JCIT(OSD) CIRCLE 2(3)(1), MUMBAI, MUMBAI vs. HDFC BANK LIMITED, MUMBAI

In the result, both the above stated appeals of the\nassessee in ITA No

8D(2)(ii)\nThus, it is clear from the above that the ground raised by the\nDepartment on the said issue is factually incorrect and ought to be\ndismissed as infructuous.\n18. We find merits in the above submissions as no such directions\nappear to have been given to the AO to restrict the disallowance to\nexempt income.Accordingly,the ground

JCIT OSD CIRCLE 2(3)(1), MUMBAI, MUMBAI vs. HDFC BANK LIMITED, MUMBAI

In the result, both the above stated appeals of the\nassessee in ITA No

8D(2)(ii)\nThus, it is clear from the above that the ground raised by the\nDepartment on the said issue is factually incorrect and ought to be\ndismissed as infructuous.\nआयकर अपीलीय आधकर\nINCOME TAX APPELLATE TRIBU\nIMPARTIAL EASY AND\nSPEEDY JUSTICE\n20\nPage 20\nITA

SHIVNARAYAN NEMANI SHARES & STOCK BROKERS P. LTD.,MUMBAI vs. D.C.I.T. CIRCLE 4(2), MUMBAI

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

Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm (Hearing Through Video Conferencing Mode) आयकर अपील सं/ I.T.A. No. 2522/Mum/2012 (निर्धारण वर्ा / Assessment Year: 2008-09) M/S. Shivnarayan Nemani बिधम/ Dcit, Circle-4(2) Shares & Stock Brokers P. Mumbai Vs. Ltd. 9/43, Bhupen Chambers, 2Nd Floor, Dalal Street Mumbai- 400023. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs3296C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Mayank Chauhan (Ar) Revenue By: Shri Rohit Kumar (Dr) सुनवाई की तारीख / Date Of Hearing: 07/09/2021 घोषणा की तारीख /Date Of Pronouncement: 08/10/2021 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 20.01.2012 Passed By The Commissioner Of Income Tax (Appeals)-09, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2008-09. 2. The Assessee Has Raised The Following Grounds: - “1(A). On The Facts & In The Circumstances Of The Case & In Law, The Learned Commissioner Of Income-Tax(Appeals) Erred In Confirming The Disallowance Of Additional Amount Of Rs.2,98,258/- Under The Provisions Of Section 14A R.W.R. 8D Of The Income Tax Rules

8D(iii). In this regard, we also placed reliance upon the decision of ACIT Vs. Vireet Investments P. Ltd. (2017) 165 ITD 27/82 taxmann.com 415 (Delhi- Trib). Accordingly, we decide this issue in favour of the assessee against the revenue. ISSUE No. 2 5. Under this issue the assessee has challenged the disallowance of lease line payment to stock exchanges

HDFC BANK LIMITED,MUMBAI vs. DCIT - 2 (3) (1) , MUMBAI

In the result, both the above stated appeals of the\nassessee in ITA No

8D(2)(ii)\n\nThus, it is clear from the above that the ground raised by the\nDepartment on the said issue is factually incorrect and ought to be\ndismissed as infructuous.\n\nPage 20\nITA No. 1555, 1573, 2258, 2259 & 2260 Mum 2025\nΑ.Υ. 2019-20, 2020-21, 2021-22\nHDFC Bank Limited, Mumbai\n\n18. We find

JCIT(OSD) CIRCLE 2(3)(1), MUMBAI vs. HDFC BANK LIMITED, MUMBAI

In the result, both the above stated appeals of the\nassessee in ITA No

8D(2)(ii)\n| 723,52,81,889\nThus, it is clear from the above that the ground raised by the\nDepartment on the said issue is factually incorrect and ought to be\ndismissed as infructuous.\nआयकर अपीलीय आधकर\nINCOME TAX APPELLATE TRIBU\nIMPARTIAL EASY AND\nSPEEDY JUSTICE (Page 20)\nITA No. 1555, 1573, 2258, 2259 & 2260 Mum 2025\nA.Y

