Yatish Trading Co. (P.) Ltd. v. Asstt. CIT

H.J. Securities P.Ltd, Mumbai vs. DCIT RG 4(1), Mumbai

The appeal of the assessee is allowed

Bench: Shri G.S. Pannu, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No. 897/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2007-08) M/S. H.J. Securities Pvt. Ltd. Dy. Cit-Range 4(1), 24/26 Ground Floor, बिधम/ Room No. 640, 6Th Floor, Cama Building, Dalal Street Aayakar Bhavan, M.K. Road Vs. Fort, Mumbai-400 001 Mumbai-400 020 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aaach5600E (अपीलाथी/Appellant) (प्रत्यथी / Respondent :

…P a g e | 1 ITA No. 897/Mum/2016 AY: 2007-08 M/s H.J. Securities Pvt. Ltd.Vs. DCIT IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, MUMBAI BEFORE SHRI G.S. PANNU, AM AND SHRI RAVISH SOOD, JM आयकर अपील सं./ I.T.A. No. 897/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2007-08) M/s. H.J. Securities Pvt. Ltd. Dy. CIT-Range 4(1), 24/26 Ground Floor, बिधम/ Room No. 640, 6th Floor, Cama Building, Dalal Street Aayakar Bhavan, M.K. Road Vs. Fort, Mumbai-400 001 Mumbai-400 020 स्थायीलेखासं./जीआइआरसं./ PAN/GIR No. AAACH5600E (अपीलाथी/Appellant) (प्रत्यथी / Respondent : अपीलाथी की ओर से/Appellant by : Shri , S. C. Tiwari, & M…

Asst CIT Cir 6(2)(2), Mumbai vs. Exim Trade Links (India) P.Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Asst. Cit Cir 6 (2)(2) Vs. M/S. Exim Trade Links R.No.563, Aayakar Bhavan (India) P. Ltd., M.K. Road, Churchgate 31/33, Nishanpada, Dongri Mumbai – 400 020 Mumbai – 400 009 Pan/Gir No. Aaace8448B Appellant) .. Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL “J”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI SANDEEP GOSAIN, JM Asst. CIT CIR 6 (2)(2) Vs. M/s. Exim Trade Links R.No.563, Aayakar Bhavan (India) P. Ltd., M.K. Road, Churchgate 31/33, Nishanpada, Dongri Mumbai – 400 020 Mumbai – 400 009 PAN/GIR No. AAACE8448B Appellant) .. Respondent) Revenue by Ms. Arju Garodia Assessee by Shri Sanjay C. Shah Date of Hearing 24/08/2017 Date of Pronouncement 20/09/2017 आदेश / O R D E R PER R.C.SHARMA (A.M): This is an appeal filed by the revenue against the order of CIT(A)- 12, Mumbai dated 01/12/2016 for A.Y. 2009-10 in the matte…

DCIT 9(2), Mumbai vs. Kismae Exports & Investments P.Ltd, Mumbai

In the result appeals are disposed off as under:

Bench: Shri Shamim Yahya & Shri Ravish Sood

…4A r.w. Rule 8D are not applicable to traders who deal in shares as is held in the decisions of:- DCIT vs. Gulshan Investment Co. Ltd (ITAT Kolkatta)-14.03.2013 DCIT vs. India Advantage Securities Ltd. (ITAT Mumbai)-12.10.2012 Yatish Trading Co. Ltd vs. ACIT (129 ITD 237(Mum) CIT vs. Smt. Leena Ramachandran (339 ITR 296 (Ker. HC) 3. Prior Period expences: The Ld. CIT(A) erred in confirming the addition in respect of interest on delayed payment of Rs.1,46,712/- which is although pertaining to previous year, was crystallized only during the year under consideration. The Appellant craves leave to add, alter or amend…

