SAMIR NARAIN BHOJWANI ,MUMBAI vs. DCIT 4(2)(1), MUMBAI

Appeal of the assessee is allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

depreciable assets is not only restricted for the purposes of Section 48 or Section 49 of the Act as specifically stated therein and the said fiction created in sub-section (1) & (2) of Section 50

ACIT 421 MUMBAI, MUMBAI CITY vs. SAMIR NARAIN BHOJWANI, MUMBAI

Appeal of the assessee is allowed for statistical purposes and the\nappeal of the revenue is dismissed

50 of the Act which is a\nspecial provision for computing the capital gains in the case of depreciable assets is\nnot only restricted for the purposes of Section 48 or Section 49 of the Act as\nspecifically stated therein and the said fiction created in sub-section (1) & (2

DCIT 4(3)(1), MUMBAI vs. RELIANCE TRANSPORT AND TRAVELS P.LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri Amit Shukla & Shri S. Rifaur Rahman: A.Y : 2013-14 Asst. Commissioner Of Income Vs. M/S. Reliance Transport & Tax – 4(3)(1), Travels Pvt. Ltd., Mumbai (Appellant) 6Th Floor, Nagin Mahal, 82, Veer Nariman Road, Churchgate, Mumbai 400 020. Pan : Aaacr2380M (Respondent)

depreciable assets is not only restricted for the purposes of Section 48 or Section 49 of the Act as specifically stated therein and the said fiction 22 Reliance Transport & Travels Pvt. Ltd. created in sub-section (1) & (2) of Section 50

TECHNO SHARES & STOCKS LTD,MUMBAI vs. ADDL CIT RG 4(2), MUMBAI

In the result, the appeal of assessee is allowed

Bench: Shri G.S. Pannu() : A.Y : 2008-09

2)(ab) of the Act being more specific section dealing with the above scenario, the same is applicable in the present case and provisions of Section 50 of the Act is not applicable. In allowing the cost of shares as original cost of membership card, the learned Judicial Member observed that though assessee has claimed depreciation

DCITCC 3(2) CEN RG 3, MUMBAI vs. HRISHIKESH D. PAI, MUMBAI

In the result , the appeal of the Revenue in ITA no

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2766/Mum/2017 (नििाारण वर्ा / Assessment Year : 2012-13) बिाम/ Dcit, Cc 3(2) Cen Rg 3 Shri Hrishikesh D. Pai, R.No. 1913, 19Th Floor, C/O M/S. Pregnancy Air India Building, Advice & Services, V. Nariman Point, 304, Pearl Centre, Mumbai S.B. Marg, Dadar, Mumbai 400028 स्थायी ऱेखा सं./ Pan : Aabpp2139C (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri. Manoj Kumar Singh, Dr Assessee By : Shri. Vijay Mehta सुनवाई की तारीख /Date Of Hearing : 23.08.2018 घोषणा की तारीख /Date Of Pronouncement :26.09.2018 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Revenue, Being Ita No. 2766/Mum/2017, Is Directed Against Appellate Order Dated 05.12.2016 Passed By Learned Commissioner Of Income Tax (Appeals)-5, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2012-13, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Assessment Order Dated 30.03.2015 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2012-13. I.T.A. No.2766/Mum/2017

depreciable assets is not only restricted for the purposes of Section 48 or Section 49 of the Act as specifically stated therein and the said fiction created in sub-section (1) & (2) of Section 50

ACIT 4(2), MUMBAI vs. NETWORTH STOCK BROKING LTD, MUMBAI

In the result, the appeal of assessee in ITA No

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

2(11)(b) of the Act and shall be entitled for depreciation u/s 32 of the Act. The assessee company has prior to demutualization or corporatization of BSE, had in-fact claimed depreciation on the membership of BSE in the return of income filed with the Revenue which was allowed by the Revenue. The Section 50

NETWORTH STOCK BROKING LTD,MUMBAI vs. ACIT CIR 4(2), MUMBAI

In the result, the appeal of assessee in ITA No

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

2(11)(b) of the Act and shall be entitled for depreciation u/s 32 of the Act. The assessee company has prior to demutualization or corporatization of BSE, had in-fact claimed depreciation on the membership of BSE in the return of income filed with the Revenue which was allowed by the Revenue. The Section 50

ACIT 4(2), MUMBAI vs. NETWORTH STOCK BROKING LTD, MUMBAI

In the result, the appeal of assessee in ITA No

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

2(11)(b) of the Act and shall be entitled for depreciation u/s 32 of the Act. The assessee company has prior to demutualization or corporatization of BSE, had in-fact claimed depreciation on the membership of BSE in the return of income filed with the Revenue which was allowed by the Revenue. The Section 50