JSW STEELS LTD,MUMBAI vs. DCIT CC 8(3), MUMBAI

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

ii) however, not accepted the disallowance made u/s 14A M/s. JSW Steels Ltd. r.w.r 8D(2)(iii) on the plea that computation as per rule 8D is higher than the amount worked out by the assessee. 6.1.3. Ld CIT (A) deleted the addition on the plea that there is no exempt income earned by the assessee. He also held that

DCIT CC 8(3), MUMBAI vs. JSW STEELS LTD, MUMBAI

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

ii) however, not accepted the disallowance made u/s 14A M/s. JSW Steels Ltd. r.w.r 8D(2)(iii) on the plea that computation as per rule 8D is higher than the amount worked out by the assessee. 6.1.3. Ld CIT (A) deleted the addition on the plea that there is no exempt income earned by the assessee. He also held that

JSW STEELS LTD,MUMBAI vs. DCIT CC 8(3), MUMBAI

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

ii) however, not accepted the disallowance made u/s 14A M/s. JSW Steels Ltd. r.w.r 8D(2)(iii) on the plea that computation as per rule 8D is higher than the amount worked out by the assessee. 6.1.3. Ld CIT (A) deleted the addition on the plea that there is no exempt income earned by the assessee. He also held that

DCIT CC 8(3)(ERSTWHILE DCIT,CC-46, MUMBAI vs. JSW STEELS LTD, MUMBAI

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

ii) however, not accepted the disallowance made u/s 14A M/s. JSW Steels Ltd. r.w.r 8D(2)(iii) on the plea that computation as per rule 8D is higher than the amount worked out by the assessee. 6.1.3. Ld CIT (A) deleted the addition on the plea that there is no exempt income earned by the assessee. He also held that

JSW STEELS LTD,MUMBAI vs. DCIT CC 8(3), MUMBAI

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

ii) however, not accepted the disallowance made u/s 14A M/s. JSW Steels Ltd. r.w.r 8D(2)(iii) on the plea that computation as per rule 8D is higher than the amount worked out by the assessee. 6.1.3. Ld CIT (A) deleted the addition on the plea that there is no exempt income earned by the assessee. He also held that

JSW STEEL LIMITED,MUMBAI vs. ACIT,CC-46, MUMBAI

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

ii) however, not accepted the disallowance made u/s 14A M/s. JSW Steels Ltd. r.w.r 8D(2)(iii) on the plea that computation as per rule 8D is higher than the amount worked out by the assessee. 6.1.3. Ld CIT (A) deleted the addition on the plea that there is no exempt income earned by the assessee. He also held that

DCIT CC 8(3)(ERSTWHILE DCIT,CC-46, MUMBAI vs. JSW STEELS LTD, MUMBAI

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

ii) however, not accepted the disallowance made u/s 14A M/s. JSW Steels Ltd. r.w.r 8D(2)(iii) on the plea that computation as per rule 8D is higher than the amount worked out by the assessee. 6.1.3. Ld CIT (A) deleted the addition on the plea that there is no exempt income earned by the assessee. He also held that

DCIT CC 8(3), MUMBAI vs. JSW STEELS LTD, MUMBAI

Appeal of the revenue is partly allowed and appeal of the assessee is dismissed

ii) however, not accepted the disallowance made u/s 14A M/s. JSW Steels Ltd. r.w.r 8D(2)(iii) on the plea that computation as per rule 8D is higher than the amount worked out by the assessee. 6.1.3. Ld CIT (A) deleted the addition on the plea that there is no exempt income earned by the assessee. He also held that

