B E BILLIMORIA & CO LTD.,MUMBAI vs. PR. CIT , CITY -1, MUMBAI

In the result, appeal is allowed

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

1, for the assessment year 2013–14. 2 B.E. Billimoria & Co. Ltd. 2. Briefly the facts are, the assessee, a resident company, is carrying on business in executing civil contract work. For the assessment under dispute, the assessee filed its return of income on 27th September 2013 declaring loss of ` 68,58,22,875. Subsequently, the assessee filed a revised

THE PREMIER CO-OPERATIVE CREDIT SOCIETY,MUMBAI vs. CIT(A), NFAC, DELHI

In the result, the appeal of the assessee is allowed

Bench: Ms Padmavathy S, Am & Shri Sandeep Singh Karhail, Jm

1) of section 139; (iv) disallowance of expenditure 68[or increase in income] indicated in the audit report but not taken

ITO 3(3)2, MUMBAI vs. SHAMROCK PHARMACHEMI P.LTD, MUMBAI

In the result appeal of the Revenue in ITA No

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1774/Mum/2013 (नििाारण वर्ा / Assessment Year: 2009-10) बिाम/ Ito 3(3)2, M/S. Shamrock R.No. 602, Pharmachemi Pvt. Ltd., Aayakar Bhavan, 83E,Hansraj Pragi Bldg., V. M.K Road, Opp. Dr. E Moses Road, Mumbai 400020 Worli, Mumbai-400018 स्थायी ऱेखा सं./ Pan: Aaacs6290H (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri. Ashim Kumar Modi (Cit- Dr), Shri V. Justin & Ms. Chaitna Ajaria Shri. Bharat L. Gandhi Assessee By: सुनवाई की तारीख /Date Of Hearing : 01.03.2019 घोषणा की तारीख /Date Of Pronouncement : 30.05.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Revenue, Being Ita No. 1774/Mum/2013, Is Directed Against Appellate Order Dated 29.10.2012, Passed By Learned Commissioner Of Income Tax (Appeals)-7, Mumbai (Hereinafter Called ―The Cit(A)‖) In Appeal Number Cit(A)-7/Ito-3(3)(2)/It-166/11-12, For Assessment Year 2009-10, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 29.12.2011 Passed By Learned Assessing Officer (Hereinafter Called ―The Ao‖) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called ―The Act‖) For Ay 2009-10. I.T.A. No.1774/Mum/2013

68,19,755.00 13. 75% 2009-10 16,93,05,845.00 1,05,30,824.00 6.22% 2010-11 6,00,73,432.00 12,01,469.00 2% I.T.A. No.1774/Mum/2013 The assessee had duly submitted copies of agency agreement/contract and exclusivity agreement pertaining to 4 major overseas agents based in USA & Europe as well copies of ledger account of these agents

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

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Icici Bank Ltd. The Dy. Commissioner Of Icici Bank Towers, Income-Tax 2(3)(1) Bandra Kurla Complex, Aaykar Bhavan, Vs. 5Th Floor, Room No.552, Badra (East), Mumbai-400 051 M.K. Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaaci1195H

139 to the returned income. 6.4 With respect to your goodself's observation that the additional clairn u/s 36(1)(viii) ought not to be allowed as the same was not made in the return of income (reliance placed Supreme Court decision in the case of Goetze India Limited vs. CIT we respectfully submit that the Bank has not made

STATE BANK OF INDIA,MUMBAI vs. ADDL CIT RG 2(2), MUMBAI

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed, as indicated above

Bench: Sri Mahavir Singh, Vp & Sri G Manjunatha, Am आयकर अपील सुं./ Ita No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank Of India The Dy. Commissioner Of 3Rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacs8577K

section 80HHC of the Act. The Supreme Court held that the profit earned by valuing finished goods is notional imaginary profit which could not be taxed. In view of the above, it is argued that appreciation in value of investments cannot be taken into account. The netting off of appreciation against the depreciation within a classification is therefore contrary

