RELIANCE INDUSTRIES LTD.,MUMBAI vs. ASSTT. CIT-CC-3(4), MUMBAI

In the result, appeal by the Revenue is dismissed

Bench: Shri Pramod Kumar, Vice Preside & Shri Sandeep Singh Karhail

gains for the impugned AY 2016-17, and the source for the continuously loss making AE RIME to the said purchase was again flowing from alleged preference share investment of assessee into RIME, thus what is essentially a loan transaction was projected as share transaction leading to base erosion to India, raising huge questions as to which continuously loss making

DCIT-CENTRAL CIRCLE-1(4), MUMBAI, MUMBAI vs. NAVKAR CORPORATION LIMITED, NAVI MUMBAI

In the result, we affirm the order of the Ld

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

801A, the base amount for calculating deduction got reduced from Rs 80,36,50,237 to Rs 66,37,35,347 i.e. reduction of Rs. 13,99,14,890 which is exactly the amount of deduction reduced by AO. Since, AO has not disturbed the total receipts and the basis of apportionment of expenses Le in turnover ratio

DCIT-5(2)(1),MUMBAI, AAYAKAR BHAVAN vs. JSW STEEL COATED PRODUCTS LIMITED, MUMBAI

In the result, appeal of the

Bench: Shri Pawan Singh & Shri Girish Agrawal

gains derived by an undertaking that is engaged in the eligible activity of power generation. - b. The SDT for which ALP is required to be determined is the 'supply of power by the eligible power generation unit". - c. The method chosen to determine the ALP as well as the choice of tested party should be such as to arrive

DY. COMMISSIONER OF INCOME TAX 5(2)(1), MUMBAI, MUMBAI vs. JSW STEEL COATED PRODUCTS LIMITED, MUMBAI

In the result, appeal of the

Bench: Shri Pawan Singh & Shri Girish Agrawal

gains derived by an undertaking that is engaged in the eligible activity of power generation. b. The SDT for which ALP is required to be determined is the 'supply of power by the eligible power generation unit". c. The method chosen to determine the ALP as well as the choice of tested party should be such as to arrive

THE DY CIT, CIRCLE-4(1)(2),, AHMEDABAD vs. VODAFONE WEST LIMITED,, AHMEDABAD

In the result, the appeal by the Revenue is partly allowed for statistical\npurposes

801A of the Act on the following:\n6.1 Served from India Scheme (SFIS) income of Rs 3,31,38,860\n6.2 Rs 92,75,000 disallowed under section 14A of the Act\nGround no 7- Addition of Rs 92,75,000 disallowed under section 14A\nwhile computing book profits under section 115JB of the Act\n7. On the facts

VODAFONE WEST LIMITED,(FORMERLY KNOWN AS VODAFONE ESSAR GUJARAT LIMITED),AHMEDABAD vs. THE DY.CIT, CIRCLE-4(1)(2),, AHMEDABAD

In the result, the appeal by the Revenue is partly allowed for statistical\npurposes

801A of the Act on the following:\n6.1 Served from India Scheme (SFIS) income of Rs 3,31,38,860\n6.2 Rs 92,75,000 disallowed under section 14A of the Act\nGround no 7- Addition of Rs 92,75,000 disallowed under section 14A\nwhile computing book profits under section 115JB of the Act\n7. On the facts

ACIT (LTU-1), MUMBAI vs. BAJAJ HOLDINGS & INVESTMENT LTD, MUMBAI

In the result, cross objection filed by the assessee is partly allowed

Bench: Shri Kuldip Singh, Hon’Ble & Shri S. Rifaur Rahman, Hon'Bleacit (Ltu-1) V. Bajaj Holdings Investment Ltd 29Th, Floor, Centre-1 226, Bajaj Bhavan, 2Nd Floor World Trade Centre Jamnalal Bajaj Marg, Nariman Point Mumbai- 400021 Cuffe Parade, Mumbai- 400075 Pan: Aaacb3370K (Appellant) (Respondent) C.O.No. 96/Mum/2002 [Arising Out Of Ita No.5030/Mum/2001 (A.Y: 1997-98)] Bhajaj Auto Limited V. Acit (Ltu-1) Bhajaj Bhavan 29Th, Floor, Centre-1 Nariman Point World Trade Centre Mumbai - 400020 Cuffe Parade, Mumbai- 400075 Pan: Aaacb3370K (Appellant) (Respondent) Assessee Represented By : Shri Percy Pardiwala& Ms. Vasanti Patel Department Represented By : Shri Rahul Kumar & Shri Vranda U Matkarri

801A on the profits derived from respective units without deducting depreciation of respective units which is contrary to the provisions of above section. (e) Erred in direction the A.O. to grand deduction u/s 80HH & 80IAby including duty draw back. and interest which is contrary to the decision of Supreme Court in sterling Foods Ltd. (237ITR 579). (f) Erred in direction

