DY. COMMISSIONER OF INCOME TAX CIRCLE - 3(3)(1), MUMBAI , MUMBAI vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, MUMBAI

In the result, the captioned appeals by the revenue are dismissed and the cross-objections filed by the assessee are allowed

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

reassessment proceedings. The reasons for reopening are as under:- “In this case, return of income was filed on 28.09.2013 declaring total income at Rs. 1602,66,91,910/-under normal provisions. Subsequently, assessee filed revised return on 24.02.2015 declaring total income at Rs. 1609,22,64,610/-. Assessment was originally completed u/s 143(3) dt 17.02.2016 determining total income

DY. COMMISSIONER OF INCOME TAX CIRCLE - 3(3)(1), MUMBAI , MUMBAI vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, MUMBAI

In the result, the captioned appeals by the revenue are dismissed and the cross-objections filed by the assessee are allowed

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

reassessment proceedings. The reasons for reopening are as under:- “In this case, return of income was filed on 28.09.2013 declaring total income at Rs. 1602,66,91,910/-under normal provisions. Subsequently, assessee filed revised return on 24.02.2015 declaring total income at Rs. 1609,22,64,610/-. Assessment was originally completed u/s 143(3) dt 17.02.2016 determining total income

DY. COMMISSIONER OF INCOME TAX CIRCLE - 3(3)(1), MUMBAI, MUMBAI vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, MUMBAI

In the result, the appeal is dismissed

Bench: Shri Narender Kumar Choudhry & Shri Ratnesh Nandan Sahayassessment Year: 2016-17 Dy. Commissioner Of M/S. Small Industries Income Tax Circle- Development Bank Of 3(3)(1) India Room No. 609, Sme Development Centre, Aaykar Bhavan, C-11, G- Block, Vs. M. K. Road, Bandra Kurla Complex, Churchgate, Bandra (East), Mumbai- 400020. Pan: Aabcs3480N (Appellant) (Respondent)

section 36(1) (viia), the deduction is to be computed before making deduction under this clause and Chapter VIA of the Act. As such 5% of Rs.143,07,03,231/- was also required to be taken in to account while computing the deduction u/s.36(1) (viia). However, this was not done and therefore the same has resulted in underassessment

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

36(1) (va) in respect of LWF amounting\nto Rs. 31,812/- be deleted and the AO be directed to allow deduction of Rs. 16, 16,236/-\nu/s. 43B of the Act.\n5. without prejudice to the above, such adjustment / disallowance is outside scope and\nbeyond the provisions of section 143(1) and needs to be deleted.\nITA No. 4056/Mum/2023

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

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

36(1) (va) in respect of LWF amounting\nto Rs. 31,812/- be deleted and the AO be directed to allow deduction of Rs. 16, 16,236/-\nu/s. 43B of the Act.\n5. without prejudice to the above, such adjustment / disallowance is outside scope and\nbeyond the provisions of section 143(1) and needs to be deleted.\nITA No. 4056/Mum/2023

MR NILESH BHARANI,MUMBAI vs. DCIT CC 4(1), MUMBAI

Bench: Shri Amit Shukla, Jm & Shri Amarjit Singh, Am आयकरअपीलसं./ I.T.A. No. 612/Mum/2020 (निर्धारणवर्ा / Assessment Year: 2011-12)

147, section 148, section 149, section 151 and section 153, where the Assessing Officer is satisfied that,— (a) any money, bullion, jewellery or other valuable article or 60 I.T.A. No. 612/Mum/2020 Mr. Nilesh Bharani thing, seized or requisitioned, belongs to; or (b) any books of account or documents, seized or requisitioned, pertains or pertain to, or any information contained therein

ICICI BANK LTD.,MUMBAI vs. THE DY CIT -2(3)(1), MUMBAI

In the result we hold that the learned principal

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Icici Bank Limited The Dy. Commissioner Of Icici Bank Towers, Income-Tax-2(3)(1), Aayakar Bhavan, 5 Th Floor, Bandra Kurla Complex, Vs. Bandra (East), Room No.552, Mumbai-400 051 M.K.Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaaci1195H Appellant By : Ms Arati Vissanji, Ar Respondent By : Shri Nikhil Chaudhary, Cit Dr Date Of Hearing: 13.01.2022 Date Of Pronouncement : 08.03.2022

reassessment order passed u/s 143 (3) read with Section 147 of the income tax act 1961 considered the following additions:- a. disallowance of interest u/s 43D read with rule 6EA amounting to ₹ 50,596,549/– b. disallowance of write off of credit cards amounting to ₹ 476,331,562/– c. restriction of allowance of deduction u/s 36 (1

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) :

36(1)(vii), exemption under section 10(23G), deduction under section 35DDA had been considered in the assessment order passed under section 143(3) dated December 29, 2006 and section 147 of the Act does not postulate ICICI Bank Limited Assessment Year-2004-05 conferment of power upon the Assessing Officer to initiate reassessment proceedings upon a mere change

