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

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

JASHAN JEWELS PRIVATE LIMITED ,MUMBAI vs. PCIT -5, MUMBAI

In the result, the appeal of the assessee is stands allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2020-21 Jashan Jewels Pvt. Ltd., Pcit, Mumbai-5, 301-B Aman Chambers Room No. 515, 5Th Floor, Aayakar Premises Co. Soc. Ltd., Mama Vs. Bhavan, Maharshi Karve Road, Paramand Marg, Opera House, Mumbai-400020. Girgaon, Mumbai-400 004. Pan No. Aabcj 7040 D Appellant Respondent

disallowance under Section 37(1) and result in unintended tax benefits nder Section 37(1) and result in unintended tax benefits nder Section 37(1) and result in unintended tax benefits which would be inconsistent with the legislative framework which would be inconsistent with the legislative framework which would be inconsistent with the legislative framework governing CSR and tax deductions

JEEVANDEEP EDUMEDIA PRIVATE LIMITED,MUMBAI vs. PRINCIPLE CIT-6, MUMBAI

In the result, the a In the result, the appeal of the assessee is stands allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2020-21 Jeevandeep Edumedia Pvt. Ltd., Pr. Cit-6, 1St Floor, Sun Paradise Business 501,5Th Floor, Aayakar Bhavan, Plaza, Senapati Bapat Marg, Vs. Maharishi Karve Road, Lower Parel (West), Mumbai-400020. Mumbai-400013. Pan No. Aabcj 0180 G Appellant Respondent

10,00,000 SANSTHA Laxmiben Lalji Furia Charitable Laxmiben Lalji Furia Charitable AAATL0063C 2,00,000 2,00,000 Trust Total Donation 24,98,000 24,98,000 Qualifying Amount 24,98,000 24,98,000 Deductible amount under section 80 G @ 50% Deductible amount under section 80 G @ 50% 12,49,000 12,49,000 Jeevandeep Edumedia

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

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

disallowed holding that the assessee has not fulfill the necessary condition prescribed under section 10 B. As a consequence, assessment year 2000 – 2001, 2001 – 2002 and 2002 – 2003 were reopened. Further assessment year 2004 – 2005 was also taken under scrutiny. The first appeal for the assessment year 2003 – 04 is decided by the CIT – A ITA Nos.2943, 4987, 4988 & 6523/MUM/2008

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

disallowed holding that the assessee has not fulfill the necessary condition prescribed under section 10 B. As a consequence, assessment year 2000 – 2001, 2001 – 2002 and 2002 – 2003 were reopened. Further assessment year 2004 – 2005 was also taken under scrutiny. The first appeal for the assessment year 2003 – 04 is decided by the CIT – A ITA Nos.2943, 4987, 4988 & 6523/MUM/2008

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

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

disallowed holding that the assessee has not fulfill the necessary condition prescribed under section 10 B. As a consequence, assessment year 2000 – 2001, 2001 – 2002 and 2002 – 2003 were reopened. Further assessment year 2004 – 2005 was also taken under scrutiny. The first appeal for the assessment year 2003 – 04 is decided by the CIT – A ITA Nos.2943, 4987, 4988 & 6523/MUM/2008

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

disallowed holding that the assessee has not fulfill the necessary condition prescribed under section 10 B. As a consequence, assessment year 2000 – 2001, 2001 – 2002 and 2002 – 2003 were reopened. Further assessment year 2004 – 2005 was also taken under scrutiny. The first appeal for the assessment year 2003 – 04 is decided by the CIT – A ITA Nos.2943, 4987, 4988 & 6523/MUM/2008

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

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

disallowed holding that the assessee has not fulfill the necessary condition prescribed under section 10 B. As a consequence, assessment year 2000 – 2001, 2001 – 2002 and 2002 – 2003 were reopened. Further assessment year 2004 – 2005 was also taken under scrutiny. The first appeal for the assessment year 2003 – 04 is decided by the CIT – A ITA Nos.2943, 4987, 4988 & 6523/MUM/2008

