DCIT 10(3)(2), MUMBAI vs. PHOENIX MECANO (I) PLTD, MUMBAI

In the result, appeal of the Revenue is allowed

Bench: Shri Joginder Singh, Assessment Year:2011-12

capital gains). Under Section 72, a provision has been made for carry forward and setting off of a loss sustained against the head of profits and gains of business or profession. Under Section 72, where a loss which has been sustained under the head of profits and gains of business or profession cannot be set off against income under

DEPUTY COMMISSIONER OF INCOME TAX 1(1)(2), MUMBAI vs. HINDUSTAN UNILEVER LIMITED, MUMBAI

capital subsidy received by the appellant ought\nto be reduced from WDV for the purpose of computation of depreciation.\nITA No.1041 & 929/Mum/2018 & CO No.142/Mum/2019 (A.Ys. 2004-05) 5\nInterest under section 234D\n20. erred in rejecting the claim of the appellant that interest under section\n234D for the AY 2001-02 paid during the year ought to be allowed

HINDUSTAN UNILEVER LIMITED,MUMBAI vs. DY.CIT-1(1)(2), MUMBAI

capital subsidy received by the appellant ought\nto be reduced from WDV for the purpose of computation of depreciation.\nITA No.1041 & 929/Mum/2018 & CO No.142/Mum/2019 (A.Ys. 2004-05) 5\nInterest under section 234D\n20. erred in rejecting the claim of the appellant that interest under section\n234D for the AY 2001-02 paid during the year ought to be allowed

JAI HIND CO OP HSG SOC LTD,MUMBAI vs. CIT 21, MUMBAI

In the result, the appeals filed by the Assessee are dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05 Vithal Nagar Co. Operative Cit-21 Housing Society Ltd., Pratyakshkar बनाम/ 51 N.S.S. Rd No.11, Bhavan, Bkc Vs. Jia Hind Club, Jvpd Scheme, Bandra (E) Mumbai-400056 Mumbai- 400050 (Revenue) (Respondent ) P.A. No.Aaaat3055F Assessment Year: 2004-05 The Navyug Co. Operative Cit-21 Housing Society Ltd. Pratyakshkar बनाम/ Plot No. 51 Jain Hind Club Bhavan, Bkc Vs. Gldg. N.S. Rd No.11, Jai Hind Bandra (E) Society Jvpd Scheme Vile Mumbai- 400050 Parle (W) Mumbai-400049 (Revenue) (Respondent ) P.A. No.Aaaat0325L Assessment Year: 2004-05

capital gain was subject matter of appeal before the CIT(A) he had decided the issue much prior to issuance of notice u/s 263 of the Act. Thus, facts of the said case are not comparable with the facts of the case before us. 3.16. On the other hand, we find that judgments relied upon by Ld. CIT-DR, appear

THE NAVYUG CO OPERATIVE HOUSING SOCIETY LTD,MUMBAI vs. CIT 21, MUMBAI

In the result, the appeals filed by the Assessee are dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05 Vithal Nagar Co. Operative Cit-21 Housing Society Ltd., Pratyakshkar बनाम/ 51 N.S.S. Rd No.11, Bhavan, Bkc Vs. Jia Hind Club, Jvpd Scheme, Bandra (E) Mumbai-400056 Mumbai- 400050 (Revenue) (Respondent ) P.A. No.Aaaat3055F Assessment Year: 2004-05 The Navyug Co. Operative Cit-21 Housing Society Ltd. Pratyakshkar बनाम/ Plot No. 51 Jain Hind Club Bhavan, Bkc Vs. Gldg. N.S. Rd No.11, Jai Hind Bandra (E) Society Jvpd Scheme Vile Mumbai- 400050 Parle (W) Mumbai-400049 (Revenue) (Respondent ) P.A. No.Aaaat0325L Assessment Year: 2004-05

capital gain was subject matter of appeal before the CIT(A) he had decided the issue much prior to issuance of notice u/s 263 of the Act. Thus, facts of the said case are not comparable with the facts of the case before us. 3.16. On the other hand, we find that judgments relied upon by Ld. CIT-DR, appear

