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

capital gains. Thus, section 71 provides set gains. Thus, section 71 provides set-off of business loss off of business loss even from ‘income even from ‘income from other sources’ including dividend from other sources’ including dividend income. It does not provide any restriction on set income. It does not provide any restriction on set income. It does not provide

MANAVI GOEL SHARMA,MUMBAI vs. INCOME TAX OFFICER INT TAX WARD 2(3)(1), MUMBAI

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

Bench: Shri Vikram Singh Yadav & Shri Raj Kumar Chauhanassessment Year : 2018-19

Gain or Short Term Capital Loss. 10. As far as the addition of Rs. 1,14,348/-, u/s 69C of the Act on account of expenditure of penny scrips, the Ld.AR submitted that the AO has erred in adding back an amount of Rs. 1,14,348/- on account of 3% expenditure on the sale of 39,451 shares

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-5(4), MUMBAI vs. SHRI YOGENDRA KANODIA, MUMBAI

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

Bench: Shri Pavan Kumar Gadale & Shri Gagan Goyalacit-Cc-5(4), Vs. Mrs.Rashmiyogendra Room No.1924,19Th Kanodia(Legal Heir Of Floor, Air Late Shri Yogendra Indiabuilding, Surajmal Kanodia) Nariman Point, 1 St Floor,Samudra Mumbai-400021. Tarang, Keluskarroad, Northshivajipark,Dadar, Mumbai-400028. Pan/Gir No. : Aadpk4863A Appellant .. Respondent

Capital gains and other sources No income from business or profession is ever earned by the assessee any time during the year under consideration as well in any of the earlier years. This can be substantiated by referring the computation of total income for the year under consideration as well of the earlier years. Mrs.Rashmi Yogendra Kanodia (legal heir

SUHASIT STAR TRADING PRIVATE LIMITED,MUMBAI vs. ITO, WARD-15(3)(4), MUMBAI

In the result, the appeal of the assessee and that of\nthe Revenue are dismissed

69D, at the rate of 30%\n(plus surcharge and cess), without allowing any deduction for any\nexpenditure or allowance. Thereafter, the provisions of sub-section (1)\nof Section 115BBE were substituted by Taxation Laws (Second\nAmendment) Act, 2016, w.e.f. 01.04.2017 i.e. AY 2017-18. Taxation\nLaws (Second Amendment) Act, 2016 received the assent of the\nPresident of India only

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue stands dismissed

Bench: Hon’Ble Shri Sandeep Gosain & Hon’Ble Shri Prabhash Shankar

gains from business or profession” determined on the basis of Income and Expenditure Account for the year ended 31-3-2017. We give hereunder brief details of the same for your ready reference:- Income and Expenditure Account – year ended 31-3-2017 Particular Amount Particular Amount (` ) (` ) Various 53,41,22 Consultancy 6,66,11, Expenses 9 Income 633 Net Surplus

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue stands dismissed

Bench: Hon’Ble Shri Sandeep Gosain & Hon’Ble Shri Prabhash Shankar

gains from business or profession” determined on the basis of Income and Expenditure Account for the year ended 31-3-2017. We give hereunder brief details of the same for your ready reference:- Income and Expenditure Account – year ended 31-3-2017 Particular Amount Particular Amount (` ) (` ) Various 53,41,22 Consultancy 6,66,11, Expenses 9 Income 633 Net Surplus

CY. CIT 6(1) (2) , MUMBAI vs. M/S. BHANDARI GOLD & JEWELLERS PVT. LTD, MUMBAI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Bledcit – 6(1)(2) V. M/S. Bandari Gold & Jewellers Pvt. Ltd., 407, Bussaudyog Bhavan Room No. 538B, 5Th Floor Tokersi, Jivraj Road, Sewree Aayakar Bhavan, M.K. Road Mumbai - 400015 Mumbai - 400020 Pan: Aadcb1291J (Appellant) (Respondent)

gains cannot be properly deduced from such books of accounts. In this regards, the Appellant have correctly shown sale transactions as revenue from operation in the book of accounts as per notified accounting standards prescribed. Further, the same sale is being reduced from inventory in the books of accounts. The same books is audited and tax audit report has been

BHANDARI GOLD AND JEWELLERS PRIVATE LIMITED,MUMBAI vs. CIT (APPEAL), NFAC - DELHI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Bledcit – 6(1)(2) V. M/S. Bandari Gold & Jewellers Pvt. Ltd., 407, Bussaudyog Bhavan Room No. 538B, 5Th Floor Tokersi, Jivraj Road, Sewree Aayakar Bhavan, M.K. Road Mumbai - 400015 Mumbai - 400020 Pan: Aadcb1291J (Appellant) (Respondent)

gains cannot be properly deduced from such books of accounts. In this regards, the Appellant have correctly shown sale transactions as revenue from operation in the book of accounts as per notified accounting standards prescribed. Further, the same sale is being reduced from inventory in the books of accounts. The same books is audited and tax audit report has been