25FPS MEDIA PVT. LTD.,MUMBAI vs. ITO ,RANGE -6(3)(1), MUMBAI

In the result, the appeal filed by the assessee is hereby allowed and the appeal filed by the revenue is hereby dismissed

Bench: Shri Amarjit Singh, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No. 2798/Mum/2018 (निर्धारण वर्ा / Assessment Year:2012-13) Ito, Range-6(3)(1) बिधम/ 25Fps Media Pvt. Ltd. Room No.524, 5Th Floor, 18Th Floor, Marathon Futurex, Vs. Aayakar Bhavan, Mumbai- N. M. Joshi Marg, Lower 400020. Parel, Mumbai-400013. & आयकर अपील सं/ I.T.A. No. 3085/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) बिधम/ 25Fps Media Pvt. Ltd. Ito, Range-6(3)(1) 18Th Floor, Marathon Futurex, Room No.524, 5Th Floor, Vs. N. M. Joshi Marg, Lower Aayakar Bhavan, Mumbai- Parel, Mumbai-400013. 400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacz2076J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Percy Pardiwala & Madhur Aggarwal Revenue By: Shri Achal Sharma (Dr) सुनवाई की तारीख / Date Of Hearing: 27/01/2022 घोषणा की तारीख /Date Of Pronouncement: 02/03/2022 आदेश / O R D E R Per Amarjit Singh (Jm): The Assessee As Well As Revenue Have Filed The Above Mentioned Appeals Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2012-13. Ita. No.2798/Mum/2018 2. The Revenue Has Filed The Present Appeal Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai Relevant To The A.Y.2012-13. 3085/M/2018 A.Y. 2012-13 3. The Revenue Has Raised The Following Grounds: -

Section 45 shall apply to the following transfer : (i) & (ii)** ** ** (iii) any transfer of a capital asset under a fit or will or an irrevocable trust; 25. Reliance was placed on the decision of the Hon'ble Gujarat High Court in the case of the Prakriya Pharmacem v. ITO [2016] 66 taxmann.com 149/238 Taxman 185 wherein it was held that

TML DRIVELINES LIMITED ( SINCE MERGED WITH TATA MOTORS LIMITED),MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX(LTU) 2, MUMBAI

In the result, appeal filed by department is dismissed

Bench: Shri C.N. Prasad, Jm & Shri M.Balaganesh, Am M/S. Tata Motors Ltd., Vs. Addl. Commissioner Of (Successor To Tml Drivelines Income Tax-2(1) Ltd.) Aayakar Bhavan 1St Floor, Bombay House Mumbai – 400 020 24, Homi Mody Street Hutatma Chowk Mumbai – 400 001 Pan/Gir No.Aaach7625P (Appellant) .. (Respondent) Deputy Commissioner Of Vs. M/S. Tata Motors Ltd., Income Tax (Ltu-2) (Successor To Tml Drivelines 29Th Floor, Center-1, Ltd.) 3Rd Floor, Tata Motors, World Trade Center, Cuffe Parade, Mumbai Nanavati Mahalaya, 18 Homi Mody Street Mumbai – 400 001 Pan/Gir No.Aaach7625P (Appellant) .. (Respondent)

capital gains tax. In the present case due to seizure of the assessee-company being a subsidiary of the transferor company, the provisions of section 47(iv) have ceased to apply, and the transaction has to be considered as a transfer. Section 47A

DCIT 2(1), MUMBAI vs. TML DRIVELINES LTD ( FORMERLY KNOWN AS H.V. TRANSMISSIONS LTD), MUMBAI

In the result, appeal filed by department is dismissed

capital gains tax. In the present case due to seizure of the assessee-company being a subsidiary of the transferor company, the provisions of section 47(iv) have ceased to apply, and the transaction has to be considered as a transfer. Section 47A

