GREAVES COTTON LTD,MUMBAI vs. ASST CIT CIR 7(1)(1), MUMBAI

In the result appeal for assessment year 2012 –

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal, Jm

92C(3) and Section 92F(ii) of the Income tax Act, 1961. Hence, said adjustment is invalid and bad-in-law. (ii) Without prejudice to above, (i) Appellant submits that corporate guarantee given to bank for giving financial facility to AE which is (ultimate) subsidiary of the Appellant being beneficial to the Appellant (and as such

GREAVES COTTON LTD,MUMBAI vs. ASST CIT CIR 7(1)(1), MUMBAI

In the result appeal for assessment year 2012 –

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal, Jm

92C(3) and Section 92F(ii) of the Income tax Act, 1961. Hence, said adjustment is invalid and bad-in-law. (ii) Without prejudice to above, (i) Appellant submits that corporate guarantee given to bank for giving financial facility to AE which is (ultimate) subsidiary of the Appellant being beneficial to the Appellant (and as such

GREAVES COTTON LTD,MUMBAI vs. ASST CIT 7(1)(1), MUMBAI

In the result appeal for assessment year 2012 –

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal, Jm

92C(3) and Section 92F(ii) of the Income tax Act, 1961. Hence, said adjustment is invalid and bad-in-law. (ii) Without prejudice to above, (i) Appellant submits that corporate guarantee given to bank for giving financial facility to AE which is (ultimate) subsidiary of the Appellant being beneficial to the Appellant (and as such

ACIT-23(1), MUMBAI, PIRAMAL CHAMBER, MUMBAI vs. PARISHI DIAMONDS, MUMBAI

In the result, the appeal of the Revenue is dismissed

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2012-13 Acit-23(1), Parishi Diamonds, 511, 5Th Floor, Piramal Chamber, Cc2091 To Cc 2093 Tower Central Vs. Lalbaug, Parel, Wings Bharat Diamond Bourse Bandra Mumbai-400012. Kurla Complex, Bandra East, Mumbai-400051. Pan No. Aajfp 2118 B Appellant Respondent

3) The Assessing Officer or the Commissioner (Appeals) may, in the course of any proceeding under this Act, require any person who has course of any proceeding under this Act, require any person who has course of any proceeding under this Act, require any person who has entered into an intern entered into an international transaction or specified domestic ational

DCIT 4(1), MUMBAI vs. HSBC SECURITIES AND CAPITAL MARKETS (INDIA) P.LTD, MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

Gains. 3.1.7. On the facts and in the circumstances of the case and in law, the Hon'ble DRP erred in making wrong references to section 47(iv), (v) and (vid) without M/s HSBC Securities and Capital Markets (India) Pvt. Ltd. appreciating that these sections have no application whatsoever to the facts of the present case and further that these

HSBC SECURITIES AND CAPITAL MARKETS (INDIA) P. LTD,MUMBAI vs. DCIT RG 4(1), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

Gains. 3.1.7. On the facts and in the circumstances of the case and in law, the Hon'ble DRP erred in making wrong references to section 47(iv), (v) and (vid) without M/s HSBC Securities and Capital Markets (India) Pvt. Ltd. appreciating that these sections have no application whatsoever to the facts of the present case and further that these

HSBC SECURITIES AND CAPITAL MARKETS (I) P.LTD,MUMBAI vs. DCIT RG 4(1), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

Gains. 3.1.7. On the facts and in the circumstances of the case and in law, the Hon'ble DRP erred in making wrong references to section 47(iv), (v) and (vid) without M/s HSBC Securities and Capital Markets (India) Pvt. Ltd. appreciating that these sections have no application whatsoever to the facts of the present case and further that these

THERMO FISHER SCIENTIFIC INDIA P. LTD,MUMBAI vs. DCIT 15(3)(1), MUMBAI

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

capital gains', which is not relevant for the\npresent case. On examining the aforesaid provisions, as referred in section 80\nITA No.2458/Mum/2015 (A.Y. 2010-11)\n19\nof the Act, prima facie, these sections do not cover or deal with procedure of\nsetting off of unabsorbed depreciation and investment allowance.\n10. Section 32 of the Act deals with different types

