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

gain on conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with M/s Bombay Dyeing & Manufacturing Co. Ltd. M/s Bombay Dyeing & Manufacturing Co. Ltd. ITA Nos. 4484, 4485, 4291 & 4293/M/2019 law. The ground No.1 of the appeal

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

gain on conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with M/s Bombay Dyeing & Manufacturing Co. Ltd. M/s Bombay Dyeing & Manufacturing Co. Ltd. ITA Nos. 4484, 4485, 4291 & 4293/M/2019 law. The ground No.1 of the appeal

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

gain on conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with M/s Bombay Dyeing & Manufacturing Co. Ltd. M/s Bombay Dyeing & Manufacturing Co. Ltd. ITA Nos. 4484, 4485, 4291 & 4293/M/2019 law. The ground No.1 of the appeal

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

gain on conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with M/s Bombay Dyeing & Manufacturing Co. Ltd. M/s Bombay Dyeing & Manufacturing Co. Ltd. ITA Nos. 4484, 4485, 4291 & 4293/M/2019 law. The ground No.1 of the appeal

TMF HOLDING LTD.,MUMBAI vs. PR. CIT -1, MUMBAI

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Bletmf Holdings Ltd., V. Pr.Cit – 1 {Formerly Known As Tata Motors Finance Ltd.,} 3Rd Floor, Room No. 330 10Th Floor, 106 A & B Aayakar Bhavan, M.K. Road Maker Chamber-Iii Mumbai - 400020 Nariman Point, Mumbai Pan: Aacct4644A (Appellant) (Respondent) Shri Nikhil Tiwari Assessee By : Department By : Shri S.N. Kabra

capital gain on transfer under consideration is certainly not amongst the items which can be reduced in computing the book profit in terms of section 115JB because the same does not find any specific mention in the items mentioned in Explanation 1 sub-section (2) of section 115JB. He observed that assessee also not filed any form No.29B before

INDUCTO STEEL LTD,MUMBAI vs. ACIT CEN CIR 38, MUMBAI

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2006-07 Inducto Steel Ltd. Acit, 156, Maker Chamber Vi, Cc-38, बनाम/ 220, Jamnalal Bajaj Marg, Aayakar Bhavan, Vs. Nariman Point, M.K. Road, Mumbai-400021 Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aaaci1045E

2) of section 14A. Prior to that, the assessing was free 23 to adopt any reasonable and acceptable method. So, even for the pre-Rule8D period, whenever the issue of section 14A arises before an Assessing Officer, he has, first of all, to ascertain the correctness of the claim of the assessee in respect of the expenditure incurred in relation

ADITYA BIRLA FINANCE LTD,MUMBAI vs. ADDL CIT RG 2(1), MUMBAI

Appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2008-09 M/S Aditya Birla Finance Acit-2(1), Limited (One Indiabulls R. No.575, 5Th Floor, बनाम/ Center, Tower-1, 18Th Floor, Aayakar Bhavan, Vs. Jupiter Mill Compound, 841, M.K. Road, Senapati Bapat Marg, Mumbai-400020 Elphinstone Road, Mumbai-400012 Pan No.Aabcb5769M ("नधा"रती /Assessee) (राज"व /Revenue) Assessment Year-2008-09 Acit-2(1), M/S Aditya Birla Finance R. No.575, 5Th Floor, Limited (One Indiabulls बनाम/ Aayakar Bhavan, Center, Tower-1, 18Th Floor, Vs. M.K. Road, Jupiter Mill Compound, 841, Mumbai-400020 Senapati Bapat Marg, Elphinstone Road, Mumbai-400012 Pan No. Aabcb5769M (राज"व /Revenue) ("नधा"रती /Assessee) M/S Aditya Birla Finance Ltd.

gains of business or profession" when an assessee is carrying on business in various ventures and some among them yield taxable income and the others do not, the question of allowability of the expenditure under section 37 of the Act will depend on: (a) fulfillment of requirements of that provision noted above; and (b) on the facts whether

TATA INDUSTRIES LIMITED,MUMBAI vs. ADDL.C.I.T., RANGE-2(3), MUMBAI

capital gains income. Therefore, we reject the\ncontention of the Revenue that the theory of appropriation is not\napplicable in the facts on the present case. Further, as per the\nabove said judgment of the Hon'ble Delhi High Court and\nHon'ble Supreme Court, Section 14A of the Act, even prior to\nthe amendment/insertion of sub-sections (2

ASIA INVESTMENTS PVT.. LTD.,MUMBAI vs. DCIT ,CIRCLE 2 (1)(1), MUMBAI

In the result, all the three appeal

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

2)(iii), being 0.5% of the average value of investments which yielded exempt income. stments which yielded exempt income. stments which yielded exempt income. 9.3 It is a settled principle, as enunciated by the Hon’ble Supreme It is a settled principle, as enunciated by the Hon’ble Supreme It is a settled principle, as enunciated

