ACIT-5(1)(1), MUMBAI vs. M/S. ESSAR SHIPPING LTD., MUMBAI

In the result, the appeal of the Revenue is allowed partly for In the result, the appeal of the Revenue is allowed partly for In the result, the appeal of the Revenue is allowed partly for statisti...

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2014-15 Acit Circle 5(1)(1), M/S Essar Shipping Ltd., R. No. 568, Aayakar Bhavan, Essar House, 11, K K Marg, Vs. M.K. Road, Mumbai-400020. Mahalaxmi, Mumbai-400034. Pan No. Aacce 3707 D Appellant Respondent

43C. Income from business of come from business of operating qualifying ships is one of the sources of income operating qualifying ships is one of the sources of income operating qualifying ships is one of the sources of income under the head "profits and gains of business or under the head "profits and gains of business or under the head

TOLANI SHIPPING CO. LTD.,MUMBAI vs. DCIT,CIR-5(3)(2), MUMBAI

In the result, this appeal by the assessee for A

Capital Gains' and did not fall within ambit of sections 28 to 43C - Whether in view of above, receipt in question

VAN OORD INDIA P.LTD,MUMBAI vs. DCIT RG 5(3), MUMBAI

In the result, the appeal of the assessee is treated as partly allowed for statistical purposes

Bench: Shri. A. D. Jain & Shri Rajesh Kumar

43C of the Act. IT(TP)A No.720/MUM/2015 Page 3 of 29 8. The learned AO/TPO/DRP erred in holding that even if the Appellant's case is covered under the TTS, transfer pricing provisions under section 92(1) of the Act are applicable to the Appellant. 9. The learned AO/ DRP erred in not appreciating the fact that the Appellant

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

43C(6)(c)\napply where the capital assets enters a block of asset as in case of the\nassessee. Thus, as per the section what is required to be reduced is money\nPage 11\nITA No. 3754/Mum/2023& ITA No. 4103/Mum/2023\nA.Y. 2019-20\nKotak Mahindra Bank Limited\npayable in respect of asset sold, discarded, demolished and\ndestroyed.There is no provisions

KJMC CAPITAL MARKET SERVICES LTD,MUMBAI vs. DCIT 4(3), MUMBAI

In the result, appeal and cross objections of the assessee are allowed and the appeal of the Revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2008-09

gains of business or profession, how computed.— The income referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to 43C." These sections include, inter alia, deduction of depreciation under section 32 and deduction regarding expenditure on scientific research in the manner set out in section 34. Therefore, the deductions which the Supreme

KOTAK MAHINDRA BANK LIMITED,MUMBAI vs. DCIT-3(2)(2), ASSESSMENT UNIT, INCOME TAX DEPT, MUMBAI

In the result, appeal of the Revenue is dismissed

43C(6)(c)\napply where the capital assets enters a block of asset as in case of the\nassessee. Thus, as per the section what is required to be reduced is money\npayable in respect of asset sold, discarded, demolished and\ndestroyed.There is no provisions in section 43(6) to state that if value as\nperstamp duty is higher than

SHIVNARAYAN NEMANI SHARES & STOCK BROKERS P. LTD.,MUMBAI vs. D.C.I.T. CIRCLE 4(2), MUMBAI

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm (Hearing Through Video Conferencing Mode) आयकर अपील सं/ I.T.A. No. 2522/Mum/2012 (निर्धारण वर्ा / Assessment Year: 2008-09) M/S. Shivnarayan Nemani बिधम/ Dcit, Circle-4(2) Shares & Stock Brokers P. Mumbai Vs. Ltd. 9/43, Bhupen Chambers, 2Nd Floor, Dalal Street Mumbai- 400023. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs3296C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Mayank Chauhan (Ar) Revenue By: Shri Rohit Kumar (Dr) सुनवाई की तारीख / Date Of Hearing: 07/09/2021 घोषणा की तारीख /Date Of Pronouncement: 08/10/2021 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 20.01.2012 Passed By The Commissioner Of Income Tax (Appeals)-09, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2008-09. 2. The Assessee Has Raised The Following Grounds: - “1(A). On The Facts & In The Circumstances Of The Case & In Law, The Learned Commissioner Of Income-Tax(Appeals) Erred In Confirming The Disallowance Of Additional Amount Of Rs.2,98,258/- Under The Provisions Of Section 14A R.W.R. 8D Of The Income Tax Rules

