DCIT (IT) - 4(1)(1), MUMBAI, MUMBAI vs. ROBECO INSTITUTIONEEL EMERGING MARKETS FONDS , MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh () Assessment Year: 2016-17 Dcit (It)-4(1)(1), Robeco Institutioneel Emerging Markets 625, Kautilya Bhavan, G-Block, Fonds, Vs. Bandra Kurla Complex, C/O Ernst & Young Llp, 14Th Floor, Mumbai-400051. The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai-400028. Pan No. Aacts 7682 L Appellant Respondent Assessment Year: 2021-22 Dcit (It)-4(1)(1), Robeco Q1 Institutional Emerging 625, Kautilya Bhavan, G-Block, Markets Enhanced Index Equities Fund, Vs. Bandra Kurla Complex, 14Th Floor, The Rc/O Ernst & Young Mumbai-400051. Llp, 29 Senapati Bapat Marg, Dadar (West), Mumbai-400028. Pan No. Aabtr 2305 L Appellant Respondent

carry forward was denied to the assessee, while retaining that advantage the assessee could not be permitted to reagita advantage the assessee could not be permitted to reagita advantage the assessee could not be permitted to reagitate that question and submit that the income for that year had to be question and submit that the income for that year

TATA DIGITAL PRIVATE LIMITED,MUMBAI vs. DCIT- 1(3)(1), MUMBAI

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

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant () Assessment Year: 2020-21 Tata Digital Private Limited, Central Processing Centre/The Army & Navy Building 148, M G Deputy Commissioner Of Income Road, Opposite Kala Ghoda Fort Vs. Tax 1(3)(1), Mumbai, Mumbai. Mumbai City-400 001 Pan No. Aahct 2205 N Appellant Respondent : Assessee By Mr. Sukhsagar Syal, Ar Revenue By : Mr. Ashish Heliwal, Dr : Date Of Hearing 14/11/2022 : Date Of Pronouncement 29/12/2022

loss cannot be carried forward for more than 8 assessment years. The time limit of 8 years is not applicable assessment years. The time limit of 8 years is not applicable assessment years. The time limit of 8 years is not applicable in in the the case case of of unabsorbed unabsorbed depreciation

OWENS -CORNING (INDIA) P.LTD, MUMBAI vs. CIT 7, MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am M/S. Owens-Corning (India) Vs. The Commissioner Of Pvt. Ltd., (Formerly Known Income Tax-7 As Owens Corning ((India) Mumbai Ltd., Aayakar Bhavan Alpha Building, 7Th Floor Maharshi Karve Road Hiranandani Gardens Mumbai – 400 020 Powai, Mumbai – 400706 Pan/Gir No. Aaaco1739M (Appellant) .. (Respondent)

forward losses or unabsorbed depreciation of the past years. Therefore, the determination of such losses or depreciation in the past years be also made on similar proposition in the absence of any specific provision in the statute. Even in the past years, the losses and depreciation to be carried

INCOME TAX OFFICER-13(3)(3), MUMBAI vs. VIJAY VISION PRIVATE LIMITED, MUMBAI

In the result, appeal of the revenue is dismissed in the manner stated above

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.4813/Mum/2017 (नििाारण वर्ा / Assessment Year : 2010-11) बिाम/ Ito -13(3)(3) M/S. Vijay Vision Room No. 227 Private Ltd, 2Nd Floor Spec House, V. Aayakar Bhawan Ramchandra Lane M K Road Extension, Kachpada, Mumbai-400020 Malad (W), Mumbai- 400064 स्थायी ऱेखा सं./ Pan: Aaacv2144B (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Miss. Deepika Arora (Dr) Assessee By: Shri. Bharat K Patel सुनवाई की तारीख /Date Of Hearing : 08.01.2019 घोषणा की तारीख /Date Of Pronouncement : 22.03.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Revenue, Being Ita No. 4813/Mum/2017, Is Directed Against Appellate Order Dated 24.04.2017 In Appeal No. Cit(A)-21/Ito-13(3)(3)/It-107/2016-17, Passed By Learned Commissioner Of Income Tax (Appeals)-21, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2010-11, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 17.03.2016 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) R.W.S. 147 Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2010-11. I.T.A. No.4813/Mum/2017

depreciation carry forward for the AY 1998-99, 1999-2000 and 2000-01 . The assessee has submitted in computation of income statement of carried forward losses

