DCIT CEN 5 3, MUMBAI, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

depreciation of or loss on the realization of investments shall be allowed as a deduction, and any sums taken credit shall be allowed as a deduction, and any sums taken credit shall be allowed as a deduction, and any sums taken credit for in the accounts on account of appreciation of or gains on for in the accounts on account

DCIT CEN 5 3, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

depreciation of or loss on the realization of investments shall be allowed as a deduction, and any sums taken credit shall be allowed as a deduction, and any sums taken credit shall be allowed as a deduction, and any sums taken credit for in the accounts on account of appreciation of or gains on for in the accounts on account

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

depreciation in the case of charitable trusts for which the Hon'ble Supreme Court in the case of CIT v. Rajasthan & Gujarati Foundation (2018) 161 DTR (SC) 33 has held that the shall be prospective and not retrospective, following the same analogy the amended section 11(7) would also be prospective and not retrospective. We, therefore respectfully following the aforesaid

.DCIT., CIR.-4(2),MUMBAI vs. M.M. POONJIAJI SPICES LTD, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

10 CCAC and further the goods were produced by an exported by the assessee, the deduction under section 80 HH C was also disallowed as an alternative claim. 19. The AO further found that there is a difference in account with respect to both the entities and therefore an addition of ₹ 2,381,763/– was also added to the total

ITO - 4(2)(4), MUMBAI vs. M/S. M.M. POONJIAJI SPICES LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

10 CCAC and further the goods were produced by an exported by the assessee, the deduction under section 80 HH C was also disallowed as an alternative claim. 19. The AO further found that there is a difference in account with respect to both the entities and therefore an addition of ₹ 2,381,763/– was also added to the total

ITO - 4(2)(4), MUMBAI vs. M/S. M.M. POONJIAJI SPICES LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

10 CCAC and further the goods were produced by an exported by the assessee, the deduction under section 80 HH C was also disallowed as an alternative claim. 19. The AO further found that there is a difference in account with respect to both the entities and therefore an addition of ₹ 2,381,763/– was also added to the total

INCOME TAX OFFICER 4(2)(4), MUMBAI vs. M/S. M.M. POONJIAJI SPICES LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

10 CCAC and further the goods were produced by an exported by the assessee, the deduction under section 80 HH C was also disallowed as an alternative claim. 19. The AO further found that there is a difference in account with respect to both the entities and therefore an addition of ₹ 2,381,763/– was also added to the total

ACIT CIR 4(2), MUMBAI vs. M .M. POONJIAJI SPICES LTD, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

10 CCAC and further the goods were produced by an exported by the assessee, the deduction under section 80 HH C was also disallowed as an alternative claim. 19. The AO further found that there is a difference in account with respect to both the entities and therefore an addition of ₹ 2,381,763/– was also added to the total

I.T.O-4(2)(4), MUMBAI vs. M/S M.M.POONJIAJI SPICES LTD, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

10 CCAC and further the goods were produced by an exported by the assessee, the deduction under section 80 HH C was also disallowed as an alternative claim. 19. The AO further found that there is a difference in account with respect to both the entities and therefore an addition of ₹ 2,381,763/– was also added to the total

ITO - 4(2)(2), MUMBAI vs. M/S. M.M. POONJIAJI SPICES LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

10 CCAC and further the goods were produced by an exported by the assessee, the deduction under section 80 HH C was also disallowed as an alternative claim. 19. The AO further found that there is a difference in account with respect to both the entities and therefore an addition of ₹ 2,381,763/– was also added to the total

SHETH CREATORS P. LTD.,MUMBAI vs. DY CIT CENTRAL CIRCLE-4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation on account of 20% Depreciation claimed on Helicopter may be deleted. claimed on Helicopter may be deleted. b. Addition made u/s.2

DY CIT CENTRAL CIRCLE-4(2),, MUMBAI vs. M/S SHETH CREATORS P. LTD., MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation on account of 20% Depreciation claimed on Helicopter may be deleted. claimed on Helicopter may be deleted. b. Addition made u/s.2

SHETH CREATORS PVT LTD.,MUMBAI vs. DY. CIT CENTRAL CIRCLE 4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation on account of 20% Depreciation claimed on Helicopter may be deleted. claimed on Helicopter may be deleted. b. Addition made u/s.2

SHETH CREATORS PVT. LTD.,MUMBAI vs. DY CIT CENT. CIR-4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation on account of 20% Depreciation claimed on Helicopter may be deleted. claimed on Helicopter may be deleted. b. Addition made u/s.2

SHETH CREATORS PVT LTD.,MUMBAI vs. DY. CIT CENTRAL CIRCLE 4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation on account of 20% Depreciation claimed on Helicopter may be deleted. claimed on Helicopter may be deleted. b. Addition made u/s.2

TATA EDUCATION TRUST ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (EXEMPTION)-CIRCLE 2(1), MUMBAI

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiya

20,531/- for adjustment in subsequent years. 4. On the facts and under the circumstances of the case and in law, the Ld. CIT(A) erred in upholding levy of interest under section 234B and 234C of the Act on the additions not envisaged by the Appellant. 5. On the facts and under the circumstances of the case

ASSISTANT COMMISSIONER OF INCOME TAX, KAUTILYA BHAVAN, BKC, MUMBAI vs. TATA EDUCATION TRUST, MUMBAI

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiya

20,531/- for adjustment in subsequent years. 4. On the facts and under the circumstances of the case and in law, the Ld. CIT(A) erred in upholding levy of interest under section 234B and 234C of the Act on the additions not envisaged by the Appellant. 5. On the facts and under the circumstances of the case

TATA EDUCATION TRUST ,MUMBAI vs. ASSISTANT COMMISSIIONER OF INCOME TAX CIRCLE 17(3), MUMBAI

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiya

20,531/- for adjustment in subsequent years. 4. On the facts and under the circumstances of the case and in law, the Ld. CIT(A) erred in upholding levy of interest under section 234B and 234C of the Act on the additions not envisaged by the Appellant. 5. On the facts and under the circumstances of the case