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

BAJAJ HOLDNGS & INVESTMENT LTD ( ERSTWHILE BAJAJ AUTO LTD),MUMBAI vs. ADDL CIT RG 3(1), MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal of the revenue is dismissed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhbajaj Holdings & Vs. Additional Commissioner Investment Ltd. Of Income-Tax, Range 3(1) Erstwile Bajaj Auto Ltd.) Aayakar Bhavan, Bajaj Bhavan, 226, M.K. Road, Nariman Point, Mumbai – 400 020 Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Dcit-3(4) Vs. M/S Bajaj Holding & Room No. 481-2, 4Th Floor, Investment Limited Aaykar Bhavan, (Erstwhile Bajaj Auto Ltd) Mumbai – 400020 226, Bajaj Bhavan, 2Nd Floor, Jamnalal Bajaj Marg, Nariman Point Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Appellant By : Percy Pardiwala & Vasanti Patel Respondent By : Ankush Kapoor

gains. 35. During the course of appellate proceedings before us the ld. Counsel submitted that amount of Rs.117 crores was received by the P a g e | 17 ITA No.3043 & 2899/Mum/2010 Bajaj Holdings & Investments Ltd. Vs. ACIT, Range 3(1) assessee from Allianz A.G. Germany under the agreement prior to the joint venture of the company with Allianz A.G. Germany

ADDL CIT RG 3(1), MUMBAI vs. BAJAJ AUTO LTD, MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal of the revenue is dismissed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhbajaj Holdings & Vs. Additional Commissioner Investment Ltd. Of Income-Tax, Range 3(1) Erstwile Bajaj Auto Ltd.) Aayakar Bhavan, Bajaj Bhavan, 226, M.K. Road, Nariman Point, Mumbai – 400 020 Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Dcit-3(4) Vs. M/S Bajaj Holding & Room No. 481-2, 4Th Floor, Investment Limited Aaykar Bhavan, (Erstwhile Bajaj Auto Ltd) Mumbai – 400020 226, Bajaj Bhavan, 2Nd Floor, Jamnalal Bajaj Marg, Nariman Point Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Appellant By : Percy Pardiwala & Vasanti Patel Respondent By : Ankush Kapoor

gains. 35. During the course of appellate proceedings before us the ld. Counsel submitted that amount of Rs.117 crores was received by the P a g e | 17 ITA No.3043 & 2899/Mum/2010 Bajaj Holdings & Investments Ltd. Vs. ACIT, Range 3(1) assessee from Allianz A.G. Germany under the agreement prior to the joint venture of the company with Allianz A.G. Germany

DCIT RG. - 3(1), MUMBAI vs. M/S. BAJAJ AUTO LTD., MUMBAI

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

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Bajaj Auto Limited V. Dcit – Range – 3(1) Bajaj Bhavan, 226-Nariman Point 6Th Floor, Aayakar Bhavan Mumbai – 400021 M.K. Road, Mumbai - 400020 Pan : Aaacb3370K (Appellant) (Respondent) Dcit – Range – 3(1) V. M/S. Bajaj Auto Limited Room No. 623, 6Th Floor Bajaj Bhavan, 226-Nariman Point Mumbai – 400021 Aayakar Bhavan M.K. Road, Mumbai - 400020 Pan : Aaacb3370K (Appellant) (Respondent) Assessee Represented By : Ms. Vasanti Patel& Shri Kirit Kamdar Department Represented By : Shri Ankush Kapoor

35D. 7. During the assessment proceedings before us, the Ld AR stated that the said expenditure was incurred in connection with the issue of shares for increase in share capital. AO made disallowance basing on the apex court judgments in the case of M/s Brooke Bond India Ltd (225 ITR 798)(SC) and M/s Punjab State Industrial Development Corporation

M/S. BAJAJ AUTO LTD.,MUMBAI vs. DCIT RG. - 3(1), MUMBAI

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

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Bajaj Auto Limited V. Dcit – Range – 3(1) Bajaj Bhavan, 226-Nariman Point 6Th Floor, Aayakar Bhavan Mumbai – 400021 M.K. Road, Mumbai - 400020 Pan : Aaacb3370K (Appellant) (Respondent) Dcit – Range – 3(1) V. M/S. Bajaj Auto Limited Room No. 623, 6Th Floor Bajaj Bhavan, 226-Nariman Point Mumbai – 400021 Aayakar Bhavan M.K. Road, Mumbai - 400020 Pan : Aaacb3370K (Appellant) (Respondent) Assessee Represented By : Ms. Vasanti Patel& Shri Kirit Kamdar Department Represented By : Shri Ankush Kapoor

35D. 7. During the assessment proceedings before us, the Ld AR stated that the said expenditure was incurred in connection with the issue of shares for increase in share capital. AO made disallowance basing on the apex court judgments in the case of M/s Brooke Bond India Ltd (225 ITR 798)(SC) and M/s Punjab State Industrial Development Corporation

PATEL ENGINEERING LIMITED ,MUMBAI vs. DCIT CC-3(4), MUMBAI

In the result, appeals of the Revenue are dismissed, except for one ground no

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

capital gain even though such claim was not made in the return of income filed by the assessee." 3. "On the facts and circumstances of the case, the Ld CIT(A) erred in deleting the adjustments on account of addition made in computing the Book Profit u/s 115JB of the Act by ignoring the explanation 1 to section 115JB

