SAMIR NARAIN BHOJWANI ,MUMBAI vs. DCIT 4(2)(1), MUMBAI

Appeal of the assessee is allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

long term capital asset into short term capital asset for other purposes of the Act. 22. Section 2(42B) of the Act defines short term capital gains, "a short term capital gains means capital gains arising from transfer of a short term capital asset". Though the gain on transfer of a depreciable

ACIT 421 MUMBAI, MUMBAI CITY vs. SAMIR NARAIN BHOJWANI, MUMBAI

Appeal of the assessee is allowed for statistical purposes and the\nappeal of the revenue is dismissed

long term capital asset into short term capital asset for other\npurposes of the Act.\n22. Section 2(42B) of the Act defines short term capital gains, \"a short term capital\ngains means capital gains arising from transfer of a short term capital asset\".\nThough the gain on transfer of a depreciable

FRANK S INTERNATIONAL ITL LIMITED,MUMBAI vs. ACIT(IT), CIRCLE (2)(3)(1), MUMBAI, MUMBAI

In the result, the question of law referred to the Special Bench is answered in favour of the\nassessee

depreciable asset u/s 50 even though\ndeem to be capital gain arising from transfer of a short term capital asset, that fiction has to be\nconfined only to section 50 and it cannot convert ‘short term capital asset' into a ‘long

LATE PRAVINCHANDRA DWARKADAS DALAL (LEGAL HEIR HITEN PRAVINCHANDRA DALAL),MUMBAI vs. DY COMMISSIONER OF INCOME TAX IT CIRCLE 42(3)(1) ERSTWHILE CIRCLE 33(2), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2017-18

long term capital gain on sale of depreciable asset. It was held that short term capital gain computed on long

DCIT (IT) 4(1)(1), MUMBAI, MUMBAI vs. ROBECO QI INSTITUTIONAL EMERGING MARKETS ENHANCED INDEX EQUITIES FUND, 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

Long term term term capital capital capital gain gain gain of of of Rs.13,10,67,006/ .13,10,67,006/- which is claimed as exempt u/s.10(38) of the IT which is claimed as exempt u/s.10(38) of the IT Act. Further, the assessee has claimed brought forward short Act. Further, the assessee has claimed brought forward short

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

Long term term term capital capital capital gain gain gain of of of Rs.13,10,67,006/ .13,10,67,006/- which is claimed as exempt u/s.10(38) of the IT which is claimed as exempt u/s.10(38) of the IT Act. Further, the assessee has claimed brought forward short Act. Further, the assessee has claimed brought forward short

NUTECH ENGINEERING TECHNOLOGIES LIMITED,MUMBAI vs. ACIT, CIRCLE-10(3)(1), MUMBAI

The appeal of the appellant is dismissed

Bench: Shri Amit Shukla (Jm) & Shri Omkareshwar Chidara (Am)

Long term capital gains should not be treated as short term capital gains as per section 50 of the Income Tax Act (Act for short) as the capital asset sold was a depreciable

SONIA PATHAK KHANNA,MUMBAI vs. INCOME TAX OFFICER-25(1)(2), MUMBAI

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

Bench: Shri Prashant Maharishi, Am Income Tax Officer, Sonia Pathak Khanna, Ward 25(1)(2) Flat No.14, 5Th Floor, Room No. 204, 2Nd Floor, Kodinar, Model Town, Off Kautilya Bhavan, C-41 To C- J.P. Road, Four Bungalows, 43 Vs. Andheri (W), Mumbai-400 G Block, Bandra Kurla 053 Complex, Bandra(E), Mumbai-051 (Appellant) (Respondent) Pan No. Aabpp6359C Assessee By : Shri K Gopal, Ar : Shri R.R. Makwana, Dr Revenue By Date Of Hearing: 13.06.2024 Date Of Pronouncement : 12.07.2024

capital Sona Pathak Khanna; A.Y. 2014-15 gain in the ROI. Thus,the assessee sold a depreciable immovable property, on which depreciation is claimed since 2009-10 and considered gain arising therefore as Long Term

TATA SONS LTD,MUMBAI vs. CIT 2, MUMBAI

In the result, appeal of the assessee is allowed

long term capital loss cannot be\nworked out. According to him, Section 48 provides mode of\ncomputation of capital gains which is computed by deducting\nfrom the full value of consideration received or accruing as a\nresult of the transfer of the \"capital asset” including expenditure\nincurred wholly and exclusively in connection with such transfer\nand the cost of acquisition

