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

5. Consequently the order under section 92CA (3) of the act was passed on 31/10/2019 wherein the above adjustment totaling to ₹ 95,843,090 was proposed. 6. The learned assessing officer further examined the corporate tax issue and found that:- i. Assessee has investments, income of which is not forming part of the total income and therefore the expenses

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)

5 of the Compilation). ii) The computation of Total Income for the year ended March 31, 2010, relevant to the Assessment Year 2010-11 has been submitted in the compilation filed (Pages 3&4 of the Compilation). The tonnage tax income of Rs.183.61 crores has been excluded while computing the Business Income in accordance with the provisions of Section 115VF

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)

5 of the Compilation). ii) The computation of Total Income for the year ended March 31, 2010, relevant to the Assessment Year 2010-11 has been submitted in the compilation filed (Pages 3&4 of the Compilation). The tonnage tax income of Rs.183.61 crores has been excluded while computing the Business Income in accordance with the provisions of Section 115VF

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)

5 of the Compilation). ii) The computation of Total Income for the year ended March 31, 2010, relevant to the Assessment Year 2010-11 has been submitted in the compilation filed (Pages 3&4 of the Compilation). The tonnage tax income of Rs.183.61 crores has been excluded while computing the Business Income in accordance with the provisions of Section 115VF

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)

5 of the Compilation). ii) The computation of Total Income for the year ended March 31, 2010, relevant to the Assessment Year 2010-11 has been submitted in the compilation filed (Pages 3&4 of the Compilation). The tonnage tax income of Rs.183.61 crores has been excluded while computing the Business Income in accordance with the provisions of Section 115VF

MACROTECH DEVELOPRS LTD,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 7(3), MUMBAI

The appeal is allowed

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

disallowance under section 14 A of the income tax act of ₹ 54,199,690/– . The brief of the fact shows that during the year the assessee has earned exempt income of ₹ ITA Nos. 2266 & 2239/Mum/2022 Macrotech Developers Ltd; A.Ys. 17-18 & 18-19 8,303,761/–. Assessee disallowed the same sum under section 14 A of the act. The learned

MACROTECH DEVELOPERS LTD.(SUCCESSOR TO BELLISSIMO CROWN BUILDMART PVT LTD.,,MUMBAI vs. DCIT CENTRAL CIRCLE 7(3), MUMBAI

The appeal is allowed

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

disallowance under section 14 A of the income tax act of ₹ 54,199,690/– . The brief of the fact shows that during the year the assessee has earned exempt income of ₹ ITA Nos. 2266 & 2239/Mum/2022 Macrotech Developers Ltd; A.Ys. 17-18 & 18-19 8,303,761/–. Assessee disallowed the same sum under section 14 A of the act. The learned

BARCLAYS BANK PLC,MUMBAI vs. CIT (INTERNATIONAL TAXATION)-RANGE-1, MUMBAI

In the result, the appeal by the assessee stands partly allowed

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

Disallowance related to DSC: The then Joint Commissioner of Income Tax Range 1(2) had given direction u / s 144A vide order dated 13. 12.2016 to verify the derivative Sales Credit (DSC) claim of the assessee. He observed that no evidence or supporting documents has been produced by the assessee Bank before him to establish it's claim that

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

GREAVES COTTON LTD,MUMBAI vs. ASST CIT CIR 6(3), MUMBAI

In the result this ground of appeal

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhgreaves Cotton Ltd. Acit Circle-6(3), Industry Manor, Appasaheb Aayakar Bhavan, M.K. Road, Vs. Marathe Marg, Prabhadevi, Mumbai-400020. Mumbai-400025. Pan: Aaacg2062M Appellant Respondent Greaves Cotton Ltd. Acit Circle-6(3), Industry Manor, Appasaheb Aayakar Bhavan, M.K. Road, Vs. Marathe Marg, Prabhadevi, Mumbai-400020. Mumbai-400025. Pan: Aaacg2062M Appellant Respondent Appellant By : Smt. Arati Vissanji (Advocate) Respondent By : Shri Abbi Rama Karthikey (Dr) Date Of Hearing : 04.06.2019 Date Of Pronouncement : 07.06.2019 Order Under Section 254(1)Of Income Tax Act

253 of the Income-tax Act (‘the Act’) are directed against the assessment order passed under section 143(3) r.w.s. 144C passed in pursuance of direction of ld. Dispute Resolution Panel- 1 (ld. DRP), Mumbai for Assessment Year 2006-07 & 2007-08. In both the appeals, the assessee has raised certain identical grounds of appeal, therefore, both the appeals were

INVENTURUS KNOWLEDGE SERVICES P.LTD,NAVI MUMBAI vs. ITO 5(2)(1), MUMBAI

In the result appeal of the assessee company is partly allowed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: - 2009-10 Inventurus Knowledge Services V. Income Tax Officer Pvt. Ltd. 5(2)(1), C/O. Seren Properties Pvt. Ltd. 525, Aaykar Bhavan, (Sez), Unit No. 204, Build No. 5, M.K. Road, Mindspace Airoli Camp, Plot No. Mumbai - 400 020. 3, Gat No. 95, Kalwa Trans, Thane Creek, Midc Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai – 400 708. Pan/Gir No. Aabck4601P

Section 43(5) of the Act . The CIT(A) held that these mark to market losses are notional losses as the amount of loss will not be known till the forward contract of foreign currency expires and hence the same cannot be allowed as deduction for the purpose of Income Tax Act even though the same may have

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

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, 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, 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 The Great Eastern Shipping Income-Tax, Co. 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)

