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

112 of the Act stands satisfied.\n24. Now various courts have held that the deeming fiction in section 50 has been\nbrought out for differential treatment of depreciable

DCIT 4(3)(1), MUMBAI vs. RELIANCE TRANSPORT AND TRAVELS P.LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri Amit Shukla & Shri S. Rifaur Rahman: A.Y : 2013-14 Asst. Commissioner Of Income Vs. M/S. Reliance Transport & Tax – 4(3)(1), Travels Pvt. Ltd., Mumbai (Appellant) 6Th Floor, Nagin Mahal, 82, Veer Nariman Road, Churchgate, Mumbai 400 020. Pan : Aaacr2380M (Respondent)

112(1) of the Act, the rate of tax should be 20%. 18. It is an undisputed fact that the holding period of the said asset was more than 3 years (i.e. 5 ½ years) and, therefore, same is a long term capital asset as per the provisions of Section 2(29AA) of the Act. Since the asset was a depreciable

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

section 143(3) of the 10/03/2014, the Assessing Officer made t 10/03/2014, the Assessing Officer made two additions. o additions. Firstly, addition was made made made disallowing disallowing disallowing depreciation depreciation depreciation amounting amounting amounting to to to ₹3,38,42,112

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

section 143(3) of the 10/03/2014, the Assessing Officer made t 10/03/2014, the Assessing Officer made two additions. o additions. Firstly, addition was made made made disallowing disallowing disallowing depreciation depreciation depreciation amounting amounting amounting to to to ₹3,38,42,112

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

section 143(3) of the 10/03/2014, the Assessing Officer made t 10/03/2014, the Assessing Officer made two additions. o additions. Firstly, addition was made made made disallowing disallowing disallowing depreciation depreciation depreciation amounting amounting amounting to to to ₹3,38,42,112

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

section 143(3) of the 10/03/2014, the Assessing Officer made t 10/03/2014, the Assessing Officer made two additions. o additions. Firstly, addition was made made made disallowing disallowing disallowing depreciation depreciation depreciation amounting amounting amounting to to to ₹3,38,42,112

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

section 143(3) of the 10/03/2014, the Assessing Officer made t 10/03/2014, the Assessing Officer made two additions. o additions. Firstly, addition was made made made disallowing disallowing disallowing depreciation depreciation depreciation amounting amounting amounting to to to ₹3,38,42,112

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

section 143(3) of the 10/03/2014, the Assessing Officer made t 10/03/2014, the Assessing Officer made two additions. o additions. Firstly, addition was made made made disallowing disallowing disallowing depreciation depreciation depreciation amounting amounting amounting to to to ₹3,38,42,112

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

section 143(3) of the 10/03/2014, the Assessing Officer made t 10/03/2014, the Assessing Officer made two additions. o additions. Firstly, addition was made made made disallowing disallowing disallowing depreciation depreciation depreciation amounting amounting amounting to to to ₹3,38,42,112

ACIT-2(2)(1), MMUMBAI vs. M/S. JICS LOGISTIC LIMITED , MUMBAI

In the result, the appeal of the revenue for assessment year the appeal of the revenue for assessment year the appeal of the revenue for assessment year

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2011-12 & Assessment Year: 2012-13 &

section 143(3) of the 10/03/2014, the Assessing Officer made t 10/03/2014, the Assessing Officer made two additions. o additions. Firstly, addition was made made made disallowing disallowing disallowing depreciation depreciation depreciation amounting amounting amounting to to to ₹3,38,42,112

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 assets u/s.50 has been held to be the rate of long\nterm capital gain @ 20%, taking into consideration, the concessional rate of LTCG\nprovided as per Section 112

RELIANCE POWER LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 15(3)(1), MUMBAI

In the result, ground of appeal raised by assessee is allowed

Bench: Shri Pawan Singh& Shri Omkareshwar Chidara(Physical Hearing) Dcit – 15(3)(1), Mumbai Reliance Power Limited Room No. 460, 4Th Floor, H-Block, 1St Floor, Dhirubhai Ambani Vs Aayakar Bhavan, M.K. Road, Knowledge City, Koperkhairane, Mumbai – 400020] Navi Mumbai-400710 [Pan: Aaacr2365L] Appellant / Revenue Respondent / Assessee Reliance Power Limited Dcit – 15(3)(1), Mumbai Room No. 460, 4Th Floor, Aayakar Reliance Centre, Ground Floor, 19 Vs Walchand Hirachand Marg, Bhavan, M.K. Road, Ballard Estate, Mumbai – 400001. Mumbai – 400020] [Pan: Aaacr2365L] Appellant / Assessee Respondent / Revenue

depreciable asset. Section 50 have a limited overriding effect and approval over provisions of section 48 and 49 and not on any other provisions such as 54, 54F, 74 and 112

