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

depreciation under section 32 and deduction regarding expenditure on scientific research in the manner set out in section 34. Therefore, the deductions which the Supreme Court was concerned with, were the deductions which were within the scheme of Chapter IV, to be taken into account while computing the income under section 28 of the Act. Section 80J. on the other

DCIT 10(3)(2), MUMBAI vs. PHOENIX MECANO (I) PLTD, MUMBAI

In the result, appeal of the Revenue is allowed

Bench: Shri Joginder Singh, Assessment Year:2011-12

80C to 80U. Section 80B(5) defines the purposes of section VIA “gross total income” to mean the total income computed in accordance with the provisions of the Act before making any deduction under the chapter. The deduction u/s 10B, in my view, has to be given effect to at the stage of computing the profit & gains of the business

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

depreciation under section 32 and deduction regarding expenditure on scientific research in the manner set out in section 34. Therefore, the deductions which the Supreme Court was concerned with, were the deductions which were within the scheme of Chapter IV, to be taken into account while computing the income under section 28 of the Act. Section 80J. on the other

DCIT-2(3), MUMBAI vs. M/S. ZENSAR TECHNOLOGIES LTD., MUMBAI

In the result, the appeal is partly allowed

Bench: Amit Shukla () & Ms. Padmavathy S. ()

depreciation has been already set off in the preceding year.” The Ld.CIT(A) allowed the claim of deduction under section 80HHE by relying on the decision of the CIT(A) in Assessee’s own case for A.Y. 2003- 04. Aggrieved, the Revenue is contending the issue before the Tribunal. 18. The Ld.DR submitted that the Assessee is not entitled

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

depreciation under section 32 and deduction regarding expenditure on scientific research in the manner set out in section 34. Therefore, the deductions which the Supreme Court was concerned with, were the deductions which were within the scheme of Chapter IV, to be taken into account while computing the income under section 28 of the Act. Section 80J. on the other

DCIT, CIRCLE-1, , KALYAN vs. M/S ASB INTERNATIONAL PVT LTD, MUMBAI

In the result the appeal of the revenue stand dismissed

Bench: Amarjit Singh & Shri Sandip Singh Karhaildcit, C-1,Kalyan Vs. M/S. Asb International 1St Floor, Mohan Plaza, Pvt. Ltd. Mayale Naar, E9, E44, Addl. Kalyan(W)- 421301 Ambernath, Industrial Area, Anand Nagar, Ambernath Thane-421506 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aaaca8424F Appellant .. Respondent C.O. No. 65/Mum/2023 (A.Y. 2009-10)

depreciation and losses of the unit, the income P a g e | 10 ITA No. 1541/Mum/2023 & CO No. 65/Mum/2023 AY 2009-10 ASSB International Pvt. Ltd. which is not eligible for deduction under section 10A of the Act cannot be set off against the current profit of the eligible unit for computing the deduction under section

MEDLEY PHARMACEUTICALS LTD.,MUMBAI vs. DY.C.I.T., CENT.CIR.44, MUMBAI

In the result, the captioned appeals filed by the assessee are allowed

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

80C to 80U whereas sub-section (2) of section 80A says that the aggregate amount of the deductions under this Chapter shall not be in any case exceed the gross total income of the assessee and therefore the total deduction under sections 80HH and 80-I should not exceed the gross total income of the assessee. In CIT v. R.P.G

ZODIAC JRD MKJ LTD,MUMBAI vs. ASST CIR 5(3)(2), MUMBAI

Bench: Shri Prashant Maharishi & Shri Kuldip Singhassessment Year: 2014-15

depreciable assets and offered STCG on the profit earned it is not entitled for deduction under section 54EC of the Act and relied upon the order passed by the Ld. CIT(A). 5 M/s. Zodiac JRD MKJ Ltd. 9. Before proceeding further we would extract the provisions contained under section 54EC, for ready perusal, as under: “(1) Where the capital

JYOTI AJIT KULKARNI,PUNE vs. DCIT CENT. CIR. 5(3), MUMBAI

depreciation loss of Rs. 4,\n24,433/- and rest of the loss after set off the interest income of Rs. 27,397/-\ncan't be carry forward. In the result Ground No. raised by the assessee is partly\nallowed.\n36. The 2nd ground of appeal pertains to addition on account of unexplained\njewelry amounting to Rs. 10, 26,333/-, which

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)

80C to 80GGC. Heading "C" deals with "deductions in respect of certain incomes", which consists of sections 80H to 80TT. The last heading "D" deals with "other deductions" which consists of sections 80U to 80V. Heading "C" is relevant for considering the issue in these appeals. The relevant provisions that are to be considered are sections

ASST. CIT CC 5 (1), MUMBAI vs. M/S DATAMATICS BUSINESS SOLUTIONS LTD., MUMBAI

In the result, Revenue’s appeal is dismissed

Bench: Shri Mahavir Singh & Shri S. Rifaur Rahman

depreciation and losses of a non-10A unit. The relevant extract is reproduced as under: "The submission of the Revenue placed its reliance on the literal reading of Section 10A under which a deduction of such profits and gains as are derived by an undertaking from the export of articles or things or computer software for a period of tell

FAMY CARE PRIVATE LIMITED (FORMERLY KNOWN AS FAMY CARE LIMITED),MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-2(1)(2), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh (Jm) & Shri S. Rifaur Rahman (Am) Famy Care Pvt Ltd, Acit, Circle-2(1)(2), Mumbai 3Rd Floor, Brady House, 12/14, Veer Nariman Road, V/S Fort, Mumbai-400001 Pan:Aaacf 0632Q Appellant Respondednt

depreciation and was deducted before allowing deduction under section 10AA & 10B of eligible units. The ld. CIT(A) confirmed the action of Assessing Officer by referring the CBDT Circular dated 16.07.2013 by taking view that the CBDT Circular is binding on the officers of the department, being Apex body in Administrative Tax Law and that Assessing Officer has correctly applied

