DCIT 2(2)(2), MUMBAI vs. YES BANK LTD., MUMBAI

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

disallowance under Section 35D of the Act of ₹2,82,80,291/-. c. Deleted disallowance of brokerage paid on acquisition

YES BANK LTD.,MUMBAI vs. DCIT 2(2)(2), MUMBAI

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

disallowance under Section 35D of the Act of ₹2,82,80,291/-. c. Deleted disallowance of brokerage paid on acquisition

YES BANK LIMITED,MUMBAI vs. DCIT - 2(2)(2), MUMBAI

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

disallowance under Section 35D of the Act of ₹2,82,80,291/-. c. Deleted disallowance of brokerage paid on acquisition

DCIT- 2(2)(2), MUMBAI vs. YES BANK LTD., MUMBAI

In the result, appeal filed by the learned assessing officer in ITA number 3238/M/2018 for assessment year 2013 –

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm

disallowance under Section 35D of the Act of ₹2,82,80,291/-. c. Deleted disallowance of brokerage paid on acquisition

DCIT-14(1)(1), MUMBAI vs. BNP PARIBAS SECURITIES INDIA PVT. LTD., MUMBAI

In the result, the appeal of the Revenue is dismissed

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2009-10 Dcit, Circle-14(1)(1), M/S Bnp Paribas Securities India Room No. 432, 4Th Floor, Pvt. Ltd., Aayakar Bhavan, M.K. Road, Vs. 8Th Floor, 1 North Avenue, Maker Mumbai-400020. Maxity Bandra Kurla Complex, Bandra (East)- Mumbai-400051. Pan No. Aadcb 4690 F Appellant Respondent

disallowing the expenditure provisions of section 35D of the Act for disallowing the expenditure provisions of section 35D of the Act for disallowing

INTEGRID MEDIA P.LTD,MUMBAI vs. ITO 8(2)(1), MUMBAI

In the result, assessee’s appeal for A

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

disallowance of deduction claimed under section 35D for the detailed reason recorded therein. Following the said reasoning, we uphold the disallowance

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

TRENT LTD,MUMBAI vs. ADDL. C.I.T.-2(3), MUMBAI

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Trent Ltd., V. Add. Cit – 2(3) Bombay House, 2Nd Floor, 24 Aayakar Bhavan, M.K. Road Homi Mody Street, Fort Mumbai Mumbai – 400 001 Pan: Aaacl1838J (Appellant) (Respondent) Addl. Cit – 2(3) V. M/S. Trent Ltd., Room No. 556, 5Th Floor Bombay House, 2Nd Floor, 24 Aayakar Bhavan, M.K. Road Homi Mody Street, Fort Mumbai - 400 020 Mumbai – 400 001 Pan: Aaacl1838J (Appellant) (Respondent) M/S. Trent Ltd., V. Dy. Cit – 2(3) Bombay House, 2Nd Floor, 24 Aayakar Bhavan, M.K. Road Homi Mody Street, Fort Mumbai Mumbai – 400 001 Pan: Aaacl1838J (Appellant) (Respondent)

section 35D of the Act. The Assessing Officer further observed that these expenses are also not allowable u/s.37(1) of the Act as these expenses incurred on rights issue is a capital expenditure. On appeal the Ld.CIT(A) sustained the disallowance

RIVAARA LABS PRIVATE LIMITED ,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX -3, MUMBAI

In the result, the appeal of the assessee is allowed

section 35D of the Act and disallowing the\nclaim of deduction under section 37(1) of the Act, without appreciating

DCIT-2(3)(1), MUMBAI vs. INDUSIND BANK LTD., MUMBAI

disallowance while completing the assessment\nunder section 143(3) of the Act.\n(i)\n(ii)\n(iii)\n(iv)\n(v)\n(vi)\n(vii)\n(viii)\n(ix)\nDisallowance of ease of expenses\nDisallowance of interest under section 43B r.w.r 6EA\nDisallowance of interest accrued but not due\nDisallowance under section 14A r.w.r 8D\nDisallowance under section 35D

INDUSIND BANK LTD,MUMBAI vs. THE DCIT-2(3)(1), MUMBAI

In the result, the Income Tax Appeal is\ndismissed

section 35D(2)(c)(iv)\nwhich allow amortization of preliminary expenses incurred in connection with the\nissue for "Public Subscription" of shares. The AO disallowed

IDBI BANK LTD.,MUMBAI vs. ACIT (LTU)-2, MUMBAI

In the result this ground of appeal is

Bench: Shri R.C. Sharma & Shri Pawan Singh

disallowances of ₹ 3,12,85,258/- made by AO and also rejecting the claim of amortization in total disregard to the amendment to section 35D

