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)

199 ITR 351 (Bom)] -CIT vs. Pruthvi Brokers & Shareholders (348 ITR 336 (Bom)] -Ashok Vardhan Birla Vs. CIT [208 ITR 958 (Bom.)] -Inaroo Vs. CIT (204 ITR 312 (Bom)] -CIT vs. Govindram Bros. P. Ltd (141 ITR 626 (Bom)] 6 | P a g e ITA Nso.915 to 918/Mum/2012 & 869 to 872/Mum/2013 -Maruti Suzuki

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)

199 ITR 351 (Bom)] -CIT vs. Pruthvi Brokers & Shareholders (348 ITR 336 (Bom)] -Ashok Vardhan Birla Vs. CIT [208 ITR 958 (Bom.)] -Inaroo Vs. CIT (204 ITR 312 (Bom)] -CIT vs. Govindram Bros. P. Ltd (141 ITR 626 (Bom)] 6 | P a g e ITA Nso.915 to 918/Mum/2012 & 869 to 872/Mum/2013 -Maruti Suzuki

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)

199 ITR 351 (Bom)] -CIT vs. Pruthvi Brokers & Shareholders (348 ITR 336 (Bom)] -Ashok Vardhan Birla Vs. CIT [208 ITR 958 (Bom.)] -Inaroo Vs. CIT (204 ITR 312 (Bom)] -CIT vs. Govindram Bros. P. Ltd (141 ITR 626 (Bom)] 6 | P a g e ITA Nso.915 to 918/Mum/2012 & 869 to 872/Mum/2013 -Maruti Suzuki

SABRAS INVESTMENT & TRADING CO. LTD ( NOW MERGED WITH TATA CHEMICALS LTD),MUMBAI vs. ACIT 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)

199 ITR 351 (Bom)] -CIT vs. Pruthvi Brokers & Shareholders (348 ITR 336 (Bom)] -Ashok Vardhan Birla Vs. CIT [208 ITR 958 (Bom.)] -Inaroo Vs. CIT (204 ITR 312 (Bom)] -CIT vs. Govindram Bros. P. Ltd (141 ITR 626 (Bom)] 6 | P a g e ITA Nso.915 to 918/Mum/2012 & 869 to 872/Mum/2013 -Maruti Suzuki

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)

199 ITR 351 (Bom)] -CIT vs. Pruthvi Brokers & Shareholders (348 ITR 336 (Bom)] -Ashok Vardhan Birla Vs. CIT [208 ITR 958 (Bom.)] -Inaroo Vs. CIT (204 ITR 312 (Bom)] -CIT vs. Govindram Bros. P. Ltd (141 ITR 626 (Bom)] 6 | P a g e ITA Nso.915 to 918/Mum/2012 & 869 to 872/Mum/2013 -Maruti Suzuki

DY. COMMISSIONER OF INCOME TAX(E)-2(1), MUMBAI, CUMBALA HILL, MUMBAI vs. THE GEM AND JEWELLERY EXPORT PROMOTION COUNCIL, MUMBAI

68,44,\n56,73,88,797\nITA No.3175 &3176/Mum/2023 The Gem and Jewellery Export Promotion Council\nRent\nElectricity Expenses\nForeign Exchange Fluctuation\nLegal & Professional Charges\nProvision for Doubtful Debts\nDepreciation\nOther Administrative & Operational Expenses\n82,522\n3,36,835\n11,10,867\n29,288\n8,23,481\n28,51,722\n1,44,58,462\nTotal Exhibition Expenses (B)\nNet Deficit

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

68. In support of our contention we rely on the following decisions:- 1. CIT V/s. Orissa Corporation P. Ltd. 159 ITR 78 (SC) "Held, that in this case the respondent had given the names and addresses of the alleged creditors. It was in the knowledge of the Revenue that the said creditors were income-tax assessees. Their index numbers were

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

68. In support of our contention we rely on the following decisions:- 1. CIT V/s. Orissa Corporation P. Ltd. 159 ITR 78 (SC) "Held, that in this case the respondent had given the names and addresses of the alleged creditors. It was in the knowledge of the Revenue that the said creditors were income-tax assessees. Their index numbers were

