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)

3) - Notwithstanding anything contained in sub-section (1) where the capital gain arising from the transfer of a capital asset referred to in clause (iv) or, as the case may be, clause (v).of section 47 is deemed to be income chargeable under the head "Capital gains" by virtue of the provisions contained in 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

3) Notwithstanding anything contained in sub- section (1) where the capital gain arising from the transfer of a capital asset referred to in clause (iv) or, as the case may be, clause (v) of section 47 is deemed to be income chargeable under the head “Capital gains” by virtue of the provisions contained in 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

3) Notwithstanding anything contained in sub- section (1) where the capital gain arising from the transfer of a capital asset referred to in clause (iv) or, as the case may be, clause (v) of section 47 is deemed to be income chargeable under the head “Capital gains” by virtue of the provisions contained in 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

3) Notwithstanding anything contained in sub- section (1) where the capital gain arising from the transfer of a capital asset referred to in clause (iv) or, as the case may be, clause (v) of section 47 is deemed to be income chargeable under the head “Capital gains” by virtue of the provisions contained in section 47A

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 2(24) or any other provisions of the Act. While referring and following the decision in DP World (P) Ltd (supra) it was further held that companies are competent to make and receive gifts and natural love and affection are not necessary requirement. It was held that the only requirement for company is to make gifts as per respective

ITO 6(3)(1), MUMBAI vs. 25 FPS MEDIA PVT. LTD. , 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 2(24) or any other provisions of the Act. While referring and following the decision in DP World (P) Ltd (supra) it was further held that companies are competent to make and receive gifts and natural love and affection are not necessary requirement. It was held that the only requirement for company is to make gifts as per respective

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 to be the profits and gains ITA No.5343/MUM/2025/AY 2017-18 Padmaja Rajesh Harve chargeable to tax of the successor LLP or the shareholder of the company. Since the turnover of the company in the last 3

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

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

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

3) of the Act dated 20th March, 2014. 07. The assessee preferred an appeal before the learned CIT (A), who passed an order on 12th October, 2023, wherein after obtaining the remand report of the learned Assessing Officer upholding the applicability of Section 50C of the Act but holding that due to the amendment in the provision of Section

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

3) of I.T. Act, 1961 for Asstt. Year 2011-12 is placed in Paper Book. This substantiates that documents seized are not of any incriminating nature. 60 Skylark Build Skylark Buildcon P. Ltd. Smt. Hemlata S. Shetty, Oasis Realty Shri Sudhakar M. Shetty Sahana Builders & Developers (P) Ltd. . D) Impugned years under appeal are assessment years

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

3) of I.T. Act, 1961 for Asstt. Year 2011-12 is placed in Paper Book. This substantiates that documents seized are not of any incriminating nature. 60 Skylark Build Skylark Buildcon P. Ltd. Smt. Hemlata S. Shetty, Oasis Realty Shri Sudhakar M. Shetty Sahana Builders & Developers (P) Ltd. . D) Impugned years under appeal are assessment years

DCIT CEN CIR 4(2), MUMBAI vs. SUDHAKAR M. SHETTY, 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

3) of I.T. Act, 1961 for Asstt. Year 2011-12 is placed in Paper Book. This substantiates that documents seized are not of any incriminating nature. 60 Skylark Build Skylark Buildcon P. Ltd. Smt. Hemlata S. Shetty, Oasis Realty Shri Sudhakar M. Shetty Sahana Builders & Developers (P) Ltd. . D) Impugned years under appeal are assessment years

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