DCIT, CIRCLE-1 ,, THANE vs. EVEREST INDUSTRIES LTD., MUMBAI

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

43A shall not be applicable to the assessee. applicable to the assessee. 55. We have noticed earlier that the Hon'ble 55. We have noticed earlier that the Hon'ble Supreme Court has Supreme Court has held that the profits and gains are required to be computed in held that the profits and gains are required to be computed

DCIT CIRCLE-1 , THANE vs. M/S EVEREST INDUSTRIES LTD. , DELHI

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

43A shall not be applicable to the assessee. applicable to the assessee. 55. We have noticed earlier that the Hon'ble 55. We have noticed earlier that the Hon'ble Supreme Court has Supreme Court has held that the profits and gains are required to be computed in held that the profits and gains are required to be computed

EVEREST INDUSTRIES LTD.,NOIDA vs. DY CIT CIRCLE- 1, THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

43A shall not be applicable to the assessee. applicable to the assessee. 55. We have noticed earlier that the Hon'ble 55. We have noticed earlier that the Hon'ble Supreme Court has Supreme Court has held that the profits and gains are required to be computed in held that the profits and gains are required to be computed

EVEREST INDUSTRIES LTD,NOIDA vs. DY CIT CIRLCE-1, THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

43A shall not be applicable to the assessee. applicable to the assessee. 55. We have noticed earlier that the Hon'ble 55. We have noticed earlier that the Hon'ble Supreme Court has Supreme Court has held that the profits and gains are required to be computed in held that the profits and gains are required to be computed

EVEREST INDUSTRIES LTD, NOIDA vs. DY CIT CIRLCE-1 , THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

43A shall not be applicable to the assessee. applicable to the assessee. 55. We have noticed earlier that the Hon'ble 55. We have noticed earlier that the Hon'ble Supreme Court has Supreme Court has held that the profits and gains are required to be computed in held that the profits and gains are required to be computed

ACIT - 15(1)(1), MUMBAI vs. PRIVI SPECIALITY CHEMICALS LTD. (EARSWHILE PRIVI ORGANICS LTD.), MUMBAI

In the result, the appeal by the Revenue is dismissed

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

capital asset for which term 'loan' in foreign exchange was obtained was not fully paid during the year under consideration. In such situation as per the amended provisions of section 43A of the Act, there was no question of considering the unrealised gain

THE DY DIT (I.T) 1(1), MUMBAI vs. M/S. BANK OF AMERICA N.A., MUMBAI

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

capital and interest free loans of the\nassessee exceeded the amounts advanced has to be controverted or disproved\nby the Department.\n4.5 Thus, in view of the aforesaid factual and legal position when it is found\nthat there is no nexus proved between funds for lending to infrastructure\nprojects/ investment in tax free bonds and interest bearing funds

M/S. BANK OF AMERICAN , N.A,MUMBAI vs. THE JT DIT (I.T)3, MUMBAI

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

capital and interest free loans of the\nassessee exceeded the amounts advanced has to be controverted or disproved\nby the Department.\n4.5 Thus, in view of the aforesaid factual and legal position when it is found\nthat there is no nexus proved between funds for lending to infrastructure\nprojects/ investment in tax free bonds and interest bearing funds

ASSISTANT COMMISSIONER OF INCOME TAX, MUMBAI vs. HDFC LIFE INSURANCE COMPANY LIMITED, MUMBAI

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Amarjit Singhshri Sandeep Singh Karhailacit – 1(1)(1) 597, Aayakar Bhavan, Mk Road, Mumbai Maharashtra–400020……………. Appellant

Capital gains" or "Income from other sources", do not apply in the case of computation of income from insurance business. The effect of the non-obstante clause so far as the earlier part of section 44 is concerned, therefore, is that the provisions of section 44 will prevail notwithstanding the fact that there are contrary provisions in the Act relating

ACIT 1(1)(1), MUMBAI vs. M/S HDFC STANDARD LIFE INSURANCE CO. LTD (NOW KNOWN AS HDFC LIFE INSURANCE CO LTD.), MUMBAI

In the result, the appeal by the revenue as well as the Cross objection of the assessee for the A

