THE GREAT EASTERN SHIPPING CO. LTD,MUMBAI vs. ASST CIT CIR 5(3)(2), MUMBAI

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

155,229 was reduced and net disallowance was made of ₹ 344,362,109/–. 12. While computing the book profit also the learned AO made an adjustment of the above sum of ₹ 344,362,109 in clause (F) of explanation 1 to section 115JB of the act for the purpose of computation of book profit.. Accordingly by the disallowance

THE GREAT EASTERN SHIPPING CO. LTD,MUMBAI vs. DCIT CIR 5(3)(2), MUMBAI

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

155,229 was reduced and net disallowance was made of ₹ 344,362,109/–. 12. While computing the book profit also the learned AO made an adjustment of the above sum of ₹ 344,362,109 in clause (F) of explanation 1 to section 115JB of the act for the purpose of computation of book profit.. Accordingly by the disallowance

THE GREAT EASTERN SHIPPING CO. LTD,MUMBAI vs. ASST CIT CIR 5(3)(2), MUMBAI

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

155,229 was reduced and net disallowance was made of ₹ 344,362,109/–. 12. While computing the book profit also the learned AO made an adjustment of the above sum of ₹ 344,362,109 in clause (F) of explanation 1 to section 115JB of the act for the purpose of computation of book profit.. Accordingly by the disallowance

DCIT CIR 5(3)(2), MUMBAI vs. THE GREAT EASTERN SHIPPING CO. LTD, MUMBAI

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5 Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

155,229 was reduced and net disallowance was made of ₹ 344,362,109/–. 12. While computing the book profit also the learned AO made an adjustment of the above sum of ₹ 344,362,109 in clause (F) of explanation 1 to section 115JB of the act for the purpose of computation of book profit.. Accordingly by the disallowance

VODAFONE INDIA LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX-8(3)(2), MUMBAI

19,35,01,258/- being interest on Capital Work-in- Progress under Section 36(1)(iii) of the Act. (c) Ground No. 3 to 3.7: Disallowance of INR 30,95,03,786/- in respect of roaming charges under Section 40(a)(ia) of the Act (d) Ground No. 4 to 4.5: Disallowance of INR 47,17,99,596/- in respect

DCIT 8(3)(2), MUMBAI vs. M/S VODAFONE IDEA LIMITED (EARLIER KNOWN AS VODAFONE INDIA LIMITED WHICH NOW STANDS MERGED WITH IDEA CELLULAR LIMITED (ICL) AND CONSEQUENTLY KNOWN AS VODAFONE IDEA LIMITED), MUMBAI

19,35,01,258/- being interest on Capital Work-in- Progress under Section 36(1)(iii) of the Act. (c) Ground No. 3 to 3.7: Disallowance of INR 30,95,03,786/- in respect of roaming charges under Section 40(a)(ia) of the Act (d) Ground No. 4 to 4.5: Disallowance of INR 47,17,99,596/- in respect

VODAFONE INDIA LTD,MUMBAI vs. ASST CIT 8(3)(2), MUMBAI

19,35,01,258/- being interest on Capital Work-in- Progress under Section 36(1)(iii) of the Act. (c) Ground No. 3 to 3.7: Disallowance of INR 30,95,03,786/- in respect of roaming charges under Section 40(a)(ia) of the Act (d) Ground No. 4 to 4.5: Disallowance of INR 47,17,99,596/- in respect

M/S. TATA INDUSTRIES LTD,MUMBAI vs. THE ITO 2(3)(3), MUMBAI

In the result, appeal of the assessee is treated as partly allowed

Bench: Shri G. S. Pannu, Accoutant Member & Shri Sanjay Gargtata Industries Ltd., Vs. The Income Tax Officer, Ward- Bombay House,24,Homi 2 (3) (3), Room No.555, Mody Street, Fort, Mumbai Aayakar Bhavan, Maharshi 400 001 Karve Road, Mumbai 400 020 Pan: Aaact 4058 L Appellant .. Respondent Appellant By Shri Dinesh Vyas, Ar Respondent By Shri Alok Johri, Dr Date Of Hearing 22-06-2016 Date Of Pronouncement 20-07-2016

disallowance of both direct and indirect expenditure in relation to the exempt income. Also, section 115JB (1)(f) uses the same expression. 3.2 (a) There is fundamental difference between the “Receipt” and “Income”. The concept of matching principle as explained and found to be central spine of accounting standard of recording various transactions for computation of income is based

RELIANCE POWER LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE, 15(3)(1), MUMBAI

In the result we do not find any merit in the appeal of the learned assessing officer

