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 ()

5 as under : amendment in Rule 5 as under :- Under the existing provisions of 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

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 ()

5 as under : amendment in Rule 5 as under :- Under the existing provisions of 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

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

5. Learned Departmental Representative, more or less, relying upon the reasoning of the Assessing Officer submitted, learned Commissioner (Appeals) was not justified in directing Assessing Officer to allow assessee‟s claim of deduction under section 80IB(10) in respect of 165 flats. He submitted, as the assessee has not fulfilled the conditions of section 80IB(10), no deduction under

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

disallowance of exemption claimed u/s. 10(35) of the Act is deleted." Against the above order Revenue is in appeal before us. 16. 17. We have heard both the parties and perused the records. Learned Departmental Representative relied upon the order of the Assessing Officer. However, he could not point out as to why assessee shall not be allowed exemption

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)

disallowance of exemption claimed u/s. 10(35) of the Act is deleted." 16. Against the above order Revenue is in appeal before us. 17. We have heard both the parties and perused the records. Learned Departmental Representative relied upon the order of the Assessing Officer. However, he could not point out as to why assessee shall not be allowed exemption

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)

disallowance of exemption claimed u/s. 10(35) of the Act is deleted." 16. Against the above order Revenue is in appeal before us. 17. We have heard both the parties and perused the records. Learned Departmental Representative relied upon the order of the Assessing Officer. However, he could not point out as to why assessee shall not be allowed exemption

JM FINANCIAL PROPERTY FUND I,MUMBAI vs. INCOME TAX OFFICER, WARD - 25(1)(1), MUMBAI, MUMBAI

In the result, the appeal of the assessee for assessment year

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

5: Denying the exemption under the provisions of section 10(35) of the Act section 10(35) of the Act Without prejudice to the above, on the facts and circumstances of the Without prejudice to the above, on the facts and circumstances of the Without prejudice to the above, on the facts and circumstances of the case

JM FINANCIAL PROPERTY FUND I,MUMBAI vs. INCOME TAX OFFICER, WARD - 25(1)(1), MUMBAI, MUMBAI

In the result, the appeal of the assessee for assessment year

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

5: Denying the exemption under the provisions of section 10(35) of the Act section 10(35) of the Act Without prejudice to the above, on the facts and circumstances of the Without prejudice to the above, on the facts and circumstances of the Without prejudice to the above, on the facts and circumstances of the case

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

5 Ramkrishna Bajaj Charitable Trust 7.3. With respect to decision of disallowing the exemption claimed u/s 10(34) of the IT Act, as described earlier, since the appellant is held in the status of the trust and itself had filed its return of income in Form ITR-7, the governing provisions which deal with its income are section

ITO(E)-1(1), MUMBAI, MUMBAI vs. BHAVITHA FOUNDATION, MUMBAI

In the result, the appeal of the Revenue is dismissed

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2021-22

disallowed the benefit of dividend income for exemption u/s 11 of the Act and made addition of Rs.48,70,00 the Act and made addition of Rs.48,70,00,000/- to the returned to the returned income of the assessee. income of the assessee. 3. On further appeal, the Ld. CIT(A) deleted the addition. On further appeal

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

5. As the assessee company is engaged in the business of garlic powder, ginger powder, madras curry powder including pickles and spices et cetera, it also claimed deduction under section 10 B of the act of rupees to .27 crores being hundred percent of the profits derived from the business of preparation and export of powder, seeds, pickles, spices, paste

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

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

5. As the assessee company is engaged in the business of garlic powder, ginger powder, madras curry powder including pickles and spices et cetera, it also claimed deduction under section 10 B of the act of rupees to .27 crores being hundred percent of the profits derived from the business of preparation and export of powder, seeds, pickles, spices, paste

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

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

5. As the assessee company is engaged in the business of garlic powder, ginger powder, madras curry powder including pickles and spices et cetera, it also claimed deduction under section 10 B of the act of rupees to .27 crores being hundred percent of the profits derived from the business of preparation and export of powder, seeds, pickles, spices, paste

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

5. As the assessee company is engaged in the business of garlic powder, ginger powder, madras curry powder including pickles and spices et cetera, it also claimed deduction under section 10 B of the act of rupees to .27 crores being hundred percent of the profits derived from the business of preparation and export of powder, seeds, pickles, spices, paste

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

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

5. As the assessee company is engaged in the business of garlic powder, ginger powder, madras curry powder including pickles and spices et cetera, it also claimed deduction under section 10 B of the act of rupees to .27 crores being hundred percent of the profits derived from the business of preparation and export of powder, seeds, pickles, spices, paste

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

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

5. As the assessee company is engaged in the business of garlic powder, ginger powder, madras curry powder including pickles and spices et cetera, it also claimed deduction under section 10 B of the act of rupees to .27 crores being hundred percent of the profits derived from the business of preparation and export of powder, seeds, pickles, spices, paste