ASSISTANT COMMISSIONER OF INCOME TAX, MUMBAI vs. MATIX FERTILISERS AND CHEMICALS LTD, MUMBAI

112 (b)", "Section 114 AA", "Section 111(d)"], "issues": "1. Taxation of interest on margin money. 2. Disallowance for overvaluation of imported capital goods. 3. Disallowance of interest on borrowed funds for overvalued capital goods. 4. Treatment of compensation as revenue or capital receipt. 5. Disallowance of depreciation

KOVALAM RESORT PRIVATE LIMITED ,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX 2(1)(1), MUMBAI

In the result, the appeal of the assessee for Assessment Year

Bench: Shri Anikesh Banerjee & Shri Makarand Vasant Mahadeokar1. Ita No. 6580/Mum/2025 (Assessment Year: 2012-13) 2. Ita No. 6578/Mum/2025 (Assessment Year: 2013-14) & 3. Ita No. 6579/Mum/2025 (Assessment Year: 2014-15) Kovalam Resort Private Dcit 2(1)(1), Limited 561, Aayakar The Leela, Sahar, Andheri Vs. Bhavan, M. K. East, Mumbai-400 059 Road, Mumbai- 400 020 Pan/Gir No. Aaeck4804H (Applicant) (Respondent) Assessee By Shri Dharan Gandi & Shri Ravi Gupta, Ld. Ars Revenue By Shri Ritesh Misra, Ld. Dr Date Of Hearing 22.01.2026 Date Of Pronouncement 30.01.2026

section 143(3) vide order dated 30.03.2015. 5. During the course of assessment proceedings, it was noticed that the assessee had acquired Hotel Leela, Kovalam as a going concern under slump sale from M/s Hotel Leela Ventures Ltd. The assessee claimed depreciation aggregating to Rs. 25,86,15,073/- on the assets so acquired. The Assessing Officer then examined

KOVALAM RESORT PRIVATE LIMTIED ,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX 2(1)(1), MUMBAI

In the result, the appeal of the assessee for Assessment Year

Bench: Shri Anikesh Banerjee & Shri Makarand Vasant Mahadeokar1. Ita No. 6580/Mum/2025 (Assessment Year: 2012-13) 2. Ita No. 6578/Mum/2025 (Assessment Year: 2013-14) & 3. Ita No. 6579/Mum/2025 (Assessment Year: 2014-15) Kovalam Resort Private Dcit 2(1)(1), Limited 561, Aayakar The Leela, Sahar, Andheri Vs. Bhavan, M. K. East, Mumbai-400 059 Road, Mumbai- 400 020 Pan/Gir No. Aaeck4804H (Applicant) (Respondent) Assessee By Shri Dharan Gandi & Shri Ravi Gupta, Ld. Ars Revenue By Shri Ritesh Misra, Ld. Dr Date Of Hearing 22.01.2026 Date Of Pronouncement 30.01.2026

section 143(3) vide order dated 30.03.2015. 5. During the course of assessment proceedings, it was noticed that the assessee had acquired Hotel Leela, Kovalam as a going concern under slump sale from M/s Hotel Leela Ventures Ltd. The assessee claimed depreciation aggregating to Rs. 25,86,15,073/- on the assets so acquired. The Assessing Officer then examined

DCIT CIR 6(3), MUMBAI vs. M/S. GRASIM INDUSTRIES LTD., MUMBAI

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

section 143(3) of the Act, disallowed the deduction claimed in respect of exchange fluctuation loss of Rs.33,33,614, incurred due to conversion at the exchange rate on 31/03/2003. Grasim Industries Ltd. ITA no.4754/Mum./2004 ITA no.5978/Mum./2004 The learned CIT(A), vide impugned order, following the decisions of his predecessor–in–office rendered in assessee‟s own case

GRASIM INDUSTRIES LTD.,MUMBAI vs. DCIT RANGE 6(3), MUMBAI

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

section 143(3) of the Act, disallowed the deduction claimed in respect of exchange fluctuation loss of Rs.33,33,614, incurred due to conversion at the exchange rate on 31/03/2003. Grasim Industries Ltd. ITA no.4754/Mum./2004 ITA no.5978/Mum./2004 The learned CIT(A), vide impugned order, following the decisions of his predecessor–in–office rendered in assessee‟s own case

KOVALAM RESORT PRIVATE LIMITED ,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX 2(1)(1), MUMBAI

section 143(3) vide order\ndated 30.03.2015.\n5. During the course of assessment proceedings, it was noticed\nthat the assessee had acquired Hotel Leela, Kovalam as a going\nconcern under slump sale from M/s Hotel Leela Ventures Ltd.\nThe assessee claimed depreciation aggregating to Rs.\n25,86,15,073/- on the assets so acquired. The Assessing Officer\nthen examined