ROCKLINE DEVELOPERS P. LTD,MUMBAI vs. ITO 9(3)(4), MUMBAI

In the result, ground “A” raised in the appeal by the assessee stands dismissed

housing project shall be 100% of the "profit derived" in the previous year. It means only deduction is available from the profit under that Section whereas u/s.115JB, book profit as computed under Companies Act, 1956 is to be subjected to MAT. Therefore, the arguments of the Ld. A.R. is legally not enable. The ratio of DCW Ltd. vs. DCIT

M/S. BANK OF AMERICAN , N.A,MUMBAI vs. THE JT DIT (I.T)3, MUMBAI

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

House,\nN.M. Road, Ballard Pier,\nMumbai - 400001\nAppellant\nv/s\nM/s. Bank of America N.A,\nP.O. Box No.11506\nExpress Towers\nNariman Point\nMumbai - 400021\nPAN : AAACB1537G\nRespondent\nITA No.4154/MUM/2004\n(Assessment Year: 2000-01)\nM/s. Bank of America N.A,\nGround Floor, A Wing, One BKC,\nG Block, Bandra Kurla, Complex,\nBandra (East),\nMumbai - 400051\nPAN : AAACB1537G\nAppellant\nv/s\nJoint Director

THE DY DIT (I.T) 1(1), MUMBAI vs. M/S. BANK OF AMERICA N.A., MUMBAI

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

House,\nN.M. Road, Ballard Pier,\nMumbai - 400001\nAppellant\nv/s\nM/s. Bank of America N.A,\nP.O. Box No.11506\nExpress Towers\nNariman Point\nMumbai - 400021\nPAN: AAACB1537G\nRespondent\nITA No.4154/MUM/2004\n(Assessment Year: 2000-01)\nM/s. Bank of America N.A,\nGround Floor, A Wing, One BKC,\nG Block, Bandra Kurla, Complex,\nBandra (East),\nMumbai - 400051\nPAN : AAACB1537G\nAppellant\nv/s\nJoint Director

DCIT 10(3)(2), MUMBAI vs. PHOENIX MECANO (I) PLTD, MUMBAI

In the result, appeal of the Revenue is allowed

Bench: Shri Joginder Singh, Assessment Year:2011-12

house property • Profits and gains of business and profession • Capital gains • Income from other sources 5.2 The income computed under various heads of income in accordance with the provisions of Chapter IV of the IT Act shall be aggregated in accordance with the provisions of Chapter VI of the IT Act, 1961. This means that first the income/loss from various

VISWAAT CHEMICALS LIMITED,MUMBAI vs. CIT(A)-54, EARNEST HOUSE

In the result, original grounds no

Bench: Shri Pavan Kumar Gadale & Shri Gagan Goyalviswaat Chemicals Limited, 909/910 Eco Star, Vishweshwar Nagar, Behind Udupi Vihae Hotel, Mumbai-400 063 Pan: Aaacv4184B ...... Appellant Vs. Dcit Cen. Cir. 6(3), 102, 1St Floor, Earnest House, Ncpa Marg, Nariman Point Mumbai- 400021 ..... Respondent

House, NCPA Marg, Nariman Point Mumbai- 400021 ..... Respondent Appellant by : Shri Ronak Doshi, Ld. AR Respondent by : Ms. Rajeshwari Menon, Ld. DR Date of hearing : 22/02/2024 Date of pronouncement : 15/03/2024 O R D E R PER GAGAN GOYAL, A.M: This appeal by assessee is directed against the order of Ld. CIT(A)-54, Mumbai dated 03.08.2023 passed

ROCKLINE DEVELOPERS PVT. LTD.,MUMBAI vs. ITO 13(3)(2), MUMBAI

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

Bench: Shri B.R. Baskaran & Shri Pawan Singhm/S. Rockline Developers P. Ltd. Income Tax Officer-13(3)(2) 801, Hubtown Solaris Mumbai Vs. N.S. Phadke Marg, Off. Teli Gali Andheri (E), Mumbai 400069 Pan – Aaacr4467F Appellant Respondent

32A(3) or 72(1) or 73 or 74A(3). Section 115JB(4) makes it mandatory on the part of the assessee-company to whom section 115JB is applicable to furnish a report in the prescribed form from the Chartered Accountant certifying that the book profit has been computed in accordance with the provisions of this section and such report

TOLANI SHIPPING CO. LTD.,MUMBAI vs. DCIT,CIR-5(3)(2), MUMBAI

In the result, this appeal by the assessee for A

property amounting to Rs. 11,91,92,670/- cannot be considered for disallowance under the provision of 14A. That the same generate taxable income. He held that this assertion of the assessee needs verification. Therefore he directed the Assessing Officer to verify this fact and compute disallowance u/s. 14A @ 0.5% of the average value of investment. 6. Against this order

ANTHONY JOHN PEREIRA,PALGHAR vs. ADDL CIT RG 4, THANE

In the result, appeal of the Assessee is partly allowed

property were called for as part of the assessment proceedings. The AR submitted a computation sheet in which a 'surplus' of Rs.7,32,03,178/- on sale of agricultural land was shown alogwith another amount of Rs. 3,25,0001- claimed as 'receipts from sale of agricultural products'. Both these were claimed as exempt 'agricultural income', includible for rate purposes

