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

house property at Kolkata was\nvalued Rs 11,55,19,784/- by stamp value authorities.The valuation report\nclearly showed that the property was old since it was purchased in 1996\nand heavy repairs were needed.The assessee proposed to make a distress\nsale at lesser value of Rs 7 cr. to one Deepak Builder P.Ltd.The property\nconsisted of 32 flats. Copy

KOTAK MAHINDRA BANK LIMITED,MUMBAI vs. DCIT-3(2)(2), ASSESSMENT UNIT, INCOME TAX DEPT, MUMBAI

In the result, appeal of the Revenue is dismissed

house property at Kolkata was\nvalued Rs 11,55,19,784/- by stamp value authorities.The valuation report\nclearly showed that the property was old since it was purchased in 1996\nand heavy repairs were needed.The assessee proposed to make a distress\nsale at lesser value of Rs 7 cr. to one Deepak Builder P.Ltd.The property\nconsisted of 32 flats. Copy

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

DCIT CENT. CIR. -7(3), MUMBAI vs. PALAVA DWELLERS PVT. LTD. , MUMBAI

In the result, appeal of the Revenue is dismissed and appeal of the assessee is allowed

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunatha, Hon'Bledy. Commissioner Of Income-Tax V. M/S. Palava Dwellers Pvt. Ltd., Central Circle – 7(3) 412, 71-G, Vardhman Chamber Room No. 655, 6Th Floor C.P. Road, Horniman Circle Aayakar Bhavan, M.K. Road Fort, Mumbai Mumbai – 400 020 Pan: Aabcl1117D (Appellant) (Respondent) Lodha Developers Limited Dy. Commissioner Of Income-Tax V. {Since Merged M/S. Palava Dwellers Pvt. Ltd.,} Central Circle – 7(3) 412, 4Th Floor, 17G, Vardhman Chamber Room No. 655, 6Th Floor Cawasji Patel Road, Horniman Circle Aayakar Bhavan, M.K. Road Fort, Mumbai - 400 001 Mumbai – 400 020 Pan: Aabcl1117D (Appellant) (Respondent)

43C 0.0058 Crores Interest on delayed payment of TDS 0.1284 Crores Interest on Income Tax 0.0069 Crores Total 4.0572 Crores 19. Ld. Counsel for the assessee further submitted that the Assessing Officer ignored following deductions claimed by assessee in the revised return filed: Reduction in 14A disallowances 0.295 Crores Additional deduction claimed under 7.87 Crores section

LODHA DEVELOPERS LTD(FORMERLY KNOWN AS LODHA DEVELOPERS PRIVATE LIMITED),MUMBAI vs. DCIT CEN CIR 7(3), MUMBAI

In the result, appeal of the Revenue is dismissed and appeal of the assessee is allowed

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunatha, Hon'Bledy. Commissioner Of Income-Tax V. M/S. Palava Dwellers Pvt. Ltd., Central Circle – 7(3) 412, 71-G, Vardhman Chamber Room No. 655, 6Th Floor C.P. Road, Horniman Circle Aayakar Bhavan, M.K. Road Fort, Mumbai Mumbai – 400 020 Pan: Aabcl1117D (Appellant) (Respondent) Lodha Developers Limited Dy. Commissioner Of Income-Tax V. {Since Merged M/S. Palava Dwellers Pvt. Ltd.,} Central Circle – 7(3) 412, 4Th Floor, 17G, Vardhman Chamber Room No. 655, 6Th Floor Cawasji Patel Road, Horniman Circle Aayakar Bhavan, M.K. Road Fort, Mumbai - 400 001 Mumbai – 400 020 Pan: Aabcl1117D (Appellant) (Respondent)

43C 0.0058 Crores Interest on delayed payment of TDS 0.1284 Crores Interest on Income Tax 0.0069 Crores Total 4.0572 Crores 19. Ld. Counsel for the assessee further submitted that the Assessing Officer ignored following deductions claimed by assessee in the revised return filed: Reduction in 14A disallowances 0.295 Crores Additional deduction claimed under 7.87 Crores section

THE GREAT EASTERN SHIPPING CO. LTD,MUMBAI vs. DCIT RG 5(3), MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of The Great Eastern Shipping Income-Tax, Co. Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

House, 2 nd floor, Room No.525B, 5th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent) Assessee by : Shri Jitendra Jain, Advocate Shri Falee H Bilimoria, Shri Akram Khan Ms.Yasmin Dastur, Shri Hormuzd Jamshedji, ARs Revenue by : Shri Manoj Mishra, CIT DR Date of hearing 25.08.2023 Date of pronouncement 13.09.2023 ITA Nos. 3272/Mum/2015

DCIT 5(3)(2), MUMBAI vs. THE GREAT EASTERN SHIPPING CO.LTD, MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of The Great Eastern Shipping Income-Tax, Co. Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

House, 2 nd floor, Room No.525B, 5th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent) Assessee by : Shri Jitendra Jain, Advocate Shri Falee H Bilimoria, Shri Akram Khan Ms.Yasmin Dastur, Shri Hormuzd Jamshedji, ARs Revenue by : Shri Manoj Mishra, CIT DR Date of hearing 25.08.2023 Date of pronouncement 13.09.2023 ITA Nos. 3272/Mum/2015

DCIT(CC)-8(3), MUMBAI vs. LOKHANDWALA KATARIA CONSTRUCTION (PVT) LTD, MUMBAI

In the result, both the appeals of the Revenue are allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

Housing Finance Ltd. (hereinafter referred to as ‘India Bulls’) Ltd. (hereinafter referred to as ‘India Bulls’) for the purpose of for the purpose of construction and out of that interest free advance of Rs. 107.5 construction and out of that interest free advance of Rs. 107.5 construction and out of that interest free advance of Rs. 107.5 crores has been

DCIT(CC)-8(3), MUMBAI vs. LOKHANDWALA KATARIA CONSTRUCTION (PVT) LTD, MUMBAI

In the result, both the appeals of the Revenue are allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

Housing Finance Ltd. (hereinafter referred to as ‘India Bulls’) Ltd. (hereinafter referred to as ‘India Bulls’) for the purpose of for the purpose of construction and out of that interest free advance of Rs. 107.5 construction and out of that interest free advance of Rs. 107.5 construction and out of that interest free advance of Rs. 107.5 crores has been