MONSANTO INDIA LTD,MUMBAI vs. DCIT RG 8(2), MUMBAI

The appeal of the assessee is partly allowed, that of the Revenue is dismissed

Capital Gains" as considered by the appellant in the return of income. 2. On the facts and in the circumstances of the case and in law, the Commissioner of Income-tax (Appeals) erred in holding that the disallowance under section 14A of the Act be made at the rate of 2% of the dividend income earned over and above

ANIL BHAGWAN ADVANI,MUMBAI vs. ITO (IT) 1(1), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Gagan Goyal

Capital Gains" or as "Income from Other Sources", it is pertinent to consider the relevant provision of the Income Tax Act namely Section 45 and Section 56, Section 57 and Section 145A

LEILA ADVANI,MUMBAI vs. ACIT - 16(2), MUMBAI

In the result, appeal of the revenue is dismissed

Capital Gains" or as "Income from Other Sources", it is pertinent to consider the relevant provision of the Income Tax Act namely Section 45 and Section 56, Section 57 and Section 145A

SUNSHIELD CHEMICALS LTD,MUMBAI vs. ITO 7(2)(3), MUMBAI

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

Bench: Shri Amit Shukla & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 5045/Mum/2010 ("नधा"रण वष" / Assessment Year : 2007-08)

capital gain earned during the year by the assessee company.We order accordingly. 12. The other grievance of the assessee company are contained in Ground No 3 to 5 which are mainly with respect to the CIT(A) directing the AO to invoke the provisions of Section 145A

DCIT 6(2), MUMBAI vs. KANSAI NEROLAC PAINTS LTD, MUMBAI

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6789/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ Dcit Circle -6(2) M/S. Kansai Nerolac Paints Ltd., R.No. 563, Aayakar Bhavan, Nerolac House, K.G. Marg, M.K. Road, Churchgate, V. Lower Parel, Mumbai-400020 Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. आयकर अपीऱ सं./I.T.A. No.7196/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ M/S. Kansai Nerolac Paints Addl. Cit Circle -6(2) Ltd., R.No. 669, Nerolac House, K.G. Marg, Aayakar Bhavan, V. Lower Parel, Mumbai 400013 M.K. Road, Mumbai- 400020 स्थायी ऱेखा सं./ Pan : Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

capital goods across cross sectors without any one to one correlation and the Apex Court already holding in Eicher Motors (supra) that cenvat credit once validly taken cannot be effaced and creates an accrued right in favour of the enterprise, there is a need to align Section 145A of the Act with the present regime of indirect taxation which Parliament

KANSAI NEROLAC PAINTS LTD,MUMBAI vs. ADDL CIT RG 6(2), MUMBAI

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6789/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ Dcit Circle -6(2) M/S. Kansai Nerolac Paints Ltd., R.No. 563, Aayakar Bhavan, Nerolac House, K.G. Marg, M.K. Road, Churchgate, V. Lower Parel, Mumbai-400020 Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. आयकर अपीऱ सं./I.T.A. No.7196/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ M/S. Kansai Nerolac Paints Addl. Cit Circle -6(2) Ltd., R.No. 669, Nerolac House, K.G. Marg, Aayakar Bhavan, V. Lower Parel, Mumbai 400013 M.K. Road, Mumbai- 400020 स्थायी ऱेखा सं./ Pan : Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

capital goods across cross sectors without any one to one correlation and the Apex Court already holding in Eicher Motors (supra) that cenvat credit once validly taken cannot be effaced and creates an accrued right in favour of the enterprise, there is a need to align Section 145A of the Act with the present regime of indirect taxation which Parliament

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

section 145A has to be given and purchases made during the year should also be given effect to. 25. After going through the relevant finding given in the impugned order, we find that the Ld. CIT(A) has rightly directed the AO to make corresponding adjustment of CENVAT credit in the opening stock also in accordance with the decision

PFIZER LTD,MUMBAI vs. ADDL CIT RG 8(2), MUMBAI

In the result, both the appeals of the assessee are partly allowed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2007-08 & Assessment Year: 2008-09 Pfizer Limited, Acit Range 8(2), Patel Estate, Off S.V. Rd. Aayakar Bahwan, बनाम/ Jogeshwari (W), M.K. Marg, Vs. Mumba-400102 Mumbai- (Assessee) (Revenue) P.A. No.Aaacp3334M

capital gains. The assessee has relied upon the judgment of Hon’ble Rajasthan High Court in the case of CIT vs. Smt. Premlata Jalani (supra), wherein view has been taken supporting the claim of the assessee in view of the aforesaid proviso.Interest has been levied ignoring the effect of aforesaid proviso as well 30 Pfizer Limited as judgment

