Taparia Tools Ltd. v. JCIT

Reliance Digital Retail Ltd, Mumbai vs. Asst CIT 7(2), Mumbai

In the result, both the appeals of the assessee are allowed in terms of our directions contained in our order

Bench: Shri Joginder Singh () & Shri Ashwani Taneja (Acountant Member)

…IT in ITA No. 3444,4273/Mum/2013 for A.Y.2008-09 and A.Y.2009-10 order dt 09.09.2015 (Mumbai Bench) 8. Reliance Home Store Ltd. v. ACIT in ITA 4 I.T.A. No.1661 & 1662/Mum/2013 No.5996/Mum/2011 order dt 15.10.2015 (Mumbai Bench) 9. Taparia Tools Ltd. v. JCIT 372 ITR 605 (Supreme Court) 4.1. It was further submitted by the Ld. Counsel that in this case, undisputedly, the business of the assessee has already been set up and these expense have also been undisputedly incurred after setting up of the business, thus these expenses are allowable under the law without any debate and discussion. The genuineness of these…

Reliance Fresh Ltd, Mumbai vs. Asst CIT 7(2), Mumbai

In the result, both the appeals of the assessee are allowed in terms of our directions contained in our order

Bench: Shri Joginder Singh () & Shri Ashwani Taneja (Acountant Member)

…IT in ITA No. 3444,4273/Mum/2013 for A.Y.2008-09 and A.Y.2009-10 order dt 09.09.2015 (Mumbai Bench) 8. Reliance Home Store Ltd. v. ACIT in ITA 4 I.T.A. No.1661 & 1662/Mum/2013 No.5996/Mum/2011 order dt 15.10.2015 (Mumbai Bench) 9. Taparia Tools Ltd. v. JCIT 372 ITR 605 (Supreme Court) 4.1. It was further submitted by the Ld. Counsel that in this case, undisputedly, the business of the assessee has already been set up and these expense have also been undisputedly incurred after setting up of the business, thus these expenses are allowable under the law without any debate and discussion. The genuineness of these…

M/S. the Hindustan Sewing & Weaving Mills Ltd., Mumbai vs. DCIT Cir. 2(1), Mumbai

The appeal of the assessee is allowed on this account

Bench: Shri G.S. Pannu & Shri Sanjay Garg

…in cases, the test of enduring benefit may not apply. In our view, in this case on facts, the Judgment of the Supreme Court in Empire Jute Mills' case (supra) would apply.” 11. Further, the following observation of Apex court in the case of Taparia Tools Ltd 372 ITR 605 is worth noting: “18. What follows from the above is that normally the ordinary rule is to be applied, namely, revenue expenditure incurred in a particular year is to be allowed in that year. Thus, if the assessee claims that expenditure in that year, the IT Department cannot deny the same. However, in those cases where the assessee himself wants…

DCIT Cir. 2(1), Mumbai vs. M/S. Hindustan Spinning & Weaving Mill Ltd., Mumbai

The appeal of the assessee is allowed on this account

Bench: Shri G.S. Pannu & Shri Sanjay Garg

…in cases, the test of enduring benefit may not apply. In our view, in this case on facts, the Judgment of the Supreme Court in Empire Jute Mills' case (supra) would apply.” 11. Further, the following observation of Apex court in the case of Taparia Tools Ltd 372 ITR 605 is worth noting: “18. What follows from the above is that normally the ordinary rule is to be applied, namely, revenue expenditure incurred in a particular year is to be allowed in that year. Thus, if the assessee claims that expenditure in that year, the IT Department cannot deny the same. However, in those cases where the assessee himself wants…

DCIT 3(2), Mumbai vs. Lml Ltd, Mumbai

In the result, appeal of the revenue stands dismissed

Bench: Shri G S Pannu & Shri Amit Shukla

…आयकर अपीलीय अिधकरण “एल” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “L”, MUMBAI "ी जी.एस. प"ू, लेखा सद"य एवं "ी अिमत शु"ला, "याियक सद"य के सम" । BEFORE SHRI G S PANNU, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER ITA No. : 3668/Mum/2004 (Assessment year: 2000-01) Asst. Commissioner of Income Vs M/s LML Ltd, Tax, Range-3(2), 714, Raheja Chambers, Mumbai 213, Nariman Point, Mumbai -400 021 अपीलाथ" (Appellant) ""यथ" (Respondent) ITA No. : 3540/Mum/2004 (Assessment year: 2000-01) M/s LML Ltd, Vs Asst. Commissioner of Income 714, Raheja Chambers, Tax, Range-3(2), 213, Nariman Point…

