MEDIA RESEARCH USERS COUNCIL,MUMBAI vs. ADIT (E) 1(1), MUMBAI

Appeal of the revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble & Media Research Users Council V. Addl. Dit(E)– 1(1) 128, Tv Industrial Estate Piramal Chambers, Lalbaug S.K. Ahire Marg, Worli Mumbai – 400 012 Mumbai – 400012 Pan: Aaatm5433F (Appellant) (Respondent) Media Research Users Council V. Addl. Dit(E)– Range 1 128, Tv Industrial Estate Piramal Chambers, Lalbaug S.K. Ahire Marg, Worli Mumbai – 400 012 Mumbai – 400012 Pan: Aaatm5433F (Appellant) (Respondent)

68,07,442 was covered by section 13(2)(a). In para 6.16 at page 21, he held that the payments to HRG were excessive and, therefore, section 13(3)(c) was attracted. 13. Before the Ld.CIT(A), assessee reiterated its submissions made before the Assessing Officer, the assessee further pointed out that HRG was not dependent

MMTI'S EDUCATION & RESEARCH TRUST,MUMBAI vs. ITO (E) 2 (1), MUMBAI

In the result, the appeals of the assessee are In the result, the appeals of the assessee are allowed partly for allowed partly for statistical purposes

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant () Assessment Year: 2011-2012 Mmti’S Education & Research Trust, The Dy. Director Of Income- New Excel House, 2Nd Floor, 41-B, Tax(Exemption)-I(1), Vs. Azad Nagar Road No. 2, Off. Veera 5Th Floor, Piramal Chambers, Desai Road, Behind Icici Bank, Parel, Lalbaug, Andheri (West), Mumbai-400012. Mumbai-400053. Pan No. Aabtm 2192 E Appellant Respondent Assessment Year: 2012-2013 Mmti’S Education & Research Trust, Ito(E)-2(1), New Excel House, 2Nd Floor, 41-B, Income-Tax Office, Piramal Vs. Azad Nagar Road No. 2, Off. Veera Chambers, Parel, Mumbai- Desai Road, Behind Icici Bank, 12. Andheri (West), Mumbai-400053. Pan No. Aabtm 2192 E Appellant Respondent Assessment Year: 2013-2014 Mmti’S Education & Research Trust, Ito(E)-2(1), Victor House, 2Nd Floor, End Of Veera Income-Tax Office, Piramal Vs. Desai Road, Next To Chitralekha Chambers, Parel, Mumbai- House, Andheri (W), 12. Mumbai-400053. Pan No. Aabtm 2192 E Appellant Respondent

68,57,820” 6. On further appeal, the Ld. CIT(A) allowed part relief to the On further appeal, the Ld. CIT(A) allowed part relief to the On further appeal, the Ld. CIT(A) allowed part relief to the assessee. The Ld. CIT(A) upheld the disallowance of exemption u/s assessee. The Ld. CIT(A) upheld the disallowance

MMTIS EDUCATION AND RESEARCH TRUST,MUMBAI vs. ITO (E) 2(1), MUMBAI

In the result, the appeals of the assessee are In the result, the appeals of the assessee are allowed partly for allowed partly for statistical purposes

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant () Assessment Year: 2011-2012 Mmti’S Education & Research Trust, The Dy. Director Of Income- New Excel House, 2Nd Floor, 41-B, Tax(Exemption)-I(1), Vs. Azad Nagar Road No. 2, Off. Veera 5Th Floor, Piramal Chambers, Desai Road, Behind Icici Bank, Parel, Lalbaug, Andheri (West), Mumbai-400012. Mumbai-400053. Pan No. Aabtm 2192 E Appellant Respondent Assessment Year: 2012-2013 Mmti’S Education & Research Trust, Ito(E)-2(1), New Excel House, 2Nd Floor, 41-B, Income-Tax Office, Piramal Vs. Azad Nagar Road No. 2, Off. Veera Chambers, Parel, Mumbai- Desai Road, Behind Icici Bank, 12. Andheri (West), Mumbai-400053. Pan No. Aabtm 2192 E Appellant Respondent Assessment Year: 2013-2014 Mmti’S Education & Research Trust, Ito(E)-2(1), Victor House, 2Nd Floor, End Of Veera Income-Tax Office, Piramal Vs. Desai Road, Next To Chitralekha Chambers, Parel, Mumbai- House, Andheri (W), 12. Mumbai-400053. Pan No. Aabtm 2192 E Appellant Respondent

