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

1,97,54,77,395/- proposed in the Draft Assessment Order) in respect of roaming charges. 6.3. Being aggrieved, the Assessee has carried the issue in appeal before the Tribunal. 6.4. We have considered the rival submissions and perused the material on record. 6.5. We note that in the identical facts and circumstances, the Tribunal has, vide order dated 08/11/2023

HINDUSTAN PETROLEUM CORP LTD,MUMBAI vs. DCIT 1(1)(2), MUMBAI

Bench: us. 2.

253 to 257/Mum/2021), the aforesaid order, dated 15/02/2021, was recalled as the Assessee had failed to make payment of tax amount. In the above background the appeals came up for hearing before us. Assessment Year 2014-15 2. We would first take up three appeals pertaining to the Assessment Year 2014-15. 2.1. ITA No. 3195/Mum/2019 preferred by the Assessee

TATA CHEMICALS LTD.,MUMBAI vs. DY CIT 2 (3)(1), MUMBAI

253/- u/s 14A of\nthe Act.\n3. Disallowance of Deduction u/s 80(IA) in respect of captive power\nplant:- Rs. 40,04,53,625/-\nThe learned Assessing Officer erred in disallowing the deduction u/s\n80(IA) of Rs. 40,04,53,625/-\nin respect of the captive power plant\nby relying on the orders

DCIT-1(1)(2), MUMBAI vs. M/S HINDUSTAN PETROLEUM CORPORATION LTD., MUMBAI

253 to\n257/Mum/2021), the aforesaid order, dated 15/02/2021, was\nrecalled as the Assessee had failed to make payment of tax amount.\nIn the above background the appeals came up for hearing before\nus.\n2.\n Assessment Year 2014-15\n2.1. We would first take up three appeals pertaining to the Assessment\nYear 2014-15.\nITA No. 3195/Mum/2019 preferred

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

253. The Hon’ble Delhi High Court had ble Delhi High Court had ruled that, in absence of any exempt income, disallowance u/s ruled that, in absence of any exempt income, disallowance u ruled that, in absence of any exempt income, disallowance u 14A of the Act of any amount was not permissible. In arriving

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).

Section 43B of the Act was inserted by the Finance Act, 1987 with effect from 01/04/1988. The First Proviso made it clear that Section 43B shall not apply in relation to any sum which is actually paid by the assessee in the next accounting year if it is paid on or before the due date for furnishing the return

M/S. HOUSING DEVELOPMENT FINANCE CORP. LTD.,MUMBAI vs. DCIT CIR. 1(1), MUMBAI

section\n14A of the Act by making such disallowance also in respect of income from tax\nfree bonds (refer Ground Nos. 4.1 and 4.3 of the Concise Grounds of Appeal).\nf) Whether the ld. CIT(A) was justified in confirming the addition of Rs.5 crores\ntowards receipt of non-compete fees when it was taxable neither as revenue re-\nceipt

DCIT-3(4), MUMBAI vs. M/S UNION OF BANK OF INDIA, MUMBAI

1-4-2013, that is, from\n assessment year 2013-14 onwards, are not applicable to the banks constituted\nas 'corresponding new bank' in terms of the Banking Companies (Acquisition\nand Transfer of Undertakings) Act, 1970 and therefore, the provision of\nSection 115JB cannot be applied and consequently, the tax on book profits\n(MAT) are not applicable to such

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

disallowance made by the AO.”\n16.2 Respectfully following the decision of the coordinate bench, ground No. 1\nis dismissed.\n17.\nGround No. 2 relates to the deletion of doubtful debts as per\nRule 6EA.\n17.1 An identical issue was decided by the coordinate bench in the assessee's\nown case in ITA No. 1819/Mum/2023. The relevant findings read as under

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

In the result, the appeal of the revenue is dismissed

disallowance made by the AO.”\n16.2 Respectfully following the decision of the coordinate bench, ground No. 1\nis dismissed.\n17.\nGround No. 2 relates to the deletion of doubtful debts as per\nRule 6EA.\n17.1 An identical issue was decided by the coordinate bench in the assessee's\nown case in ITA No. 1819/Mum/2023. The relevant findings read as under

ACIT 6(3), MUMBAI vs. GRASIM INDUSTRIES LTD, MUMBAI

Section\n43B shall not apply in relation to any sum which is actually paid by\nthe assessee in the next accounting year if it is paid on or before\nthe due date for furnishing the return of income in respect of the\nprevious year in which the liability to pay such sum was incurred\nand the evidence of such payment

THE DY CIT CIR 1(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPN LTD., MUMBAI

In the result, the three appeals by the Revenue are partly\nallowed

section\n14A of the Act by making such disallowance also in respect of income from tax\nfree bonds (refer Ground Nos. 4.1 and 4.3 of the Concise Grounds of Appeal).\nf) Whether the ld. CIT(A) was justified in confirming the addition of Rs.5 crores\ntowards receipt of non-compete fees when it was taxable neither as revenue re-\nceipt

THE DY CIT CIR 1(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPN LTD, MUMBAI

In the result, the three appeals by the Revenue are partly\nallowed

section\n14A of the Act by making such disallowance also in respect of income from tax\nfree bonds (refer Ground Nos. 4.1 and 4.3 of the Concise Grounds of Appeal).\nf) Whether the ld. CIT(A) was justified in confirming the addition of Rs.5 crores\ntowards receipt of non-compete fees when it was taxable neither as revenue re-\nceipt

M/S. HOUSING DEVELOP,MENT FINANCE CORPN. LTD,MUMBAI vs. THE ADDL CIT RG-1(1), MUMBAI

In the result, the three appeals by the Revenue are partly\nallowed

section\n14A of the Act by making such disallowance also in respect of income from tax\nfree bonds (refer Ground Nos. 4.1 and 4.3 of the Concise Grounds of Appeal).\nf) Whether the ld. CIT(A) was justified in confirming the addition of Rs.5 crores\ntowards receipt of non-compete fees when it was taxable neither as revenue re-\nceipt

M/S. HOUSING DEVELOP,MENT FINANCE CORPN. LTD,MUMBAI vs. THE ADDL CIT RG 1(1), MUMBAI

section\n14A of the Act by making such disallowance also in respect of income from tax\nfree bonds (refer Ground Nos. 4.1 and 4.3 of the Concise Grounds of Appeal).\nf) Whether the ld. CIT(A) was justified in confirming the addition of Rs.5 crores\ntowards receipt of non-compete fees when it was taxable neither as revenue re-\nceipt

DCIT CIR 1(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPN. LTD., MUMBAI

In the result, the three appeals by the Revenue are partly\nallowed

section\n14A of the Act by making such disallowance also in respect of income from tax\nfree bonds (refer Ground Nos. 4.1 and 4.3 of the Concise Grounds of Appeal).\nf) Whether the ld. CIT(A) was justified in confirming the addition of Rs.5 crores\ntowards receipt of non-compete fees when it was taxable neither as revenue re-\nceipt

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

In the result, the appeal of the revenue is dismissed

253 taxaman 401)\nwhere it is held that even in case where the provisions of section 43B are not\napplicable interest on bad and doubtful debits have to be taxed only in accordance\nwith RBI Guidelines. The AO did not accept the submissions of the assessee to hold\nthat the when the assessee is maintaining books of account on accrual

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

In the result, the appeal of the revenue is dismissed

section 43D of the Act in the case of\nSchedule Bank income by way of interest in relation to prescribed categories of bad\nor doubtful debts shall be chargeable to tax having regard the Guidelines issued by\nthe RBI either in the year in which it is credited to the P&L A/c or in which actually\nPage | 35\nITA