M/S. NICHOLAS PIRAMAL INDIA LTD.,MUMBAI vs. ACIT CIR. - 7(1), MUMBAI

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

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am M/S. Piramal Enterprises Ltd. Vs. Addl. Commissioner Of Income Tax (Formerly Known As Piramal Circle 7(1), Aayakar Bhavan Healthcare Ltd.,) Mumbai - 400020 (Before Known As Nicholas Piramal India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) Addl. Commissioner Of Vs. M/S. Piramal Enterprises Ltd. Income Tax (Formerly Known As Piramal Healthcare Circle 7(1), Aayakar Ltd.,) Bhavan (Before Known As Nicholas Piramal India Mumbai - 400020 Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) Assessee By Shri Ronak Joshi Revenue By Shri Kumar Padmapani Bora Date Of Hearing 29/11/2019 Date Of Pronouncement 20/02 /2020 आदेश / O R D E R Per M. Balaganesh (A.M): These Cross Appeals In Ita Nos.3927/Mum/2006 & 4066/Mum/2006 For A.Y.2002-03 Arises Out Of The Order By The Ld. Commissioner Of Income Tax (Appeals)-Xix, Mumbai In Appeal No.Cit(A)Xix/It-104/05-06 Dated 31/03/2006 (Ld. Cit(A) In Short) Against The Order Of Assessment Passed U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As Act) Dated 31/03/2005 By The Ld. Addl. Commissioner Of Income Tax, Range 7(1), Mumbai (Hereinafter Referred To As Ld. Ao). M/S. Piramal Enterprises Ltd.

gains of business or profession” was contrary to the accounting principles laid down by Accounting Standard-2 (for short “AS- 2”); (ii). that the ICAI had issued “Guidance Note on Tax Audit under Section 44AB of the I-T Act”, which specifically requires the formats in which information as regards the valuation of purchases, sales and inventories under both inclusive

ACIT RG 25(3), MUMBAI vs. DATTANI DEVELOPMENT, MUMBAI

In the result, the appeal filed by the Revenue in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.5075/Mum/2010 ("नधा"रण वष" / Assessment Year : 2007-08) The Acit – 25(3), M/S Dattani Development, बनाम/ C-11, R. No. 308, 100, Shreeji Darshan, V. Pratyaksh Kar Bhavan, 1St Floor, S.V. Road, Bandra-Kurla Complex, Kandivali (West), Bandra (East), Mumbai – 400 067. Mumbai – 400 051. "थायी लेखा सं./Pan : Aabfd4969Q (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

section 145A, and the effect thereof on the profit or loss The A.O. considered the reply of the assessee which was not acceptable to the AO whereby the A.O. observed that the assessee in its books of account had shown the advance paid to the owners of the property as investment only and not as stock-in-trade. The intention

ADDL CIT RG 7(1), MUMBAI vs. PIRAMAL ENTERPRISES LTD (FORMERLY KNWON AS PIRAMAL HEALTHCARE LTD) (AS ULTIMATE SUCCESSOR TO NICHOLAS PIRAMAL INDIA LTD), MUMBAI

Bench: Shri Kuldip Singh & Shri S Rifaur Rahmanassessment Year: 2005-06 M/S. Piramal Enterprises Dy. Commissioner Of Limited (Formerly Known Income Tax, As Piramal Healthcare Range-8(2)(1), Limited) (Earlier Known As Mumbai. Nicholas Piramal India Ltd.), Vs. Piramal Tower, Agastya Corporate Park, Lbs Marg, Kamani Junction, Kurla (West), Mumbai – 400 070 Pan: Aaacn4538P (Appellant) (Respondent) Assessment Year: 2005-06 Dy. Commissioner Of M/S. Piramal Enterprises Income Tax, Limited (Formerly Known Circle-8(2)(1), As Piramal Healthcare [Erstwhile Dcit Circle- Ltd.) (As Ultimate 7(1)], Successor To Nicholas Vs. Mumbai. Piramal India Ltd.), Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013 Pan: Aaacn4538P (Appellant) (Respondent)

gains as claimed by the assessee” and as such provisions contained under section 28(ii)(c) read with section 28(va)(a) of the Act are attracted. Hence, the Ld. CIT(A) has rightly confirmed the addition of Rs.92,76,62,688/- as business income. Consequently ground No.1 is determined against the assessee. Ground No.2 39. Undisputedly the assessee

