ASST CIT CIR 6(1)(2), MUMBAI vs. ASK INVESTMENT MANAGERS P.LTD, MUMBAI

The appeal of the Revenue is allowed for statistical

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year 2012-13 Acit M/S Ask Investment Circle-6(1)(2), Managers Pvt. Ltd. बनाम/ R. No.536, 5Th Floor, 1St Floor Bandbox House, Vs. Aayakar Bhavan, Dr. Ab Road, Worli, M. K. Road, Churchgate, Mumbai-400030 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aafca2302P Shri Nitin Waghmode-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri J.D. Mistri Sr. Advocate

14A cannot be read into in section 115JB for the following reasons: i. Section 115JB is a complete code in itself and it overrides all other provisions of the Act . The book profit is deemed to be total income of assessee and provides mechanism for computing such book profit and consequential tax liability thereon. He , inter-alia, relied

BAJAJ CONSULTANTS PRIVATE LIMITED,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 4(1), MUMBAI

In the result the appeal of the assessee is dismissed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2017-18

section 14A read with Rule 8D of the Income read with Rule 8D of the Income-tax Rules, 1962 (“the Rules”), and tax Rules, 1962 (“the Rules”), and that expenditure relating to office infrastructure, rent, salaries, that expenditure relating to office infrastructure, rent, salaries, that expenditure relating to office infrastructure, rent, salaries, depreciation

FUTURE CAPITAL HOLDINGS LTD,MUMBAI vs. ADDL CIT RG 8(1), MUMBAI

In the result, Revenue’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Gosain M/S. Capital First Ltd. Add. Cit, Range – 8(1) (Formerly Future Capital Holdings Ltd.) Aayakar Bhavan India Bulls Finance Centre M.K. Road Vs. Tower 2, 15Th Floor, Senapati Mumbai 400020 Bapat Marg, Elphinston (W) Mumbai 400013 Pan – Aacck6863C Appellant Respondent Add. Cit, Range – 8(1) M/S. Capital First Ltd. (Formerly Future Capital Holdings Ltd.) Aayakar Bhavan India Bulls Finance Centre M.K. Road Vs. Tower 2, 15Th Floor, Senapati Mumbai 400020 Bapat Marg, Elphinston (W) Mumbai 400013 Pan – Aacck6863C Appellant Respondent

section 14A r.w. rule 8D be set aside to the file of the learned CIT(A) to be reconsidered afresh and also in the light of the unaddressed claim of the assessee that the same should be restricted to `9,46,325/-. Needless to add that the assessee be afforded adequate opportunity of being heard and to file details/submissions

ADDL CIT RG 8(1), MUMBAI vs. FUTURE CAPITAL HOLDINGS LTD, MUMBAI

In the result, Revenue’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Gosain M/S. Capital First Ltd. Add. Cit, Range – 8(1) (Formerly Future Capital Holdings Ltd.) Aayakar Bhavan India Bulls Finance Centre M.K. Road Vs. Tower 2, 15Th Floor, Senapati Mumbai 400020 Bapat Marg, Elphinston (W) Mumbai 400013 Pan – Aacck6863C Appellant Respondent Add. Cit, Range – 8(1) M/S. Capital First Ltd. (Formerly Future Capital Holdings Ltd.) Aayakar Bhavan India Bulls Finance Centre M.K. Road Vs. Tower 2, 15Th Floor, Senapati Mumbai 400020 Bapat Marg, Elphinston (W) Mumbai 400013 Pan – Aacck6863C Appellant Respondent

section 14A r.w. rule 8D be set aside to the file of the learned CIT(A) to be reconsidered afresh and also in the light of the unaddressed claim of the assessee that the same should be restricted to `9,46,325/-. Needless to add that the assessee be afforded adequate opportunity of being heard and to file details/submissions

DCIT 9(3)(2), MUMBAI vs. FUTURE CONSUMER LIMITED (FORMERLY KNOWN AS FUTURE CONSUMER ENTERPRISES LIMITED ), MUMBAI

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

depreciation on the right so acquired as intangible asset.” 8. Following the aforesaid decision, the Tribunal again decided the issue in favour of the assessee in assessment year 2012–13, while disposing off the Revenue’s appeal in ITA no.5162/Mum./2016, dated 14th March 2018. There being no material difference in facts involved in the impugned assessment year, the decision

ASST CIT 19(3), MUMBAI vs. PAHILAJRAI JAIKISHIN, MUMBAI

In the result, the appeal is allowed

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

depreciation was held to be statutory allowance and shall not be considered for disallowance u/s 14A of the Act as Section

PAHILAJRAI JAIKISHAN,MUMBAI vs. DCIT 19(3), MUMBAI

In the result, the appeal is allowed

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

depreciation was held to be statutory allowance and shall not be considered for disallowance u/s 14A of the Act as Section

HINDUSTAN PETROLEUM CORP LTD,MUMBAI vs. DCIT 1(1)(2), MUMBAI

Bench: us. 2.