INNO vs. OURCE SERVICES PRIVATE LIMITED,MUMBAIVS.DCIT, 14(1)(1), MUMBAI

In the result, the appeal of the assessee is dismissed

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2021-22 Innovsource Services Pvt. Ltd., Dcit, 14(1)(1), 501, Jolly Board Tower 1, I-Think Aayakar Bhavan, Maharshi Karve Vs. Techno Campus Kanjurmarg-East, Road, New Marine Lines, Mumbai-400042. Churchgate, Mumbai-400020. Pan No. Aaeci 0979 D Appellant Respondent

68,378/- or is to be restricted to the e restricted to the business income of Rs 6,22,44,207/ business income of Rs 6,22,44,207/- will be relevant if the will be relevant if the appellate authority in the appeal filed against the 143(3) order appellate authority in the appeal filed against

DCIT 8(2)(1), MUMBAI vs. SHAMROCK PHARMACHEMI P. LTD., MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri Saktijit Dey & Shri M.Balaganeshita Nos. 862 & 863/Mum/2018 (Assessment Years :2013-14 & 2014-15) Dcit-8(2)(1) Vs. M/S. Shamrock Pharmachemi Room No.624, Pvt.Ltd. Aaykar Bhawan, M.K.Road Off Dr. E Moses Road Mumbai-400 020 Worli, Mumbai-400 025 Pan/Gir No.Aaacs6290H (Appellant) .. (Respondent) Assessee By Shri Bharat Gandhi, Ar Revenue By Shri V.Vinod Kumar, Sr.Ar Date Of Hearing 28/10/2020 Date Of Pronouncement 11/11/2020 आदेश / O R D E R Per M. Balaganesh (A.M): These Two Appeals Filed By Revenue In Ita Nos. 862 & 863/Mum/2018 For Assessment Years (Ay) 2013-14 & 2014-15 Arise Out Of The Order By The Ld. Commissioner Of Income Tax (Appeals)- 14, Mumbai In Appeals No.Cit(A)-14/It-170/15-16 & Cit(A)-14/It- 119/16-17, Dated 27/11/2017 (Ld. Cit(A) In Short) Against The Order Of Assessment Passed U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As Act) Dated 31/08/2016 By The Ld. Deputy Commissioner Of Income Tax-8(2)(1), Mumbai (Hereinafter Referred To As Ld. Ao).

68,19,755.00 13. 75% 2009-10 16,93,05,845.00 1,05,30,824.00 6.22% 2010-11 6,00,73,432.00 12,01,469.00 2%. The assessee had duly submitted copies of agency agreement/contract and exclusivity agreement pertaining to 4 major overseas agents based in USA & Europe as well copies of ledger account of these agents. The four foreign

OASIS LANDMARKS LLP,MUMBAI vs. DCIT, CPC, BANGALURU

68,010/- which was processed under Section 143(1) of the Act and Intimation Order, dated 21/10/2019, was issued to the Appellant accepting the total Income as returned by the Appellant. However, a demand of INR.2,52,635/- was raised upon the Appellant on account of the following:\n(a) The Appellant had claimed the credit of tax deducted

CRESCENT CONSTRUCTION CO.,NAVI MUMBAI vs. ASST CIT 22(3), NAVI MUMBAI

The appeal of the assessee is allowed and of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2005-06

139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year: Provided further that nothing contained in the first proviso shall apply in a case where any income in relation to any asset

ITO 22(3)(1), NAVI MUMBAI vs. CRESCENT CONSTRUCTION, NAVI MUMBAI

The appeal of the assessee is allowed and of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2005-06

139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year: Provided further that nothing contained in the first proviso shall apply in a case where any income in relation to any asset

M/S.BALAJI BULLION & COMMODITIES (INDIA) PRIVATE LIMITED,MUMBAI vs. DCIT CENTRAL CIRCLE-40, MUMBAI

In the result, both the appeals are allowed

Bench: Shri Prashant Maharishi, Am & Shri Amarjit Singh, Jm Balaji Bullion & Commodities The Dy. Commissioner Of (India) Private Limited Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002 (Appellant) (Respondent) Pan No. Aadcbo236F Balaji Universal Tradelinks P. The Dy. Commissioner Of Ltd. Income–Tax, 118/120, 3Rd Floor, Ashoka Central Circle–40, Vs. House Zavri Baazar, Mumbai Mumbai-400 002

