SHWETA SINGH,MUMBAI vs. ITO-WARD 33(3)(2), MUMBAI

In the result, the appeal by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

house property", to bring into operation, the proviso to section 54F. The rejection of the claim for exemption would arise if only the property stands in the name of the assessee, namely, individual or HUF. Given the fact that the assessee had not owned the property in her name only to the exclusion of anybody else including the husband

SHETH DEVELOPERS P. LTD.,MUMBAI vs. ACIT CENTRAL CIECLE-4(2), MUMBAI

In the result, appeal of the Revenue in ITA No

Housing Development Pvt. Ltd., vs. DCIT in ITA No.2927/Mum/2019 dated 13/05/2021. 3.3. Respectfully following the same, we delete the addition made in the sum of Rs.35,79,549/- towards deemed notional rental income in respect of unsold flats held as ‘stock in trade’. Accordingly, the addition made in the sum of Rs.35,79,549/- towards notional rent is hereby directed

DY CIT DD-4(2), MUMBAI vs. M/S SHETH DEVELOPERS P. LTD., MUMBAI

In the result, appeal of the Revenue in ITA No

Housing Development Pvt. Ltd., vs. DCIT in ITA No.2927/Mum/2019 dated 13/05/2021. 3.3. Respectfully following the same, we delete the addition made in the sum of Rs.35,79,549/- towards deemed notional rental income in respect of unsold flats held as ‘stock in trade’. Accordingly, the addition made in the sum of Rs.35,79,549/- towards notional rent is hereby directed

DY CIT DD-4(2), MUMBAI vs. M/S SHETH DEVELOPERS P. LTD., MUMBAI

In the result, appeal of the Revenue in ITA No

Housing Development Pvt. Ltd., vs. DCIT in ITA No.2927/Mum/2019 dated 13/05/2021. 3.3. Respectfully following the same, we delete the addition made in the sum of Rs.35,79,549/- towards deemed notional rental income in respect of unsold flats held as ‘stock in trade’. Accordingly, the addition made in the sum of Rs.35,79,549/- towards notional rent is hereby directed

M/S SHETH DEVELOPERS P. LTD.,MUMBAI vs. DY CIT CENTRAL CIRCLE- 4(2), MUMBAI

In the result, appeal of the Revenue in ITA No

Housing Development Pvt. Ltd., vs. DCIT in ITA No.2927/Mum/2019 dated 13/05/2021. 3.3. Respectfully following the same, we delete the addition made in the sum of Rs.35,79,549/- towards deemed notional rental income in respect of unsold flats held as ‘stock in trade’. Accordingly, the addition made in the sum of Rs.35,79,549/- towards notional rent is hereby directed

THE ACIT RG 1(1), MUMBAI vs. M/S. ASSOCIATED CEMENT CO., MUMBAI

Appeal of the Revenue is partly allowed while the appeal of the Assessee is dismissed

House, 121, M.K. Road, Mumbai ……………… Appellant [PAN: AAACT1507C] Vs The Deputy Commissioner of Income Tax, Range – 1(1), Mumbai …………….… Respondent Appearances For the Appellant/Department : Shri K.K. Mishra For the Respondent/Assessee : Shri Yogesh Thar, Shri Chaitanya Joshi & Shri Hardik Nirmal Date of conclusion of hearing : 02.03.2022 Date of pronouncement of order : 27.05.2022 O R D E R Per Rahul Chaudhary, Judicial

M/S. ACC LTD ( FORMELY KNOWN AS THE ASSOCIATED CEMEMTN COMPANIES LTD),MUMBAI vs. THE ADDL CIT RG 1(1), MUMBAI

Appeal of the Revenue is partly allowed while the appeal of the Assessee is dismissed

House, 121, M.K. Road, Mumbai ……………… Appellant [PAN: AAACT1507C] Vs The Deputy Commissioner of Income Tax, Range – 1(1), Mumbai …………….… Respondent Appearances For the Appellant/Department : Shri K.K. Mishra For the Respondent/Assessee : Shri Yogesh Thar, Shri Chaitanya Joshi & Shri Hardik Nirmal Date of conclusion of hearing : 02.03.2022 Date of pronouncement of order : 27.05.2022 O R D E R Per Rahul Chaudhary, Judicial

BATLIBOI LTD,MUMBAI vs. DCIT CIR 2(1), MUMBAI

In the result, appeal of the assessee is allowed in part

Bench: Shri M.Balaganesh, Am & Shri Pavan Kumar Gadale, Jm M/S. Batliboi Limited Vs. Dy. Cit, Circle 2(1) Bharat House, Aayakar Bhavan 5Th Floor, 104 5Th Floor, Mumbai-400001 Mumbai Samachar Marg Fort, Mumbai -400 001 Pan/Gir No. Aaacb4408L (Appellant) .. (Respondent)

House, Aayakar Bhavan 5th Floor, 104 5th Floor, Mumbai-400001 Mumbai Samachar Marg Fort, Mumbai -400 001 PAN/GIR No. AAACB4408L (Appellant) .. (Respondent) Assessee by Shri S. Vankatraman Revenue by Shri Shishir Dhamija Date of Hearing 05/01/2021 Date of Pronouncement 17/02/2021 आदेश / O R D E R PER M. BALAGANESH (A.M): This appeal in ITA No.5428/Mum/2015 for A.Y.2011-12 arises