DCIT(CC)-8(3), MUMBAI vs. JSW ENERGY LIMITED, MUMBAI

In the result the appeals filed by the revenue for assessment years under consideration stands partly allowed and cross appeals filed by the assesse stands dismissed

Bench: Smt. Beena Pillai () & Shri Omkareshwar Chidara ()

gains of such undertaking or unit or enterprise or eligible business shall be computed as if the transfer, in either case, had been made at the market value of such goods or services as on that date. Explanation. - For the purposes of this sub-section, the expression "market value",- (i) in relation to any goods or services sold or supplied

PATEL ENGINEERING LIMITED ,MUMBAI vs. DCIT CC-3(4), MUMBAI

In the result, appeals of the Revenue are dismissed, except for one ground no

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

8. In response to show cause notice, assessee had filed its detailed reply which has been incorporated in the order passed by the ld. AO in para 5. However, the ld. AO rejected the assessee’s submissions and also distinguished judgments relied upon by the assessee. First of all, AO held that from the reading of the agreement between IRCON

DCIT CEN CIR 1(4), MUMBAI vs. GRASIM INDUSTRIES LTD, MUMBAI

In the result, appeal of the revenue and the assessee are partly allowed, and the additional ground of the assessee is dismissed

Bench: Shri Narendra Kumar Billaiya & Shri Anikesh Banerjee

801A of the I.T. Act in respect of the Rail System at Raipur of Rs.15,57,09,929/- and Rs.13,05,18,489/- at Hotgi, without appreciating the fact that the Rail System was not an infrastructure facility within the meaning of the Explanation to Section 80-IA(4) (i) of the I.T. Act, 1961 and that the assessee

GRASIM INDUSTRIES LIMITED,MUMBAI vs. DCIT, CC-1(4), MUMBAI

In the result, appeal of the revenue and the assessee are partly allowed,\nand the additional ground of the assessee is dismissed

801A of the I.T. Act in respect of the Rail System at Raipur\nof Rs.15,57,09,929/- and Rs.13,05,18,489/- at Hotgi, without appreciating the fact\nthat the Rail System was not an infrastructure facility within the meaning of the\nExplanation to Section 80-IA(4) (i) of the I.T. Act, 1961 and that the assessee

ADDL CIT 2(3), MUMBAI vs. TATA INDUSTRIES LTD, MUMBAI

Accordingly,\nGround No 2(a) & (b) of the revenue in ITA No. 4109/Mum/2012, therefore\nstands dismissed

8 of present appeal of assessee stands allowed.\n\n22\nITA No. 3157/MUM/2012, ITA No. 4109/MUM/2012\nITA No.5690/MUM/2015 & CO No. 144/MUM/2016\n\n10. Ground No. 10: Regarding disallowance of Rs.10,01,707/- of\noverseas taxes paid by the assessee and claimed as deduction u/s 37 of\nthe Act\n\n10.1 On this issue the Ld. AO observed that the assessee

ADDL CIT LARGE TAX PAYER UNIT, MUMBAI vs. RELIANCE INDUSTRIES LTD, MUMBAI

In the result, appeals of the Revenue are dismissed whereas appeals of the assessee are allowed in part in terms indicated hereinabove

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm Addl. Commissioner Of Vs. M/S. Reliance Industries Ltd.,3Rd Income Tax, Large Tax Floor, Maker Payer Unit, Mumbai Chamber-Iv, 222, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) M/S. Reliance Industries Vs. Addl. Commissioner Of Income Ltd.,3Rd Floor, Maker Tax, Large Tax Payer Unit, Chamber-Iv, 222, Mumbai Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) M/S. Reliance Industries Vs. Asst. Commissioner Of Income Ltd.,3Rd Floor, Maker Tax, Large Tax Payer Unit, Chamber-Iv, 222, Mumbai Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) Asst. Commissioner Of Vs. M/S. Reliance Industries Ltd.,3Rd Income Tax, Large Tax Floor, Maker Payer Unit, Mumbai Chamber-Iv, 222, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacr5055K Appellant) .. Respondent) M/S. Reliance Industries Vs. Asst. Commissioner Of Income Ltd.,3Rd Floor, Maker Tax, Large Tax Payer Unit

801A(8) has clearly defined that "Market Value" means the price of goods/services would fetch, if these were sold by the unit/undertaking in the open market subject to statutory regulations, if any and the assessee had clearly violated this section 5. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred

