TATVA GLOABAL ENVIRONMENT LTD,MUMBAI vs. ITO 9(3)(3), MUMBAI

In the result the appeal of the assessee is partly allowed and the appeal

Bench: Shri Pawan Singh & Shri Rajesh Kumartatva Global Environment Ltd Vs Ito-9(3)(3), (Now Known As Tatva Global Aayakar Bhawan, M.K. Road, Environment Pvt Ltd) Mumbai Uniphos House, C D Marg, Opp Madhu Park, Khar (W) Mumbai 400 052 Pan : Aaics1718A Appellant Respondednt Dcit, Cent.Cir.6(3), Vs Tatva Global Environment Ltd Mumbai (Now Known As Tatva Global Environment Pvt Ltd) Uniphos House, C D Marg, Opp Madhu Park, Khar (W) Mumbai 400 052 Pan : Aaics1718A Appellant Respondednt

section 56(2)(viia) as per rule 11UA of the Income Tax Rules in respect of investment in shares of Enviro Technology Limited. The appellant hereby reserves the right to add to, alter or amplify the above grounds of appeal, at any time before or at, the time of appeal, so as to enable the Honorable Tribunal to decide

TOPSGRUP ELECTRONICS SYSTEMS LTD,MUMBAI vs. ITO WD 8(3)(3), MUMBAI

In the result, the assessee’s appeal for assessment year 2009-10 is allowed as indicated above

Bench: Shri Jason P. Boaz & Shri Amit Shuklam/S. Topsgrup Electronic Systems Income Tax Officer-8(3)(3) Ltd. (Previsously Tops Sequipment Ltd.) Àayakar Bhavan, M.K. Road 5, Royal Palms Golf & Country Club Vs. Mumbai 400020 Aarey Milk Colony, Goregaon (E) Mumbai 400065 Pan - Aaact3291K Appellant Respondent

viia) envisages. It is argued that the same also does not fall within the ambit of the provisions of section 56(2)(viib) of the Act as this section covers the issue of shares, whereas the assessee has made an investment in shares. It is contended that in the above circumstances, Indian TP provisions are not applicable either to Vodafone

ACIT, CENTRAL CIRCLE-1, THANE, THANE vs. NAKUL MARKHEDKAR, THANE

Bench: Shri Saktijit Dey, Vp & Ms Padmavathy S, Am

depreciation; (iv) any amount representing provision for taxation, other than amount of income-tax paid, if any, less the amount of income-tax claimed as refund, if any, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities

ACIT, CENTRAL CIRCLE-1, THANE, THANE vs. NAKUL MARKHEDKAR, THANE

Bench: Shri Saktijit Dey, Vp & Ms Padmavathy S, Am

depreciation; (iv) any amount representing provision for taxation, other than amount of income-tax paid, if any, less the amount of income-tax claimed as refund, if any, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities

ACIT, CIRCLE-2(1)(1), MUMBAI vs. M/S BANK OF INDIA, MUMBAI

In the result, the appeal by the Revenue for the assessment year 2018-

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailita No.1452/Mum/2023 Assessment Year : 2016-17 Assessment Year : 2018-19

depreciation u/s. 32 of the Act on the same and reduce the total income accordingly. 46. Learned counsel for the assessee fairly submits that, as on now, the issue is covered, against the assessee, by decisions of the coordinate benches, and he does not, therefore, press the issue any further. Obviously, however, he retains his right to carry the matter

BANK OF INDIA,MUMBAI vs. ACIT-2(1)(2), MUMBAI

In the result, the appeal by the Revenue for the assessment year 2018-

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailita No.1452/Mum/2023 Assessment Year : 2016-17 Assessment Year : 2018-19

depreciation u/s. 32 of the Act on the same and reduce the total income accordingly. 46. Learned counsel for the assessee fairly submits that, as on now, the issue is covered, against the assessee, by decisions of the coordinate benches, and he does not, therefore, press the issue any further. Obviously, however, he retains his right to carry the matter

