CYFAST ENTERPRISES P.LTD,MUMBAI vs. DCIT CIR 10(3), MUMBAI

The appeal of the Revenue is allowed

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year:2011-12 Cyfast Enterprises Pvt. Ltd. Dcit, Afl House, Circle-10(3), बनाम/ Lok Bharati Complex, Aayakar Bhavan, Vs. Marol Maroshi Road, M.K. Road, Andheri (East), Mumbai-400020 Mumbai-400059 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacu4945K "नधा"रती क" ओर से / Assessee By Shri Nitesh Joshi & Shri Sunil Jhunjhunwala राज"व क" ओर से / Revenue By Shri Anandi Verma-Cit-Dr

section 50B and hence their dictionary meaning should be adopted for this purpose. He referred to the Oxford English Dictionary, Webster’s Third New International Dictionary, The Random House Dictionary and Black’s Law Dictionary to emphasize that the word `cost’ has been defined in such dictionaries to mean “the amount paid or charged 35 Cyfast Enterprises

GRASIM INDUSTRIES LIMITED,MUMBAI vs. DCIT, CC-1(4), MUMBAI

In the result, appeal of the revenue and the assessee are partly allowed,\nand the additional ground of the assessee is dismissed

house\nproperty\". In the return of income, the assessee did not claim depreciation under\nsection 32 of the Act on these let out properties. However, through the notes to the\ncomputation of income, the assessee claimed depreciation on these let out\nproperties by stating that once the asset is added to the block of asset, it loses its\nidentity

ORICON ENTERPRISES LTD,MUMBAI vs. ACIT CEN CIR 3(3), MUMBAI

Bench: S/Sh. Rajendra & Pawan Singh

section 41 (2) and the excess over the actual cost of the capital asset realized would be taxable as capital gain. The Ld. D.R. further argued that even if the contention of Ld. A.R. is accepted for a moment that transfer of net assets in consideration of allotment of equity/debt instruments of the other company would be a case

ADDL CIT 1(1), MUMBAI vs. BENNETT COLEMAN & CO LTD, MUMBAI

Appeal of the Revenue is dismissed as above

Bench: Shri D.T. Garasia & Shri Rajesh Kumarassessment Year: 2008-09 M/S. Bennett Coleman & Addl. Commissioner Of Co. Ltd., Income Tax, The Time Of India Bldg., Range – 1(1), Vs. Dr. D.N. Road, Room No.538, Mumbai – 400 001 Aayakar Bhavan, Pan: Aaacb4373Q M.K. Marg, Mumbai – 400 020 (Appellant) (Respondent) Assessment Year: 2008-09

50B of the Act which was stated to be out of abundant caution and without prejudice to the contentions of the assessee that the said surplus was not chargeable to tax under the provision of the Income Tax Act. According to the assessee the transaction of hiving off a business of Planet M. division was not a sale

BENNETT COLEMAN & CO. LTD,MUMBAI vs. ASST CIT RG 1(1), MUMBAI

Appeal of the Revenue is dismissed as above

Bench: Shri D.T. Garasia & Shri Rajesh Kumarassessment Year: 2008-09 M/S. Bennett Coleman & Addl. Commissioner Of Co. Ltd., Income Tax, The Time Of India Bldg., Range – 1(1), Vs. Dr. D.N. Road, Room No.538, Mumbai – 400 001 Aayakar Bhavan, Pan: Aaacb4373Q M.K. Marg, Mumbai – 400 020 (Appellant) (Respondent) Assessment Year: 2008-09

50B of the Act which was stated to be out of abundant caution and without prejudice to the contentions of the assessee that the said surplus was not chargeable to tax under the provision of the Income Tax Act. According to the assessee the transaction of hiving off a business of Planet M. division was not a sale

