25FPS MEDIA PVT. LTD.,MUMBAI vs. ITO ,RANGE -6(3)(1), MUMBAI

In the result, the appeal filed by the assessee is hereby allowed and the appeal filed by the revenue is hereby dismissed

Bench: Shri Amarjit Singh, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No. 2798/Mum/2018 (निर्धारण वर्ा / Assessment Year:2012-13) Ito, Range-6(3)(1) बिधम/ 25Fps Media Pvt. Ltd. Room No.524, 5Th Floor, 18Th Floor, Marathon Futurex, Vs. Aayakar Bhavan, Mumbai- N. M. Joshi Marg, Lower 400020. Parel, Mumbai-400013. & आयकर अपील सं/ I.T.A. No. 3085/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) बिधम/ 25Fps Media Pvt. Ltd. Ito, Range-6(3)(1) 18Th Floor, Marathon Futurex, Room No.524, 5Th Floor, Vs. N. M. Joshi Marg, Lower Aayakar Bhavan, Mumbai- Parel, Mumbai-400013. 400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacz2076J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Percy Pardiwala & Madhur Aggarwal Revenue By: Shri Achal Sharma (Dr) सुनवाई की तारीख / Date Of Hearing: 27/01/2022 घोषणा की तारीख /Date Of Pronouncement: 02/03/2022 आदेश / O R D E R Per Amarjit Singh (Jm): The Assessee As Well As Revenue Have Filed The Above Mentioned Appeals Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2012-13. Ita. No.2798/Mum/2018 2. The Revenue Has Filed The Present Appeal Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai Relevant To The A.Y.2012-13. 3085/M/2018 A.Y. 2012-13 3. The Revenue Has Raised The Following Grounds: -

56(vii) etc. It was also held that as per the provisions of law prevailing during the year under consideration, the gift received by one corporate body from another corporate bodies do not come under the ambit of income as contemplated under section 2(24) or any other provisions of the Act. While referring and following the decision

JAI JALARAM CO-OPERATIVE CREDIT SOCIETY LIMITED,MUMBAI vs. THE INCOME TAX OFFICER, WARD 29(1)(5), MUMBAI

In the result appeal of the assessee is allowed partly for esult appeal of the assessee is allowed partly for esult appeal of the assessee is allowed partly for statistical purpose

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant () Assessment Year: 2015-16 Jai Jalaram Co-Operative Credit The Ito Ward 29(1)(5), Society Ltd., Kautilya Bhavan, Bandra Kurla Vs. Shop No. -2 Ground Floor, Shop Complex, No. -2 Ground Floor, Mulund Mumbai-400051. Siddhivinayak C.H.S. Near Punjab National Bank Zaver Road, Mulund West, Mumbai-400080. Pan No. Aaaaj 2603 B Appellant Respondent

56(c)(ccv) of part V of the Banking Regulation Act and is a co the Banking Regulation Act and is a co-operative bank and since operative bank and since assessee is covered within the purvie assessee is covered within the purview of a primary co mary co-operative bank, the provisions o , the provisions of section

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)

56,326/- have been excluded while computing the business income in accordance with the provisions of Section 115V-I of the Act and the tax is paid of income computed in accordance with the provisions of Section 115V-I of the Act based on the tonnage of the ships operated by the assessee company. Accordingly, the gross receipts

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)

56,326/- have been excluded while computing the business income in accordance with the provisions of Section 115V-I of the Act and the tax is paid of income computed in accordance with the provisions of Section 115V-I of the Act based on the tonnage of the ships operated by the assessee company. Accordingly, the gross receipts

GOLD COIN APARTMENTS CO OPERATIVE HOUSING SOCIETY LTD ,MUMBAI vs. ITO WARD 22(1)(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI OMKARESHWAR CHIDARA (Accountant Member)

56 is that a primary co-operative bank cannot be a primary agricultural credit society, as such co-operative bank must be engaged in the business of banking as defined by section 5(b) of the Banking Regulation Act, 1949, which means the accepting, for the purpose of lending or investment, of deposits of money from the public. Likewise, under

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

56, Pg. 577 of LPB. c.) Whether the amendment to section 2(15) made by the Finance Act 2015 w.e.f. 01/04/2016 would apply retrospectively for the impugned assessment year? Finding of the CIT(A): The CIT(A) has held that the amendment to section 2(15) made by the Finance Act 2015 w.e.f. 01/04/2016 would apply prospectively and, hence, would

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

56, Pg. 577 of LPB. c.) Whether the amendment to section 2(15) made by the Finance Act 2015 w.e.f. 01/04/2016 would apply retrospectively for the impugned assessment year? Finding of the CIT(A): The CIT(A) has held that the amendment to section 2(15) made by the Finance Act 2015 w.e.f. 01/04/2016 would apply prospectively and, hence, would

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

56, Pg. 577 of LPB. c.) Whether the amendment to section 2(15) made by the Finance Act 2015 w.e.f. 01/04/2016 would apply retrospectively for the impugned assessment year? Finding of the CIT(A): The CIT(A) has held that the amendment to section 2(15) made by the Finance Act 2015 w.e.f. 01/04/2016 would apply prospectively and, hence, would