DCIT 9(2)(2), MUMBAI vs. CREDILA FINANCIAL SERVICES P.LTD, MUMBAI

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1491/Mum/2016 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ Dcit 9(2)(2) Credila Financial Services R.No. 665A, 6 T H Floor, Private Ltd., Aayakar Bhavan, Mk Road, B-301 Citi Point, V. Mumbai-400020 Next To Kohinoor Continental Andheri Kurla Road, Andheri(E), Mumbai 400056 स्थायी ऱेखा सं./ Pan : Aaccc8789P (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent)

depreciation to the tune of Rs. 65,52,900/- aggregating to Rs. 6,41,93,826/-for the impugned assessment year 2012-13 which was not allowed to be carried forward by the AO in view of provisions of Section 79 of the 1961 Act. The assessee never sought carry forward and set off of brought forward business loss

ASST CIT CIR 1, KALYAN vs. ASB INTERNATIONAL P. LTD, AMBERNATH

In the result, appeals filed by the Revenue in ITA No

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.7034/Mum/2013 & 7035/Mum/2013 ("नधा"रण वष" / Assessment Years : 2004-05 & 2006-07) Asstt. Commissioner Of M/S Asb International बनाम/ Income Tax – Circle 1, Pvt. Ltd., V. Kalyan, E-9, Addl Ambernath Indl. 1St Floor,, Area, Mohan Plaza, Midc Anand Nagar, Wayale Nagar, Ambernath. Khadakpada, Kalyan. "थायी लेखा सं./Pan :Aaaca8424F .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

carry forward and set off of business losses. Hence, Hon'ble Bombay High Court has only held that the deduction u/s. 10B has to be computed before adjusting brought forward business losses as per section 72. No finding has been recorded in respect of set off of unabsorbed depreciation

UNILEVER INDIA EXPORT LTD,MUMBAI vs. DCIT 1(3)(1), MUMBAI

In the result, both the appeals by the assessee stand dismissed

Bench: Shri Shamim Yahya, Am & Shri Pawan Sing, Jm आयकर अपील सं./I.T.A. Nos. 29/Mum/2016 & 3683/Mum/2014 ("नधा"रण वष" / Assessment Year: 2009-10) Unilever India Export Limited Dy. Cit – 1(3)1, Unilever House, B. D. Savant Marg, Aayakar Bhavan, बनाम/ Chakala, Andheri (East), Mumbai – 400 020 Vs. Mumba-400 099 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaaci 0991 D (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri P. J. Pardiwala Shri Hiten Chande ""यथ" क" ओर से/Respondent By : Shri S. Padmaja

carried forward loss again to be retained when there is profit to absorb the full loss. What is referred to in clause (b) of Explanation (iii) to section 115JA is about the brought forward business loss or unabsorbed depreciation

VIACOM 18, MEDIA PVT LTD ,MUMBAI vs. PCIT-8, MUMBAI

In the result, the appeal of the assessee is allowed

depreciation claimed may be disallowed. Please give\nyour explanation.\n\n1. Large business loss set off against other head of income.\nAs per ITR Schedule -CFL details of losses to be carried forward

DCIT CIR. 6(3)(1), MUMBAI vs. JASRA GRAPHICS PVT. LTD., MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2011-12 Dcit, M/S Jasra Graphics P. Ltd. Cir.-6(3)(1), 101, Prabhadevi Industrial बनाम/ R. No.506, 5Th Floor, Estate, 408, Veer Savarkar Vs. Aayakar Bhavan, Marg, Prabhadevi, M.K. Road, Mumbai-400025 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aaacw1638F

depreciation (Rs.2.64 crores)was claimed for carry-forward, that in the original assessment order carry forward of such loss was not denied

DCIT, RANGE- 8(2), MUMBAI vs. M/S HOTEL LEELA VENTURE LTD., MUMBAI

In the result, the appeal filed by th

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2007-08 Asst. Commissioner Of Income M/S Hotel Leela Venture Ltd., Tax, Range 8(2), The Leela Kempinski Sahar, R. No. 216-A, Aayakar Bhavan, Vs. Andheri (East), M.K. Road, Mumbai-400059. Mumbai-400020. Pan No. Aaach 3167 J Appellant Respondent Revenue By : Mr. Rakesh Ranjan, Cit-Dr Assessee By : Mr. Prakash K. Jotwani, Adv. Date Of Hearing : 30/06/2022 Date Of Pronouncement : 10/08/2022

carry forward of business loss and business loss and unabsorbed depreciation claimed by the claimed by the assessee in para

