DELUXE RECYCLING INDIA PRIVATE LIMITED,MUMBAI vs. CIRCLE 4(1)(1), MUMBAI

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

Bench: Shri Sandeep Gosain & Shri Girish Agrawalassessment Year: 2020-21 Assistant Commissioner Of Deluxe Recycling India Income Tax-4(1)(1), Private Limited Mumbai 13 17 Dady Sheth Agiary Vs. Lane, Kalbadevi Road, Kalbadevi, Mumbai-400002 (Pan: Aaacd8909N) (Appellant) (Respondent) Assessment Year: 2020-21 Deluxe Recycling India Private Assistant Commissioner Of Limited Income Tax-4(1)(1), 13 17 Dady Sheth Agiary Lane, Mumbai Vs. Kalbadevi Road, Kalbadevi, Mumbai-400002 (Pan: Aaacd8909N) (Appellant) (Respondent)

bogus and thus disallowance of expenditure u/s 40A(2)(b) is not warranted as laid down in the case of Rajesh Bajaj vs. DCIT Allahabad MANU/IW/0008/2020. Deluxe Recycling India Pvt. Ltd. AY 2020-21 3. These two appeals are one by the revenue and one by the assessee on two different issues. We first take up appeal by the revenue

ASHUTOSH SINHA,MUMBAI vs. ITO 4(2)(1), MUMBAI

In the result, appeal of the assessee is partly allowed

purchase consideration paid by the assessee is liable to be taxed under the head ‘income from other sources.’. The ld. AO however, had also noted that as per the request of the assessee, reference was made to the DVO for the valuation of the property, however, the assessment was getting time barred on 31/03/2022 and the valuation report

RELIANCE INDUSTRIES LTD.,MUMBAI vs. ACIT CIRCLE 3(4), MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

bogus or sham Accordingly, it was held that there is no merit in imputing interest thereon by way of transfer pricing adjustment. Since the transfer pricing adjustment made in this year is a continuation of earlier year’s action of TPO and since the earlier year’s T P adjustment has been deleted by the Tribunal, following the said decision

RELIANCE INDUSTRIES LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX CIRCLE-3(4), MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

bogus or sham Accordingly, it was held that there is no merit in imputing interest thereon by way of transfer pricing adjustment. Since the transfer pricing adjustment made in this year is a continuation of earlier year’s action of TPO and since the earlier year’s T P adjustment has been deleted by the Tribunal, following the said decision

DCIT-3(4), MUMBAI vs. M/S RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

bogus or sham Accordingly, it was held that there is no merit in imputing interest thereon by way of transfer pricing adjustment. Since the transfer pricing adjustment made in this year is a continuation of earlier year’s action of TPO and since the earlier year’s T P adjustment has been deleted by the Tribunal, following the said decision

DCIT- 3(4) , MUMBAI vs. M/S RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

bogus or sham Accordingly, it was held that there is no merit in imputing interest thereon by way of transfer pricing adjustment. Since the transfer pricing adjustment made in this year is a continuation of earlier year’s action of TPO and since the earlier year’s T P adjustment has been deleted by the Tribunal, following the said decision

NAGJI KESHAVJI RITA,MUMBAI vs. PR. CIT , MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

50C. Apparently, the property was not registered in the name of the assessee, in which case the rights were required to be taxed as Short Term Capital Gains. Neither of these issues has been examined by the AO. 23 NagjiKeshavji Rita ITA 612/Mum/2022 1.5 As per capital Account, Short Term Capital Gain has been shown for sale of land