THE DY DIT (I.T) 1(1), MUMBAI vs. M/S. BANK OF AMERICA N.A., MUMBAI

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

depreciation expenses,\netc., are nothing but pertain to general banking business conducted at a\nbranch, and thus are in the nature of “executive and general administration”\nexpenses of the bank. Further, we find that these expenses also fall within the\nspecific species enumerated in clauses (a) to (d) of Explanation to section 44C\nof the Act, which is reproduced

TOLANI SHIPPING CO. LTD.,MUMBAI vs. DCIT,CIR-5(3)(2), MUMBAI

In the result, this appeal by the assessee for A

33A. As nothing is mentioned in section 33AC about the ownership of ships, the Legislature was not intending to make the ownership of ship a precondition at the threshold level for claiming deduction under section 33AC. Even in the circulars issued by the Central Board of Direct Taxes, namely, Circular No. 554 of February

DCIT 1(2), MUMBAI vs. MAHARSHTRA STATE ELECTRICITY BOARD, MUMBAI

In the result , the Cross Objections preferred by the assessee for the Asst Year 2004-05 is partly allowed and Cross Objections preferred by the assessee for the Asst Year 2005-06 is allowed

depreciation amounting to Rs.31,02,01,481/-, the same two items cannot be added back again to the returned loss which has been adopted by the AO. The AO is directed to verify and make necessary corrections in this regard. 8.10 So far as the other items are concerned, the treatment given to them is according to the guidelines framed

THE BOMBAY DYEING & MFG. CO. LTD,MUMBAI vs. DCIT RG 2(1)(1), MUMBAI

Bench: Sri Mahavir Singh, Jm & Sri N K Pradhan, Am The Bombay Dyeing & Mfg. Co. Dy. Commissioner Of Limited Income Tax, Range- Neville House, J.N. Heradia Marg, 2(1)(1), Mumbai Vs. Ballard Estate, Mumbai-400 001 Room No.561, Aayakar Pan No.Aaact2328K Bhavan, Mumbai-400 020

section 115JB(2) of the Act, which applies only in case of Appropriation of profits. Clause (b) of Explanation I to section 115JB(2) requires the book profits to be increased by "the amounts carried to any reserves by whatever name called. The underlined words imply a transfer of the relevant amounts, from the Profit and Loss Account

DCIT RG. 3(1), MUMBAI vs. M/S. I.C.I.C.I. LTD., MUMBAI

In the result, assessee’s appeals as well as Revenue’s appeals, all are allowed partly for statistical purposes as indicated above

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Icici Bank Ltd, (Erstwhile Icici Ltd.), Vs. D.C.I.T, Range 3 (1), Icici Bank Towers, Bandra Kurla Aayakar Bhavan, Mumbai-20 Complex, Bandra (East), Mumbai -51 Pan: Aaact 1398K Appellant .. Respondent D.C.I.T, Range 3 (1), Vs. Icici Bank Ltd, (Erstwhile Icici Aayakar Bhavan, Mumbai-20 Ltd.), Icici Bank Towers, Bandra Kurla Complex, Bandra (East), Mumbai -51. Pan: Aaact 1398K Appellant .. Respondent

depreciation and in term of Tata Chemicals (supra) on the issue of interest capitalization on building. Accordingly, these two issues are restored back to the file of the AO. 20. The next issue in this appeal of assessee is as regards to disallowance of deduction for provision for Bad Debts amounting to Rs. 272,94,72,271/-. At the outset

ICICI BANK LTD. vs. DCIT RANGE 3(1),

In the result, assessee’s appeals as well as Revenue’s appeals, all are allowed partly for statistical purposes as indicated above

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Icici Bank Ltd, (Erstwhile Icici Ltd.), Vs. D.C.I.T, Range 3 (1), Icici Bank Towers, Bandra Kurla Aayakar Bhavan, Mumbai-20 Complex, Bandra (East), Mumbai -51 Pan: Aaact 1398K Appellant .. Respondent D.C.I.T, Range 3 (1), Vs. Icici Bank Ltd, (Erstwhile Icici Aayakar Bhavan, Mumbai-20 Ltd.), Icici Bank Towers, Bandra Kurla Complex, Bandra (East), Mumbai -51. Pan: Aaact 1398K Appellant .. Respondent

depreciation and in term of Tata Chemicals (supra) on the issue of interest capitalization on building. Accordingly, these two issues are restored back to the file of the AO. 20. The next issue in this appeal of assessee is as regards to disallowance of deduction for provision for Bad Debts amounting to Rs. 272,94,72,271/-. At the outset

