DCIT CIRCLE 2.3.1, MUMBAI, MUMBAI vs. PRESTIGE HOLIDAY RESORTS PRIVATE LIMITED, MUMBAI

In the result, ground no. 2 and 3 are

Bench: Shri Pawan Singh& Shri Arun Khodpia

section 2(22)(e) of the Act. (2) Whether on facts and circumstances of the case, the CIT(A) erred in allowing commission expenses amounting to Rs.3.43,69,243/- as the necessary documents to prove that the transaction was not genuine and undertaken in normal course of business were not submitted by assessee during assessment proceedings. (3) The appellant craves

DCIT CIRCLE 2.3.1, MUMBAI, MUMBAI vs. PRESTIGE HOLIDAY RESORTS PRIVATE LIMITED, MUMBAI

In the result, ground no. 2 and 3 are

Bench: Shri Pawan Singh& Shri Arun Khodpia

section 2(22)(e) of the Act. (2) Whether on facts and circumstances of the case, the CIT(A) erred in allowing commission expenses amounting to Rs.3.43,69,243/- as the necessary documents to prove that the transaction was not genuine and undertaken in normal course of business were not submitted by assessee during assessment proceedings. (3) The appellant craves

DCIT 9(1), MUMBAI vs. GHARDA CHEMICALS LTD, MUMBAI

In the result, appeal of assessee is partly allowed and that of revenue is dismissed

Bench: Shri Mahavir Singh, Jm & Shri Ashwani Taneja, Am Gharda Chemicals Ltd. Vs. Deputy Commissioner Of Income 5/6, Jer Mansion, W.P. Varde Marg, Tax, Circle-9(1), Mumbai. Off Turner Road, Bandra (West), Aaykar Bhawan, M. K. Marg, Mumbai-400 018. Churchgate, Mumbai-400020. (Pan:Aaacg1255E) (Appellant) (Respondent)

depreciation in earlier years to be set off against income under the head Income from Other sources. 7. At the outset, Ld. counsel for the assessee stated that this issue relates to adjudication of the revenue’s issue in respect to addition estimated by CIT(A) of deemed dividend u/s. 2(22)(e) of the Act and the issue

GHARDA CHEMICALS LTD,MUMBAI vs. DCIT CIR 9(1), MUMBAI

In the result, appeal of assessee is partly allowed and that of revenue is dismissed

Bench: Shri Mahavir Singh, Jm & Shri Ashwani Taneja, Am Gharda Chemicals Ltd. Vs. Deputy Commissioner Of Income 5/6, Jer Mansion, W.P. Varde Marg, Tax, Circle-9(1), Mumbai. Off Turner Road, Bandra (West), Aaykar Bhawan, M. K. Marg, Mumbai-400 018. Churchgate, Mumbai-400020. (Pan:Aaacg1255E) (Appellant) (Respondent)

depreciation in earlier years to be set off against income under the head Income from Other sources. 7. At the outset, Ld. counsel for the assessee stated that this issue relates to adjudication of the revenue’s issue in respect to addition estimated by CIT(A) of deemed dividend u/s. 2(22)(e) of the Act and the issue

INFOMEDIA PRESS LTD ( FORMERLY KNOWN INFOMEDIA 18 LTD ),MUMBAI vs. ADDL CIT RG 6(1), MUMBAI

In the result, the appeal filed by the assessee is treated as allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: S/Shri B.R.Baskaran (Am) & Ramlal Negi, (Jm) आमकय अऩीर सं./I.T.A. No.4069/Mum/2013 (ननधधायण वषा / Assessment Year-2008-09) बनाम/ Infomedia Press Ltd (Formerly Addl. Commissioner Of Income Tax, Known As Infomedia 18 Ltd), Range 6(1), Vs. Ruby House, A –Wing, Mumbai. J K Sawant Marg, Dadar West, Mumbai-400028 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4846/Mum/2013 (ननधधायण वषा / Assessment Year-2008-09) बनाम/ Dy. Commissioner Of Income Infomedia Press Ltd (Formerly Tax , Circle 6(1), Known As Infomedia 18 Ltd), Vs. Room No.506, 5Th Floor, Ruby House, A –Wing, Aayakar Bhavan, J K Sawant Marg, M K Road, Dadar West, Mumbai-400020 Mumbai-400028. (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

depreciation thereon. The Ld CIT(A) also confirmed the same with the observation that the assessee has not produced relevant bills and invoices before the AO as well as before him. However, we notice that the said observation is contradictory to the observations made by the AO, wherein he observes that he has perused the bills and details submitted. However

DCIT CIR 6(1), MUMBAI vs. INFOMEDIA 18 LTD, MUMBAI

In the result, the appeal filed by the assessee is treated as allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: S/Shri B.R.Baskaran (Am) & Ramlal Negi, (Jm) आमकय अऩीर सं./I.T.A. No.4069/Mum/2013 (ननधधायण वषा / Assessment Year-2008-09) बनाम/ Infomedia Press Ltd (Formerly Addl. Commissioner Of Income Tax, Known As Infomedia 18 Ltd), Range 6(1), Vs. Ruby House, A –Wing, Mumbai. J K Sawant Marg, Dadar West, Mumbai-400028 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.4846/Mum/2013 (ननधधायण वषा / Assessment Year-2008-09) बनाम/ Dy. Commissioner Of Income Infomedia Press Ltd (Formerly Tax , Circle 6(1), Known As Infomedia 18 Ltd), Vs. Room No.506, 5Th Floor, Ruby House, A –Wing, Aayakar Bhavan, J K Sawant Marg, M K Road, Dadar West, Mumbai-400020 Mumbai-400028. (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

depreciation thereon. The Ld CIT(A) also confirmed the same with the observation that the assessee has not produced relevant bills and invoices before the AO as well as before him. However, we notice that the said observation is contradictory to the observations made by the AO, wherein he observes that he has perused the bills and details submitted. However

