DCIT CEN 5 3, MUMBAI, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

Section 44 of the Incom Under the existing provisions of Section 44 of the Incom Under the existing provisions of Section 44 of the Income Tax Act, the profits and gains of any insurance business is Act, the profits and gains of any insurance business is Act, the profits and gains of any insurance business is computed in accordance with

DCIT CEN 5 3, MUMBAI, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

Section 44 of the Incom Under the existing provisions of Section 44 of the Incom Under the existing provisions of Section 44 of the Income Tax Act, the profits and gains of any insurance business is Act, the profits and gains of any insurance business is Act, the profits and gains of any insurance business is computed in accordance with

JM FINANCIAL INDIA FUND-SCHEME B,MUMBAI vs. ITO WARD 17(2)(1), MUMBAI

In the result this ground of appeal is allowed

Bench: Shri G.S. Pannu, Vice- & Shri Pawan Singhjm Financial India Fund-Scheme Ito - 17(2)(1) Room No. 123-B, 1St Floor, B, 141, Maker Chambers Iii, Nariman Point, Vs. Aayakar Bhavan, M.K. Road, Mumbai-400021. Mumbai-400020. Pan: Aabtj0401F Appellant Respondent

disallowance would tantamount to questioning the recognition. In other words entries made in the register of independent body should be accepted as true and they should not be questioned while deciding the issue relating to the matters concluded by the entries made in such registers. From this it follows that if assessee trust is registered with SEBI as per certificate

MILESTONE REAL ESTATE FUND,MUMBAI vs. PR.CIT-25, MUMBAI, MUMBAI

In the result, assessee’s appeal is allowed

Bench: Shri Saktijit Dey & Shri N.K Pradhanmilestone Real Estate Fund 402–A, Hallmark Business Plaza Sant Dhyaneshwar Marg ……………. Appellant Bandra, Mumbai 400 051 Pan – Aaati5880L V/S Asstt. Commissioner Of Income Tax ……………. Respondent Circle–25(3), Mumbai Assessee By : Shri J.D. Mistry, Sr. Counsel A/W Shri Madhur Agarwal Revenue By : Shri Anand Mohan

disallowed, since, all the conditions of section 10(23FB) as well as section 115U of the Act are fulfilled. 20

ACIT, CENT. CIR.2, THANE vs. SAI HOME MAKERS, NAVI MUMBAI

In the result, assessee‟s appeals are allowed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

disallowance can be made of deduction claimed under section 80IB(10) on the allegation that commercial area exceeds the limit prescribed therein, framed the following question:– ―Whether section 80IB(10)(d) of the Income Tax Act, 1961, applies to a housing project approved before 31st March 2005, but completed on/or after 1st April 2005.‖ 19 M/s. Sai Home Makers

ACIT-231, MUMBAI vs. MILESTONE REAL ESTATE FUND, MUMBAI

Accordingly, Ground No. 6 raised by the Revenue is dismissed

Bench: SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

20. Subsequently, with effect from 21/05/2012, the SEBI (Venture Capital Fund) Regulations, 1996 was replaced by the SEBI (Alternative Investment Funds) Regulations, 2012, and corresponding changes were made in Section 10(23FB) of the Act. 21. Thus, Section 10(23B) of the Act as applicable for the relevant assessment year(s) read as under: “10. In computing the total income

ACIT 23-1, MUMBAI vs. MILESTONE REAL ESTATE FUND, MUMBAI

Accordingly, Ground No. 6 raised by the Revenue is dismissed

Bench: SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

20. Subsequently, with effect from 21/05/2012, the SEBI (Venture Capital Fund) Regulations, 1996 was replaced by the SEBI (Alternative Investment Funds) Regulations, 2012, and corresponding changes were made in Section 10(23FB) of the Act. 21. Thus, Section 10(23B) of the Act as applicable for the relevant assessment year(s) read as under: “10. In computing the total income

ACIT, PIRAMAL CHAMBERS vs. MILESTONE REAL ESTATE FUND, MUMBAI

disallowed the said claim of deduction u/s. 10(35) of\nthe Act for the following reasons:\ni) the assessee Fund which was created to function\nas a VCF was eligible for deduction under a specific\nsection 10(23FB) and therefore it cannot claim\ndeduction under another section of 10(35) on a part\nof its income. After the amendment

ITO - 4(2)(4), MUMBAI vs. M/S. M.M. POONJIAJI SPICES LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

disallowance of deduction under section 10 B of ₹ 3,44,04,950/– under section 10 B of the act is squarely covered in favour of the assessee by the decision of the coordinate bench in ITA number 2943/M/2008 wherein the order of the learned CIT – A is in appeal for assessment year 2001 – 02. As the issue is the same