DY CIT - CC- 7(1), MUMBAI vs. M/S. SAF YEAST CO.PVT. LTD., MUMBAI

Accordingly, ground No. 1 & 2 raised by the assessee is allowed

Bench: Shri S. Rifaur Rahman () & Shri Pavan Kumar Gadale () Assessment Year: 2013-14 Deputy Commissioner Of Income M/S Saf Yeast Co. Pvt. Ltd., Tax Cc-7(1), Vs. 419, Swastik Chambers, Room No. 653, Aayakar Bhavan, Chembur, M.K. Road, Mumbai-400071. Mumbai-400020. Pan No. Aadcs 9080 J Appellant Respondent Assessment Year: 2013-14 M/S Saf Yeast Co. Pvt. Ltd., Deputy Commissioner Of Income 419, Swastik Chambers, Chembur, Vs. Tax Cc-7(1), Mumbai-400071. Room No. 653, Aayakar Bhavan, M.K. Road, Mumbai-400020. Pan No. Aadcs 9080 J Appellant Respondent Assessment Year: 2014-15 M/S Saf Yeast Co. Pvt. Ltd., Deputy Commissioner Of Income 419, Swastik Chambers, Chembur, Vs. Tax Cc-7(1), Mumbai-400071. Room No. 653, Aayakar Bhavan, M.K. Road, Mumbai-400020. Pan No. Aadcs 9080 J Appellant Respondent

capital in the industrial undertaking set up, 2. Employment of requisite labour therein, M/s Saf Yeast Co. Pvt. Ltd. 3. Manufacture or production of articles in the said undertaking, 4. Earning of profits clearly attributable to the said new undertaking, and 5. Above all, a separate and distinct identity of the industrial unit set up. 36. Similarly, Hon’ble Gujarat

SAF YEAST CO. P.LTD.,MUMBA vs. ACIT CC-7(1), MUMBAI

Accordingly, ground No. 1 & 2 raised by the assessee is allowed

Bench: Shri S. Rifaur Rahman () & Shri Pavan Kumar Gadale () Assessment Year: 2013-14 Deputy Commissioner Of Income M/S Saf Yeast Co. Pvt. Ltd., Tax Cc-7(1), Vs. 419, Swastik Chambers, Room No. 653, Aayakar Bhavan, Chembur, M.K. Road, Mumbai-400071. Mumbai-400020. Pan No. Aadcs 9080 J Appellant Respondent Assessment Year: 2013-14 M/S Saf Yeast Co. Pvt. Ltd., Deputy Commissioner Of Income 419, Swastik Chambers, Chembur, Vs. Tax Cc-7(1), Mumbai-400071. Room No. 653, Aayakar Bhavan, M.K. Road, Mumbai-400020. Pan No. Aadcs 9080 J Appellant Respondent Assessment Year: 2014-15 M/S Saf Yeast Co. Pvt. Ltd., Deputy Commissioner Of Income 419, Swastik Chambers, Chembur, Vs. Tax Cc-7(1), Mumbai-400071. Room No. 653, Aayakar Bhavan, M.K. Road, Mumbai-400020. Pan No. Aadcs 9080 J Appellant Respondent

capital in the industrial undertaking set up, 2. Employment of requisite labour therein, M/s Saf Yeast Co. Pvt. Ltd. 3. Manufacture or production of articles in the said undertaking, 4. Earning of profits clearly attributable to the said new undertaking, and 5. Above all, a separate and distinct identity of the industrial unit set up. 36. Similarly, Hon’ble Gujarat

DCIT, NEW DELHI vs. M/S. VODAFONE ESSAR DIGILINK LTD., NEW DELHI

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI OMKARESHWAR CHIDARA (Accountant Member)

8. Ground No.VI raised by the Revenue reads as under: “VI. On the facts and in the circumstances of the case, the DRP-II erred in directing to delete the addition of Rs.88,64,94,300/- on account of disallowing depreciation on Passive Infrastructure Assets (PI).” 8.1. The relevant facts in brief are that in terms of the Scheme

MAHINDRA & MAHINDRA LTD,MUMBAI vs. ADDL CIT RG 2(2), MUMBAI

In the result, appeal by the assessee is partly allowed

Bench: Shri Shamim Yahya & Shri Ram Lal Negi

capital gains. The assessee before the AO furnished auditor's report in Form 10CCB n 10.01.2013 together with unit wise computation of profit eligible for deduction u/s 80IC, profit and loss account of Rudrapur unit, balance sheet of Rudrapur unit, alongwith relevant schedules and Annexure. 44. The assessee explained that it has undertaken expansion of the Rudrapur unit

M/S. LAXMI ORGANIC INDUSTRIES LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 3(2)(1), MUMBAI

Bench: Shri Pawan Singh & Shri Girish Agrawal

capital expenditure u/s 35(1)(iv). 10. On the facts and in the circumstances of the case and in law, the learned Assessing Officer erred in completing the assessment without considering the request of the appellant that adjustments were required to be made the returned income before assessing the income of the appellant amounting