DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX-CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

disallowance of claim for weighted deduction with reference to expenditure of Rs. 2,79,380. with reference to expenditure of Rs. 2,79,380. 2. On the facts and in the circumstances of the case and in law, both 2. On the facts and in the circumstances of the case and in law, both 2. On the facts

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

disallowance of claim for weighted deduction with reference to expenditure of Rs. 2,79,380. with reference to expenditure of Rs. 2,79,380. 2. On the facts and in the circumstances of the case and in law, both 2. On the facts and in the circumstances of the case and in law, both 2. On the facts

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are In the result, the appeals filed by the assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

disallowance of claim for weighted deduction with reference to expenditure of Rs. 2,79,380. with reference to expenditure of Rs. 2,79,380. 2. On the facts and in the circumstances of the case and in law, both 2. On the facts and in the circumstances of the case and in law, both 2. On the facts

UTILITY SUPPLY PRIVATE LIMITED,MUMBAI vs. DCIT CENTRAL CIRCLE 8(4) MUMBAI, MUMBAI

In the result, the appeal filed by the Assessee is allowed

disallowance of shares of\nprivate companies only but not to “any property” as mentioned in the\nsection 56(2)(vii) of the Act. Further, the non-applicability\nclause is also very clear in both the sections. Beside the above,\nthe explanation applicable for section 56(2)(via) of the Act is only\nrelated to “fair market value” as described

OMNI ACTIVE HEALTH TECHNOLOGIES LIMITED,MUMBAI vs. ADDL/JT/DY/ASST/CIT/ITO/NFAC, DELHI

Section 35(2AB) of the Act. [Ground No. 2 to 2.5] (c) Disallowance of INR 2,00,201/- under section

ASIAN PAINTS LIMITED,SANTACRUZ vs. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI

section 35(2AB) r.w.s. 35(3) mandated that expenditure on scientific research on in-house R & D facility be approved by the prescribed authority both before and after the amendment to the Income Tax Rules. This will be evident from the three case laws, listed in Para 2 of this submission. 5. In view of the above discussion

DY. CIT CIRCLE 3(4), MUMBAI, MUMBAI vs. ASIAN PAINTS LTD, MUMBAI

In the result, appeals filed by assessee and Revenue for A

Bench: IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

section 35(2AB) r.w.s. 35(3) mandated that expenditure on scientific research on in-house R & D facility be approved by the prescribed authority both before and after the amendment to the Income Tax Rules. This will be evident from the three case laws, listed in Para 2 of this submission. 5. In view of the above discussion

JEEVANDEEP EDUMEDIA PRIVATE LIMITED,MUMBAI vs. PRINCIPLE CIT-6, MUMBAI

In the result, the a In the result, the appeal of the assessee is stands allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2020-21 Jeevandeep Edumedia Pvt. Ltd., Pr. Cit-6, 1St Floor, Sun Paradise Business 501,5Th Floor, Aayakar Bhavan, Plaza, Senapati Bapat Marg, Vs. Maharishi Karve Road, Lower Parel (West), Mumbai-400020. Mumbai-400013. Pan No. Aabcj 0180 G Appellant Respondent

disallowance, as under; Prior to 2013 either by the company or group companies, some Prior to 2013 either by the company or group companies, some Prior to 2013 either by the company or group companies, some of the voluntary of the voluntary CSR activities undertaken by the company / CSR activities undertaken by the company / group like public welfare scheme

INCOME TAX OFFICER , MUMBAI vs. IDBI STAFF CO-OPERATIVE CREDIT SOCIETY LTD , MUMBAI

In the result, all the appeals in ITA Nos

disallowing the claim made by the assessee U/s.\n80P(2)(a)(i) of the Act. We have perused the ratio laid down by the\nHon'ble Apex Court in the case of M/s. Totgars Cooperative Sale Society\nLtd (supra) and found that in that case the society is engaged in\nmarketing of the agricultural produce by its members

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

In the result, appeals of the assessee are allowed and appeals of the Revenue are dismissed

35,619/- as indirect administrative expenditure under clause 2(iii) of Rule 8D, being the amount computed @0.5% of the average value of investments held by the assessee. Hence, the aggregate disallowance under Section

MARKSANS PHARMA LTD,MUMBAI vs. CIT (APPEALS), NFAC, MUMBAI

In the result, the appeal by the assessee is allowed

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

2) of section 288 of the Income-tax Act, 1961. (d) Assets acquired in respect of development of scientific research and development facility shall not be disposed off without the approval of the Secretary, Department of Scientific and Industrial Research" 9. Firstly, the basis on which the disallowance of Rs. 212.85 lakh under section 35

ASIAN PAINTS LIMITED,SANTACRUZ vs. ASSISTANT COMMISSIONER OF INCOME TAX, LTU CIRCLE 1, CUFFE PARADE

In the result, appeals filed by assessee and Revenue for\nA

2) of section 288 of\nthe Income-tax Act, 1961;\n13. It is not in dispute that assessee had submitted Form 3CL\nwith DSIR which is an agreement as envisaged u/s. 35(2AB)(3) of\nthe Act and said facility was duly approved by DSIR in Form\n3CL. Assessee has also complied with the requirement under the\nAct and applicable

ACIT-CIRCLE-5(3)(2), MUMBAI vs. M/S GREAT EASTERN SHIPPING CO. LTD., MUMBAI

In the result, appeals of the assessee are allowed and appeals of the Revenue are dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI S.RIFAUR RAHMAN (Accountant Member)

35,619/- as indirect administrative expenditure under clause 2(iii) of Rule 8D, being the amount computed @0.5% of the average value of investments held by the assessee. Hence, the aggregate disallowance under Section

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

In the result, appeals of the assessee are allowed and appeals of the Revenue are dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI S.RIFAUR RAHMAN (Accountant Member)

35,619/- as indirect administrative expenditure under clause 2(iii) of Rule 8D, being the amount computed @0.5% of the average value of investments held by the assessee. Hence, the aggregate 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

35,861/- (iii) Disallowance of prior period expenses - Rs. 7,50,558/- (iv) Difference in TDS information - Rs. 72,254/- (v) Disallowance of commission - Rs. 1,07,47,659/- 3. Aggrieved the assessee filed further appeal before the CIT(A). The CIT(A) gave partial relief towards the disallowance made under section 14A r.w.r. 8D and confirmed the other additions/disallowances

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

35,861/- (iii) Disallowance of prior period expenses - Rs. 7,50,558/- (iv) Difference in TDS information - Rs. 72,254/- (v) Disallowance of commission - Rs. 1,07,47,659/- 3. Aggrieved the assessee filed further appeal before the CIT(A). The CIT(A) gave partial relief towards the disallowance made under section 14A r.w.r. 8D and confirmed the other additions/disallowances

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

35,861/- (iii) Disallowance of prior period expenses - Rs. 7,50,558/- (iv) Difference in TDS information - Rs. 72,254/- (v) Disallowance of commission - Rs. 1,07,47,659/- 3. Aggrieved the assessee filed further appeal before the CIT(A). The CIT(A) gave partial relief towards the disallowance made under section 14A r.w.r. 8D and confirmed the other additions/disallowances

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 of direct expenses as provided under Rule 8D(2)(i) and the interest expenses under Rule 8D(2)(ii). The dispute is with regard to administrative expenses only as prescribed under Rule 8D(2)(iii). We have noted that the assessee has claimed investment in its group companies for strategic purpose on which no other expenses or administrative expenses