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

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed, as indicated above

Bench: Sri Mahavir Singh, Vp & Sri G Manjunatha, Am आयकर अपील सुं./ Ita No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank Of India The Dy. Commissioner Of 3Rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacs8577K

section 80HHC of the Act. The Supreme Court held that the profit earned by valuing finished goods is notional imaginary profit which could not be taxed. In view of the above, it is argued that appreciation in value of investments cannot be taken into account. The netting off of appreciation against the depreciation within a classification is therefore contrary

DCIT-1(1)(2), MUMBAI vs. M/S HINDUSTAN PETROLEUM CORPORATION LTD., MUMBAI

43B (f)\nof the Act on the said issue.\"\n3. The relevant facts in brief are that the Assessee-Company is\nengaged in the business of refining of crude oil and marketing of\npetroleum products. The Assessee filed return of income for the\n Assessment Year 2014-2015 on 26/11/2014 declaring a taxable\nprofit

DY CIT CENTRAL CIRCLE-4(2),, MUMBAI vs. M/S SHETH CREATORS P. LTD., MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

depreciation (i.e. 1/4 i.e. 1/4th amount) which could be allowed to the amount) which could be allowed to the assessee. 10.10 In absence of such evidence In absence of such evidences, we feel it app , we feel it appropriate to restore this issue back to file of the restore this issue back to file of the Assessing Officer Assessing Officer

SHETH CREATORS PVT LTD.,MUMBAI vs. DY. CIT CENTRAL CIRCLE 4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

depreciation (i.e. 1/4 i.e. 1/4th amount) which could be allowed to the amount) which could be allowed to the assessee. 10.10 In absence of such evidence In absence of such evidences, we feel it app , we feel it appropriate to restore this issue back to file of the restore this issue back to file of the Assessing Officer Assessing Officer

SHETH CREATORS PVT. LTD.,MUMBAI vs. DY CIT CENT. CIR-4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

depreciation (i.e. 1/4 i.e. 1/4th amount) which could be allowed to the amount) which could be allowed to the assessee. 10.10 In absence of such evidence In absence of such evidences, we feel it app , we feel it appropriate to restore this issue back to file of the restore this issue back to file of the Assessing Officer Assessing Officer

SHETH CREATORS P. LTD.,MUMBAI vs. DY CIT CENTRAL CIRCLE-4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

depreciation (i.e. 1/4 i.e. 1/4th amount) which could be allowed to the amount) which could be allowed to the assessee. 10.10 In absence of such evidence In absence of such evidences, we feel it app , we feel it appropriate to restore this issue back to file of the restore this issue back to file of the Assessing Officer Assessing Officer

SHETH CREATORS PVT LTD.,MUMBAI vs. DY. CIT CENTRAL CIRCLE 4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

depreciation (i.e. 1/4 i.e. 1/4th amount) which could be allowed to the amount) which could be allowed to the assessee. 10.10 In absence of such evidence In absence of such evidences, we feel it app , we feel it appropriate to restore this issue back to file of the restore this issue back to file of the Assessing Officer Assessing Officer

HINDUSTAN PETROLEUM CORP LTD,MUMBAI vs. DCIT 1(1)(2), MUMBAI

Bench: us. 2.

43B (f) of the Act on the said issue.” 3. The relevant facts in brief are that the Assessee-Company is engaged in the business of refining of crude oil and marketing of petroleum products. The Assessee filed return of income for the Assessment Year 2014-2015 on 26/11/2014 declaring a taxable profit of INR 1747,64,54,080/- under

GRASIM INDUSTRIES LIMITED (AS A SUCCESSOR TO ADITYA BIRLA NUVO LTD),MUMBAI vs. ADDL CIT LTU, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

section 43B. Reduction of capital investment subsidy from actual cost of Plant & Machinery – Ground No.7 32. In the course of assessment proceeding, the AO observed that the assessee has claimed the capital investment subsidy of Rs. 3.93 crores and the same has been credited to the capital reserve without affecting the P&L A/c or depreciation

ASST CIT (LTU) 1, MUMBAI vs. GRASIM INDUSTRIES LIMITED (AS A SUCCESSOR TO ADITYA BIRLA NUVO LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

section 43B. Reduction of capital investment subsidy from actual cost of Plant & Machinery – Ground No.7 32. In the course of assessment proceeding, the AO observed that the assessee has claimed the capital investment subsidy of Rs. 3.93 crores and the same has been credited to the capital reserve without affecting the P&L A/c or depreciation

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 1, THANE, ASHAR IT PART, WAGLE INDUSTRIAL ESTATE, THANE WEST vs. MAHYCO MONSANTO BIOTECH (INDIA) PRIVATE LIMITED, SANDOZBAUGH SO THANE

In the result, the Cross appeal of the assessee is partly allowed

depreciation and development rebate.\n• Section 35 grants deduction on expenditure for scientific research and knowledge extension in\nnatural and applied sciences under agriculture, animal husbandry and fisheries. Payment to approved\nuniversities/research institutions or A. Y : 2016 - 17 company also qualifies for deduction. In-house\nR&D is eligible for deduction, under this section. • Section 35CCD provides deduction for skill