139 ; (b)assess or reassess the total income of six assessment years immediately preceding the assessment year relevant to the previous year in which such search is conducted or requisition is made :" (underlined for emphasis) ITA Nos. 1291 & 1292/Mum/2018 M/s Balaji Universal Tradelinks P. Ltd. & Balaji Bullion & commodities (I) P. Ltd.; A.Y. 09–10 13.The provisions of section 153A

BALAJI UNIVERSAL TRADELINK P.LTD,MUMBAI vs. DCIT CEN CIR 40, MUMBAI

The appeals of the assessee are allowed and that of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri Sanjay Arora

139 ; (b)assess or reassess the total income of six assessment years immediately preceding the assessment year relevant to the previous year in which such search is conducted or requisition is made :" (underlined for emphasis) 13.The provisions of section 153A of the Income Tax Act, 1961, make it clear that only in the case of a person on whom

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

139 ; (b)assess or reassess the total income of six assessment years immediately preceding the assessment year relevant to the previous year in which such search is conducted or requisition is made :" (underlined for emphasis) 13.The provisions of section 153A of the Income Tax Act, 1961, make it clear that only in the case of a person on whom

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

139 ; (b)assess or reassess the total income of six assessment years immediately preceding the assessment year relevant to the previous year in which such search is conducted or requisition is made :" (underlined for emphasis) 13.The provisions of section 153A of the Income Tax Act, 1961, make it clear that only in the case of a person on whom

ASST CIT CIR 2, THANE vs. SALASAR DEVELOPERS, THANE

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

139 ; (b)assess or reassess the total income of six assessment years immediately preceding the assessment year relevant to the previous year in which such search is conducted or requisition is made :" (underlined for emphasis) 13.The provisions of section 153A of the Income Tax Act, 1961, make it clear that only in the case of a person on whom

DCIT, CC-7(2), MUMBAI vs. M/S. PATANJALI FOODS LTD.,( FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD,, MUMBAI

In the result the appeal filed by the revenue stands dismissed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

1 to 5, thereby raising the grounds as under: 13 Additional Ground That on the facts and in the circumstances of the case, the CIT(A) ought to have considered 6 Patanjali Foods Ltd, Mumbai. Rs. 52,58,29,638/- export incentive granted under foreign trade policy as focus product scheme(FPS)/ Vishesh Krishi and Gram Udyog Yojana(VKGUV

DCIT, CC-7(2), MUMBAI vs. M/S. PATANJALI FOODS LTD.,( FORMERLY KNOWN AS RUCHI SOYA INDUSTRIES LTD,, MUMBAI

In the result the appeal filed by the revenue stands dismissed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

1 to 5, thereby raising the grounds as under: 13 Additional Ground That on the facts and in the circumstances of the case, the CIT(A) ought to have considered 6 Patanjali Foods Ltd, Mumbai. Rs. 52,58,29,638/- export incentive granted under foreign trade policy as focus product scheme(FPS)/ Vishesh Krishi and Gram Udyog Yojana(VKGUV

ACIT 2(2)(2), MUMBAI vs. MONARCH INNOVATIVE TECHNOLOGIES P.LTD, MUMBAI

In the result appeal of the revenue is dismissed

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.4815/Mum/2016 (नििाारण वर्ा / Assessment Year: 2008-09) बिाम/ Acit,Circle 2(2)(2) M/S. Monarch Innovative R.No. 545, 5 T H Floor, Technologies Pvt. Ltd., Aayakar Bhavan, Monarch House, Master V. M.K. Road Mind-Ii, Aarey Colony, Churchgate, Mayur Nagar, Mumbai 400020 Goregoan(E), Mumbai 400063 स्थायी ऱेखा सं./ Pan : Aaccm6709P (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent)

Section 80IC is to file return of income in I.T.A. No.4815/Mum/2016 time u/s 139(1) as stipulated u/s. 80AC which return of income u/s 139(1) was duly filed on 30.09.2008 which is placed in paper book page no. 1 . It was submitted by learned counsel for the assessee that revised return of income u/s 139(5) was filed