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

disallowance made by the learned assessing officer under section 14 A by invoking the provisions of rule 8D of the act could also be imputed under the computation of book profit under section 115JB of the act has already been decided by special bench in case of Vireet Investments P Ltd 82 taxmann.com 415. Same is now also covered

DCIT-15(3)(1), MUMBAI , MUMBAI vs. RELIANCE POWER LTD, MUMBAI

In the result we do not find any merit in the appeal of the learned assessing officer

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

disallowance made by the learned assessing officer under section 14 A by invoking the provisions of rule 8D of the act could also be imputed under the computation of book profit under section 115JB of the act has already been decided by special bench in case of Vireet Investments P Ltd 82 taxmann.com 415. Same is now also covered

DCIT-15(3)(1), MUMBAI, MUMBAI vs. RELIANCE POWER LTD, NAVI MUMBAI

In the result we do not find any merit in the appeal of the learned assessing officer

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

disallowance made by the learned assessing officer under section 14 A by invoking the provisions of rule 8D of the act could also be imputed under the computation of book profit under section 115JB of the act has already been decided by special bench in case of Vireet Investments P Ltd 82 taxmann.com 415. Same is now also covered

RELIANCE POWER LIMITED,MUMBAI SUBURBAN vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 15(3)(1), MUMBAI

In the result we do not find any merit in the appeal of the learned assessing officer

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

disallowance made by the learned assessing officer under section 14 A by invoking the provisions of rule 8D of the act could also be imputed under the computation of book profit under section 115JB of the act has already been decided by special bench in case of Vireet Investments P Ltd 82 taxmann.com 415. Same is now also covered

ASST CIT 19(3), MUMBAI vs. PAHILAJRAI JAIKISHIN, MUMBAI

In the result, the appeal is allowed

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

155(1A)]. 48.3 The gross total income of the firm is to be determined in the normal way under different heads as in the case of any taxable entity. The gross total income so computed is reduced by salary, bonus, commission, or any remuneration payable or paid to a partner [section 40(b)]. Remuneration due to or received

PAHILAJRAI JAIKISHAN,MUMBAI vs. DCIT 19(3), MUMBAI

In the result, the appeal is allowed

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

155(1A)]. 48.3 The gross total income of the firm is to be determined in the normal way under different heads as in the case of any taxable entity. The gross total income so computed is reduced by salary, bonus, commission, or any remuneration payable or paid to a partner [section 40(b)]. Remuneration due to or received

BAJAJ AUTO LIMITED,MUMBAI vs. THE PRINCIPAL COMMISSIONER OF INCOME-TAX - 3, MUMBAI, MUMBAI

Bench: Shri Om Prakash Kant () & Shri Narender Kumar Choudhry ()

19,25,97,550) granted to spare parts dealers. It was explained that these discounts were granted in terms of commercial schemes linked to achievement of sales targets and were computed as a percentage of turnover. It was submitted that primarily the transaction of supply of spare parts to the authorized dealers was in the nature of buy and sale

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

19,017.58 2013-14 9,053.99 25,000.00 2014-15 9,163.21 27,955.19 2015-16 9,030.55 30,969.97 2016-17 8,887.85 34,121.06 10. 1. From the factual position tabulated above, it is evident that assessee had sufficient owned funds from which investments were made, yielding tax-free income. By following consistency on this aspect

GRASIM INDUSTRIES LTD ( CORPORATE FINANCE DIVISION),MUMBAI vs. ADDL CIT RG 6(3), MUMBAI

Bench: the CIT(A). The CIT(A) partly allowed the appeal preferred by the Assessee vide order, dated 18/05/2009. 4. Not being satisfied with the relief granted by the Id. CIT(A), the Assessee has preferred appeal before this Tribunal. The Revenue has also filed cross-appeal challenging the relief granted by the Id. CIT(A).

155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 or an order of the Settlement Commission under sub-section (4) of section 245D, the amount on which interest was payable under sub-section (1) has been increased or reduced, as the case may be, the interest shall be increased

DCIT CENT. CIR. 7(1), MUMBAI vs. RARE ENTERPRISES, MUMBAI

In the result, both the appeals of the revenue are dismissed

Bench: Shri B.R. Baskaran & Shri Pawan Singh

155 ITR 120 (SC) (ii) Godrej Boyce & Mfg. Co. Ltd. vs. DCIT (234 CTR 1 (Bom) (iii) Magganlal Chagganlal Pvt. Ltd. [236 ITR 456 (Bom) (iv) M/s. Gherzi Eastern Limited (ITA No. 6562/Bom/94) dated 23rd September, 2002) (ITAT, Mumbai) In the case of Godrej Boyce & Mfg. Co. Ltd. vs. ACIT, the Hon'ble Bombay High Court has upheld the constitutional