SHRENUJ GEMS & JEWELLERY LTD,MUMBAI vs. ITO 8(3)(1), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri G.S.Pannu & Shri Ram Lal Negim/S. Shrenuj Gems & Jewellery Ltd., Plot No.Gj-09, Seepz++, Marol Industrial Area, Seepz-Sez, Andheri(E), Mumbai 400096 Pan:Aajcs4265M ...... Appellant Vs. The Income Tax Officer 8(3)(1), Mumbai. .... Respondent

depreciation and losses of the unit the income which is not eligible for deduction under section 10A of the Act cannot be set off against the current profit of the eligible unit for computing the deduction under section 10A of the Income-tax Act.” 6.4.1 In the case of Black And Veatch Consulting Pvt. Ltd.(supra), the Assessing Officer adjusted

J.P MORGAN SERVICES INDIA P.LTD,MUMBAI vs. DCIT CIR 8(2), MUMBAI

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

Bench: Shri Mahavir Singh & Shri Ashwani Tanejaassessment Year: 2008-09 J.P. Morgan Services India P. Dcit 8(2) Ltd., Aayakar Bhavan, बनाम/ Prism Tower, Level No.9 To M.K. Rd Vs. 11, Link Rd, Mindspace, Mumbai-400020 Malad (W) Mumbai-400064 (Assessee) (Revenue) P.A. No.Aabcd0503B

depreciation and losses of the unit the income which is not eligible for deduction u/s.10A of the Act cannot be set off against the current profit of the eligible unit for computing the deduction u/s. 10A of the I.T. Act.” 16. The Hon’ble High Court thus held as under: “Section 10A is a provision which is in the nature

DCIT CIR 11(2)(2), MUMBAI vs. SYNTEL INTERNATIONAL P.LTD, PUNE

In the result, the appeal of Revenue is dismissed

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

depreciation against the non-10A income, that the AO rejected the claim made by the assessee, that the FAA following the judgments of the Jurisdictional High Court allowed the appeal filed by the assessee. We find that the Hon’ble High Court in the case of Black & Veatch Consulting Pvt. Ltd.(supra), had decided the issue as under :- “Section

ACIT 8(3), MUMBAI vs. SYNTEL INTERNATIONAL P.LTD, PUNE

depreciation against the non-10A income,that the AO rejected the claim made by the assessee, that the FAA following the judgments of the Jurisdictional High Court allowed the appeal filed by the assessee.We find that the Hon’ble High Court in the case of Black & Veatch Consulting Pvt.Ltd.(supra), had decided the issue as under :- “Section

J.P . MORGAN SERVICES INDIA P. LTD,MUMBAI vs. DCIT (OSD) 8(1), MUMBAI

In the result, both the appeals of the assessee are partly allowed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2006-07 & Assessment Year: 2007-08 J.P. Morgan Services P. Ltd., Dcit (Osd)-8(1) Technopolis Knowledge Park, Mumbai- बनाम/ 3Rd Floor, Mahakali Caves Vs. Road, Chakala Junction, Andheri(E) Mumba-400093 (Assessee) (Revenue) P.A. No.Aabcd0503B

depreciation and losses of the unit the income which is not eligible for deduction u/s.10A of the Act cannot be set off against the current profit of the eligible unit for computing the deduction u/s. 10A of the I.T. Act.” 16. The Hon’ble High Court thus held as under: “Section 10A is a provision which is in the nature

J.P. MORGAN SERVICES INDIA P.LTD,MUMBAI vs. ASST CIT (OSD) 8(1), MUMBAI

In the result, both the appeals of the assessee are partly allowed

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2006-07 & Assessment Year: 2007-08 J.P. Morgan Services P. Ltd., Dcit (Osd)-8(1) Technopolis Knowledge Park, Mumbai- बनाम/ 3Rd Floor, Mahakali Caves Vs. Road, Chakala Junction, Andheri(E) Mumba-400093 (Assessee) (Revenue) P.A. No.Aabcd0503B

depreciation and losses of the unit the income which is not eligible for deduction u/s.10A of the Act cannot be set off against the current profit of the eligible unit for computing the deduction u/s. 10A of the I.T. Act.” 16. The Hon’ble High Court thus held as under: “Section 10A is a provision which is in the nature

MRS GEETA RAVINDRA PATIL (BY SHRI RAVINDRA NAMDEV PATIL L/H),THANE vs. ITO, 2(1), THANE

Bench: Shri Baskaran Br & Shri Kuldip Singhassessment Year: 2012-13 Mrs. Geeta Ravindra Patil Income Tax Officer, (By Shri Ravindra Namdev Ward 2(1), Patil L/H), Thane – 401 105 Room No.01, Vs. Ground Floor, Patil Niwas Building, Bhayander (East), Thane - 401105 Pan: Aslpp2424L (Appellant) (Respondent) Present For: Assessee By : Shri Paras Jain, A.R. Revenue By : Shri A.N. Bhalekar, D.R. Date Of Hearing : 25 . 01 . 2023 Date Of Pronouncement : 28 . 02 . 2023

depreciation allowance in previous years. Addition of Loans and Advances of Rs.4,15,000/- 8. The authorities below erred in making addition of Rs.4,15,000/- by erroneously holding the advance GIVEN as advance RECEIVED and thereby treating the same as Cash Credit, while ignoring the fact that the same was duly disclosed on the Asset side of Balance Sheet