INDIUM IV (MAURITIUS) HOLDINGS LIMITED ,MUMBAI vs. DEPUTY COMM. OF INCOME TAX (INTERNATIONAL TAXATION) 2(2)(1), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleindium Iv (Mauritius) Holdings Limited V. Dcit (International Transaction)-2(2)(1) Office 201, 2Nd Floor, Sterling Tower Room No. 1722, 17Th Floor Air India Building, Nariman Point 14 Poudriere Street, Port Louis Mumbai – 400 021 Mauritius Pan: Aacci4907P (Appellant) (Respondent)

long term capital gain from similar share transactions. Both loss and gain from similar transactions have to be treated similarly. Hence, if income is claimed exempt from taxation, loss would also be exempt. There is no mention of loss from share transaction in the treaty and it mentions only income. But income includes loss. Where the income from a particular

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

Long Term Capital Gain of Rs.7.39 crores earned during the year. As noted (supra) the assessee’s claim as well as predecessor AO’s action of accepting it is legally valid/plausible view in light of Tribunal decision 42 A.Y. 2013-14 M/s. WF Asian Smaller Companies in Nomura India Investment Fund Mother Fund (supra) so, the deeming fiction given under

ZODIAC JRD MKJ LTD,MUMBAI vs. ASST CIR 5(3)(2), MUMBAI

Bench: Shri Prashant Maharishi & Shri Kuldip Singhassessment Year: 2014-15

long-term capital asset into a short-term capital asset. Therefore, the Tribunal was justified in allowing the benefit of exemption under section 54E to the assessee in respect of the capital gains arising on the transfer of a capital asset on which depreciation

SH KELKAR & CO. LTD.,MUMBAI vs. PR. CIT-4, MUMBAI

In the result, the appeal of the assessee stands allowed

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2015-16 Sh Kelkar & Company Principal Commissioner Of Limited, Income-Tax-4, Devkaran Mansion, 36, Vs. Room No. 629, 6Th Floor, Mangaldas Road, Aayakar Bhavan, Mumbai-400 002. Mumbai-400020. Pan No. Aaacs 9778 G Appellant Respondent Assessee By : Shri J.D. Mistry, Sr. Advocate & Shri Harsh Kothari Revenue By : Dr. Kishor Dhule, Cit-Dr : Date Of Hearing 13/02/2023 Date Of Pronouncement : 20/02/2023

Long term capital gains on sale of land situated at Mulund West full value of consideration Less: Indexed Cost of Acquisition Less: Indexed Cost of Acquisition 3,43,89,688 3358368 X 1024/100 Sub-total 50,05,10,312 Less: Cost of Improvement (undertaken during the year) Less: Cost of Improvement (undertaken during the year

THE BOMBAY DYEING & MANUFACTURING COMPANY LTD.,,MUMBAI vs. DCIT, C--2(1), MUMBAI, MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

long term capital gain on conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with M/s Bombay Dyeing & Manufacturing Co. Ltd. M/s Bombay Dyeing & Manufacturing Co. Ltd. ITA Nos. 4484, 4485, 4291 & 4293/M/2019 law. The ground No.1

ACIT CIRCLE-2(1)(1), MUMBAI vs. M/S BOMBAY DYEING & MANUFACTURING CO. LTD. , MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

long term capital gain on conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with M/s Bombay Dyeing & Manufacturing Co. Ltd. M/s Bombay Dyeing & Manufacturing Co. Ltd. ITA Nos. 4484, 4485, 4291 & 4293/M/2019 law. The ground No.1

ACIT CIRCLE-2(1)(1), MUMBAI vs. M/S BOMBAY DYEING & MANUFACTURING CO. LTD. , MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

long term capital gain on conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with M/s Bombay Dyeing & Manufacturing Co. Ltd. M/s Bombay Dyeing & Manufacturing Co. Ltd. ITA Nos. 4484, 4485, 4291 & 4293/M/2019 law. The ground No.1

THE BOMBAY DYEING & MANUFACTURING COMPANY LTD.,,MUMBAI vs. DCIT, C--2(1), MUMBAI, MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

long term capital gain on conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with conversion of capital asset into stock in trade in accordance with M/s Bombay Dyeing & Manufacturing Co. Ltd. M/s Bombay Dyeing & Manufacturing Co. Ltd. ITA Nos. 4484, 4485, 4291 & 4293/M/2019 law. The ground No.1

ACIT, CIRCLE 3(1)(2), MUMBAI vs. M/S EUROFINANCE TRAININF & PUBLISHING PVT. LTD., MUMBAI

In the result, appeal by the Revenue is dismissed

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

long term capital gain. Accordingly, vide order dated 26/03/2016, passed under section 143(3) of the Act, the Assessing Officer held that the capital gains arising on transfer of capital asset in respect of which the assessee has claimed and has been allowed depreciation