BANK OF INDIA,MUMBAI vs. THE NATIONAL FACELESS ASSESSMENT CENTRE, MUMBAI

depreciation u/s. 32 of the Act on the same and reduce the total income accordingly.\n46. Learned counsel for the assessee fairly submits that, as on now, the issue is covered, against the assessee, by decisions of the coordinate benches, and he does not, therefore, press the issue any further. Obviously, however, he retains his right to carry the matter

ACIT, CIRCLE-2(1)(1), MUMBAI vs. M/S BANK OF INDIA, MUMBAI

depreciation u/s.\n32 of the Act on the same and reduce the total income accordingly.\n46. Learned counsel for the assessee fairly submits that, as on now, the issue\nis covered, against the assessee, by decisions of the coordinate benches, and\nhe does not, therefore, press the issue any further. Obviously, however, he\nretains his right to carry the matter

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

depreciation should have been claimed by the\nassessee on the said assets. Therefore, there is merit in the contention of the assessee\nthat the properties acquired from the borrowers are not utilised for the purpose of\nbusiness. We notice that the Hon'ble Bombay High Court in the case of L.M.\nDevere has considered a similar where it has been

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

In the result, the Income Tax Appeal is\ndismissed

depreciation should have been claimed by the\nassessee on the said assets. Therefore, there is merit in the contention of the assessee\nthat the properties acquired from the borrowers are not utilised for the purpose of\nbusiness. We notice that the Hon'ble Bombay High Court in the case of L.M.\nDevere has considered a similar where it has been

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

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

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Icici Bank Ltd. The Dy. Commissioner Of Icici Bank Towers, Income-Tax 2(3)(1) Bandra Kurla Complex, Aaykar Bhavan, Vs. 5Th Floor, Room No.552, Badra (East), Mumbai-400 051 M.K. Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaaci1195H

56, Mumbai filed by the Bank and hence do not come within the purview of revision under section 263. We reiterate that the order passed under section 143(3) r.w.s. 144C(3) is neither erroneous nor prejudicial and the proceedings under section 263 ought to be dropped.” ICICI Bank Ltd; A.Y. 2015-16 07. The learned PCIT after considering

STATE BANK OF MYSORE,BANGALORE vs. JCIT, BANGALORE

In the result, the appeal of the Revenue Ground-3 is dismissed

Bench: Shri Narendra Kumar Billaiya, Account Member & Shri Anikesh Banerjeestate Bank Of India Vs Joint Commissioner Of Income-Tax, (Erstwhile State Bank Of Large Tax Payers Unit, Bangalore Mysore Prior To Merger) Local Head Office Compliance Department, 4Th Floor, 65, St. Marks Road, Bangalore-560 001 Pan: Aaccs0155P Appellant Respondent Deputy Commissioner Of Vs State Bank Of Mysore Income-Tax, Ltu, Circle-1, Head Office, Finance & Accounts Bangalore Department, Kg Road, Bangalore- 560 009 Pan: Aaccs0155P Appellant Respondent

2. Disallowance due to re-computation of deduction under section 36(1)(viia) of the Act 4 ITA 660 & 683/Bang /2015 State Bank of India / State Bank of Mysore a) The learned CIT(A) erred in confirming that the Appellant has not determined the deduction under section 36(1)(viia), in accordance with the provisions

SMITI HOLDING & TRADING COMPANY PRIVATE LIMITED ,MUMBAI vs. PRINICIPAL COMMISSIONER OF INCOME TAX 8, MUMBAI

In the result, the appeal is allowed

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2013-14 Smiti Holding & Trading Co. Principal Cit, Room Pvt. Ltd. 3A, Barodawala Vs. No. 611, Aayakar Mansion, 81, Dr. Annie Bhavan, Mumbai- Besant Road, Worli, 400020. Mumbai-400018. Pan No. Aarcs4593G Appellant Respondent Assessee By : Mr. H.N. Motiwala, Ar Revenue By : Mr. C.S. Gulati, Dr Date Of Hearing : 19/07/2018 Date Of Pronouncement : 25/09/2018

section 56(2)(viia) does not apply to shares of a quoted company (Asian Paints Ltd.) received by the assessee. Therefore, the question of valuation of these shares at market price does not arise. We find that the assessee had submitted computation of value per share under Rule 11UA of M/s Suprasad Investment & Trading Co. Pvt. Ltd. along with balance