gains of business or profession, how computed.— The income referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to 43C." ITA. No.2522/Mum/2012 A.Y. 2008-09 These sections include, inter alia, deduction of depreciation under section 32 and deduction regarding expenditure on scientific research in the manner set out in section 34. Therefore

ADDL CIT LTU, MUMBAI vs. THE SHIPPING CORPORATION OF INDIA LTD, MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical purposes, while the appeal by the Revenue is dismissed

Bench: Shri M. Balaganesh & Shri Sandeep Singh Karhail

Capital Gains" and does not fall within the ambit of sections 28 to 43C. Thus, the receipt cannot be considered

THE SHIPPING CORPORATION OF INDIA LTD.,MUMBAI vs. ADDL.C.I.T. LTU, MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical purposes, while the appeal by the Revenue is dismissed

Bench: Shri M. Balaganesh & Shri Sandeep Singh Karhail

Capital Gains" and does not fall within the ambit of sections 28 to 43C. Thus, the receipt cannot be considered

THE GREAT EASTERN SHIPPING CO.,MUMBAI vs. ADDL.C.I.T. RG.5(3), MUMBAI

In the result, appeal by assessee is partly allowed in the terms aforesaid

Capital Gain. (v) Ground No.14: AO failed to comply with the directions of the DRP in not granting credit for TDS. TRANSFER PRICING ISSUES(T.P ISSUES): (i) Ground No.15 : General (ii) Ground No.16 to 18: T.P adjustment on interest on foreign currency loans to Associated Enterprises. (iii) Ground NO.19 to 21: T.P adjustment in respect of performance guarantee given

DCIT CEN CIR 34, MUMBAI vs. PRISM CEMENT LTD, MUMBAI

Appeals are disposed of in terms

Bench: Shri Joginder Singh & Shri Rajendra

43C from the income, profits and gains of a business would differ according to the system adopted. This is made clear by defining the word "paid" in Section 43(2), which is used in several Sections 30 to43C, as meaning actually paid or incurred according to the method of accounting upon the basis on which profits or gains are computed

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

Appeals are disposed of in terms

Bench: Shri Joginder Singh & Shri Rajendra

43C from the income, profits and gains of a business would differ according to the system adopted. This is made clear by defining the word "paid" in Section 43(2), which is used in several Sections 30 to43C, as meaning actually paid or incurred according to the method of accounting upon the basis on which profits or gains are computed

ACIT CEN CIR CIR-34, MUMBAI vs. PRISM CEMENT LTD, MUMBAI

Appeals are disposed of in terms

Bench: Shri Joginder Singh & Shri Rajendra

43C from the income, profits and gains of a business would differ according to the system adopted. This is made clear by defining the word "paid" in Section 43(2), which is used in several Sections 30 to43C, as meaning actually paid or incurred according to the method of accounting upon the basis on which profits or gains are computed

KEVA FRGRANCES PVT LTD.,MUMBAI vs. DY CIT 4 (2)(2), MUMBAI

In the result the appeal of the assessee is allowed and that of the Revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2016-17

gains in the hands of amalgamating company on transfer of capital asset of amalgamating company in the scheme of amalgamation ii) Explanation 7 to Section 43(1): Actual cost of capital assets in the hands of amalgamated company to be same as in the hands of amalgamating company iii) Explanation 2 to Section 32(1): 'Written down value

