ACIT-2(1)(1), MUMBAI vs. GEECEE VENTURES LIMITED, MUMBAI

The appeal is allowed for statistical purposes

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

80B(5). Therefore, this Court is of the opinion that the High Court was justified in holding that the loss from the oil division was required to be adjusted before determining the gross total income and as the gross total income was 'nil' the assessee was not entitled to claim deduction under Chapter VI-A which includes section

DCIT 10(3)(2), MUMBAI vs. PHOENIX MECANO (I) PLTD, MUMBAI

In the result, appeal of the Revenue is allowed

Bench: Shri Joginder Singh, Assessment Year:2011-12

80B(5) defines the purposes of section VIA “gross total income” to mean the total income computed in accordance with the provisions of the Act before making any deduction under the chapter. The deduction u/s 10B, in my view, has to be given effect to at the stage of computing the profit & gains of the business. Admittedly, there were divergent

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

80B(5) to mean 'total income computed in accordance with the provisions of the Act before making any deduction under Chapter VI-A or under section 80-O.' Income by way of dividends from a domestic company included in the gross total income would, therefore, obviously be income computed in accordance with the provisions of the Act, that is, after

ROCKLINE DEVELOPERS PVT. LTD.,MUMBAI vs. ITO 13(3)(2), MUMBAI

In the result, the appeal filed by the assessee is partly allowed

Bench: Shri B.R. Baskaran & Shri Pawan Singhm/S. Rockline Developers P. Ltd. Income Tax Officer-13(3)(2) 801, Hubtown Solaris Mumbai Vs. N.S. Phadke Marg, Off. Teli Gali Andheri (E), Mumbai 400069 Pan – Aaacr4467F Appellant Respondent

Capital gains’ and ‘Income from other sources’. After computing the income under the different heads as per the provisions of sections 14 to 59, there are certain income of other persons which are to be included in assessee’s total income. They are being dealt with under sections 60 to 65 of the Act. Section 66 lays down that

RAYMOND LTD,MUMBAI vs. ADDL CIT RG 2(3), MUMBAI

Accordingly, the same are dismissed as not pressed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleraymond Limited V. The Addl. Cit– 2(3) New Hind House Aayakar Bhavan, M.K. Road Narottam Morarjee Marg Mumbai - 400020 Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A Appellant Respondent C.O. No. 287/Mum/2017 [Arising Out Of Ita No. 2218/Mum/2011 (A.Y. 2007-08)] The Addl. Cit– 2(3) V. Raymond Limited Aayakar Bhavan, M.K. Road New Hind House Mumbai - 400020 Narottam Morarjee Marg Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A Appellant Respondent M/S. Raymond Limited V. The Dcit – Osd- 2(3) New Hind House, Aayakar Bhavan, M.K. Road Narottam Morarjee Marg Mumbai – 400020 Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A Appellant Respondent

5. The learned Commissioner of Income-tax (Appeals) erred in upholding the action of Assessing Officer in granting interest 31 ITA No. 4322/MUM/2012 (A.Y. 2008-09) C.O. NO. 287& 288/MUM/2017 M/s. Raymond Limited under section 244A on excess credit for tax deducted at source claimed during the assessment proceedings from the date on which the TDS Certificates were furnished till

RAYMOND LTD,MUMBAI vs. DCIT (OSD) RG 2(3), MUMBAI

Accordingly, the same are dismissed as not pressed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleraymond Limited V. The Addl. Cit– 2(3) New Hind House Aayakar Bhavan, M.K. Road Narottam Morarjee Marg Mumbai - 400020 Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A Appellant Respondent C.O. No. 287/Mum/2017 [Arising Out Of Ita No. 2218/Mum/2011 (A.Y. 2007-08)] The Addl. Cit– 2(3) V. Raymond Limited Aayakar Bhavan, M.K. Road New Hind House Mumbai - 400020 Narottam Morarjee Marg Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A Appellant Respondent M/S. Raymond Limited V. The Dcit – Osd- 2(3) New Hind House, Aayakar Bhavan, M.K. Road Narottam Morarjee Marg Mumbai – 400020 Ballard Estate, Mumbai - 400001 Pan: Aaacr4896A Appellant Respondent

5. The learned Commissioner of Income-tax (Appeals) erred in upholding the action of Assessing Officer in granting interest 31 ITA No. 4322/MUM/2012 (A.Y. 2008-09) C.O. NO. 287& 288/MUM/2017 M/s. Raymond Limited under section 244A on excess credit for tax deducted at source claimed during the assessment proceedings from the date on which the TDS Certificates were furnished till

ABU DHABI COMMERCIAL BANK PJSC,MUMBAI vs. DCIT (INTERNATIONAL TAXATION)-1(1)(1), MUMBAI

In the result, the appeal is partly allowed

Bench: Shri Saktijit Dey, Vp & Ms. Padmavathy S, Am Abu Dhabi Commercial Bank Pjsc Dcit (International Taxation)- Wework India Management Private 1(1)(1) 5Th Floor, Room No. 517, Limited Vs. 2Nd Floor, Express Towers, Air India Building, Nariman Point, Ranath Goenka Marg, Nariman Point, Mumbai-400 021 Mumbai-400 021 Pan/Gir No. Aaaca 4216 B (Appellant) : (Respondent)

5. Income from other sources 12. Sections 15 to 59 provide the mode and manner of computation of income under each of the aforesaid heads of income. Once income under different heads are computed, Chapter VI and VI-A get triggered. While Chapter VI provides for aggregation of income and set off and carryforward of loss, Chapter VIA provides

