ACIT-17(1), MUMBAI, MUMBAI vs. MAHINDRA & MAHINDRA EMPLOYEES STOCK OPTION TRUST., MUMBAI

In the result, both the appeals of the Revenue are dismissed

short term capital gain arising from sale of equity shares is provided u/s 111A as 15%. However relevant income which purpose is charged to tax as per the provisions of section 164(2) which reads as under:- "[(2) In the case of relevant income which is derived from property held under trust wholly for charitable

ACIT 17(1) , MUMBAI vs. MAHINDRA & MAHINDRA EMPLOYEES STOCK OPTION TRUST, MUMBAI

In the result, both the appeals of the Revenue are dismissed

short term capital gain arising from sale of equity shares is provided u/s 111A as 15%. However relevant income which purpose is charged to tax as per the provisions of section 164(2) which reads as under:- "[(2) In the case of relevant income which is derived from property held under trust wholly for charitable

SONAL ASHISH SONI,MUMBAI vs. ITO WARD 30(3)(3) , MUMBAI

In the result, the appeal of the assessee is allowed for statistical purpose

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.2855/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2016-17) Sonal Ashish Soni बिधम/ Ito, Ward-30(3)(3) C/Om/S Shyam Jewellers Pratyaksha Kar Bhavan, Vs. Shot No. 2-3-4, Guru Nanak C-13, Bandra Kurla Shopping Centre, Shankar Complex, Bandra (E), Lane, Kandivali (W), Mumbai-400051. Mumbai-400067. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Asgps9276A (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Nishit Gandhi Revenue By: Shri Anil Gupta सुनवाई की तारीख / Date Of Hearing: 01/03/2023 घोषणा की तारीख /Date Of Pronouncement: 31/03/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Cit(A)/Nfac, Delhi Dated 13.09.2022 For Ay. 2016-17. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) In Confirming Addition Of Rs.7,78,104/- As Against The Addition Of Rs.31,12,145/- Made By The Ao. 3. Brief Facts As Noted By The Ao Are That The Assessee Is An Individual & Derives Income From Salary & Income From House Property & Income From Other Sources. The Assessee Had Filed Return Of Income Declaring Total Income Of Rs.60,680/- On 28.03.2017 For Ay. 2016-17. The Case Was Selected For Limited Scrutiny Under Cass. The Ao Noted That The Assessee Had Purchased An Immovable Property Jointly With Her Family Member For A Value Of Rs.2,11,00,000/-. However, He Noted From The Purchase Agreement That The Circle Rate/

short term capital gain. We are of the considered opinion that assessee got his right over the capital asset on the date of allotment of letter in respect of flats booked by the assessee. Therefore, the subsequent action of registration of sale agreement is merely an assignment of rights in the property of the assessee with Act of registration under

DCIT CIR 3(1), MUMBAI vs. VEMBU VAIDYANATHAN, MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2009-10 Dcit, Shri Vembu Vaidyanathan, Circle-3(1), B-1602, Beaumonde बनाम/ Room No.607, 6Th Floor, Apartments, Appa Saheb Vs. Aayakar Bhavan, Marathe Marg, Prabhadevi, Mumbai-400020 Mumbai-400028 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaipv5796J Shri B. Yadagiri-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri Vijay C. Kothari

short term capital gain. We are of the considered opinion that assessee got his right over the capital asset on the date of allotment of letter in respect of flats booked by the assessee. Therefore, the subsequent action of registration of sale agreement is merely an assignment of rights in the property of the assessee with Act of registration under

