WNS GLOBAL SERVICES P. LTD,MUMBAI vs. DCIT CIR 14(3)(1), MUMBAI

In the result, the appeals are partly allowed

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiita No.2257/Mum/2017 Assessment Year : 2012 -13 Ita No.1955/Mum/2016 Assessment Year : 2011 -12

section 14A, which can only be applied for the purpose of computing total income under Chapter IV of the Act. The learned AR further submitted that section 115JB by itself is a complete code and no adjustments other than those prescribed in the section can be made to the book profit. 52. The learned DR, on the other hand, relied

DCIT, MUMBAI vs. ICICI PRUDENTIAL LIFE INSURANCE LIMITED, MUMBAI

Accordingly, both the appeals preferred by the Revenue are\ndismissed

44A of the Act.\n22. We have considered the rival contentions and gone through the\nrecords. The provisions of section 44 read as under :\n\"44. Insurance business.—Notwithstanding anything to the\ncontrary contained in the provisions of this Act relating to\nthe computation of income chargeable under the head\n`Interest on securities', `Income from house property',\n'Capital

ICICI BANK LTD.,MUMBAI vs. THE DY CIT -2(3)(1), MUMBAI

In the result we hold that the learned principal

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Icici Bank Limited The Dy. Commissioner Of Icici Bank Towers, Income-Tax-2(3)(1), Aayakar Bhavan, 5 Th Floor, Bandra Kurla Complex, Vs. Bandra (East), Room No.552, Mumbai-400 051 M.K.Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaaci1195H Appellant By : Ms Arati Vissanji, Ar Respondent By : Shri Nikhil Chaudhary, Cit Dr Date Of Hearing: 13.01.2022 Date Of Pronouncement : 08.03.2022

depreciation on leased assets, the assessee vide letter dated 25.02.2015 submitted that it has credited lease rental income of Rs. 98,43,12,859/- in the P & L Account. Thus for computing long term finance business income the lease income to the extent of Rs. 98,43,12,859/- was required to be reduced from total business income

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 6(2), MUMBAI., MUMBAI vs. ICICI PRUDENTIAL LIFE INSURANCE LIMITED, MUMBAI

Appeal are dismissed

44A of the Act.\n22. We have considered the rival contentions and gone through the\nrecords. The provisions of section 44 read as under :\n\"44. Insurance business.—Notwithstanding anything to the\ncontrary contained in the provisions of this Act relating to the\ncomputation of income chargeable under the head\n`Interest on securities', `Income from house property',\n'Capital

ACIT, CIR- 14(1)(2), MUMBAI vs. WNS GLOBAL SERVICES PVT. LTD., MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

44A of the Act is wrong having regard to the book of accounts. In our view, recording of satisfaction is a pre-requisite under the provisions of section 14A(2) before invoking the provisions of section 14A Rule 8D, which the Assessing Officer has failed to do. The case of the assessee is squarely covered by the decision

ACIT, CIRCLE 14 (1)(2), MUMBAI vs. WNS GLOBAL SERVICES PVT. LTD., MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

44A of the Act is wrong having regard to the book of accounts. In our view, recording of satisfaction is a pre-requisite under the provisions of section 14A(2) before invoking the provisions of section 14A Rule 8D, which the Assessing Officer has failed to do. The case of the assessee is squarely covered by the decision

STATE BANK OF MYSORE,BANGALORE vs. JCIT, BANGALORE

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

depreciation on additions to computers and software expenses and allow the claim in accordance with law. The assessee is directed to file the relevant documents and evidences as may be called for and cooperate with the assessment proceedings. It is ordered accordingly. Disallowance of certain liabilities by treating as contingent liability – Ground No.4 in assessee's appeal State Bank

DY..C.I.T., BANGALORE vs. M/S STATE BANK OF MYSORE, BANGALORE

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

depreciation on additions to computers and software expenses and allow the claim in accordance with law. The assessee is directed to file the relevant documents and evidences as may be called for and cooperate with the assessment proceedings. It is ordered accordingly. Disallowance of certain liabilities by treating as contingent liability – Ground No.4 in assessee's appeal State Bank

DCIT 1(3), MUMBAI vs. THE NEW INDIA ASSURANCE CO.LTD, MUMBAI

In the result all the appeals of the assessee and Revenue are allowed in part in terms indicated hereinabove

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm

depreciation or loss on the realization of investment which is allowed as deduction. Similarly, any sum taken credit for in the account on account of appreciation of or gain on the realization of investments is taken as part of the profits and gains of the business. With a view to enable the General Insurance Corporation and its subsidiaries play

THE NEW INDIA ASSURANCE COMPANY LTD,MUMBAI vs. DCIT (OSD) 1(2), MUMBAI

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

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2010-11

depreciation or loss on the realization of investment which is allowed as deduction. Similarly, any sum taken credit for in the account on account of appreciation of or gain on the realization of investments is taken as part of the profits and gains of the business. With a view to enable the General Insurance Corporation and its subsidiaries play

DCIT 3(2)(2), MUMBAI vs. THE NEW INDIA ASSURANCE CO.LTD, MUMBAI

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

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2010-11

depreciation or loss on the realization of investment which is allowed as deduction. Similarly, any sum taken credit for in the account on account of appreciation of or gain on the realization of investments is taken as part of the profits and gains of the business. With a view to enable the General Insurance Corporation and its subsidiaries play

