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

194A. (1) Any person, not being an individual or a Hindu undivided\nfamily, who is responsible for paying to a resident any income by way\nof interest other than income by way of interest on securities, shall, at\nthe time of credit of such income to the account of the payee or at the\ntime of payment thereof in cash

CENTRAL BANK OF INDIA,MUMBAI vs. NFAC, CIT(APPEAL), DELHI

In the result, the appeal filed by the assessee bearing ITA No

Bench: Shri Om Prakash Kant & Shri Anikesh Banerjee

depreciation which have been adopted for preparing such accounts including statement of profit and loss for such financial year or part of such financial year falling within the relevant previous year. 41. In so far as Clause (a), the same applies to a case of a company other than referred to in Clause (b). According to clause

CENTRAL BANK OF INDIA,MUMBAI vs. ACIT - 2(1)(2), MUMBAI

depreciation which\nhave been adopted for preparing such accounts including\nstatement of profit and loss for such financial year or part of such\nfinancial year falling within the relevant previous year.\n41. In so far as Clause (a), the same applies to a case of a\ncompany other than referred to in Clause (b). According to clause

UNION BANK OF INDIA,MUMBAI vs. DCIT LTU (2), MUMBAI

depreciation which\nhave been adopted for preparing such accounts including\nstatement of profit and loss for such financial year or part of such\nfinancial year falling within the relevant previous year.\n41. In so far as Clause (a), the same applies to a case of a\ncompany other than referred to in Clause (b). According to clause

DCIT-3(4), MUMBAI vs. M/S UNION OF BANK OF INDIA, MUMBAI

depreciation which have been adopted\nfor preparing such accounts including statement of profit and loss for such\nfinancial year or part of such financial year falling within the relevant\nprevious year.\n41. In so far as Clause (a), the same applies to a case of a company other than\nreferred to in Clause (b). According to clause

DCIT-3(4), MUMBAI vs. M/S UNION OF BANK OF INDIA, MUMBAI

depreciation which have been adopted\nfor preparing such accounts including statement of profit and loss for such\nfinancial year or part of such financial year falling within the relevant\nprevious year.\n41. In so far as Clause (a), the same applies to a case of a company other than\nreferred to in Clause (b). According to clause

UNION BANK OF INDIA,MUMBAI vs. DCIT, CIR - (LTU)-2, MUMBAI

depreciation which have been adopted\nfor preparing such accounts including statement of profit and loss for such\nfinancial year or part of such financial year falling within the relevant\nprevious year.\n41. In so far as Clause (a), the same applies to a company other than\nreferred to in Clause (b). According to clause (a), for the purpose of Section

UNION BANK OF INDIA,MUMBAI vs. DCIT, CIR - (LTU)-2, MUMBAI

depreciation which have been adopted\nfor preparing such accounts including statement of profit and loss for such\nfinancial year or part of such financial year falling within the relevant\nprevious year.\n41. In so far as Clause (a), the same applies to a case of a company other than\nreferred to in Clause (b). According to clause

ACIT (LTU)-1, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, appeal of the assessee is allowed

depreciation including statement of\nprofit and loss for such\n18\nI.T.A. No. 424/Mum/2020\nI.T.A. No. 882/Mum/2020\nfinancial year or part of such financial year falling within the relevant\nprevious year.\n41. In so far as Clause (a), the same applies to a case of a company other than\nreferred to in Clause (b). According to clause (a), for the purpose

ACIT CIRCLE ,3(4), MUMBAI, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, the appeal of the revenue is dismissed

depreciation which have been adopted\nfor preparing such accounts including statement of profit and loss for such\nfinancial year or part of such financial year falling within the relevant\nprevious year.\n41. In so far as Clause (a), the same applies to a case of a company other than\nreferred to in Clause (b). According to clause

M/S UNION BANK OF INDIA,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-(LTU)-2, MUMBAI, MUMBAI

In the result, the appeal of the revenue is dismissed

depreciation which have been adopted\nfor preparing such accounts including statement of profit and loss for such\nfinancial year or part of such financial year falling within the relevant\nprevious year.\n41. In so far as Clause (a), the same applies to a case of a company other than\nreferred to in Clause (b). According to clause

STATE BANK OF INDIA,MUMBAI vs. PRINCIPLE COMMISSIONER OF INCOME TAX-2, MUMBAI

In the result, appeal of the assessee is dismissed

194A of the Act.\n\nv. As the case of the assessee was examined on\nthat aspect the explanation of the assessee was\nobtained and thereafter it was held by the\nlearned Assessing Officer that assessee has\ncommitted default by not deducting tax at\nsource on the amount of interest under Section\n194A of the Act paid to the originator

ACC LIMITED (FORMERLY KNOWN AS THE ASSOCIATED CEMENT COMPANIES LTD.),MUMBAI vs. ACIT - LTU, MUMBAI

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

194A(3)(iii) of the Act. The only dispute is with regard to the residential status of lender of external commercial borrowings to the assessee and interest payment on such external commercial borrowings. The assessee claims that it has borrowed external commercial borrowings from Singapore branch and which is a main lender of the loan. Therefore, any interest payment

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

194A(3)(iii) of the Act. The only dispute is with regard to the residential status of lender of external commercial borrowings to the assessee and interest payment on such external commercial borrowings. The assessee claims that it has borrowed external commercial borrowings from Singapore branch and which is a main lender of the loan. Therefore, any interest payment

ACC LTD ( FORMERLY KNOWN AS THE ASSOCIATED CEMENT COMPANIES LTD),MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

194A(3)(iii) of the Act. The only dispute is with regard to the residential status of lender of external commercial borrowings to the assessee and interest payment on such external commercial borrowings. The assessee claims that it has borrowed external commercial borrowings from Singapore branch and which is a main lender of the loan. Therefore, any interest payment

ACIT, CIRCLE -3(4), MUMBAI, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, the appeal of the revenue is dismissed

depreciation which have been adopted\nfor preparing such accounts including statement of profit and loss for such\nfinancial year or part of such financial year falling within the relevant\nprevious year.\n41. In so far as Clause (a), the same applies to a case of a company other than\nreferred to in Clause (b). According to clause

M/S UNION BANK OF INDIA,MUMBAI vs. DCIT, CIRCLE-(LTU) 2, MUMBAI

In the result, the appeal of the revenue is dismissed

depreciation which have been adopted\nfor preparing such accounts including statement of profit and loss for such\nfinancial year or part of such financial year falling within the relevant\nprevious year.\n41. In so far as Clause (a), the same applies to a case of a company other than\nreferred to in Clause (b). According to clause

PATEL ENGINEERING LIMITED ,MUMBAI vs. DCIT CC-3(4), MUMBAI

In the result, appeals of the Revenue are dismissed, except for one ground no

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

depreciable asset in terms of Section 50, even though are deemed to be taxed as short term capital gain, however, the tax rate u/s.112 would be 20%. Thus, following the decision of the Special Bench, the order of the ld. CIT (A) is upheld and the grounds raised by the Revenue are dismissed. 46. Lastly, with regard to ground No.13