ICICI BANK LTD.,MUMBAI vs. THE DY CIT -2(3)(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Icici Bank Ltd. The Dy. Commissioner Of Icici Bank Towers, Income-Tax 2(3)(1) Bandra Kurla Complex, Aaykar Bhavan, Vs. 5Th Floor, Room No.552, Badra (East), Mumbai-400 051 M.K. Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaaci1195H

depreciation on investment amounting to ₹46,19,11,355/-. iv. Excess deduction allowed under Section 36(1)(viia) of the Act of ₹159,22,24,604/- by allowing the claim despite assessee not revising its return of income for new claim which is against the decision of Hon'ble Supreme Court in Goetz India Limited [284 ITR 323]. v. Excess

M/S. PIK STUDIOS P. LTD (FORMERLY KNOWN AS PIK PEN PRIVATE LIMITED),MUMBAI vs. ITO 8(2)(4), MUMBAI

In the result, these appeals by the assessee stand dismissed

Bench: Shri Shamim Yahya & Shri Amarjit Singh.

b) Kungundi Industrial Works (Pvt.) Ltd. Vs. CIT (1965) 57 ITR 540 (AP) - this decision is in the context of Proviso to section 10(5)(a) which is similar to Explanation 3 to section 43(1). As hon'ble CIT(A) has stated that AO was not justified in disallowing the appellant's claim as per Explanation 3, this decision

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

149, it was observed that 'the panchnama is merely a record of what a panch sees'. Similarly, the Gujarat High Court in the case of Valibhai Omarji v. State AIR 1963 Guj 145 noted that 'a Panchanama is essentially a document recording certain things which occur in the presence of Panchas and which are seen and heard by them.' Again

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

149, it was observed that 'the panchnama is merely a record of what a panch sees'. Similarly, the Gujarat High Court in the case of Valibhai Omarji v. State AIR 1963 Guj 145 noted that 'a Panchanama is essentially a document recording certain things which occur in the presence of Panchas and which are seen and heard by them.' Again

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

149, it was observed that 'the panchnama is merely a record of what a panch sees'. Similarly, the Gujarat High Court in the case of Valibhai Omarji v. State AIR 1963 Guj 145 noted that 'a Panchanama is essentially a document recording certain things which occur in the presence of Panchas and which are seen and heard by them.' Again

M/S.BALAJI BULLION & COMMODITIES (INDIA) PRIVATE LIMITED,MUMBAI vs. DCIT CENTRAL CIRCLE-40, MUMBAI

In the result, both the appeals are allowed

Bench: Shri Prashant Maharishi, Am & Shri Amarjit Singh, Jm Balaji Bullion & Commodities The Dy. Commissioner Of (India) Private Limited Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002 (Appellant) (Respondent) Pan No. Aadcbo236F Balaji Universal Tradelinks P. The Dy. Commissioner Of Ltd. Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002

Depreciation. Looking to the facts and in the circumstances of your Appellant's case the said disallowance made by the Ld. A.O. is incorrect and invalid and ought to be deleted. 13. On the facts and in the circumstances of the case and in law, the Ld. A. O. erred in making an addition

STATE BANK OF INDIA,MUMBAI vs. ADDL CIT RG 2(2), MUMBAI

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

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from

ASST CIT CIR 2(2)(1), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

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

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from

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

b) Whether ITAT was correct in law in holding that the provisions of section\n80 of the Income-tax Act do not apply to unabsorbed depreciation covered by\nsection 32(2) of the Act?\"\n20. While answering the aforesaid questions in favour of the assessee, the\nHon'ble Delhi High Court observed as follows:\n“9. The question that follows

ACIT, CIRCLE - 3 3 1, MUMBAI vs. JAMNAGAR UTILITIES AND POWER PVT LTD, MUMBAI

In the result, both the appeals of the Revenue are allowed\npartly

b) Assessee notionally borrowed equivalent amount in USD (appx\nUSD 822.29 mn) at lower interest rates linked to LIBOR.\nii. In terms of the above, Appellant receives interest on INR leg of the\ncontract and it pays interest on USD leg of the contract over the\ntenure of the contract.\niii. The principal amount of the contract (Rs.5310.76

ACIT, CIRCLE - 3 3 1, MUMBAI vs. JAMNAGAR UTILITIES AND POWER PVT LTD, MUMBAI

In the result, both the appeals of the Revenue are allowed\npartly

b) Assessee notionally borrowed equivalent amount in USD (appx\nUSD 822.29 mn) at lower interest rates linked to LIBOR.\nii. In terms of the above, Appellant receives interest on INR leg of the\ncontract and it pays interest on USD leg of the contract over the\ntenure of the contract.\niii. The principal amount of the contract (Rs.5310.76