THE AZAD NAGAR, COOPERATIVE HOUSING, SOCIETY LTD,MUMBAI vs. CIT 21, MUMBAI

In the result, the appeals filed by the Assessee are dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05 Vithal Nagar Co. Operative Cit-21 Housing Society Ltd., Pratyakshkar बनाम/ 51 N.S.S. Rd No.11, Bhavan, Bkc Vs. Jia Hind Club, Jvpd Scheme, Bandra (E) Mumbai-400056 Mumbai- 400050 (Revenue) (Respondent ) P.A. No.Aaaat3055F Assessment Year: 2004-05 The Navyug Co. Operative Cit-21 Housing Society Ltd. Pratyakshkar बनाम/ Plot No. 51 Jain Hind Club Bhavan, Bkc Vs. Gldg. N.S. Rd No.11, Jai Hind Bandra (E) Society Jvpd Scheme Vile Mumbai- 400050 Parle (W) Mumbai-400049 (Revenue) (Respondent ) P.A. No.Aaaat0325L Assessment Year: 2004-05

capital gain was subject matter of appeal before the CIT(A) he had decided the issue much prior to issuance of notice u/s 263 of the Act. Thus, facts of the said case are not comparable with the facts of the case before us. 3.16. On the other hand, we find that judgments relied upon by Ld. CIT-DR, appear

SUVARNA NAGAR CO OPERATIVE HOUSING SOCIETY LTD,MUMBAI vs. CIT 21, MUMBAI

In the result, the appeals filed by the Assessee are dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05 Vithal Nagar Co. Operative Cit-21 Housing Society Ltd., Pratyakshkar बनाम/ 51 N.S.S. Rd No.11, Bhavan, Bkc Vs. Jia Hind Club, Jvpd Scheme, Bandra (E) Mumbai-400056 Mumbai- 400050 (Revenue) (Respondent ) P.A. No.Aaaat3055F Assessment Year: 2004-05 The Navyug Co. Operative Cit-21 Housing Society Ltd. Pratyakshkar बनाम/ Plot No. 51 Jain Hind Club Bhavan, Bkc Vs. Gldg. N.S. Rd No.11, Jai Hind Bandra (E) Society Jvpd Scheme Vile Mumbai- 400050 Parle (W) Mumbai-400049 (Revenue) (Respondent ) P.A. No.Aaaat0325L Assessment Year: 2004-05

capital gain was subject matter of appeal before the CIT(A) he had decided the issue much prior to issuance of notice u/s 263 of the Act. Thus, facts of the said case are not comparable with the facts of the case before us. 3.16. On the other hand, we find that judgments relied upon by Ld. CIT-DR, appear

VITHALNAGAR CO OPERATIVE HOUSING SOCIETY LTD,MUMBAI vs. CIT 21, MUMBAI

In the result, the appeals filed by the Assessee are dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05 Vithal Nagar Co. Operative Cit-21 Housing Society Ltd., Pratyakshkar बनाम/ 51 N.S.S. Rd No.11, Bhavan, Bkc Vs. Jia Hind Club, Jvpd Scheme, Bandra (E) Mumbai-400056 Mumbai- 400050 (Revenue) (Respondent ) P.A. No.Aaaat3055F Assessment Year: 2004-05 The Navyug Co. Operative Cit-21 Housing Society Ltd. Pratyakshkar बनाम/ Plot No. 51 Jain Hind Club Bhavan, Bkc Vs. Gldg. N.S. Rd No.11, Jai Hind Bandra (E) Society Jvpd Scheme Vile Mumbai- 400050 Parle (W) Mumbai-400049 (Revenue) (Respondent ) P.A. No.Aaaat0325L Assessment Year: 2004-05

capital gain was subject matter of appeal before the CIT(A) he had decided the issue much prior to issuance of notice u/s 263 of the Act. Thus, facts of the said case are not comparable with the facts of the case before us. 3.16. On the other hand, we find that judgments relied upon by Ld. CIT-DR, appear

