LIC HOUSING FINANCE LTD,MUMBAI vs. ACIT, MUMBAI

In the result, all the aforesaid appeals of the assessee are allowed

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

94,362/- Rs. 44,63,388/- 7 Interest claimed @6 p.a. u/s Rs. 1,11,67,193/- Rs. 39,48,380/- Rs. 4,46,339/- 244A 5.1 It is contended by the ld.DR that the assessee has submitted that the jurisdictional High Court, in its decision in the case of UPS Freight Services P Ltd. Vs DCIT (supra) and others

TATA AIG GENERAL INSURANCE CO. LTD.,MUMBAI vs. DY CIT - 8(3)(1), MUMBAI

In the result, appeal of the assessee is allowed for statistical purposes

94,411/- u/s.37(1) and alternatively also stated that the same would be liable for disallowance u/s.40(a)(i) of the Act. 3.2. The ld. CIT(A) considering the fact that there was an amendment in Section 2(9) of the Insurance Act, 1938 w.e.f. 26/12/2014 held that the assessee shall be allowed deduction on payments made prior to 26/12/2014

LATE JAYESH THAR ,MUMBAI vs. INCOME TAX OFFICER TDS, WARD KALYAN, KALYAN

In the result, the appeal stands allowed to the extent indicated in the order

94; or (b) to give the notice of discontinuance of his business or profession as required by sub- section (3) of section 176; or (c) to furnish in due time any of the returns, statements or section 206C or section 285B; or (d) to allow inspection of any register referred to in section 134 or of any entry in such

LATE JAYESH THAR,MUMBAI vs. INCOME TAX OFFICER TDS, WARD KALYAN, KALYAN

In the result, the appeal stands allowed to the extent indicated in the order

94; or (b) to give the notice of discontinuance of his business or profession as required by sub- section (3) of section 176; or (c) to furnish in due time any of the returns, statements or section 206C or section 285B; or (d) to allow inspection of any register referred to in section 134 or of any entry in such

LATE SHRI JAYESH THAR,MUMBAI vs. INCOME TAX OFFICER TDS, WARD KALYAN , KALYAN

In the result, the appeal stands allowed to the extent indicated in the order

94; or (b) to give the notice of discontinuance of his business or profession as required by sub- section (3) of section 176; or (c) to furnish in due time any of the returns, statements or section 206C or section 285B; or (d) to allow inspection of any register referred to in section 134 or of any entry in such

LATE SHRI JAYEESH THAR ,MUMBAI vs. INCOME TAX OFFICER, TDS WARD KALYAN , KALYAN

In the result, the appeal stands allowed to the extent indicated in the order

94; or (b) to give the notice of discontinuance of his business or profession as required by sub- section (3) of section 176; or (c) to furnish in due time any of the returns, statements or section 206C or section 285B; or (d) to allow inspection of any register referred to in section 134 or of any entry in such

M/S. GROWMORE RESEARCH & ASSETS MANAGEMENT LTD.,MUMBAI vs. DCIT CENT. CIR. - 4(3), MUMBAI

In the result, appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 1991-92 Dcit, M/S. Growmore Research Cent. Cir.-4(3) & Assets Management Central Range-4, Ltd., Room No.1921, 32, Madhuli Apartment, Vs. 19Th Floor, 3Rd Floor, Air India Bldg., Dr. Annie Besant Road, Nariman Point, Worli, Mumbai – 400 018 Mumbai - 400021 Pan: Aaacg4936C (Appellant) (Respondent) Assessment Year: 1991-92 M/S. Growmore Research Dcit & Assets Management Cent. Cir.-4(3), Ltd., Central Range-4, 32, Madhuli Apartment, Room No.1921, 3Rd Floor, Vs. 19Th Floor, Dr. Annie Besant Road, Air India Bldg., Worli, Mumbai – 400 018 Nariman Point, Pan: Aaacg4936C Mumbai - 400021