DCIT CIR 6(3), MUMBAI vs. M/S. GRASIM INDUSTRIES LTD., MUMBAI

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

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

depreciation of Rs. 30,19,657/- u/s. 32(1)(iia). 8. The appellant prays for the cost of this appeal in view of section 254 (2B) of the IT. Act. The appellant craves leave to add to, alter, amplify or delete any of the above ground(s) before or at the time of hearing. The appellant respectfully prays that relief

GRASIM INDUSTRIES LTD.,MUMBAI vs. DCIT RANGE 6(3), MUMBAI

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

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

depreciation of Rs. 30,19,657/- u/s. 32(1)(iia). 8. The appellant prays for the cost of this appeal in view of section 254 (2B) of the IT. Act. The appellant craves leave to add to, alter, amplify or delete any of the above ground(s) before or at the time of hearing. The appellant respectfully prays that relief

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

Section 43B of the Income Tax Act intended to present, is taken care of by the provisions of the Bengal Electricity Duty Act itself." 34. Thus, in our considered view, the assessee deserves to succeed. The disallowance made by Ld. AO on this ground for Rs.23291.59 lakhs is hereby deleted and ground no.2 of the assessee is allowed." Following

ABBOTT HEALTHCARE PRIVATE LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), MUMBAI

In the result, Ground No. 3 with its Sub-Grounds is allowed for statistical purposes

Bench: Shri Narender Kumar Choudhry & Shri Gagan Goyalabbott Healthcare Pvt. Ltd. 3, Corporate Park, Sion Trombay Road, Mumbai - 400 071 Pan: Aaack3935D ..... Appellant Vs. Acit 2(1) (1) R. No. 561, 5Th Floor, Aayakar Bhavan, Maharishi Karve Marg, Mumbai- 400 020 ..... Respondent & Acit 2(1) (1) R. No. 561, 5Th Floor, Aayakar Bhavan, Maharishi Karve Marg, Mumbai- 400 020 ...... Appellant Vs.

43B, are concerned with and enact different conditions, that the tax adjudicator has to enforce, and the assessee has to comply with, to secure a valid deduction. [Para 31] ■ The scheme of the provisions relating to deductions, such as sections 32-37, on the other hand, deal primarily with business, commercial or professional expenditure, under various heads (including depreciation

DCIT (LTU)-1, MUMBAI vs. ADITYA BIRLA NUVO LTD, MUMBAI

depreciation on assets, different rules\naccounting guidelines are laid down in the Accounting standards vis a vis\nIncome tax Act, 1961. Accordingly, in such cases the provisions & rules laid\ndown in LT Act, 1961 & LT. Rules, 1962 are to be followed. The Apex Court\nobserved that under Section 211 of the Companies Act, 1955 every company\nis mandatorily required

ADITYA BIRLA NUVO LTD (SINCE AMALGAMATED WITH GRASIM INDUSTRIES LIMITED),MUMBAI vs. ASST CIT (LTU) 1, MUMBAI

section 40(a)(ia) were deleted. Addition on account of CENVAT CREDIT was deleted. Disallowance for leave salary/compensated absence was deleted. Allocation of Head Office expenses was allowed. Additional depreciation under section 32(1)(iia) was allowed. ESOP expenses were held to be revenue in nature. Depreciation on Goodwill was allowed. Treatment of certified emission receipt as capital receipt

NEETA TOURS AND TRAVELS ,MUMBAI vs. ASSTT. COMM. OF INCOME TAX, CIRCLE 2, MUMBAI

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

Bench: Shri Vikas Awasthy & Shri Gagan Goyalneeta Tours & Travels, D-1, Hari Bhakti Compound, Retibunder, Opp. Dowellss Co., Ghodbunder Road, Kashimira, Thane-401104. Pan: Aaefn3413G ...... Appellant Vs. Acit, Circle-2, Room No.27, B Wing, 6Th Floor, Ashar It Park, Road No. 162, Midc, Thane (West)-400604. ..... Respondent Appellant By : Sh. Hiten P. Shah, Ar Respondent By : Sh. Chetan M. Kacha, Sr.Dr Date Of Hearing : 27/09/2022 Date Of Pronouncement : 23/12/2022 Order Per Gagan Goyal, A.M: This Appeal By Assessee Is Directed Against The Order Of National Faceless Appeal Centre, Delhi [For Short ‘Nfac’] Passed Under Section 250 Of The Income Tax Act, 1961 [For Short ‘The Act’] Vide Order Dated 30.05.2022 For Assessment Year (Ay) 2014-15. The Assessee Has Raised The Following Grounds Of Appeal:

43B, are concerned with and enact different conditions, that the tax 4 ITA No. 1872/Mum/2022-Neeta Tours and Travels adjudicator has to enforce, and the assessee has to comply with, to secure a valid deduction. [Para 31] The scheme of the provisions relating to deductions, such as sections 32-37, on the other hand, deal primarily with business, commercial or professional