DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-3(4) , MUMBAI vs. PATEL ENGINEERING LTD, MUMBAI

Bench: Sri Mahavir Singh, Jm & G. Manjunatha, Am Patel Engineering Ltd. The Dy. Commissioner Of Sv Road, Patel Estate, Income Tax, Cc-3(4),Room Jogeshwari (W), No. 1915, 19Th Floor Air Vs. Mumbai-400102 India Building, Nariman Point, Mumbai-400 021 Appellant .. Respondent Pan No. Aaacp2567L The Dy. Commissioner Of Patel Engineering Ltd. Income Tax, Cc-3(4),Room Sv Road, Patel Estate, No. 1915, 19Th Floor Air India Vs. Jogeshwari (W), Building, Nariman Point, Mumbai-400102 Mumbai-400 021 Appellant .. Respondent

TDS credit on advances received : ₹ 19,52,82,263/- iv. Additions based on AIR reconciliation: ₹ 22,97, 86,725/- Vi. Initiation of Penalty proceedings under s. 271(1)(c) 4. Aggrieved, by the assessment order, the assessee preferred an appeal before the CIT(A). Before the CIT(A), the assessee has filed elaborated written submissions in respect of additions made

GRASIM INDUSTRIES LIMITED (AS A SUCCESSOR TO ADITYA BIRLA NUVO LTD),MUMBAI vs. ADDL CIT LTU, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

80A(IA) provides for exemption in respect of „profit derived by an eligible undertaking‟ for the specified purposes, but the critical words are “derived from” and, therefore, “it is only the expenditure, which had a direct and proximate (immediate) nexus with the earning of profit from eligible undertaking that could be taken into consideration for determining such profits

ASST CIT (LTU) 1, MUMBAI vs. GRASIM INDUSTRIES LIMITED (AS A SUCCESSOR TO ADITYA BIRLA NUVO LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

80A(IA) provides for exemption in respect of „profit derived by an eligible undertaking‟ for the specified purposes, but the critical words are “derived from” and, therefore, “it is only the expenditure, which had a direct and proximate (immediate) nexus with the earning of profit from eligible undertaking that could be taken into consideration for determining such profits

SUDHIR VRUNDAVANDAS VALIA,MUMBAI vs. ACIT-CIR-20(1), MUMBAI

80A(IA) of the Act, the Assessing Officer failed to discharge his duty and carry out further inquiry/investigation which were very much warranted. Elaborating upon this, the Learned Departmental Representative submitted that one of the requirement for claiming deduction under Section 80IA(4)(iv) of the Act should be new undertaking not found to be splitting or reconstruction

ADDL CIT LARGE TAX PAYER UNIT, MUMBAI vs. RELIANCE INDUSTRIES LTD, MUMBAI

In the result, appeals of the Revenue are dismissed whereas appeals of the assessee are allowed in part in terms indicated hereinabove

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm Addl. Commissioner Of Vs. M/S. Reliance Industries Ltd.,3Rd Income Tax, Large Tax Floor, Maker Payer Unit, Mumbai Chamber-Iv, 222, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) M/S. Reliance Industries Vs. Addl. Commissioner Of Income Ltd.,3Rd Floor, Maker Tax, Large Tax Payer Unit, Chamber-Iv, 222, Mumbai Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) M/S. Reliance Industries Vs. Asst. Commissioner Of Income Ltd.,3Rd Floor, Maker Tax, Large Tax Payer Unit, Chamber-Iv, 222, Mumbai Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) Asst. Commissioner Of Vs. M/S. Reliance Industries Ltd.,3Rd Income Tax, Large Tax Floor, Maker Payer Unit, Mumbai Chamber-Iv, 222, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) M/S. Reliance Industries Vs. Asst. Commissioner Of Income Ltd.,3Rd Floor, Maker Tax, Large Tax Payer Unit

80A(6), the market value means the price that such goods or services would fetch if these were sold by the undertaking or unit or 'enterprise or eligible business in the open market, subject to statutory or regulatory restrictions, if any. In the present case, the AO has not brought any material on record to show that the goods supplied

DCIT (LTU)-1, MUMBAI vs. ADITYA BIRLA NUVO LTD, MUMBAI

80A(IA)\nprovides for exemption in respect of „profit derived by an eligible\nundertaking" for the specified purposes, but the critical words are\n“derived from" and, therefore, “it is only the expenditure, which\nhad a direct and proximate (immediate) nexus with the earning of\nprofit from eligible undertaking that could be taken into\nconsideration for determining such profits