5. Without prejudice to what is stated in the above Ground Nos. 2 to 4 and in any event, the Appellant submits that the disallowance computed at Rs.7,76,00,000/- is not only erroneous, but also grossly excessive and arbitrary, and the same requires to be reduced substantially. 6. The learned DRP erred in confirming the disallowance of administrative

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

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, 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, 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 The Great Eastern Shipping Income-Tax, Co. 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)

5. Without prejudice to what is stated in the above Ground Nos. 2 to 4 and in any event, the Appellant submits that the disallowance computed at Rs.7,76,00,000/- is not only erroneous, but also grossly excessive and arbitrary, and the same requires to be reduced substantially. 6. The learned DRP erred in confirming the disallowance of administrative

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

253 of Income tax Act are directed against the separate orders of Commissioner (Appeals)- 54, Mumbai for assessment year 2009-10, 2010-11 and 2011-12. The assessee has raised one common ground of appeal in all assessment years, on disallowance under section14A, thus on the request of parties all appeals were clubbed together, heard and are decided by common

ADVANCE CONSTRUCTION CO. P.LTD,MUMBAI vs. DCIT 8(1), MUMBAI

In the result, Ground No.2 is allowed for statistical purpose

Bench: Shri B.R. Baskaran & Shri Pawan Singhm/S Advance Construction Co. P. Dcit-8(1) Ltd. “Kavita” Plot No. 37, 2Nd Aayakar Bhavan, Churchgate, Floor, Vithal Nagar Co-Op. Vs. Mumbai-20. Housing Soc. 11Th Road, Jvpd Scheme, Mumbai -400049. Pan: Aabca0710B Appellant Respondent M/S Advance Construction Co. P. Dcit-8(1) Ltd. “Kavita” Plot No. 37, 2Nd Aayakar Bhavan, Churchgate, Floor, Vithal Nagar Co-Op. Vs. Mumbai-20. Housing Soc. 11Th Road, Jvpd Scheme, Mumbai -400049. Pan: Aabca0710B Appellant Respondent Appellant By : Shri Nirmit Mehta (Ar) Respondent By : Shri Virender Singh (Sr-Dr) Date Of Hearing : 09.05.2018 Date Of Pronouncement : 09.05.2018 Order Under Section 254(1) Of Income–Tax Act Per Pawan Singh; 1. These Two Appeals By Assessee Under Section 253 Of The Income-Tax Act

253 of the Income-tax Act (the Act) are directed against the separate orders of ld. Commissioner of Income-Tax-16 [ld. CIT], Mumbai for Assessment Year 2006-07 dated 12.12.2011 & Assessment Year 2011-12 dated 21.04.2014 respectively. In ITA No. 999/Mum/2012, the assessee has challenged the penalty levied under section 271(1)(c) of the Act. The assessee

STANDARD CHARTERED BANK,MUMBAI vs. DDIT (IT) 2(1), MUMBAI

In the result, the appeal filed by the assessee is partly allowed and appeal filed by the Revenue is dismissed

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

5) of the Act provides that, save as otherwise provided in Section 115JB, all other provisions of the Act shall apply to every company mentioned in the said section. It, therefore, appears that there is no intention of the Legislature to specifically override the provisions of Section 90 of the Act and therefore, by implication, the provisions of applicable

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

Appeal are allowed for statistical purposes

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

disallowance of discount extended on pre-paid cards/recharge vouchers u/s 40(a)(ia) for non-deduction of tax at source. It was brought to our notice that an identical issue was examined by the co-ordinate bench in ITA No.3425/Mum/2014 relating to AY 2009-10 in the case of M/s Vodafone Idea Ltd (As successor to Spice Communications

TATA INTERNATIONAL LTD,MUMBAI vs. ADDL CIT 7(3), MUMBAI

In the result, Ground No. 6 to 9 (additional ground) of

Bench: Shri Pawan Singh & Shri S. Rifaur Rahmantata International Limited, Acit-7(3), Room No. 675, 6Th Floor, Block A, Shivsagar Estates, Dr. Annie Besant Road, Worli, Vs. Aayakar Bhavan, M.K. Road, Mumbai-400018 Mumbai-400020 Pan: Aaact3198F Appellant Respondent Acit-7(3), Tata International Limited, Room No. 675, 6Th Floor, Block A, Shivsagar Estates, Vs. Dr. Annie Besant Road, Worli, Aayakar Bhavan, M.K. Road, Mumbai-400018 Mumbai-400020 Pan: Aaact3198F Appellant Respondent Cross Objection No. 223/Mum/2013 In Ita No. 4451/Mum/2010 Tata International Limited, Acit-7(3), Room No. 675, 6Th Floor, Block A, Shivsagar Estates, Dr. Annie Besant Road, Worli, Vs. Aayakar Bhavan, M.K. Road, Mumbai-400018 Mumbai-400020 Pan: Aaact3198F Appellant Respondent Appellant By : Shri P.J. Pardiwala, Shri Nitesh Joshi, Shri Milin Thakore & Ms. Astha Shah (Ar) Respondent By : Shri A. Mohan (Cit- Dr)

253 of the Income-tax Act (the Act) before the Tribunal, against Order dated 15.03.2010 passed by the Commissioner of Income-tax (Appeals)-15, Mumbai (the CIT(A)), on 28.05.2010. Subsequent thereto, additional grounds have been filed it on 27.01.2016, 10.05.2016 and 19.03.2018. Since, the said grounds could be regarded as argumentative and with a view to place the original