ADITYA BIRLA FINANCE LTD,MUMBAI vs. ADDL CIT RG 2(1), MUMBAI

Appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2008-09 M/S Aditya Birla Finance Acit-2(1), Limited (One Indiabulls R. No.575, 5Th Floor, बनाम/ Center, Tower-1, 18Th Floor, Aayakar Bhavan, Vs. Jupiter Mill Compound, 841, M.K. Road, Senapati Bapat Marg, Mumbai-400020 Elphinstone Road, Mumbai-400012 Pan No.Aabcb5769M ("नधा"रती /Assessee) (राज"व /Revenue) Assessment Year-2008-09 Acit-2(1), M/S Aditya Birla Finance R. No.575, 5Th Floor, Limited (One Indiabulls बनाम/ Aayakar Bhavan, Center, Tower-1, 18Th Floor, Vs. M.K. Road, Jupiter Mill Compound, 841, Mumbai-400020 Senapati Bapat Marg, Elphinstone Road, Mumbai-400012 Pan No. Aabcb5769M (राज"व /Revenue) ("नधा"रती /Assessee) M/S Aditya Birla Finance Ltd.

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001.” As a result of the insertion of the said proviso, Section 14A

M/S EDELWISS RURAL & CORPORATE SERVICES PRIVATE LIMITED,MUMBAI vs. ACIT CENTRAL CIRCLE-1(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2016-17 M/S Edelweiss Rural & Acit Central Circle-1(2), Corporate Services Pvt. Ltd., R. No. 906, 9Th Floor, Old Vs. Edelweiss House, Off Cst Road, Cgo Building Annexe, Kalina, Santacruz (East), Maharshi Karve Road, Mumbai-400098. Churchgate, Mumbai-400020. Pan No. Aakcs 7311 R Appellant Respondent Assessee By : Mr. Jitendra Jain, Ar Revenue By : Mr. Sanjeev Kashyap, Cit-Dr : Date Of Hearing 09/03/2023 : Date Of Pronouncement ___/03/2023 Order

14A of Income Tax Act, 1961 (Act) r.w. Rule Income Tax Act, 1961 (Act) r.w. Rule 8D of the Income Tax D of the Income Tax Rules. 1962 (Rules) without recording his d Rules. 1962 (Rules) without recording his dis-satisfaction satisfaction with fault correctness of the claim of the Appellant having with fault correctness of the claim

ASST CIT CIR 6(1)(2), MUMBAI vs. ASK INVESTMENT MANAGERS P.LTD, MUMBAI

The appeal of the Revenue is allowed for statistical

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year 2012-13 Acit M/S Ask Investment Circle-6(1)(2), Managers Pvt. Ltd. बनाम/ R. No.536, 5Th Floor, 1St Floor Bandbox House, Vs. Aayakar Bhavan, Dr. Ab Road, Worli, M. K. Road, Churchgate, Mumbai-400030 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aafca2302P Shri Nitin Waghmode-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri J.D. Mistri Sr. Advocate

14A cannot be read into in section 115JB for the following reasons: i. Section 115JB is a complete code in itself and it overrides all other provisions of the Act . The book profit is deemed to be total income of assessee and provides mechanism for computing such book profit and consequential tax liability thereon. He , inter-alia, relied

DCIT CENT. CIR. 7(1), MUMBAI vs. RARE ENTERPRISES, MUMBAI

In the result, both the appeals of the revenue are dismissed

Bench: Shri B.R. Baskaran & Shri Pawan Singh

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001.” Sub.sec.(2) of sec.14A is relevant for our consideration. The power to disregard the computation made

DCIT CENT. CIR. 7(1), MUMBAI vs. RARE ENTERPRISES, MUMBAI

In the result, both the appeals of the revenue are dismissed

Bench: Shri B.R. Baskaran & Shri Pawan Singh

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001.” Sub.sec.(2) of sec.14A is relevant for our consideration. The power to disregard the computation made

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

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001. Rule 8D - Method for determining amount of expenditure in relation to income not includible in total income

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

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001. Rule 8D - Method for determining amount of expenditure in relation to income not includible in total income

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

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001. Rule 8D - Method for determining amount of expenditure in relation to income not includible in total income

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

reassess under section 147 or pass an order enhancing the assessment or\nreducing a refund already made or otherwise increasing the liability of the assessee\nunder section 154, for any assessment year beginning on or before the 1st day of\nApril, 2001.\nRule 8D - Method for determining amount of expenditure in relation to income not\nincludible in total income