SYNGENTA INDIA LTD,PUNE vs. ASST CIT RG 1(3)(1), MUMBAI

In the result, appeal of the revenue stands dismissed

Bench: Shri R. C. Sharma & Shri Amit Shuklait(Tp)A No.: 1373/Mum/2014 (Assessment Year 2009-10) ससिंगएनता इिंडिमा प्राइवेट सरसभटेि Vs Dy. Cit- 1(3), Room No.564, Syngenta India Ltd., Aayakar Bhavan, S No. 110/11/3, Amar Paradigm M K Road, Mumbai – 400 020 Baner Road, Pune -411 045 स्थमी रेखा सिं. Pan: Aaecs 9424 P अऩीराथी (Appellant) प्रत्मथी (Respondent)

section 80IB, the profit and loss for 4 units for the year as well as profits eligible for deduction as per the assessee and as per the revenue is as under: Particular Multipurpose Thiamethoxam Topik Profenofos Total Unit Unit Unit Profit/loss for the year

DCIT 1(3), MUMBAI vs. SYNGENTA INDIA LTD, PUNE

In the result, appeal of the revenue stands dismissed

Bench: Shri R. C. Sharma & Shri Amit Shuklait(Tp)A No.: 1373/Mum/2014 (Assessment Year 2009-10) ससिंगएनता इिंडिमा प्राइवेट सरसभटेि Vs Dy. Cit- 1(3), Room No.564, Syngenta India Ltd., Aayakar Bhavan, S No. 110/11/3, Amar Paradigm M K Road, Mumbai – 400 020 Baner Road, Pune -411 045 स्थमी रेखा सिं. Pan: Aaecs 9424 P अऩीराथी (Appellant) प्रत्मथी (Respondent)

section 80IB, the profit and loss for 4 units for the year as well as profits eligible for deduction as per the assessee and as per the revenue is as under: Particular Multipurpose Thiamethoxam Topik Profenofos Total Unit Unit Unit Profit/loss for the year

SYNGENTA INDIA LTD,PUNE vs. ADDL CIT RG 1(3), MUMBAI

In the result, appeal of the revenue stands dismissed

Bench: Shri R. C. Sharma & Shri Amit Shuklait(Tp)A No.: 1373/Mum/2014 (Assessment Year 2009-10) ससिंगएनता इिंडिमा प्राइवेट सरसभटेि Vs Dy. Cit- 1(3), Room No.564, Syngenta India Ltd., Aayakar Bhavan, S No. 110/11/3, Amar Paradigm M K Road, Mumbai – 400 020 Baner Road, Pune -411 045 स्थमी रेखा सिं. Pan: Aaecs 9424 P अऩीराथी (Appellant) प्रत्मथी (Respondent)

section 80IB, the profit and loss for 4 units for the year as well as profits eligible for deduction as per the assessee and as per the revenue is as under: Particular Multipurpose Thiamethoxam Topik Profenofos Total Unit Unit Unit Profit/loss for the year

ADDL.C.I.T. LTU, MUMBAI vs. ACC LTD., MUMBAI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

TDS as per the provision of section 194A(3)(iii) of the Act. The only dispute is with regard to the residential status of lender of external commercial borrowings to the assessee and interest payment on such external commercial borrowings. The assessee claims that it has borrowed external commercial borrowings from 24 ITA NO.4669& 4556/MUM/2012

ACC LTD ( FORMERLY KNOWN AS THE ASSOCIATES CEMENT COMPANIES LTD),MUMBAI vs. ADDL CIT LTU, MUMBAI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

TDS as per the provision of section 194A(3)(iii) of the Act. The only dispute is with regard to the residential status of lender of external commercial borrowings to the assessee and interest payment on such external commercial borrowings. The assessee claims that it has borrowed external commercial borrowings from 24 ITA NO.4669& 4556/MUM/2012

ACC LTD,MUMBAI vs. ASST CIT LTU, MUMBAI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

TDS as per the provision of section 194A(3)(iii) of the Act. The only dispute is with regard to the residential status of lender of external commercial borrowings to the assessee and interest payment on such external commercial borrowings. The assessee claims that it has borrowed external commercial borrowings from 24 ITA NO.4669& 4556/MUM/2012

EDELWEISS COMMODITIES SERVICES LTD,MUMBAI vs. DCIT,CC-1(1), MUMBAI

In the result, the appeal filed by the assessee is treated as allowed

80A; (iii) any transfer of goods or services referred to in sub- section (8) of section 80-IA; (iv) any business transacted between the assessee and other person as referred to in sub-section (10) of section 80-IA; (v) any transaction, referred to in any other section under Chapter VI-A or section 10AA, to which provisions