BARCLAYS BANK PLC,MUMBAI vs. CIT (INTERNATIONAL TAXATION)-RANGE-1, MUMBAI

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

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

50B of the Act, any profits and gains arising from slump sale effected in the previous year, shall be chargeable to income tax as 'capital gains' arising from the transfer of long-term capital assets and shall be deemed to be the income of the previous year in which the transfer took place. The term 'slump sale' has been defined

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

PRUDENTIAL PROCESS MANAGEMENT SERVICES INDIA P.LTD,MUMBAI vs. DCIT RG 10(3), MUMBAI

In the result, the assessee’s appeal is allowed for statistical purpose and the Revenue’s appeal and cross objection by the assessee stands dismissed

Bench: Shri Shamim Yahya, Am & Shri Pawan Singh, Jm आयकर अपील सं./I.T.A. No. 1274/Mum/2014 ("नधा"रण वष" / Assessment Year: 2009-10) & Co No. 102/Mum/2014 (Arising Out Of Ita No. 2131/Mum/2014) ("नधा"रण वष" / Assessment Year: 2009-10) Prudential Process Management The Dy. Commissioner Of Income Services India Private Limited, Tax, Range-10(3), बनाम/ Prudential Centre Avenue, Aayakar Bhavan, M. K. Road, Vs. Hiranandani Business Park, Mumbai-400 020 Powai, Mumbai-400 076 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaccp 7204 Q (Assessee) (Revenue) : & आयकर अपील सं./I.T.A. No. 2131/Mum/2014 ("नधा"रण वष" / Assessment Year: 2009-10) The Dy. Commissioner Of Income Prudential Process Management Tax, Range-10(3), Services India Private Limited, बनाम/ Room No. 451, 4Th Floor, Prudential Centre Avenue, Vs. Aayakar Bhavan, M. K. Road, Hiranandani Business Park, Mumbai-400 020 Powai, Mumbai-400 076 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaccp 7204 Q (Revenue) : (Assessee) : Shri Percy J. Pardiwala/ Assessee By Shri Madhur Agrawal Revenue By : Shri Jayant Kumar/ Shri V. Jenardhanan सुनवाई क" तार"ख / : 21.12.2017 & 23.03.2018 Date Of Hearing घोषणा क" तार"ख / : 13.04.2018 Date Of Pronouncement

property / business was purely a repercussion agreement entered between the assessee's holding company, Prudential, UK and Capita UK, the holding company of M/s. Capita India Pvt. Ltd. Although this transaction is entered between two resident companies assessed to tax in India, the: TPO by applying the logic that this agreement was basically an outcome; of global outsourcing arrangement between

SHRI MAHESH K. DHIRMALANI,MUMBAI vs. THE ADDL CIT CEN RG, THANE, THANE

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

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1918 /Mum/2007 ("नधा"रण वष" / Assessment Year: 2002-03) Mahesh K. Dhirmalani Addl. Cit, Central Range, बनाम/ Flat No.1103 & 1104, Thane, Vs. Ascona, A- Wing, Income Tax Office, Raheja Garden, Pawar Compound, Charai Teen Hath Naka Thane (W) Thane (W) - 400604 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Adkpd5616N

section 50B of the I.T.Act. The addition confirmed on the above count may please be deleted.” 3. The brief facts of the case are that the assessee Shri Mahesh K. Dhirmalan was deriving income from house property

ASSTT. COMMISSIONER OF INCOME TAX-CENTRAL CIRCLE5(4), MUMBAI vs. M/S. LARSEN & TOUBRO LIMITED ( FORMERLY KNOWN AS L & T SHIPBUILDING LIMITED ), MUMBAI

Bench: Shri Kuldip Singh & Ms. Padmavathy Sassessment Year: 2016-17 Dy. Commissioner Of M/S. Larsen & Toubro Income Tax, Limited (Formerly Known Central Circle-5(4), As L & T Shipbuilding Room No.1927, 19Th Floor, Limited), Vs. Air India Building, L&T House, Nariman Point, N.M. Marg, Mumbai - 400021 Ballard Estate, Mumbai – 400 001 Pan: Aaacl0140P (Appellant) (Respondent)