MAHINDRA & MAHINDRA EMPLOYEES STOCK OPTION TRUST,MUMBAI vs. ADDL CIT RG 12(2), MUMBAI

In the result, ground no.4 is allowed for statistical purposes

Bench: Shri Joginder Singh, Jm & Shri R.C.Sharma, Am आमकय अऩीर सिं./Ita No.2389/Mum/2015 (नििाारण वषा / Assessment Year :2010-2011) Mahindra & Mahindra Adcit, Range-12(2), Employees‟ Stock Option Mumbai-20 Trust, Gateway Building, Apollo Bunder, Mumbai- 400001 स्थामी रेखा सिं./ जीआइआय सिं./ Pan/Gir No. : Aahfm 9583 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. यनधावरयती की ओर से /Assessee By : Shri H.P.Mahajani याजस्र् की ओर से /Revenue By : Shri N.P.Singh सुनर्ाई की तायीख / Date Of Hearing : 04/08/2015 घोषणा की तायीख/Date Of Pronouncement 21/10/2015 आदेश / O R D E R Per R.C.Sharma, Am The Present Appeal Is Filed Against The Order Of Cit(A) -28, Mumbai, Dated 26-3-2015 For A.Y.2011-12. 2. During The Course Of Hearing The Assessee Has Filed Concise Grounds Of Appeal. These Have Been Considered By Us For The Adjudication Of This Appeal & Are Reproduced Hereunder :-

short term capital gain arising from sale of equity shares is provided u/s 111A as 15%. However relevant income which is derived from the property held under trust wholly for charitable

MUMBAI INTERNATIONAL AIRPORT P.LTD,MUMBAI vs. DCIT 10(2)(2), MUMBAI

In the result, appeal filed by the revenue is dismissed

Bench: Shri G. Manjunatha & Shri Ravish Soodmumbai International Airport Vs. Dcit,Circle-10(2)(2) Private Limited Room No.209,Aaykar Bhawan Finance Department M.K.Road 1St Floor, Terminal 1B Mumbai-400 020 Chhatrapati Shivaji Internaitonal Airport Santacruz (E) Mumbai-400 099 Pan/Gir No.Aaecm6285C (Appellant) .. (Respondent) & Dcit-10(2)(2) Vs. Mumbai International Room No.216-A,Aaykar Bhawan Airport Private Limited M.K.Road Finance Department, 1St Floor, Terminal 1B Mumbai-400 020 Chhatrapati Shivaji Internaitonal Airport Santacruz (E) Mumbai-400 099

short PSF (SC) is not a regular revenue income of an airport-operator. PSF (SC) collected at an airport-operator by a JVC or a privateoperator will be utilized at airport concerned only to meet the security related expenses of that airport. However, ‘AAI’ will be considered as a single licensee in respect of its airports for this purpose with

DY. COMMISSIONER O INCOME TAX (EXEMPTION)-2(1), MUMBAI vs. SHREE SAI BABA SANSTHAN TRUST(SHIRDI), MUMBAI

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

short ‘AO’]. The AO noted that, during the year the assessee Trust had received aggregate donations of Rs.228.25 crores, out of which Rs.159.12 crores was by way of hundi collections (anonymous donations). The AO accordingly required the assessee vide order sheet entry dated 18.12.2017 to explain as to why provisions of Section 115BBC of the Act should not be applied

SHREE SAI BABA SANSTHAN TRUST (SHIRDI),MUMBAI vs. DY. COMMISSIONER OF INCOME TAX (EXEMPTION) 2(1), MUMBAI

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

short ‘AO’]. The AO noted that, during the year the assessee Trust had received aggregate donations of Rs.228.25 crores, out of which Rs.159.12 crores was by way of hundi collections (anonymous donations). The AO accordingly required the assessee vide order sheet entry dated 18.12.2017 to explain as to why provisions of Section 115BBC of the Act should not be applied

DY. COMMISSIONER OF INCOME TAX (EXEMPTION) 2(1), MUMBAI vs. SHREE SAI BABA SANSTHAN TRUST (SHIRDI), MUMBAI

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

short ‘AO’]. The AO noted that, during the year the assessee Trust had received aggregate donations of Rs.228.25 crores, out of which Rs.159.12 crores was by way of hundi collections (anonymous donations). The AO accordingly required the assessee vide order sheet entry dated 18.12.2017 to explain as to why provisions of Section 115BBC of the Act should not be applied

