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)

b) Balance Short Term Capital Loss (STT paid) was set off against the Short Term Capital Gains (STT paid: taxable at the rate of 15% under Section 111A) Thereafter, the Balance Short Term Capital Gain of Assessment Year 2022-2023 INR.3,70,83,534/- was offered to tax at the rate of 15% under Section 111A. 5. According

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

271(l)(c) of the Act is initiated separately.” 5.2 On appeal, the Ld.CIT(A) on the first issue of taxing entire On appeal, the Ld.CIT(A) on the first issue of taxing entire On appeal, the Ld.CIT(A) on the first issue of taxing entire capital gain on account of conversion of capital asset being land capital gain

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

271(l)(c) of the Act is initiated separately.” 5.2 On appeal, the Ld.CIT(A) on the first issue of taxing entire On appeal, the Ld.CIT(A) on the first issue of taxing entire On appeal, the Ld.CIT(A) on the first issue of taxing entire capital gain on account of conversion of capital asset being land capital gain

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

271(l)(c) of the Act is initiated separately.” 5.2 On appeal, the Ld.CIT(A) on the first issue of taxing entire On appeal, the Ld.CIT(A) on the first issue of taxing entire On appeal, the Ld.CIT(A) on the first issue of taxing entire capital gain on account of conversion of capital asset being land capital gain

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

271(l)(c) of the Act is initiated separately.” 5.2 On appeal, the Ld.CIT(A) on the first issue of taxing entire On appeal, the Ld.CIT(A) on the first issue of taxing entire On appeal, the Ld.CIT(A) on the first issue of taxing entire capital gain on account of conversion of capital asset being land capital gain

ELENJICKAMALIL V. THOMAS,NAVI MUMBAI vs. DCIT 22(3), MUMBAI

In the result, appeal of the assessee in ITA no

Bench: Shri Mahavir Singh & Shri Ramit Kocharआमकय अऩीर सं/.I.T.A. No.2647/Mum/2017 (नििाारण वषा / Assessment Year : (2009-10) बिाम / Elenjickamalil V. Thomas Dcit 22(3) 212, Vardhaman Chambers, Mumbai Sector-17, Vashi, V. Navi Mumbai – 400 703 स्थामी रेखा सं/.Pan: Aacpe7339L (अऩीराथी / Appellant) (प्रत्मथी / Respondent) ..

capital gain on sale of depreciable assets – Rs. 99,01,531/-“ 4.3 So far as quantum additions at 4.2 (i) and (iii) above are concerned the matter went upto Income Tax Appellate Tribunal, Mumbai and tribunal was pleased to adjudicate both the issues vide appellate order dated 18.05.2016 in ITA no. 199/Mum/2013 for assessment year 2009-10 , wherein

POLYCHEM LTD,MUMBAI vs. DCIT 1(2)(2), MUMBAI

In the result, assessee’s appeal is allowed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

capital gain was assessed as business income 3. While completing assessment on the basis of additions made, the Assessing Officer also initiated proceedings for imposition of penalty under section 271(1)(c) of the Act. Against the addition made in the assessment order, the assessee preferred appeal before the first appellate authority. 4. During the pendency of appeal before

DCIT CC 3(4) CEN RG 3, MUMBAI vs. DHANVINDER BINDRA, MUMBAI

In the result, the appeals filed by the Revenue are dismissed

Bench: Shri P K Bansal & Shri R.L. Negi

capital gains on redemption of HDFC Mutual Funds to the tune of Rs. 12,23,642/- in the return of income filed by the assessee with the Revenue, to which the assessee admitted and immediately after being confronted by Revenue filed revised computation of income and paid due taxes to the Revenue. By no stretch of imagination

DCIT CC 3(4) CEN RG 3, MUMBAI vs. DHANVINDER BINDRA, MUMBAI

In the result, the appeals filed by the Revenue are dismissed

Bench: Shri P K Bansal & Shri R.L. Negi

capital gains on redemption of HDFC Mutual Funds to the tune of Rs. 12,23,642/- in the return of income filed by the assessee with the Revenue, to which the assessee admitted and immediately after being confronted by Revenue filed revised computation of income and paid due taxes to the Revenue. By no stretch of imagination

DCIT CC 3(4) CEN RG 3, MUMBAI vs. DHANVINDER BINDRA, MUMBAI

In the result, the appeals filed by the Revenue are dismissed

Bench: Shri P K Bansal & Shri R.L. Negi

capital gains on redemption of HDFC Mutual Funds to the tune of Rs. 12,23,642/- in the return of income filed by the assessee with the Revenue, to which the assessee admitted and immediately after being confronted by Revenue filed revised computation of income and paid due taxes to the Revenue. By no stretch of imagination

DCIT CC 3(4) CEN RG 3, MUMBAI vs. DHANVINDER BINDDRA, MUMBAI

In the result, the appeals filed by the Revenue are dismissed

Bench: Shri P K Bansal & Shri R.L. Negi

capital gains on redemption of HDFC Mutual Funds to the tune of Rs. 12,23,642/- in the return of income filed by the assessee with the Revenue, to which the assessee admitted and immediately after being confronted by Revenue filed revised computation of income and paid due taxes to the Revenue. By no stretch of imagination

