SABRAS INVESTMENT & TRADING P.LTD ( NOW MERGED WITH TATA CHEMICALS LTD),MUMBAI vs. JCIT SP RG, 1, MUMBAI

The appeals of the assessee are allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 915/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 916/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 917/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 918/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1999-00) Aayakr Apila Sam./ Ita No. 869/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 870/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 871/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 872/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1999-00)

2(7A) so amended only if he is directed under clause (b)of cub-section (4) of section 120 to exercise or perform all or any of the powers and functions concerned on or assigned to an Assessing Officer; meaning thereby that the Addl. CIT can function or can exercise the powers and perform the functions

SABRAS INVESTMENT & TRADING CO. LTD ( NOW MERGED WITH TATA CHEMICALS LTD),MUMBAI vs. JCIT SP RG, 1, MUMBAI

The appeals of the assessee are allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 915/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 916/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 917/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 918/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1999-00) Aayakr Apila Sam./ Ita No. 869/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 870/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 871/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 872/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1999-00)

2(7A) so amended only if he is directed under clause (b)of cub-section (4) of section 120 to exercise or perform all or any of the powers and functions concerned on or assigned to an Assessing Officer; meaning thereby that the Addl. CIT can function or can exercise the powers and perform the functions

SABRAS INVESTMENT & TRADING CO. LTD ( NOW MERGED WITH TATA CHEMICAL LTD),MUMBAI vs. ASST CIT 2(2), MUMBAI

The appeals of the assessee are allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 915/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 916/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 917/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 918/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1999-00) Aayakr Apila Sam./ Ita No. 869/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 870/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 871/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 872/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1999-00)

2(7A) so amended only if he is directed under clause (b)of cub-section (4) of section 120 to exercise or perform all or any of the powers and functions concerned on or assigned to an Assessing Officer; meaning thereby that the Addl. CIT can function or can exercise the powers and perform the functions

SABRAS INVESTMENT & TRADING CO. LTD ( NOW MERGED WITH TATA CHEMICALS LTD),MUMBAI vs. JCIT SP RG, 1, MUMBAI

The appeals of the assessee are allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 915/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 916/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 917/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 918/Mum/2012 (Inaqa-Arna Baya- / Assessment Year 1999-00) Aayakr Apila Sam./ Ita No. 869/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1996-97) Aayakr Apila Sam./ Ita No. 870/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1997-98) Aayakr Apila Sam./ Ita No. 871/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 872/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 1999-00)

2(7A) so amended only if he is directed under clause (b)of cub-section (4) of section 120 to exercise or perform all or any of the powers and functions concerned on or assigned to an Assessing Officer; meaning thereby that the Addl. CIT can function or can exercise the powers and perform the functions

INCOME TAX OFFICER 8(3)(3), MUMBAI vs. M/S.VIBGYOR TEXOTECH PRIVATE LIMITED, MUMBAI

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

Bench: Shri Amarjit Singh () & Shri Om Prakash Kant () Assessment Year: 2009-10 Income Tax Officer-8(3)(3), M/S Vibgyor Texotech Pvt. Ltd., Room No. 616, 6Th Floor, Aayakar 309, Navyug, T.J. Road, Sewree, Bhavan, M.K. Road, Vs. Mumbai-400015. Mumbai-400020. Pan No. Aaccv 0752 D Appellant Respondent Assessment Year: 2009-10 M/S Vibgyor Texotech Pvt. Ltd., The Asst. Commissioner Of 309, Navyug, T.J. Road, Sewree, Income Tax-8(3)(2), Mumbai-400015. Vs. Mumbai. Pan No. Aaccv 0752 D Appellant Respondent

127 of the Act could also apply when the department wants transfer of a case, and Sections 120 and 124 of the Act are not attracted. 22. Counsel for the petitioner had relied upon judgment of the Supreme Court in Hasham Abbas Sayyad Vs. Usman Abbas Sayyad & Ors., (2007) 2 SCC 355 which draws distinction between a person

