MEENA HASMUKH SAVLA,MATUNGA MUMBAI vs. ASSESSMENT UNIT, NATIONAL FACELESS ASSESSMENT CENTRE

In the result the appeal filed by the assessee is\nallowed

69D though he has stated to apply tax rate as\nper section 115BBE.\n\n8. 6. 4. If the inference is drawn that ld. AO has made a\ndisallowance of claim of exemption by the assessee u/s 10(38),\nthen, first and foremost, his statement of applying the rate of\n60% under section 115BBE does not hold good. Further

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

TATA MOTORS LTD,MUMBAI vs. DCIT LTU 2, MUMBAI

In the result, appeal of the assessee is allowed

Gains of Business or Profession" as provided u/s. 71 of the Act. 7.22. In light of the above discussion on the provisions of the Act, we submit that sub-section (2) to section 115BBD of the Act only provides that no deduction of any expenditure or allowance shall be allowed while computing foreign dividend income and working out tax thereon

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

TATA MOTORS LTD,MUMBAI vs. DCIT LTU 2, MUMBAI

Bench: Shri C. N. Prasad, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 3424/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2013-14)

capital of the company." 4.13. The above section clearly provides that where the total income of the assessee includes income by way of dividend declared, distributed or paid by a specified foreign company, then such dividend income shall be. subject to tax at 15% (plus applicable surcharge, and cess) and balance part of total income., i.e. as reduced by above

ACIT CEN CIR 13, MUMBAI vs. 'A' STAR EXPORTS, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

Capital gains' and 'House Property' are clearly not applicable in the present case. In my view, the most appropriate head is 'Profits and Gains of business'. In that case the loss can be set off under section 70(1) of the Act. Even if the unaccounted investment is assessed under 'income from other sources' the loss will

ACIT CEN CIR 13, MUMBAI vs. ASIAN STAR DIAMONDS ITERNATIONAL P.LTD, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

Capital gains' and 'House Property' are clearly not applicable in the present case. In my view, the most appropriate head is 'Profits and Gains of business'. In that case the loss can be set off under section 70(1) of the Act. Even if the unaccounted investment is assessed under 'income from other sources' the loss will

POOJA MARKETING,MUMBAI vs. PR. CIT- 31 , MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Us, The Core Issues To Be Decided Are As Under:-

69D of the Act. In a subsequent Circular No. 11/2019 dated 19.6.2019, the CBDT further provided a clarification that an assessee is entitled to claim set-off of loss against income determined u/s. 115BBE of the Act till the Asst Year 2016-17. (xiv) The ld AR further submitted that Section 112 of the Act which was inserted

M/S. TATA INDUSTRIES LTD,MUMBAI vs. THE ITO 2(3)(3), MUMBAI

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

Bench: Shri G. S. Pannu, Accoutant Member & Shri Sanjay Gargtata Industries Ltd., Vs. The Income Tax Officer, Ward- Bombay House,24,Homi 2 (3) (3), Room No.555, Mody Street, Fort, Mumbai Aayakar Bhavan, Maharshi 400 001 Karve Road, Mumbai 400 020 Pan: Aaact 4058 L Appellant .. Respondent Appellant By Shri Dinesh Vyas, Ar Respondent By Shri Alok Johri, Dr Date Of Hearing 22-06-2016 Date Of Pronouncement 20-07-2016

Capital Gains which were inadvertently included in the return. The Tribunal observed as 13 follows: “Moreover, if the assessee is, otherwise, entitled to a claim of deduction but due to his ignorance or for some other reason could not claim the same in the return of income, but has raised his claim before the appellate authority, the appellate authority should

KAMAL VYAS ,MUMBAI vs. PR. CIT - 17, MUMBAI

In the result, this appeal stand allowed

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

69D, if such income is not covered under clause (a). Such tax rate of 60% will be further increased by 25% surcharge, 6% penalty, i.e., the final tax rate comes out to be 83.25% (including cess). Provided that such 6% penalty shall not be levied when the income under Section 68, 69, etc., has been included in return of income

VIJAY M. HARIA,MUMBAI vs. ITO WD 13(3)(2), MUMBAI

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Gosainshri Vijay M. Haria Income Tax Officer-13(3)(21) 502, Sharda Chambers No.2 Room No. 428, 4Th Floor Vs. Bhat Bazar, Masjid Bunder Àayakar Bhavan, M.K. Road Mumbai 400003 Mumbai 400020 Pan - Aabph1129C Appellant Respondent

Capital Gains and Income from other sources” as per limitations placed in section 70 to 79 of I.T. Act, 1961 only and not against any income which is charged/chargeable to tax under section 68 to 69D

DCIT ,CC- 8(4), MUMBAI vs. ASHOK R. RUIA (HUF), MUMBAI

In the result, appeal filed by the Revenue is dismissed

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

capital gains tax, the Assessing Officer is cutting the chain of events into two parts; one part upto 31-3-1999 and the other part after 31-3-1999. This approach adopted by the Assessing Officer is against law. When the Assessing Officer is relying on the materials collected in the course of search for making an assessment, the Assessing

DEPUTY CIT-5(1)(1), MUMBAI, MUMBAI vs. M/S ESSAR SHIPPING LIMITED , MUMBAI

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

Bench: Shri Amit Shukla, Jm & Shri M Balaganesh, Am आयकरअपीलसं./ I.T.A. No. 821/Mum/2022 (निर्धारणवर्ा / Assessment Year: 2015-16) M/S Essar Shipping Dy. Cit-Circle – 5(3)(1), Limited R. No. 568, Aayakar बिधम/ Essar House, 11, K K Bhavan, M. K. Road, Vs. Marg, Mahalaxmi, Mumbai-400 020 Mumbai-400 034 स्थायीलेखासं./जीआइआरसं./ Pan No. Aacce3707D (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Shri Prakash R. Mane, Ld. Dr प्रत्यथीकीओरसे/Respondent By : Shri Manoj Patwari/ Shri Rishav Patwari, Ld. Ars सुनवाईकीतारीख/ : 18.08.2022 Date Of Hearing घोषणाकीतारीख / : 14.11.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeal Has Been Filed By The Revenue Against Impugned Order Dated 28.02.2022, Passed By Ld. Cit (Appeals)-56, Mumbai For The Quantum Of Assessment Passed U/S 143(3) R.W.S.

capital gains. Thus, section 71 provides set-off of business loss even from ‘income from other sources’ including dividend income. It does not provide any restriction on set-off of business loss against any dividend income which is taxable u/s 56 of the Act. The total income of the assessee includes income by way of dividend paid by the foreign

TATA INDUSTRIES LTD,MUMBAI vs. DY CIT CIRCLE- 2 (3)(1), MUMBAI

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

capital gains. Thus, section 71 provides set-off of business loss even from ‘income from other sources’ including dividend income. It does not provide any restriction on set-off of business loss against any dividend income which is taxable u/s 56 of the Act. The total income of the assessee includes income by way of dividend paid by the foreign

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