BA CONTINUUM INDIA P.LTD ( SINCE MERGED WOTJ BA COTINUUM SOLUTIONS P. LTD ),MUMBAI vs. ITO WD 9(1)(2), MUMBAI

In the result, the appeal of the assessee is partly allowed

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant () Assessment Year: 2006-07 Ba Continuum India Private Ito, Ward 9(1)(2), Limited (Since Merged With Ba Room No. 226, Vs. Continuum Solutions Pvt. Ltd.), Aayakar Bhavan, Mk Road, Building No. 5, K. Raheja Mind Mumbai-20. Space, Hitech City, Madhapur, Hyderabad-500081. Pan No. Aaccc 3062 D Appellant Respondent

carried forward forward forward business business business loss loss loss and and and unabsorbed unabsorbed unabsorbed depreciation. depreciation. depreciation. Thereafter

M/S WF ASIAN SMALLER COMPANIES FUND LIMITED,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION CIRCLE 4(3)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.459/Mum/2023 (निर्धारण वर्ा / Assessment Years: 2013-14) M/S. Wf Asian Smaller बिधम/ Acit, Circle-4(3)(2) Companies Fund Ltd Room No. 1611, 16Th Vs. C/O Ankul Goyal, Azb & Floor, Air India Building, Partners A8, Sector-4, Nariman Point, Mumbai- Noida 201301. 400021. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacw5648R (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Deepak Chopra/Ankul Goyal Revenue By: Shri Soumedu Kumar Dash (Sr. Dr) सुनवाई की तारीख / Date Of Hearing: 28/03/2023 घोषणा की तारीख /Date Of Pronouncement: 23/06/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Passed By The Ao Dated 19.01.2023 U/S 147 R.W.S 144C(13) Of The Income Tax Act, 1961 (Hereinafter “The Act”) Pursuant To The Direction Issued By The Ld. Dispute Resolution Panel (Drp) For Ay. 2013-14. 2. The Assessee Has Raised The Legal Issue Challenging The Action Of The Ao To Have Reopened The Original-Scrutiny-Assessment U/S 143(3) Of The Act, After Four (4) Years [From The End Of The Relevant Assessment Year] Without Satisfying The Additional Condition Precedent As Prescribed In The Proviso To Section 147(1) Of The Act. Since The Assessee Has Raised The Legal Issue Assailing The Jurisdiction Of Ao To Have Issued Notice U/S 148 Of The Act, Proposing Re-Opening Of The Original Assessment [Framed Under Scrutiny Under Section 143(3) Of The Act], We Will Adjudicate It First. For Appreciating The Legal Issue, Let Us

carry forward of the brought forward losses of AY. 2010-11 (Rs.1.94 cr) to subsequent assessment year. Thus, we find that on this issue the assessee has disclosed fully and truly the material facts/relevant facts/primary facts necessary for the assessment of the assessee. 41 A.Y. 2013-14 M/s. WF Asian Smaller Companies Therefore, we find that the additional condition stipulated

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

carry forward\ndepreciation has been provided under section 32(2) of the Act. The manner of\ncarry forward in the two provisions is entirely different. In this manner of\ninterpretation of the provisions of losses as noted above, we may see that\nsections 80 and 139(3) of the Act apply to business losses and not to\nunabsorbed depreciation

DCIT, CIRCLE-1, , KALYAN vs. M/S ASB INTERNATIONAL PVT LTD, MUMBAI

In the result the appeal of the revenue stand dismissed

Bench: Amarjit Singh & Shri Sandip Singh Karhaildcit, C-1,Kalyan Vs. M/S. Asb International 1St Floor, Mohan Plaza, Pvt. Ltd. Mayale Naar, E9, E44, Addl. Kalyan(W)- 421301 Ambernath, Industrial Area, Anand Nagar, Ambernath Thane-421506 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aaaca8424F Appellant .. Respondent C.O. No. 65/Mum/2023 (A.Y. 2009-10)

forward business losses and unabsorbed depreciation. In this regard the AO has relied on the assessment order for assessment year 2008-09 and mentioned that business loss and unabsorbed depreciation of earlier years were fully set off by assessment year 2007-08. Therefore, the AO mentioned that no business loss/unobserved depreciation remained to be carry