M/S.VIBGYOR TEXOTECH PRIVATE LIMITED,MUMBAI vs. ACIT-8(3)(2), MUMBAI

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

Bench: Shri Amarjit Singh () & Shri Om Prakash Kant () Assessment Year: 2009-10 Income Tax Officer-8(3)(3), M/S Vibgyor Texotech Pvt. Ltd., Room No. 616, 6Th Floor, Aayakar 309, Navyug, T.J. Road, Sewree, Bhavan, M.K. Road, Vs. Mumbai-400015. Mumbai-400020. Pan No. Aaccv 0752 D Appellant Respondent Assessment Year: 2009-10 M/S Vibgyor Texotech Pvt. Ltd., The Asst. Commissioner Of 309, Navyug, T.J. Road, Sewree, Income Tax-8(3)(2), Mumbai-400015. Vs. Mumbai. Pan No. Aaccv 0752 D Appellant Respondent

127 of the Act could also apply when the department wants transfer of a case, and Sections 120 and 124 of the Act are not attracted. 22. Counsel for the petitioner had relied upon judgment of the Supreme Court in Hasham Abbas Sayyad Vs. Usman Abbas Sayyad & Ors., (2007) 2 SCC 355 which draws distinction between a person

AMBICO EXPORTS AND IMPORTS PRIVATE LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX 12(1)(1), MUMBAI

In the result, appeal by the assessee is partly allowed in the terms aforesaid

Bench: Vikas Awasthy & Shri N.K.Pradhanआअसं. 6822/मुं/2017 ("न.व. 2013-14) It(Tp)A No.6822/Mum/2017(A.Y.2013-14)

68,66,580/- by holding that the assessee has entered into international transactions with its AEs. viz.- Ambico UK and Narayan UK. The TPO further erred in holding that the assessee has not maintained the documents as required u/s.92D of the Act and Rule 10B of the Income Tax Rules. Though Ambico UK & Narayan UK were

THE ACIT 2(3), MUMBAI vs. M/S. TATA SONS LTD, MUMBAI

In the result, the appeals filed by the assessee are allowed and that of the Revenue is dismissed

Bench: Shri P K Bansal & Shri Ram Lal Negi

2, Mumbai dated 24th October, 2005 U/s.263 of the Act, pursuant to the Order of Assessment passed U/s. 143(3) of the Act dated 15th March, 2005 by the AO is to be quashed, keeping in view the fact and in the event that the said order of assessment is quashed as passed without authority

M/S. TATA SONS LTD,MUMBAI vs. THE ACIT CIR2(3), MUMBAI

In the result, the appeals filed by the assessee are allowed and that of the Revenue is dismissed

Bench: Shri P K Bansal & Shri Ram Lal Negi

2, Mumbai dated 24th October, 2005 U/s.263 of the Act, pursuant to the Order of Assessment passed U/s. 143(3) of the Act dated 15th March, 2005 by the AO is to be quashed, keeping in view the fact and in the event that the said order of assessment is quashed as passed without authority

M/S. TATA SONS LTD.,MUMBAI vs. CIT CIR. 2(3), MUMBAI

In the result, the appeals filed by the assessee are allowed and that of the Revenue is dismissed

Bench: Shri P K Bansal & Shri Ram Lal Negi

2, Mumbai dated 24th October, 2005 U/s.263 of the Act, pursuant to the Order of Assessment passed U/s. 143(3) of the Act dated 15th March, 2005 by the AO is to be quashed, keeping in view the fact and in the event that the said order of assessment is quashed as passed without authority

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

68 – scrip 3,30,86,741/- Greencrest Financial Services Ltd Notional Commission u/s 69C 9,92,602/- AYs 2016-17 to 2018-19 AY Reasons of Addition Amount (Rs.) 2016-17 Cash loan to Nilesh Bharani u/s 69 2,05,00,000/- Notional interest earned u/s 56 12,05,425/- 2017-18 Cash loan to Nilesh Bharani

HEMENDRA RAMJI VIRA,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

68 – scrip 3,30,86,741/- Greencrest Financial Services Ltd Notional Commission u/s 69C 9,92,602/- AYs 2016-17 to 2018-19 AY Reasons of Addition Amount (Rs.) 2016-17 Cash loan to Nilesh Bharani u/s 69 2,05,00,000/- Notional interest earned u/s 56 12,05,425/- 2017-18 Cash loan to Nilesh Bharani