7] vii. Ledger account of HSM in the books of various family members for A.Y. 1991-92 reflecting in the aforesaid transactions carried out by HSM for them [Page 1662-1724 of PB No. 7] 56. The ld AR submits that the aforesaid evidences clearly establish that the transactions reflected in the seized page pertaining to the portfolio valuation

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-4(3), CENTRAL RANGE-4, MUMBAI vs. M/S.GROWMORE RESEARCH & ASSET MANAGEMENT LIMITED, MUMBAI

In the result, appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 1991-92 Dcit, M/S. Growmore Research Cent. Cir.-4(3) & Assets Management Central Range-4, Ltd., Room No.1921, 32, Madhuli Apartment, Vs. 19Th Floor, 3Rd Floor, Air India Bldg., Dr. Annie Besant Road, Nariman Point, Worli, Mumbai – 400 018 Mumbai - 400021 Pan: Aaacg4936C (Appellant) (Respondent) Assessment Year: 1991-92 M/S. Growmore Research Dcit & Assets Management Cent. Cir.-4(3), Ltd., Central Range-4, 32, Madhuli Apartment, Room No.1921, 3Rd Floor, Vs. 19Th Floor, Dr. Annie Besant Road, Air India Bldg., Worli, Mumbai – 400 018 Nariman Point, Pan: Aaacg4936C Mumbai - 400021

7] vii. Ledger account of HSM in the books of various family members for A.Y. 1991-92 reflecting in the aforesaid transactions carried out by HSM for them [Page 1662-1724 of PB No. 7] 56. The ld AR submits that the aforesaid evidences clearly establish that the transactions reflected in the seized page pertaining to the portfolio valuation

LIC HOUSING FINANCE LIMITED,MUMBAI vs. ACIT, MUMBAI

section 244A(1)(b) applies\nwhich reads as follows:-\n(b) in any other case, such interest shall be calculated at the rate of one-half per\ncent for every month or part of a month comprised in the period or periods from\nthe date or, as the case may be, dates of payment of the tax or penalty

SLEEK INTERNATIONAL,MUMBAI vs. ASST CIT 32(3), MUMBAI

The appeal stands allowed in terms of our above order

Bench: Hon’Ble Shri C.N. Prasad, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

7) and 94(8) of the IT Act is not applicable as the Appellant has purchased original units prior to period of three months from the record date and therefore short term capital loss on sale of Sundaram Units amounting to Rs. 2,41,37,525 to be allowed. 5. The Learned Pr. Commissioner of Income tax - 32, erred

LIC HOUSING FINANCE LTD,MUMBAI vs. ACIT, MUMBAI

In the result, all the aforesaid appeals of the assessee are\nallowed

section 244A(1)(b) applies\nwhich reads as follows:-\n(b) in any other case, such interest shall be calculated at the rate of one-half per\ncent for every month or part of a month comprised in the period or periods from\nthe date or, as the case may be, dates of payment of the tax or penalty

LAWMEN CONCEPTS PVT. LTD.,MUMBAI vs. DCIT-CPC-TDS , MUMBAI

In the result, the appeal stands allowed to the extent indicated in the order

Bench: Hon’Ble Shri Vikas Awasthy, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

94; or (b) to give the notice of discontinuance of his business or profession as required by sub- section (3) of section 176; or (c) to furnish in due time any of the returns, statements or particulars mentioned in section 133 or section 206 or section 206C or section 285B; or (d) to allow inspection of any register referred

NATIONAL LAMINATE CORPORATION,MUMBAI vs. CPC (TDS), MUMBAI

In the result, all the appeals of assessee are allowed

Bench: Hon’Ble Shri Mahavir Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

94; or (b) to give the notice of discontinuance of his business or profession as required by sub-section (3) of section 176; or (c) to furnish in due time any of the returns, statements or particulars mentioned in section 133 or section 206 or section 206C or section 285B; or (d) to allow inspection of any register referred

RELIANCE INDUSTRIES LIMITED,MUMBAI vs. DCIT (LTU)-2, MUMBAI

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

Bench: Hon’Ble Justice P.P.Bhatt & Shri Shamim Yahya

94-95 of the FPB). For this reason, the interest on income tax refund was not credited to Profit and Loss Account as per the policy consistently followed by the Appellant which is also in accordance with the Accounting Standard - 9 issued by ICAI. Similarly, the Appellant has earned Pre-Operative income of Rs.23,80,33,5737- being

