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 r.w.r 8D expenditure has been incurred by the assessee to earn the exempt income. Further, the assessee has been incurred by the assessee to earn the exempt income. Further, the assessee has been incurred by the assessee to earn the exempt income. Further, the assessee has taken plea that investme taken plea that investment cannot be considered

DCIT CC 7(2).MUMBAI, MUMBAI vs. MAN INDUSTRIES (INDIA) LIMITED, MUMBAI

In the result, the appeal of the Revenue is allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2020-2021

14A and (c) Rs.59,64,352/ (c) Rs.59,64,352/- on disallowance of depreciation. on disallowance of depreciation. 3. On further appeal, the Ld. CIT(A) deleted all the three r appeal, the Ld. CIT(A) deleted all the three r appeal, the Ld. CIT(A) deleted all the three additions. Aggrieved, the Revenue is before the Income-tax additions

DCIT (LTU) 2, MUMBAI vs. ASIAN PAINTS LTD, MUMBAI

3)", "92B", "35(2AB)", "32(1)(iia)", "37(1)", "40(a)(ia)", "194H", "Section 5(1)", "Package Scheme of Incentives, 2007", "Ponni Sugars and Chemicals Ltd." ], "issues": "The main issues involved disallowances under Section 14A, transfer pricing adjustments related to support services and letters of comfort, disallowance of damaged stock, allowability of R&D expenditure, additional depreciation

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. 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

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. 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

DCIT 3.2.1, MUMBAI vs. THE NEW INDIA ASSURANCE CO LIMITED, MUMBAI

depreciation allowance or any \nother allowance, as the case may be, for the assessment \nyear concerned (hereafter in this section and in sections \n148 to 153 referred to as the relevant assessment year) : \n\n Provided that where an assessment under sub-section (3) \nof section 143 or this section has been made for the \nrelevant assessment year, no action

DCIT-2(3)(1), MUMBAI vs. KOTAK MAHINDRA BANK LTD, MUMBAI

depreciable immovable property, were also set aside to the AO for de novo consideration, allowing them for statistical purposes. Additional ground regarding Section 14A was dismissed. The departmental appeal (Ground 1) was allowed. Ground 2 (ESOP expenses) was upheld. Ground 3

SHAPOORJI PALLANJI AND COMPANY P.LTD,MUMBAI vs. ADDL CIT RG 3(3), MUMBAI

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2011-12 M/S Shapoorji Pallonji & Co. Dcit, Ltd. Circle-3(3), बनाम/ Shapporji Pallonji Centre, Room No.609, 6Th Floor, Vs. 41/44 Minoo Desai Marg, Aayakar Bhavan, M.K.Road, Colaba Mumbai-400020 Mumbai-400005 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aaacs6994C

14A of the Act r.w.r. 8D(2)(iii), against the claim of the assessee at Rs.1 lakh, consequently, the Ld. Assessing Officer is directed to follow the ratio laid down in order dated 27/03/2015 (Assessment Year 2009-10). Thus, ground no. 2 & 3 are disposed off in terms indicated hereinabove. 4. So far as, ground no.4 is concerned, the assessee

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

section, Assessing Officer has no power to bifurcate on \npro-rata basis and deduct a part of it from the gross dividend income. \nThere is no scope for any estimation of expenditure and hence no scope \n54 \nHDFC Bank Ltd. \nITA No.4315/MUM/2007 and Ors. \nAYs 2002-03 to 2020-21 \nfor allocation of notional expenditure. The deductions contemplated are \nthe

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

3,01,95,155 | 9,35,97,716\nLess: Utilised during the year | 7,24,53,947 | 2,68,76,000 \nLess: Used for issue of Bonus Shares | 1,43,77,167 | 1,94,71,877 \n | | 50,00,00,000 \nSHELTER ASSISTANCE RESERVE | 10,64,44,875 | 9,57,14,379 \nOpening Balance

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

Section \n36(1)(viii) speaks only of special reserve created under that section \nwithout making any distinction between reserve created before the \namendment introduced by the Finance Act, 1997, in the said section \neffective from 01.04.1998 and reserve created post amendment. By \nreferring to section 41(4A) according to which, withdrawal from the \nspecial reserve created and maintained

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

3) of Section 14A of the Income Tax Act 1961 are constitutionally valid; iv) The provisions of Rule 8D of the Income Tax Rules as inserted by the Income Tax (Fifth Amendment) Rules 2008 are not ultra vires the provisions of section 14A, more particularly sub section (2) and do not offend Article 14 of the Constitution; v) The provisions

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

3) of Section 14A of the Income Tax Act 1961 are constitutionally valid; iv) The provisions of Rule 8D of the Income Tax Rules as inserted by the Income Tax (Fifth Amendment) Rules 2008 are not ultra vires the provisions of section 14A, more particularly sub section (2) and do not offend Article 14 of the Constitution; v) The provisions

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

Section 57(iii) and find that ld.\nUnder the said section, Assessing Officer has no power to bifurcate on\npro-rata basis and deduct a part of it from the gross dividend income.\nThere is no scope for any estimation of expenditure and hence no scope\n53\nHDFC Bank Ltd.\nITA No.4315/MUM/2007 and Ors.\nAYs

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

Section 57(iii) and find that ld. \nUnder the said section, Assessing Officer has no power to bifurcate on \npro-rata basis and deduct a part of it from the gross dividend income. \nThere is no scope for any estimation of expenditure and hence no scope \n53 \nHDFC Bank Ltd. \nITA No.4315/MUM/2007 and Ors. \nAYs