MANOJ KUMAR AGARWAL HUF,MUMBAI vs. INCOME TAX OFFICER, MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawalassessment Year: 2015-16

section 10(38) on account of long-term capital gain earned by the assessee. To corroborate the facts, assessee furnished the relevant Manoj Kumar Agarwal., AY 2015-16 & 2014-15 documentary evidences which are placed on record in the paper book before us, containing 38 pages. These include: A. Sales Related Documents i. Sales Bills-cum-Contract Notes dated 03/12/2014

THOMAS COOK (INDIA) LTD.,MUMBAI vs. ADDL/ JT/ DY/CIT/ASSTT/ITO, NATIONAL E-ASSESSMENT CENTRE, DELHI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon'Ble

section under which ESOP expenditure is allowable under the Income Tax Act 1961 ('Act). The only provision where a company can claim the expenditure is section 37 of the ActHence, it is pertinent to test the conditions mentioned in section 37 in order to conclude whether the expenditure is allowable? Section 37 of the Act Page

ACIT CIRCLE 4.3.1, MUMBAI vs. JUST DIAL LTD, MUMBAI

In the result, the appeal by the Revenue for the assessment year 2020-

Bench: Shri. Om Prakash Kant & Shri. Sandeep Singh Karhail

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head, "Profits and Gains of Business or Profession". 7. Thus, from perusal of section 37(1) of the Act, it is evident that the aforesaid provision permits

JUST DIAL LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 4(3)(1), MUMBAI, MUMBAI

In the result, the appeal by the Revenue for the assessment year 2020-

Bench: Shri. Om Prakash Kant & Shri. Sandeep Singh Karhail

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head, "Profits and Gains of Business or Profession". 7. Thus, from perusal of section 37(1) of the Act, it is evident that the aforesaid provision permits

ACIT CIRCLE 4.3.1, MUMBAI vs. JUST DIAL LTD, MUMBAI

In the result, the appeal by the Revenue for the assessment year 2020-

Bench: Shri. Om Prakash Kant & Shri. Sandeep Singh Karhail

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head, "Profits and Gains of Business or Profession". 7. Thus, from perusal of section 37(1) of the Act, it is evident that the aforesaid provision permits

PEOPLE INTERACTIVE (I) P.LTD,MUMBAI vs. ASST CIT 4(3), MUMBAI

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kochar

gains of business or profession"? This larger question can be answered in the following three steps, viz., I. Whether any deduction of such discount is allowable ? II. If yes, then when and how much? III. Subsequent adjustment to discount 8. We will take up these three steps one by one for consideration and decision. I. WHETHER ANY DEDUCTION OF SUCH

ASST CIT 4(3), MUMBAI vs. PEOPLE INTERACTIVE (I) P.LTD, MUMBAI

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kochar

gains of business or profession"? This larger question can be answered in the following three steps, viz., I. Whether any deduction of such discount is allowable ? II. If yes, then when and how much? III. Subsequent adjustment to discount 8. We will take up these three steps one by one for consideration and decision. I. WHETHER ANY DEDUCTION OF SUCH

ASST CIT 4(3), MUMBAI vs. PEOPLE INERACTIVE (I) P.LTD, MUMBAI

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kochar

gains of business or profession"? This larger question can be answered in the following three steps, viz., I. Whether any deduction of such discount is allowable ? II. If yes, then when and how much? III. Subsequent adjustment to discount 8. We will take up these three steps one by one for consideration and decision. I. WHETHER ANY DEDUCTION OF SUCH

DCIT CIR. 7(3)(2), MUMBAI vs. PEOPLE INTERACTIVE (I) PVT. LTD., MUMBAI

Bench: Sh. R. C. Sharma, Am & Sh. Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 5132 & 5133/Mum/2016 (निर्धारणवर्ा / Assessment Year: 2010-11 &2011-12)

gains of business or profession"? This larger question can be answered in the following three steps, viz., I. Whether any deduction of such discount is allowable? II. If yes, then when and how much? Ill. Subsequent adjustment to discount 8. We will take up these three steps one by one for consideration and decision. I. WHETHER ANY DEDUCTION OF SUCH

INDIABULLAS HOUSING FINANCE LIMITED,MUMBAI vs. DCIT, CENTRAL CIRCLE-6(4), MUMBAI

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head, "Profits and Gains of Business or Profession". 7. Thus, from perusal of section 37(1) of the Act, it is evident that the aforesaid provision permits

ORTUS AIRCRAFT LEASE 6(DUBLIN) LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 3(2)(2) INTERNATIONAL TAXATION, MUMBAI

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

Section 90(1) notification, the assessee would, in any event, be entitled to treaty protection. The relief claimed aligns squarely with the treaty‟s object and purpose. We accordingly so hold. 80. In consequence, Grounds of Appeal Nos. 4 to 6.8 stand allowed. Nature of Lease-Operating Lease v. Finance Lease 81. Before us ld. Senior Counsel submitted that

DAE(SY22) LEASING (IRELAND)41, DESIGNATED ACTIVITY COMPANY ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION CIRCLE 2(1)(2), MUMBAI

