ADDL CIT CEN CIR IX, MUMBAI vs. PRISM CEMENT LTD, MUMBAI

Appeals are disposed of in terms

Bench: Shri Joginder Singh & Shri Rajendra

gains is as per nationally accepted accounting standards; (vi) whether the system adopted by the assessee is fair and reasonable or is adopted only with a view to reducing the incidence of taxation. Facts in M/s Honda Siel Power Products Ltd. [Civil Appeal arising out of SLP(C) No. 7632/08] - CAPITAL ACCOUNT CASE: 22. The main issue which arises

MAHINDRA & MAHINDRA LTD,MUMBAI vs. ACIT CIR 2(2)2, MUMBAI

In the result, all the appeals of the assessee are partly allowed for statistical purposes and appeal of the revenue is dismissed

Bench: Shri Mahavir Singh, Vp & Shri M.Balaganesh, Am & Sa No.462/Mum/2019 (Arising Out Of Ita No.1449/Mum/2016) (Assessment Year : 2011-12) Mahindra & Mahindra Vs. Dy. Commissioner Of Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai-400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent) & Sa No.461/Mum/2019 (Arising Out Of Ita No.7382/Mum/2017) (Assessment Year : 2013-14) Mahindra & Mahindra Vs. Dy. Commissioner Of Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai-400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent) Dy. Commissioner Of Vs. Mahindra & Mahindra Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai- 400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent) Mahindra & Mahindra Vs. Asst. Commissioner Of Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai-400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent)

Section 43A of the Income Tax Act, 1961 deals with exchange difference arising on repayment of liabilities incurred for the purpose of acquiring fixed assets outside India. Since there is no specific provision dealing with adjustment based on foreign exchange fluctuation for assets acquired locally in India, the Company has claimed the Difference in Exchange

DCIT 10(3)(2), MUMBAI vs. PHOENIX MECANO (I) PLTD, MUMBAI

In the result, appeal of the Revenue is allowed

Bench: Shri Joginder Singh, Assessment Year:2011-12

capital gains). Under Section 72, a provision has been made for carry forward and setting off of a loss sustained against the head of profits and gains of business or profession. Under Section 72, where a loss which has been sustained under the head of profits and gains of business or profession cannot be set off against income under

M/S LIFE INSURANCE CORPORATION OF INDIA,MUMBAI-400021 vs. DY COMMISSIONER OF INCOME TAX-3(2)(1), MUMBAI

Appeal is disposed off as being partly allowed

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

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

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

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

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

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 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

LIFE INSURANCE CORPORATION OF INDIA,MUMBAI vs. DY.COMMISSIONER OF INCOME TAX-3(2)(1), MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

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

LIFE INSURANCE CORPORATION OF INDIA,MUMBAI vs. DY.COMMISSIONER OF INCOME TAX-3(2)(1), MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

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

LIFE INSURANCE CORPORATION OF INDIA,MUMBAI vs. DY.COMMISSIONER OF INCOME TAX-3(2)(1), MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

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

LIFE INSURANCE CORPORATION OF INDIA,MUMBAI vs. DY.COMMISSIONER OF INCOME TAX-3(2)(1), MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blelife Insurance Corporation Of India V. Dcit – 3(2)(1) Central Office, F&A Department Room No. 608 3Rd Floor, West Wing Aayakar Bhavan, M.K. Road “Yogakshema” Jeevan Bima Marg Mumbai - 400020 Mumbai - 400021 Pan: Aaacl0582H Appellant Respondent Acit – 3(2)(1) V. M/S. Life Insurance Corporation Of India Central Office Room No. 674, 6Th Floor “Yogakshema” Jeevan Bima Marg Aayakar Bhavan, M.K. Road Nariman Point, Mumbai - 400021 Mumbai - 400020 Pan: Aaacl0582H Appellant Respondent

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 28 ITA No. 1710 and 1714/MUM/2022 (A.Y. 2013-14) M/s. Life Insurance Corporation of India is concerned, therefore, is that the provisions of section

ACIT-3(2)(1), MUMBAI, MUMBAI vs. M/S LIFE INSURANCE CORPORATION OF INDIA, MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blelife Insurance Corporation Of India V. Dcit – 3(2)(1) Central Office, F&A Department Room No. 608 3Rd Floor, West Wing Aayakar Bhavan, M.K. Road “Yogakshema” Jeevan Bima Marg Mumbai - 400020 Mumbai - 400021 Pan: Aaacl0582H Appellant Respondent Acit – 3(2)(1) V. M/S. Life Insurance Corporation Of India Central Office Room No. 674, 6Th Floor “Yogakshema” Jeevan Bima Marg Aayakar Bhavan, M.K. Road Nariman Point, Mumbai - 400021 Mumbai - 400020 Pan: Aaacl0582H Appellant Respondent

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 28 ITA No. 1710 and 1714/MUM/2022 (A.Y. 2013-14) M/s. Life Insurance Corporation of India is concerned, therefore, is that the provisions of section

DCIT CIR 3(1), MUMBAI vs. ADVANI HOTELS & RESORTS LTD, MUMBAI

In the result, subject our observations made above, the assessee’s appeals for A

Bench: Shri B.R. Baskaran & Shri Sanjay Gargassessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2009-10 M/S. Advani Hotels & Resorts Dy. Commissioner Of Income (India) Ltd., Tax, Circle -3(1), 6Th Floor, Room No.607 18A & 18B, Jolly Maker Vs. Chambers Ii, Aayakar Bhavan, Nariman Point, M.K. Road, Mumbai – 400 021 Mumbai - 400020 Pan: Aaacr 6389Q (Appellant) (Respondent) Assessment Year: 2009-10 Dy. Commissioner Of Income M/S. Advani Hotels & Resorts Tax, Circle -3(1), (India) Ltd., Room No.607, 6Th Floor, Vs. Jolly Maker -Ii, 18A & 18B, Aayakar Bhavan, 225, Nariman Point, Mumbai - 400020 Mumbai – 400 021 Pan: Aaacr 6389Q (Appellant) (Respondent)

capital receipt not liable to tax. (c) Without prejudice to the above, the ld. CIT(A) erred in not directing the A.O. to allow depreciation on fixed assets without reducing the aforesaid foreign exchange fluctuation gain adjusted by the appellant under section 43A

ADVANI HOTELS & RESORTS (INDIA) LTD,MUMBAI vs. ITO WD 3(1)(1), MUMBAI

In the result, subject our observations made above, the assessee’s appeals for A

Bench: Shri B.R. Baskaran & Shri Sanjay Gargassessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2009-10 M/S. Advani Hotels & Resorts Dy. Commissioner Of Income (India) Ltd., Tax, Circle -3(1), 6Th Floor, Room No.607 18A & 18B, Jolly Maker Vs. Chambers Ii, Aayakar Bhavan, Nariman Point, M.K. Road, Mumbai – 400 021 Mumbai - 400020 Pan: Aaacr 6389Q (Appellant) (Respondent) Assessment Year: 2009-10 Dy. Commissioner Of Income M/S. Advani Hotels & Resorts Tax, Circle -3(1), (India) Ltd., Room No.607, 6Th Floor, Vs. Jolly Maker -Ii, 18A & 18B, Aayakar Bhavan, 225, Nariman Point, Mumbai - 400020 Mumbai – 400 021 Pan: Aaacr 6389Q (Appellant) (Respondent)

capital receipt not liable to tax. (c) Without prejudice to the above, the ld. CIT(A) erred in not directing the A.O. to allow depreciation on fixed assets without reducing the aforesaid foreign exchange fluctuation gain adjusted by the appellant under section 43A