“International Financial Services Centre”

Vashishtha Luxury Fashion Limited, Mumbai vs. Deputy Director of Income-Tax, Centralised Processing Center, Bengaluru

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

Bench: SHRI OM PRAKASH KANT (Accountant Member), MS. KAVITHA RAJAGOPAL (Judicial Member)

assessment year beginning on the 1st day of April, 2020. (4) In case of a person, having a Unit in the International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, which has exercised option under sub- section (5), the conditions contained in sub-section

Vinay Tarachand Chawla, Mumbai vs. Principal Commissioner of Income Tax - 6, Mumbai

In the result, the appeal of the assessee is allowed

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

with the provisions of the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or under the International Financial Services Centres Authority Act, 2019 (50 of 2019); 55[(c) any unit linked insurance policy to which exemption under clause (10D) of section 10 does

Kumar Medicare Pvt Ltd, Mumbai vs. Commissioner of Income Tax Department, Mumbai

In the result, based on above, the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Amit Shukla & Shri Gagan Goyalkumar Medicare Pvt. Ltd., 001 Gr. Floor, Shivashirwad Building, Ganesh Mandir Road, Dombivali East, Thane Maharashtra 421 201 Pan: Aacck4186G ..... Appellant Vs. Cit/Nfac Delhi ..... Respondent

assessment year beginning on the 1st day of April, 2020. (4) In case of a person, having a Unit in the International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, which has exercised option under sub-section (5), the conditions contained in sub-section

Bigflex Enterprises Pvt. Ltd., Mumbai vs. ITO, Ward-8(2)(1), Mumbai

In the result, the tax appeal is dismissed

Bench: Shri Anikesh Banerjee & Shri Gagan Goyalbigflex Enterprises Pvt. Ltd., 2Nd Floor, Parijat House, 1076 Dr. E Moses Road, Worli, Maharashtra 400 018 Pan: Aaccs2112A ..... Appellant Vs. Ito Ward-8(2) (1) Aayakar Bhavan, M. K. Road, Mumbai- 400 020 ..... Respondent

section, no tax on distributed profits shall be chargeable in respect of the total income of a company, being a unit of an International Financial Services Centre, deriving income solely in convertible foreign exchange, for any assessment year on any amount declared, distributed or paid by such company ... interim or otherwise) on or after the 1st day of April, 2017, out of its current incomeor income accumulated as a unit of International Financial Services Centre after the 1st day of April, 2017], either in the hands of the company or the person receiving such dividend. Explanation

DCIT -23(1), Mumbai vs. Business Excellance Trust, Il and Fs Trust Company

In the result, the appeal filed by the Revenue is partly allowed and the cross objection of the assessee is dismissed

Bench: Justice (Retd.) Shri C.V. Bhadang & Shri B.R. Baskaran

Provided also that nothing contained in sub-clause (b) shall apply to a transaction undertaken on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreign currency: Provided also that nothing contained in this clause shall ... fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures; (b)"International Financial Services Centre" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones

Aila Infrastructure Private Limited, Maharashtra vs. Income Tax Officer, Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Gagan Goyalm/S. Aila Infrastructure Pvt. Ltd., 8F/95, Sonawala Building, Sleater Road, Tardeo, Mumbai - 400 007. Pan: Aakca 5414B ...... Appellant Vs. Ito Ward 12(1)-1, Room No. 226/262, 2Nd Floor, Aayakar Bhawan, M.K. Road, Mumbai – 400 020. ..... Respondent

India Act, 1992 (15 of 1992) or regulated under the[Inter-national Financial Services Centre Authority (Fund Management) Regulations, 2022 made under the] International Financial Services Centres Authority Act, 2019 (50 of 2019)]; (ab) "trust" means a trust established under the Indian Trusts Act, 1882 (2 of 1882) or under

Dy. Commissioner of Income Tax, CC 5(2) Central Range-5, Mumbai vs. M/S. Wellknown Business Ventures LLP, Mumbai

In the result, both the appeals of the Revenue are dismissed

Provided also that nothing contained in sub-clause (b) shall apply to a transaction undertaken on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreign currency: Provided also that nothing contained in this clause shall

Dy. Commissioner of Income Tax, CC 5(2) Central Range-5, Mumbai vs. M/S. Wellknown Business Ventures LLP, Mumbai

In the result, both the appeals of the Revenue are dismissed

Provided also that nothing contained in sub-clause (b) shall apply to a transaction undertaken on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreign currency: Provided also that nothing contained in this clause shall