WIN CABLE & DATACOM P.LTD,MUMBAI vs. ASST CIT (TDS) 3(1), MUMBAI

In the result, appeals filed by the assessee are hereby allowed

Bench: S/Shri R.C. Sharma (Am) & Amarjit Singh (Jm) I.T.A. No. 3635/Mum/2016(Assessment Year 2001-02)

u/s 201(1A) also. We hold accordingly.” 24 Thereafter, from paragraph 17.11 the Tribunal dealt with the contentions of the Assessee that the time limit for initiation and completion of the proceedings under Section 201(1) ought to be the period of four years. The cases relied upon have been referred to and in paragraph 17.14 it is held that

DCIT CIR 3(3), MUMBAI vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA LTD, MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri G.S. Pannu & Shri Pawan Singh

reassessment opened u/s. 147 is legal and valid. 2(a) On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) erred in upholding the action of the learned Assessing Officer in reducing Provision for bad and doubtful debts allowable under section 36(1

DCIT CIR 3(3), MUMBAI vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA LTD, MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri G.S. Pannu & Shri Pawan Singh

reassessment opened u/s. 147 is legal and valid. 2(a) On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) erred in upholding the action of the learned Assessing Officer in reducing Provision for bad and doubtful debts allowable under section 36(1

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA,MUMBAI vs. DCIT CIR 3(3), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri G.S. Pannu & Shri Pawan Singh

reassessment opened u/s. 147 is legal and valid. 2(a) On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) erred in upholding the action of the learned Assessing Officer in reducing Provision for bad and doubtful debts allowable under section 36(1

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA,MUMBAI vs. DCIT RG 3(3), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri G.S. Pannu & Shri Pawan Singh

reassessment opened u/s. 147 is legal and valid. 2(a) On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) erred in upholding the action of the learned Assessing Officer in reducing Provision for bad and doubtful debts allowable under section 36(1

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA,MUMBAI vs. DCIT RG 3(3), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri G.S. Pannu & Shri Pawan Singh

reassessment opened u/s. 147 is legal and valid. 2(a) On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) erred in upholding the action of the learned Assessing Officer in reducing Provision for bad and doubtful debts allowable under section 36(1

NAVNIDHI STEEL AND ENGG CO. P.LTD,MUMBAI vs. DCIT 5(2)(1), MUMBAI

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2007-08

reassessment proceedings, the assessee was asked to furnish the details of loans and advances taken from the group companies of Shri Bhavarlal Jain. The assessee vide reply dated 03/03/2015 claimed that the loan creditor M/s Mahalaxmi Gems Pvt. Ltd. has informed the assessee that they have received notices u/s 133(6) of the Act and have filed the relevant details

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

In the result, the assessee’s appeal is partly allowed as above

Bench: Shri Shamim Yahya, Am & Shri Pawan Singh, Jm

section 147. f. Entire reopening was based on audit query and without independent application of mind by AO. 3. Your Appellant prays that the entire reassessment proceedings are bad in law and requires to be quashed. GROUND NO. II - Disallowance of Deduction of Rs.9,55,02.691 u/s. 1. The CIT(A) erred in confirming disallowance of deduction of Rs.9

DCIT CEN CIR 8(4), MUMBAI vs. SAVITA OIL TECHNOLOGIES LTD, MUMBAI

Appeal is allowed

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.7620/Mum/2016 (नििाारण वर्ा / Assessment Year : 2010-11)

reassessment, the assessee shall be entitled to receive, in addition to the interest payable under sub-section (1), an additional interest on such amount of refund calculated at the rate of three per cent per annum, for the period beginning from the date following the date of expiry of the time allowed under sub-section (5) of section

DY. COMMISSIONER OF INCOME TAX, MUMBAI, DCIT CIRCLE , AAYKAR BHAVAN, MUMBAI vs. SVC CO-OPERATIVE BANK LIMITED, SVC CO-OPERATIVE BANK LIMITED

reassessment proceedings the AO\naccepted the correctness of the method adopted by the Assessee for calculating\ndeduction u/s. 36(1) (viia) of the Act and no addition was made thereon vide\nassessment order dated 28.12.2017 despite deduction u/s. 36(1)(viia) of the Act\nbeing one of the reasons recorded for issue of notice u/s

M/S THE MAHARASHTRA STATE CO. OP BANK LTD.,MUMBAI vs. ITO-1(3)(3), MUMBAI

In the result, the appeal of the In the result, the appeal of the assessee is allowed partly assessee is allowed partly whereas the appeal of the Revenue is dismissed

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2013-14

section (6), section (6),— (b) any income is excluded from the total income of one (b) any income is excluded from the total income of one (b) any income is excluded from the total income of one person and held to be the income of another person, person and held to be the income of another person, person and held