ACIT-231, MUMBAI vs. MILESTONE REAL ESTATE FUND, MUMBAI

Accordingly, Ground No. 6 raised by the Revenue is dismissed

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

10(23FB) and section 115U to provide that: (i) The venture Capital undertaking shall have same meaning as provided in relevant SEBI regulations and there would be no sectoral restriction. (ii) Income accruing to VCF/VCC shall be taxable in the hands of investor on accrual basis with no deferral. (iii) The exemption from applicability of TDS provisions on income credited

STATE BANK OF INDIA-ISB BRANCH,MUMBAI vs. DCIT-TDS-2(2), MUMBAI

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 3111& 3112/Mum/2022 Assessment Years: 2012-13& 2013-14 State Bank Of India Hrms Acit (Tds) Rg-2(2), Department, Peddar Road, Vs. 4Th Floor, Cidco Tower No. 7, Mumbai-400014. Belapur Railway Station Complex-400614. Tan No. Mums 63193 E Appellant Respondent Assessee By : Mr. Anand Desai & Mr. Sachin Lopes, Ar Revenue By : Mr. Paresh Deshpande, Dr

20 State Bank of India HRMS ITA No. 3111/M/2022 & 12Other appeals ITA No. 3111/M/202 employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by virtue of Section 10(5) Section 10(5) of the Act. Therefore

STATE BANK OF INDIA,MUM vs. ACIT-TDS-2(2),, MUM

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 3111& 3112/Mum/2022 Assessment Years: 2012-13& 2013-14 State Bank Of India Hrms Acit (Tds) Rg-2(2), Department, Peddar Road, Vs. 4Th Floor, Cidco Tower No. 7, Mumbai-400014. Belapur Railway Station Complex-400614. Tan No. Mums 63193 E Appellant Respondent Assessee By : Mr. Anand Desai & Mr. Sachin Lopes, Ar Revenue By : Mr. Paresh Deshpande, Dr

20 State Bank of India HRMS ITA No. 3111/M/2022 & 12Other appeals ITA No. 3111/M/202 employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by virtue of Section 10(5) Section 10(5) of the Act. Therefore

STATE BANK OF INDIA,MUM vs. ACIT-TDS-2(2), MUM

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 3111& 3112/Mum/2022 Assessment Years: 2012-13& 2013-14 State Bank Of India Hrms Acit (Tds) Rg-2(2), Department, Peddar Road, Vs. 4Th Floor, Cidco Tower No. 7, Mumbai-400014. Belapur Railway Station Complex-400614. Tan No. Mums 63193 E Appellant Respondent Assessee By : Mr. Anand Desai & Mr. Sachin Lopes, Ar Revenue By : Mr. Paresh Deshpande, Dr

20 State Bank of India HRMS ITA No. 3111/M/2022 & 12Other appeals ITA No. 3111/M/202 employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by virtue of Section 10(5) Section 10(5) of the Act. Therefore

STATE BANK OF INDIA,MUM vs. ACIT-TDS-2(2), MUM

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 3111& 3112/Mum/2022 Assessment Years: 2012-13& 2013-14 State Bank Of India Hrms Acit (Tds) Rg-2(2), Department, Peddar Road, Vs. 4Th Floor, Cidco Tower No. 7, Mumbai-400014. Belapur Railway Station Complex-400614. Tan No. Mums 63193 E Appellant Respondent Assessee By : Mr. Anand Desai & Mr. Sachin Lopes, Ar Revenue By : Mr. Paresh Deshpande, Dr

20 State Bank of India HRMS ITA No. 3111/M/2022 & 12Other appeals ITA No. 3111/M/202 employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by virtue of Section 10(5) Section 10(5) of the Act. Therefore

STATE BANK OF INDIA HRMS DEPARTMENT,MUMBAI vs. ASSTT. COMMISSIONER OF INCOME TAX (TDS)RANGE-2(2), MUMBAI

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 3111& 3112/Mum/2022 Assessment Years: 2012-13& 2013-14 State Bank Of India Hrms Acit (Tds) Rg-2(2), Department, Peddar Road, Vs. 4Th Floor, Cidco Tower No. 7, Mumbai-400014. Belapur Railway Station Complex-400614. Tan No. Mums 63193 E Appellant Respondent Assessee By : Mr. Anand Desai & Mr. Sachin Lopes, Ar Revenue By : Mr. Paresh Deshpande, Dr