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Capital gains" or "Income from other sources", do not apply in the case of computation of income from insurance business. The effect of the non- obstante clause so far as the earlier part of section 44 is concerned, therefore, is that the provisions of section 44 will prevail notwithstanding the fact that there are contrary provisions in the Act relating

ACIT-1(1)(1), MUMBAI vs. HDFC LIFE INUSRANCE COMPANY LIMITED , MUMBAI

In the result, the appeal by the revenue as well as the Cross objection of the assessee for the A

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Capital gains" or "Income from other sources", do not apply in the case of computation of income from insurance business. The effect of the non- obstante clause so far as the earlier part of section 44 is concerned, therefore, is that the provisions of section 44 will prevail notwithstanding the fact that there are contrary provisions in the Act relating

DCIT-1(3)(1), MUMBAI vs. SBI LIFE INSURANCE COMPANY LTD., MUMBAI

In the result, the Revenue's appeal for the

gains of business of\ninsurance, begins with a non-obstante clause, the effect of which is that the\nprovisions of the Act relating to the computation of income chargeable under\nthe head "Interest on securities", "Income from house property", "Capital\ngains" or "Income from other sources" do not apply in the case of computation\nof income from insurance business

DCIT-1(3)(1), MUMBAI vs. M/S SBI LIFE INSURANCE CO. LTD, MUMBAI

In the result, the Revenue's appeal for the

gains of business of\ninsurance, begins with a non-obstante clause, the effect of which is that the\nprovisions of the Act relating to the computation of income chargeable under\nthe head \"Interest on securities\", \"Income from house property\", \"Capital\ngains\" or \"Income from other sources\" do not apply in the case of computation\nof income from insurance business

DY. COMMISSIONER OF INCOME TAX, MUMBAI vs. SBI LIFE INSURANCE COMPANY LIMITED, MUMBAI

In the result, the Revenue's appeal for the

gains of business of\ninsurance, begins with a non-obstante clause, the effect of which is that the\nprovisions of the Act relating to the computation of income chargeable under\nthe head \"Interest on securities\", \"Income from house property\", \"Capital\ngains\" or \"Income from other sources\" do not apply in the case of computation\nof income from insurance business

DY. COMMISIONER OF INCOME TAX, MUMBAI vs. SBI LIFE INSURANCE CO. LTD., MUMBAI

In the result, the Revenue's appeal for the

gains of business of\ninsurance, begins with a non-obstante clause, the effect of which is that the\nprovisions of the Act relating to the computation of income chargeable under\nthe head \"Interest on securities\", \"Income from house property\", \"Capital\ngains\" or \"Income from other sources\" do not apply in the case of computation\nof income from insurance business

DY. COMMISSIONER OF INCOME TAX, MUMBAI, INCOME TAX DEPARTMENT, DCIT vs. SBI LIFE INSURANCE COMPANY LTD.,, MUMBAI

In the result, the Revenue's appeal for the

gains of business of\ninsurance, begins with a non-obstante clause, the effect of which is that the\nprovisions of the Act relating to the computation of income chargeable under\nthe head \"Interest on securities\", \"Income from house property\", \"Capital\ngains\" or \"Income from other sources\" do not apply in the case of computation\nof income from insurance business

DCIT-1(3)(1), MUMBAI vs. SBI LIFE INSURANCE COMPANY LTD., MUMBAI

In the result, the Revenue's appeal for the

gains of business of\ninsurance, begins with a non-obstante clause, the effect of which is that the\nprovisions of the Act relating to the computation of income chargeable under\nthe head \"Interest on securities\", \"Income from house property\", \"Capital\ngains\" or \"Income from other sources\" do not apply in the case of computation\nof income from insurance business

ACIT, CIRCLE - 3 3 1, MUMBAI vs. JAMNAGAR UTILITIES AND POWER PVT LTD, MUMBAI

In the result, both the appeals of the Revenue are allowed\npartly

gain, arising on conversion of said liability at\nclosing rate should be recognized in profit and loss account for\nreporting period - Held, yes\nII. Section 43A of the exchange, change in to Section 43A by\namendatory and not clarificatory - Held, yes\nWhether under\nunamended Section 43A, 'actual payment' was not a condition\nprecedent for making necessary adjustment in carrying cost