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 ()

10(38) in respect of interest income, dividend and LTCG, respectively is respect of interest income, dividend and LTCG, respectively is respect of interest income, dividend and LTCG, respectively is deleted. Accordingly, ground no. 2 of the appeal Accordingly, ground no. 2 of the appeal is allowed.” 3.8 Similarly, with regard to the disallowance under section 14A, Similarly, with regard

DCIT CEN 5 3, 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 ()

10(38) in respect of interest income, dividend and LTCG, respectively is respect of interest income, dividend and LTCG, respectively is respect of interest income, dividend and LTCG, respectively is deleted. Accordingly, ground no. 2 of the appeal Accordingly, ground no. 2 of the appeal is allowed.” 3.8 Similarly, with regard to the disallowance under section 14A, Similarly, with regard

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

disallowances/ denial of exemption under section 10 (23FB) held that investment made by assessee in mutual funds in line with SEBI (VCF) Regulation and the same is not a non-compliance of SEBI (VCF) Regulation, therefore, assessee is entitled for exemption. The learned Senior Counsel submits that the grounds of appeal raised by assessee in the present appeal

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 Milestone Real Estate Fund 12. The learned Departmental Representative strongly relied upon the observations of the learned Principal Commissioner in the order passed under section 263 of the Act. 13. We have patiently and carefully considered rival submissions and perused

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

disallowed deduction claimed under section 80IB(10) in respect of Flat no.C–101 and C–102, relying upon the valuation report of the DVO stating that the built–up area of these two flats exceeded the prescribed limit of 1,000 sq.ft. applicable to the housing project in the municipal limit of Mumbai. However, reference being had to the valuation

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)

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

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)

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

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

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

disallowed assessee's claim of\nexemption holding that all other income of VCFs, except, the\nincome covered under section 10(23FB) of the Act is taxable.\nAccording to the Assessing Officer, the expression 'person' as\ndefined under section 2(31

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 ₹ 31,009,477/–. This issue is identical to the appeal of learned

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 ₹ 31,009,477/–. This issue is identical to the appeal of learned

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 ₹ 31,009,477/–. This issue is identical to the appeal of learned

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 ₹ 31,009,477/–. This issue is identical to the appeal of learned

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 ₹ 31,009,477/–. This issue is identical to the appeal of learned

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 ₹ 31,009,477/–. This issue is identical to the appeal of learned

.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 ₹ 31,009,477/–. This issue is identical to the appeal of learned

SUBHASH E. DHARGAVE, MUMBAI vs. MILESTONE REAL ESTATE FUNDS, MUMBAI

In the result, the appeal of the Revenue is dismissed

disallowed the said claim of deduction u/s. 10(35) of the Act\nfor the following reasons:\ni) the assessee Fund which was created to function as a VCF was\neligible for deduction under a specific section 10(23FB) and therefore\nit cannot claim deduction under another section of 10(35) on a part of\nits income. After the amendment

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