House, Vs. N.M. Marg, Air India Building, Ballard Estate, Nariman Point, Narottam Morarjee Marg, Mumbai - 400021 Mumbai – 400 001 PAN: AAACL0140P (Appellant) (Respondent) Present for: Assessee by : Shri Nitesh Joshi, A.R. & Shri Nayan Thakkar, A.R. Revenue by : Shri Ajay Chandra, D.R. Date of Hearing : 08 . 03 . 2024 Date of Pronouncement : 20 . 03 . 2024 ITA No.2350/M/2023 & CO No.104/M/2023 2 M/s. Larsen

LARSEN & TOUBRO LTD,MUMBAI vs. ADDL CIT RG 3, MUMBAI

Appeal of the AO is dismissed

Bench: S/Shri Joginder Singh & Rajendraआयकर आयकर अपील अपील संसंसंसं./Ita No./4442/Mum/2010 ,िनधा"रण िनधा"रण वष" वष" /Assessment Years: 1998-99 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Larsen & Toubro Ltd. Dcit - Range 2(2) Room No. 577, 5Th Floor L&T House, N.M. Marg Vs. Ballard Estate, Mumbai-400001 Aayakar Bhavan, M.K. Road Pan: Aaacl0140P Mumbai-400020 आयकर आयकर आयकर अपील आयकर अपील अपील संसंसंसं./Ita No./4599/Mum/2013 ,िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Years: 1998-99 वष" Dcit - Range 2(2) M/S. Larsen & Toubro Ltd. Vs. Mumbai-400020 Ballard Estate, Mumbai-400001 (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri Mukund Chate Assessee By: Shri J.D. Mistry सुनवाई क" तारीख / Date Of Hearing: 24.06.2016 घोषणा क" तारीख / Date Of Pronouncement: 27.07.2016 आयकर आयकर अिधिनयम आयकर आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)केकेकेके अ"तग"त धारा अ"तग"त अ"तग"त आदेश अ"तग"त आदेश आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य सद"य राजे"" राजे"" केकेकेके अनुसार अनुसार Per Rajendra A.M.- लेखा लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Order Dt.26.03.20130Of The Cit(A)-5,Mumbai The Assessing Officer(Ao) & The Assessee Have Filed Cross-Appeals For The Year Under Consideration.Assessee-Company, Engaged In The Business Of Construction, Manufacturing Of Heavy Machinery & Cement, Etc., Filed It Return Of Income On,27.11.1998,Declaring Income Of Rs.37.20 Crores.The Ao Complet -Ed The Assessment,On 28.02.2001, Under Section 143(3) Of The Act, Determining The Income Of The Assessee At Rs.2,09,15,37,490/-.

50B would be attracted but the provisions of sections 45 and 48 would be applied.On appeal by the department,the Hon’ble High Court held as under: “…..the Tribunal held that section 50 would not be applicable in the assessee’s case, as it was not a case of transfer of a depreciable asset, but for transfer of the entire

DCIT 1(1)(2), MUMBAI vs. FORBES & COMPANY LTD, MUMBAI

In the result, the appeal is allowed for statistical purpose

Bench: Shir Pavan Kumar Gadale & Shri Gagan Goyal

50B considering the legal framework as well as the basic principle that capital gain is always a portion of sale consideration, and, therefore, portion can never be higher than the whole. Further, I agree with the appellant that the sale consideration as agreed between parties is to be considered for computing capital gains. In light of the fact that

DCIT - 1 (1) (2), MUMBAI vs. FORBES & COMPANY LTD., MUMBAI

In the result, the appeal is allowed for statistical purpose

Bench: Shir Pavan Kumar Gadale & Shri Gagan Goyal

50B considering the legal framework as well as the basic principle that capital gain is always a portion of sale consideration, and, therefore, portion can never be higher than the whole. Further, I agree with the appellant that the sale consideration as agreed between parties is to be considered for computing capital gains. In light of the fact that

