“Section 10(34)”

DCIT, CIRCLE-3(4), MUMBAI, MUMBAI vs. GLENMARK PHARMACEUTICALS LIMITED, MUMBAI

In the result, appeal of the Revenue for Assessment Year 2016-17

Bench: Shri Pawan Singh & Shri Girish Agrawal

IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT

DCIT, CIRCLE-3(4), MUMBAI, MUMBAI vs. GLENMARK PHARMACEUTICALS LIMITED, MUMBAI

In the result, appeal of the Revenue for Assessment Year 2016-17

Bench: Shri Pawan Singh & Shri Girish Agrawal

IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT

NOWROSJEE WADIA AND SONS LTD (SUCESSOR TO SUNFLOWER INVESTMENT AND TEXTILES PVT LTD ),MUMBAI vs. ITO WARD 2(3)(2), MUMBAI

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

Bench: Shri Vikram Singh Yadav & Shri Sandeep Singh Karhailassessment Year : 2014-15 Nowrosjee Wadia & Sons Ltd., Ito, Ward-2(3)(2), (Being Successor To Sunflower Mumbai. Investments & Textiles Pvt. Ltd), Vs. 4Th Floor, Neville House, J.N. Heredia Marg, Balard Estate, Mumbai-400001. Pan : Aaacn1836A (Appellant) (Respondent) For Assessee : Shri Chaitanya Joshi For Revenue : Shri Pravin Salunkhe, Sr.Dr Date Of Hearing : 19-02-2026 Date Of Pronouncement : 05-03-2026 O R D E R Per Vikram Singh Yadav, A.M :

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “H(SMC)” BENCH : MUMBAI BEFORE SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER AND SHRI

DY. COMMISSIONER OF INCOME-TAX CENTRAL CIRCLE - 6(2), MUMBAI, MUMBAI vs. TATA AIG GENERAL INSURANCE CO. LTD, MUMBAI

Accordingly, Ground No.2 of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Jagadish

provision towards claims incurred but nor reported (IBNR) and claims incurred but not enough reported (IBNER). 3. Disallowance of exemption under section 10(34) in respect of dividend. 4. Not allowing deduction of provision of expenses reversed in A.Y. 2017-18 which were already disallowed in earlier years. 5. Disallowance

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 6(2), MUMBAI, MUMBAI vs. TATA AIG GENERAL INSURANCE CO. LTD, MUMBAI

In the result the appeal of the revenue’s bearing ITA No

Bench: Shri Anikesh Banerjee & Shri Jagadish

reported (IBNR) and claims incurred but not enough reported (IBNER). TATA AIG General Insurance Company Ltd. 3. Disallowance of exemption under section 10(34) in respect of dividend. 4. Not allowing deduction of provision of expenses reversed in A.Y. 2017-18 which were already disallowed in earlier years. 5. Disallowance

TATA AIG GENERAL INSURANCE COMPANY LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME-TAX-8(3)(1), MUMBAI

In the result the appeal of the revenue’s bearing ITA No

Bench: Shri Anikesh Banerjee & Shri Jagadish

reported (IBNR) and claims incurred but not enough reported (IBNER). TATA AIG General Insurance Company Ltd. 3. Disallowance of exemption under section 10(34) in respect of dividend. 4. Not allowing deduction of provision of expenses reversed in A.Y. 2017-18 which were already disallowed in earlier years. 5. Disallowance

TATA AIG GENERAL INSURANCE COMPANY LIMITED (TAGIC),MUMBAI vs. ASSESSMENT UNIT, INCOME-TAX DEPARTMENT, ASSESSMENT UNIT, INCOME-TAX DEPARTMENT

Bench: Shri Anikesh Banerjee & Shri Jagadish

provision towards claims incurred but nor reported (IBNR) and claims incurred but not enough reported (IBNER). 3. Disallowance of exemption under section 10(34) in respect of dividend. 4. Not allowing deduction of provision of expenses reversed in A.Y. 2017-18 which were already disallowed in earlier years. 5. Disallowance

NUVAMA WEALTH MANAGEMENT LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX-1(1), MUMBAI

In the result, both the appeals of the assessee are

Nuvama Wealth Management Limited ITA Nos. 6760/MUM/2025 & 6761/MUM/2025 these appeals were heard together and disposed off by way of this

NUVAMA WEALTH MANAGEMENT LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX-1(1), MUMBAI

In the result, both the appeals of the assessee are

Bench: Shri Om Prakash Kant (Account Member) & Ms. Kavitha Rajagopal ()

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNT MEMBER) AND MS. KAVITHA

TML BENEFIT TRUST,MUMBAI vs. ITO WARD 30(1)(1), MUMBAI

In the result: (i) The appeal against the adjustment under section 143(1)

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI ARUN KHODPIA (Accountant Member)

hands of the company under section 115-O, and correspondingly the dividend income in the hands of the recipient was claimed exempt under section 10(34). In the return of income, the assessee disclosed the dividend income as exempt and reflected the same in the appropriate schedule of the return ... that, as per the provisions applicable for the year under consideration, dividend referred to in section 115-O was exempt under section 10(34). The assessee also explained why the provisions relating to tax on certain dividends were not attracted in its case. 7. After considering the assessee’s explanation

TML BENEFIT TRUST,MUMBAI vs. ITO 30(1)(1), MUMBAI

In the result: (i) The appeal against the adjustment under section 143(1)

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI ARUN KHODPIA (Accountant Member)

hands of the company under section 115-O, and correspondingly the dividend income in the hands of the recipient was claimed exempt under section 10(34). In the return of income, the assessee disclosed the dividend income as exempt and reflected the same in the appropriate schedule of the return ... that, as per the provisions applicable for the year under consideration, dividend referred to in section 115-O was exempt under section 10(34). The assessee also explained why the provisions relating to tax on certain dividends were not attracted in its case. 7. After considering the assessee’s explanation

DENTSU AEGIS NETWORK INDIA PRIVATE LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE 1(1), MUMBAI

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI MAKARAND VASANT MAHADEOKAR (Accountant Member)

making investments. 8. During Assessment Year 2020-2021, the Assessee has received dividend income of INR.20,29,42,368/- which is exempt under Section 10(34) of the Act. The Assessee suo-motu offered a disallowance of INR.8,05,611/- under Section 14A of the Act amounting in its original

DSP INVESTMENT MANAGERS PVT LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX 3(1)(1), MUMBAI

Bench: Ms. Kavitha Rajagopal & Shri Girish Agrawal

interest incurred was relatable to earning of dividend on the shares purchased. The dividend income being exempted from tax by virtue of section 10(34) of the Act, the interest paid on borrowed capital utilized in purchase of shares, being the expenditure incurred in relation to dividend income not forming