NAVNIDHI STEEL AND ENGG CO. P.LTD,MUMBAI vs. DCIT 5(2)(1), MUMBAI

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2007-08

depreciation allowance has been computed. Explanation 2.—Production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by 37 Navnidhi Steel & Engg. Co. Pvt. Ltd. the Assessing Officer will not neces-sarily amount to disclosure within the meaning of this section." 16. Section 147 authorises and permits

DCIT 8(2), MUMBAI vs. KHANNA HOTEL P.LTD, MUMBAI

254(1)केकेकेके अ"तग"त धारा अ"तग"त अ"तग"त आदेश अ"तग"त आदेश आदेश आदेश Order u/s.254(1)of the Income-tax Act,1961(Act) लेखा सद"य लेखा सद"य,राजे"" राजे"" केकेकेके अनुसार अनुसार -Per Rajendra,AM: लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging the order,dated 11/12/2012

ASST CIT CIR 2(2)(1), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from

STATE BANK OF INDIA,MUMBAI vs. ADDL CIT RG 2(2), MUMBAI

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from

ACIT, CIRCLE - 3 3 1, MUMBAI vs. JAMNAGAR UTILITIES AND POWER PVT LTD, MUMBAI

In the result, both the appeals of the Revenue are allowed\npartly

254 (SC)/[2009]. The Hon'ble Supreme Court of India\nhas held as under:-\n Assessment year 1998-99 1. Section 37(1), read with Section 145, of\nthe Income-tax Act, 1961 Business expenditure Allowablilty of\nWhether expression 'expenditure' as used in Section 37 may, in\ncircumstances of a particular case, cover an amount which is really\na 'loss

ACIT, CIRCLE - 3 3 1, MUMBAI vs. JAMNAGAR UTILITIES AND POWER PVT LTD, MUMBAI

In the result, both the appeals of the Revenue are allowed\npartly

254 (SC)/[2009]. The Hon'ble Supreme Court of India\nhas held as under:-\n Assessment year 1998-99 1. Section 37(1), read with section 145, of\nthe Income-tax Act, 1961 Business expenditure Allowablilty of\nWhether expression 'expenditure' as used in section 37 may, in\ncircumstances of a particular case, cover an amount which is really\na 'loss

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

254 ITR 772/122 Taxman 426 (SC), this principle is laid down in the following words: "13. Fiscal statute, more particularly a provision such as the present one regulating period of limitation must receive strict construction. The law of limitation is intended to give certainty and finality to legal proceedings and to avoid exposure to risk of litigation to litigant

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

254 ITR 772/122 Taxman 426 (SC), this principle is laid down in the following words: "13. Fiscal statute, more particularly a provision such as the present one regulating period of limitation must receive strict construction. The law of limitation is intended to give certainty and finality to legal proceedings and to avoid exposure to risk of litigation to litigant

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

254 ITR 772/122 Taxman 426 (SC), this principle is laid down in the following words: "13. Fiscal statute, more particularly a provision such as the present one regulating period of limitation must receive strict construction. The law of limitation is intended to give certainty and finality to legal proceedings and to avoid exposure to risk of litigation to litigant

M/S.BALAJI BULLION & COMMODITIES (INDIA) PRIVATE LIMITED,MUMBAI vs. DCIT CENTRAL CIRCLE-40, MUMBAI

In the result, both the appeals are allowed

Bench: Shri Prashant Maharishi, Am & Shri Amarjit Singh, Jm Balaji Bullion & Commodities The Dy. Commissioner Of (India) Private Limited Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002 (Appellant) (Respondent) Pan No. Aadcbo236F Balaji Universal Tradelinks P. The Dy. Commissioner Of Ltd. Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002

Depreciation. Looking to the facts and in the circumstances of your Appellant's case the said disallowance made by the Ld. A.O. is incorrect and invalid and ought to be deleted. 13. On the facts and in the circumstances of the case and in law, the Ld. A. O. erred in making an addition

GRASIM INDUSTRIES LTD ( CORPORATE FINANCE DIVISION),MUMBAI vs. ADDL CIT RG 6(3), MUMBAI

Bench: the CIT(A). The CIT(A) partly allowed the appeal preferred by the Assessee vide order, dated 18/05/2009. 4. Not being satisfied with the relief granted by the Id. CIT(A), the Assessee has preferred appeal before this Tribunal. The Revenue has also filed cross-appeal challenging the relief granted by the Id. CIT(A).