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

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

ADDL CIT 1(3), MUMBAI vs. TATA COMMUNICATIONS LTD ( FORMERLY VIDESH SANCHAR NIGAM LTD), MUMBAI

In the result, the appeal of the assessee in ITA No

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am Additional Commissioner Vs. M/S. Tata Communications Of Income Tax, Range – Limited (Formerly Known As 1(3) Videsh Sanchar Nigam Limited) Mumbai Videsh Sanchar Bhavan Room No.540/564, 5 Th M.G.Road, Fort Floor, Aayakar Bhavan, Mumbai – 400 001 Maharshi Karve Road, New Marine Linmes Mumbai – 400 020 Pan/Gir No.Aaacv2808C (Appellant) .. (Respondent) & M/S. Tata Communications Vs. Additional Commissioner Of Limited (Formerly Known As Income Tax, Range – 1(3) Videsh Sanchar Nigam Mumbai Limited) Room No.540, Aayakar Videsh Sanchar Bhavan Bhavan, Maharshi Karve M.G.Road, Fort Road Mumbai – 400 001 Mumbai – 400 020 Pan/Gir No.Aaacv2808C (Appellant) .. (Respondent) M/S. Tata Communications Ltd.

22 (Gui). Recently Hon'ble Delhi High Court handled a similar situation in the case of Valvoline Cummins Ltd 307 ITR 103 (Del) wherein challenge was made to the jurisdiction of Additional Commissioner of Income Tax who had passed the assessment order. It was contended on behalf of the Revenue that challenge of jurisdiction must be made within the stipulated

TECHNO SHARES & STOCKS LTD,MUMBAI vs. ADDL CIT RG 4(2), MUMBAI

In the result, the appeal of assessee is allowed

Bench: Shri G.S. Pannu() : A.Y : 2008-09

E R The following point of difference has been referred to me by the Hon’ble President under Section 255(4) of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’): “(a) Whether cost of shares allotted to members of Bombay Stock Exchange (BSE) pursuant to its corporatisation/de-mutualisation would be calculated as per section 50 or section

GRASIM INDUSTRIES LTD.,MUMBAI vs. DY CIT, CENTRAL CIRCLE-1(4), MUMBAI

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

e) Nawn Estates (P) Ltd Vs CIT (1977)(106 ITR 45)(SC) (Pg. 118, Pg. 115-123 of Legal Paper Book, Vol. I) ITA Nos. 1935/MUM/2020 & 41/MUM/2021 Grasim Industries Ltd. 2018-19 f) VST Industries Ltd Vs ACIT (2010)(134 TTJ 361) (Hyd ITAT) (Para 7, Pg. 182, Pg. 178-187 of Legal Paper Book, Vol. I) g) Cosmos Industries

DY CIT CC-1(4), MUMBAI vs. M/S GRASIM INDUSTRIES LTD., MUMBAI

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

e) Nawn Estates (P) Ltd Vs CIT (1977)(106 ITR 45)(SC) (Pg. 118, Pg. 115-123 of Legal Paper Book, Vol. I) ITA Nos. 1935/MUM/2020 & 41/MUM/2021 Grasim Industries Ltd. 2018-19 f) VST Industries Ltd Vs ACIT (2010)(134 TTJ 361) (Hyd ITAT) (Para 7, Pg. 182, Pg. 178-187 of Legal Paper Book, Vol. I) g) Cosmos Industries

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

depreciation. It has also been held by the Tribunal that the assessee has been established to promote rapid and orderly development of industries in the State and to assist in implementation of the policy of the Government within the purview of the KIAD Act, to facilitate in establishing infrastructure projects and to function on 'No Profit- No Loss' basis

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

depreciation. It has also been held by the Tribunal that the assessee has been established to promote rapid and orderly development of industries in the State and to assist in implementation of the policy of the Government within the purview of the KIAD Act, to facilitate in establishing infrastructure projects and to function on 'No Profit- No Loss' basis

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

depreciation. It has also been held by the Tribunal that the assessee has been established to promote rapid and orderly development of industries in the State and to assist in implementation of the policy of the Government within the purview of the KIAD Act, to facilitate in establishing infrastructure projects and to function on 'No Profit- No Loss' basis

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

depreciation. It has also been held by the Tribunal that the assessee has been established to promote rapid and orderly development of industries in the State and to assist in implementation of the policy of the Government within the purview of the KIAD Act, to facilitate in establishing infrastructure projects and to function on 'No Profit- No Loss' basis

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

depreciation. It has also been held by the Tribunal that the assessee has been established to promote rapid and orderly development of industries in the State and to assist in implementation of the policy of the Government within the purview of the KIAD Act, to facilitate in establishing infrastructure projects and to function on 'No Profit- No Loss' basis

DCIT (E) 2(1), MUMBAI vs. MUMBAI RAILWAY VIKAS CORPN LTD, MUMBAI

22 of 38 within the meaning of section 2(15), would be well advised to eschew any activity which is in the nature of trade, commerce or business or the rendering of any service in relation to any trade, commerce or business. 8. What thus emerges from the statutory provisions, as explained in the would be excluded from the term

DCIT (E) 2(1), MUMBAI vs. MUMBAI RAILWAY VIKAS CORPN LTD, MUMBAI

22,82,23,850 to tax. Aggrieved, assessee carried the matter in appeal before the CIT(A). Learned CIT(A), in a detailed order, reversed the action of the Assessing Officer and observed as follows: 10. Having considered the assessment order of the AO, written submissions and case laws submitted by the assessee, I find that the Hon'ble Mumbai