TATA SONS LTD,MUMBAI vs. ASST CIT CIR 2(3), MUMBAI

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

Bench: Shri Mahavir Singh, Vp & Shri M.Balaganesh, Am Acit-2(3)(1), Vs. M/S. Tata Sons Ltd., Room No.552, 5Th Floor 24, Bombay House Aayakar Bhavan Homi Mody Street M.K.Road, Fort, Mumbai – 400 001 Mumbai – 400 020 Pan/Gir No.Aaact4060A (Appellant) .. (Respondent) M/S. Tata Sons Ltd., Vs. Commissioner Of Income Tax-58 24, Bombay House 344, Aayakar Bhavan Homi Mody Street M.K.Road, Fort, Mumbai – 400 001 Mumbai – 400 020 Pan/Gir No.Aaact4060A (Appellant) .. (Respondent)

charitable trusts endowed by members of the Tata family. The biggest of these trusts are the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, which were created by the families of the sons of Jamshetji Tata. 2.2. Tata Limited UK is one of the associated enterprises (AEs) of the assessee company. AE acts as purchasing agent, representative, traders

ADDL CIT 7(2), MUMBAI vs. RELIANCE NATURAL RESOURCES LTD, NAVI MUMBAI

In the result, the appeal is allowed

Bench: Shri Jason P. Boaz & Shri Saktijit Deyreliance Natural Resources Ltd. Addl. Cit, Range 7(2) H Block, 1St Floor, Dhirubhai Room No. 620, 6Th Floor Vs. Ambani Knowledge City Aayakar Bhavan Navi Mumbai 400710 M.K. Road, Mumbai 400020 Pan - Aabcr7656P Appellant Respondent Addl. Cit, Range 7(2) Reliance Natural Resources Ltd. Room No. 620, 6Th Floor H Block, 1St Floor, Dhirubhai Vs. Aayakar Bhavan Ambani Knowledge City M.K. Road, Mumbai 400020 Navi Mumbai 400710 Pan - Aabcr7656P Appellant Respondent

8D of the Income Tax Rules, 1962 in the case on hand by the authorities below is not sustainable. 7.3.3 It is seen that the case on hand is not one where no exempt income was earned by the assessee. In such circumstances, various Coordinate Benches of this Tribunal have observed that in such cases certain percentage of exempt income

RELIANCE NATURAL RESOURCES LTD,NAVI MUMBAI vs. ADDL CIT RG 7(2), MUMBAI

In the result, the appeal is allowed

Bench: Shri Jason P. Boaz & Shri Saktijit Deyreliance Natural Resources Ltd. Addl. Cit, Range 7(2) H Block, 1St Floor, Dhirubhai Room No. 620, 6Th Floor Vs. Ambani Knowledge City Aayakar Bhavan Navi Mumbai 400710 M.K. Road, Mumbai 400020 Pan - Aabcr7656P Appellant Respondent Addl. Cit, Range 7(2) Reliance Natural Resources Ltd. Room No. 620, 6Th Floor H Block, 1St Floor, Dhirubhai Vs. Aayakar Bhavan Ambani Knowledge City M.K. Road, Mumbai 400020 Navi Mumbai 400710 Pan - Aabcr7656P Appellant Respondent

8D of the Income Tax Rules, 1962 in the case on hand by the authorities below is not sustainable. 7.3.3 It is seen that the case on hand is not one where no exempt income was earned by the assessee. In such circumstances, various Coordinate Benches of this Tribunal have observed that in such cases certain percentage of exempt income

DCIT(LTU) - 1, MUMBAI vs. ACC LTD., MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Ltu (Formerly Known As The Associated Cement 29Th Floor, Center-1 Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - Ltu-1 V. M/S. Acc Limited 29Th Floor, Center-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

ii) know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature, being intangible assets acquired on or after the 1st day of April, 1998, owned, wholly or partly, by the assessee and used for the purposes of the business or profession, the following deductions shall be allowed— (i) in the case

ACC LTD ( FORMELRY KNOWN AS THE ASSOCIATED CEMENT COMPANIES LTD),MUMBAI vs. ADDLL CIT ,(LTU), MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Ltu (Formerly Known As The Associated Cement 29Th Floor, Center-1 Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - Ltu-1 V. M/S. Acc Limited 29Th Floor, Center-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

ii) know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature, being intangible assets acquired on or after the 1st day of April, 1998, owned, wholly or partly, by the assessee and used for the purposes of the business or profession, the following deductions shall be allowed— (i) in the case