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

56, Pg. 577 of LPB. c.) Whether the amendment to section 2(15) made by the Finance Act 2015 w.e.f. 01/04/2016 would apply retrospectively for the impugned assessment year? Finding of the CIT(A): The CIT(A) has held that the amendment to section 2(15) made by the Finance Act 2015 w.e.f. 01/04/2016 would apply prospectively and, hence, would

MUMBAI METROPLITAN REGION DEVELOPMENT AUTHORITY,MUMBAI vs. DDIT (E) -1(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed and revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

56, Pg. 577 of LPB. c.) Whether the amendment to section 2(15) made by the Finance Act 2015 w.e.f. 01/04/2016 would apply retrospectively for the impugned assessment year? Finding of the CIT(A): The CIT(A) has held that the amendment to section 2(15) made by the Finance Act 2015 w.e.f. 01/04/2016 would apply prospectively and, hence, would

ASSISTANT COMMISSIONER OF INCOME TAX 25(3), MUMBAI vs. PANKAJ ENTERPRISES, MUMBAI

In the result, both the appeals of the Revenue for AY 2012

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

viii) the assessee obtain the assessee obtained possession of its share of possession of its share of constructed property in the previous year corresponding constructed property in the previous year corresponding constructed property in the previous year corresponding to assessment year 2012 assessment year 2012-13. According to the assessee in 13. According to the assessee in view

ASSISTANT COMMISSIONER OF INCOME TAX 25(3), MUMBAI vs. PANKAJ ENTERPRISES, MUMBAI

In the result, both the appeals of the Revenue for AY 2012

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

viii) the assessee obtain the assessee obtained possession of its share of possession of its share of constructed property in the previous year corresponding constructed property in the previous year corresponding constructed property in the previous year corresponding to assessment year 2012 assessment year 2012-13. According to the assessee in 13. According to the assessee in view

PANKAJ ENTERPRISES,MUMBAI vs. JT CIT RG 25(3), MUMBAI

In the result, both the appeals of the Revenue for AY 2012

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

viii) the assessee obtain the assessee obtained possession of its share of possession of its share of constructed property in the previous year corresponding constructed property in the previous year corresponding constructed property in the previous year corresponding to assessment year 2012 assessment year 2012-13. According to the assessee in 13. According to the assessee in view

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

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

section 40A(2)(b). X V III. Disallowance of year-end provisions. XIX. Increasing the book profit computed u/s.115JB by the amount disallowed as year-end provisions. X X. Deduction in respect of expenditure incurred on Employee Stock Option Scheme ('ESOS'). X X I. Deduction of provision for bad and doubtful debts u/s. 36(1)(viia

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

section 40A(2)(b). XVIII. Disallowance of year-end provisions. XIX. Increasing the book profit computed u/s.115JB by the amount disallowed as year-end provisions. XX. Deduction in respect of expenditure incurred on Employee Stock Option Scheme ('ESOS'). XXI. Deduction of provision for bad and doubtful debts u/s. 36(1)(viia) of the Act. XXII. Deduction of bad debts u/s.36

ACIT-1(1)(1), MUMBAI vs. M/S HOUSING DEVELOPMENT FINANCE CORPORATION LTD, MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

section 40A(2)(b). XVIII. Disallowance of year-end provisions. XIX. Increasing the book profit computed u/s.115JB by the amount disallowed as year-end provisions. XX. Deduction in respect of expenditure incurred on Employee Stock Option Scheme ('ESOS'). XXI. Deduction of provision for bad and doubtful debts u/s. 36(1)(viia) of the Act. XXII. Deduction of bad debts u/s.36

INDIABULLAS HOUSING FINANCE LIMITED,MUMBAI vs. DCIT, CENTRAL CIRCLE-6(4), MUMBAI

Section 14A of the Act read with Rule 8D(2)(i) since the own funds of the Assessee were only INR 1355,19,82,325/- [as opposed to INR 12806,13,99,023/- computed by the CIT(A)] and therefore, the CIT(A) erred in arriving at the conclusion that the Assessee had sufficient interest free own funds to make

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

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

section 40A(2)(b). XVIII. Disallowance of year-end provisions. XIX. Increasing the book profit computed u/s.115JB by the amount disallowed as year-end provisions. XX. Deduction in respect of expenditure incurred on Employee Stock Option Scheme ('ESOS'). XXI. Deduction of provision for bad and doubtful debts u/s. 36(1)(viia) of the Act. XXII. Deduction of bad debts u/s.36

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD.),MUMBAI vs. DCIT, RANGE-1(1)(2), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

section 40A(2)(b). XVIII. Disallowance of year-end provisions. XIX. Increasing the book profit computed u/s.115JB by the amount disallowed as year-end provisions. XX. Deduction in respect of expenditure incurred on Employee Stock Option Scheme ('ESOS'). XXI. Deduction of provision for bad and doubtful debts u/s. 36(1)(viia) of the Act. XXII. Deduction of bad debts u/s.36