68,57,820” 6. On further appeal, the Ld. CIT(A) allowed part relief to the On further appeal, the Ld. CIT(A) allowed part relief to the On further appeal, the Ld. CIT(A) allowed part relief to the assessee. The Ld. CIT(A) upheld the disallowance of exemption u/s assessee. The Ld. CIT(A) upheld the disallowance

MMTIS EDUCTION & RESEARCH TRUST,MUMBAI vs. DDIT (E) I(2), MUMBAI

In the result, the appeals of the assessee are In the result, the appeals of the assessee are allowed partly for allowed partly for statistical purposes

Bench: Shri Vikas Awasthy () & Shri Om Prakash Kant () Assessment Year: 2011-2012 Mmti’S Education & Research Trust, The Dy. Director Of Income- New Excel House, 2Nd Floor, 41-B, Tax(Exemption)-I(1), Vs. Azad Nagar Road No. 2, Off. Veera 5Th Floor, Piramal Chambers, Desai Road, Behind Icici Bank, Parel, Lalbaug, Andheri (West), Mumbai-400012. Mumbai-400053. Pan No. Aabtm 2192 E Appellant Respondent Assessment Year: 2012-2013 Mmti’S Education & Research Trust, Ito(E)-2(1), New Excel House, 2Nd Floor, 41-B, Income-Tax Office, Piramal Vs. Azad Nagar Road No. 2, Off. Veera Chambers, Parel, Mumbai- Desai Road, Behind Icici Bank, 12. Andheri (West), Mumbai-400053. Pan No. Aabtm 2192 E Appellant Respondent Assessment Year: 2013-2014 Mmti’S Education & Research Trust, Ito(E)-2(1), Victor House, 2Nd Floor, End Of Veera Income-Tax Office, Piramal Vs. Desai Road, Next To Chitralekha Chambers, Parel, Mumbai- House, Andheri (W), 12. Mumbai-400053. Pan No. Aabtm 2192 E Appellant Respondent

68,57,820” 6. On further appeal, the Ld. CIT(A) allowed part relief to the On further appeal, the Ld. CIT(A) allowed part relief to the On further appeal, the Ld. CIT(A) allowed part relief to the assessee. The Ld. CIT(A) upheld the disallowance of exemption u/s assessee. The Ld. CIT(A) upheld the disallowance

M/S JR FIBER GLASS INDUSTRIES PVT LTD,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE, MUMBAI

In the result, the appeal of the assessee is allowed

13,00,000/- made by the\nAssessing Officer on account of share capital, share application money and\ninvestment in HTCCL respectively.\nAfter hearing Md. Nizamuddin, learned Advocate appearing on behalf of\nthe appellant and after going through the materials on record, we find that\nall such application money were received by the assessee by way of account\npayee cheques

OBEROI FOUNDATION,MUMBAI vs. CIT (E), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleoberoi Foundation V. Cit (Exemptions) Commerz, 3Rd Floor 6Th Floor, Piramal Chambers International Business Park Lalbaug, Mumbai – 400 012 Oberoi Garden City, Off. W.E. Highway Goregaon (E), Mumbai - 400063 Pan: Aaato1684L (Appellant) (Respondent) Assessee Represented By : Shri Vijay Mehta Department Represented By : Shri K.C. Salvamani

68 to 69C would be applicable in addition to the computation of income under these sections. We, therefore, reject the argument of learned Departmental Representative that addition under section 69 for excess 15 Oberoi Foundation investment has to be independently carried out notwithstanding exemption of income under sections 11 to 13. 21. Now, we come

VODAFONE INDIA LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 7(3), MUMBAI

In the result, the appeal of the assessee is allowed

8(3), Mumbai The learned Add. CIT thereafter, as per the mandate of section 144C(13)/(5) of the Act, completed the assessment, wherein a demand of Rs 297,26,54,239 was raised, however, no adverse observations/ additions was made with respect to the rights issue. 2.3 Subsequent to the above, the learned Commissioner of Income

