M/S WF ASIAN SMALLER COMPANIES FUND LIMITED,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION CIRCLE 4(3)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.459/Mum/2023 (निर्धारण वर्ा / Assessment Years: 2013-14) M/S. Wf Asian Smaller बिधम/ Acit, Circle-4(3)(2) Companies Fund Ltd Room No. 1611, 16Th Vs. C/O Ankul Goyal, Azb & Floor, Air India Building, Partners A8, Sector-4, Nariman Point, Mumbai- Noida 201301. 400021. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacw5648R (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Deepak Chopra/Ankul Goyal Revenue By: Shri Soumedu Kumar Dash (Sr. Dr) सुनवाई की तारीख / Date Of Hearing: 28/03/2023 घोषणा की तारीख /Date Of Pronouncement: 23/06/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Passed By The Ao Dated 19.01.2023 U/S 147 R.W.S 144C(13) Of The Income Tax Act, 1961 (Hereinafter “The Act”) Pursuant To The Direction Issued By The Ld. Dispute Resolution Panel (Drp) For Ay. 2013-14. 2. The Assessee Has Raised The Legal Issue Challenging The Action Of The Ao To Have Reopened The Original-Scrutiny-Assessment U/S 143(3) Of The Act, After Four (4) Years [From The End Of The Relevant Assessment Year] Without Satisfying The Additional Condition Precedent As Prescribed In The Proviso To Section 147(1) Of The Act. Since The Assessee Has Raised The Legal Issue Assailing The Jurisdiction Of Ao To Have Issued Notice U/S 148 Of The Act, Proposing Re-Opening Of The Original Assessment [Framed Under Scrutiny Under Section 143(3) Of The Act], We Will Adjudicate It First. For Appreciating The Legal Issue, Let Us

gain from shares subjected to STT and claimed exempt u/s. 10(38) of the Act. Accordingly, we direct the Assessing Officer to allow carry forward of long term capital loss as claimed by the assessee. Ground nos. 2 & 3 raised by the assessee are allowed.” 11. And therefore, according to Ld Adv Shri Deepak Chopra on merits also the action

SH KELKAR & CO. LTD.,MUMBAI vs. PR. CIT-4, MUMBAI

In the result, the appeal of the assessee stands allowed

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2015-16 Sh Kelkar & Company Principal Commissioner Of Limited, Income-Tax-4, Devkaran Mansion, 36, Vs. Room No. 629, 6Th Floor, Mangaldas Road, Aayakar Bhavan, Mumbai-400 002. Mumbai-400020. Pan No. Aaacs 9778 G Appellant Respondent Assessee By : Shri J.D. Mistry, Sr. Advocate & Shri Harsh Kothari Revenue By : Dr. Kishor Dhule, Cit-Dr : Date Of Hearing 13/02/2023 Date Of Pronouncement : 20/02/2023

Capital Gains" and that the said query was raised during the assessment through questionnaire raised during the assessment through questionnaire raised during the assessment through questionnaire under section 142(1); under section 142(1); 3. The learned PCI The learned PCIT - 4, Mumbai erred in setting aside 4, Mumbai erred in setting aside the assessment order passed under section

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

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

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

UTILITY SUPPLY PRIVATE LIMITED,MUMBAI vs. DCIT CENTRAL CIRCLE 8(4) MUMBAI, MUMBAI

In the result, the appeal filed by the Assessee is allowed

263\netc. is seen and a copy of the relevant order is placed on file and\nensure that the total income assessed under section 153A of the\nI.T. Act is not less than the total income determined in\nproceedings prior to the order under section 153A of the Act.\nThe office note should also give finding that identity,\ncreditworthiness

TATA SONS LTD,MUMBAI vs. CIT 2, MUMBAI

In the result, appeal of the assessee is allowed

263 were not based on a suggestion from\naudit and hence the Order is bad in law and requires to be\nquashed.\n2) Computation of Income from Capital Gains\na) The CIT erred in concluding that the Scheme of Arrangement\nand Reconstruction was not a case of Reduction of Capital.\nb) The CIT erred in concluding that the computation mechanism