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

Section 90(1) notification, the assessee would, in any event, be entitled to treaty protection. The relief claimed aligns squarely with the treaty‟s object and purpose. We accordingly so hold. 80. In consequence, Grounds of Appeal Nos. 4 to 6.8 stand allowed. Nature of Lease-Operating Lease v. Finance Lease 81. Before us ld. Senior Counsel submitted that

TFDAC IRELAND II LIMITED,IRELAND vs. DEPUTY COMMISSIONER OF INCOME TAX INTERNATIONAL TAX CIRCLE 4(1)(2) MUMBAI, MUMBAI

Section 90(1) notification, the assessee would, in any event, be entitled to treaty protection. The relief claimed aligns squarely with the treaty's object and purpose. We accordingly so hold.\n80. In consequence, Grounds of Appeal Nos.4 to 6.8 stand allowed.\n\n62\nITA No.1198/Mum/2025 and others\nNature of Lease-Operating Lease v. Finance Lease\n81. Before

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(4) MUMBAI, MUMBAI vs. AVANSE FINANCIAL SERVICES LIMITED, MUMBAI

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

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm

capital expenditure or personal ITA Nos. 472 & 473/Mum/2025 (A.Y. 2021-22 & 2022-23) Avanse Financial Services Ltd. expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head, "Profits and Gains of Business or Profession". 7. Thus, from perusal of section

DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(4),MUMBAI, MUMBAI vs. AVANSE FINANCIAL SERVICES LIMITED, MUMBAI

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

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm

capital expenditure or personal ITA Nos. 472 & 473/Mum/2025 (A.Y. 2021-22 & 2022-23) Avanse Financial Services Ltd. expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head, "Profits and Gains of Business or Profession". 7. Thus, from perusal of section

ACIT 15(3)(1), MUMBAI vs. THYROCARE TECHNOLOGIES LIMITED, NAVI MUMBAI

In the result, the appeal by the Revenue for the assessment year 2018–

Bench: Shri Om Prakash Kantshri Sandeep Singh Karhailita No. 7292/Mum/2025 (Assessment Year: 2022-23) (Assessment Year: 2021-22) Ita No. 6721/Mum/2025 Ita No. 7293/Mum/2025 (Assessment Year: 2018-19) (Assessment Year: 2023-24) Assistant Commissioner Of Income Tax – 15(3)(1), Room No.460, 4Th Floor, Aaykar Bhavan, M.K. Road, ............... Appellant Mumbai – 400020 Pan : Aabct2577P V/S Thyrocare Technologies Limited, ……………… Respondent D/37, 1 Ttc Industrial Area, Midc, Turbhe, Navi Mumbai - 400703

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head, "Profits and Gains of Business or Profession". 7. Thus, from perusal of section 37(1) of the Act, it is evident that the aforesaid provision permits

ASSISTANT COMMISSIONER OF INCOME TAX-15(3)(1), MUMBAI, MUMBAI vs. M/S THYROCARE TECHNOLOGIES LIMITED, MUMBAI

In the result, the appeal by the Revenue for the assessment year 2018–

Bench: Shri Om Prakash Kantshri Sandeep Singh Karhailita No. 7292/Mum/2025 (Assessment Year: 2022-23) (Assessment Year: 2021-22) Ita No. 6721/Mum/2025 Ita No. 7293/Mum/2025 (Assessment Year: 2018-19) (Assessment Year: 2023-24) Assistant Commissioner Of Income Tax – 15(3)(1), Room No.460, 4Th Floor, Aaykar Bhavan, M.K. Road, ............... Appellant Mumbai – 400020 Pan : Aabct2577P V/S Thyrocare Technologies Limited, ……………… Respondent D/37, 1 Ttc Industrial Area, Midc, Turbhe, Navi Mumbai - 400703

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head, "Profits and Gains of Business or Profession". 7. Thus, from perusal of section 37(1) of the Act, it is evident that the aforesaid provision permits

ASSISTANT COMMISSIONER OF INCOME TAX-15(3)(1), MUMBAI, MUMBAI vs. M/S THYROCARE TECHNOLOGIES LIMITED, MUMBAI

In the result, the appeal by the Revenue for the assessment year 2018–

Bench: Shri Om Prakash Kantshri Sandeep Singh Karhailita No. 7292/Mum/2025 (Assessment Year: 2022-23) (Assessment Year: 2021-22) Ita No. 6721/Mum/2025 Ita No. 7293/Mum/2025 (Assessment Year: 2018-19) (Assessment Year: 2023-24) Assistant Commissioner Of Income Tax – 15(3)(1), Room No.460, 4Th Floor, Aaykar Bhavan, M.K. Road, ............... Appellant Mumbai – 400020 Pan : Aabct2577P V/S Thyrocare Technologies Limited, ……………… Respondent D/37, 1 Ttc Industrial Area, Midc, Turbhe, Navi Mumbai - 400703

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head, "Profits and Gains of Business or Profession". 7. Thus, from perusal of section 37(1) of the Act, it is evident that the aforesaid provision permits