DCIT-2(2)(2), MUMBAI vs. YES BANK LTD., MUMBAI

In the result, both the appeals of the Revenue and assessee he appeals of the Revenue and assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2014-15 Dcit-2(2)(2), M/S Yes Bank Ltd., Room No. 545, 5Th Floor, 9Th Floor, Nehru Centre, Discovery Of Vs. Aayakar Bhavan, India, Dr. Ab Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent Assessment Year: 2014-15 M/S Yes Bank Ltd., Dcit-2(2)(2), 9Th Floor, Nehru Centre, Room No. 545, 5Th Floor, Aayakar Discovery Of India, Dr. Ab Vs. Bhavan, Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent

DISALLOWANCE OF DEDUCTION CLAIMED UNDER SECTION 35D ON EXPENSES INCURRED IN UNDER SECTION 35D ON EXPENSES INCURRED IN UNDER SECTION

YES BANK LIMITED,MUMBAI vs. DCIT - 2(2)(2), MUMBAI

In the result, both the appeals of the Revenue and assessee he appeals of the Revenue and assessee are allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2014-15 Dcit-2(2)(2), M/S Yes Bank Ltd., Room No. 545, 5Th Floor, 9Th Floor, Nehru Centre, Discovery Of Vs. Aayakar Bhavan, India, Dr. Ab Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent Assessment Year: 2014-15 M/S Yes Bank Ltd., Dcit-2(2)(2), 9Th Floor, Nehru Centre, Room No. 545, 5Th Floor, Aayakar Discovery Of India, Dr. Ab Vs. Bhavan, Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent

DISALLOWANCE OF DEDUCTION CLAIMED UNDER SECTION 35D ON EXPENSES INCURRED IN UNDER SECTION 35D ON EXPENSES INCURRED IN UNDER SECTION

ARIES AGRO LTD,MUMBAI vs. DCIT 14(1)(1), MUMBAI

In the result appeal filed by the assessee is dismissed

Bench: Shri G. Manjunatha & Shri Ram Lal Negiita No.557,558 & 559/Mum/2018 (Assessment Year :2008-09,2009-10 & 2010-11) Aries Agro Ltd Vs. Dcit-14(1)(1) Plot No. 24, Aries House 460, Aaykar Bhawan Deonar, Govandi M.K.Road Mumbai-400 043 Mumbai-400 020 Pan/Gir No.Aaaca5035G Appellant) .. Respondent)

disallowances of expenditure claimed u/s 35D, the Ld.CIT(A) observed that explanation (b) to sub section (3) of section 35D

ADDL CIT 7(2), MUMBAI vs. RELIANCE NATURAL RESOURCES LTD, NAVI MUMBAI

In the result, the appeal is allowed

Bench: Shri Jason P. Boaz & Shri Saktijit Deyreliance Natural Resources Ltd. Addl. Cit, Range 7(2) H Block, 1St Floor, Dhirubhai Room No. 620, 6Th Floor Vs. Ambani Knowledge City Aayakar Bhavan Navi Mumbai 400710 M.K. Road, Mumbai 400020 Pan - Aabcr7656P Appellant Respondent Addl. Cit, Range 7(2) Reliance Natural Resources Ltd. Room No. 620, 6Th Floor H Block, 1St Floor, Dhirubhai Vs. Aayakar Bhavan Ambani Knowledge City M.K. Road, Mumbai 400020 Navi Mumbai 400710 Pan - Aabcr7656P Appellant Respondent

disallowed. On appeal, the learned CIT(A) held that the FCCBs are in the nature of debentures and unsecured loans and hence the expenditure incurred for issue of FCCBs is allowable deduction under section 37(1) of the Act. 11.3 Before us, the learned A.R. for the assessee reiterated the facts of the matter on this issue as laid

RELIANCE NATURAL RESOURCES LTD,NAVI MUMBAI vs. ADDL CIT RG 7(2), MUMBAI

In the result, the appeal is allowed

Bench: Shri Jason P. Boaz & Shri Saktijit Deyreliance Natural Resources Ltd. Addl. Cit, Range 7(2) H Block, 1St Floor, Dhirubhai Room No. 620, 6Th Floor Vs. Ambani Knowledge City Aayakar Bhavan Navi Mumbai 400710 M.K. Road, Mumbai 400020 Pan - Aabcr7656P Appellant Respondent Addl. Cit, Range 7(2) Reliance Natural Resources Ltd. Room No. 620, 6Th Floor H Block, 1St Floor, Dhirubhai Vs. Aayakar Bhavan Ambani Knowledge City M.K. Road, Mumbai 400020 Navi Mumbai 400710 Pan - Aabcr7656P Appellant Respondent

disallowed. On appeal, the learned CIT(A) held that the FCCBs are in the nature of debentures and unsecured loans and hence the expenditure incurred for issue of FCCBs is allowable deduction under section 37(1) of the Act. 11.3 Before us, the learned A.R. for the assessee reiterated the facts of the matter on this issue as laid