Sanjay Kumar Poddar, Mumbai vs. JCIT (OSD) 15(1), Mumbai

Appeal is allowed in favour of the assessee, in part

Bench: S/Shri Rajendra & Ram Lal Negiआयकर अपील अपील संसंसंसं./I.T.A./3150/Mum/2014, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Sanjay Kumar J. Poddar, C/O Shankarlal Jt. Commissioner Of Income Tax(Osd), Jain & Associates, Circle 15(1),Matru Mandir, Vs. 12 Engineer Building, 265, Princess Mumbai-400 006. Street, Mumbai – 400 002. Pan:Aabpp 2018 E (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील अपील संसंसंसं./I.T.A./3961/Mum/2014, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Jt. Commissioner Of Income Tax(Osd), Sanjay Kumar J. Poddar, C/O Shankarlal Vs. Jain & Associates, Mumbai – 400 002. Mumbai-400 006. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri A.K. Nayak- Dr Assessee By: Shri S.L. Jain

…n shares hearing exempt income, no disallowance under the head interest expenditure could be made applying to section 14A read with rule 8D of the Rules. He referred to the cases of Reliance Utility and Power Ltd (313 ITR 340) and Yatish Trading Private Ltd. (129 ITD 237). After considering the available material, the FAA observed that assessee had not been able to substantiate, by producing the bank statement showing movement of funds, that no borrowed funds had been used for investment in shares, that during the year he had entered into several share transactions income from which had been offered for taxation…

DCIT 4(1)(1), Mumbai vs. Interactive Brokers (India) P.Ltd, Mumbai

The appeal of the assessee stands allowed

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई “ “ “ “ ई” ” ” ” खंडपीठ मुंबई खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“I” Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"",लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं सी एवं सी सी. . . . एन. . . . "साद सी "साद "साद, "याियक "साद "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Shri Rajendra, Accountant Member and C.N. Prasad, Judicial Member आयकर आयकर अपील अपील संसंसंसं/ ITA No.1192/Mum/2015 : िनधा"रण िनधा"रण वष" वष"/Assessment Year-2009-10 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष…

Ansh Merchandise P.Ltd, Mumbai vs. DCIT 5(2), Mumbai

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.411/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-08) Ansh Merchandise Private Dcit – 5(2), बनाम/ Limited, 11, 2Nd Floor, Aayakar Bhavan, V. 84, Appollo House, Mumbai – 400 020. Bombay Samachar Marg, Fort, Mumbai-400 023 "थायी लेखा सं./Pan : Aabcn8176E (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…me not forming part of the total income. The assessee relied upon the decision of Hon’ble Bombay High Court in the case of Godrej and Boyce Manufacturing Company Limited v. DCIT (2010) 328 ITR 81(Bom.) and Yatish Trading Company Private Limited v. ACIT (2011) 129 ITD 237(Mum.Trib.). The learned CIT(A) rejected the contentions of the assessee as in the opinion of learned CIT(A) the assessee is not able to show by production of material that the shares were acquired from the owned funds available at the assessee’s hand at relevant point of time with taking benefit of loans bearing interest.The assessee was not abl…

Ansh Merchandise P.Ltd, Mumbai vs. Addl CIT 5(2), Mumbai

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.411/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-08) Ansh Merchandise Private Dcit – 5(2), बनाम/ Limited, 11, 2Nd Floor, Aayakar Bhavan, V. 84, Appollo House, Mumbai – 400 020. Bombay Samachar Marg, Fort, Mumbai-400 023 "थायी लेखा सं./Pan : Aabcn8176E (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

…me not forming part of the total income. The assessee relied upon the decision of Hon’ble Bombay High Court in the case of Godrej and Boyce Manufacturing Company Limited v. DCIT (2010) 328 ITR 81(Bom.) and Yatish Trading Company Private Limited v. ACIT (2011) 129 ITD 237(Mum.Trib.). The learned CIT(A) rejected the contentions of the assessee as in the opinion of learned CIT(A) the assessee is not able to show by production of material that the shares were acquired from the owned funds available at the assessee’s hand at relevant point of time with taking benefit of loans bearing interest.The assessee was not abl…

