DCIT- 2(2)(2), MUMBAI vs. YES BANK LTD., MUMBAI

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

gains of business and profession and therefore, expenses relatable to investment cannot be disallowed under section 57(i) of the Act. The applicability of deduction of expenditure under section 28 is also to be treated on the same parameters. When it is not the claim of the ld AO that valuation of securities held as stock in trade

YES BANK LTD.,MUMBAI vs. DCIT 2(2)(2), MUMBAI

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

gains of business and profession and therefore, expenses relatable to investment cannot be disallowed under section 57(i) of the Act. The applicability of deduction of expenditure under section 28 is also to be treated on the same parameters. When it is not the claim of the ld AO that valuation of securities held as stock in trade

YES BANK LIMITED,MUMBAI vs. DCIT - 2(2)(2), MUMBAI

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

gains of business and profession and therefore, expenses relatable to investment cannot be disallowed under section 57(i) of the Act. The applicability of deduction of expenditure under section 28 is also to be treated on the same parameters. When it is not the claim of the ld AO that valuation of securities held as stock in trade

YES BANK LIMITED,MUMBAI vs. DCIT 2 (2)(2), MUMBAI

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

gains of business and profession and therefore, expenses relatable to investment cannot be disallowed under section 57(i) of the Act. The applicability of deduction of expenditure under section 28 is also to be treated on the same parameters. When it is not the claim of the ld AO that valuation of securities held as stock in trade

DCIT- 2(2)(2), MUMBAI vs. YES BANK LTD., MUMBAI

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

gains of business and profession and therefore, expenses relatable to investment cannot be disallowed under section 57(i) of the Act. The applicability of deduction of expenditure under section 28 is also to be treated on the same parameters. When it is not the claim of the ld AO that valuation of securities held as stock in trade

DCIT-2(3)(1), MUMBAI vs. INDUSIND BANK LTD., MUMBAI

gains of\nbusiness or profession\" and which has been taxed as such by the ld. AO. Hence,\nthe income derived from credit card business has been accepted as business\nincome by the ld. AO. The satisfaction of requirement of offering of income in\nterms of Section 36(2) of the Act has been done by the assessee in the instant

INDUSIND BANK LTD,MUMBAI vs. THE DCIT-2(3)(1), MUMBAI

In the result, the Income Tax Appeal is\ndismissed

35D\nDisallowance of bad-debts pertaining to Credit Card\nDisallowance of interest on perpetual bonds\nDisallowance of amortization of premium on HTM\nInvestments\nDisallowance of broken period interest\n\nRs.1,21,33,428/-\nRs.21,81,59,726/-\nRs.1,65,89,79,547/-\nRs.2,87,11,074/-\nRs.10,21,58,858/-\nRs.58,17,20,221/-\nRs.1,85,57,53,425/-\nRs.1

ITO 14(1)3, MUMBAI vs. ASHOKKUMAR M PARIKH, MUMBAI

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

35D(3) - Explanation (g)"Tenancy" - section 1941 Explanation (i) -lease, sub-lease, tenancy (h)"Lease" Section 269UA(t) Section 44AE Section 696A(a)(1)(iii) (i)Section 54D, 54G - "right in land" - refer written submissions para 1.4 and 1.5 (j)Section 92B Explanation (ii)(i) - leasehold (k)Section 33A - Explanation below sub-section (8) The above are only instances where

ITO 14(1)3, MUMBAI vs. BHARATKUMAR M PARIKH, MUMBAI

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

35D(3) - Explanation (g)"Tenancy" - section 1941 Explanation (i) -lease, sub-lease, tenancy (h)"Lease" Section 269UA(t) Section 44AE Section 696A(a)(1)(iii) (i)Section 54D, 54G - "right in land" - refer written submissions para 1.4 and 1.5 (j)Section 92B Explanation (ii)(i) - leasehold (k)Section 33A - Explanation below sub-section (8) The above are only instances where

BHARTKUMAR MANEKLAL PARIKH,MUMBAI vs. ITO 14(1)(3),

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

35D(3) - Explanation (g)"Tenancy" - section 1941 Explanation (i) -lease, sub-lease, tenancy (h)"Lease" Section 269UA(t) Section 44AE Section 696A(a)(1)(iii) (i)Section 54D, 54G - "right in land" - refer written submissions para 1.4 and 1.5 (j)Section 92B Explanation (ii)(i) - leasehold (k)Section 33A - Explanation below sub-section (8) The above are only instances where