THE PARTHENON GROUP INDIA LLC,MUMBAI vs. DCIT (IT) 4(2), MUMBAI

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

Bench: Shri G.S. Pannu, Vice- & Shri Pawan Singhthe Parthenon Group India Ddit (International Taxation) -4(2), Llc (India Branch), 3Rd Floor, Hoechst House, Vs. Air India Building, Nariman Point, 193, Backbay Reclamation, Mumbai-400020. Nariman Point, Mumbai-400021. Pan: Aacct8676L Appellant Respondent

depreciation of Rs. 65,696/- in assessment order dated 08.12.2011. We have noted that while passing the assessment order for A.Y. 2009-10, the Assessing Officer not considered the fact of brought forward losses of A.Y. 2008-09 and only dealt with the losses shown in A.Y. 2009-10. Before us, the ld. AR of the assessee vehemently submitted that

DCIT-2(3)(1), MUMBAI vs. INDUSIND BANK LTD., MUMBAI

44A or the assessee was under compulsion to dispose of all the non-\nbanking assets under section 9, income earned by the assessee must be treated as\nprofits made from the resale of the stock-in-trade and most be treated as the profits of\nthe money lending business. The revenue further submitted that due to the\namalgamation character

INDUSIND BANK LTD,MUMBAI vs. THE DCIT-2(3)(1), MUMBAI

In the result, the Income Tax Appeal is\ndismissed

44A or the assessee was under compulsion to dispose of all the non-\nbanking assets under section 9, income earned by the assessee must be treated as\nprofits made from the resale of the stock-in-trade and most be treated as the profits of\nthe money lending business. The revenue further submitted that due to the\namalgamation character

M/S. CALYON BANK (FORMERLY CREDIT AGRICOLE INDUSUER),MUMBAI vs. DDIT (I.T) 1(2), MUMBAI

In the result, the appeal, as filed by the department is partly allowed

Bench: Shri R.S. Syal & Shri Vivek Varma

44A. Under such circumstances, we are of the considered opinion that it would be in the interest of justice if the impugned order on this issue is set aside and the matter is restored to the file of the AO. We order accordingly and direct the AO to consider the deductibility or otherwise of such amount by treating

ORIENT OVERSEAS CONTAINER LINE LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION)-CIRCLE 3(2)(2) , MUMBAI

44A(ii), whereas minority decision of\none of the member was in favour of the assessee. Pursuant to the\ndirection of the ld. DRP, ld. AO has passed the final assessment\norder considering GST at 7.5% as deemed income u/s.44B of\nRs.7,23,56,182/-.\n5. Before us the chequered history in the case of the assessee\nhas been given

GIRAFFE DEVELOPERS PVT. LTD.,MUMBAI vs. PR. CIT - 9 , MUMBAI

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

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadalegiraffe Developers Pvt Vs. Pr. Cit – 9, Ltd Room No. 214, 2Nd 111, G Wing, Akruti Floor, Aayakar Commercial Complex, Bhavan, M.K. Road, Next To Akruti Centre Churchgate, Point, Central Road, Mumbai-400020. Andheri (E), Mumbai- 400093 Pan/Gir No. : Aaccn2778D Appellant .. Respondent Appellant By : Shri.Madhur Agrawal & Shri.Fenil Bhatt.Ar Respondent By : Shri.S.Anbuselvam.Dr Date Of Hearing 13.07.2022 Date Of Pronouncement 25.07.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of Pr. Commissioner Of Income Tax (Appeals)-9, Mumbai Passed U/S 143(3) & 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal:

depreciation for A.Y.2012-13 M/s Giraffe Developers Pvt Ltd., Mumbai. Of Rs.24,292/-. However, in the assessment order the A.0. has not assessed the interest received from Tata Power of Rs.67,044/- which resulted in underassessment to the tune of Rs.67,044/-. In view of this, it appears that the assessment order u/s 143(3) passed by the AO is erroneous

DCIT CEN CIR 4(2), MUMBAI vs. SUDHAKAR M. SHETTY, MUMBAI

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2007-08 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K Assessment Year: 2008-09 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K

section 153C of LT. Act, 1961 can be initiated in respect to person other than searched only if incriminating material belonging to such person has been found and seized from the premises of person searched. No incriminating documents found at the person searched being M/s. Artefact Projects Ltd. no valid proceedings under section 153C of IT Act, 1961 could have

SKYLARK BUILD,MUMBAI vs. ASST CIT CEN CIR 4(2), MUMBAI

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2007-08 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K Assessment Year: 2008-09 M/S. Skylark Build Acit, Central Circle-4(2) 402, Sagar Avenue 4Th Floor, Aayakar Bhavan बनाम/ Plot B-54, Junction Of M.K.Road, Vs. Lallubhai Park & S.V. Road Mumbai 400020 Andheri (W), Mumbai 400058 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aazfs0404K

section 153C of LT. Act, 1961 can be initiated in respect to person other than searched only if incriminating material belonging to such person has been found and seized from the premises of person searched. No incriminating documents found at the person searched being M/s. Artefact Projects Ltd. no valid proceedings under section 153C of IT Act, 1961 could have