20 State Bank of India HRMS ITA No. 3111/M/2022 & 12Other appeals ITA No. 3111/M/202 employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by virtue of Section 10(5) Section 10(5) of the Act. Therefore

STATE BANK OF INDIA- NRI BRANCH,MUMBAI vs. ACIT-TDS-2(2), MUMBAI

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 3111& 3112/Mum/2022 Assessment Years: 2012-13& 2013-14 State Bank Of India Hrms Acit (Tds) Rg-2(2), Department, Peddar Road, Vs. 4Th Floor, Cidco Tower No. 7, Mumbai-400014. Belapur Railway Station Complex-400614. Tan No. Mums 63193 E Appellant Respondent Assessee By : Mr. Anand Desai & Mr. Sachin Lopes, Ar Revenue By : Mr. Paresh Deshpande, Dr

20 State Bank of India HRMS ITA No. 3111/M/2022 & 12Other appeals ITA No. 3111/M/202 employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by virtue of Section 10(5) Section 10(5) of the Act. Therefore

STATE BANK OF INDIA,MUMBAI vs. ACIT-TDS-2(2), MUMBAI

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 3111& 3112/Mum/2022 Assessment Years: 2012-13& 2013-14 State Bank Of India Hrms Acit (Tds) Rg-2(2), Department, Peddar Road, Vs. 4Th Floor, Cidco Tower No. 7, Mumbai-400014. Belapur Railway Station Complex-400614. Tan No. Mums 63193 E Appellant Respondent Assessee By : Mr. Anand Desai & Mr. Sachin Lopes, Ar Revenue By : Mr. Paresh Deshpande, Dr

20 State Bank of India HRMS ITA No. 3111/M/2022 & 12Other appeals ITA No. 3111/M/202 employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by virtue of Section 10(5) Section 10(5) of the Act. Therefore

STATE BANK OF INDIA-RBO II THANE WESTERN BRANCH,MUMBAI vs. ACIT-TDS-2(2), MUMBAI

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 3111& 3112/Mum/2022 Assessment Years: 2012-13& 2013-14 State Bank Of India Hrms Acit (Tds) Rg-2(2), Department, Peddar Road, Vs. 4Th Floor, Cidco Tower No. 7, Mumbai-400014. Belapur Railway Station Complex-400614. Tan No. Mums 63193 E Appellant Respondent Assessee By : Mr. Anand Desai & Mr. Sachin Lopes, Ar Revenue By : Mr. Paresh Deshpande, Dr

20 State Bank of India HRMS ITA No. 3111/M/2022 & 12Other appeals ITA No. 3111/M/202 employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by virtue of Section 10(5) Section 10(5) of the Act. Therefore

STATE BANK OF INDIA,MUM vs. ACIT-TDS-2(2), MUM

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 3111& 3112/Mum/2022 Assessment Years: 2012-13& 2013-14 State Bank Of India Hrms Acit (Tds) Rg-2(2), Department, Peddar Road, Vs. 4Th Floor, Cidco Tower No. 7, Mumbai-400014. Belapur Railway Station Complex-400614. Tan No. Mums 63193 E Appellant Respondent Assessee By : Mr. Anand Desai & Mr. Sachin Lopes, Ar Revenue By : Mr. Paresh Deshpande, Dr

20 State Bank of India HRMS ITA No. 3111/M/2022 & 12Other appeals ITA No. 3111/M/202 employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by virtue of Section 10(5) Section 10(5) of the Act. Therefore