Subhakam Ventures (I) P. Ltd, Mumbai vs. ACIT Cir 2(3), Mumbai

The appeal of the assessee is partly allowed

Bench: S/Sh.Rajendra & C.N. Prasadआयकर अपील अपील संसंसंसं./I.T.A./2954/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Shubkam Ventures(I) Pvt. Ltd. Acit, Circle-2(3) The Internatinal House Aayakar Bhavan 4Th Floor, 16, Mk Road Vs. Mumbai. Churchgate,Mumbai-400 020. Pan:Aaacw 1624 M आयकर अपील अपील संसंसंसं./I.T.A./3376/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Acit, Circle-2(3) Shubkam Ventures(I) Pvt. Ltd. Vs. Mumbai. Mumbai 400 020. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By:Shri R.K. Sahu Assessee By: Shri Sanjay Parikh सुनवाई क" तारीख / Date Of Hearing: 28.07.2016 घोषणा क" तारीख / Date Of Pronouncement: 28.07.2016 आयकर आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) "" केकेकेके अनुसार अनुसार अनुसार Per Rajendra, Am- अनुसार राजे"" "" "" लेखा सद"य सद"य राजे लेखा लेखा लेखा सद"य सद"य राजे राजे Challenging The Order,Dated 14/02/2013 Of The Cit (A)-6,Mumbai, The Assessing Officer(Ao)And The Assessee Have Filed The Cross-Appeals For The Year Under Consi - Deration.Assessee-Company,Engaged In The Business Of Investments & Trading In Shares & Securities,Filed Its Return Of Income On 29/09/2009,Declaring Total Loss Of Rs.16.12 Lakhs.The Ao Completed The Assessment, U/S.143 (3)Of The Act,On 27/12/ 2011,Determining The Income Of The Assessee At Rs.1,20,45,370/-.

…आयकर अपीलीय अपीलीय अिधकरण अिधकरण, मुंबई मुंबई “ई” खंडपीठ खंडपीठ आयकर आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण मुंबई मुंबई खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“E”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं सी. एन. "साद,"याियक सद"य Before S/Sh.Rajendra,Accountant Member and C.N. Prasad,Judicial Member आयकर अपील अपील संसंसंसं./I.T.A./2954/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Shubkam Ventures(I) Pvt. Ltd. ACIT, Circle-2(3) The Internatinal House Aayakar Bhavan 4th Floor, 16, MK Road Vs. Mumbai. Churchgate,Mumbai-400 020. PAN:AAACW 1624 M आयकर अप…

Starwar Comtrade P.Ltd, Mumbai vs. Asst CIT Cir 3(3), Mumbai

Bench: S/Sh.Rajendra & C.N. Prasadआयकर अपील आयकर अपील संसंसंसं./Ita.S./7291-92/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Ay.S.2010-11 & 2011-12 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Starwar Comtrade P. Ltd. Acit, Range- 3(3) 11,12 1St Floor, Palm Spring Aayakar Bhavan, 6Th Floor Hastikar Marg, Prabhadevi Vs. Mumbai-400 020. Mumbai-400 025. Pan:Aafcs 6880 A (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri J. Saravanan -Dr Assessee By: Shri Dharmesh Shah सुनवाई क" तारीख / Date Of Hearing: 07.07.2016 घोषणा क" तारीख / Date Of Pronouncement: 27.07.2016 आयकर आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार Per Rajendra, Am- अनुसार Challenging The Orders,Dated 30/10/2014 Of The Cit (A)-7,Mumbai The Assessee Has Filed The Appeals For The Above-Mentioned Assessment Years(Ay.S.).Issue Involved In All The Appeals Is About Disallowance Made U/S.14A Of The Act.So,We Are Adjudicating Both The Appeals By Single Order. The Details Of Dates Of Filing Of Returns,Returned Incomes & Assessed Income Etc. Can Be Summarised As Under In The Tabular Form: A.Y. Roi Filed Assessed Returned Income(Rs.) Assessment Dt. On Income(Rs.) 2010-11 20.09.2010 (-)Rs.2.28 Crores 28.12.2012 (-)7,04,116/- 2011-12 16.09.2011 Nil - 2,61,14,570/-