TECH PACIFIC INDIA LTD ( NOW KNOWN AS INGRAM MICRO INDIA LTD),MUMBAI vs. DCIT OSD -II CEN RG 7, MUMBAI

The appeal of the assessee is allowed in terms of our aforesaid observations

Bench: Shri M.Balaganesh (Account Member ) & Shri Ravish Sood () Ita Nos.8794, 8795 & 8797/Mum/2011 (Assessment Years: 2005-06, 2006-07 & 2008-09) Tech Pacific India Limited Dy. Commissioner Of (Now Known As Ingram Vs. Income-Tax, Osd Ii, Micro India Ltd.) Central Range -7, Gate No. 1A, Godrej Aayakar Bhavan, Industries Complex, M.K. Road, Pirojshanagar, Vikroli Mumbai – 400 020 (East) Mumbai – 400 079 Pan No. Aabct1296R (Assessee ) (Revenue)

Section 234D of the Act when no such interest was leviable. Having regard to the facts and circumstances of the case, and the provisions of law, the Appellant submits that the Assessing Officer be directed to delete the said interest. 10. the appellant objects to the action of the Assessing Officer in initiating penalty proceedings under

THE BOMBAY DYEING & MANUFACTURING COMPANY LTD.,,MUMBAI vs. DCIT, C--2(1), MUMBAI, MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

section 115JB of the Act. ile computing book profit under section 115JB of the Act. ile computing book profit under section 115JB of the Act. 23. This ground was raised by the assessee before the Ld.CIT(A) This ground was raised by the assessee before the Ld.CIT(A) This ground was raised by the assessee before the Ld.CIT

THE BOMBAY DYEING & MANUFACTURING COMPANY LTD.,,MUMBAI vs. DCIT, C--2(1), MUMBAI, MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

section 115JB of the Act. ile computing book profit under section 115JB of the Act. ile computing book profit under section 115JB of the Act. 23. This ground was raised by the assessee before the Ld.CIT(A) This ground was raised by the assessee before the Ld.CIT(A) This ground was raised by the assessee before the Ld.CIT

ACIT CIRCLE-2(1)(1), MUMBAI vs. M/S BOMBAY DYEING & MANUFACTURING CO. LTD. , MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

section 115JB of the Act. ile computing book profit under section 115JB of the Act. ile computing book profit under section 115JB of the Act. 23. This ground was raised by the assessee before the Ld.CIT(A) This ground was raised by the assessee before the Ld.CIT(A) This ground was raised by the assessee before the Ld.CIT

ACIT CIRCLE-2(1)(1), MUMBAI vs. M/S BOMBAY DYEING & MANUFACTURING CO. LTD. , MUMBAI

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () - A.Y 2014-15 - A.Y 2015-16 Asst. Commissioner Of M/S Bombay Dyeing & Income-Tax 2(1)(1), Mumbai, Manufacturing Co. Ltd Room No.561, 5Th Floor, Vs. Neville House, Jn Herdia Aayakar Bhavan, M.K. Road, Marg, Ballard Estate, Mumbai-400 020 Mumbai-400 001 Pan No. Aaact 2328 K Appellant Respondent - A.Y 2014-15 - A.Y 2015-16 M/S Bombay Dyeing & Dy. Commissioner Of Income- Manufacturing Co. Ltd Tax 2(1), Mumbai, Room Neville House, Jn Herdia No.561, 5Th Floor, Aayakar Vs Marg, Ballard Estate, Bhavan, M.K. Road, Mumbai- Mumbai-400 001 400 020 Pan No. Aaact 2328 K Appellant Respondent

section 115JB of the Act. ile computing book profit under section 115JB of the Act. ile computing book profit under section 115JB of the Act. 23. This ground was raised by the assessee before the Ld.CIT(A) This ground was raised by the assessee before the Ld.CIT(A) This ground was raised by the assessee before the Ld.CIT