ADIT (E) RG I, MUMBAI vs. MEHTA CHARITY TRUST, MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri B.R. Baskaranassessment Year: 2004-05 The Ddit(E)I(1), Mehta Charity Trust, R. No.504, Piramal Top Floor, Mehta Mahal, 15Th बनाम/ Chambers, 5Thfloor, Parel, Mathew Road, Opera House, Vs. Mumbai-400012 Mumbai-400004 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Aaatm5060A

2,78,38,080/- and thus not entitled for exemption u/s 11(1A) of the Income-tax Act, 1961 for the entire capital gains. So, the capital gains of Rs.1,03,53,927/-(Rs.1,48,77,358 x Rs.2,78,38,080/ Rs.4,00,00,000) only is exempt and the balance of Rs.45,23,430/- is taxable as worked

PRASHANT KOTHARI,SINGAPORE vs. CIT A (57) MUMBAI, OFFICE OF COMMISSIONER OF APPEALS MUMBAI

In the result, the additional ground of\nappeal is allowed

section 90 of the Act and by force of Article 13(4) of DTAA and\nsection 90(2) of the IT Act, capital gain arising to resident of Singapore is\nnot taxable in India and therefore, Article 24 was not applicable in the case\nof the appellant. To support the argument, the appellant relied upon the\ndecisions in the case

MANJU RAKESH JAIN,MUMBAI vs. PCIT, MUMBAI-20, MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2020-21 Manju Rakesh Jain, Pcit, Mumbai-20 704-A, Highland Park, Lokhanwala 418, 4Th Floor, Piramal Chambers, Vs. Complex, Andheri West, Lalbaug, Parel, Mumbai-400058. Mumbai-400012. Pan No. Aaepj 9613 N Appellant Respondent

Capital Gains' and 'Income from Other Sources'. The return was selected for scrutiny and the assessment was The return was selected for scrutiny and the assessment The return was selected for scrutiny and the assessment completed under Section 143(3) read with Section 144B of the completed under Section 143(3) read with Section 144B of the completed under Section

RAJAN GUNBA TELANG,MUMBAI vs. PR. CIT - 21 , MUMBAI

In the result, assessee’s appeal stands dismissed

Bench: Shri Saktijit Dey & Shri N.K. Pradhan

capital gain account scheme. Thus, he observed, the conditions of section 54(2) having been violated, the assessee is not eligible to claim deduction under section 54(1) of the Act. Since, the Assessing Officer had failed to examine the applicability of section 54(2) of the Act, qua the deduction claimed by the assessee under section

MOHD RAZA AKBERALI GHUGHARIA,MUMBAI vs. ITO 15(2)(3), MUMBAI

The appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2005-06 Mohd Raza Akberali Ito 15(2)(3), Ghugharia, Matru Mandir Tardeo, बनाम/ M/S. N.S. Virani & Co., C.A. S Mumbai-400034 Vs. 28, Bhanushali Bldg. 35, Mint Road, Mumbai-400001 (Assessee) (Revenue) P.A. No.Aabpg3107B "नधा"रती क" ओर से / Assessee By Shri Vijay Mehta & Shri Anuj Kisnadwala. (Ar) Shri K. V. Vispure ( Dr) राज"व क" ओर से / Revenue By 27/04/2016 सुनवाई क" तार"ख / Date Of Hearing : आदेश क" तार"ख /Date Of Order: 01/07/2016

2) r.w.s. 263 dated 07.07.2009 for the Assessment Year 2005-06 on the following grounds: “I.The earned Assessing Officer erred in invoking the provisions of section 50C of the I.T. Act, 1961 and thereby assessing the taxable Long Term Capital Gain

RATAN TATA TRUST,MUMBAI vs. CIT (E), MUMBAI

In the result, the appeal is allowed

263. Exercise of option under section 11(2) As regards pars 4 of the notice, the assessee submits that even as per the assessment order dated December 30, 2016 as against the income of Rs. 132.32 crs, the assessee has applied an amount of Rs 122.27 crs i.e. more than 85, of the income. Thus, there is no question

J.R.D TATA TRUST ,MUMBAI vs. CIT (E), MUMBAI

In the result, the appeal is allowed

263. Exercise of option under section 11(2) As regards pars 4 of the notice, the assessee submits that even as per the assessment order dated December 30, 2016 as against the income of Rs. 132.32 crs, the assessee has applied an amount of Rs 122.27 crs i.e. more than 85, of the income. Thus, there is no question

