ACIT, MUMBAI vs. ANILKUMAR JAGDISHRAJ SETH , MUMBAI

In the result, the appeal of the Revenue is dismissed whereas

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2018-19 Acit, Anil Kumar Jagdishraj Seth, 506, 5Th Floor, Piramal Flat No. 1201, Jeevan Satya Co-Op. Vs. Chamber, Lalbaug, Parel, Housing Society, 15Th Road, Plot No. Mumbai-400012. 411, Bandra (W), Mumbai-400050. Pan No. Aobps 8150 E Appellant Respondent

section 50C, which was introduced by way of Finance Act, 2018 introduced by way of Finance Act, 2018 and whether same and whether same would be applicable retrospectively. be applicable retrospectively. In the case the stamp duty value has mp duty value has been substituted by the value estimated by the department valuer. been substituted by the value estimated

GOBINDRAM JAGDISH KAKWANI,MUMBAI vs. ITO INTERNATIONAL TAXATION WARD 3(1)(1), MUMBAI

In the result, appeal filed by the assessee partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon’Blegobindram Jagdish Kakwani Vs. Ito (It)- Ward 3(1)(1) C/O Gulabani & Co. Ca, Air India Building 507, 5Th Floor, Shree Prasad House Nariman Point 35Th Road, Off Linking Road Mumbai-400021 Bandra (West), Mumbai- 400050 Pan: Awopk5474C (Appellant) (Respondent)

50C valuation), when the D.V.O had valued it at Rs.55,32,000/- which was accepted by the assessee and the IT.O Int tax Ward 3(1)(1), Mumbai has also passed rectification order u/s 154 of the I.T. Act, 1961, accepting the value passed by the DVO as the sale consideration amount for calculation of capital gains. Hence, the sale

JEWELEX INDIA PRIAVTE LIMITED,MUMBAI vs. DCIT CIRCLE-14(1)(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankarjewelex India Private V/S. Deputy Commissioner Of Limited बनाम Income Tax, Circle – 401 Trade Centre, Bandra 14(1)(1), Aayakar Bhavan, Kurla Complex, Bandra Maharishi Karve Marg, (East), Mumbai – 400 098, Mumbai – 400 020, Maharashtra Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aabcj4523H Appellant/अपीलार्थी .. Respondent/प्रतिवादी

section 50C can't be extended to the facts of the case, accordingly, we set aside the finding of the ld. CIT(A) on the issue in dispute and we delete the disallowance made by the lower authorities. Ground no. 1

JOSEPH MUDALIAR,MUMBAI vs. DCIT CC 4 (3), MUMBAI

In the result, appeal is partly allowed

Bench: Shri Saktijit Dey () & Shri S. Rifaur Rahman ()

50C(1) by way of third proviso and section 56(2)(x)(b)(B) would apply prospectively or retrospectively. The issue is no more res integra in view of a number of decisions of different benches of the Tribunal. The Tribunal has consistently expressed the view that since the aforesaid amendments made by Finance Act, 2018 with effect from

ACIT -893) (1) , MUMBAI vs. M/S. TRIPLE SECURITIES PVT. LTD, MUMBAI

disallowance of interest expenditure of INR 1,55,42,291/-. 4. Being aggrieved, the Assessee preferred appeal before CIT(A). The CIT(A) granted relief to the Assessee, vide order dated 30.12.2018, by deleting the above addition/disallowance made by the Assessing Officer. 5. Now the Revenue is in appeal before us against the order passed

HBS VIEW PRIVATE LIMITED,MUMBAI vs. PR. COMMISSIONER OF INCOME TAX - 8, MUMBAI

In the result, appeal of the revenue is dismissed

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Sandeep Singh Karhail, Hon’Ble

1. "On facts and circumstances of the case and in law, the learned CIT(A) erred in deleting the disallowance of Rs. 76,66,066/- made by the Assessing Officer, which was related to the excess interest claimed by the assessee under Section 24(b) of the Income Tax Act and the interest claimed was not exclusively linked

RELIANCE INDUSTRIES LTD.,MUMBAI vs. ACIT CIRCLE 3(4), MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

1) of the Act. The assessee had challenged the same and in the earlier paragraphs, we have restored this issue to the file of the AO with certain directions. Accordingly, we are of the view that the decision rendered will take care of the ground urged by the revenue on this issue in both the years. 41 Reliance Industries

DCIT- 3(4) , MUMBAI vs. M/S RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