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

68 – scrip 3,30,86,741/- Greencrest Financial Services Ltd Notional Commission u/s 69C 9,92,602/- AYs 2016-17 to 2018-19 AY Reasons of Addition Amount (Rs.) 2016-17 Cash loan to Nilesh Bharani u/s 69 2,05,00,000/- Notional interest earned u/s 56 12,05,425/- 2017-18 Cash loan to Nilesh Bharani

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

68 – scrip 3,30,86,741/- Greencrest Financial Services Ltd Notional Commission u/s 69C 9,92,602/- AYs 2016-17 to 2018-19 AY Reasons of Addition Amount (Rs.) 2016-17 Cash loan to Nilesh Bharani u/s 69 2,05,00,000/- Notional interest earned u/s 56 12,05,425/- 2017-18 Cash loan to Nilesh Bharani

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

68 – scrip 3,30,86,741/- Greencrest Financial Services Ltd Notional Commission u/s 69C 9,92,602/- AYs 2016-17 to 2018-19 AY Reasons of Addition Amount (Rs.) 2016-17 Cash loan to Nilesh Bharani u/s 69 2,05,00,000/- Notional interest earned u/s 56 12,05,425/- 2017-18 Cash loan to Nilesh Bharani

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

68 – scrip 3,30,86,741/- Greencrest Financial Services Ltd Notional Commission u/s 69C 9,92,602/- AYs 2016-17 to 2018-19 AY Reasons of Addition Amount (Rs.) 2016-17 Cash loan to Nilesh Bharani u/s 69 2,05,00,000/- Notional interest earned u/s 56 12,05,425/- 2017-18 Cash loan to Nilesh Bharani

HEMENDRA RAMJI VIRA,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

68 – scrip 3,30,86,741/- Greencrest Financial Services Ltd Notional Commission u/s 69C 9,92,602/- AYs 2016-17 to 2018-19 AY Reasons of Addition Amount (Rs.) 2016-17 Cash loan to Nilesh Bharani u/s 69 2,05,00,000/- Notional interest earned u/s 56 12,05,425/- 2017-18 Cash loan to Nilesh Bharani

ADDL CIT R G 7(1), MUMBAI vs. NOVARTIS INDIA LTD ( FORMERLY KNOWN AS HINDUSTAN CIBA GIEGY LTD. ), MUMBAI

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Novartis India Limited V. Asst. Commissioner Of Income –Tax - 7(2)(2) {Earlier Addl. Commissioner Of Income –Tax – 7(1)} 6Th& 7Th Floor 1St Floor, Aayakar Bhavan Inspire Bkc M.K. Road, Mumbai - 400020 “G” Block, Bkc Main Road Bandra Kurla Complex, Bandra (E) Mumbai – 400051 Pan: Aaach2914F (Appellant) (Respondent) Addl. Commissioner Of Income –Tax – 7(1) V. M/S. Novartis India Limited Room No. 622, Aayakar Bhavan {Earlier Known As Hindustan Ciba Giegy Ltd.,} Sandoz House, Dr. A.B. Road M.K. Road, Mumbai - 400020 Worli, Mumbai – 400018 Pan: Aaach2914F (Appellant) (Respondent) Co No.190/Mum/2011 [Arising Out Of Ita No.6772/Mum/2010 (A.Y. 2002-03)] M/S. Novartis India Limited V. Addl. Commissioner Of Income –Tax – 7(1)} Room No. 622, Aayakar Bhavan {Earlier Known As Hindustan Ciba Giegy Ltd.,} Sandoz House, Dr. A.B. Road M.K. Road, Mumbai - 400020 Worli, Mumbai – 400018 Pan: Aaach2914F (Appellant) (Respondent)

section 143(2) proceeding and was treated as such by the assessee preclude it from urging lack of jurisdiction." (emphasis supplied) (3) There is no interplay of section 127 as held in para 8, in the following words- "8. As far as the section 127 goes, we are of the opinion that having regard to the findings

GRASIM INDUSTRIES LTD.,MUMBAI vs. DY CIT, CENTRAL CIRCLE-1(4), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

2, Pg. 155, Argument of Assessee – Para 8, Pg. 161, Held: Para 12, Pg. 154-169 of Legal Paper Book, Vol. I) 65. The Appellant further submits that doing business through subsidiaries/JVs is also recognized legal business concept. In this regard reliance is placed on the following decisions: a. State of UP and Others VsRenusagar Power Co. and Others