KUDOS FINANCE AND INVESTMENT PVT LTD,MUMBAI vs. PRINCIPLE COMMISSIONER OF INCOME TAX-6, MUMBAI

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

disallowance shall be made in respect of the same. The Assessing Officer is directed to pass assessment order afresh in terms of the aforesaid directions. Thus, Ground No.1, 2, 3, and 4 raised by the Assessee are dismissed and Ground No.5, 6 and 7 raised by the Assessee are partly allowed. 13. Now we will take up appeal preferred

DOW CHEMICALS INTERNATIONAL PRIVATE LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TA-14(1)(2), MUMBAI

In the result, the appeal by the assessee for the

1)(ii) of the Act was disallowed by the AO.\n8.\nThe learned CIT(A), vide impugned order, dismissed the ground raised\nby the assessee on this issue and held that there is no evidence on record\nnor any evidence being adduced by the assessee to even suggest that under\nthe Scheme of Amalgamation approved by the Hon'ble High

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

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

section 271(1)(c) of the Act are fulfilled. In view of the above, the penalty in respect of interest and the excess the penalty in respect of interest and the excess the penalty in respect of interest and the excess depreciation is also cancelled cancelled. The relevant grounds of the appeal of The relevant grounds of the appeal

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

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

section 271(1)(c) of the Act are fulfilled. In view of the above, the penalty in respect of interest and the excess the penalty in respect of interest and the excess the penalty in respect of interest and the excess depreciation is also cancelled cancelled. The relevant grounds of the appeal of The relevant grounds of the appeal

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

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

section 271(1)(c) of the Act are fulfilled. In view of the above, the penalty in respect of interest and the excess the penalty in respect of interest and the excess the penalty in respect of interest and the excess depreciation is also cancelled cancelled. The relevant grounds of the appeal of The relevant grounds of the appeal

SWARAN NADHAN SALARIA,MUMBAI vs. DICT CENTRAL CIRCLE 1(2), MUMBAI

In the result all In the result all appeals of the assesses from AY 2014

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

section 271(1)(c) of the Act are fulfilled. In view of the above, the penalty in respect of interest and the excess the penalty in respect of interest and the excess the penalty in respect of interest and the excess depreciation is also cancelled cancelled. The relevant grounds of the appeal of The relevant grounds of the appeal

DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED,THANE vs. DEPUTY COMMISSIONER OF INCOME TAX - 14(1)(2), MUMBAI

1)(ii) of the Act was disallowed by the AO.\n8.\nThe learned CIT(A), vide impugned order, dismissed the ground raised\nby the assessee on this issue and held that there is no evidence on record\nnor any evidence being adduced by the assessee to even suggest that under\nthe Scheme of Amalgamation approved by the Hon'ble High

RELIANCE INDUSTRIES LTD.,MUMBAI vs. ACIT CIRCLE 3(4), MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

1 to section 115JB(2) i.e. expenditure relating to exempt income, when no disallowance ought to have been made while computing book profit u/s 11 the Act, relying on Tribunal decision in appellant's own case for AY 2009-1-10 vide corrigendum order dated 02.04.2008 Addition of interest on Income Tax Refund while computing Book Profits u/s 115JB

RELIANCE INDUSTRIES LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX CIRCLE-3(4), MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

1 to section 115JB(2) i.e. expenditure relating to exempt income, when no disallowance ought to have been made while computing book profit u/s 11 the Act, relying on Tribunal decision in appellant's own case for AY 2009-1-10 vide corrigendum order dated 02.04.2008 Addition of interest on Income Tax Refund while computing Book Profits u/s 115JB

DCIT-3(4), MUMBAI vs. M/S RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

1 to section 115JB(2) i.e. expenditure relating to exempt income, when no disallowance ought to have been made while computing book profit u/s 11 the Act, relying on Tribunal decision in appellant's own case for AY 2009-1-10 vide corrigendum order dated 02.04.2008 Addition of interest on Income Tax Refund while computing Book Profits u/s 115JB