ASHOKKUMAR MANEKLAL PARIKH,MUMBAI vs. ITO 14(1)(3),

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

35D(3) - Explanation (g)"Tenancy" - section 1941 Explanation (i) -lease, sub-lease, tenancy (h)"Lease" Section 269UA(t) Section 44AE Section 696A(a)(1)(iii) (i)Section 54D, 54G - "right in land" - refer written submissions para 1.4 and 1.5 (j)Section 92B Explanation (ii)(i) - leasehold (k)Section 33A - Explanation below sub-section (8) The above are only instances where

BHARATKUMAR MANEKLAL PARIKH,MUMBAI vs. ITO 14(1)(3), MUMBAI

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

35D(3) - Explanation (g)"Tenancy" - section 1941 Explanation (i) -lease, sub-lease, tenancy (h)"Lease" Section 269UA(t) Section 44AE Section 696A(a)(1)(iii) (i)Section 54D, 54G - "right in land" - refer written submissions para 1.4 and 1.5 (j)Section 92B Explanation (ii)(i) - leasehold (k)Section 33A - Explanation below sub-section (8) The above are only instances where

ASHOKKUMAR MANEKLAL PARIKH,MUMBAI vs. ITO 14(1)(3), MUMBAI

In the result, appeals of the assessee are allowed, whereas appeals of the Revenue are dismissed

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No.3708/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.1250/Mum/2013 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ Shri Bharatkumar Maneklal The Ito 14(1)(3), Parikh, Mumbai. Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4985/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 आमकय अऩीर सं./I.T.A. No.4986/Mum/2014 (नििाारण वषा / Assessment Year : 2010-2011 बिाम/ The Ito 14(1)(3), Shri Bharatkumar Mumbai. Maneklal Parikh, Vs. Arunodaya, 10 Th Floor, Flat No. 1002 & 1003, Opp. New India Colony, C.D. Bariwala Marg, Andheri (W), Mumbai – 400 058. स्थामी रेखा सं./ Pan : Aacpp7754L (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

35D(3) - Explanation (g)"Tenancy" - section 1941 Explanation (i) -lease, sub-lease, tenancy (h)"Lease" Section 269UA(t) Section 44AE Section 696A(a)(1)(iii) (i)Section 54D, 54G - "right in land" - refer written submissions para 1.4 and 1.5 (j)Section 92B Explanation (ii)(i) - leasehold (k)Section 33A - Explanation below sub-section (8) The above are only instances where

ACIT CIR 4(2), MUMBAI vs. JBF INDUSTRIES LTD, MUMBAI

In the result, the appeal of the revenue is partly allowed

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.2695/M/11 & I.T.A.No.6209/Mum/11 ("नधा"रण वष" / Assessment Year:, 2007-08 & 2008-09) M/S. Jbf Industries Limited बनाम/ Addl. Commissioner Of 8Th Floor, Express Tower, Income Tax 4(2) Vs. Nariman Point, Aayakar Bhavan, 6Th Floor Mumbai - 400021 Mumbai. आयकर अपील सं/ I.T.A. No.5637/Mum/13, I.T.A.2765/Mum/11

35D. I.T.A. No.2695&6209/Mum/11, 5637/Mum/13, I.T.A.2765/Mum/11, 638/Mum/2013 & 6042/Mum/2011 A.Y.2006-07, 2007-08 & 2008-09 4. Disallowance of expenditure under the head repair and maintenance Rs.2,75,401/-. 4.1 The learned CIT(A) erred in confirming the disallowance made by the AO for repair & maintenance of Rs.2,75,401/- as non genuine business expenditure. 4.2 The learned CIT(A) failed to appreciate

ADDL CIT 7(2), MUMBAI vs. RELIANCE NATURAL RESOURCES LTD, NAVI MUMBAI

In the result, the appeal is allowed

Bench: Shri Jason P. Boaz & Shri Saktijit Deyreliance Natural Resources Ltd. Addl. Cit, Range 7(2) H Block, 1St Floor, Dhirubhai Room No. 620, 6Th Floor Vs. Ambani Knowledge City Aayakar Bhavan Navi Mumbai 400710 M.K. Road, Mumbai 400020 Pan - Aabcr7656P Appellant Respondent Addl. Cit, Range 7(2) Reliance Natural Resources Ltd. Room No. 620, 6Th Floor H Block, 1St Floor, Dhirubhai Vs. Aayakar Bhavan Ambani Knowledge City M.K. Road, Mumbai 400020 Navi Mumbai 400710 Pan - Aabcr7656P Appellant Respondent

gains and so could not be equated to short term capital loss. 5. The appellant prays that the order of CTT(A) on the grounds be set aside and that of the AO restored . The appellant craves leave to amend or alter any ground or add a new ground that may be necessary.” 11. Grounds No. 1 to 3 - Disallowance