WIND WORLD INDIA INFRASTRUCTURE P.LTD,MUMBAI vs. PR CIT -2, MUMBAI

The appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri G.S. Pannu, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No(S).2370/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2007-08) Wind World India Infrastructure Pvt. Ltd. Principal Cit(C)-2, बिधम/ A-9, Enercon Tower, Veera Desai Road, Veera Mumbai Vs. Industrial Estate, Andheri (W), Mumbai-400053 स्थामीरेखासं./ जीआइआयसं./ Pan/Gir No. Aabce5226C (अपीलाथी/Appellant) (प्रत्यथी / Respondent) :

149, Section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a) Issue notice to such person requiring him to furnish within such period

J.N INVESTMENT & TRADING CO. P.LTD,MUMBAI vs. PR CIT 2, MUMBAI

The appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri G.S. Pannu, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No(S).2370/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2007-08) Wind World India Infrastructure Pvt. Ltd. Principal Cit(C)-2, बिधम/ A-9, Enercon Tower, Veera Desai Road, Veera Mumbai Vs. Industrial Estate, Andheri (W), Mumbai-400053 स्थामीरेखासं./ जीआइआयसं./ Pan/Gir No. Aabce5226C (अपीलाथी/Appellant) (प्रत्यथी / Respondent) :

149, Section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a) Issue notice to such person requiring him to furnish within such period

WIND WORLD WIND RESOURCES DEVELOPMENT P. LTD,MUMBAI vs. PR CIT -2, MUMBAI

The appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri G.S. Pannu, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No(S).2370/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2007-08) Wind World India Infrastructure Pvt. Ltd. Principal Cit(C)-2, बिधम/ A-9, Enercon Tower, Veera Desai Road, Veera Mumbai Vs. Industrial Estate, Andheri (W), Mumbai-400053 स्थामीरेखासं./ जीआइआयसं./ Pan/Gir No. Aabce5226C (अपीलाथी/Appellant) (प्रत्यथी / Respondent) :

149, Section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a) Issue notice to such person requiring him to furnish within such period

WIND WORLD WIND RESOURCES DEVELOPMENT P. LTD,MUMBAI vs. PR CIT -2, MUMBAI

The appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri G.S. Pannu, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No(S).2370/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2007-08) Wind World India Infrastructure Pvt. Ltd. Principal Cit(C)-2, बिधम/ A-9, Enercon Tower, Veera Desai Road, Veera Mumbai Vs. Industrial Estate, Andheri (W), Mumbai-400053 स्थामीरेखासं./ जीआइआयसं./ Pan/Gir No. Aabce5226C (अपीलाथी/Appellant) (प्रत्यथी / Respondent) :

149, Section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a) Issue notice to such person requiring him to furnish within such period

HELLIOS EXPORTS LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-6(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

depreciation has erroneously been made u/s 69C of the Act instead by way of disallowance u/s 32 and 32A in the case of Shrivallabh Pittie Southwest Industries, Shrivallabh Pittie Industries Limited and SVP Global Limited in AY 2017-18 and AY 2018-19. l. In the case of Platinum Textiles Limited, Shrivallabh Pittie Industries Limited, and SVP Global Textiles

CITRON INFRAPROJECT LTD.,,MUMBAI-400005 vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-7(2), MUMBAI-400020

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

depreciation has erroneously been made u/s 69C of the Act instead by way of disallowance u/s 32 and 32A in the case of Shrivallabh Pittie Southwest Industries, Shrivallabh Pittie Industries Limited and SVP Global Limited in AY 2017-18 and AY 2018-19. l. In the case of Platinum Textiles Limited, Shrivallabh Pittie Industries Limited, and SVP Global Textiles

SVP GLOBAL TEXTILES LTD FORMERLY SVP GLOBAL VENTURES LTD MUMBAI ,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-6(1), MUMBAI , MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

depreciation has erroneously been made u/s 69C of the Act instead by way of disallowance u/s 32 and 32A in the case of Shrivallabh Pittie Southwest Industries, Shrivallabh Pittie Industries Limited and SVP Global Limited in AY 2017-18 and AY 2018-19. l. In the case of Platinum Textiles Limited, Shrivallabh Pittie Industries Limited, and SVP Global Textiles