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

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

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

Depreciation under section 36(1)(viia) of Rs.234,81,61,782 7.1 The learned CIT(A) erred in holding that the provision for standard assets amounting to Rs.234,81,61,782is to be excluded for determining the deduction under section 36(1)(viia). 7.2 The learned CIT(A) erred in not appreciating that even in respect of assets that

ASST CIT CIR 2(2)(1), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

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

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

Depreciation under section 36(1)(viia) of Rs.234,81,61,782 7.1 The learned CIT(A) erred in holding that the provision for standard assets amounting to Rs.234,81,61,782is to be excluded for determining the deduction under section 36(1)(viia). 7.2 The learned CIT(A) erred in not appreciating that even in respect of assets that

DCIT (LTU) 2, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

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

Bench: Shri Vikas Awasthy & Shri G.Manjunathaआअसं. 1804/मुं/2018 ("न.व 2011-12) आअसं. 1805/मुं/2018 ("न.व 2012-13) आअसं. 1806/मुं/2018 ("न.व 2013-14) आअसं. 1807/मुं/2018 ("न.व 2014-15) Union Bank Of India, Central Accounts Dept., 6Th Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai 400 021 Pan:Aaacu0564G ...... अपीलाथ" /Appellant

56,330/- and dividend Rs.12,14,86,269/- aggregating to Rs.37,46,42,599/-. The assessee made suo-motu made disallowance of Rs.9,20,164/- under section 14A of the Income Tax Act, 1961 ( in short ‘the Act’) for earning aforesaid exempt income. The ld.Authorized Representative of the assessee submitted that the bonds and the shares on which tax free

DCIT (LTU) 2, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

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

Bench: Shri Vikas Awasthy & Shri G.Manjunathaआअसं. 1804/मुं/2018 ("न.व 2011-12) आअसं. 1805/मुं/2018 ("न.व 2012-13) आअसं. 1806/मुं/2018 ("न.व 2013-14) आअसं. 1807/मुं/2018 ("न.व 2014-15) Union Bank Of India, Central Accounts Dept., 6Th Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai 400 021 Pan:Aaacu0564G ...... अपीलाथ" /Appellant

56,330/- and dividend Rs.12,14,86,269/- aggregating to Rs.37,46,42,599/-. The assessee made suo-motu made disallowance of Rs.9,20,164/- under section 14A of the Income Tax Act, 1961 ( in short ‘the Act’) for earning aforesaid exempt income. The ld.Authorized Representative of the assessee submitted that the bonds and the shares on which tax free

UNION BANK OF INDIA,MUMBAI vs. DCIT (LTU) 2, MUMBAI

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

Bench: Shri Vikas Awasthy & Shri G.Manjunathaआअसं. 1804/मुं/2018 ("न.व 2011-12) आअसं. 1805/मुं/2018 ("न.व 2012-13) आअसं. 1806/मुं/2018 ("न.व 2013-14) आअसं. 1807/मुं/2018 ("न.व 2014-15) Union Bank Of India, Central Accounts Dept., 6Th Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai 400 021 Pan:Aaacu0564G ...... अपीलाथ" /Appellant

56,330/- and dividend Rs.12,14,86,269/- aggregating to Rs.37,46,42,599/-. The assessee made suo-motu made disallowance of Rs.9,20,164/- under section 14A of the Income Tax Act, 1961 ( in short ‘the Act’) for earning aforesaid exempt income. The ld.Authorized Representative of the assessee submitted that the bonds and the shares on which tax free