BHAGIRATHI ENTERPRISE,VILE PARLE WEST MUMBAI vs. ITO WARD 34(1)(1), BANDRA EAST MUMBAI

In the result, the appeals filed by the assessee for the AYs

167B of the Income\nTax Act, 1961.\n10.0 In view of the discussion made above, the computation of tax,\nsurcharge and cess in the intimation passed u/s.143(1), dated 13-10-2022\nby the A.O., CPC, Bangalore is found to be in order, being at the maximum\nmarginal rate, as the provisions of section 1678 (2)(i) of the Income

NIK FAMILY TRUST,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX- CIRCLE 23(1), MUMBAI

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

Bench: Hon’Ble Shri Sandeep Gosainnik Family Trust Vs. Dcit, Circle – 23(1) C-7, Ishwar Niwas Sick Piramal Chamber. Nagar, Vp Raod, Girgaon. Pan/Gir No. Aadtn2244C (Applicant) (Respondent) Assessee By Shri Dharan Gandhi A/W Shri Ashutosh Patare Revenue By Shri Avinash Karpe, Sr. Dr Date Of Hearing 01.05.2025 Date Of Pronouncement 08.05.2025 आदेश / Order Per Sandeep Gosain, Jm: The Present Appeal Has Been Filed By The Assessee Challenging The Impugned Order 24.12.2024 Passed U/S 250 Of The Income Tax Act, 1961 (‘The Act’), By The National Faceless Appeal Centre, Delhi (Nfac) For The Assessment Year 2021-22. 2. The Only Effective Issue Raised In The Present Appeal Regarding Levying Of Surcharge. In This Regard It Is Submitted That Assessee Is A Discretionary Trust, Eligible To File Return In Itr-5, The Assessee Had Filed Its Return Of 2 Nik Family Trust, Mumbai

capital gains. However, in the intimation u/s 143(1) of the Act, surcharge has been charged even though total income of the assessee did not exceed prescribed thresh hold limit of Rs. 50 lakhs and relied upon the decision of the ITAT Special Bench in the case of Araadhya Jain Trust Vs. ITO in ITA No. 4272/Mum/2024

KAPUR FAMILY TRUST ,MUMBAI vs. ITO, WARD, 22(2)(1), MUMBAI

In the result, we confirm the order of the ld

Bench: Shri Narender Kumar Choudhry

capital gain taxable @ special rate u/s 111A & 112A of the Act and rest of the income qua dividend income and the remaining amount of Rs.4,54,05,499/- has been shown as taxable at the normal rate, by filling its return of income. 4. The return was processed

KAPUR FAMILY TRUST ,MUMBAI vs. I.T.O WARD 22(2)(1), MUMBAI

In the result, we confirm the order of the ld

Bench: Shri Narender Kumar Choudhry

capital gain taxable @ special rate u/s 111A & 112A of the Act and rest of the income qua dividend income and the remaining amount of Rs.4,54,05,499/- has been shown as taxable at the normal rate, by filling its return of income. 4. The return was processed

DCIT CC 3(4) CEN RG 3, MUMBAI vs. PATEL ENGINEERING LTD, MUMBAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon’Ble

167B r.w.s. 86 of the Act. A further without prejudice submission is that the company has substantial own funds by way of capital reserves aggregating Rs. 12,936 lacs which is more than 5.50 times of the balance in such JV / partnership firm. The sale proceeds of the appellant are deposited in the cash credit account and the debit balance

DCIT CC 3(4) CEN RG 3, MUMBAI vs. PATEL ENGINEERING LTD, MUMBAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon’Ble

167B r.w.s. 86 of the Act. A further without prejudice submission is that the company has substantial own funds by way of capital reserves aggregating Rs. 12,936 lacs which is more than 5.50 times of the balance in such JV / partnership firm. The sale proceeds of the appellant are deposited in the cash credit account and the debit balance