ACIT CEN CIR CIR-34, MUMBAI vs. PRISM CEMENT LTD, MUMBAI

Appeals are disposed of in terms

Bench: Shri Joginder Singh & Shri Rajendra

43A vide Finance Act, 2002. Therefore, the amended section is amendatory and not clarificatory in nature. Conclusion: 35. For reasons given hereinabove, we find no infirmity in the impugned judgments of the Delhi High Court and accordingly the Civil Appeals filed by the Department stand dismissed with no order as to costs.” In view of the aforementioned detailed discussion

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

Bench: us. 2.

disallowance of INR 26.31 Crores under Section 14A of the Act read with Rule 8D(2)(iii) of the Rules sustained by the CIT(A). Ground No. 1 raised by the Assessee is, therefore, allowed and Ground No. 4 raised by the Revenue is dismissed. Additional Ground No. 1 raised by the Assessee 5. By way of Additional Ground

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

disallowance\nof INR 26.31 Crores under Section 14A of the Act read with Rule\n8D(2)(iii) of the Rules sustained by the CIT(A). Ground No. 1 raised\nby the Assessee is, therefore, allowed and Ground No. 4 raised by\nthe Revenue is dismissed.\nAdditional Ground No. 1 raised by the Assessee\n5. By way of Additional Ground

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

Section 43A of the Act. viii) It may also be noted that if there was an exchange loss, the same would never have been allowed as a deduction on revenue account. That being so, such exchange gain written back on cancellation of the vessel construction contracts is a capital receipt not exigible to tax. (ix) The ld.AO has accepted

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)

Section 43A of the Act. viii) It may also be noted that if there was an exchange loss, the same would never have been allowed as a deduction on revenue account. That being so, such exchange gain written back on cancellation of the vessel construction contracts is a capital receipt not exigible to tax. (ix) The ld.AO has accepted

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)

Section 43A of the Act. viii) It may also be noted that if there was an exchange loss, the same would never have been allowed as a deduction on revenue account. That being so, such exchange gain written back on cancellation of the vessel construction contracts is a capital receipt not exigible to tax. (ix) The ld.AO has accepted

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

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

disallowance u/s.14A while computing the\nbook profit u/s.115JB, this issue now stands covered in the\nfavour of the assessee by the decision of the Tribunal in\nassessee's own case in the earlier years whereas the Tribunal\nhas followed the decision of the Special Bench in the case of\nVireet Investments Pvt. Ltd. reported in 82 taxmann.com

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

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

disallowance of interest can be made. Certain other grounds related to foreign exchange gains, TDS credit, and performance guarantees were also decided.", "result": "Allowed", "sections": [ "14A", "115JB", "28(iv)", "41(1)", "43A

ACIT - 4(2)(1), MUMBAI vs. PROGRESSIVE SHARE BROKERS PVT. LTD., MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Acit-4(2)(1), M/S Progressive Share Room No.642, 6Th Floor, Brokers Pvt. Ltd. बनाम/ Aayakar Bhavan, B, 1St Floor, Fort Chambers, Vs. M. K. Road, Homi Modi Cross Street, Mumbai-400020 Off. Hamam Street, Fort, Mumbai-400001 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Aaacp6712H

section 43A. The Assessing Officer disallowed the said loss. The hon'ble Tribunal held that as the loss was in order

ECGC LIMITED,MUMBAI vs. DCIT - CIRCLE-3(1)(2), MUMBAI

In the result, assessee’s appeals are allowed and Revenue’s appeals are dismissed

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

43A of the Act and hence, the same is disallowed for the purpose of computing the profits and gains of any business of insurance. He further held that consequently this expenditure of Rs. 97,83,650/- is treated as disallowed and held as expenditure in relation to exempt income that would attract the provisions of section

ACIT CIRCLE-3(1)(2), MUMBAI vs. EXPORT CREDIT GUARANTEE CORPORATION OF INDIA LTD., MUMBAI

In the result, assessee’s appeals are allowed and Revenue’s appeals are dismissed

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

43A of the Act and hence, the same is disallowed for the purpose of computing the profits and gains of any business of insurance. He further held that consequently this expenditure of Rs. 97,83,650/- is treated as disallowed and held as expenditure in relation to exempt income that would attract the provisions of section

ACIT, CIRCLE - 3 3 1, MUMBAI vs. JAMNAGAR UTILITIES AND POWER PVT LTD, MUMBAI

In the result, both the appeals of the Revenue are allowed\npartly

section 43A, assessee was entitled to adjust\nactual cost of imported assets acquired in foreign currency on\naccount of fluctuation in rate of exchange at each balance-sheet\ndate, pending actual payment of varied liability - Held, Income-tax\nAct, 1961 Foreign currency, rate of Assessment year 1998-99\nWhether amendment Finance Act, 2002 with effect from

ACIT, CIRCLE - 3 3 1, MUMBAI vs. JAMNAGAR UTILITIES AND POWER PVT LTD, MUMBAI

In the result, both the appeals of the Revenue are allowed\npartly

Section 43A, assessee was entitled to adjust\nactual cost of imported assets acquired in foreign currency on\naccount of fluctuation in rate of exchange at each balance-sheet\ndate, pending actual payment of varied liability - Held, Income-tax\nAct, 1961 Foreign currency, rate of Assessment year 1998-99\nWhether amendment Finance Act, 2002 with effect from

DCIT RG 8(2), MUMBAI vs. HEALTH PRIME SERVICES (I) P.LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri G.S.Pannu & Shri Sanjay Gargthe Dcit, Range 8(2), R.No.209, 2Nd Floor, Aaykar Bhavan, Mk Road, Mumbai 400 020 ...... Appellant Vs. M/S. Health Prime Services (India) Pvt. Ltd. 303, Akruti Trade Centre, Road No.7, Marol, Midc, Andheri (East), Mumbai 400093 Pan: Aabch 3697Q .... Respondent

disallowance of unrealized foreign exchange loss of Rs.1 ,35,46,050/ - in respect of the SEZ unit on the ground that section 43A

ASST CIT (LTU) 1, MUMBAI vs. IPCA LABORATORIES LTD, MUMBAI

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

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

disallowed in view of the provision of Section 43(1) of the Act. The learned CIT (A) held that provisions of Section 43A

IPCA LABORATORIES LTD,MUMBAI vs. DCIT LTU, MUMBAI

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

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

disallowed in view of the provision of Section 43(1) of the Act. The learned CIT (A) held that provisions of Section 43A

ACIT CEN CIR 13, MUMBAI vs. IPCA LABORATORIES LTD, MUMBAI

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

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

disallowed in view of the provision of Section 43(1) of the Act. The learned CIT (A) held that provisions of Section 43A

DCIT (LTU) 1, MUMBAI vs. IPCA LABORATORIES LTD, MUMBAI

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

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

disallowed in view of the provision of Section 43(1) of the Act. The learned CIT (A) held that provisions of Section 43A