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

reassess under section 147 or pass an order enhancing the assessment or\nreducing a refund already made or otherwise increasing the liability of the assessee\nunder section 154, for any assessment year beginning on or before the 1st day of\nApril, 2001.\nRule 8D - Method for determining amount of expenditure in relation to income not\nincludible in total income

SHAPOORJI PALLANJI AND COMPANY P.LTD,MUMBAI vs. ADDL CIT RG 3(3), MUMBAI

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2011-12 M/S Shapoorji Pallonji & Co. Dcit, Ltd. Circle-3(3), बनाम/ Shapporji Pallonji Centre, Room No.609, 6Th Floor, Vs. 41/44 Minoo Desai Marg, Aayakar Bhavan, M.K.Road, Colaba Mumbai-400020 Mumbai-400005 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aaacs6994C

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001.” 3.5. Section 14A

DCIT(CC)-8(3) , MUMBAI vs. SHAPOORJI PALLONJI AND COMPANY PRIVATE LIMITED, MUMBAI

In the result, the cross-objection of the assessee is partly\nallowed, whereas the appeal of the Revenue is dismissed

reassessment proceedings cannot survive.\n9.1 The brief facts relevant to the issue are that in the\nreassessment order passed under section 143(3) read with section\n147 of the Act dated 09.12.2019, the Assessing Officer made\naddition of Rs.80,73,86,524 comprising of two additions:\n(i) disallowance of interest expenditure under section 14A

JCIT(OSD)-14(1)(1), MUMBAI vs. MAHARASHTRA STATE ELECTRICITY TRANSMISSION CO. LTD., MUMBAI

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

14A of the Act read with Rule 8D of the Rules. Accordingly, Ground No.1 and 2 raised by the Assessee are allowed. Ground No.3 to 8 11. Ground No.3 to 8 raised by the Assessee pertain to the addition of INR.1,00,19,00,000/- made in respect of Delayed Payment Charges. 11.1. During the assessment proceedings the Assessing Officer

MAHARASHTRA STATE ELECTRICITY TRANSMISSION COMPANY LIMITED,MUMBAI vs. ITO CIRCLE 14(1)(1), MUMBAI

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

14A of the Act read with Rule 8D of the Rules. Accordingly, Ground No.1 and 2 raised by the Assessee are allowed. Ground No.3 to 8 11. Ground No.3 to 8 raised by the Assessee pertain to the addition of INR.1,00,19,00,000/- made in respect of Delayed Payment Charges. 11.1. During the assessment proceedings the Assessing Officer

DCIT (OSD) RG 10(1), MUMBAI vs. GODREJ AGROVET LTD, MUMBAI

Bench: Shri Joginder Singh & Shri Rajendraassessment Years:2008-09

reassess under section 147 or pass an order enhancing the assessment or reducing the refund already made or otherwise increasing the liability of the assessee under section 154.” 10. It has been made clear by the Hon’ble High Court that sub-section (2) does not ifso facto empower the AO to apply the method prescribed by Rules straightaway without

DCIT 10(2), MUMBAI vs. GODREJ AGROVET LTD, MUMBAI

Bench: Shri Joginder Singh & Shri Rajendraassessment Years:2008-09

reassess under section 147 or pass an order enhancing the assessment or reducing the refund already made or otherwise increasing the liability of the assessee under section 154.” 10. It has been made clear by the Hon’ble High Court that sub-section (2) does not ifso facto empower the AO to apply the method prescribed by Rules straightaway without

DCIT CEN 5 3, MUMBAI, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

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

reassessment was beyond four years, and that notice under section 148 should have beyond four years, and that notice under section 148 should have beyond four years, and that notice under section 148 should have been issued by the Faceless Assessing Officer rather than the been issued by the Faceless Assessing Officer rather than the been issued by the Faceless

DCIT CEN 5 3, MUMBAI, MUMBAI vs. ICICI LOMBARD GENERAL INSURANCE CO. LIMITED, MUMBAI

In the result, appeals of the Revenue are allowed partly

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

reassessment was beyond four years, and that notice under section 148 should have beyond four years, and that notice under section 148 should have beyond four years, and that notice under section 148 should have been issued by the Faceless Assessing Officer rather than the been issued by the Faceless Assessing Officer rather than the been issued by the Faceless