DCIT CC 3(4) CEN RG 3, MUMBAI vs. DHANVINDER BINDRA, MUMBAI

In the result, the appeals filed by the Revenue are dismissed

Bench: Shri P K Bansal & Shri R.L. Negi

capital gains on redemption of HDFC Mutual Funds to the tune of Rs. 12,23,642/- in the return of income filed by the assessee with the Revenue, to which the assessee admitted and immediately after being confronted by Revenue filed revised computation of income and paid due taxes to the Revenue. By no stretch of imagination

DCIT CC 3(4) CEN RG 3, MUMBAI vs. DHANVINDER BINDRA, MUMBAI

In the result, the appeals filed by the Revenue are dismissed

Bench: Shri P K Bansal & Shri R.L. Negi

capital gains on redemption of HDFC Mutual Funds to the tune of Rs. 12,23,642/- in the return of income filed by the assessee with the Revenue, to which the assessee admitted and immediately after being confronted by Revenue filed revised computation of income and paid due taxes to the Revenue. By no stretch of imagination

MAHESH M. GANDHI,MUMBAI vs. ACIT 20(2), MUMBAI

In the result, appeal filed by the assessee in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.2976/Mum/2016 ("नधा"रण वष" / Assessment Year : 2011-12) Shri Mahesh M. Gandhi, Asst. Commissioner Of बनाम/ 303/304, Sholay Income Tax – 20(2), V. Apartments, Mumbai. Raheja Complex, Seven Bungalows, Versova, Andheri (W), Mumbai – 400 061. "थायी लेखा सं./Pan : Aabpg3545P (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

capital gain. In view of the above facts, I am satisfied that the assessee has concealed his income by furnishing inaccurate particulars of income to the extent of Rs.12,23,642/- and thus penalty proceedings u/s 271(1)(c) if the I T Act, 1961 is initiated separately on this point.” It is also pertinent to refer to the judgment

PAHILAJRAI JAIKISHAN,MUMBAI vs. DCIT 19(3), MUMBAI

In the result, the appeal is allowed

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

gains; and nothing in clause (xv) of sub-section (2) shall be deemed to authorise—….. (b) any allowance in respect of any payment by way of interest, salary, commission or remuneration made by a firm to any partner of the firm;…" It is plain that salaries paid to partners are regarded by the Income- tax Act, as retaining the character

ASST CIT 19(3), MUMBAI vs. PAHILAJRAI JAIKISHIN, MUMBAI

In the result, the appeal is allowed

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

gains; and nothing in clause (xv) of sub-section (2) shall be deemed to authorise—….. (b) any allowance in respect of any payment by way of interest, salary, commission or remuneration made by a firm to any partner of the firm;…" It is plain that salaries paid to partners are regarded by the Income- tax Act, as retaining the character

PRINCE CONSULTANCY P. LTD.,MUMBAI vs. DCIT - 13(1)(2), MUMBAI

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Ramlal Negi

capital gains vis-a-vis s.54EC and corroborative evidence of investment made, and hence, the case falls within the four corners of reasonable cause in view of s.273B and hence the case may be considered in view of s.273B to delete the penalty levied and confirmed. (6) Appellant craves leave to add, alter, amend, or withdraw to the aforesaid ground

HEMAL MAGANLAL SHAH,MUMBAI vs. CIT (A) NFAC, DELHI

In the result, appeal filed by the assessee is dismissed

Bench: Shri Aby T Varkey & Shri Gagan Goyalhemal Maganlal Shah 84, 4Th Floor, Pankaj-B, Lbs Road, Ghatkopar (W), Mumbai-400086. Pan: Amfps8271G ...... Appellant Vs. The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Mumbai. ..... Respondent Appellant By : Sh. H.M. Shah Respondent By : Sh. Prasoon Kabra Date Of Hearing : 17/05/2022 Date Of Pronouncement : 10/08/2022 Order Per Gagan Goyal, A.M:

capital, disallowances on account of some question of law involved, etc. Whereas in this case revenue 6 ITA No. 285/Mum/2022-Hemal Maganlal Shah received an information from the Maharashtra VAT Department about involvement of certain entities in providing bogus bills to the traders to accommodate their unaccounted purchases from grey market. Assessee nowhere challenged the action of the Revenue about disallowance

SKF INIDA LTD( SINCE MAY 19 2004 NAME HAS BEEN CHANGED FROM SKF BEARING INDIA LTD),MUMBAI vs. DCIT RG 4(3), MUMBAI

In the result, the appeal filed by the Revenue is dismissed and the appeals filed by the assessee are allowed

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No.7092/Mum/2013 ("नधा"रण वष" / Assessment Year:2002-03 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 Appellant Respondent आयकर अपील सं /I.Ta No.3558/Mum/2012 ("नधा"रण वष" / Assessment Year:2005-06 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.7093/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05 M/S. Skf India Ltd., The Acit-4(3), बनाम/ (Formerly Known As Skf Aayakar Bhavan, Vs. Bearings India Ltd) Mumbai-400 020 Mahatama Gandhi Memorial Bldg., Netaji Subhash Road, Mumbai-400 002 आयकर अपील सं /I.Ta No.6989/Mum/2013 ("नधा"रण वष" / Assessment Year:2004-05

1)(b) would or would not apply. According to the Assessing Officer Sec. 112 is again an independent charging Section which would apply to Long Term Capital Gain and once the statute has created a legal fiction to treat capital gains on depreciable asset as Short Term Capital Gain that legal fiction could not take any different form