M/S. HOUSING DEVELOP,MENT FINANCE CORPN. LTD,MUMBAI vs. THE ADDL CIT RG-1(1), MUMBAI

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

capital gain and dividend) at 66.25 : 33.75. The way in which the AO has allocated various expenses is described as under: (i) In the computation of income from business eligible for deduction un- der section 36(1)(viii) of the Act, the AO has reduced the entire interest on foreign currency borrowings and provision for contingencies as ex- penditure incurred

M/S. HOUSING DEVELOPMENT FINANCE CORP. LTD.,MUMBAI vs. DCIT CIR. 1(1), MUMBAI

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

capital gain and dividend) at 66.25 : 33.75. The way in which the AO has allocated various expenses is described as under: (i) In the computation of income from business eligible for deduction un- der section 36(1)(viii) of the Act, the AO has reduced the entire interest on foreign currency borrowings and provision for contingencies as ex- penditure incurred

DCIT CIR 1(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPN. LTD., MUMBAI

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

capital gain and dividend) at 66.25 : 33.75. The way in which the AO has allocated various expenses is described as under: (i) In the computation of income from business eligible for deduction un- der section 36(1)(viii) of the Act, the AO has reduced the entire interest on foreign currency borrowings and provision for contingencies as ex- penditure incurred

THE DY CIT CIR 1(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPN LTD., MUMBAI

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

capital gain and dividend) at 66.25 : 33.75. The way in which the AO has allocated various expenses is described as under: (i) In the computation of income from business eligible for deduction un- der section 36(1)(viii) of the Act, the AO has reduced the entire interest on foreign currency borrowings and provision for contingencies as ex- penditure incurred

THE DY CIT CIR 1(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPN LTD, MUMBAI

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

capital gain and dividend) at 66.25 : 33.75. The way in which the AO has allocated various expenses is described as under: (i) In the computation of income from business eligible for deduction un- der section 36(1)(viii) of the Act, the AO has reduced the entire interest on foreign currency borrowings and provision for contingencies as ex- penditure incurred

M/S. HOUSING DEVELOP,MENT FINANCE CORPN. LTD,MUMBAI vs. THE ADDL CIT RG 1(1), MUMBAI

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

capital gain and dividend) at 66.25 : 33.75. The way in which the AO has allocated various expenses is described as under: (i) In the computation of income from business eligible for deduction un- der section 36(1)(viii) of the Act, the AO has reduced the entire interest on foreign currency borrowings and provision for contingencies as ex- penditure incurred

M/S. INDAGRO FOODS LTD.,MUMBAI vs. ACIT - (OSD) 2(1), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh & Shri N.K. Pradhan

Gain derived from an Industrial Undertaking situated in backward area/district specified in the notification, interalia, that it manufactures or produce an article of things, not being article of things specified in Eleventh Schedule. The assessee fulfilled all 4 ITA No. 7342 to 7344 Mum 2008-M/s Indagro Foods Ltd. the condition for deduction under section 80IB. The assessee

DCIT RG 8(2), MUMBAI vs. HEALTH PRIME SERVICES (I) P.LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri G.S.Pannu & Shri Sanjay Gargthe Dcit, Range 8(2), R.No.209, 2Nd Floor, Aaykar Bhavan, Mk Road, Mumbai 400 020 ...... Appellant Vs. M/S. Health Prime Services (India) Pvt. Ltd. 303, Akruti Trade Centre, Road No.7, Marol, Midc, Andheri (East), Mumbai 400093 Pan: Aabch 3697Q .... Respondent

capitalized under section 43A of the Act , the CIT(A) held it to be not tenable because section 43A relates to assets which have been acquired from a country outside India, whereas in the instant case, the asset has been acquired from within India itself. On the basis of the aforesaid reasoning, the CIT(A) has deleted the disallowance, against

SYNGENTA INDIA LTD,PUNE vs. ADDL CIT 1(3), MUMBAI

Accordingly, we direct the AO to allow the actual expenditure incurred during this year on site restoration cost. Accordingly, ground no. 5 is treated as allowed

Bench: Shri B R Baskaran & Shri Amit Shukla

sections falling in Chapter VI-A. They impose a ceiling on the total amount of deduction and, therefore, the non obstante clause in s. 80-1(6) cannot restrict the operation of ss. 80A(2) and 80B(5) which operate in different spheres. As observed earlier, s. 80-1(6) deals with actual computation of deduction whereas

SYNGENTA INDIA LTD,PUNE vs. ADDL CIT RG 1(3), MUMBAI

Accordingly, we direct the AO to allow the actual expenditure incurred during this year on site restoration cost. Accordingly, ground no. 5 is treated as allowed

Bench: Shri B R Baskaran & Shri Amit Shukla

sections falling in Chapter VI-A. They impose a ceiling on the total amount of deduction and, therefore, the non obstante clause in s. 80-1(6) cannot restrict the operation of ss. 80A(2) and 80B(5) which operate in different spheres. As observed earlier, s. 80-1(6) deals with actual computation of deduction whereas

ACIT 2(3), MUMBAI vs. TECH MAHINDRA ( R &D SERVICES) LTD (NOW MERGED WITH TECH MAHINDRA LTD), MUMBAI

The appeal of the assessee is allowed

80B(5) defines for the purposes of Chapter VI-A “gross total income” to mean the total income computed in accordance with the provisions of the Act, before making any deduction under the Chapter. Therefore, the deduction under section 10A has to be given at the stage when the profits and gains of business are computed in the first instance