R.D.TATA TRUST,MUMBAI vs. ITO (E)-2(2) (NOW ASSESSED BY THE ASSTT.CIT 17(3)), MUMBAI

Accordingly, Ground No.3 to 5 raised by the Revenue are dismissed

Section 13(3) of the Act. 8. The Ld. Counsel for the Assessee submitted that the finding returned by the Assessing Officer are based upon incorrect ITA. No. 3155 & 3081/Mum/2018 Assessment Year: 2012-13 appreciation of facts and are contrary to the settled legal position. Referring to the details/documents submitted along with letter, dated 12.03.2015 and 17.03.2015 filed during

ACIT CIRCLE-22(1), MUMBAI vs. RAHEJA LEGACY TRUST, MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal filed by the Revenue is dismissed

Bench: Shri Saktijit Dey & Shri Amarjit Singhassessment Year: 2018-19

section 68 of A.Y. 2018-19 the Act. The ld. CIT(A) has also referred statement submitted before the AO in the form of Annexure – 14 running into 28 different column wherein details of each and every loans have been provided. The total fresh loans accepted during the year comes to only Rs. 86,10,21,727/-. The assessee

RAHEJA LEGENCY TRUST,MUMBAI vs. ACIT, CIR-22(1), MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal filed by the Revenue is dismissed

Bench: Shri Saktijit Dey & Shri Amarjit Singhassessment Year: 2018-19

section 68 of A.Y. 2018-19 the Act. The ld. CIT(A) has also referred statement submitted before the AO in the form of Annexure – 14 running into 28 different column wherein details of each and every loans have been provided. The total fresh loans accepted during the year comes to only Rs. 86,10,21,727/-. The assessee

M/S RENUKAMATA MULTI STATE CO-OP. URBAN CREDITN SOC. LTD.,MUMBAI vs. THE ASSTT. CIT, CC-4(4), MUMBAI

In the result, the appeal by the assessee is partly allowed, while the\nappeal by the Revenue is dismissed

8 raised in assessee's appeal is allowed.\n50. In the result, the appeal by the assessee is partly allowed, while the\nappeal by the Revenue is dismissed.\nITA no.1726/Mum./2023(Assessee's appeal)\nITA no.2077/Mum./2023 (Revenue's appeal)\n Assessment Year 2017-18\n51. In its appeal for the assessment year 2017-18, the assessee has raised\nthe

M/S RENUKAMATA MULTI STATE CO-OP. URBAN CREDITN SOC. LTD.,MUMBAI vs. THE ASSTT. CIT, CC-4(4), MUMBAI

8 raised in assessee's appeal is allowed.\n\n50. In the result, the appeal by the assessee is partly allowed, while the\nappeal by the Revenue is dismissed.\n\nITA no.1726/Mum./2023(Assessee's appeal)\nITA no.2077/Mum./2023 (Revenue's appeal)\n Assessment Year 2017-18\n\n51. In its appeal for the assessment year 2017-18, the assessee

SHRI RENUKAMATA MULTI-STATE CO-OPERATIVE URBAN SOCIETY LTD,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(4), MUMBAI

8 raised in assessee's appeal is allowed.\n50. In the result, the appeal by the assessee is partly allowed, while the\nappeal by the Revenue is dismissed.\nITA no.1726/Mum./2023(Assessee's appeal)\nITA no.2077/Mum./2023 (Revenue's appeal)\n Assessment Year 2017-18\n51. In its appeal for the assessment year 2017-18, the assessee has raised\nthe

JCIT (OSD), CC-4(4), MUMBAI vs. M/S. SHRI RENUKAMATA MULTI-STATE COOPERATIVE URBAN CREDIT SOCIETY LTD., AHAMEDNAGAR

8 raised in assessee's appeal is allowed.\n50. In the result, the appeal by the assessee is partly allowed, while the\nappeal by the Revenue is dismissed.\nITA no.1726/Mum./2023(Assessee's appeal)\nITA no.2077/Mum./2023 (Revenue's appeal)\n Assessment Year 2017-18\n51. In its appeal for the assessment year 2017-18, the assessee has raised\nthe

LUMINANT INVESTMENTS LTD ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -40, MUMBAI