VALLABHNAGAR OPERATIVE HOUSING SOCIETY LTD,MUMBAI vs. CIT 21, MUMBAI

In the result, the appeals filed by the Assessee are dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05 Vithal Nagar Co. Operative Cit-21 Housing Society Ltd., Pratyakshkar बनाम/ 51 N.S.S. Rd No.11, Bhavan, Bkc Vs. Jia Hind Club, Jvpd Scheme, Bandra (E) Mumbai-400056 Mumbai- 400050 (Revenue) (Respondent ) P.A. No.Aaaat3055F Assessment Year: 2004-05 The Navyug Co. Operative Cit-21 Housing Society Ltd. Pratyakshkar बनाम/ Plot No. 51 Jain Hind Club Bhavan, Bkc Vs. Gldg. N.S. Rd No.11, Jai Hind Bandra (E) Society Jvpd Scheme Vile Mumbai- 400050 Parle (W) Mumbai-400049 (Revenue) (Respondent ) P.A. No.Aaaat0325L Assessment Year: 2004-05

capital gain was subject matter of appeal before the CIT(A) he had decided the issue much prior to issuance of notice u/s 263 of the Act. Thus, facts of the said case are not comparable with the facts of the case before us. 3.16. On the other hand, we find that judgments relied upon by Ld. CIT-DR, appear

GREAVES COTTON LTD (FORMERLY KNOWN AS GREAVES LTD),MUMBAI vs. ITO WD 6(3)(1), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri G S Pannu & Shri Amit Shuklaita

gain since the block of assets in which said asset falls as on 01.04.2003 was at ‘Nil’ 4,19,85,605/- 11 K Addition on account of book profit u/s 115JB on extraordinary items 52,73,20,474/- 12 L Deduction from books profit u/s 115JB the Revaluation Reserve of Rs. 6,80,317/- which was withdrawn and credited

JSW STEEL LTD vs. ASST CIT CIR 11(5),

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

10B or section 11 applies, then it requires exclusion of such income from the book profit which has so credited to the profit & loss account likewise if a capital receipt which is not taxable under the Act is credited to the profit & loss account it does not ipso facto reached to a conclusion that it is to be treated

ASST CIT CIR 11(5) vs. JSW STEEL LTD,

In the result assessee’s appeal is partly allowed whereas revenue’s appeal is dismissed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2004-05

10B or section 11 applies, then it requires exclusion of such income from the book profit which has so credited to the profit & loss account likewise if a capital receipt which is not taxable under the Act is credited to the profit & loss account it does not ipso facto reached to a conclusion that it is to be treated

PREETI CHIRANIA,MUMBAI vs. THE INCOME TAX OFFICER WARD - 28(2)(4), NAVI MUMBAI

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

Bench: Shri Sandeep Gosain & Ms. Padmavathy Svs. Ito, Ward – 28(2)(4) Preeti Chirania 309, 3Rd Floor, Tower No. Flat No.3, 1St Floor, 6, Vashi Rly Stn., Mangesh Santa Durga Commercial Complex, Chs, Sector – 17, Nerul Vashi Navi Mumbai – 400 (E), Navi Mumbai – 400 703. 706. Pan/Gir No. Akbpc0636M (Applicant) (Respondent)

10B issued by the broker for value of securities transactions and securities transaction tax collected. 9. The assessee has also drawn our attention to the decision of Coordinate Bench of ITAT, wherein the same scrip M/s Tilak Finance Ltd was involved and the additions were deleted by the Coordinate Bench in the case of Smt Anju Chirania

VINATI OPRGANICS LTD,MUMBAI vs. ADDL CIT 8(3), MUMBAI

In the result, assessee’s appeal stands partly allowed for the statistical purpose and that of the revenue stands dismissed