STATE BANK OF INDIA HRMS DEPARTMENT ,MUMBAI vs. ASSTT. COMMISSIONER OF INCOME TAX (TDS)RANGE-2(2), MUMBAI

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 3111& 3112/Mum/2022 Assessment Years: 2012-13& 2013-14 State Bank Of India Hrms Acit (Tds) Rg-2(2), Department, Peddar Road, Vs. 4Th Floor, Cidco Tower No. 7, Mumbai-400014. Belapur Railway Station Complex-400614. Tan No. Mums 63193 E Appellant Respondent Assessee By : Mr. Anand Desai & Mr. Sachin Lopes, Ar Revenue By : Mr. Paresh Deshpande, Dr

20 State Bank of India HRMS ITA No. 3111/M/2022 & 12Other appeals ITA No. 3111/M/202 employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by employees to travel abroad in the garb of LTC available by virtue of Section 10(5) Section 10(5) of the Act. Therefore

ACIT, PIRAMAL CHAMBERS vs. MILESTONE REAL ESTATE FUND, MUMBAI

TDS provisions\non income credited or paid by VCF/VCC to\ninvestors shall be withdrawn.\nThese amendments will take effect from 1st April, 2013, and will,\naccordingly, apply in relation to the assessment year 2013-14\nand subsequent years.\n[Clauses 5, 54]” (Emphasis Supplied)\n19.\nOn perusal of the above, it become clear that as per the\ndefinition of Venture

SUBHASH E. DHARGAVE, MUMBAI vs. MILESTONE REAL ESTATE FUNDS, MUMBAI

In the result, the appeal of the Revenue is dismissed

TDS provisions on income credited\nor paid by VCF/VCC to investors shall be withdrawn.\nThese amendments will take effect from 1st April, 2013, and will,\naccordingly, apply in relation to the assessment year 2013-14 and\nsubsequent years.\n[Clauses 5, 54]” (Emphasis Supplied)\n19. On perusal of the above, it become clear that as per the definition of\nVenture

OBEROI FOUNDATION,MUMBAI vs. CIT (E), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleoberoi Foundation V. Cit (Exemptions) Commerz, 3Rd Floor 6Th Floor, Piramal Chambers International Business Park Lalbaug, Mumbai – 400 012 Oberoi Garden City, Off. W.E. Highway Goregaon (E), Mumbai - 400063 Pan: Aaato1684L (Appellant) (Respondent) Assessee Represented By : Shri Vijay Mehta Department Represented By : Shri K.C. Salvamani

TDS compliance. The real issue raised by the assessee in this appeal is whether the provisions of section 11 is applicable and in the subsequent proceedings, the Assessing Officer has verified the allowability of the rent and he has not properly verified the same. In our view, the venturing in the subsequent proceedings are beyond the scope of the grounds

STATE BANK OF INDIA - CUFFE PARADE BRANCH,MUMBAI vs. ACIT-TDS-3(2),, MUMBAI

In the result, the appeal is allowed in the terms indicated above

20. In other words, if the intention of the legislature or the Central Board of Direct Taxes was to not allow exemption under section 10(5) in case a foreign leg was involved in the journey, it would have explicitly provided so. Travel by shortest route 21. Rule 2B(1) of the Income-tax Rules, 1962 which deals with

ASSISTANT COMMISSIONER OF INCOME TAX 25(3), MUMBAI vs. MILESTONE REAL ESTATE FUND, MUMBAI

In the result, appeals filed by the revenue for assessment years 2013-

TDS provisions are not applicable to any payment made by the VCF to its investor and payment by VCC to the investor is exempted from Dividend Distribution Tax (DDT). Section 1O(23FB) further provides that income of a SEBI regulated VCF or VCC, derived from investment in a domestic company i.e. Venture Capital Undertaking (VCU), is exempt from taxation, provided

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

10(20), assessee, an authority constituted under a state legislation for plant development of industrial area and promotion of industry cannot claim benefit of exemption under those provisions. The nature, constitution and activities of MMRDA is almost exactly the same of the cases referred herein above. Thus, the facts and the issues discussed in the judgments delivered herein above cases

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

10(20), assessee, an authority constituted under a state legislation for plant development of industrial area and promotion of industry cannot claim benefit of exemption under those provisions. The nature, constitution and activities of MMRDA is almost exactly the same of the cases referred herein above. Thus, the facts and the issues discussed in the judgments delivered herein above cases