The ACIT RG-3(2) vs. M/S. Lml Ltd

In the result, appeal of the revenue stands dismissed

Bench: Shri G S Pannu & Shri Amit Shukla

…आयकर अपीलीय अिधकरण “एल” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “L”, MUMBAI "ी जी.एस. प"ू, लेखा सद"य एवं "ी अिमत शु"ला, "याियक सद"य के सम" । BEFORE SHRI G S PANNU, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER ITA No. : 3668/Mum/2004 (Assessment year: 2000-01) Asst. Commissioner of Income Vs M/s LML Ltd, Tax, Range-3(2), 714, Raheja Chambers, Mumbai 213, Nariman Point, Mumbai -400 021 अपीलाथ" (Appellant) ""यथ" (Respondent) ITA No. : 3540/Mum/2004 (Assessment year: 2000-01) M/s LML Ltd, Vs Asst. Commissioner of Income 714, Raheja Chambers, Tax, Range-3(2), 213, Nariman Point…

M/S. Lml Ltd., Mumbai vs. The Addl CIT RG.3(2)

In the result, appeal of the revenue stands dismissed

Bench: Shri G S Pannu & Shri Amit Shukla

…आयकर अपीलीय अिधकरण “एल” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “L”, MUMBAI "ी जी.एस. प"ू, लेखा सद"य एवं "ी अिमत शु"ला, "याियक सद"य के सम" । BEFORE SHRI G S PANNU, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER ITA No. : 3668/Mum/2004 (Assessment year: 2000-01) Asst. Commissioner of Income Vs M/s LML Ltd, Tax, Range-3(2), 714, Raheja Chambers, Mumbai 213, Nariman Point, Mumbai -400 021 अपीलाथ" (Appellant) ""यथ" (Respondent) ITA No. : 3540/Mum/2004 (Assessment year: 2000-01) M/s LML Ltd, Vs Asst. Commissioner of Income 714, Raheja Chambers, Tax, Range-3(2), 213, Nariman Point…

Firstsource Solutions Ltd, Mumbai vs. ITO (TDS) WD 1(2), Mumbai

In the result, appeal of the assessee is allowed

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘जी’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “G”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM आमकय अऩीर सं./ITA No.7727/Mum/2014 (नििाारण वषा / Assessment Year :2011-12) First Source Solution Ltd., Vs. ITO(TDS), Ward-1(2), 5th Floor, Paradigm B, Mumbai Mindspace New Link Road, Malad(W), Mumbai-400064 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AAACI 8904 N (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. ननधाारयती की ओर से /Assessee by : Sh.F.V.Irani & N.A.Patade याजस्व की ओर से /Revenue by : Ms. Anupama Shukla सुनवाई की तायीख / Date of Hearing : 12/…

M/S. Indian Seamless Steels & Alloys Ltd vs. The Jt CIT S.R.19

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

…because the assessee in its books of account has treated it as a deferred expenditure, it does not lose its character of revenue expenditure. For such proposition, he relied upon the decision of the Hon'ble Supreme Court in Taparia Tools Ltd. v/s JCIT, [2003] 372 ITR 605 (SC) and a number of the other decisions. Finally, learned Authorised Representative submitted, assessee had incurred similar expenditure earlier and claimed the same as revenue expenditure, which was also accepted by the Department. In support of such contention, learned Authorised Representative referred to the computation of income for assessm…

Vasant J, Khetani, Mumbai vs. JCIT 17(3), Mumbai

In the result, the appeal filed by the assessee in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3340/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Mr. Vasant J. Khetani, Joint Commissioner Of बनाम/ 255/16, Kamla Sadan, Income Tax-17(3), V. Prof. U.U. Bhatt Marg, Aayakar Bhavan, M.K. Matunga, Road,Mumbai. Mumbai 400 019. "थायी लेखा सं./Pan : Aacpk 4366M (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…er the terms of lease deed entered by and between the lessor and the lessee. The ld. Counsel also relied on the decision of the Hon’ble Supreme Court in the case of Bharat Earth Movers Limited, (2000) 245 ITR 428 (SC) and Taparia Tools Private Limited , (2015)372 ITR 605(SC). 8. The ld. D.R., on the other hand, relied on the orders of authorities below and submitted that the demand has not been paid by the assessee to the BMC and there is thus non compliance of provisions of Section 43B(a) of the Act and the authorities below has rightly made the disallowance. 9. We have heard the rival contentions and also per…

Sun TAN Tarading Company Ltd, Mumbai vs. DCIT 1(3), Mumbai

In the result, the assessee’s appeal for assessment year 2011-12

Bench: Shri Jason P. Boaz & Shri Ramlal Negisun Tan Trading Company Limited, Mumbai, C/O. Giiners & Pressers Ltd., Oriental House, 5Th Floor, 7, Tata Road, Churchgate, Mumbai 400 020 Pan:Aaccs 2091L ... Appellant Vs. The Dy. Commissioner Of Income Tax 1(3), Aaykar Bhavan, Mk Road, Mumbai 400 020 .... Respondent