Bench: Shri Rajendra & Shri Amit Shukla

capital which exceeds the investments, then presumption has to be drawn in favour of the assessee that the investments has been made from the coffers of surplus/interest free funds and not from the borrowed funds. Thus, respectfully following the ratio laid down by the Hon’ble jurisdictional High Court we hold that, no disallowance on account of interest expenditure under

HINDUSTAN UNILEVER LTD,MUMBAI vs. ITO CIR 1(1)(4), MUMBAI

In the result, both the appeal of the assessee and the revenue are partly allowed

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

gains from 100% of export oriented unit Etah amounting to Rs.5,03,65,774/- which included miscellaneous income of Rs.30,361. The assessee submitted that the miscellaneous income consists of realisation from scrap sale which is derived from the industrial undertaking. Therefore it was submitted that the said income should be eligible for deduction under section 10B. The Assessing Officer

SYSCOM CORPORATION PRIVATE LIMITED,MUMBAI vs. PR.CIT-3, MUMBAI

Bench: Shri S. Rifaur Rahman, Am & Shri Ravish Sood, Jm आयकरअपीलसं./ I.T.A. No. 1608/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2012-13)

capital introduced by the partners has to be examined in the hands of partners in their individual account. Hence the AO having adopted one of the possible views, it cannot be said that the learned CIT was justified in invoking jurisdiction u/s 263 of the IT. Act. 12. In this regard we draw support from the decision

ACIT 32(2), MUMBAI vs. KIRAN G. GADHIA, MUMBAI

Bench: Shri C.N. Prasad & Shri Ramit Kochar: (A.Y : 2010-11) Acit 30(2) Vs. Shri Kiran G Gadhia Pratyakshkar Bhavan Flat No.305 / 306 R.No.202, 2Nd Floor 3Rd Floor, Sanjay Apartment Bkc, Bandra (E) B Wing, Mandapeshwar Road Mumbai – 400 051 Borivali (W) Mumbai – 400 092 Pan : Aabpg8511D (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent) अपीलार्थी की ओर से / Appellant By : Shri S S Bist प्रत्यर्थी की ओर से Respondent By : Shri Haridas Bhat सुनवाई की तारीख / Date Of Hearing : 06/03/2017 घोषणा की तारीख Date Of Pronouncement : 22/03/2017 आदेश / O R D E R Per C.N.Prasad (J.M.) : This Appeal Is Filed By The Revenue Against The Order Of The Ld. Cit (Appeals)-44, Mumbai Dated 18.03.2015 For The Assessment Year 2010-11 Arising Out Of The Assessment Order Passed U/S 143(3).

10B at JS Towers through allotment letter dated 29.12.2006 which was later got registered in the name of the Assessee on 12.02.2008. The Assessee has taken the holding period for computing the long term capital gains, the date of allotment letter issued by the builder and since the holding period was more than 3 years from the date of allotment

DCIT 7(2), MUMBAI vs. SOLVAY SPECIALITIES INDIA P. LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri D. Karunakara Rao & Shri Lalit Kumar

10B(1)(e)(iii) of the IT Rules, 1962. 11. The Ld AO / TPO / Ld DRP has erred in making a transfer pricing adjustment at entity level and not confining only to international transactions with AE.” 4. Before us, Ld Counsel for the assessee brought our attention to a letter dated 24.8.2015 and submitted that the letter contains enclosures

STRIDES ARCOLAB LTD,NAVI MUMBAI vs. ASST CIR 10(3), MUMBAI

In the result, the appeals assessee is partly allowed for statistical purposes

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Strides Shasun Limited The Asst. Commissioner Of (Formerly Known As Strides Income Tax Circle 10(3), Arcolab Limited) 201, Mumbai Vs. Devavrata, Sector 17, Vashi, Navi Mumbai-400 703 Appellant .. Respondent Pan No. Aadcs8104P

gains. At that stage the aggregate of the incomes under other heads and the provisions for set off and carry forward contained in Sections 70, 72 and 74 of the Act would be premature for application. The deductions under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter