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

section 45(2) of the Act. The second issue is regarding issue is regarding computation of quantum of long computation of quantum of long-term capital gain, which has been term capital gain, which has been agitated by the assessee in ground no. 1 of its appeal. ated by the assessee in ground no. 1 of its appeal. While ated

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

section 45(2) of the Act. The second issue is regarding issue is regarding computation of quantum of long computation of quantum of long-term capital gain, which has been term capital gain, which has been agitated by the assessee in ground no. 1 of its appeal. ated by the assessee in ground no. 1 of its appeal. While ated

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

section 45(2) of the Act. The second issue is regarding issue is regarding computation of quantum of long computation of quantum of long-term capital gain, which has been term capital gain, which has been agitated by the assessee in ground no. 1 of its appeal. ated by the assessee in ground no. 1 of its appeal. While ated

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

section 45(2) of the Act. The second issue is regarding issue is regarding computation of quantum of long computation of quantum of long-term capital gain, which has been term capital gain, which has been agitated by the assessee in ground no. 1 of its appeal. ated by the assessee in ground no. 1 of its appeal. While ated

EMPLOYEES RETIREMENT SYSTEM OF TEXAS ,MUMBAI vs. DY CIT (INT. TAX)-2(2)(1), MUMBAI

The appeals are partly allowed

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

capital gain. 7. Erred in granting credit for taxes deducted at source only to the extent of INR 10,09,36,049 as against INR 106,223,167 as claimed by the Appellant in the return of income. 8. Erred in levying interest under section

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)

capital gain. 7. Erred in granting credit for taxes deducted at source only to the extent of INR 10,09,36,049 as against INR 106,223,167 as claimed by the Appellant in the return of income. 8. Erred in levying interest under section

FIDELITY RUTLAND SQUARE TRUST II STRATEGIC ADVISERS FID EMG MARKETS FUND ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION )2(3)(1), MUMBAI

section 70 of the Act does not\nprovide any hierarchy for set-off of losses, the short-term\ncapital loss arising from sale of shares subjected to STT\ncan be first set-off against the short-term capital gains\narising from sale of securities not subjected to STT\ninstead of short-term capital gains arising from sale of\nshares subjected

FIDELITY RUTLAND SQUARE TRUST II STRATEGIC ADVISERS EMERGING MARKETS FUND ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION), MUMBAI

The appeals are partly allowed

section 70 of the Act does not\nprovide any hierarchy for set-off of losses, the short-term\ncapital loss arising from sale of shares subjected to STT\ncan be first set-off against the short-term capital gains\narising from sale of securities not subjected to STT\ninstead of short-term capital gains arising from sale of\nshares subjected

JT. CIT (OSD) CENTRAL CIRCLE 5(1), MUMBAI vs. M/S ASPEN INTERNATIONAL PVT LTD, MUMBAI

In the result, appeals of the Revenue are allowed for statistical purposes and Cross Objections of the assessee are dismissed

167/- at the rate of 5% of the exempt long term capital gains earned during the year as unaccounted commission expenses incurred for earning the said exempt income is deleted in view of the decision in the case of M/s Hazel Mercantile Limited in whose hands the addition is upheld on substantial basis and ground of appeal no 6 regarding

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S ASPEN INTERNATIONAL PVT. LTD , MUMBAI

In the result, appeals of the Revenue are allowed for statistical purposes and Cross Objections of the assessee are dismissed

167/- at the rate of 5% of the exempt long term capital gains earned during the year as unaccounted commission expenses incurred for earning the said exempt income is deleted in view of the decision in the case of M/s Hazel Mercantile Limited in whose hands the addition is upheld on substantial basis and ground of appeal no 6 regarding

JT. CIT (OSD) CENTRAL CIRCLE 5(1), MUMBAI vs. M/S ASPEN INTERNATIONAL PVT LTD., MUMBAI

In the result, appeals of the Revenue are allowed for statistical purposes and Cross Objections of the assessee are dismissed

167/- at the rate of 5% of the exempt long term capital gains earned during the year as unaccounted commission expenses incurred for earning the said exempt income is deleted in view of the decision in the case of M/s Hazel Mercantile Limited in whose hands the addition is upheld on substantial basis and ground of appeal no 6 regarding

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S ASPEN INTERNATIONAL PVT. LTD, MUMBAI

In the result, appeals of the Revenue are allowed for statistical purposes and Cross Objections of the assessee are dismissed

167/- at the rate of 5% of the exempt long term capital gains earned during the year as unaccounted commission expenses incurred for earning the said exempt income is deleted in view of the decision in the case of M/s Hazel Mercantile Limited in whose hands the addition is upheld on substantial basis and ground of appeal no 6 regarding

JT. CIT (OSD) CENTRAL CIRCLE 5(1), MUMBAI vs. M/S ASPEN INTERNATIONAL PVT LTD, MUMBAI

In the result, appeals of the Revenue are allowed for statistical purposes and Cross Objections of the assessee are dismissed

167/- at the rate of 5% of the exempt long term capital gains earned during the year as unaccounted commission expenses incurred for earning the said exempt income is deleted in view of the decision in the case of M/s Hazel Mercantile Limited in whose hands the addition is upheld on substantial basis and ground of appeal no 6 regarding

UDAYAN GROVER,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE(NFAC), DELHI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleudayan Grover V. National Faceless Appeal Centre Panch Mahal Delhi Panch Sristhi Complex {Acit – 26(3), Bkc, Mumbai} Powai, Mumbai - 400072 Pan: Aclpg0572G (Appellant) (Respondent) Assessee Represented By : Shri Vimal Punmiya Department Represented By : Ms. Kavitha Kaushik

section 68 of the Act to tax the full amount recd. On sale of shares as alleged unexplained cash credit as alleged income earned from undisclosed sources where AO has concluded the same in his order, if views of AO is summarized then crux of the same is astronomical long term capital gains earned by assessee defies common sense

NELCO LTD.,MUMBAI vs. A.C.I.T. RG. 15(2)(1), MUMBAI

In the result, appeal of assessee is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Asst. Commissioner Of Income Tax, Range 15(2)(1) Nelco Limited Room No.357, 2Nd Floor, El-6, Electronic Zone, Mahape, Navi Mumbai-400710 Vs. Aaykar Bhavan, M.K. Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1983C

capital gains under section 50B of the Act. 2. The learned CIT(A) has erred in confirming the action of the assessing officer in reducing sundry creditors of Rs. 1,30,41,920, other liabilities of Rs. 1,94,17,656 and the differential amount of payment of gratuity and leave encashment of Rs. 69,98,167

CHITRA AVDHESH MEHTA,MUMBAI vs. ITO 33 (1) (3), MUMBAI

In the result the appeal filed by the assessee stands\ndismissed

Section 68 of the Act. It is\nrecorded that \"There is no dispute that the shares of the two\ncompanies were purchased online, the payments have been\nmade through banking channel, and the shares were\ndematerialized and the sales have been routed from de-mat\naccount and the consideration has been received through\nbanking channels.\" The above noted factors, including

GOVIND CORPORATION ,MUMBAI vs. DCIT CENTRAL CIRCLE 8(1), MUMBAI

In the result the appeal filed by the assessee stands\ndismissed

Section 68 of the Act. It is\nrecorded that \"There is no dispute that the shares of the two\ncompanies were purchased online, the payments have been\nmade through banking channel, and the shares were\ndematerialized and the sales have been routed from de-mat\naccount and the consideration has been received through\nbanking channels.\" The above noted factors, including

DCIT CEN 5 3, MUMBAI, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

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

capital gains of ₹106,35,11,223/- under section 10(38) of the Act. under section 10(38) of the Act. The Assessing Officer, however, was of Officer, however, was of the view that by virtue of section 44 of the the view that by virtue of section 44 of the Act, which is a non obstante provision, the computation

DCIT CEN 5 3, MUMBAI, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

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

capital gains of ₹106,35,11,223/- under section 10(38) of the Act. under section 10(38) of the Act. The Assessing Officer, however, was of Officer, however, was of the view that by virtue of section 44 of the the view that by virtue of section 44 of the Act, which is a non obstante provision, the computation