SARAH FAISAL HAWA,MUMBAI vs. ASST CIT 21(3), MUMBAI

In the result the appeal of the assessee is partly allowed

Bench: Sh. P.K. Bansal & Shri Pawan Singh

Capital Gain' as 'Business Income' of the Appellant. Without Hence, the Appellant prays that the benefit of provisions of section 45(2) may be granted to the Appellant. 4. Addition on account of dividend stripping under section 94(7) of the Act unjustified- Rs.20,799/- i. The Ld. CIT(A) erred in upholding the action

KESHAV AND COMPANY,MUMBAI vs. ASST CIT 18(2), MUMBAI

Bench: Shri Amit Shukla & Shri Ashwani Tanejaita No. : 5639/Mum/2012 (Assessment Year: 2006-07) Vs Keshav & Company, Ito –Ward-22(1)(4), B-607, Arihant Bldg., 6Th Floor, Sudha Park, Vashi Railway Station, Behind Garodia Nagar, Vashi, Navi Mumbai Ghatkopar (E), Mumbai -400 077 Pan:Aacpk 1625 P ""यथ" (Respondent) अपीलाथ" (Appellant) Ito –Ward-22(1)(4), Vs Keshav & Company, Vashi, Navi Mumbai Mumbai -400 077 ""यथ" (Respondent) अपीलाथ" (Appellant) C.O. No. 273/Mum/2013 Arising Out Of Ita No.6276/Mum/2012, Ay-2006-07 Keshav & Company, Vs Ito –Ward-22(1)(4), Mumbai -400 077 Vashi, Navi Mumbai ""यथ" (Respondent) अपीलाथ" (Appellant) Assessee "ी राजन वोहरा : Shri Rajan Vohra Cross Objector By "ी बी पृसेठ Shri B Pruseth Revenue By : सुनवाई क" तार"ख /Date Of Hearing : 13-07-2016 घोषणा क" तार"ख /Date Of Pronouncement : 30-09-2016

2(47); section 14 of Indian Partnership Act; and also the various decisions of the Hon’ble Supreme Court, observed and held as under :- “24. Therefore, in order to attract Section 45(4) of the Act, the capital asset of the firm should be transferred in favour of a partner, resulting in 24 Keshav and Company ITA 5639/Mum/2014 ITA 6276/Mum/2014

ACIT 18(2), MUMBAI vs. KESHAV & COMPANY, MUMBAI

Bench: Shri Amit Shukla & Shri Ashwani Tanejaita No. : 5639/Mum/2012 (Assessment Year: 2006-07) Vs Keshav & Company, Ito –Ward-22(1)(4), B-607, Arihant Bldg., 6Th Floor, Sudha Park, Vashi Railway Station, Behind Garodia Nagar, Vashi, Navi Mumbai Ghatkopar (E), Mumbai -400 077 Pan:Aacpk 1625 P ""यथ" (Respondent) अपीलाथ" (Appellant) Ito –Ward-22(1)(4), Vs Keshav & Company, Vashi, Navi Mumbai Mumbai -400 077 ""यथ" (Respondent) अपीलाथ" (Appellant) C.O. No. 273/Mum/2013 Arising Out Of Ita No.6276/Mum/2012, Ay-2006-07 Keshav & Company, Vs Ito –Ward-22(1)(4), Mumbai -400 077 Vashi, Navi Mumbai ""यथ" (Respondent) अपीलाथ" (Appellant) Assessee "ी राजन वोहरा : Shri Rajan Vohra Cross Objector By "ी बी पृसेठ Shri B Pruseth Revenue By : सुनवाई क" तार"ख /Date Of Hearing : 13-07-2016 घोषणा क" तार"ख /Date Of Pronouncement : 30-09-2016

2(47); section 14 of Indian Partnership Act; and also the various decisions of the Hon’ble Supreme Court, observed and held as under :- “24. Therefore, in order to attract Section 45(4) of the Act, the capital asset of the firm should be transferred in favour of a partner, resulting in 24 Keshav and Company ITA 5639/Mum/2014 ITA 6276/Mum/2014