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 is a statutory allowance u/s 32 of the Act relying upon the decision of Hon’ble Supreme Court in the case of Nectar Beverages Private Limited v. DCIT (2009) 314 ITR 314(SC). 5. The AO rejected the contentions of the assessee firm and held that the basic objective of introduction of section 14A into

SAMIR NARAIN BHOJWANI ,MUMBAI vs. DCIT 4(2)(1), MUMBAI

Appeal of the assessee is allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

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

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

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

In the result, appeal of the assessee is allowed

iv) Clause (d) is applicable to Non-banking financial company from AY\n2017-18.\nThe Hon'ble Supreme Court in the case of Catholic Syrian Bank (supra) has held\nthat the PBDD allowed under clause (a) of Sec. 36(1)(viia) refers to 'rural advances'\nonly. In fact the expression \"rural branches\" finds place in clause (a) only

ACIT 17(1), MUMBAI vs. ELVE CORPORATION, MUMBAI

Bench: Shri Joginder Singh & Shri Ramit Kochar

depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies. Section 35 deals with expenditure on scientific research, section 35AB deals with expenditure on know-how and section 35ABB deals with expenditure for obtaining licence to operate telecommunication services. Section 35AC deals with expenditure on eligible projects or schemes and section 35AD deals with deduction

ACIT 17(1), MUMBAI vs. ELVE CORPORATION, MUMBAI

Bench: Shri Joginder Singh & Shri Ramit Kochar

depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies. Section 35 deals with expenditure on scientific research, section 35AB deals with expenditure on know-how and section 35ABB deals with expenditure for obtaining licence to operate telecommunication services. Section 35AC deals with expenditure on eligible projects or schemes and section 35AD deals with deduction

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

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

3. Allowance of DTR (Double Taxation Relief) relief of INR 4,45,02,80,154 under section 90 and 91 of the Act. 3.1 The learned PCIT erred in setting aside the said matter without verifying the facts and submissions made by the Bank instead of directing the AO to allow the DTR claim

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

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

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

ADDL.C.I.T. LTU, MUMBAI vs. ACC LTD., MUMBAI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

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 24 ITA NO.4669& 4556/MUM/2012 (A.Y: 2007-08) M/s. ACC Limited Singapore branch and which

ACC LTD ( FORMERLY KNOWN AS THE ASSOCIATES CEMENT COMPANIES LTD),MUMBAI vs. ADDL CIT LTU, MUMBAI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

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 24 ITA NO.4669& 4556/MUM/2012 (A.Y: 2007-08) M/s. ACC Limited Singapore branch and which

ACC LTD,MUMBAI vs. ASST CIT LTU, MUMBAI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

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 24 ITA NO.4669& 4556/MUM/2012 (A.Y: 2007-08) M/s. ACC Limited Singapore branch and which

ACC LTD ( FORMELRY KNOWN AS THE ASSOCIATED CEMENT COMPANIES LTD),MUMBAI vs. ADDLL CIT ,(LTU), MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Ltu (Formerly Known As The Associated Cement 29Th Floor, Center-1 Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - Ltu-1 V. M/S. Acc Limited 29Th Floor, Center-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

DCIT(LTU) - 1, MUMBAI vs. ACC LTD., MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Ltu (Formerly Known As The Associated Cement 29Th Floor, Center-1 Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - Ltu-1 V. M/S. Acc Limited 29Th Floor, Center-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 16(1), MUMBAI vs. HINDUSTAN THOMPSON ASSOAICATES P. LTD, MUMBAI

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1206 /Mum/2018 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ Assistant Commissioner Of Hindustan Thompson Income-Tax, Circle 16(1) Associates Private Room No. 439, 4 Th Floor, Limited V. Aayakar Bhawan 4Th Floor, M.K.Marg , Churchgate Peninsula Chambers, Mumbai-400 020 Ganpat Rao Kadam Marg, Lower Parel(W), Mumbai-400013 स्थायी ऱेखा सं./ Pan: Aaach1463M (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri. B. Srinivas (Cit-Dr) Assessee By: Smt. Aarti Vissanji &, Shri. Ajit C. Shah & Ms. Aastha Shah सुनवाई की तारीख /Date Of Hearing : 27.02.2019 घोषणा की तारीख /Date Of Pronouncement : 23.05.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Revenue, Being Ita No. 1206/Mum/2018, Is Directed Against Appellate Order Dated 12.12.2017, Passed By Learned Commissioner Of Income Tax (Appeals)-4, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year(Ay) 2012-13, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 23.03.2016 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) R.W.S. 144C(3) Of The Income- Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2012-13. I.T.A. No.1206 /Mum/2018

IV-D deals with the income under the head 'Profits and gains of business or profession'. Section 28 contains a list of items of income which shall be chargeable to income- tax under this head. Section 29 is computing provision which provides that income referred to in section 28 shall be computed in accordance with the provisions contained in sections

DCIT CC 3(2) CEN RG 3, MUMBAI vs. PRAGATI METAL WORKS, MUMBAI

In the result, the appeal Revenue is dismissed

Bench: Sri Mahavir Singh, Jm & Sri Ramit Kochar, Am The Deputy Commissioner Of Pragati Metal Works, 305, Income Tax, Cc.3(2), Central Prathamesh Tower, ‘B’ Range-3, Room No. 402, 4Th Wing, 3Rd Floor., Floor, Aayakar Bhavan, M.K. Raghuvanshi Mill Vs. Road, Mumbai-400 020 Compound, Senapati Bapat Marg, Lower Parel (W), Mumbai-400 013 Appellant .. Respondent Pan No. Aaafp2539D

194A of the Act, the AO disallowed by invoking the provisions of section 40a(ia) of the Act. We find that the CIT(A) deleted the disallowance on one of the reasoning that, “the parties to whom the payments are made are well known public limited finance companies and have also given certificates stating that they have filed their returns

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