INCOME TAX OFFICER 4(2)(4), MUMBAI vs. M/S. M.M. POONJIAJI SPICES LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

disallowance of deduction under section 10 B of ₹ 3,44,04,950/– under section 10 B of the act is squarely covered in favour of the assessee by the decision of the coordinate bench in ITA number 2943/M/2008 wherein the order of the learned CIT – A is in appeal for assessment year 2001 – 02. As the issue is the same

ITO - 4(2)(4), MUMBAI vs. M/S. M.M. POONJIAJI SPICES LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

disallowance of deduction under section 10 B of ₹ 3,44,04,950/– under section 10 B of the act is squarely covered in favour of the assessee by the decision of the coordinate bench in ITA number 2943/M/2008 wherein the order of the learned CIT – A is in appeal for assessment year 2001 – 02. As the issue is the same

.DCIT., CIR.-4(2),MUMBAI vs. M.M. POONJIAJI SPICES LTD, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

disallowance of deduction under section 10 B of ₹ 3,44,04,950/– under section 10 B of the act is squarely covered in favour of the assessee by the decision of the coordinate bench in ITA number 2943/M/2008 wherein the order of the learned CIT – A is in appeal for assessment year 2001 – 02. As the issue is the same

I.T.O-4(2)(4), MUMBAI vs. M/S M.M.POONJIAJI SPICES LTD, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

disallowance of deduction under section 10 B of ₹ 3,44,04,950/– under section 10 B of the act is squarely covered in favour of the assessee by the decision of the coordinate bench in ITA number 2943/M/2008 wherein the order of the learned CIT – A is in appeal for assessment year 2001 – 02. As the issue is the same

ITO - 4(2)(2), MUMBAI vs. M/S. M.M. POONJIAJI SPICES LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

disallowance of deduction under section 10 B of ₹ 3,44,04,950/– under section 10 B of the act is squarely covered in favour of the assessee by the decision of the coordinate bench in ITA number 2943/M/2008 wherein the order of the learned CIT – A is in appeal for assessment year 2001 – 02. As the issue is the same

ACIT CIR 4(2), MUMBAI vs. M .M. POONJIAJI SPICES LTD, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

disallowance of deduction under section 10 B of ₹ 3,44,04,950/– under section 10 B of the act is squarely covered in favour of the assessee by the decision of the coordinate bench in ITA number 2943/M/2008 wherein the order of the learned CIT – A is in appeal for assessment year 2001 – 02. As the issue is the same

ADITYA BIRLA PRIVATE EQUITY TRUST ,MUMBAI vs. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI (INCOME TAX OFFICER 20(1)(1), MUMBAI), MUMBAI

In the result, appeal filed by the assessee is allowed

disallowance\nof exemption claimed under section 10(34) and 10(35) of the Act in\nrespect of dividend earned amounting to 95,20

AKASH ENTERPRISE,THANE vs. I.T.O. WARD-4(1), THANE

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2007-08 M/S Akash Enterprises, Income Tax Officer, Shop No.27/A, Bldg. No.1, Ward-4(1), बनाम/ Akashganga Apts. 02Nd Floor Vs. Shriprastha Complex, Qureshi Mansion, Nallasopara (W), Tal Vasai, Gokhale Road, Dist-Thane-401203 Thane Pan No.Aalfa4071C ("नधा"रती /Assessee) (राज"व /Revenue) Assessment Year-2007-08 Income Tax Officer, M/S Akash Enterprises, Ward-4(1), Shop No.27/A, Bldg. बनाम/ 02Nd Floor, No.1, Akashganga Apts. Vs. Qureshi Mansion, Shriprastha Complex, Gokhale Road, Nallasopara (W), Tal Thane Vasai, Dist-Thane- 401203 Pan No.Aalfa4071C (राज"व /Revenue) ("नधा"रती /Assessee) M/S Akash Enterprises.

disallowing the deduction of Rs.46,59,510/- u/s 80IB(10) of the Income Tax Act, 1961 (hereinafter the Act). The crux of the argument advanced on behalf of the assessee is that the project of the assessee was approved on 17/07/2003 and the assessee applied for completion certificate on 06/07/2005. Our attention was M/s Akash Enterprises. invited to page

RAMKRISHNA BAJAJ CHARITABLE TRUST,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE 26(1), MUMBAI, MUMBAI

Bench: Shri Amit Shukla, Jm & Shri Arun Khodpia, Am

disallowed assessee’s claim all together. The assessee agitated the issue before learned First Appellate Authority. However, the assessee was unsuccessful. 44. Before us, learned counsel appearing for the assessee submitted that in so far as claim of deduction u/s. 80G is concerned, the institutions to whom the assessee has donated are eligible for 100% deduction. In respect of some