DCIT 9(2)(2), MUMBAI vs. CREDILA FINANCIAL SERVICES P.LTD, MUMBAI

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1491/Mum/2016 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ Dcit 9(2)(2) Credila Financial Services R.No. 665A, 6 T H Floor, Private Ltd., Aayakar Bhavan, Mk Road, B-301 Citi Point, V. Mumbai-400020 Next To Kohinoor Continental Andheri Kurla Road, Andheri(E), Mumbai 400056 स्थायी ऱेखा सं./ Pan : Aaccc8789P (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent)

Section 79 of the 1961 Act and the brought forward losses are to be disallowed which cannot be set off against

VIIKING MEDIA AND ENTERTAINMENT PVT. LTD.,MUMBAI vs. DCIT- CENTRAL CIRCLE 2(2), MUMBAI CITY

In the result, all the appeals of the assessee are dismissed

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant ()

disallow the claim of the assessee of carry forward and set off of loss and set off of loss of the earlier years invoking provisions of section invoking provisions of section 79

VIIKING MEDIA AND ENTERTAINMENT PVT. LTD.,MUMBAI vs. DCIT- CENTRAL CIRCLE 2(2), MUMBAI CITY

In the result, all the appeals of the assessee are dismissed

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant ()

disallow the claim of the assessee of carry forward and set off of loss and set off of loss of the earlier years invoking provisions of section invoking provisions of section 79

VIIKING MEDIA AND ENTERTAINMENT PVT. LTD.,MUMBAI vs. DCIT- CENTRAL CIRCLE 2(2), MUMBAI

In the result, all the appeals of the assessee are dismissed

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant ()

disallow the claim of the assessee of carry forward and set off of loss and set off of loss of the earlier years invoking provisions of section invoking provisions of section 79

VIIKING MEDIA AND ENTERTAINMENT PVT. LTD.,MUMBAI vs. DCIT- CENTRAL CIRCLE 2(2), MUMBAI CITY

In the result, all the appeals of the assessee are dismissed

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant ()

disallow the claim of the assessee of carry forward and set off of loss and set off of loss of the earlier years invoking provisions of section invoking provisions of section 79

VIIKING MEDIA AND ENTERTAINMENT PVT. LTD.,MUMBAI vs. DCIT- CENTRAL CIRCLE 2(2), MUMBAI

In the result, all the appeals of the assessee are dismissed

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant ()

disallow the claim of the assessee of carry forward and set off of loss and set off of loss of the earlier years invoking provisions of section invoking provisions of section 79

DCIT 2(1)(1), MUMBAI vs. BAJAJ ELECTRICALS LTD, MUMBAI

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

Bench: Hon’Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

section 10(15) of the Act. The assessee while filing the return of income has made a suo- motu disallowance of Rs.1,79

BAJAJ ELECTRICALS LTD,MUMBAI vs. ADDL CIT 2(1), MUMBAI

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

Bench: Hon’Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

section 10(15) of the Act. The assessee while filing the return of income has made a suo- motu disallowance of Rs.1,79

BAJAJ ELECTRICALS LTD,MUMBAI vs. ADDL CIT 2(1), MUMBAI

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

Bench: Hon’Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

section 10(15) of the Act. The assessee while filing the return of income has made a suo- motu disallowance of Rs.1,79

ASIA INVESTMENTS PVT.. LTD.,MUMBAI vs. DCIT ,CIRCLE 2 (1)(1), MUMBAI

In the result, all the three appeal

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan ()

disallowance ance ance under under under section section section 14A 14A 14A read read read with with with Rule Rule Rule 8D 8D 8D at at at ₹17,25,25,167/- (₹15,01,06,025 + 15,01,06,025 + ₹1,16,79

BAJAJ ELECTRICALS LTD,MUMBAI vs. ADDL CIT 2(1), MUMBAI

Accordingly we remit the impugned\nissue back to the AO with similar directions. The grounds raised by the assessee in\nthis regard are allowed for statistical purposes

section\n10(15) of the Act. The assessee while filing the return of income has made a suo-\nmotu disallowance of Rs.1,79

DCIT 2(1)(1), MUMBAI vs. BAJAJ ELECTRICALS LTD, MUMBAI

Accordingly we remit the impugned\nissue back to the AO with similar directions. The grounds raised by the assessee in\nthis regard are allowed for statistical purposes

section\n10(15) of the Act. The assessee while filing the return of income has made a suo-\nmotu disallowance of Rs.1,79

FUTURE IDEAS CO LTD.,MUMBAI vs. PR.CIT -9, MUMBAI

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Gosainfuture Ideas Co. Ltd. Principal Cit – 9 Knowledge House, Shyam Nagar 2Nd Floor, Room No. 214 Vs. Off Jogeshwari Vikroli Link Rd. Aayakar Bhavan, M.K. Road Jogeshwari (E), Mumbai 400060 Mumbai 400020 Pan – Aaacf9519L Appellant Respondent

79,503/- under section 14A of the Act r.w. Rule 8D(2) (iii) of the I.T. Rules 1962 (in short ‘the Rules’). ‘Book Profits’ under 2 Futre Ideas Co. Ltd. section 115JB of the Act were computed at `19,80,289/- and included the aforesaid disallowance

SICOM LTD ,MUMBAI vs. DY COMMISSIONER OF INCOME TAX CIRCLE 3(3)(1), MUMBAI

In the result, the appeal filed by the assesee is partly allow for statistical purpose and the appeal filed by the revenue is allowed for statistical purposes

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadale, Judicialmember Sicom Ltd, Vs. Dy Commissioner Of Solitaire Corporate Income Tax Circle Park, Bldg No.04, 3(3)(1), Chakala, Andheri(E), 6Th Floor, Room No. Mumbai-400093. 609,Aayakar Bhavan, Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent) Dy Commissioner Of Vs. Sicom Ltd, Income Tax Circle Solitaire Corporate Park, 3(3)(1), Bldg No.04, Chakala, 6Th Floor, Room No. Andheri(E), 609,Aayakar Bhavan, Mumbai-400093. Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent)

79 (Kol -ITAT) (2021) Provision for diminution in value of investment, having been written off, could not be added to book profit under section 115JB. Similarly, held in the case of PCIT vs Torrent (P) Ltd 108 taxmann.com 375 (Guj. HC) 2019. In view of above position, this ground of appeal is allowed”. 9. The CIT(A) dealt on addition

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

disallowance under Section 14A of the Act as per the provisions of Rule 8D of the Rules at INR 256,26,66,539/- [INR 227,47,04,516/- as per Rule 8D(2)(i) Plus INR 28,79

DCIT 2(2), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

In the result appeal filed by the assessee for assessment year 2006 – 07 and 2007 – 08 is partly allowed

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal , Jm A.Y.2006-07 [ By Assessee] &

disallowance under section 14A. In this case, the Bombay High Court even while remanding the case back to Tribunal for adjudicating afresh observed (relying on its own previous judgment in same assessee's case for a different Assessment Year) that, if assessee possesses sufficient interest free funds as against investment in tax-free securities then, there is a presumption that

RELIANCE RETAIL LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 8(1)(1), MUMBAI

In the result, the appeal filed by the Revenue is dismissed,\nwhereas the appeal filed by the assessee is partly allowed

section 14A\namounting to Rs. 10,73,211/- towards expenditure relatable to\exempt income. The Assessing Officer was not satisfied with the\ncomputation and applied Rule 8D. The disallowance was\ncomputed at Rs. 91,70,706/- and after reducing the amount\nalready disallowed by the assessee, a further disallowance of Rs.\n80,97,495/- was made.\niv. Addition on account

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