…in the said assessment year 2012-13 and not earlier in assessment year 2011-12 as erroneously held by the authorities below. In support of this proposition reliance was placed on the decision of the Hon’ble Apex Court in the case of Taparia Tools Ltd. (2015), 372 ITR 605(SC). 4.2.8 The Ld. Sr. Counsel also drew the attention of the Bench to clauses of the ‘Indemnity Agreement’ dated 7/4/2010 (placed at page 39 to 51 of Paper Book) would bring out the fact that the amount of Rs.62,50,00,000/- received by the assessee thereunder in the year under consideration is purely an advance in respect of likely additional c…

Four Dimensions Securities (I) Ltd, Mumbai vs. Addl CIT RG 4(1), Mumbai

The appeal of the assessee is allowed for statistical purposes, whereas, the appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2007-08 M/S Four Dimensions Addl. Commissioner Of Securities (India) Ltd. Income Tax, Range-4(1), बनाम/ 209-Arcadia Building 2Nd 6Th Floor, Aayakar Bhavan, Vs. Floor Nariman Point, Mumbai-400020 Mumbai-400021 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacf1734F Assessment Year: 2007-08 Addl. Commissioner Of M/S Four Dimensions Income Tax, Range-4(1), Securities (India) Ltd. बनाम/ 6Th Floor,Aayakar Bhavan, 209-Arcadia Building 2Nd Vs. Mumbai-400020 Floor Nariman Point, Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaacf1734F

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,एफ,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “F”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी अ"नी तनेजा, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Ashwani Taneja, Accountant Member Assessment Year: 2007-08 M/s Four Dimensions Addl. Commissioner of Securities (India) Ltd. Income Tax, Range-4(1), बनाम/ 209-Arcadia building 2nd 6th Floor, Aayakar Bhavan, Vs. Floor Nariman Point, Mumbai-400020 Mumbai-400021 ("नधा"रती /Assessee) (राज"व /Revenue) PAN. No.AAACF1734F Assessment Year: 2007-08 Addl. Commissioner of M/s Four Dimensions Income…

Fcg Flameproof Conrol Gears P.Ltd, Mumbai vs. Asst CIT RG 6(2), Mumbai

In the result, the appeal filed by the assessee is allowed

Bench: Shri N.K. Billaiya & Shri Pawan Singhआयकर अपील सं/ I.Ta No. 6702/Mum/2013 ("नधा"रण वष" / Assessment Year:2009-10 बनाम/ M/S. Fcg Flameproof The Acit, Range 6(2), Control Gears Pvt. Ltd. Mumbai Vs. Kalyaniwalla & Mistry, Army & Navy Bldg., 148, Mahatma Gandhi Road, Fort, Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacc 2688K (अपीलाथ" /Appellant) (""यथ" / Respondent) .. अपीलाथ" ओर से/ Appellant By: Shri Jitendra Jain ""यथ" क" ओर से/Respondent By: Shri Pawan Kumar Beerla सुनवाई क" तार"ख / Date Of Hearing :10.12.2015 घोषणा क" तार"ख /Date Of Pronouncement :16.12.2015 आदेश / O R D E R

…opinion and after giving a thoughtful consideration to the list of items, the expenditure deserves to be allowed as revenue. It would not be out of place to refer to the observations of the Hon’ble Supreme Court given in the case of Taparia Tools Ltd Vs JCIT 372 ITR 605 wherein at para-18, the Hon’ble Supreme Court observed as under: “What follows from the above is that normally the ordinary rule is to be applied, namely, revenue expenditure incurred in a particular year is to be allowed in that year. Thus, if the assessee claims that expenditure in that year, the IT Department cannot deny the same. However, in…

Four Dimensions Securities (I) Ltd, Mumbai vs. Addl CIT RG 4(1), Mumbai

Appeals are disposed off in terms indicated hereinabove

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2005-06 M/S Four Dimensions Addl. Commissioner Of Securities (India) Ltd. Income Tax, Range-4(1), बनाम/ 29, Bank Street, 1St Floor, 6Th Floor, Aayakar Bhavan, Vs. Fort, Mumbai Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacf1734F Assessment Year: 2005-06 Addl. Commissioner Of M/S Four Dimensions Income Tax, Range-4(1), Securities (India) Ltd. बनाम/ 6Th Floor,Aayakar Bhavan, 29, Bank Street, 1St Floor, Vs. Mumbai-400020 Fort, Mumbai (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaacf1734F Assessment Year: 2006-07 M/S Four Dimensions Addl. Commissioner Of Securities (India) Ltd. Income Tax, Range-4(1), बनाम/ 29, Bank Street, 1St Floor, 6Th Floor, Aayakar Bhavan, Vs. Fort, Mumbai Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacf1734F

