D.C.I.T. CENT. CIR. - 7(2), MUMBAI vs. RAJAHMUNDHRY EXPRESSWAY LTD., MUMBAI

In the result, appeals are dismissed

Bench: Shri Saktijit Dey & Shri G. Manjunatha

disallowance of deduction under section 80IA of the Act is on the basis of incriminating material, the validity of assessment order passed under section 153A of the Act with reference to the said issue cannot be questioned. Thus, he submitted, the ratio laid down by the Hon'ble Jurisdictional Court in Continental Warehouse Corporation (Nhava Sheva) Ltd. (supra) will

ELARA CAPITAL (INDIA) PRIVATE LIMITED,MUMBAI vs. ACIT- CIRCLE 6(2)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2017-18 Elara Capital (India) Pvt. Ltd., The Acit-Circle 6(2)(2), Tower 3, 21St Floor, One Room No. 506, 5Th Floor, Vs. International Center, Senapati Aayakar Bhavan, Maharshi Bapat Marg, Elphinstone Karve Road, Mumbai- Road (West), Mumbai-400013. 400020. Pan No. Aabce 6487 B Appellant Respondent

section 14A 14A 14A of of of the the the Act, Act, Act, providing providing providing for for for a a a proportionate proportionate proportionate disallowance of e disallowance of expenditure incurred to earn the xpenditure incurred to earn the exempted income. exempted income ….. 22

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

disallowance of Rs. 46,77,100, made by the assessee under section 14A of the Act. Being aggrieved, the assessee is in appeal before us. ITA NO. 1004/MUM/2021 AY 16-17 Strides Pharma Science Ltd. 22

BAJAJ ELECTRICALS LTD,MUMBAI vs. ADDL CIT 2(1), MUMBAI

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

Bench: Hon’Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

22,635/- respectively. The assessee's case was selected for scrutiny and the statutory notices were duly served on the assessee. The Assessing Officer (AO) completed the assessment by making the following disallowance: (i) Disallowance under section

DCIT 2(1)(1), MUMBAI vs. BAJAJ ELECTRICALS LTD, MUMBAI

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

Bench: Hon’Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

22,635/- respectively. The assessee's case was selected for scrutiny and the statutory notices were duly served on the assessee. The Assessing Officer (AO) completed the assessment by making the following disallowance: (i) Disallowance under section

BAJAJ ELECTRICALS LTD,MUMBAI vs. ADDL CIT 2(1), MUMBAI

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

Bench: Hon’Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

22,635/- respectively. The assessee's case was selected for scrutiny and the statutory notices were duly served on the assessee. The Assessing Officer (AO) completed the assessment by making the following disallowance: (i) Disallowance under section

OBEROI FOUNDATION,MUMBAI vs. CIT (E), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleoberoi Foundation V. Cit (Exemptions) Commerz, 3Rd Floor 6Th Floor, Piramal Chambers International Business Park Lalbaug, Mumbai – 400 012 Oberoi Garden City, Off. W.E. Highway Goregaon (E), Mumbai - 400063 Pan: Aaato1684L (Appellant) (Respondent) Assessee Represented By : Shri Vijay Mehta Department Represented By : Shri K.C. Salvamani

section 10(22)/10(23C)(iiiad) provided a clear finding on the basis of material on record is given that assessee trust is not existing solely for educational purposes. Here purpose is what described in the memorandum of objects of the trust. Some items of disallowances

ASIA INVESTMENTS PVT.. LTD.,MUMBAI vs. DCIT ,CIRCLE 2 (1)(1), MUMBAI

In the result, all the three appeal

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

disallowed in full under sub disallowed in full under sub-rule (i); and Asia Investments Pvt. Ltd ITA No. 4529, 6353/MUM/2017, 6209/MUM/2019 (ii) indirect interest expenditure indirect interest expenditure, being interest that cannot be , being interest that cannot be specifically identified or segregated as relating either to taxable specifically identified or segregated as relating either to taxable specifically identified

APL LOGISTICS P.LTD,MUMBAI vs. DCIT 14(1)(1), MUMBAI

In the result, appeal of the assessee is partly allowed

22. The assessee in appeal has assailed the order of CIT(A) on three counts i.e.: (1) Mismatch in AIR Information; (2) Disallowance u/s. 36(1)(iii) of interest expenditure on borrowed funds for acquiring the shares of IILPL; and (3) Disallowance under section