NETWORTH STOCK BROKING LTD,MUMBAI vs. ACIT CIR 4(2), MUMBAI

In the result, the appeal of assessee in ITA No

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

2(11)(b) of the Act and shall be entitled for depreciation u/s 32 of the Act. The assessee company has prior to demutualization or corporatization of BSE, had in-fact claimed depreciation on the membership of BSE in the return of income filed with the Revenue which was allowed by the Revenue. The Section 50

FRANK S INTERNATIONAL ITL LIMITED,MUMBAI vs. ACIT(IT), CIRCLE (2)(3)(1), MUMBAI, MUMBAI

In the result, the question of law referred to the Special Bench is answered in favour of the\nassessee

depreciable assets is not only restricted for\nthe purposes of Section 48 or Section 49 of the Act as specifically stated therein and the said fiction\ncreated in sub-section (1) & (2) of Section 50

KJMC CAPITAL MARKET SERVICES LTD,MUMBAI vs. DCIT 4(3), MUMBAI

In the result, appeal and cross objections of the assessee are allowed and the appeal of the Revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2008-09

Section 50 or 55(2)(ab) of the Act in a situation where the assessee had already claimed depreciation on the BSE membership

SHIVNARAYAN NEMANI SHARES & STOCK BROKERS P. LTD.,MUMBAI vs. D.C.I.T. CIRCLE 4(2), MUMBAI

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

Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm (Hearing Through Video Conferencing Mode) आयकर अपील सं/ I.T.A. No. 2522/Mum/2012 (निर्धारण वर्ा / Assessment Year: 2008-09) M/S. Shivnarayan Nemani बिधम/ Dcit, Circle-4(2) Shares & Stock Brokers P. Mumbai Vs. Ltd. 9/43, Bhupen Chambers, 2Nd Floor, Dalal Street Mumbai- 400023. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs3296C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Mayank Chauhan (Ar) Revenue By: Shri Rohit Kumar (Dr) सुनवाई की तारीख / Date Of Hearing: 07/09/2021 घोषणा की तारीख /Date Of Pronouncement: 08/10/2021 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 20.01.2012 Passed By The Commissioner Of Income Tax (Appeals)-09, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2008-09. 2. The Assessee Has Raised The Following Grounds: - “1(A). On The Facts & In The Circumstances Of The Case & In Law, The Learned Commissioner Of Income-Tax(Appeals) Erred In Confirming The Disallowance Of Additional Amount Of Rs.2,98,258/- Under The Provisions Of Section 14A R.W.R. 8D Of The Income Tax Rules

Section 50 or 55(2)(ab) of the Act in a situation where the assessee had already claimed depreciation on the BSE membership

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

depreciation. It has also been held by the Tribunal that the assessee has been established to promote rapid and orderly development of industries in the State and to assist in implementation of the policy of the Government within the purview of the KIAD Act, to facilitate in establishing infrastructure projects and to function on 'No Profit- No Loss' basis

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

depreciation. It has also been held by the Tribunal that the assessee has been established to promote rapid and orderly development of industries in the State and to assist in implementation of the policy of the Government within the purview of the KIAD Act, to facilitate in establishing infrastructure projects and to function on 'No Profit- No Loss' basis

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

depreciation. It has also been held by the Tribunal that the assessee has been established to promote rapid and orderly development of industries in the State and to assist in implementation of the policy of the Government within the purview of the KIAD Act, to facilitate in establishing infrastructure projects and to function on 'No Profit- No Loss' basis

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

depreciation. It has also been held by the Tribunal that the assessee has been established to promote rapid and orderly development of industries in the State and to assist in implementation of the policy of the Government within the purview of the KIAD Act, to facilitate in establishing infrastructure projects and to function on 'No Profit- No Loss' basis

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

depreciation. It has also been held by the Tribunal that the assessee has been established to promote rapid and orderly development of industries in the State and to assist in implementation of the policy of the Government within the purview of the KIAD Act, to facilitate in establishing infrastructure projects and to function on 'No Profit- No Loss' basis

DCIT (E) 2(1), MUMBAI vs. MUMBAI RAILWAY VIKAS CORPN LTD, MUMBAI

depreciation exceeds the surplus as generated from holding coaching classes. In addition, the petitioner institute provides study material and other academic support such as facilities of a library without any material additional costs. The Supreme Court in the case of State of Andhra Pradesh v. H. Abdul Balkhi and Bros, (supra) held as under: The expression "business" though extensively used

DCIT (E) 2(1), MUMBAI vs. MUMBAI RAILWAY VIKAS CORPN LTD, MUMBAI

depreciation exceeds the surplus as generated from holding coaching classes. In addition, the petitioner institute provides study material and other academic support such as facilities of a library without any material additional costs. The Supreme Court in the case of State of Andhra Pradesh v. H. Abdul Balkhi and Bros, (supra) held as under: The expression "business" though extensively used