VIDHI ENTERPRISES,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, MUMBAI

In the result, the appeal of the assessee is partly allowed for In the result, the appeal of the assessee is partly allowed for statistical purposes whereas appeal of the Revenue is dismissed

Bench: Shri Om Prakash Kant () Before Shri Om Prakash Kant () Before Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Shri Sandeep Singh Karhail () Shri Sandeep Singh Karhail ()

50C shall, so far as may be, apply in relation to determination of the value shall, so far as may be, apply in relation to determination of the value shall, so far as may be, apply in relation to determination of the value adopted or assessed or assessable under adopted or assessed or assessable under sub-section (1) (3) Where

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

Section 56(2)(vii)(b)(ii) w.e.f. 1st April 2021, which further clarified the scope of the provisions relating to the taxation of the difference between the stamp duty value and the actual consideration, particularly in cases involving specified transactions. The addition of Rs. 3,26,58,000/- is in line with the statutory provisions and should have been upheld

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

section 50C will not be invoked.” 15. Respectfully following the above said decision, we are also inclined to accept that the amendment brought by the Finance Act, 2018 which is curative in nature and the effective rate of tolerance limit of 5% is applicable for the current Assessment Year also. Accordingly, the relief of 5% is extended to the current

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

2)(a) since the value assessed by the stamp\nvaluation authorities exceeded the fair market value of the property as\nshown in the approved valuer's report.He did not appreciate that Section\n50C does not apply to sale of assets forming part of Block of Assets.\nProvisions of section 50 as well a section 50C are mutually disjoint\nprovisions

DY. COMMISSIONER OF INCOME TAX(E)-2(1), MUMBAI, CUMBALA HILL, MUMBAI vs. THE GEM AND JEWELLERY EXPORT PROMOTION COUNCIL, MUMBAI

50C amount to Rs.79,62,000/- which works out total amount to Rs.17,33,88,833/-. Being aggrieved, the assessee filed an appeal before the Ld.CIT(A). After considering the assessee's submission, the exemption under section 11 is considered and the entire addition is deleted. Ld. CIT(A) has considered the Proviso to section 2(15) as argued

DY. COMMISSIONER OF INCOME TAX (E) -2(1), MUMBAI, CUMBALA HILL vs. THE GEM AND JEWELLERY EXPORT PROMOTION COUNCIL, MUMBAI

In the result, appeals of the revenue in ITA nos

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

50C amount to Rs.79,62,000/- which works out total amount to Rs.17,33,88,833/-. Being aggrieved, the assessee filed an appeal before the Ld.CIT(A). After considering the assessee’s submission, the exemption under section 11 is considered and the entire addition is deleted. Ld. CIT(A) has considered the Proviso to section 2(15) as argued

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

In the result, appeal of the revenue is dismissed

Section 56(2)(vii)(b)(ii) w.e.f. 1st April 2021,\nwhich further clarified the scope of the provisions relating to the taxation of the\ndifference between the stamp duty value and the actual consideration, particularly\nin cases involving specified transactions. The addition of Rs.3,26,58,000/- is in line\nwith the statutory provisions and should have been upheld

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

2 to Section 37(1) of the Act by Finance Act, 2014 w.e.f01.04.2015. However, there is no such Ericsson India Global Services Pvt. Ltd. v. DCIT corresponding amendment to section 80G of the Act. Only condition for claiming deduction under section 80G of the Act as per the existing provision is the institute to which donation is made must have

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

disallowable item and added back to its profit before tax for computing total income in the earlier years. In the year under consideration, balance in the lease equalisation account is a credit balance at the year end. For this credit balance, assessee reduced the same from the profits while computing total income for the year. However, ld. Assessing Officer denied

ADDL CIT RG 1(1), MUMBAI vs. HDFC LTD, MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

disallowable item and added back to its profit before tax for computing total income in the earlier years. In the year under consideration, balance in the lease equalisation account is a credit balance at the year end. For this credit balance, assessee reduced the same from the profits while computing total income for the year. However, ld. Assessing Officer denied

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

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

disallowable item and added back to its profit before tax for computing total income in the earlier years. In the year under consideration, balance in the lease equalisation account is a credit balance at the year end. For this credit balance, assessee reduced the same from the profits while computing total income for the year. However, ld. Assessing Officer denied

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

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

disallowable item and added back to its profit before tax for computing total income in the earlier years. In the year under consideration, balance in the lease equalisation account is a credit balance at the year end. For this credit balance, assessee reduced the same from the profits while computing total income for the year. However, ld. Assessing Officer denied

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

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

2 is against 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

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

2 is against 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

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

2 | As at \nMarch 31, 2004 | As at \nMarch 31, 2005 \nRupees | Rupees | Rupees \n---|---|---\nSPECIAL RESERVE No. I | 194,35,94,700 | 934,35,94,700\nLess: Transfer to Provision for Contingencies | 50,00,00,000 | 40,00,00,000 \nSPECIAL RESERVE No. II | 144,35,94,700 | 194,35,94,700 \nOpening Balance

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)

2. (a)The CIT(A) erred in disallowing exemption u/s 54F on grounds that the investment made for claiming sec 54F exemption was not made from the sale consideration received on sale of the old property. All the conditions of the Section 54F of the Inc Tax Act, 1961 have been met by the Assessee. The assessee has made

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

section, Assessing Officer has no power to bifurcate on \npro-rata basis and deduct a part of it from the gross dividend income. \nThere is no scope for any estimation of expenditure and hence no scope \n54 \nHDFC Bank Ltd. \nITA No.4315/MUM/2007 and Ors. \nAYs 2002-03 to 2020-21 \nfor allocation of notional expenditure. The deductions contemplated are \nthe