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण ” मुंबई मुंबई मुंबई मुंबई , , , , खंडपीठ खंडपीठ खंडपीठ खंडपीठ “ “ “ “ ई Income-tax Appellate Tribunal -“E”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं सी .एन ."साद,"याियक सद"य Before S/Sh.Rajendra,Accountant Member and C.N. Prasad,Judicial Member आयकर अपील आयकर अपील संसंसंसं./ITA.s./7291-92/Mum/2014,िनधा"रण िनधा"रण वष" वष" /AY.s.2010-11 & 2011-12 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/s. Starwar Comtrade P. Ltd. ACIT, Range- 3(3) 11,12 1st Floor, Palm Spring Aayakar Bhavan, 6th Floor Hastikar Marg, Prabhadevi Vs. Mumbai-400 020. Mu…

Saurashtra Fuels P.Ltd, Mumbai vs. DCIT Cir 3(3), Mumbai

In the result, assessee appeal in ITA No 7274/Mum/2012 for assessment year 2009-10 is partly allowed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

…unds have been made out of own funds and not out of borrowed funds. The assessee company relied upon following judgments in support of its contentions: a) DCIT v. Maharashtra Seamless Limited 138 TTJ 244(Del) b) Yatish Trading Company Private Limited v. ACIT 129 ITD 237(Mum.) c) G.D.Metsteel Private Limited v. ACIT 47 SOT 62(Mum.) d) CIT v. Winsome Textiles Industries Limited 319 ITR 204(P&H HC) e) CIT v. Hero Cycles 323 ITR 518(P&H) f) Voltas Limited v. JCIT 125 TTJ 601(Mum.) g) K.J.Arora v. DCIT 180 Taxman 131(Del.) h) Dishman Pharmaceuticals & Chemicals Limited v. DCIT 45 SOT 37(Ahd.) i) ACIT v. Delite Enterp…

Pradeep Mallick, Mumbai vs. DCIT 12(2), Mumbai

In the result, appeal of the Assessee is Partly Allowed

Bench: Shri D. Karunakara Rao, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1669/Mum/14 ("नधा"रण वष" / Assessment Year: 2009-10) Pradeep Mallick Deputy Commissioner Of बनाम/ A-2, Pallonji Mansion, Income Tax 12(2) Vs. 43, Cuffe Parade, Mumbai Mumbai - 400005 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaipm3600N

…आयकर अपील"य अ"धकरण,“सी” "यायपीठ, मुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.1669/Mum/14 ("नधा"रण वष" / Assessment Year: 2009-10) Pradeep Mallick Deputy Commissioner of बनाम/ A-2, Pallonji Mansion, Income Tax 12(2) Vs. 43, Cuffe Parade, Mumbai Mumbai - 400005 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAIPM3600N .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Assessee by: Shri Mehul Shah Department by: Shri Shiddaramappa K. Navar सुनवाई क" तार"ख / Date of Hearing: 03.12.2015 घोषणा क" तार"ख /Date of Pronouncement: 1…

Arj Shares & Stock Brokers Pvt. Ltd., Mumbai vs. D.C.I.T. RG. 4(3), Mumbai

In the result, the assessee’s appeal is partly allowed

Bench: Shri R.C. Sharma, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./ I.T.A. No. 1473/Mum/2012 ("नधा"रण वष" / Assessment Year: 2008-09)

…ench of the Tribunal in the case of M/ s. Daga Capital Management P. Ltd. (supra) was not applicable in the case of dividend received shares. The Id. AR for the assessee also relied on the decision Tribunal in the case of Yatish Trading Co. (P) Ltd. vs. ACIT (129 ITD 237) and the decision in the case of Prakash K. Shah & Securities P. Ltd. vs. ACIT in ITA No.3339/Mum/2010.” 10. From the co-joint reading of orders passed by the Hon’ble High Court as well as the Hon’ble Tribunal it is clear that while computing disallowance u/s 14A 14 M/s. ARJ Shares & Stock Brokers Pvt. Ltd.Vs.DCIT of the Act, amount of shares h…