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

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

disallowed holding that the assessee has not fulfill the necessary condition prescribed under section 10 B. As a consequence, assessment year 2000 – 2001, 2001 – 2002 and 2002 – 2003 were reopened. Further assessment year 2004 – 2005 was also taken under scrutiny. The first appeal for the assessment year 2003 – 04 is decided by the CIT – A ITA Nos.2943, 4987, 4988 & 6523/MUM/2008

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

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

disallowed holding that the assessee has not fulfill the necessary condition prescribed under section 10 B. As a consequence, assessment year 2000 – 2001, 2001 – 2002 and 2002 – 2003 were reopened. Further assessment year 2004 – 2005 was also taken under scrutiny. The first appeal for the assessment year 2003 – 04 is decided by the CIT – A ITA Nos.2943, 4987, 4988 & 6523/MUM/2008

JCIT(OSD)-14(1)(1), MUMBAI vs. AVENDUS CAPITAL PVT. LTD., MUMBAI

Appeal is allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2020-21 Jcit (Osd)-14(1)(1), M/S Avendus Capital Pvt. Ltd., Room No. 432, 4Th Floor, 901, Platina, 9Th Floor, Plot No. Vs. Aayakar Bhavan, M.K. Road, C59, Bandra Kurla Complex, Mumbai-400020. Bandra East, Mumbai-400051. Pan No.Aabcc 2404 Q Appellant Respondent

10,70,947, against the CSR expenses should not be against the CSR expenses should not be disallowed. The AO vide disallowed. The AO vide order passed under section 143(3) of the Act did not agree with the order passed under section 143(3) of the Act did not agree with the order passed under section

STRIDES PHARMA SCIENCE LTD.,NAVI MUMBAI vs. THE DY CIT -5(1)(2), MUMBAI

In the result ITA number 1004/M/2021 filed by the assessee for assessment year 2016 – 17 is allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Strides Pharma Science Ltd. Dcit 15(1)(2) 201, Devavrata, Sector-17, Aayakar Bhavan, M K Road, Vs. Vashi, Navi Mumbai, 400703 Mumbai 400020 (Appellant) (Respondent) Pan No. Aadcs8104P

10% as administrative expenses under section 14A of the Act and hence, further disallowance towards employee cost, audit cost, communication expenses, building expenses, etc. under Section 36, Section 37

LIC HOUSING FINANCE LIMITED,MUMBAI vs. ACIT 2(2)(1), MUMBAI, AAYKAR BHAVAN, MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2017-18

section 37(1) redundant. The statutory distinction between business 37(1) redundant. The statutory distinction between business 37(1) redundant. The statutory distinction between business deductions and Chapter VI deductions and Chapter VI-A incentives must be respected, and A incentives must be respected, and their misuse avoided in letter and spirit. their misuse avoided in letter and spirit. Accordingly

DCIT- 8(3)(1), MUMBAI vs. TATA AIA LIFE INSURANCE COMPANY LIMITED , MUMBAI

disallowance that needs to be\nmade when part of the income earned is exempt income?\"\n8. \"Whether, on the facts and circumstances of the case and in\nlaw, the Ld. CIT(A) has erred in allowing relief to the assessee\nby holding that the capital contribution from shareholder's\naccount to policy holder's account has to be reduced while

DY. COMMISSIONER OF INCOME-TAX, MUMBAI vs. QUANTUM ADVISORS PVT. LTD., MUMBAI

In the result, the appeal of the Revenue is allowed

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2015-16 Dcit-1(3)(1), M/S Quantum Advisors Pvt. Ltd., Room No. 535, 5Th Floor, 503, Regent Chambers, Nariman Vs. Aayakar Bhavan, Point, Mumbai-400021. M.K. Road, Mumbai-400020. Pan No. Aaacq 0281 C Appellant Respondent

section 37(1) of the Act, having regard to the stand of the Assessing Officer in the remand report as well as in the assessment Assessing Officer in the remand report as well as in the assessment Assessing Officer in the remand report as well as in the assessment for assessment year 2012 for assessment year 2012- 13. The said

ICICI SECURITIES LIMITED,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX, MUMBAI -4, MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

10. On merits also, we find that view of ld. AO is correct in law. Claiming a deduction from computation of business income as provided from sections 28 to 44DB is different from claiming a deduction under chapter VIA of the Act which is allowed from 16 ICICI Securities Limited Total Income. As per Explanation 2 to Section 37