TML DRIVELINES LTD ( EARLIER KNOWN AS H V AXLES LTD),MUMBAI vs. DCIT 2(1), MUMBAI

Appeal is allowed

Bench: S/Shri B.R.Baskaran & Amarjit Singhआयकर अपील सं/ I.T.A. No.6199/M/2011 & I.T.A. No. 8469/M/2011 ("नधा"रण वष" / Assessment Year: 2007-08 & 2008-09) Tml Drivelines Limited Dy. Commissioner Of बनाम/ (Earlier Known As Hv Axles Income Tax 2(1) Vs. Limited), 3Rd Floor, Aayakar Bhavan, Nanavati Mahalaya, 18, M.K.Marg, Homi Mody Street, Mumbai - 400020 Hutatma Chowk, Mumbai - 400001 आयकर अपील सं/ I.T.A. No. 8324/M/2011 ("नधा"रण वष" / Assessment Year: 2008-09) Dy. Commissioner Of Income बनाम/ Tml Drivelines Limited Tax 2(1) (Earlier Known As Hv Axles Vs. Aayakar Bhavan, Limited) M.K.Marg, 3Rd Floor, Mumbai - 400020 Nanavati Mahalaya, 18, Homi Mody Street, Hutatma Chowk, Mumbai - 400001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaach7625P

capital gains tax. In the present case due to ceasure of the assessee-company A.Y. 2007-08 & 2008-09 being a subsidiary of the transferor company, the provisions of section 47(iv) have ceased to apply, and the transaction has to be considered as a transfer. Section 47A

D.C.I.T. 2(1), MUMBAI vs. H.V. AXLES LTD., MUMBAI

Appeal is allowed

Bench: S/Shri B.R.Baskaran & Amarjit Singhआयकर अपील सं/ I.T.A. No.6199/M/2011 & I.T.A. No. 8469/M/2011 ("नधा"रण वष" / Assessment Year: 2007-08 & 2008-09) Tml Drivelines Limited Dy. Commissioner Of बनाम/ (Earlier Known As Hv Axles Income Tax 2(1) Vs. Limited), 3Rd Floor, Aayakar Bhavan, Nanavati Mahalaya, 18, M.K.Marg, Homi Mody Street, Mumbai - 400020 Hutatma Chowk, Mumbai - 400001 आयकर अपील सं/ I.T.A. No. 8324/M/2011 ("नधा"रण वष" / Assessment Year: 2008-09) Dy. Commissioner Of Income बनाम/ Tml Drivelines Limited Tax 2(1) (Earlier Known As Hv Axles Vs. Aayakar Bhavan, Limited) M.K.Marg, 3Rd Floor, Mumbai - 400020 Nanavati Mahalaya, 18, Homi Mody Street, Hutatma Chowk, Mumbai - 400001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaach7625P

capital gains tax. In the present case due to ceasure of the assessee-company A.Y. 2007-08 & 2008-09 being a subsidiary of the transferor company, the provisions of section 47(iv) have ceased to apply, and the transaction has to be considered as a transfer. Section 47A

TML DRIVELINES LTD (EARLIER KNOWN AS H V AXLES LTD),MUMBAI vs. DCIT 2(1), MUMBAI

Appeal is allowed

Bench: S/Shri B.R.Baskaran & Amarjit Singhआयकर अपील सं/ I.T.A. No.6199/M/2011 & I.T.A. No. 8469/M/2011 ("नधा"रण वष" / Assessment Year: 2007-08 & 2008-09) Tml Drivelines Limited Dy. Commissioner Of बनाम/ (Earlier Known As Hv Axles Income Tax 2(1) Vs. Limited), 3Rd Floor, Aayakar Bhavan, Nanavati Mahalaya, 18, M.K.Marg, Homi Mody Street, Mumbai - 400020 Hutatma Chowk, Mumbai - 400001 आयकर अपील सं/ I.T.A. No. 8324/M/2011 ("नधा"रण वष" / Assessment Year: 2008-09) Dy. Commissioner Of Income बनाम/ Tml Drivelines Limited Tax 2(1) (Earlier Known As Hv Axles Vs. Aayakar Bhavan, Limited) M.K.Marg, 3Rd Floor, Mumbai - 400020 Nanavati Mahalaya, 18, Homi Mody Street, Hutatma Chowk, Mumbai - 400001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaach7625P

capital gains tax. In the present case due to ceasure of the assessee-company A.Y. 2007-08 & 2008-09 being a subsidiary of the transferor company, the provisions of section 47(iv) have ceased to apply, and the transaction has to be considered as a transfer. Section 47A

