INDUCTO STEEL LTD,MUMBAI vs. ACIT CEN CIR 38, MUMBAI

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2006-07 Inducto Steel Ltd. Acit, 156, Maker Chamber Vi, Cc-38, बनाम/ 220, Jamnalal Bajaj Marg, Aayakar Bhavan, Vs. Nariman Point, M.K. Road, Mumbai-400021 Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aaaci1045E

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.” 2.6. By Notification No.45/2008 dated 24/03/2008, the Central Board of Direct Taxes (CBDT), in exercise of its powers

DCIT 3.2.1, MUMBAI vs. THE NEW INDIA ASSURANCE CO LIMITED, MUMBAI

Accordingly, Ground No.1 to 4 raised by the Assessee are allowed

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 37(1) of the Act.We have perused the aforesaid decision of the Tribunal in that case it was stated, during the assessment proceeding, the assessing officer noted that as per material available on record, the Director General of Central Excise Intelligence, Chennai Zone (DGCEI) had carried out investigation in respect of certain auto dealers and intermediaries. In course

THE NEW INDIA ASSURANCE CO. LTD ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 3(2)(2), MUMBAI

Accordingly, Ground No.1 to 4 raised by the Assessee are allowed

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 37(1) of the Act.We have perused the aforesaid decision of the Tribunal in that case it was stated, during the assessment proceeding, the assessing officer noted that as per material available on record, the Director General of Central Excise Intelligence, Chennai Zone (DGCEI) had carried out investigation in respect of certain auto dealers and intermediaries. In course

THE NEW INDIA ASSURANCE CO LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 3(2)(2), MUMBAI

Accordingly, Ground No.1 to 4 raised by the Assessee are allowed

Bench: SHRI VIKRAM SINGH YADAV , ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 37(1) of the Act.We have perused the aforesaid decision of the Tribunal in that case it was stated, during the assessment proceeding, the assessing officer noted that as per material available on record, the Director General of Central Excise Intelligence, Chennai Zone (DGCEI) had carried out investigation in respect of certain auto dealers and intermediaries. In course

DCIT 3.2.1, MUMBAI vs. THE NEW INDIA ASSURANCE CO LIMITED, MUMBAI

Accordingly, Ground No.1 to 4 raised by the Assessee are allowed

Bench: SHRI VIKRAM SINGH YADAV , ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 37(1) of the Act.We have perused the aforesaid decision of the Tribunal in that case it was stated, during the assessment proceeding, the assessing officer noted that as per material available on record, the Director General of Central Excise Intelligence, Chennai Zone (DGCEI) had carried out investigation in respect of certain auto dealers and intermediaries. In course

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

reassessment every year. As one reaches close to the end of the warranty period, the probability that the warranty expenses will be incurred is considerably reduced and that should be reflected in the estimation amount. Whether this should be done- through a pro - rata reversal or otherwise would require assessment of historical trend. If warranty provisions are based on experience

DCIT 3.2.1, MUMBAI vs. THE NEW INDIA ASSURANCE CO LIMITED, MUMBAI

u/s 14A \nr.w Rule 8D, uphold his order to the said extent. The Ground \nof appeal No. 3 is dismissed. \n136. In view of the above, we hold that provisions of Section 14A of \nthe Act are not applicable in the cases of a general insurance \ncompany governed by the special provisions laid down in Section

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

AMBUJA CEMENT INDIA P.LTD,MUMBAI vs. ASST CIT CIR 3(1), MUMBAI

In the result appeal of the assessee is allowed as indicated above

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2600/Mum/2014 (नििाारण वर्ा / Assessment Year : 2005-06)

14A and accordingly total income under the provisions of the Act other than Section 115JB was computed at nil and Book Profit u/s Sec. 115JB was computed at Rs. 80,18,149/-. 3.1] Subsequent to the above, proceedings u/s 147/148 was initiated vide notice dated 22-03-2012. In response to the said notice, the appellant vide letter dated

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

Bench: Hon’Ble Shri Saktijit Dey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.5191/Mum/2009 (िनधा"रण वष" / Assessment Year: 2004-05) Dcit-Circle 3(1) Icici Bank Limited बनाम Room No.607, 6Th Floor नाम/ नाम नाम Icici Bank Towers Aaykar Bhavan Bandra-Kurla Complex Vs. Mumbai-400 020. Mumbai-400 051. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaci-1195-H (अपीलाथ" / Appellant) (ू"यथ" / Respondent) : & C.O. No.127/Mum/2010 [Arising Out Of I.T.A. No.5191/Mum/2009] (िनधा"रण वष" / Assessment Year: 2004-05) Icici Bank Limited Dcit-Circle 3(1) बनाम नाम नाम/ नाम Room No.607, 6Th Floor Icici Bank Towers Bandra-Kurla Complex Aaykar Bhavan Vs. Mumbai-400 051. Mumbai-400 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaci 1195 H (""ा"ेप ""ा"ेप ""ा"ेप /Cross Objector) ""ा"ेप (ू"यथ" / Respondent) :