…gned issue is covered in favour of the Revenue in Taparia Tools Ltd. vs JCIT 260 ITR 102 (Bom.). This decision has been reversed by Hon’ble Apex Court in 19 Four dimensions Securities India Pvt. Ltd. ITA No.322 & 790/Mum/2009 & Ors cases Taparia Tools vs JCIT 372 ITR 605 (SC), order dated 23/03/2015, thus, this ground of the assessee is allowed. 6. Now, we shall take up the Cross appeal raised by the Revenue (ITA No.790/Mum/2009) (A.Y. 2005-06), wherein, grounds no. 1 to 7 pertains to deleting the disallowance of Rs.41.32 lakhs made in respect of V-SAT, Leaseline charges and transaction charges and non-deduction…

DCIT -4(1), Mumbai vs. Four Dimension Securities (I) Ltd, Mumbai

Appeals are disposed off in terms indicated hereinabove

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2005-06 M/S Four Dimensions Addl. Commissioner Of Securities (India) Ltd. Income Tax, Range-4(1), बनाम/ 29, Bank Street, 1St Floor, 6Th Floor, Aayakar Bhavan, Vs. Fort, Mumbai Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacf1734F Assessment Year: 2005-06 Addl. Commissioner Of M/S Four Dimensions Income Tax, Range-4(1), Securities (India) Ltd. बनाम/ 6Th Floor,Aayakar Bhavan, 29, Bank Street, 1St Floor, Vs. Mumbai-400020 Fort, Mumbai (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaacf1734F Assessment Year: 2006-07 M/S Four Dimensions Addl. Commissioner Of Securities (India) Ltd. Income Tax, Range-4(1), बनाम/ 29, Bank Street, 1St Floor, 6Th Floor, Aayakar Bhavan, Vs. Fort, Mumbai Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacf1734F

…gned issue is covered in favour of the Revenue in Taparia Tools Ltd. vs JCIT 260 ITR 102 (Bom.). This decision has been reversed by Hon’ble Apex Court in 19 Four dimensions Securities India Pvt. Ltd. ITA No.322 & 790/Mum/2009 & Ors cases Taparia Tools vs JCIT 372 ITR 605 (SC), order dated 23/03/2015, thus, this ground of the assessee is allowed. 6. Now, we shall take up the Cross appeal raised by the Revenue (ITA No.790/Mum/2009) (A.Y. 2005-06), wherein, grounds no. 1 to 7 pertains to deleting the disallowance of Rs.41.32 lakhs made in respect of V-SAT, Leaseline charges and transaction charges and non-deduction…

Four Dimensions Securities (India) Ltd, Mumbai vs. Addl CIT RG 4(1), Mumbai

Appeals are disposed off in terms indicated hereinabove

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2005-06 M/S Four Dimensions Addl. Commissioner Of Securities (India) Ltd. Income Tax, Range-4(1), बनाम/ 29, Bank Street, 1St Floor, 6Th Floor, Aayakar Bhavan, Vs. Fort, Mumbai Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacf1734F Assessment Year: 2005-06 Addl. Commissioner Of M/S Four Dimensions Income Tax, Range-4(1), Securities (India) Ltd. बनाम/ 6Th Floor,Aayakar Bhavan, 29, Bank Street, 1St Floor, Vs. Mumbai-400020 Fort, Mumbai (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaacf1734F Assessment Year: 2006-07 M/S Four Dimensions Addl. Commissioner Of Securities (India) Ltd. Income Tax, Range-4(1), बनाम/ 29, Bank Street, 1St Floor, 6Th Floor, Aayakar Bhavan, Vs. Fort, Mumbai Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacf1734F

…gned issue is covered in favour of the Revenue in Taparia Tools Ltd. vs JCIT 260 ITR 102 (Bom.). This decision has been reversed by Hon’ble Apex Court in 19 Four dimensions Securities India Pvt. Ltd. ITA No.322 & 790/Mum/2009 & Ors cases Taparia Tools vs JCIT 372 ITR 605 (SC), order dated 23/03/2015, thus, this ground of the assessee is allowed. 6. Now, we shall take up the Cross appeal raised by the Revenue (ITA No.790/Mum/2009) (A.Y. 2005-06), wherein, grounds no. 1 to 7 pertains to deleting the disallowance of Rs.41.32 lakhs made in respect of V-SAT, Leaseline charges and transaction charges and non-deduction…