1) of the Act. The assessee had challenged the same and in the earlier paragraphs, we have restored this issue to the file of the AO with certain directions. Accordingly, we are of the view that the decision rendered will take care of the ground urged by the revenue on this issue in both the years. 41 Reliance Industries

RELIANCE INDUSTRIES LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX CIRCLE-3(4), MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

1) of the Act. The assessee had challenged the same and in the earlier paragraphs, we have restored this issue to the file of the AO with certain directions. Accordingly, we are of the view that the decision rendered will take care of the ground urged by the revenue on this issue in both the years. 41 Reliance Industries

DCIT-3(4), MUMBAI vs. M/S RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

1) of the Act. The assessee had challenged the same and in the earlier paragraphs, we have restored this issue to the file of the AO with certain directions. Accordingly, we are of the view that the decision rendered will take care of the ground urged by the revenue on this issue in both the years. 41 Reliance Industries

AXIA INFOSERVE LLP,MUMBAI vs. NATIONAL E-ASSESSMENT CENTRE, , DELHI

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleaxia Infoserve Llp V. Additional/Joint/Dy/Acit 16Th Floor, Tower 2A National E-Assessment Centre One Indiabulls Centre Delhi Senapati Bapat Road, Elphinstone Road Mumbai- 400013 Pan: Abifa7158G (Appellant) (Respondent) Assessee Represented By : Shri Nitesh Joshi Department Represented By : Shri Minal Kamble

1), by inserting the third proviso thereto and by enhancing the tolerance band for variations between the stated sale consideration vis-à-vis stamp duty valuation to 10%, are curative in nature, and, therefore, these provisions, even though stated to be prospective, must be held to relate back to the date when the related statutory provision of Section 50C

NUTRELA MARKETING P. LTD,MUMBAI vs. ITO 7(1)(1), MUMBAI

In the result the appeal filed by the assessee dismissed

Bench: Smt. Beena Pillai () & Shri Omkareshwar Chidara ()

1) and subsequently, the return was selected for scrutiny and notice u/s.143(2) was issued to the assessee 4. The Ld.AO noted that the assessee claimed bad debts of Rs.18,99,714/-. As the assessee could not substantiate the evidences in respect of the same the Ld.AO disallowed the claim of the assessee. 4.1 The Ld.AO further observed that

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

50C is even applicable making retrospective application to section 43CA of the Act as well. The ld. A.R was unable to place on record before us any direct decision where the first proviso of section 43CA which has been brought into effect from 1-4-2021 was held to be applicable retrospectively. In such scenario, we place reliance

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

50C is even applicable making retrospective application to section 43CA of the Act as well. The ld. A.R was unable to place on record before us any direct decision where the first proviso of section 43CA which has been brought into effect from 1-4-2021 was held to be applicable retrospectively. In such scenario, we place reliance

LARSEN & TOUBRO LTD,MUMBAI vs. DCIT RG 2(2), MUMBAI

1 to letter no. TAX/5094/L&T/2005-CIT(A) dt. 02.12.2009 instead of correct disallowance amount of Rs. 411.67 Lacs. The copies of contract with client and the relevant Schedule 2 indicating the contract value were submitted.” However, the above submissions did not find favour with the CIT(A) 67. who agreed with TPO/Assessing Officer and vide order, dated 12/08/2013, inter alia

ACIT-CC-7(3), MUMBAI vs. MANGALPRABHAT GUMANMAL LODHA , MUMBAI

In the result, appeal of the revenue is dismissed

disallowed.\n4. 1. Proceeding further, the AO found that the assessee has purchased\nflat at 18th Floor in Lodha Costerja and on perusal of the details, the AO\nfound that the agreement value of the property is Rs.40,50,00,000/-\nwhereas the stamp duty value u/s 50C is Rs.43,76,58,000/-. The AO\naccordingly added Rs.3

HDFC BANK LIMITED (AS SUCCESSOR TO HDFC LTD),MUMBAI vs. DCIT 2(3)(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

1,90,71,877 | 9,35,97,716 Balance | 1,07,00,927 | 48,99,651 Less: Net charge for the year | 1,07,00,927 | 48,99,651 Add: Options exercised | 3,01,95,155 | 9,35,97,716 Less: Utilised during the year | 7,24,53,947 | 2,68,76,000 Less: Used for issue of Bonus Shares

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

1. Fact of the matter is that assessee credited an amount of Rs.48,04,720/- to its profit and loss account based on consistent practice followed by it towards lease equalisation account. According to the assessee, lease equalisation account is relevant only for the purpose of accounting which is based on method of accounting followed by it year on year