Section 14A of the Income Tax Act. In assessment order u/s 143(3), the net income qualifying for deduction u/s 10(23G) was arrived at Rs.45.92 Crores by applying the Gross profit rate of 13.69% to the gross income received amounting to Rs.335.45 Crores. However, the said exemption was not, at all, in the opinion of Ld. ICICI Bank Limited

GOVIND AGARWAL. HUF,MUMBAI vs. ACIT CEN CIR 32, MUMBAI

In the result, the appeals of the assessee’s are allowed in part, in terms indicated hereinabove, whereas the Revenue’s appeals are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sanjay Garg, Jm आयकर अपील सं./Ita No.4531,4566,876,877,878/Mum/2011 ("नधा"रण वष" / Assessment Years :2006-07, 2007-08, 2002-03, 2003-04 & 2005-06) Acit, Cc-32, Mumbai Vs. Manidevi Agarwal, 720, A- 1, Lok Bharti Chs Ltd., Marol Maroshi Road, Marol, Andheri(E), Mumbai- 400059 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aakpa 4962 H .. (अपीलाथ" /Appellant) (""यथ" / Respondent) & आयकर अपील सं./Ita No.4528/Mum/2011 ("नधा"रण वष" / Assessment Years : 2007-08) Acit, Cc-32, Mumbai Vs. Shri Govind Agarwal, 701, A-1, Lok Bharti Chs Ltd., Marol Maroshi Road, Marol, Andheri(E), Mumbai- 400059 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Adopa 4038 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) & आयकर अपील सं./Ita No.873,874/Mum/2011 ("नधा"रण वष" / Assessment Years : 2003-04 & 2004-05) Acit, Cc-32, Mumbai Vs. Shri Govind Agarwal(Huf), 720/A-5, Lok Bharti Chs Ltd., Marol Maroshi Road, Marol, Andheri(E), Mumbai- 400059 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aiepa 3109 A .. (अपीलाथ" /Appellant) (""यथ" / Respondent) 876,828,4566,4547,218/11 &957/13&Co203.13

reassessment proceedings and there is no need for invoking the provisions of section 153A of the Act in this regard. 7. Further, Ld Counsel has two fold arguments to make before us i.e., (i) considering the fact that no incriminating material was found from the assessee’s premises during the search action, the notice u/s 153A was not required

SHAPOORJI PALLONJI AND COMPANY PRIVATE LIMITED ,MUMBAI vs. PRINCIPLE COMMISSIONER OF INCOME TAX (CENTRAL),-4, MUMBAI

In the result, the appeal of the assessee is allowed

u/s 143(3) of the Act dated 20/04/2016 3 M/s. Shapoorji Pallonji and Company Pvt. Ltd., made disallowance under section 14A and 36(1)(iii) of the Act and addition under section 92CA(3) of the Act while computing income under normal provisions of the Act and assessed the total loss at Rs. 97,94,04,731/- and made addition

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 19 M/s Shapoorji Pallonji & Company Pvt. Ltd. reducing the refund already made or otherwise increasing the liability of the assessee under section 154.” 3.11. Equally illuminating are the following observations in Godrej and Boyce Mfg. Co. Ltd. (supra) However, if the assessee does not maintain separate accounts

DCIT-CC.3(3), CENTRAL RANGE-3 MUMBAI, MUMBAI vs. M/S. ORICON ENTERPRISES LTD. , MUMBAI

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Rajesh Kumar & Shri Ravish Soodm/S Oricon Enterprises Limited Dy. Commissioner Of Income-Tax – Cc-3(3),Mumbai Vs. 1076, Dr. E Moses Road, Worli, Air India Building, 19Th Floor, Mumbai – 400 018 Mumbai - 400 020

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. 13. Rule 8D of the Income Tax Rules provides the methods for determining the amount of expenditure

M/S. ORICON ENTERPRISES LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX-CC-3(3), MUMBAI

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Rajesh Kumar & Shri Ravish Soodm/S Oricon Enterprises Limited Dy. Commissioner Of Income-Tax – Cc-3(3),Mumbai Vs. 1076, Dr. E Moses Road, Worli, Air India Building, 19Th Floor, Mumbai – 400 018 Mumbai - 400 020

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. 13. Rule 8D of the Income Tax Rules provides the methods for determining the amount of expenditure