ACIT 16(1), MUMBAI vs. ENTERTAINMENT NETWORK (INDIA) LTD, MUMBAI

In the result, the appeals of the assessee in ITA No

Bench: Shri Sandeep Gosain & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.852/Mum/2016 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Entertainment Network Acit 16(1), Room No. 439, 4T H Floor, Aayakar Bhavan, (India) Ltd., M.K Road, 4T H Floor, A Wing, V. Mumbai- 400020 Matulya Centre, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaace7796G आयकर अपीऱ सं./I.T.A. No.812/Mum/2016 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Acit 16(1), Room No. 439, Entertainment Network 4T H Floor, Aayakar Bhavan, (India) Ltd., M.K Road, Mumbai 400020 4T H Floor, A Wing, V. Matulya Centre, Senapati Bapat Marg, Lower Parel(West), Mumbai-400013 स्थायी ऱेखा सं./ Pan : Aaace7796G (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

property and based proportionately upon the amount or value thereof" iii. "Compensation is paid for work measured by results achieved. iv. "Commission" generally denotes the compensation which a person can receive on sales" A producer or manufacturer of goods, generally does not sell his goods directly to the ultimate consumer. There are agents who purchase the goods from the manufacturer

ENTERTAINMENT NETWORK (INDIA) LTD,MUMBAI vs. ASST CIT RG 11(1), MUMBAI

In the result, the appeals of the assessee in ITA No

Bench: Shri Sandeep Gosain & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.852/Mum/2016 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Entertainment Network Acit 16(1), Room No. 439, 4T H Floor, Aayakar Bhavan, (India) Ltd., M.K Road, 4T H Floor, A Wing, V. Mumbai- 400020 Matulya Centre, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaace7796G आयकर अपीऱ सं./I.T.A. No.812/Mum/2016 (नििाारण वर्ा / Assessment Year: 2010-11) बिाम/ Acit 16(1), Room No. 439, Entertainment Network 4T H Floor, Aayakar Bhavan, (India) Ltd., M.K Road, Mumbai 400020 4T H Floor, A Wing, V. Matulya Centre, Senapati Bapat Marg, Lower Parel(West), Mumbai-400013 स्थायी ऱेखा सं./ Pan : Aaace7796G (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

property and based proportionately upon the amount or value thereof" iii. "Compensation is paid for work measured by results achieved. iv. "Commission" generally denotes the compensation which a person can receive on sales" A producer or manufacturer of goods, generally does not sell his goods directly to the ultimate consumer. There are agents who purchase the goods from the manufacturer

KARANJA TERMINAL & LOGISTICS P. LTD,MUMBAI vs. DCIT CEN CIR 6(3), MUMBAI

The appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Hon'Ble Accountantmember & Shri Ramlal Negi, Hon'Ble Judicialmember

property, it could also set up another line of business, it might even pay dividends out of this income to its shareholders. There was no M/s. Karanja Terminal & Logistics Pvt. Ltd., overriding title of anybody diverting the income at source to pay the amount to the creditors of the company. 8. It is well-settled that tax is attracted

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)

115J.” 23. In view of the above, once assessee’s accounts have been maintained in accordance with Companies Act and the same have also been scrutinised and audited by the statutory auditor, in absence of any material to negate these facts, the AO has limited power under section 115 JB of the Act to make adjustment to book profit only

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)

115J.” 23. In view of the above, once assessee’s accounts have been maintained in accordance with Companies Act and the same have also been scrutinised and audited by the statutory auditor, in absence of any material to negate these facts, the AO has limited power under section 115 JB of the Act to make adjustment to book profit only

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)

115J.” 23. In view of the above, once assessee’s accounts have been maintained in accordance with Companies Act and the same have also been scrutinised and audited by the statutory auditor, in absence of any material to negate these facts, the AO has limited power under section 115 JB of the Act to make adjustment to book profit only

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)

115J.” 23. In view of the above, once assessee’s accounts have been maintained in accordance with Companies Act and the same have also been scrutinised and audited by the statutory auditor, in absence of any material to negate these facts, the AO has limited power under section 115 JB of the Act to make adjustment to book profit only

J. B BODA & CO. P.LTD,MUMBAI vs. DCIT 1(2), MUMBAI

Appeal stands allowed

Bench: Shri Joginder Singh, Jm & Shri Manoj Kumar Aggarwal, Am

House property. The aforesaid addition was made while arriving at the normal income as well as while computing book profits u/s 115JB. Since tax liability u/s 115JB was higher, the assessee was liable to pay tax as per MAT provisions u/s 115JB. 3. The assessee, being aggrieved by aforesaid adjustment u/s 115JB, agitated the same without any success before

BATLIBOI LTD,MUMBAI vs. DCIT CIR 2(1)(1), MUMBAI

In the result, appeal of the assessee is partly allowed

Property Act. It is in these circumstances that the present question has been referred to us. 4. We find that the issue at hand, is already decided by this Court in the matter of the Commissioner of Income Tax Vs. Sambhaji Nagar Co-operative Housing Society Ltd. vide judgment dated 11th December, 2014 to which one of us (Shri

DCIT CIR 3(1), MUMBAI vs. ICICI BANK LTD, MUMBAI

In the result, Revenue’s appeal and assessee’s appeal are partly allowed for statistical purposes

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

house property as the assessee has not challenged the decision of the learned Commissioner (Appeals) on this issue. Having said so, the only issue arising for consideration before us is, whether the notional interest charged on interest free security deposit can be considered to be a part of the fair rent. On a plain reading of section