PIRAMAL HEALTHCARE LTD ( EARLIER KNOWNAS NICHOLAS PIRAMAL INDIA LTD),MUMBAI vs. ADDL CIT 7(1), MUMBAI

Bench: Shri Kuldip Singh & Shri S Rifaur Rahmanassessment Year: 2005-06 M/S. Piramal Enterprises Dy. Commissioner Of Limited (Formerly Known Income Tax, As Piramal Healthcare Range-8(2)(1), Limited) (Earlier Known As Mumbai. Nicholas Piramal India Ltd.), Vs. Piramal Tower, Agastya Corporate Park, Lbs Marg, Kamani Junction, Kurla (West), Mumbai – 400 070 Pan: Aaacn4538P (Appellant) (Respondent) Assessment Year: 2005-06 Dy. Commissioner Of M/S. Piramal Enterprises Income Tax, Limited (Formerly Known Circle-8(2)(1), As Piramal Healthcare [Erstwhile Dcit Circle- Ltd.) (As Ultimate 7(1)], Successor To Nicholas Vs. Mumbai. Piramal India Ltd.), Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013 Pan: Aaacn4538P (Appellant) (Respondent)

gains as claimed by the assessee” and as such provisions contained under section 28(ii)(c) read with section 28(va)(a) of the Act are attracted. Hence, the Ld. CIT(A) has rightly confirmed the addition of Rs.92,76,62,688/- as business income. Consequently ground No.1 is determined against the assessee. Ground No.2 39. Undisputedly the assessee

KANSAI NEROLAC PAINTS LIMITED (ERSTWHILE KNOWN AS GOODLASS NEROLAC PAINTS LIMITED),MUMBAI vs. ADDL. CIT, RANGE 6 (2), MUMBAI

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

capital untouched, the expenditure would be on revenue account, even though the advantage may endure for an indefinite future. In other words, the functional test would become material and if on application of the same it is found that the expenditure operates to confer benefit in the revenue field, then the same would be revenue, irrespective of the duration

KANSAI NEROLAC PAINTS LTD,MUMBAI vs. DCIT RG 6(2), MUMBAI

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

capital untouched, the expenditure would be on revenue account, even though the advantage may endure for an indefinite future. In other words, the functional test would become material and if on application of the same it is found that the expenditure operates to confer benefit in the revenue field, then the same would be revenue, irrespective of the duration

KANSAI NEROLAC PAINTS LIMITED (ERSTWHILE KNOWN AS GOODLASS NEROLAC PAINTS LIMITED),MUMBAI vs. ADDL CIT, RANGE 6 (2), MUMBAI

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

capital untouched, the expenditure would be on revenue account, even though the advantage may endure for an indefinite future. In other words, the functional test would become material and if on application of the same it is found that the expenditure operates to confer benefit in the revenue field, then the same would be revenue, irrespective of the duration

DCIT RG. - 6(3), MUMBAI vs. M/S. KANSAI NEROLAC PAINTS LTD., MUMBAI

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

capital untouched, the expenditure would be on revenue account, even though the advantage may endure for an indefinite future. In other words, the functional test would become material and if on application of the same it is found that the expenditure operates to confer benefit in the revenue field, then the same would be revenue, irrespective of the duration

M/S. KANSAI NEROLAC PAINTS LTD.,MUMBAI vs. DCIT RG. - 6(3), MUMBAI

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

capital untouched, the expenditure would be on revenue account, even though the advantage may endure for an indefinite future. In other words, the functional test would become material and if on application of the same it is found that the expenditure operates to confer benefit in the revenue field, then the same would be revenue, irrespective of the duration

LARSEN & TOUBRO LTD,MUMBAI vs. ASST CIT CIR 2(2), MUMBAI

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 1999-00 Larsen & Toubro Ltd. Dcit-2(2) Taxation Department L&T Room No. 577, 5Th Vs. House, N.M. Ballard Estate, Floor, Aayakar Mumbai-400001 Bhavan, M.K. Road Mumbai-400020. Pan No. Aaacl0140P Appellant Respondent Assessment Year: 1999-00 Dcit-2(2) Larsen & Toubro Ltd. Room No. 577, 5Th Floor, Taxation Department Vs. Aayakar Bhavan, M.K. L&T House, N.M. Road Ballard Estate, Mumbai-400020. Mumbai-400001 Pan No. Aaacl0140P Appellant Respondent Assessee By : Mr. J.D. Mistry & Mr. Madhur Agarwal, Ar Revenue By : Mr. Anadi Varma, Cit-Dr Date Of Hearing : 14/02/2018 Date Of Pronouncement : 28/03/2018

145A, if there is any change in the closing stock at the end of the year then there must necessarily be a corresponding adjustment made in the opening stock of that year. It has been held that this would not amount to giving double benefit to the assessee and would be necessary to compute the true and correct profit

CASTROL INDIA LTD,MUMBAI vs. ADDL CIT RG 8(1), MUMBAI

In the result, appeal filed by the assessee in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.195/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Castrol India Limited The Deputy Commissioner बनाम/ Technopolis Knowledge Park Of Income Tax – Range V. Makali Caves Road, Chakala 8(3) Income Tax Office Andheri(East) Aayakar Bhavan, Mumbai 400093 M.K. Marg, Mumbai – 400 020. "थायी लेखा सं./Pan : Aaacc4481E (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

Section 50 of the Act is a provision with deeming fiction whereby for the purposes of computing capital gains in the case of depreciable assets , the gains arising from the transfer of the said assets has to be treated as capital gains arising from transfer of short term capital assets u/s 50 of the Act, but for the purpose