ACC LTD ( FORMELRY KNOWN AS THE ASSOCIATED CEMENT COMPANIES LTD),MUMBAI vs. ADDLL CIT ,(LTU), MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Ltu (Formerly Known As The Associated Cement 29Th Floor, Center-1 Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - Ltu-1 V. M/S. Acc Limited 29Th Floor, Center-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

TDS as per the provision of section 194A(3)(iii) of the Act. The only dispute is with regard to the residential status of lender of external commercial borrowings to the assessee and interest payment on such external commercial borrowings. The assessee claims that it has borrowed external commercial borrowings from Singapore branch and which is a main lender

DCIT(LTU) - 1, MUMBAI vs. ACC LTD., MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Ltu (Formerly Known As The Associated Cement 29Th Floor, Center-1 Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - Ltu-1 V. M/S. Acc Limited 29Th Floor, Center-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

TDS as per the provision of section 194A(3)(iii) of the Act. The only dispute is with regard to the residential status of lender of external commercial borrowings to the assessee and interest payment on such external commercial borrowings. The assessee claims that it has borrowed external commercial borrowings from Singapore branch and which is a main lender

SYNGENTA INDIA LTD,PUNE vs. ADDL CIT RG 1(3), MUMBAI

Accordingly, we direct the AO to allow the actual expenditure incurred during this year on site restoration cost. Accordingly, ground no. 5 is treated as allowed

Bench: Shri B R Baskaran & Shri Amit Shukla

80A(2) and 80B(5) which operate in different spheres. As observed earlier, s. 80-1(6) deals with actual computation of deduction whereas s. 80-1(1) deals with the treatment to be given to such deductions in order to arrive at the total income of the assessee and, therefore, while interpreting s. 80-I(1), which also refers

SYNGENTA INDIA LTD,PUNE vs. ADDL CIT 1(3), MUMBAI

Accordingly, we direct the AO to allow the actual expenditure incurred during this year on site restoration cost. Accordingly, ground no. 5 is treated as allowed

Bench: Shri B R Baskaran & Shri Amit Shukla

80A(2) and 80B(5) which operate in different spheres. As observed earlier, s. 80-1(6) deals with actual computation of deduction whereas s. 80-1(1) deals with the treatment to be given to such deductions in order to arrive at the total income of the assessee and, therefore, while interpreting s. 80-I(1), which also refers

SHIVNARAYAN NEMANI SHARES & STOCK BROKERS P. LTD.,MUMBAI vs. D.C.I.T. CIRCLE 4(2), MUMBAI

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm (Hearing Through Video Conferencing Mode) आयकर अपील सं/ I.T.A. No. 2522/Mum/2012 (निर्धारण वर्ा / Assessment Year: 2008-09) M/S. Shivnarayan Nemani बिधम/ Dcit, Circle-4(2) Shares & Stock Brokers P. Mumbai Vs. Ltd. 9/43, Bhupen Chambers, 2Nd Floor, Dalal Street Mumbai- 400023. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs3296C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Mayank Chauhan (Ar) Revenue By: Shri Rohit Kumar (Dr) सुनवाई की तारीख / Date Of Hearing: 07/09/2021 घोषणा की तारीख /Date Of Pronouncement: 08/10/2021 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 20.01.2012 Passed By The Commissioner Of Income Tax (Appeals)-09, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2008-09. 2. The Assessee Has Raised The Following Grounds: - “1(A). On The Facts & In The Circumstances Of The Case & In Law, The Learned Commissioner Of Income-Tax(Appeals) Erred In Confirming The Disallowance Of Additional Amount Of Rs.2,98,258/- Under The Provisions Of Section 14A R.W.R. 8D Of The Income Tax Rules

TDS was deductible u/s 194J of the Act. In view of the decision of the Hon’ble Supreme Court in the case of Kotak Securities Ltd (supra), no doubt, the claim of the assessee is liable to be allowable, hence, we ordered ITA. No.2522/Mum/2012 A.Y. 2008-09 accordingly. Accordingly, this issue is decided in favour of the assessee against

MR. RAUL A. RODRIGUES,MUMBAI vs. PR. CIT -27, NAVI MUMBAI

In the result, the appeal of the assessee is partly allowed

Bench: Us:

80A of Rs.1,31,25,938/-. (iii) The assessing officer (AO) had not verified complete details of appellant's claim pertaining to purchase of office premises of Rs.5,41,84,757/-. (iv) The assessing officer (AO) had not verified complete details of appellant's claim pertaining to payment of related parties