PADMAJA RAJESH HARVE,MUMBAI vs. ACIT - 41(1)(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry & Shri Bijayananda Prusethpadmaja Rajesh Harve Vs. Acit-41(1)(1) Room No. 425, 4Th Floor, Kautilyabhavan, 1201-A, 64 Greens Building, Tagore Road, C-41 To C-43, G Block, Bandrakurla Santacruz West, Complex, Bandra East, Mumbai-400054. Mumbai -400051. Pan/Gir No:Aaxph1769E (Appellant) (Respondent)

Section 47A, the amount of profits and gains arising from transfer of capital assets or intangible assets shall be deemed

AMIT CAPITAL & SECURITIES P.LTD,MUMBAI vs. ITO 2(1)(1), MUMBAI

The appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year 2006-07 Amit Capital & Securities Income Tax Officer Private Limited, Range-2(1)(1), बनाम/ 47A, 3Rd Floor, Plot No.308, Aayakar Bhavan, Vs. Hanuman Building, Perin M. K. Road, Nariman Street, Fort, Mumbai-400020 Mumbai-400001 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaaca4219Q "नधा"रती क" ओर से / Assessee By Shri Govind Jhaveri Shri Satishchandra Rajore-Dr राज"व क" ओर से / Revenue By 04/10/2018 सुनवाई क" तार"ख / Date Of Hearing : घोषणा क" तार"ख/Date Of Pronouncement 09/10/2018

47A, 3rd Floor, Plot No.308, Aayakar Bhavan, Vs. Hanuman Building, Perin M. K. Road, Nariman Street, Fort, Mumbai-400020 Mumbai-400001 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. AAACA4219Q "नधा"रती क" ओर से / Assessee by Shri Govind Jhaveri Shri Satishchandra Rajore-DR राज"व क" ओर से / Revenue by 04/10/2018 सुनवाई क" तार"ख / Date of Hearing : घोषणा

INCOME TAX OFFICER, MUMBAI vs. MEELENDRA DEEPENDRA SINGH, MUMBAI

In the result, ITA No.4430/Mum/2023 is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Sunil Kumar Singh, Jm Income Tax Officer Room No.116, 1St Floor, Meelendra Deependra Singh, G-Block, 503, Pushpakunj, A Road, Kautilya Bhavan, Churchgate, Vs. Bandra Kurla Complex, Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Pan No. Bfaps5402N Assessee By : Shri H.N. Motiwalla, Ar Revenue By : Shri Rajesh Meshram, Dr Date Of Hearing: 22.05.2024 Date Of Pronouncement : 28.05.2024

capital gain after due verification. The learned Assessing Officer is aggrieved with the same and is in appeal before us. 08. The only grievance of the learned Assessing Officer is that amended provisions of Section 50C of the Act were introduced with effect from A.Y. 2017-18, prospectively and is not applicable retrospectively for the A.Y. 2010-11 and therefore

PRASHANT J ANDHARIA,MUMBAI vs. DCIT 8(2), MUMBAI

In the result, appeal of the Assessee is hereby partly allowed

Bench: Shri D. Karunakara Rao, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1545/M/14 ("नधा"रण वष" / Assessment Year: 2008-09) Mr. Prashant J. Andharia The Deputy Commissioner बनाम/ 2Nd Floor, Ghaswala Of Income Tax 8(2) Vs. Building, Sirm.V.Road, Room No.218, Andheri(East), Aayakar Bhavan, M.K.Road, Mumbai - 400069 Mumbai - 400020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacm8741P

