DCIT , CC- 8(1), MUMBAI vs. NIRSHILP SECURITIES PVT. LTD., MUMBAI

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

section (4) of Section 73 so as to reduce the period of carry forward of speculation losses from eight assessment years to four assessment years. These amendments will take effect from 1st April, 2006and will, accordingly, apply in relation to assessment year 2006-07 and subsequent years. 24. The revenue has clearly held that the assessee is in the trading

INVENTURUS KNOWLEDGE SERVICES P.LTD,NAVI MUMBAI vs. ITO 5(2)(1), MUMBAI

In the result appeal of the assessee company is partly allowed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: - 2009-10 Inventurus Knowledge Services V. Income Tax Officer Pvt. Ltd. 5(2)(1), C/O. Seren Properties Pvt. Ltd. 525, Aaykar Bhavan, (Sez), Unit No. 204, Build No. 5, M.K. Road, Mindspace Airoli Camp, Plot No. Mumbai - 400 020. 3, Gat No. 95, Kalwa Trans, Thane Creek, Midc Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai – 400 708. Pan/Gir No. Aabck4601P

43. The assessee's contention is that this contract has to be revalued in accordance with FEDAI guidelines as notified by RBI and, therefore, the assessee had no option but to determine the profit/loss in regard to unmatured forward foreign exchange contracts in accordance with the currency rate prevailing on 31st March. Further, a binding obligation had also accrued against

M/S. PIK STUDIOS P. LTD (FORMERLY KNOWN AS PIK PEN PRIVATE LIMITED),MUMBAI vs. ITO 8(2)(4), MUMBAI

In the result, these appeals by the assessee stand dismissed

Bench: Shri Shamim Yahya & Shri Amarjit Singh.

Section 43(1), the depreciation on enhanced value of assets due to revaluation is prohibited expressly by the 5!h Proviso

THERMO FISHER SCIENTIFIC INDIA PVT LTD. ,MUMBAI vs. DCIT-15(3)(1), MUMBAI

In the result, the appeal of the assessee is allowed for In the result, the appeal of the assessee is allowed for In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2009-10 Thermo Fisher Scientific India Dy. Cit-15(3)(1), Pvt. Ltd., Room No. 360, Aayakar Vs. 403-404, ‘B’ Wing, Delphi, Bhavan, New Marine Lines, Hiranandani Business Park, Mumbai-400020. Mumbai-400076. Pan No. Aabct 3207 A Appellant Respondent

depreciation allowable to the assessee on Goodwill should have been o (zero). assessee on Goodwill should have been o (zero). 5. A homogeneous reading of the provisions of sections 2(1B). 32 A homogeneous reading of the provisions of sections 2(1B). 32 A homogeneous reading of the provisions of sections 2(1B). 32 and 43

THE TATA POWER CO. LTD,MUMBAI vs. ITO RG 2(1)(1), MUMBAI

In the result, the appeal filed by the assessee company in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3078/Mum/2009 ("नधा"रण वष" / Assessment Year : 2002-03) The Tata Power Co. Ltd, The Asst. Commissioner Of बनाम/ Corporate Center, Block ‘B, Income Tax- Circle V. 5 Th Floor, 2(3),Aayakar Bhavan, 34, Sant Tukaram Road, Maharshi Karve Road, Carnac Bunder, Mumbai – 400 020. Mumbai – 400 009. "थायी लेखा सं./Pan : Aaact0054A (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

Section 80IA(5) of the Act treating the undertaking as a sole source of income could not be applied to a year prior to the year in which the tax-payer opted to claim relief u/s 80IA of the Act for the first time. Further , the depreciation and carry forward losses of the unit cannot notionally be carried forward

LAFFANS PETROCHEMICALS LTD,MUMBAI vs. ACIT CIR -10(2) (1) , MUMBAI

In the result, appeal by the Revenue is dismissed

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.298 से 300/मुं/2022 ("न.व. 2014-15,2015-16 एवं 2017-18)

section 43(5) of the Act and the decision cited above, we have no hesitation in holding that the income generated from trading in commodities in the instant case is not a speculative transaction and is assessable as ‘business income’ of the assessee. Consequently, appeal by the assessee is allowed. ITA NO.2552/Mum/2021-.A.Y.2014-15: 11. The Revenue in its appeal has assailed

ACIT 2 (2)(1), MUMBAI vs. LAFFANS PETROCHEMICALS LTD., MUMBAI

In the result, appeal by the Revenue is dismissed

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.298 से 300/मुं/2022 ("न.व. 2014-15,2015-16 एवं 2017-18)

section 43(5) of the Act and the decision cited above, we have no hesitation in holding that the income generated from trading in commodities in the instant case is not a speculative transaction and is assessable as ‘business income’ of the assessee. Consequently, appeal by the assessee is allowed. ITA NO.2552/Mum/2021-.A.Y.2014-15: 11. The Revenue in its appeal has assailed

LAFFANS PETROCHEMICALS LTD,MUMBAI vs. INCOME TAX OFFICER WARD 10(2) (2) , MUMBAI

In the result, appeal by the Revenue is dismissed

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.298 से 300/मुं/2022 ("न.व. 2014-15,2015-16 एवं 2017-18)

section 43(5) of the Act and the decision cited above, we have no hesitation in holding that the income generated from trading in commodities in the instant case is not a speculative transaction and is assessable as ‘business income’ of the assessee. Consequently, appeal by the assessee is allowed. ITA NO.2552/Mum/2021-.A.Y.2014-15: 11. The Revenue in its appeal has assailed