DCIT CC - 3(4), MUMBAI, MUMBAI vs. PATEL ENGINEERING LIMITED, MUMBAI

In the result, appeals of the Revenue are dismissed,\nexcept for one ground no

capital gain\neven though such claim was not made in the return of income filed\nby the assessee.\"\n3. \"On the facts and circumstances of the case, the Ld CIT(A) erred\nin deleting the adjustments on account of addition made in\ncomputing the Book Profit u/s 115JB of the Act by ignoring the\nexplanation 1 to section 115JB

ASST.COMMISSIONER OF INCOME TAX, TDS 2 1, MUMBAI vs. PATEL ENGINEERING LIMITED, MUMBAI

In the result, appeals of the Revenue are dismissed,\nexcept for one ground no

capital gain\neven though such claim was not made in the return of income filed\nby the assessee.\"\n3. \"On the facts and circumstances of the case, the Ld CIT(A) erred\nin deleting the adjustments on account of addition made in\ncomputing the Book Profit u/s 115JB of the Act by ignoring the\nexplanation 1 to section 115JB

ASST.COMMISSIONER OF INCOME-TAX (TDS)2(1), MUMBAI, MUMBAI vs. PATEL ENGINEERING LIMITED, MUMBAI

capital gain\neven though such claim was not made in the return of income filed\nby the assessee.\"\n3. \"On the facts and circumstances of the case, the Ld CIT(A) erred\nin deleting the adjustments on account of addition made in\ncomputing the Book Profit u/s 115JB of the Act by ignoring the\nexplanation 1 to section 115JB

PATEL ENGINEERING LIMITED ,MUMBAI vs. DCIT-CC-3(4), MUMBAI

In the result, appeals of the Revenue are dismissed,\nexcept for one ground no

capital gain\neven though such claim was not made in the return of income filed\nby the assessee.\"\n3. \"On the facts and circumstances of the case, the Ld CIT(A) erred\nin deleting the adjustments on account of addition made in\ncomputing the Book Profit u/s 115JB of the Act by ignoring the\nexplanation 1 to section 115JB

DCIT CC- 3(4), MUMBAI, MUMBAI vs. PATEL ENGINEERING LIMITED, MUMBAI

capital gain\neven though such claim was not made in the return of income filed\nby the assessee.\"\n3. \"On the facts and circumstances of the case, the Ld CIT(A) erred\nin deleting the adjustments on account of addition made in\ncomputing the Book Profit u/s 115JB of the Act by ignoring the\nexplanation 1 to section 115JB

TATA INDUSTRIES LIMITED,MUMBAI vs. ADDL.C.I.T., RANGE-2(3), MUMBAI

gains\nalso. The Hon'ble Delhi High Court in the case of Joint\nInvestments (P.) Ltd. (supra) has held that section 14 of the\nAct or rule 8D cannot be interpreted so as to mean that the\nentire tax exempt income of the assessee is to be\ndisallowed. That the window for disallowance is indicated in\nSection

DCIT CIR - 3(1), MUMBAI vs. M/S. BAJAJ AUTO LTD., MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

Capital Gains Rs.1,94,19,926:- 70. Since the facts and the issue involved in this ground of appeal is similar to the facts and issue involved in the ground no. 1 of appeal vide ITA No. 2125/Mum/2005 as adjudicated supra in this order, therefore, applying the finding of ITA No. 2125/Mum/2005 as mutatis mutandis this ground of appeal

THE DCIT 3(1), MUMBAI vs. M/S. BAJAJAJ AUTO LTD., MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

Capital Gains Rs.1,94,19,926:- 70. Since the facts and the issue involved in this ground of appeal is similar to the facts and issue involved in the ground no. 1 of appeal vide ITA No. 2125/Mum/2005 as adjudicated supra in this order, therefore, applying the finding of ITA No. 2125/Mum/2005 as mutatis mutandis this ground of appeal

M/S. BAJAJ AUTO LTD.,MUMBAI vs. THE DY CIT RG 3(1), MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

Capital Gains Rs.1,94,19,926:- 70. Since the facts and the issue involved in this ground of appeal is similar to the facts and issue involved in the ground no. 1 of appeal vide ITA No. 2125/Mum/2005 as adjudicated supra in this order, therefore, applying the finding of ITA No. 2125/Mum/2005 as mutatis mutandis this ground of appeal

M/S. BAJAJ AUTO LTD.,MUMBAI vs. THE DY CIT CIR 3(1), MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

Capital Gains Rs.1,94,19,926:- 70. Since the facts and the issue involved in this ground of appeal is similar to the facts and issue involved in the ground no. 1 of appeal vide ITA No. 2125/Mum/2005 as adjudicated supra in this order, therefore, applying the finding of ITA No. 2125/Mum/2005 as mutatis mutandis this ground of appeal

THE DY CIT RG 3(1), MUMBAI vs. M/S. BAJAJ AUTO LTD, MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

Capital Gains Rs.1,94,19,926:- 70. Since the facts and the issue involved in this ground of appeal is similar to the facts and issue involved in the ground no. 1 of appeal vide ITA No. 2125/Mum/2005 as adjudicated supra in this order, therefore, applying the finding of ITA No. 2125/Mum/2005 as mutatis mutandis this ground of appeal

BAJAJ HOLDINGS & INVESTMENTS LTD ( FORMERLY KNOWN AS BAJAJ AUTO LTD),MUMBAI vs. ADDL CIT RG 3(1), MUMBAI

The appeals are partly allowed

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

gains derived from such business for ten consecutive assessment years. Deduction is given to eligible business and the same is defined in sub-section (4). Sub-section (2) provides option to the assessee to choose 10 consecutive assessment years out of 15 years. Option has to be exercised, if it is not exercised, the assessee will not be getting