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

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

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) (viii

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) :

viii) and u/s 36(1)(viia) along with justification. The said facts would reveal that the stated issue was dealt with by Ld. AO with due application of ICICI Bank Limited Assessment Year-2004-05 mind. The Ld.AO was convinced with assessee’s methodology of arriving at bad-debts claim and formed an opinion about assessee’s claim. 7.1.3 Proceeding

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

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.9,55,02,691 u/s. 36(l)(vii) being 20% of profits from providing long term finance for construction / purchase of houses residential purposes on the ground

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)

viii) The reasonable time for initiating and completing the proceedings u/s 201(1) has to be at par with the time limit available for initiating and completing the reassessment as the assessment includes reassessment. (ix) The maximum time limit for initiating the proceedings u/s 201(1) or (1A) is the same as prescribed u/s 149 i.e. four years

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)(viia)(c) from the profits derived from

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)(viia)(c) from the profits derived from

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)(viia)(c) from the profits derived from

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)(viia)(c) from the profits derived from

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)(viia)(c) from the profits derived from

EXPORT IMPORT BANK OF INDIA,MUMBAI vs. DCIT (OSD) CIR 3(1), MUMBAI

In the result, the appeal is allowed

Bench: Shri D.T. Garasia () & Shri N.K. Pradhan () Assessment Year: 2003-04 Export Import Bank Of Acit-3(1), India, Centre One Vs. Aayakar Bhavan, M.K. Building, Floor 21, World, Road Trade Centre Complex, Mumbai-400020 Cuffe Parade, Mumbai-400005 Pan No. Aaace2769D Appellant Respondent Assessee By : Mr. Dinesh Vyas, Sr. Advocate Revenue By : Mrs. Vidisha Kalra, Cit-Dr Date Of Hearing : 16/11/2017 Date Of Pronouncement : 09/02/2018

reassessment. On writ, the assessee contended that the period of four years elapsed on 31.03.1999, whereas, notice u/s 148 was issued on 14.03.2001. He further contended that under the proviso to section 147, reopening of assessment could be effected only if he had failed to disclose truly and fully all facts, and as he had disclosed all the facts

HATHWAY C-NET P. LTD,MUMBAI vs. TAX RECOVERY (TDS) 1, MUMBAI

The appeals of the assessees are allowed

Bench: Shri Joginder Singh & Shri Ashwani Taneja

viii) The reasonable time for initiating and completing the proceedings u/s 201(1) has to be at par with the time limit available for initiating and completing the reassessment as the assessment includes reassessment. (ix) The maximum time limit for initiating the proceedings u/s 201(1) or (1A) is the same as prescribed u/s 149 i.e. four years

HATHWAY CABLE & DATACOM LTD,MUMBAI vs. TRO (TDS) RG 1, MUMBAI

The appeals of the assessees are allowed

Bench: Shri Joginder Singh & Shri Ashwani Taneja

viii) The reasonable time for initiating and completing the proceedings u/s 201(1) has to be at par with the time limit available for initiating and completing the reassessment as the assessment includes reassessment. (ix) The maximum time limit for initiating the proceedings u/s 201(1) or (1A) is the same as prescribed u/s 149 i.e. four years

PID P.LTD,MUMBAI vs. ASST CIT CIR 11(1), MUMBAI

In the result the Cross Objection of the assessee is allowed for statical purpose

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

reassessment u/s 143(3) r.w.s. 147 of the Act, made the disallowance of cost of entire purchases made from four parties i.e. (1) Disha Enterprises (2) Manav Impex (3) Dhiren Mercantile P Ltd. & (4) Sachi Mercantile P Ltd. The AO not given any finding on the documentary evidence filed by assessee consisting invoices, delivery challan, bank statement

KASHYAP KANIYALAL MEHTA,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

1, which is seized from the premise 12, Sharda Sadan, 7, SG Marg, Dadar East, Mumbai office of M/s Evergreen Enterprises during the course of search action u/s 132 of the Income-tax Act. This seized document is confronted to Ashwin Rathod, employee in M/s Evergreen Enterprises. In his statement u/s

KASHYAP KANIYALAL MEHTA,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

1, which is seized from the premise 12, Sharda Sadan, 7, SG Marg, Dadar East, Mumbai office of M/s Evergreen Enterprises during the course of search action u/s 132 of the Income-tax Act. This seized document is confronted to Ashwin Rathod, employee in M/s Evergreen Enterprises. In his statement u/s

KASHYAP KANIYALAL MEHTA,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

1, which is seized from the premise 12, Sharda Sadan, 7, SG Marg, Dadar East, Mumbai office of M/s Evergreen Enterprises during the course of search action u/s 132 of the Income-tax Act. This seized document is confronted to Ashwin Rathod, employee in M/s Evergreen Enterprises. In his statement u/s

KASHYAP KANIYALAL MEHTA,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

1, which is seized from the premise 12, Sharda Sadan, 7, SG Marg, Dadar East, Mumbai office of M/s Evergreen Enterprises during the course of search action u/s 132 of the Income-tax Act. This seized document is confronted to Ashwin Rathod, employee in M/s Evergreen Enterprises. In his statement u/s