DCIT CC 4(3) CEN RG 4, MUMBAI vs. GROWMORE LEASING & INVESTMENT LTD, MUMBAI

In the result, the appeal of Revenue is dismissed and that of the assessee is partly allowed for statistical purposes

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dy. Commissioner Of Income M/S Growmore Leasing & Tax Cc 4(3) Cen Rg-4 Investment Ltd. 32, Madhuli, Third Floor Vs. Dr. Annie Besant Road, Worli Mumbai-400 018 Pan No. Aaacg4397D Appellant .. Respondent M/S Growmore Leasing & Investment Dy. Commissioner Of Income Ltd. Tax Cc 4(3) Cen Rg-4 32, Madhuli, Third Floor Vs. Dr. Annie Besant Road, Worli Mumbai-400 018 Pan No. Aaacg4397D Appellant .. Respondent Revenue By .. Dr. P. Daniel, Dr Assessee By .. Shri Vijay Mehta & Dharmesh Shah, Ars’ .. Date Of Hearing 01-09-2017 Date Of Pronouncement .. 17-11-2017 O R D E R Per Mahavir Singh, Jm:

94(4) would come into operation only if:- (i) Where any person is carrying on a business which consists wholly or partly in dealing in securities; (ii) Buys or acquires any securities and sells back or retransfers the securities; (iii) The result of the transaction is that interest becoming payable in respect of the securities is receivable

GROWMORE LEASING & INVESTMENT LTD,MUMBAI vs. DCIT CEN CIR 31, MUMBAI

In the result, the appeal of Revenue is dismissed and that of the assessee is partly allowed for statistical purposes

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dy. Commissioner Of Income M/S Growmore Leasing & Tax Cc 4(3) Cen Rg-4 Investment Ltd. 32, Madhuli, Third Floor Vs. Dr. Annie Besant Road, Worli Mumbai-400 018 Pan No. Aaacg4397D Appellant .. Respondent M/S Growmore Leasing & Investment Dy. Commissioner Of Income Ltd. Tax Cc 4(3) Cen Rg-4 32, Madhuli, Third Floor Vs. Dr. Annie Besant Road, Worli Mumbai-400 018 Pan No. Aaacg4397D Appellant .. Respondent Revenue By .. Dr. P. Daniel, Dr Assessee By .. Shri Vijay Mehta & Dharmesh Shah, Ars’ .. Date Of Hearing 01-09-2017 Date Of Pronouncement .. 17-11-2017 O R D E R Per Mahavir Singh, Jm:

94(4) would come into operation only if:- (i) Where any person is carrying on a business which consists wholly or partly in dealing in securities; (ii) Buys or acquires any securities and sells back or retransfers the securities; (iii) The result of the transaction is that interest becoming payable in respect of the securities is receivable

JOINT COMMISSIONER OF INCOME TAX (OSD)-I/C DCIT CIRCLE 8(3)(1), MUMBAI vs. M/S TATA AIG GENERAL INSURANCE CO. LTD, MUMBAI

94,411/u/s 37(1) and alternatively also stated that the same would be liable for disallowance u/s 40(a)(i) of the Act.\n3.2. The id. CIT(A) considering the fact that there was an amendment in Section 2(9) of the Insurance Act, 1938 w.e.f. 26/12/2014 held that the assessee shall be allowed deduction on payments made prior

TATA CONSULTANCY SERRVICES LIMITED,MUMBAI vs. DCIT-1, MUMBAI

Bench: Shri Vikas Awasthy () & Ms. Padmavathy S. ()

section 14A read with rule 8D without recording any cogent reasons as to why he is not satisfied with the correctness of the claim of the assessee. Mere recording that the amounts being meager compared to the exempt income earned, cannot be construed as recording of satisfaction. Therefore, respectfully following the ratio laid down by the co- ordinate bench