Capital Gain on sale of mutual fund of Rs.12,67,903/- which were claimed as exempt. The Assessing Officer arrived at this conclusion that the loan a sum of Rs.1,00,000/- taken by the assessee from Manchhagauri M. Andharia and Rs.5,00,000/- from Gopaliji V. Variya and Rs.4,95,000/- from D.S.Mehta was not creditworthy and genuine therefore

M/S UNION BANK OF INDIA,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-(LTU)-2, MUMBAI, MUMBAI

In the result, the appeal of the revenue is dismissed

capital gains within article 14(4) of the DTAA and were, therefore, exempt\nfrom tax in India. The Commissioner (Appeals) deleted both additions and the\nTribunal upheld his order. On appeal:\nHeld, dismissing the appeal, (i) that the securities in this case expressly provided for\npayment of interest in respect thereof only on the dates specified therein at six\nmonthly

ACIT CIRCLE ,3(4), MUMBAI, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, the appeal of the revenue is dismissed

capital gains within article 14(4) of the DTAA and were, therefore, exempt\nfrom tax in India. The Commissioner (Appeals) deleted both additions and the\nTribunal upheld his order. On appeal:\nHeld, dismissing the appeal, (i) that the securities in this case expressly provided for\npayment of interest in respect thereof only on the dates specified therein at six\nmonthly

ACIT, CIRCLE -3(4), MUMBAI, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, the appeal of the revenue is dismissed

capital gains within article 14(4) of the DTAA and were, therefore, exempt\nfrom tax in India. The Commissioner (Appeals) deleted both additions and the\nTribunal upheld his order. On appeal:\nHeld, dismissing the appeal, (i) that the securities in this case expressly provided for\npayment of interest in respect thereof only on the dates specified therein at six\nmonthly

M/S UNION BANK OF INDIA,MUMBAI vs. DCIT, CIRCLE-(LTU) 2, MUMBAI

In the result, the appeal of the revenue is dismissed

capital gains within article 14(4) of the DTAA and were, therefore, exempt\nfrom tax in India. The Commissioner (Appeals) deleted both additions and the\nTribunal upheld his order. On appeal:\nHeld, dismissing the appeal, (i) that the securities in this case expressly provided for\npayment of interest in respect thereof only on the dates specified therein at six\nmonthly

M/S. STANDARD CHARTERED BANK,MUMBAI vs. DDIT (I.T) - 2(1), MUMBAI

In the result, the appeal of revenue is partly allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

47A of the BRA, 1949 or 58B of the RBI Act, 1934 and the amount specified in the show-cause notice is not a penalty or fine, ignoring the fact :- (a) that the RBI has levied interest @ 3% on the amount of shortfall in CRR balance for the period of shortfall, which actually amounts to levy of penal interest

DDIT (IT)-2(1), MUMBAI vs. STANDARD CHARTERED BANK, MUMBAI

Accordingly, Ground No. 11 raised by the Revenue is dismissed

47A of Banking Regulation Act or Sec. 58B of RBI Act and therefore infraction of law cannot be presumed for making disallowance of interest. 9. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs. 74,86,000/- plus Rs. 4,91,500/- made on account

SKYLARK BUILD,MUMBAI vs. ASST CIT CEN CIR 4(2), MUMBAI

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2007-08 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K Assessment Year: 2008-09 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K

section 153C of LT. Act, 1961 can be initiated in respect to person other than searched only if incriminating material belonging to such person has been found and seized from the premises of person searched. No incriminating documents found at the person searched being M/s. Artefact Projects Ltd. no valid proceedings under section 153C of IT Act, 1961 could have

SKYLARK BUILD,MUMBAI vs. ASST CIT CEN CIR 4(2), MUMBAI

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2007-08 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K Assessment Year: 2008-09 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K

section 153C of LT. Act, 1961 can be initiated in respect to person other than searched only if incriminating material belonging to such person has been found and seized from the premises of person searched. No incriminating documents found at the person searched being M/s. Artefact Projects Ltd. no valid proceedings under section 153C of IT Act, 1961 could have