In the result, the appeal of the assessee is dismissed

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2006-07 Luminant Investments Ltd., Dy. Cit Central Circle 40, (Formerly Known As Luminant Aayakar Bhavan, M.K. Road, Vs. Investment Pvt. Ltd.) Mumbai-400020. 121, Radha Bhuvan, 1St Floor, Nagindas Master Road, Fort, Mumbai-400023. Pan No. Aaacl 0834 A Appellant Respondent

8. VENTEX TRADE PVT. LTD. ANKITA FINVEST PVT. LTD. 190000 9500000 9. ANKITA FINVEST PVT. LTD. PENTEX EXPO PVT. LTD. 100000 5000000 10. PENTEX EXPO PVT. LTD. TUTICORIN TREXIM PVT. LTD. 170000 8500000 11. TUTICORIN TREXIM PVT. LTD. SNEHDEEP IMPEX PVT. LTD. SNEHDEEP IMPEX PVT. LTD. 50000 2500000 12. 13. CLIX SECURITIES PVT. LTD. CLIX SECURITIES

NAV CONSEC P.LTD,MUMBAI vs. ITO 9(2)(3), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri. Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.3258/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2011-12) M/S Nav Consec Pvt Ltd बिधम/ Income Tax Officer, Ward 9(2)(3) Mumbai. Vs. C/O Sanjay Shah, 108, 1St Floor Sujata Niketan, Rani Sati Marg Malad East, Mumbai-400097 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcn1435A (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Anil Surana, Ca (Written Submission) Assessee By: Dr Mahesh Akhade, Cit Dr

8 ITA 3258/Mum/2016 M/s Nav Consec Pvt Ltd AY 2011-12 Ranganathan, M/s.Shriram Auto Finance assigned the said amount of Rs.60.67 Crores payable by the assessee to M/s.Shriram Auto Finance to Smt. Vathsala Ranganathan. Consequently, in the books of accounts of the assessee, the said amount was shown as due to Smt. Vathsala Ranganathan. 10. On retirement of Smt. Vathsala

IDHASOFT LTD.,MUMBAI vs. DCIT - 15(2)(1), MUMBAI

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2007-08 M/S Idhasoft Ltd. Dcit-15(2)(1), 3, Narayan Building, Room No.357, 3Rd Floor बनाम/ 23 L. N. Road, Dadar East, Aayakar Bhavan, Vs. Mumbai-400014 M. K. Road, Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aabci6090G Assessment Year: 2007-08 Dcit-15(2)(1), M/S Idhasoft Ltd. Room No.357, 3Rd Floor 3, Narayan Building, बनाम/ Aayakar Bhavan, 23 L. N. Road, Dadar East, Vs. M. K. Road, Mumbai-400014 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aabci6090G

68. He therefore, recorded his satisfaction that the income had escaped assessment and that this was due to the assessee having failed to disclose truly and fully all facts. [Para 7] Section 147 provides inter alia that if the Assessing Officer has the reason to believe that any income chargeable to tax has escaped assessment, he may subject

SYNTENSIA NETWORK SECURITY INDIA P.LTD,MUMBAI vs. ITO 11(2)(4), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm M/S. Syntensia Network Security Vs. Ito 11(2)(4) India Pvt. Ltd., Churchgate, 506, Laxmi Mall Laxmi Industrial Mumbai - 400020 Estate New Link Road, Andheri (W) Mumbai - 400053 Pan/Gir No.Aalcs1143G Appellant) Respondent) ..

8 M/s. Syntensia Network Security India Pvt. Ltd., In this respect Circular No.5 in F.No.73A/2(69)-IT (A-11), dt. 20th Feb,1969 was relied on and which reads as under:- 1."Migrant assessees Money remitted to India through banks-Enquiries by ITOs regarding origin of money-Instructions regarding: It has been represented to the Board that persons

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 5(2), MUMBAI, NARIMAN POINT, MUMBAI vs. AGV CONSULTANTS , BORIVALI (E), MUMBAI

In the result, all the appeals filed by the revenue stands dismissed

Bench: Hon’Ble Shri Sandeep Gosain & Hon’Ble Shri Prabhash Shankar

8. Admittedly, in the course of survey no ‘incriminating material’ was found, which is clear from the fact that the AO could not make any reference of incriminating material in the assessment order. Whereas evenSection 68 basically applies to unexplained “Cash credit” like loans, deposits and advances, share capital, etc and the core condition for applicability of deeming provisions