depreciation of INR.5,88,509/-. Ground No. 2 to 2.2 raised the Assessee are allowed. 8. Ground No. 3. “3. Disallowance u/s.40(a)(ia) 3.1. On the facts and circumstances of the case and in law, the CIT (A) erred in upholding the action of AO in disallowing the liability of Rs. 1,74,35,896/- towards year-end expenses

M/S. PATANJALI FOODS LTD (FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD),MUMBAI vs. DY COMM OF INCOME TAX- CENTRAL CIRCLE-7(2), MUMBAI

In the result, the appeal and cross objections of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

254 of the Income-tax Act justified this claim though no revised return under section 139 (5) of the Act was filed before the Assessing Officer. We answer both the question Nos. 1 and 2 in negative and in favour of assessee." 8.11 For the reasons set out above therefore, we do not find any merit in the legal plea

DCIT, CC-7(2), MUMBAI vs. M/S. PATANJALI FOODS LTD.,( FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD,, MUMBAI

In the result, the appeal and cross objections of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

254 of the Income-tax Act justified this claim though no revised return under section 139 (5) of the Act was filed before the Assessing Officer. We answer both the question Nos. 1 and 2 in negative and in favour of assessee." 8.11 For the reasons set out above therefore, we do not find any merit in the legal plea

EVEREST INDUSTIRES LTD,NEW DELHI vs. JCIT RG 1, MUMBAI

In the result, the appeal of the revenue is treated as allowed and the appeal of the assessee is treated as partly allowed

Bench: S/Shri B.R. Baskaran (Am) & Ramlal Negi (Jm)

254)(SC), wherein the Hon’ble Supreme Court has expressed the view that the valuation is a part of accounting system and that the loss suffered by the assessee on account of exchange difference (on revenue account) as on the date of balance sheet is an item of expenditure u/s 37(1) of the Act. 50. It is also pertinent

ACIT. CIR.-9(3), MUMBAI vs. M/S VASPARR FISCHER LTD. (NOW M/S. PRESIDENT CONTAINERS LTD.), MUMBAI

In the result, the assessee’s appeals for assessment years 1996-97

Bench: Shri Jason P. Boaz & Shri Amarjit Singh

section 143(3) r.w.s. 254 of the Act vide order dated 13.12.2007, wherein the loss was determined at `24,33,060/- in view of disallowance of `1,59,80,750/- on account of depreciation

PRECISION CONTANEURS LTD (FORMERLY KNOWN AS VASPARR FISCHE LTD ),MUMBAI vs. ASST CIT CIR 9(3), MUMBAI

In the result, the assessee’s appeals for assessment years 1996-97

Bench: Shri Jason P. Boaz & Shri Amarjit Singh

section 143(3) r.w.s. 254 of the Act vide order dated 13.12.2007, wherein the loss was determined at `24,33,060/- in view of disallowance of `1,59,80,750/- on account of depreciation

PRECISION CONTANEURS LTD (FORMERLY KNOWN AS VASPARR FISCHE LTD ),MUMBAI vs. ASST CIT CIR 9(3), MUMBAI

In the result, the assessee’s appeals for assessment years 1996-97

Bench: Shri Jason P. Boaz & Shri Amarjit Singh

section 143(3) r.w.s. 254 of the Act vide order dated 13.12.2007, wherein the loss was determined at `24,33,060/- in view of disallowance of `1,59,80,750/- on account of depreciation

KOTAK MAHINDRA BANK LTD,MUMBAI vs. ADDL CIT RG 3(2), MUMBAI

The appeals of the AO are dismissed

254(1)केकेकेके अ"तग" अ"तग"त आदेश आदेश आयकर आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग" अ"तग" आदेश आदेश Order u/s.254(1)of the Income-tax Act,1961(Act) के अनुसार PER BENCH - खंडपीठ खंडपीठ के अनुसार खंडपीठ खंडपीठ के अनुसार के अनुसार Challenging the orders of CIT.s (A),the assessee and the Assessing