ACIT - 3(4), MUMBAI vs. THE SHIPPING CORPORATION OF INDIA LTD., MUMBAI

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

gains of business under Chapter-XII-G. Hence, we\nare of the opinion that the argument of the assessee should succeed.\n30. With the introduction of chapter-XII-G, the entire methodology of taxing\nincome from the business of operating qualifying ships has changed and\nrecourse to the normal provisions of the Act in a peace-meal manner

DCIT CENT. CIR. -7(3), MUMBAI vs. PALAVA DWELLERS PVT. LTD. , MUMBAI

In the result, appeal of the Revenue is dismissed and appeal of the assessee is allowed

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunatha, Hon'Bledy. Commissioner Of Income-Tax V. M/S. Palava Dwellers Pvt. Ltd., Central Circle – 7(3) 412, 71-G, Vardhman Chamber Room No. 655, 6Th Floor C.P. Road, Horniman Circle Aayakar Bhavan, M.K. Road Fort, Mumbai Mumbai – 400 020 Pan: Aabcl1117D (Appellant) (Respondent) Lodha Developers Limited Dy. Commissioner Of Income-Tax V. {Since Merged M/S. Palava Dwellers Pvt. Ltd.,} Central Circle – 7(3) 412, 4Th Floor, 17G, Vardhman Chamber Room No. 655, 6Th Floor Cawasji Patel Road, Horniman Circle Aayakar Bhavan, M.K. Road Fort, Mumbai - 400 001 Mumbai – 400 020 Pan: Aabcl1117D (Appellant) (Respondent)

gain inures I terms of value addition to the project, which stands in fact completed, so as to increase its cost by loading the said cost thereon. It is for these reasons that interest (financing) cost is normally considered as only a period (fixed) cost, and charged to the operating statement for the year in which the same is incurred

LODHA DEVELOPERS LTD(FORMERLY KNOWN AS LODHA DEVELOPERS PRIVATE LIMITED),MUMBAI vs. DCIT CEN CIR 7(3), MUMBAI

In the result, appeal of the Revenue is dismissed and appeal of the assessee is allowed

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunatha, Hon'Bledy. Commissioner Of Income-Tax V. M/S. Palava Dwellers Pvt. Ltd., Central Circle – 7(3) 412, 71-G, Vardhman Chamber Room No. 655, 6Th Floor C.P. Road, Horniman Circle Aayakar Bhavan, M.K. Road Fort, Mumbai Mumbai – 400 020 Pan: Aabcl1117D (Appellant) (Respondent) Lodha Developers Limited Dy. Commissioner Of Income-Tax V. {Since Merged M/S. Palava Dwellers Pvt. Ltd.,} Central Circle – 7(3) 412, 4Th Floor, 17G, Vardhman Chamber Room No. 655, 6Th Floor Cawasji Patel Road, Horniman Circle Aayakar Bhavan, M.K. Road Fort, Mumbai - 400 001 Mumbai – 400 020 Pan: Aabcl1117D (Appellant) (Respondent)

gain inures I terms of value addition to the project, which stands in fact completed, so as to increase its cost by loading the said cost thereon. It is for these reasons that interest (financing) cost is normally considered as only a period (fixed) cost, and charged to the operating statement for the year in which the same is incurred

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)

43C essentially deal with Business Income. Sections 30 to 38 deal with Deductions. Sections 40A and 43B deal with Business Disallowances. Keeping in mind the said scheme the position is that sections 30 to 38 are deductions which are limited by section 40. Therefore, even if an assessee is entitled to deduction under section 36(1)(iii), the assessee (firm

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)

43C essentially deal with Business Income. Sections 30 to 38 deal with Deductions. Sections 40A and 43B deal with Business Disallowances. Keeping in mind the said scheme the position is that sections 30 to 38 are deductions which are limited by section 40. Therefore, even if an assessee is entitled to deduction under section 36(1)(iii), the assessee (firm