GATI KINTETSU EXPRESS PVT. LTD,MAHARASHTRA AND MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE 14(1)(2), MUMBAI, MAHARASHTRA AND MUMBAI

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

House, CST Road, Kalina, Santacruz (East), Mumbai-400098. PAN NO. AADCG 2096 A Appellant Vs. Assessor by Revenue by Date of Hearing Date of pronouncement Ass./Dy. CIT, Circle 14(1)(2), Room No. 455, 4th floor, Aayakar Bhavan, M.K. Road, Mumbai-400020. Respondent : Mr. Madhur Agrawal, Mr. Fenil Bhatt & Mr. C.C. Dangi : Ms. R A Dhyani, CIT-DR : 19/02/2024

GATI KINTETSU EXPRESS PRIVATE LIMITED ,MAHARASHTRA AND MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE 14(1)(2), MUMBAI, MAHARASHTRA AND MUMBAI

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

House, Vs. Aayakar Bhavan, M.K. Road, CST Road, Kalina, Mumbai-400020. Santacruz (East), Mumbai-400098. PAN NO. AADCG 2096 A Appellant Respondent : Mr. Madhur Agrawal, Assessee by Mr. Fenil Bhatt & Mr. C.C. Dangi : Ms. R A Dhyani, CIT-DR Revenue by : 19/02/2024 Date of Hearing : 13/05/2024 Date of pronouncement ORDER PER BENCH These appeals by the assessee are directed against

GATI KINTETSU EXPRESS PRIVATE LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CIRCLE 14(1)(2), MUMBAI, MUMBAI

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

House, Vs. Aayakar Bhavan, M.K. Road, CST Road, Kalina, Mumbai-400020. Santacruz (East), Mumbai-400098. PAN NO. AADCG 2096 A Appellant Respondent : Mr. Madhur Agrawal, Assessee by Mr. Fenil Bhatt & Mr. C.C. Dangi : Ms. R A Dhyani, CIT-DR Revenue by : 19/02/2024 Date of Hearing : 13/05/2024 Date of pronouncement ORDER PER BENCH These appeals by the assessee are directed against

GATI KINTETSU EXPRESS PRIVATE LIMITED,MUMBAI vs. DY.COMMISSIONER OF INCOME , CIRLCE 14(1)(2)TAX, MUMBAI

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

House, Vs. Aayakar Bhavan, M.K. Road, CST Road, Kalina, Mumbai-400020. Santacruz (East), Mumbai-400098. PAN NO. AADCG 2096 A Appellant Respondent : Mr. Madhur Agrawal, Assessee by Mr. Fenil Bhatt & Mr. C.C. Dangi : Ms. R A Dhyani, CIT-DR Revenue by : 19/02/2024 Date of Hearing : 13/05/2024 Date of pronouncement ORDER PER BENCH These appeals by the assessee are directed against

GATI KINTETSU EXPRESS PRIVATE LIMITED ,MAHARASHTRA AND MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE 14(1)(2), MUMBAI, MAHARASHTRA AND MUMBAI

In the result, In the result, appeal for AY 2013-14 is allowed partly for 14 is allowed partly for statistical purposes, purposes, appeal for AY 2014-15 is partly allowed, is partly allowed, appeal...

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail ()

House, Vs. Aayakar Bhavan, M.K. Road, CST Road, Kalina, Mumbai-400020. Santacruz (East), Mumbai-400098. PAN NO. AADCG 2096 A Appellant Respondent : Mr. Madhur Agrawal, Assessee by Mr. Fenil Bhatt & Mr. C.C. Dangi : Ms. R A Dhyani, CIT-DR Revenue by : 19/02/2024 Date of Hearing : 13/05/2024 Date of pronouncement ORDER PER BENCH These appeals by the assessee are directed against