PR. CIT CIRCLE-2, MUMBAI vs. BHARAT PRTROLEUM CORPORATION LTD., MUMBAI

In the result, the appeal of the assessee is partly allowed

Bench: Shri Pramod Kumar, Vp & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.1601/Mum/2020 (निर्धारण वर्ा / Assessment Year: 2016-17) Bharat Petroleum बिधम/ Pcit, Circle-2 Corporation Ltd. Room No.344, Aayakar Vs. Taxation Section, Bhavan, M. K. Road, 4Th Floor, Bharat Bhavan 1, Mumbai-400020. 4 & 6 Currimbhoy Road, Ballard Estate, Mumbai- 400001. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacb2902M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Jehangir D. Mistry Revenue By: Dr. Mahesh Akhade (Dr) सुनवाई की तारीख / Date Of Hearing: 28/06/2022 घोषणा की तारीख /Date Of Pronouncement: 05/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Appeal Has Been Preferred By The Assessee Against The Order Of The Ld. Principal Commissioner Of Income Tax-02 [Hereinafter Referred To As The “Pcit”], Mumbai Dated 21.02.2020 For Assessment Year [Hereinafter Referred To As “Ay”] 2016-17 Passed Under Section 263 Of The Income Tax Act, 1961 [Hereinafter Referred To As “The Act”].

house; (iii) any office appliances including computers or computer software; (iv) any vehicle; or (v) any plant or machinery, the whole of the actual cost of which is allowed as deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head “Profits and gains of business or profession” of any previous year

BHARAT PRTROLEUM CORPORATION LTD.,MUMBAI vs. PR. CIT CIRCLE-2, MUMBAI

In the result, appeal of the assessee is allowed for parity of reasons

Bench: Shri Vikas Awasthy & Shri M. Balaganeshआअसं. 1602/मुं/2020 ("न. व. 2015-16) आअसं. 1600/मुं/2020 ("न.व. 2017-18) Bharat Petroleum Corporation Ltd. Taxation Section, 4Th Floor, Bharat Bhavan, 4 & 6 Currimbhoy Road, Ballard Estate, Mumbai 400 001 Pan: Aaacb-2902-M ...... अपीलाथ" /Appellant बनाम Vs. The Principal Commissioner Of Income Tax, Circle -2, Room No.344, Aaykar Bhavan, M.K.Road, Mumbai 400 020 ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri Jehangir D. Mistry, Sr. Advocate ""तवाद" "वारा/Respondent By : S/Shri Rahul Raman & B.K. Bagchi सुनवाई क" "त"थ/ Date Of Hearing : 26/11/2021 घोषणा क" "त"थ/ Date Of Pronouncement : 23/02/2022 आदेश/ Order

house; (iii) any office appliances including computers or computer software; (iv) any vehicle; or (v) any plant or machinery, the whole of the actual cost of which is allowed as deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head “Profits and gains of business or profession” of any previous year

BHARAT PETROLEUM CORPORATION LTD.,MUMBAI vs. PR. CIT, CIRCLR-2,, MUMBAI

In the result, appeal of the assessee is allowed for parity of reasons

Bench: Shri Vikas Awasthy & Shri M. Balaganeshआअसं. 1602/मुं/2020 ("न. व. 2015-16) आअसं. 1600/मुं/2020 ("न.व. 2017-18) Bharat Petroleum Corporation Ltd. Taxation Section, 4Th Floor, Bharat Bhavan, 4 & 6 Currimbhoy Road, Ballard Estate, Mumbai 400 001 Pan: Aaacb-2902-M ...... अपीलाथ" /Appellant बनाम Vs. The Principal Commissioner Of Income Tax, Circle -2, Room No.344, Aaykar Bhavan, M.K.Road, Mumbai 400 020 ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri Jehangir D. Mistry, Sr. Advocate ""तवाद" "वारा/Respondent By : S/Shri Rahul Raman & B.K. Bagchi सुनवाई क" "त"थ/ Date Of Hearing : 26/11/2021 घोषणा क" "त"थ/ Date Of Pronouncement : 23/02/2022 आदेश/ Order

house; (iii) any office appliances including computers or computer software; (iv) any vehicle; or (v) any plant or machinery, the whole of the actual cost of which is allowed as deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head “Profits and gains of business or profession” of any previous year

STRIDES ARCOLAB LTD,NAVI MUMBAI vs. ASST CIR 10(3), MUMBAI

In the result, the appeals assessee is partly allowed for statistical purposes

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Strides Shasun Limited The Asst. Commissioner Of (Formerly Known As Strides Income Tax Circle 10(3), Arcolab Limited) 201, Mumbai Vs. Devavrata, Sector 17, Vashi, Navi Mumbai-400 703 Appellant .. Respondent Pan No. Aadcs8104P

Section 2(29BA) of the Act, production is not. According to Oxford English Dictionary, production means amongst other things, that which is produced, a thing that results from any action process or effort, a product of human activity or effort. In the case of the assessee here, there are processes of research, efforts put in by assessees scientists, and products

