ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF,MUMBAI vs. DCIT (INT. TAX)-2(2)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

237,529,355,610;\nGround of Appeal No 2 Not following CBDT Instruction 08/2017\ndated 29 September 2017 and 01/2018 dated 16 February 2018\n1. Erred in issuing the order under section 143(3) r.w.s. 144C of the Act,\nwithout affixing digital signature in accordance with CBDT Instruction No.\n8/2017 dated 29 September 2017, CBDT Instruction No. 1/2018 dated

ISHARES CORE MSCI EMERGING MARKETS ETF (AS A SUCCESSOR TO ISHARES CORE EMERGING MARKETS MAURITIUS COMPANY ,MUMBAI vs. DCIT (TP) 2(2)(2), MUMBAI

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

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailishares Core Msci Emerging Markets Etf (As A Successor To Ishares Core Emerging Markets Mauritius Company) C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, ............... Appellant Dadar (West), Mumbai - 400028 Pan : Aafci3337N V/S Deputy Commissioner Of Income Tax (International Tax) - 2(2)(2) Room No.606, 6Th Floor, Kautilya Bhavan, ……………… Respondent C-41 To C-43, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 Ishares Msci All Country Asia Ex Japan Etf C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400028 Pan : Aabti7439L ............... Appellant

237,52,93,55,610. The return filed by the assessee was selected for scrutiny, and statutory notices under section 143(2) and section 142(1) of the Act were issued and served on the assessee. During the assessment proceedings, it was observed that as per the methodology adopted by the assessee for computation of the short-term capital gains

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

237/- under section 115JB of the Act. The under section 115JB of the Act. The return of income filed by the assessee was selected for scrutiny return of income filed by the assessee was selected for scrutiny return of income filed by the assessee was selected for scrutiny assessment and statutory assessment and statutory notices under the Act were issued

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

237/- under section 115JB of the Act. The under section 115JB of the Act. The return of income filed by the assessee was selected for scrutiny return of income filed by the assessee was selected for scrutiny return of income filed by the assessee was selected for scrutiny assessment and statutory assessment and statutory notices under the Act were issued

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

237/- under section 115JB of the Act. The under section 115JB of the Act. The return of income filed by the assessee was selected for scrutiny return of income filed by the assessee was selected for scrutiny return of income filed by the assessee was selected for scrutiny assessment and statutory assessment and statutory notices under the Act were issued

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

237/- under section 115JB of the Act. The under section 115JB of the Act. The return of income filed by the assessee was selected for scrutiny return of income filed by the assessee was selected for scrutiny return of income filed by the assessee was selected for scrutiny assessment and statutory assessment and statutory notices under the Act were issued

SHANNO MOHAMMED YUSUF WARSI ,MUMBAI vs. INCOME TAX OFFICER-25(1)(3), MUMBAI

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2013-14

section 68 of the Act. After considering submission of the assessee considering submission of the assessee, the learned , the learned Assessing Officer concluded as under: Officer concluded as under: 16.6 All the indicators mentioned in Pa 16.6 All the indicators mentioned in Paras above, point to only one ras above, point to only one thing that the shares prices

MATRIX PARTNERS INDIA INVESTMENT HOLDINGS, LLC,MAURITIUS vs. DEPUTY COMMISSIONER OF INCOME TAX, MUMBAI

In the result the appeal filed by the assessee stands partly allowed

Bench: Smt. Beena Pillai () & Ms. Padmavathy S ()

section 90(2), the Ld. A.O. has granted the beneficial option to the applicant at the preference of the Applicant itself. 11. Treaty Provisions are applicable in re/ qua "Income" and not "sources". In this case, there has been one single species of Income, "capital gains" that too, Long Term Capital Gains. 7. To sum up, as per facts