LAFFANS PETROCHEMICALS LTD,MUMBAI vs. ACIT CIRCLE-10(2) (1) , MUMBAI

In the result, appeal by the Revenue is dismissed

Bench: Shri Vikas Awasthy& Shri S.Rifaur Rahmanआअसं.298 से 300/मुं/2022 ("न.व. 2014-15,2015-16 एवं 2017-18)

section 43(5) of the Act and the decision cited above, we have no hesitation in holding that the income generated from trading in commodities in the instant case is not a speculative transaction and is assessable as ‘business income’ of the assessee. Consequently, appeal by the assessee is allowed. ITA NO.2552/Mum/2021-.A.Y.2014-15: 11. The Revenue in its appeal has assailed

DCIT 8(2), MUMBAI vs. HEXAWARE TECHNOLOGIES LTD, NAVI MUMBAI

In the result appeal filed by revenue is dismissed whereas Cross objection filed by assessee is allowed in part for statistical purposes

depreciation or capital expenditure on scientific research, the provisions of sub-section (2) of section 72 shall apply in relation to speculation business as they apply in relation to any other business, (4) No loss shall be carried forward under this section for more than 1[four] assessment .years immediately succeeding the assessm.ent year for which the loss was first

OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMTIED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciable - - - - - - - - - asset 5% on bldg. used for office 16 Adhoc 30% disallowance from - - - - - 5 1 - 5 reimbursement of expenditure to director 17 Unexplained cash loan recd from Paresh - - - - - - - 4 4 - - 1, 2 Shah u/s. 69A 18 Adjustment in 143(1) for treatment of - - - - - - - - - contingent liability 19 Payment in Ethopia based on WhatsApp - - - - - - - - 4 chat u/s. 69C 20 Payment to Manoj

ACIT, CC-6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciable - - - - - - - - - asset 5% on bldg. used for office 16 Adhoc 30% disallowance from - - - - - 5 1 - 5 reimbursement of expenditure to director 17 Unexplained cash loan recd from Paresh - - - - - - - 4 4 - - 1, 2 Shah u/s. 69A 18 Adjustment in 143(1) for treatment of - - - - - - - - - contingent liability 19 Payment in Ethopia based on WhatsApp - - - - - - - - 4 chat u/s. 69C 20 Payment to Manoj

ACIT CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciable - - - - - - - - - asset 5% on bldg. used for office 16 Adhoc 30% disallowance from - - - - - 5 1 - 5 reimbursement of expenditure to director 17 Unexplained cash loan recd from Paresh - - - - - - - 4 4 - - 1, 2 Shah u/s. 69A 18 Adjustment in 143(1) for treatment of - - - - - - - - - contingent liability 19 Payment in Ethopia based on WhatsApp - - - - - - - - 4 chat u/s. 69C 20 Payment to Manoj

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciable - - - - - - - - - asset 5% on bldg. used for office 16 Adhoc 30% disallowance from - - - - - 5 1 - 5 reimbursement of expenditure to director 17 Unexplained cash loan recd from Paresh - - - - - - - 4 4 - - 1, 2 Shah u/s. 69A 18 Adjustment in 143(1) for treatment of - - - - - - - - - contingent liability 19 Payment in Ethopia based on WhatsApp - - - - - - - - 4 chat u/s. 69C 20 Payment to Manoj

ACIT, CC-6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciable - - - - - - - - - asset 5% on bldg. used for office 16 Adhoc 30% disallowance from - - - - - 5 1 - 5 reimbursement of expenditure to director 17 Unexplained cash loan recd from Paresh - - - - - - - 4 4 - - 1, 2 Shah u/s. 69A 18 Adjustment in 143(1) for treatment of - - - - - - - - - contingent liability 19 Payment in Ethopia based on WhatsApp - - - - - - - - 4 chat u/s. 69C 20 Payment to Manoj

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciable - - - - - - - - - asset 5% on bldg. used for office 16 Adhoc 30% disallowance from - - - - - 5 1 - 5 reimbursement of expenditure to director 17 Unexplained cash loan recd from Paresh - - - - - - - 4 4 - - 1, 2 Shah u/s. 69A 18 Adjustment in 143(1) for treatment of - - - - - - - - - contingent liability 19 Payment in Ethopia based on WhatsApp - - - - - - - - 4 chat u/s. 69C 20 Payment to Manoj

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciable - - - - - - - - - asset 5% on bldg. used for office 16 Adhoc 30% disallowance from - - - - - 5 1 - 5 reimbursement of expenditure to director 17 Unexplained cash loan recd from Paresh - - - - - - - 4 4 - - 1, 2 Shah u/s. 69A 18 Adjustment in 143(1) for treatment of - - - - - - - - - contingent liability 19 Payment in Ethopia based on WhatsApp - - - - - - - - 4 chat u/s. 69C 20 Payment to Manoj

OVERSEAS INFRASTRUCTURE ALLIANCE(INDIA) PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -6 , MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

depreciable - - - - - - - - - asset 5% on bldg. used for office 16 Adhoc 30% disallowance from - - - - - 5 1 - 5 reimbursement of expenditure to director 17 Unexplained cash loan recd from Paresh - - - - - - - 4 4 - - 1, 2 Shah u/s. 69A 18 Adjustment in 143(1) for treatment of - - - - - - - - - contingent liability 19 Payment in Ethopia based on WhatsApp - - - - - - - - 4 chat u/s. 69C 20 Payment to Manoj