RELIANCE NATURAL RESOURCES LTD,NAVI MUMBAI vs. ADDL CIT RG 7(2), MUMBAI

In the result, the appeal is allowed

Bench: Shri Jason P. Boaz & Shri Saktijit Deyreliance Natural Resources Ltd. Addl. Cit, Range 7(2) H Block, 1St Floor, Dhirubhai Room No. 620, 6Th Floor Vs. Ambani Knowledge City Aayakar Bhavan Navi Mumbai 400710 M.K. Road, Mumbai 400020 Pan - Aabcr7656P Appellant Respondent Addl. Cit, Range 7(2) Reliance Natural Resources Ltd. Room No. 620, 6Th Floor H Block, 1St Floor, Dhirubhai Vs. Aayakar Bhavan Ambani Knowledge City M.K. Road, Mumbai 400020 Navi Mumbai 400710 Pan - Aabcr7656P Appellant Respondent

gains and so could not be equated to short term capital loss. 5. The appellant prays that the order of CTT(A) on the grounds be set aside and that of the AO restored . The appellant craves leave to amend or alter any ground or add a new ground that may be necessary.” 11. Grounds No. 1 to 3 - Disallowance

TRENT LTD,MUMBAI vs. ADDL. C.I.T.-2(3), MUMBAI

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Trent Ltd., V. Add. Cit – 2(3) Bombay House, 2Nd Floor, 24 Aayakar Bhavan, M.K. Road Homi Mody Street, Fort Mumbai Mumbai – 400 001 Pan: Aaacl1838J (Appellant) (Respondent) Addl. Cit – 2(3) V. M/S. Trent Ltd., Room No. 556, 5Th Floor Bombay House, 2Nd Floor, 24 Aayakar Bhavan, M.K. Road Homi Mody Street, Fort Mumbai - 400 020 Mumbai – 400 001 Pan: Aaacl1838J (Appellant) (Respondent) M/S. Trent Ltd., V. Dy. Cit – 2(3) Bombay House, 2Nd Floor, 24 Aayakar Bhavan, M.K. Road Homi Mody Street, Fort Mumbai Mumbai – 400 001 Pan: Aaacl1838J (Appellant) (Respondent)

capital gains in the construction of a lodging house. This Court found that the running of a lodge would be an industrial undertaking within the meaning of Section 54D. 12. In Shankar Construction Co., the Karnataka High Court was considering the meaning of "industrial undertaking" under Section 32A. The Karnataka High Court reiterated the principle that when a taxing statute

ACIT (LTU-1), MUMBAI vs. BAJAJ HOLDINGS & INVESTMENT LTD, MUMBAI

In the result, cross objection filed by the assessee is partly allowed

Bench: Shri Kuldip Singh, Hon’Ble & Shri S. Rifaur Rahman, Hon'Bleacit (Ltu-1) V. Bajaj Holdings Investment Ltd 29Th, Floor, Centre-1 226, Bajaj Bhavan, 2Nd Floor World Trade Centre Jamnalal Bajaj Marg, Nariman Point Mumbai- 400021 Cuffe Parade, Mumbai- 400075 Pan: Aaacb3370K (Appellant) (Respondent) C.O.No. 96/Mum/2002 [Arising Out Of Ita No.5030/Mum/2001 (A.Y: 1997-98)] Bhajaj Auto Limited V. Acit (Ltu-1) Bhajaj Bhavan 29Th, Floor, Centre-1 Nariman Point World Trade Centre Mumbai - 400020 Cuffe Parade, Mumbai- 400075 Pan: Aaacb3370K (Appellant) (Respondent) Assessee Represented By : Shri Percy Pardiwala& Ms. Vasanti Patel Department Represented By : Shri Rahul Kumar & Shri Vranda U Matkarri

35D even though these expenses cannot be said to be on account of cost of project or for capital employed for the business of the assesse. (l) Erred in holding that the sales and lease back transaction entered into by the assesse with M/s Tata Chemicals Ltd. (TCL) was genuine oneand legally valid and that the lease assets is immovable