ULTRATECH CEMENT LTD,MUMBAI vs. DCIT CC 1(4), MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Ultratech Cement Limited V. Dcit, Central Circle-1(4) Ahura Centre, ‘B’ Wing 2Nd Floor Room No. 902, 9Th Floor Mahakali Caves Road Pratishtha Bhavan, Old Cgo Annexe Maharishi Karve Road Andheri (E), Mumbai- 400093 Mumbai- 400020 Pan: Aaacl6442L (Appellant) (Respondent) Dcit, Central Circle-1(4) V. M/S. Ultratech Cement Limited Room No. 902, 9Th Floor Ahura Centre, ‘B’ Wing 2Nd Floor Mahakali Caves Road Pratishtha Bhavan, Old Cgo Annexe Maharishi Karve Road Andheri (E), Mumbai- 400093 Mumbai- 400020 Pan: Aaacl6442L (Appellant) (Respondent)

section in respect of such asset shall be restricted to fifty per cent of the amount calculated at the percentage prescribed for an asset under clause (i) or clause (ii) or clause (iia), as the case may be”. 240 For the purpose of second proviso to section 32, the plant is considered as “acquired” only after all the machines

DY CIT CC 1(4), MUMBAI vs. M/S ULTRATECH CEMENT LTD , MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Ultratech Cement Limited V. Dcit, Central Circle-1(4) Ahura Centre, ‘B’ Wing 2Nd Floor Room No. 902, 9Th Floor Mahakali Caves Road Pratishtha Bhavan, Old Cgo Annexe Maharishi Karve Road Andheri (E), Mumbai- 400093 Mumbai- 400020 Pan: Aaacl6442L (Appellant) (Respondent) Dcit, Central Circle-1(4) V. M/S. Ultratech Cement Limited Room No. 902, 9Th Floor Ahura Centre, ‘B’ Wing 2Nd Floor Mahakali Caves Road Pratishtha Bhavan, Old Cgo Annexe Maharishi Karve Road Andheri (E), Mumbai- 400093 Mumbai- 400020 Pan: Aaacl6442L (Appellant) (Respondent)

section in respect of such asset shall be restricted to fifty per cent of the amount calculated at the percentage prescribed for an asset under clause (i) or clause (ii) or clause (iia), as the case may be”. 240 For the purpose of second proviso to section 32, the plant is considered as “acquired” only after all the machines

JT. CIT (OSD)- CC - 1(4), MUMBAI vs. ULTRATECH CEMENT LTD., MUMBAI

In the result appeals and Cross Objection of the assessee for Assessment Years 2011-12, 2012, 2013-14 and 2014-15 are partly allowed as indicated above

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

properties, estates etc. of SCL included Rail undertakings and power plants for which SCL had been claiming tax holiday u/s 80IA. v. Upon amalgamation of SCL and vesting of its Railway undertakings at Rawan - District Raipur, at Hotgi - District Sholapur, at Shambhupura - District Chittorgarh, and at Dodaballarpur - District Bangalore, into the assessee, the assessee Company claimed a deduction of Rs.82

ULTRATECH CEMENT LTD,MUMBAI vs. DCIT CEN CIR 1(4), MUMBAI

In the result appeals and Cross Objection of the assessee for Assessment Years 2011-12, 2012, 2013-14 and 2014-15 are partly

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

properties, estates etc. of SCL included Rail undertakings and power plants for which SCL had been claiming tax holiday u/s 80IA. v. Upon amalgamation of SCL and vesting of its Railway undertakings at Rawan - District Raipur, at Hotgi - District Sholapur, at Shambhupura - District Chittorgarh, and at Dodaballarpur - District Bangalore, into the assessee, the assessee Company claimed a deduction of Rs.82

DCIT- CC- 1(4), MUMBAI vs. ULTRATECH CEMENT LTD., MUMBAI

In the result appeals and Cross Objection of the assessee for Assessment Years 2011-12, 2012, 2013-14 and 2014-15 are partly

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

properties, estates etc. of SCL included Rail undertakings and power plants for which SCL had been claiming tax holiday u/s 80IA. v. Upon amalgamation of SCL and vesting of its Railway undertakings at Rawan - District Raipur, at Hotgi - District Sholapur, at Shambhupura - District Chittorgarh, and at Dodaballarpur - District Bangalore, into the assessee, the assessee Company claimed a deduction of Rs.82

DCIT - CC - 1(4), MUMBAI vs. ULTRATECH CEMENT LTD., MUMBAI

In the result appeals and Cross Objection of the assessee for Assessment Years 2011-12, 2012, 2013-14 and 2014-15 are partly

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

properties, estates etc. of SCL included Rail undertakings and power plants for which SCL had been claiming tax holiday u/s 80IA. v. Upon amalgamation of SCL and vesting of its Railway undertakings at Rawan - District Raipur, at Hotgi - District Sholapur, at Shambhupura - District Chittorgarh, and at Dodaballarpur - District Bangalore, into the assessee, the assessee Company claimed a deduction of Rs.82