SAURASHTRA FUELS P.LTD,MUMBAI vs. DCIT CIR 3(3), MUMBAI

In the result, assessee appeal in ITA No 7274/Mum/2012 for assessment year 2009-10 is partly allowed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

Section 40 of the Act is not applicable for computing income chargeable to tax under the head capital gains. 9. Learned DR relied upon the orders of the learned CIT(A) and submitted that the learned CIT(A) has given directions to AO to compute disallowance u/s 14A of the Act in accordance with the decision of Hon’ble Bombay

ACIT 4(2), MUMBAI vs. NETWORTH STOCK BROKING LTD, MUMBAI

In the result, the appeal of assessee in ITA No

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

section 14A read with rule 8D when all the investments resulting into the non- taxable income was from non-interest bearing funds and especially the equity capital raised by the company during the year itself; 2.2 That the learned CIT(A) erred in law and on facts in confirming the disallowance u/s 14A without appreciating that the AO had singularly

ACIT 4(2), MUMBAI vs. NETWORTH STOCK BROKING LTD, MUMBAI

In the result, the appeal of assessee in ITA No

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

section 14A read with rule 8D when all the investments resulting into the non- taxable income was from non-interest bearing funds and especially the equity capital raised by the company during the year itself; 2.2 That the learned CIT(A) erred in law and on facts in confirming the disallowance u/s 14A without appreciating that the AO had singularly

NETWORTH STOCK BROKING LTD,MUMBAI vs. ACIT CIR 4(2), MUMBAI

In the result, the appeal of assessee in ITA No

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

section 14A read with rule 8D when all the investments resulting into the non- taxable income was from non-interest bearing funds and especially the equity capital raised by the company during the year itself; 2.2 That the learned CIT(A) erred in law and on facts in confirming the disallowance u/s 14A without appreciating that the AO had singularly

NETWORTH STOCK BROKING LTD,MUMBAI vs. ACIT CIR 4(2), MUMBAI

In the result, the appeal of assessee in ITA No

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

section 14A read with rule 8D when all the investments resulting into the non- taxable income was from non-interest bearing funds and especially the equity capital raised by the company during the year itself; 2.2 That the learned CIT(A) erred in law and on facts in confirming the disallowance u/s 14A without appreciating that the AO had singularly

ASST CIT CIR 6(1)(2), MUMBAI vs. ASK INVESTMENT MANAGERS P.LTD, MUMBAI

The appeal of the Revenue is allowed for statistical

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year 2012-13 Acit M/S Ask Investment Circle-6(1)(2), Managers Pvt. Ltd. बनाम/ R. No.536, 5Th Floor, 1St Floor Bandbox House, Vs. Aayakar Bhavan, Dr. Ab Road, Worli, M. K. Road, Churchgate, Mumbai-400030 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aafca2302P Shri Nitin Waghmode-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri J.D. Mistri Sr. Advocate

section 14A of the Income Tax Act, 1961 (hereinafter the Act) read with Rules 8D of the Income Tax Rules, 1962, relying upon the decision in the cases of J. M. Financial and Investment Consultants Pvt. Ltd. in ITA No.92/Mum/2012 and Garware Wall Ropes in ITA No.5408/Mum/2012. 2. During hearing, Shri Nitin Waghmode, ld. DR, defended the disallowance made

ACIT 19(3), MUMBAI vs. SACHIN R. TENDULKAR, MUMBAI

In the result, both the appeals filed by the Revenue are dismissed

Bench: Shri Mahavir Singh & Shri Ashwani Tanejaassessment Year: 2010-11 & Assessment Year: 2011-12 Acit 19(3), Shri Sachin R. Tendulkar, R.No.305, 3Rd Floor, 19-A Perry Rd, बनाम/ Pirmal Chanbers, Bandra (E) Vs. Parel Mumbai-400050 Mumbai-400012 (Revenue) (Respondent ) P.A. No.Aaapt4135B Revenue By Shri Ta Khan (Dr) Respondent By Shri Jitendra Jian (Ar) सुनवाई क" तार"ख/Date Of Hearing: 28/11/2016 आदेश क" तार"ख /Date Of Order: 25 /01/2017

capital gains, hence, cannot be considered under the above section. In this regard appellant's contention that A.O. has invoked Rule 8D r/w Sec. 14A of the Act, without recording in the order as to how in regard to the accounts, he was not satisfied with the correctness of the claim of the appellant in respect of such expenditure

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

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