APL LOGISTICS (INDIA) P. LTD,MUMBAI vs. ACIT 10(1), MUMBAI

In the result, appeal of the assessee is partly allowed

22. The assessee in appeal has assailed the order of CIT(A) on three counts i.e.: (1) Mismatch in AIR Information; (2) Disallowance u/s. 36(1)(iii) of interest expenditure on borrowed funds for acquiring the shares of IILPL; and (3) Disallowance under section

DCIT 10(1), MUMBAI vs. APL LOGISTICS (INDIA ) P.LTD, MUMBAI

In the result, appeal of the assessee is partly allowed

22. The assessee in appeal has assailed the order of CIT(A) on three counts i.e.: (1) Mismatch in AIR Information; (2) Disallowance u/s. 36(1)(iii) of interest expenditure on borrowed funds for acquiring the shares of IILPL; and (3) Disallowance under section

DCIT 10(1), MUMBAI vs. APL LOGISTICS (INDIA) P. LTD, MUMBAI

In the result, appeal of the assessee is partly allowed

22. The assessee in appeal has assailed the order of CIT(A) on three counts i.e.: (1) Mismatch in AIR Information; (2) Disallowance u/s. 36(1)(iii) of interest expenditure on borrowed funds for acquiring the shares of IILPL; and (3) Disallowance under section

APL LOGISTICS (INDIA) P.LTD,MUMBAI vs. ASST CIT 10(1), MUMBAI

In the result, appeal of the assessee is partly allowed

22. The assessee in appeal has assailed the order of CIT(A) on three counts i.e.: (1) Mismatch in AIR Information; (2) Disallowance u/s. 36(1)(iii) of interest expenditure on borrowed funds for acquiring the shares of IILPL; and (3) Disallowance under section

APL LOGISTICS (INDIA) P. LTD,MUMBAI vs. ASST CIT 10(1), MUMBAI

In the result, appeal of the assessee is partly allowed

22. The assessee in appeal has assailed the order of CIT(A) on three counts i.e.: (1) Mismatch in AIR Information; (2) Disallowance u/s. 36(1)(iii) of interest expenditure on borrowed funds for acquiring the shares of IILPL; and (3) Disallowance under section

ITO 2(3)(2), MUMBAI vs. SATURN ADVISORY SERVICES P.LTD, MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Years: 2006-07 Income Tax Officer-2(3)(2), M/S Saturn Advisory Room No. 518A, Services Pvt. Ltd., बनाम/ Aayakar Bhavan, M.K. Road, 44, Strategic House, Vs. Mumbai-400020 Mint Road, Fort, Mumbai-400001 (राज"व /Revenue) ("नधा"रती/Assessee) Pan No.:-Aajcs2674N

disallowance under Section 2(22)(e) of the I. T. Act. During the assessment year under consideration namely 20062007, credit

INDIABULLAS HOUSING FINANCE LIMITED,MUMBAI vs. DCIT, CENTRAL CIRCLE-6(4), MUMBAI

Section 143(3) of the Act was passed on 30/09/2021, assessing total income of INR 3644,12,46,610/- under normal provisions of the Act after making (a) addition on account of disallowance of INR 44,56,22

NERKA CHEMICALS P. LTD,GUJRAT vs. ASST CIT CEN CIR 38, MUMBAI

In the result this ground of appeal is allowed for statistical purpose

Bench: Shri R.C. Sharma, Accountant Mamber & Shri Pawan Singh

disallowance offered by the assessee of Rs. 34,215/- and treated the receipt of shares of United Phosphorus Ltd (UPL) and Uniphos Enterprises Ltd (UEL), received without consideration as income of the assessee under section 28(iv) and in alternative under section 56(1) and brought the market value of shares of Rs. 1464,54,53,232/-as taxable income

SHRI ANAND M GUPTA,LUCKNOW vs. ITO - 15(1)(4), MUMBAI

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleestate Of Shri Anand M. Gupta V. Income Tax Officer – 15(1)(4) Aayakar Bhavan, M.K. Road {Through Legal Heir Mumbai - 400020 Mrs. Madhu Anand Gupta} B-723, Sector – C Mahanagar, Lucknow – 226006 Uttar Pradesh Pan: Aabae8078Q (Appellant) (Respondent) Assessee Represented By : Shri Malav Sheth Shri Ashish Kumar Department Represented By :

section 2(22) (e) of the Act and treated the amount of accumulated profit as deemed dividend and disallowed the benefits