down by the Hon’ble Bombay High Court in the stock holding corporation of India Ltd. Vs. N.C. Tiwari, the Commissioner of Income Tax, 373 ITR 282(Bom) in which it has been held that interest is payable u/s 244A(1)(b) of the Act on the refund of excess amount paid as tax on self assessment under section 140A, from the date of payment of tax on self assessment to the date of refund of the amount. Since, the Ld. CIT(A) has passed the said order following the decision of the Hon’ble High Court…

QUALITY VMG BUS DEPOT PROJECT,MUMBAI vs. DCIT (TDS) 2(2),

In the result, assessee’s appeal is partly allowed

Bench: Shri Saktijit Dey & Shri N.K. Pradhan

…is 7 M/s. Quality VMG Bus Depot Project entitled to payment of interest on the money remaining with Government. In this context, he also relied upon the decision of Hon'ble Jurisdictional High Court in Stock Holding Corp. of India Ltd. v/s CIT & Ors, [2015] 373 ITR 282 (Bom.) and the decision of the Hon'ble Supreme Court in Sandvik Asia v/s ACIT, [2008] 280 ITR 643 (SC). As far as the decision of the learned Commissioner (Appeals) in rejecting the additional ground raised by the assessee claiming interest on interest, the learned Authorised Representative submitted, as per the decision of the Hon'ble Supreme Co…