ITO, WARD-3(3), THANE vs. M/S. SATYA SAI G AGROILS P. LTD., THANE

The appeal of the Revenue is dismissed, whereas the appeal of the Assessee is allowed for statistical purposes

loss of INR 5,57,05,749/- pertaining to Assessment Year 2010-11 to subsequent assessment years, while the Assessee is agreed by the order of CIT(A) denying the carry forward of the brought forward unabsorbed depreciation

SUPREME PETROCHEM LTD,MUMBAI vs. ASST CIT CEN CIR 29, MUMBAI

The appeal of the assessee is allowed and the ld

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwal

depreciation to be carried forward and set off in subsequent years are tabulated at pages 2 and 3 of the assessment order. The Assessing Officer noted that the assessee had claimed set off of brought forward losses

STERLING HOLIDAY RESORTS LIMITED (ON BEHALF OF ERSTWHILE STERLING HOLIDAY RESORTS(INDIA) LIMITED),MUMBAI vs. THE PR. CIT-2, , MUMBAI

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

Bench: Shri Aby T. Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/ I.T.A. No.3793/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2014-15) Sterling Holiday Resorts बिधम/ Pcit-2 Limited (On Behalf Of Room No.344, 3Rd Floor, Vs. Erstwhile Sterling Holiday Aayakar Bhavan, Resorts (India) Limited) Mumbai-400020. Thomas Cook Building, D. N. Road, Fort, Mumbai- 400001. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aabct7079G (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Ketan Ved Revenue By: Smt Anne Varghese (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 14/07/2023 घोषणा की तारीख /Date Of Pronouncement: 21/08/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Action Of The Ld. Principal Commissioner Of Income Tax-02, Mumbai Dated 25.03.2019 For Assessment Year 2014-15 Passed Under Section 263 Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”). 2. At The Outset, The Ld. Ar Of The Assessee Submitted That The Only Issue On Which The Ld. Pcit Has Invoked His Revisional Jurisdiction U/S 263 Of The Act Is In Respect Of Following Issues: - (A) Carry Forward Unabsorbed Depreciation For Ay. 2004-5 To 2009-10 Of M/S. Manchanda Resorts Pvt. Ltd. Amounting To Rs.54,29,744/-. (B) Carry Forward Unabsorbed Depreciation For Ay. 2005-06, 2008-09 Of M/S. Sterling Holiday Resorts (I) Ltd., Amounting To Rs.5,51,57,288/-. (C) Carry Forward Business Loss Of M/S. Manchanda Resorts Pvt. Ltd. For Ay. 2009-10 & 2010-11 Amounting To Rs.7,16,96,555/-.”

carry forward of loss and allowance for depreciation shall apply accordingly. Sterling company is carrying on the business of developing

EDIL COMMODITIES LTD,MUMBAI vs. DCIT CIR 3(1), MUMBAI

In the result, these appeals by the assessee stands partly allowed

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं./I.T.A. No.3426/Mum/2016 ("नधा"रण वष" / Assessment Year: 2011-12) M/S. Edel Commodities Limited Dy. Cit, Circle 3(1), बनाम/ Edelweiss House, Off Cst Road, Mumbai Vs. Kalina, Santacruz, Mumbai-400 098 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacce 0323 K (Assessee) (Revenue) : & आयकर अपील सं./I.T.A. No.3576/Mum/2016 ("नधा"रण वष" / Assessment Year: 2011-12) Acit – 3(1)(2), M/S. Edel Commodities Limited बनाम/ Room No. 607, 6Th Floor, Edelweiss House, Off Cst Road, Aayakar Bhavan, Mumbai-400 020 Kalina, Santacruz, Mumbai-400 098 Vs. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacce 0323 K (Revenue) : (Assessee) अपीलाथ" क" ओर से / Appellant By : Shri Vijay Mehta ""यथ" क" ओर से/Respondent By : Shri Ram Tiwari सुनवाई क" तार"ख / : 22.01.2018 Date Of Hearing घोषणा क" तार"ख / : 06.04.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: These Are Cross Appeals By The Assessee & The Revenue Arising Out Of The Order Of The Ld. Commissioner Of Income Tax (Appeals) Dated 15.2.2016 & Pertain To The Assessment Year 2011-12. M/S. Edel Commodities Limited Assessee’S Appeal

loss not so set off shall be carried forward to the following assessment year and so on. (3) In respect of allowance on account of depreciation