ALBERT JOSEPH ROZARIO,MUMBAI vs. ITO, INT. TAX, CIRCLE 4(1)(1), MUMBAI, MUMBAI

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

Bench: Shri Vikram Singh Yadav & Shri Rahul Chaudharyassessment Year : 2018-19 Albert Joseph Rozario, Ito, (Int. Tax), Circle-4(1)(1), B-311, 5Th Wing, Room No. 629, 6Th Floor, Inlaks Park, Vs. Kautilya Bhavan, Yari Road, Versova, C-41 To C-43, G Block, Andheri West, Bandra Kurla Complex, Mumbai-400058 Bandra East, Pan : Afvpr6139P Mumbai-400051 (Appellant) (Respondent) For Assessee : Shri Dharan Gandhi For Revenue : Shri Sridhar G. Menon, Sr.Dr Date Of Hearing : 01-05-2025 Date Of Pronouncement : 22-07-2025 O R D E R Per Vikram Singh Yadav, A.M : This Is An Appeal Filed By The Assessee Against The Final Assessment Order Passed By The Assessing Officer U/S 147 R/W 144C(13) Of The Act Dt. 30-12-2024, Consequent To The Directions Given By The Ld. Drp-1, Mumbai-3, U/S 144C(5) Of The Act, Dated 30-11-2024 Pertaining To Assessment Year (Ay.) 2018-19. 2. Briefly The Facts Of The Case Are That Basis Information Available Through The Insight Portal That The Assessee Had Purchased Immoveable Properties Amounting To Rs. 8,31,45,549/- & Has Received Interest

depreciation allowance or any other allowance or deduction for such assessment year (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year). Explanation. For the purpose of assessment or reassessment under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped assessment, and such

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

DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED,THANE vs. DEPUTY COMMISSIONER OF INCOME TAX - 14(1)(2), MUMBAI

B Seeds\n(P) Ltd v/s DCIT, reported in [2022] 142 taxmann.com 274 (Bang-Trib.) held\nthat amendment in section 32(1) by Finance Act, 2021 to the effect that no\ndepreciation was allowable on goodwill would take effect from 01/04/2021\nand would be applicable from assessment year 2021-22 and subsequent\nyears.\n28. Therefore, in view of the facts

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

HOUSING DEVP. FIN.CORPN. LTD. vs. THE ADIT CIR. 1(1),

The appeal of the assessee is partly allowed

depreciation on leased assets solely to the income from\nleasing\nThe AO has allocated interest expenditure (other than foreign currency\nborrowings) to income from housing business and other income in the ratio of 64.99 :\n35.01.\nThe AO has allocated other expenses to income from housing business and other\nincome in the ratio of 80:20.\n11.\nThe Assessing Officer accordingly

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

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 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

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