FIDELITY SALEM STREET TRUST FIDELITY SAI EMERGING MARKETS INDEX FUND ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-2(3)(1), MUMBAI

The appeals are partly allowed

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

12. The above judgment was followed by the Co-ordinate Bench of the Mumbai Tribunal in the case of Vanguard Total International Stock Index Fund1 wherein it was held as under: “3. At the very outset, the ld. Counsel for the assessee argued the appeal on the issues raised vide Ground No.5. 4. Representatives of both the sides were heard

ACIT CIRCLE-2(1)(1), MUMBAI vs. M/S BOMBAY DYEING & MANUFACTURING CO. LTD. , MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

Ac prescribes for offer of capital gain tax on such conversion in the prescribes for offer of capital gain tax on such conversion in the prescribes for offer of capital gain tax on such conversion in the year of sale of stock in trade. year of sale of stock in trade. The two issues are involved in this

ACIT CIRCLE-2(1)(1), MUMBAI vs. M/S BOMBAY DYEING & MANUFACTURING CO. LTD. , MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

Ac prescribes for offer of capital gain tax on such conversion in the prescribes for offer of capital gain tax on such conversion in the prescribes for offer of capital gain tax on such conversion in the year of sale of stock in trade. year of sale of stock in trade. The two issues are involved in this

THE BOMBAY DYEING & MANUFACTURING COMPANY LTD.,,MUMBAI vs. DCIT, C--2(1), MUMBAI, MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

Ac prescribes for offer of capital gain tax on such conversion in the prescribes for offer of capital gain tax on such conversion in the prescribes for offer of capital gain tax on such conversion in the year of sale of stock in trade. year of sale of stock in trade. The two issues are involved in this

THE BOMBAY DYEING & MANUFACTURING COMPANY LTD.,,MUMBAI vs. DCIT, C--2(1), MUMBAI, MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

Ac prescribes for offer of capital gain tax on such conversion in the prescribes for offer of capital gain tax on such conversion in the prescribes for offer of capital gain tax on such conversion in the year of sale of stock in trade. year of sale of stock in trade. The two issues are involved in this

INCOME TAX OFFICER-25(3)(5), MUMBAI vs. NILIMA ABHIJIT TANNU, MUMBAI

Bench: Hon’Ble Shri Sandeep Gosain, Jm & Hon’Ble Shri G. Manjunatha, Am

12(3)(4), Mumbai held that section 139(4) has to be read along with sub section 1 of section 139 and the due date for furnishing the return of income u/s 139(1) is subject to the extended period provided u/s 139(4). Hence, extended period u/s 139(4) has to be considered for the purpose of utilisation

STATE BANK OF MYSORE,BANGALORE vs. JCIT, BANGALORE

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

capital expenditure incurred towards rights issue 8 Grounds of Revenue's appeal Issues Ground Number General 1 Deduction under section 36(1)(viia) (connected to ground no.2 in 2 assessee's appeal). Allowing provision for Janata Deposit Collector Gratuity 3 Expenditure incurred towards right issue of shares (connected to 4 ground no.8 in assessee's appeal) State Bank of India

DY..C.I.T., BANGALORE vs. M/S STATE BANK OF MYSORE, BANGALORE

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

capital expenditure incurred towards rights issue 8 Grounds of Revenue's appeal Issues Ground Number General 1 Deduction under section 36(1)(viia) (connected to ground no.2 in 2 assessee's appeal). Allowing provision for Janata Deposit Collector Gratuity 3 Expenditure incurred towards right issue of shares (connected to 4 ground no.8 in assessee's appeal) State Bank of India

SHANNO MOHAMMED YUSUF WARSI ,MUMBAI vs. INCOME TAX OFFICER-25(1)(3), MUMBAI

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2013-14

12, 72, consideration on 30/07/2013 declaring total income at consideration on 30/07/2013 declaring total income at 400/-. Subsequently, on receipt of information that assessee . Subsequently, on receipt of information that assessee . Subsequently, on receipt of information that assessee obtained accommodation entries of bogus long obtained accommodation entries of bogus long-term capital gain, term capital gain, the Assessing Officer recorded

NOMURA INDIA INVESTMENT FUND,MUMBAI vs. ADDL DIT (IT) RG 4, MUMBAI

In the result, the appeal is allowed

Bench: S/Shri Saktijit Dey & Manoj Kumar Aggarwal

1)(a), section 55(2)(ac) of the Act and the corresponding Rules. The learned Senior Counsel submitted, since in respect of redemption of GDRs and release of underlying shares, the Legislature did not provide for adoption of weighted average as the cost of acquisition or the fair market value (FMV), such weighted average price cannot be adopted

STATE BANK OF INDIA,MUMBAI vs. ADDL CIT RG 2(2), MUMBAI

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

Bench: Sri Mahavir Singh, Vp & Sri G Manjunatha, Am आयकर अपील सुं./ Ita No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank Of India The Dy. Commissioner Of 3Rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacs8577K

gains on stock are not to be brought to the tax net. Reliance in this regard is placed on the decision of the Supreme Court in the case of Chainrup Sampatram vs. CIT [1953] 24 ITR 481 (SC), wherein it is held that profit cannot "arise out of the valuation of the closing stock". The relevant extract of the judgement