DCIT- 3(4) , MUMBAI vs. M/S RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

1 to section 115JB(2) i.e. expenditure relating to exempt income, when no disallowance ought to have been made while computing book profit u/s 11 the Act, relying on Tribunal decision in appellant's own case for AY 2009-1-10 vide corrigendum order dated 02.04.2008 Addition of interest on Income Tax Refund while computing Book Profits u/s 115JB

M/S UNION BANK OF INDIA,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-(LTU)-2, MUMBAI, MUMBAI

In the result, the appeal of the revenue is dismissed

1)(vii). then if the\namount subsequently recovered on any such debt is greater than the difference\nbetween the debt and the amount so allowed, the excess shall be deemed to be profits\nand gains of business and, accordingly, chargeable to income-tax as the income of\nthe previous year in which it is recovered. In the circumstances, the Assessing

ACIT CIRCLE ,3(4), MUMBAI, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, the appeal of the revenue is dismissed

1)(vii). then if the\namount subsequently recovered on any such debt is greater than the difference\nbetween the debt and the amount so allowed, the excess shall be deemed to be profits\nand gains of business and, accordingly, chargeable to income-tax as the income of\nthe previous year in which it is recovered. In the circumstances, the Assessing

ACIT - 14(2) (2), MUMBAI vs. PFIZER LTD, MUMBAI

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

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Pfizer Limited The Capital, 1802/1901, Acit-14(2)(2) Plot No.C-70, G-Block, 461, 4T H Floor, Aaykar Bhavan Bandra Kurla Complex, Vs. Mumbai-400 020 Bandra (East), Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaacp3334M

disallow the claim of depreciation on the enhanced value of goodwill. We find that the Assessing Officer has not adopted any prescribed or well accepted method for valuation or actual cost of the goodwill in the hands of the assessee but he has doubted the valuation of the tangible assets and was of the view that the assessee has deflated

PFIZER LTD,MUMBAI vs. DCIT - 14(2) (2), MUMBAI

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

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm M/S Pfizer Limited The Capital, 1802/1901, Acit-14(2)(2) Plot No.C-70, G-Block, 461, 4T H Floor, Aaykar Bhavan Bandra Kurla Complex, Vs. Mumbai-400 020 Bandra (East), Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaacp3334M

disallow the claim of depreciation on the enhanced value of goodwill. We find that the Assessing Officer has not adopted any prescribed or well accepted method for valuation or actual cost of the goodwill in the hands of the assessee but he has doubted the valuation of the tangible assets and was of the view that the assessee has deflated

ACIT, CIRCLE -3(4), MUMBAI, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, the appeal of the revenue is dismissed

1)(vii). then if the\namount subsequently recovered on any such debt is greater than the difference\nbetween the debt and the amount so allowed, the excess shall be deemed to be profits\nand gains of business and, accordingly, chargeable to income-tax as the income of\nthe previous year in which it is recovered. In the circumstances, the Assessing

M/S UNION BANK OF INDIA,MUMBAI vs. DCIT, CIRCLE-(LTU) 2, MUMBAI

In the result, the appeal of the revenue is dismissed

1)(vii). then if the\namount subsequently recovered on any such debt is greater than the difference\nbetween the debt and the amount so allowed, the excess shall be deemed to be profits\nand gains of business and, accordingly, chargeable to income-tax as the income of\nthe previous year in which it is recovered. In the circumstances, the Assessing

SWARAN NADHAN SALARIA,MUMBAI vs. DCIT, CENTRAL CIRCLE 1(2), MUMBAI

In the result all appeals of the assesses from AY 2014-15 to AY\n2020-21 are partly allowed

section 271(1)(c) of the Act are fulfilled. In view of\nthe above, the penalty in respect of interest and the excess\ndepreciation is also cancelled. The relevant grounds of the appeal of\nthe assessee are allowed.\n8. The grounds in respect of assessment year 2015-16 are\nreproduced as under:\n1. On the facts and circumstances