CNI RESEARCH LTD,MUMBAI vs. DCIT 5(1), MUMBAI

Appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri Rajendraassessment Year: 2010-11 M/S Cni Research Ltd. Dcit-5(1), A/12 Gokul Arcade, Mumbai बनाम/ Sahar Road, Vile Parle (E), Vs. Mumbai-400057 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaccc2842H

u/s 14A of the Act and added to the total income. The assessee preferred appeal before the Ld. Commissioner of Income Tax (Appeal), wherein, the stand taken in the assessment order was affirmed. The assessee felt aggrieved and is in appeal before this Tribunal. 4 M/s CNI Research Ltd. 2.2. If the observation made in the assessment order, leading

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(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\nproceedings, the Assessing Officer applied the computation\nmechanism of section 14A read with Rule 8D(2)(ii) and made a\nfurther adjustment of ₹76.99 crores under clause (f) of Explanation\n1 to section 115JB(2), thereby enhancing the book profits.\n13.2 On appeal, the learned CIT(A) deleted the said adjustment,\nholding that the disallowance computed under section 14A

KOTAK MAHINDRA BANK LIMITED,MUMBAI vs. ADD/JOINT/DEPUTY/ACIT, NATIONAL E-ASSESSMENT CENTRE, DELHI

Section 14A(2) of the Act, read\n40\nITA Nos.4056/Mum/2023 & Others\nM/s. Kotak Mahindra Bank Ltd.\nwith Rule 8D of the Rules, before applying the theory of apportionment, the AO needs to\nrecord satisfaction that having regard to the kind of the assessee, suo moto disallowance\nunder Section 14A was not correct. It will be in those cases where

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

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

In the result the appeal filed by the assessee in ITA No

14A to Rs.2,16,33,239/- as disallowed by the\nAppellant in Return of Income\n10.\nWithout Prejudice to the above, AO be directed to restrict the disallowance u/s\n14A r.w. Rule 8D(2)(ii) only w.r.t. those investments which have yielded exempt income\nduring the year and exclude those investments which have not yielded exempt income\nduring the year

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 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

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-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

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 (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

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)

147 and 148 of the Act by the AO, by submitting as under:- “3] Ground No. 2(a), 2(b) & 2(c) : Initiation of reassessment proceedings is bad in law: The appellant has filed its return of income on 27-10-2005 determining Total Income at Nil computed under the provisions of the Act other than Section 115JB

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