THE GREAT EASTERN SHIPPING CO. LTD,MUMBAI vs. DCIT RG 5(3), MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of The Great Eastern Shipping Income-Tax, Co. Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

Capital Gains at 20% as against the correct rate of 10%, while faming the Assessment Order under Section 143(3) r.w.s. 144C(13) of the Act. 10. The AO erred in not granting credit for tax deducted at source aggregating to Rs 12,62,041/- while framing the Assessment Order under Section 143(3) rw.s. 144C

DCIT 5(3)(2), MUMBAI vs. THE GREAT EASTERN SHIPPING CO.LTD, MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of The Great Eastern Shipping Income-Tax, Co. Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

Capital Gains at 20% as against the correct rate of 10%, while faming the Assessment Order under Section 143(3) r.w.s. 144C(13) of the Act. 10. The AO erred in not granting credit for tax deducted at source aggregating to Rs 12,62,041/- while framing the Assessment Order under Section 143(3) rw.s. 144C

TPG GROWTH II MAKETS PTE LTD.,MUMBAI vs. DCIT 4(1)(2), MUMBAI

Accordingly, Ground No. 4 raised by the Appellant is partly allowed

Section 92C(3) of the Act. 3. Ground No. 3: Error in calculation of short-term capital gains by wrongly

THOMAS COOK (INDIA) LTD.,MUMBAI vs. ADDL/ JT/ DY/CIT/ASSTT/ITO, NATIONAL E-ASSESSMENT CENTRE, DELHI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon'Ble

3) of section 92C and send a copy of his order to the Assessing Officer and to the assessee.  Section 92CA(4) of the Act states that on the receipt of the order, the AO shall proceed to compute the total income of the assessee according to section 92C(4) of the Act. On the perusal of the section 92C

NOVARTIS INDIA LTD,MUMBAI vs. ASST CIT 7(1), MUMBAI

3) on sale of R & D Assets\nThe\nresearch & development activity is directly\nconnected with manufacturing activities and could\nnot be said to be independent source of income for\nthe assessee.\nMisc. Claims- These are petty claims arising out of\nbusiness activity.\nWe are of the considered opinion that all these\nitems would form part of Profits of business

DCIT-3(4), MUMBAI vs. M/S RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

capital gains on sale/compulsory acquisition of land amounting to Rs. 57,77,671/- as exempt from tax as p Section 96 of The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and settlement Act, 2013 and relying on CB circular No 36/2016 dated 15.10.2016. Short grant of foreign tax credit 10. Erred in confirming the action

RELIANCE INDUSTRIES LTD.,MUMBAI vs. ACIT CIRCLE 3(4), MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

capital gains on sale/compulsory acquisition of land amounting to Rs. 57,77,671/- as exempt from tax as p Section 96 of The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and settlement Act, 2013 and relying on CB circular No 36/2016 dated 15.10.2016. Short grant of foreign tax credit 10. Erred in confirming the action

RELIANCE INDUSTRIES LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX CIRCLE-3(4), MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

capital gains on sale/compulsory acquisition of land amounting to Rs. 57,77,671/- as exempt from tax as p Section 96 of The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and settlement Act, 2013 and relying on CB circular No 36/2016 dated 15.10.2016. Short grant of foreign tax credit 10. Erred in confirming the action

DCIT- 3(4) , MUMBAI vs. M/S RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

capital gains on sale/compulsory acquisition of land amounting to Rs. 57,77,671/- as exempt from tax as p Section 96 of The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and settlement Act, 2013 and relying on CB circular No 36/2016 dated 15.10.2016. Short grant of foreign tax credit 10. Erred in confirming the action

DSV AIR & SEA PVT. LTD (SUCESSSOR TO PANALPINA WORLD TRANSPORT (INDIA PVT. LTD,MUMBAI vs. ADDL /JT/ACIT/ ITO/NFAC, DELHI

Bench: Shri Baskaran Br & Shri Kuldip Singhassessment Year: 2017-18

gain on foreign exchange fluctuation", "provision for bad debts written back and miscellaneous income as non- operating in nature for the purpose of computing the operating margin of the Appellant, without ITA No.796/M/202 4 M/s. DSV Air & Sea Pvt. Ltd. [Successor to Panalpina World Transport (India) Pvt. Ltd.] appreciating that the same are operating in nature and related