DY. COMMISSIONER O INCOME TAX (EXEMPTION)-2(1), MUMBAI vs. SHREE SAI BABA SANSTHAN TRUST(SHIRDI), MUMBAI

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

short ‘AO’]. The AO noted that, during the year the assessee Trust had received aggregate donations of Rs.228.25 crores, out of which Rs.159.12 crores was by way of hundi collections (anonymous donations). The AO accordingly required the assessee vide order sheet entry dated 18.12.2017 to explain as to why provisions of Section 115BBC of the Act should not be applied

SETH WALCHAND HIRACHAND MEMORIAL TRUST,MUMBAI vs. ITO (E) II(1), MUMBAI

In the result, the appeal filed by the assessee is hereby ordered to be Allowed

Bench: Shri D. Karunakara Rao, Am & Shri Amarjit Singh, Jm

gain and short term capital again derived from the shares of TCS held by the assessee in contravention of section 13(1)(d)(iii). The shares of TCS were received by the assessee in the year 2001-02 and there is no dispute that holding of these shares by assessee is beyond the permitted limit of time period prescribed

ASST CIT (E) I(1),MUMBAI vs. JAMSHETJEE TATA TRUST, MUMBAI

gain and short term capital again derived from the shares of TCS held by the assessee in contravention of section 13(1)(d)(iii). The shares of TCS were received by the assessee in the year 2001-02 and there is no dispute that holding of these shares by assessee is beyond the permitted limit of time period prescribed

TECHNO SHARES & STOCKS LTD,MUMBAI vs. ADDL CIT RG 4(2), MUMBAI

In the result, the appeal of assessee is allowed

Bench: Shri G.S. Pannu() : A.Y : 2008-09

short term capital gain. Therefore, the view of the learned Accountant Member is contrary to the provisions of the Act and hence, not sustainable in law. 10 Techno Shares & Stocks Ltd. 20. As regards applicability of the decision of the Hon’ble Supreme Court in the case of Escorts Ltd. vs. Union of India

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

short term capital gain”. The Assessing Officer’s reasoning is vague and not supported by the law. What is required to be seen is whether the loss has occurred on account of transfer of capital asset or not and if the loss is on account of transfer of capital asset, the same is assessable under the head “capital gain”. Loan

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

short term capital gain”. The Assessing Officer’s reasoning is vague and not supported by the law. What is required to be seen is whether the loss has occurred on account of transfer of capital asset or not and if the loss is on account of transfer of capital asset, the same is assessable under the head “capital gain”. Loan

RAMKRISHNA BAJAJ CHARITABLE TRUST,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE 26(1), MUMBAI, MUMBAI

Bench: Shri Amit Shukla, Jm & Shri Arun Khodpia, Am

short issue arising for consideration is whether in case of a Charitable Trust registered u/s. 12A of the Act and eligible for claiming exemption u/s. 11 of the Act no exemption u/s. 10(34) and 10(35) of the Act is admissible. We find identical issue arose in assessee’s case in AY 2012-13 and while deciding the issue

ASSISTANT COMMISSIONER OF INCOME TAX 17(2)), MUMBAI vs. NAVJBAI RATAN TATA TRUST, MUMBAI

In the result, appeal of the assessee is allowed and appeal of the Revenue is dismissed

short) against the order of assessment passed u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 10/02/2015 by the ld. Asst. Commissioner of Income Tax (E), 2(1), Mumbai (hereinafter referred to as ld. AO). Identical issues are involved in both these appeals hence, they are taken up together and disposed

NANDALAL TOLANI CHARITABLE TRUST,MUMBAI vs. ADIT (E) - II (2), MUMBAI

In the result, appeal of the assessee is dismissed

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am M/S. Nandlal Tolani Vs. Asst. Director Of Income Charitable Trust Tax (Exem.)Ii(2), Mumbai 10-A, Bakhtawar R.P.Goenka Marg Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaatn0043Q (Appellant) .. (Respondent)

short) against the order of assessment passed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 24/03/2014 by the ld. Asst. Director of Income Tax (Exemption)- II(2), Mumbai (hereinafter referred to as ld. AO). 2. The assessee has raised the following grounds of appeal before us. 2 Ms. Nandalal Tolani Charitable Trust