Section 14A of the Act read with Rule 8D of the Rules. In reply thereto, the Assessee submitted reply letter, dated 13/12/2017, wherein it was, inter alia, contended as under: a. The Assessee had not incurred any direct expenditure for earning the exempt income. b. The Investments were made out of surplus funds generated from time to time. In support

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

depreciable assets. X. Disallowance of FCCB issue expenses. XI. Set-off of short-term capital loss. XII. Income from India Value Fund. 11 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 XIII. Addition on account of receipts as per the ITS details not found recorded in the books of account of assessee. XIV. Capital gains

ACIT-1(1)(1), MUMBAI vs. M/S HOUSING DEVELOPMENT FINANCE CORPORATION LTD, MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

depreciable assets. X. Disallowance of FCCB issue expenses. XI. Set-off of short-term capital loss. XII. Income from India Value Fund. XIII. Addition on account of receipts as per the ITS details not found recorded in the books of assessee. XIV. Capital gains in respect of sale of property. XV. Additional claim of the Assessee with regard to inadvertent

HDFC BANK LIMITED (AS SUCCESSOR TO HDFC LTD),MUMBAI vs. DCIT 2(3)(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

depreciable assets. X. Disallowance of FCCB issue expenses. XI. Set-off of short-term capital loss. XII. Income from India Value Fund. XIII. Addition on account of receipts as per the ITS details not found recorded in the books of account of assessee. XIV. Capital gains in respect of sale of property. X V. Additional claim of the Assessee with

SAPPHIRE FOODS INDIA LIMITED,MUMBAI vs. DCIT, CIRCLE 3(3)(1), MUMBAI

In the result the appeal filed by the assessee stands dismissed

Bench: Smt. Beena Pillai, Jm

section 14A of the Income Tax Act, 1961. 2.0 Your appellant craves leave to add amend, alter, delete and/or modify any of above grounds of appeal on or before the final date of hearing of this appeal petition.” Brief Facts of the case are as under: The assessee is a private limited company, and filed its revised return of income

ACIT-1(1)(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., DELHI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

14A of the Act. IV. Discount on grant of stock options (ESOP/ESOS) to employees. V. Computation of amount eligible for deduction u/s. 80M of the Act. VI. Deduction of income by the amount credited to lease equalisation account. VII. Assessment of amount withdrawn from reserve created under section 36(1)(viii). VIII. Disallowance of entrance fees and subscriptions paid

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

14A of the Act. IV. Discount on grant of stock options (ESOP/ESOS) to employees. V. Computation of amount eligible for deduction u/s. 80M of the Act. VI. Deduction of income by the amount credited to lease equalisation account. VII. Assessment of amount withdrawn from reserve created under section 36(1)(viii). VIII. Disallowance of entrance fees and subscriptions paid

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

14A of the Act. IV. Discount on grant of stock options (ESOP/ESOS) to employees. V. Computation of amount eligible for deduction u/s. 80M of the Act. VI. Deduction of income by the amount credited to lease equalisation account. VII. Assessment of amount withdrawn from reserve created under section 36(1)(viii). VIII. Disallowance of entrance fees and subscriptions paid

ADDL CIT RG 1(1), MUMBAI vs. HDFC LTD, MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

14A of the Act. IV. Discount on grant of stock options (ESOP/ESOS) to employees. V. Computation of amount eligible for deduction u/s. 80M of the Act. VI. Deduction of income by the amount credited to lease equalisation account. VII. Assessment of amount withdrawn from reserve created under section 36(1)(viii). VIII. Disallowance of entrance fees and subscriptions paid

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

14A of the Act. IV. Discount on grant of stock options (ESOP/ESOS) to employees. V. Computation of amount eligible for deduction u/s. 80M of the Act. VI. Deduction of income by the amount credited to lease equalisation account. VII. Assessment of amount withdrawn from reserve created under section 36(1)(viii). VIII. Disallowance of entrance fees and subscriptions paid

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. THE ADDL CIT RG 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

depreciable assets. X. Disallowance of FCCB issue expenses. XI. Set-off of short-term capital loss. XII. Income from India Value Fund. 11 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 XIII. Addition on account of receipts as per the ITS details not found recorded in the books of account of assessee. XIV. Capital gains