“commercial substance”

Income Tax Officer-41(2)(4), Mumbai, Bkc vs. Rbi Employees Bhagvati Coop Housing Society Ltd, Mulund East, Mumbai

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

treating the receipt of Rs.10,00,000/- as mere security deposit and not a part of the consideration, despite evidence that the agreement had commercial substance and irrevocable rights were transferred to the developer during the year under consideration. 5. On the facts and in the circumstances of the case

Income Tax Officer-41(2)(4), Mumbai, Kautilya Bhavan, Bkc vs. Rbi Employees Bhagvati Co-Op Housing Society Ltd., Mulund East, Mumbai

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

treating the receipt of Rs.10,00,000/- as mere security deposit and not a part of the consideration, despite evidence that the agreement had commercial substance and irrevocable rights were transferred to the developer during the year under consideration. 5. On the facts and in the circumstances of the case

Yogeshkumar Pravinkumar Shah, Mumbai vs. Asstt. Commissioner of Income Tax 19(3), Mumbai

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

investigation and the enquiries made, the assessing officer concluded that the evidence demonstrated that the transactions entered into by the appellant were artificial, lacking commercial substance, and structured solely for the purpose of tax evasion. The elaborate scheme, involving share price rigging, creation of dummy entities, and circular trading, underscores

DCIT CC-8(4), Mumbai vs. Oscar Infra Private Limited, Navi Mumbai

In the result, the appeal filed by the revenue stands dismissed

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankardcit, Cc-8(4) Vs. Oscar Infra Pvt Ltd Room No. 659, 6Th Floor, Office No. 707, 7Th Aayakar Bhavan, Mk Road Floor, Everest Nivara, Churchgate, Mumbai – Infotech Park, Plot No. 400020. D/3, Ttc Industrial Area, Midc Pan/Gir No. Aabco0152H (Applicant) (Respondent)

statement and books of account does not automatically establish the genuineness of the transactions, more particularly when there are doubts regarding the authenticity and commercial substance of such transactions. The Ld. CIT(A) ignored the fact that although the transactions were recorded in the books of account, however the nature

Assistant Commissioner of Income Tax, Mumbai vs. Paru Securities Pvt Ltd, Mumbai City

Accordingly we see no infirmity in the order of the FAA in deleting the addition made by the AO towards loss arising out of the M/s. PFL Infotech Ltd. The grounds raised by the revenue are thus dis...

Bench: Smt Beena Pillai, Jm & Ms Padmavathy S, Am

such as' broker notes and demat statements, without considering the broader circumstantial evidence and investigative findings indicating that the transactions were fictitious and lacked commercial substance?” Grounds of C.O.: “Being aggrieved by the appeal filled by Assessing Officer, DCIT 4 (2)(i), Mumbai, this objection petition is filled

Neeraj Nath, Mumbai vs. ITO Ward 28(2)(3), Mumbai

In the result, the appeal of the assessee is partly allowed in the manner indicated above

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

loan,” had no nexus with the interest income declared, and thus he disallowed the claim. The learned Commissioner (Appeals), without delving deeper into the commercial substance of the transaction, merely echoed the Assessing Officer’s conclusion and upheld the disallowance. 6. Before us, the learned counsel for the assessee expounded

Income Tax Officer, Mumbai vs. Haresh Kumar Manjibhai Patel, Gujarat

In the result, the appeal of the Revenue fails and is dismissed in its entirety

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

several layers of entities to give a façade of genuineness. • The transactions were structured through a pre- conceived series of steps, devoid of true commercial substance, and were artificially engineered with an intent to evade tax. • Consequently, according to the AO, the Revenue could not accept what he perceived

Praveen Sitaram Agarwal, Mumbai vs. Income Tax Officer, WD-24(3)(3), Mumbai

In the result, the appeal filed by the Revenue is dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

concluded that these facts corroborated the Assessing Officer’s view that the 11 Praveen Sitaram Agarwal transactions were pre-arranged and lacked commercial substance. 15. The assessee also raised the contention before the learned CIT(A) that cross-examination of the persons whose statements were relied upon by the Investigation

Tfdac Ireland II Limited, Ireland vs. Deputy Commissioner of Income Tax International Tax Circle 4(1)(2) Mumbai, Mumbai

OECD BEPS Action Plan 6 Report, already reproduced above, which affirm that the presence of a favourable treaty network, when coupled with real commercial substance, does not trigger anti-abuse consequences. 71. We further note that the assessee‟s group has leased aircraft to jurisdictions other than India as well

Dae(Sy22) Leasing (Ireland)41, Designated Activity Company, Mumbai vs. Assistant Commissioner of Income Tax International Taxation Circle 2(1)(2), Mumbai

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

OECD BEPS Action Plan 6 Report, already reproduced above, which affirm that the presence of a favourable treaty network, when coupled with real commercial substance, does not trigger anti-abuse consequences. 71. We further note that the assessee‟s group has leased aircraft to jurisdictions other than India as well

Dae (Sabs) Leasing Ireland 43 Designated Activity Company, Mumbai vs. Assistant Commissioner of Income Tax Int Tax.Circle 2(1)(2), Mumbai

In the result, appeals of the assessees are allowed and

OECD BEPS Action Plan 6 Report, already reproduced above, which affirm that the presence of a favourable treaty network, when coupled with real commercial substance, does not trigger anti-abuse consequences. 71. We further note that the assessee‟s group has leased aircraft to jurisdictions other than India as well

Dae (Sabs) 10296 Ireland Designated Activity Company, Mumbai vs. Assistant Commissioner of Income Tax (Int Taxation), Cirlce 2(1)(2), Mumbai

In the result, appeals of the assessees are allowed and

OECD BEPS Action Plan 6 Report, already reproduced above, which affirm that the presence of a favourable treaty network, when coupled with real commercial substance, does not trigger anti-abuse consequences. 71. We further note that the assessee‟s group has leased aircraft to jurisdictions other than India as well

Sky High Xliii Leasing Company Limited, Ireland vs. Assistant Commissioner of Income Tax Int Tax Circle 4 (2) (1) Mumbai, Mumbai

OECD BEPS Action Plan 6 Report, already reproduced above, which affirm that the presence of a favourable treaty network, when coupled with real commercial substance, does not trigger anti-abuse consequences. 71. We further note that the assessee‟s group has leased aircraft to jurisdictions other than India as well

Ortus Aircraft Lease 5( Dublin) Limited, Mumbai vs. Deputy Commissioner of Income Tax Circle 3(2)(2) International Taxation, Mumbai

IN THE INCOME TAX APPELLATE TRIBUNAL, ‘I’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & MS PADMAVATHY S, ACCOUNTANT MEMBER