DHANANJAY MADHUKAR NAIK,MUMBAI vs. ITO 12(3)(3), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. Rifaur Rahman, Hon'Bledhananjay Madhukar Naik V. Ito 12(3)(3) 306, Meghdoot Chsl, Sahaji Raje Marg Room No. 1631, 16Th Floor Koldongri, Vile Parle (W) Air India Building, Nariman Point Mumbai- 400057 Mumbai- 400021 Pan: Alrpn7498M (Appellant) (Respondent) Assessee Represented By : Shri Anil Masand Department Represented By : Shri P.D. Chougule

gain realized from the sale of capital asset should be parted by the assessee and invested either in purchasing a residential house or in constructing a residential house. If the assessee has invested the money in construction of residential house, merely because the construction was not complete in all respects and it was not in a fit condition

DCIT CEN 5 3, 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 ()

gains on for in the accounts on account of appreciation of or gains on for in the accounts on account of appreciation of or gains on the realization of investments shall be the realization of investments shall be treated as part of the treated as part of the profits and gains: profits and gains: Provided that the Assessing Officer

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 ()

gains on for in the accounts on account of appreciation of or gains on for in the accounts on account of appreciation of or gains on the realization of investments shall be the realization of investments shall be treated as part of the treated as part of the profits and gains: profits and gains: Provided that the Assessing Officer

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 ()

gains on for in the accounts on account of appreciation of or gains on for in the accounts on account of appreciation of or gains on the realization of investments shall be the realization of investments shall be treated as part of the treated as part of the profits and gains: profits and gains: Provided that the Assessing Officer

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 ()

gains on for in the accounts on account of appreciation of or gains on for in the accounts on account of appreciation of or gains on the realization of investments shall be the realization of investments shall be treated as part of the treated as part of the profits and gains: profits and gains: Provided that the Assessing Officer

TVF FUND LTD., MAURITIUS,MUMBAI vs. DCIT (INTERNATIONAL TAXATION)-4(1)(2), MUMBAI, MUMBAI

In the result the appeal filed by the assessee stands partly allowed

Bench: Smt. Beena Pillai () & Ms. Padmavathy S ()

section 90(2) of the Act. Accordingly, assessee claimed the long-term and short-term capital gains to be exempt under Article 13(3) and Article 13(4) of India Mauritius DTAA as it stood prior to amendment. 2.2 It was further noted, by the Ld. AO that during the year assessee had brought forward long-term capital loss

ICICI BANK LTD.,MUMBAI vs. THE DY CIT -2(3)(1), MUMBAI

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

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Icici Bank Ltd. The Dy. Commissioner Of Icici Bank Towers, Income-Tax 2(3)(1) Bandra Kurla Complex, Aaykar Bhavan, Vs. 5Th Floor, Room No.552, Badra (East), Mumbai-400 051 M.K. Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaaci1195H

gain. viii. Excess allowances of deduction of ₹250,03,69,520/- under Section 36 (1) (vii) of the Act, where the assessee is eligible for deduction to the extent of only ₹542,07,79,550/- but in the assessment order same was allowed to the extent of ₹792,11,49,070/-. 06. This show cause notice was replied

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)

capital 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

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)

capital 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

ASHISH SHASHIKANT CHOKSI,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 6(2), MUMBAI, MUMBAI

In the result, all the appeals of the assessee are allowed

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2015-16

Capital Gains, and such gains are not eligible for exemption under section and such gains are not eligible for exemption under section and such gains are not eligible for exemption under section 10(38). Applying the ratio of this binding precedent, the AO 10(38). Applying the ratio of this binding precedent, the AO 10(38). Applying the ratio

VISHWAS SHASHIKANT CHOKSI,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI, MUMBAI

In the result, all the appeals of the assessee are allowed

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2015-16

Capital Gains, and such gains are not eligible for exemption under section and such gains are not eligible for exemption under section and such gains are not eligible for exemption under section 10(38). Applying the ratio of this binding precedent, the AO 10(38). Applying the ratio of this binding precedent, the AO 10(38). Applying the ratio