MOHAN KAPOORCHAND JAIN,MUMBAI vs. JCIT 20(2), MUMBAI

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

12 months as long term capital gains. This issue is also covered by the order of Tribunal dated 21.02.2014 in assessee’s own case. 8. Revenue is also aggrieved for deleting the disallowance of Rs.2,67,243/- made by AO under Section 14A. 9. The disallowance made by the AO to the extent of Rs.2,67,243/- was deleted

MOHAN KAPOORCHAND JAIN,MUMBAI vs. ADDL CIT 20(2), MUMBAI

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

12 months as long term capital gains. This issue is also covered by the order of Tribunal dated 21.02.2014 in assessee’s own case. 8. Revenue is also aggrieved for deleting the disallowance of Rs.2,67,243/- made by AO under Section 14A. 9. The disallowance made by the AO to the extent of Rs.2,67,243/- was deleted

MOHAN KAPOORCHAND JAIN,MUMBAI vs. ASST CIT 21(1), MUMBAI

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

12 months as long term capital gains. This issue is also covered by the order of Tribunal dated 21.02.2014 in assessee’s own case. 8. Revenue is also aggrieved for deleting the disallowance of Rs.2,67,243/- made by AO under Section 14A. 9. The disallowance made by the AO to the extent of Rs.2,67,243/- was deleted

A.C.I.T. CIRCLE 21(1), MUMBAI vs. MOHAN KAPOORCHAND JAIN, MUMBAI

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

12 months as long term capital gains. This issue is also covered by the order of Tribunal dated 21.02.2014 in assessee’s own case. 8. Revenue is also aggrieved for deleting the disallowance of Rs.2,67,243/- made by AO under Section 14A. 9. The disallowance made by the AO to the extent of Rs.2,67,243/- was deleted

BUNKIM FINANCE & INVESTMENTS P. LTD,MUMBAI vs. ITO 10(3)(1), MUMBAI

In the result, both the appeals stand dismissed

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am

1,87,62,283 3,95,09,478 2,67,90,779 4,16,88,350 Page No. 343 345 347 348 349 350 Paper book 10.19 The shares which were figuring in the opening balance and sold subsequently can never be considered as trading. The claim of the appellant that it is only an investor is found

ITO 32(3)(4), MUMBAI vs. STATE BANK OF INDIA STAFF VAIBHAV CO-OP. HSG. LTD., MUMBAI

In the result, the appeal of the revenue is dismissed and cross objection of the assessee is dismissed

Bench: Shri Pawan Singh, Jm & Shri M.Balaganesh, Am Ito-32(3)(4) Vs. State Bank Of India Staff Room No.103, 1St Floor Vaibhav Co-Op Hsg. Ltd. Aayakar Bhavan Bungalow No.8, Daulat M.K.Road, Nagar, Road No.1, Mumbai – 400 020 Borivali (E) Mumbai – 400 066 Pan/Gir No.Aaias1423J (Appellant) .. (Respondent) Co No.8/Mum/2018 (Arising Out Of Ita No.5324/Mum/2016) (Assessment Year :2011-12) State Bank Of India Vs. Ito-32(3)(4) Room No.103, 1St Floor Staff Vaibhav Co-Op Hsg. Ltd. Aayakar Bhavan Bungalow No.8, Daulat M.K.Road, Nagar, Road No.1, Mumbai – 400 020 Borivali (E) Mumbai – 400 066 Pan/Gir No.Aaias1423J (Appellant) .. (Respondent) Revenue By Shri Santanu Kumar Saikia Assessee By Shri Dr. P. Daniel Date Of Hearing 13/06/2019 Date Of Pronouncement 19/06/2019

12 DTK (Mumbai) (Trib) 396. Thus, as per the judicial principles coming out of the above judgements of the jurisdictional High court and ITAT it can be seen that even if it is assumed that there was a transfer of capital asset it would not lead to capital gain as there has been no cost in acquiring the asset

SH KELKAR & CO. LTD.,MUMBAI vs. PR. CIT-4, MUMBAI

In the result, the appeal of the assessee stands allowed

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2015-16 Sh Kelkar & Company Principal Commissioner Of Limited, Income-Tax-4, Devkaran Mansion, 36, Vs. Room No. 629, 6Th Floor, Mangaldas Road, Aayakar Bhavan, Mumbai-400 002. Mumbai-400020. Pan No. Aaacs 9778 G Appellant Respondent Assessee By : Shri J.D. Mistry, Sr. Advocate & Shri Harsh Kothari Revenue By : Dr. Kishor Dhule, Cit-Dr : Date Of Hearing 13/02/2023 Date Of Pronouncement : 20/02/2023

12 SH Kelkar and Company Ltd. a. Low capital gain with respect to sale Low capital gain with respect to sale Low capital gain with respect to sale consideration (higher of AR and IT) consideration (higher of AR and IT) b. Large Large Large deduction deduction deduction claimed claimed claimed