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

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

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

SAMIR NARAIN BHOJWANI ,MUMBAI vs. DCIT 4(2)(1), MUMBAI

Appeal of the assessee is allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

2. The assessee before us also filed additional ground which reads as under: “Additional Ground No. III: Allowability of maintenance expenses of Rs. 92.32.199/- On the facts and in the circumstances of the case and in law, the maintenance expenditure of Rs 92,32,199/- be held to be allowable expenditure

CHEMICON ENGINEERING CONSULTANT PVT LTD.,MUMBAI vs. ASST CIT CIRCLE- 3 (1)(2), MUMBAI

In the result, the appeal of the Revenue stands dismissed and the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.7907/Mum/2019 (निर्धारण वर्ा / Assessment Year:2013-14) Chemicon Engineering बिधम/ Acit, Circle 3(1)(2) Consultant Pvt. Ltd. Room No.607, Aayakar Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Sakhar Bhawan, Nariman Road, Mumbai-400020. Point, Mumbai-400021. आयकर अपील सं/ I.T.A. No. 833/Mum/2020 (निर्धारण वर्ा / Assessment Year:2013-14) Acit, Circle 3(1)(2) बिधम/ Chemicon Engineering Room No.607, Aayakar Consultant Pvt. Ltd. Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Road, Mumbai-400020. Sakhar Bhawan, Nariman Point, Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacc2686H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Anuj Kisnadwala Revenue By: Shri H. N. Singh (Dr) सुनवाई की तारीख / Date Of Hearing: 11/05/2022 घोषणा की तारीख /Date Of Pronouncement: 17/06/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Assessee & Revenue Respectively Against The Order Of The Ld. Cit(A)-08, Mumbai Dated 29.11.2019 For The A.Y.2013-14. 2. The Grounds Raised By The Both The Parties Are As Follows: Assessee Grounds: - 1. For That On The Facts & Circumstances Of The Case The Orders Passed By The Assessing Officer U/S 143(3) Of The Act, 1961 (The “Act”) & A.Ys.2013-14 Chemicon Engineering That By The Cit(A) U/S 250 Of The Act So Far It Relates To In Confirming Of The Additions To The Extent Of A) Rs. 6,22,05,000/- Received From Certain Companies Out Of Total Rs. 13,13,50,000/- In Respect Of Shares Allotted Against Share Application Money;

68 of the Act was the commission report obtained u/s 131(1)(d) of the Act dated 22-03-2016 wherein the DDIT had stated that none of these companies were traceable at their given addresses and that all the sixteen (16) shareholders belonged to entry operators. At the time of hearing, the Ld. AR of the assessee painstakingly took

ACIT CIRCLE-3(1)(2), MUMBAI vs. M/S CHEMICON ENGINEERING CONSULTANT PVT LTD., MUMBAI

In the result, the appeal of the Revenue stands dismissed and the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.7907/Mum/2019 (निर्धारण वर्ा / Assessment Year:2013-14) Chemicon Engineering बिधम/ Acit, Circle 3(1)(2) Consultant Pvt. Ltd. Room No.607, Aayakar Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Sakhar Bhawan, Nariman Road, Mumbai-400020. Point, Mumbai-400021. आयकर अपील सं/ I.T.A. No. 833/Mum/2020 (निर्धारण वर्ा / Assessment Year:2013-14) Acit, Circle 3(1)(2) बिधम/ Chemicon Engineering Room No.607, Aayakar Consultant Pvt. Ltd. Vs. 21 & 22, 2Nd Floor, 230, Bhawan, Maharshi Karve Road, Mumbai-400020. Sakhar Bhawan, Nariman Point, Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacc2686H (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Anuj Kisnadwala Revenue By: Shri H. N. Singh (Dr) सुनवाई की तारीख / Date Of Hearing: 11/05/2022 घोषणा की तारीख /Date Of Pronouncement: 17/06/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: These Are Appeals Preferred By The Assessee & Revenue Respectively Against The Order Of The Ld. Cit(A)-08, Mumbai Dated 29.11.2019 For The A.Y.2013-14. 2. The Grounds Raised By The Both The Parties Are As Follows: Assessee Grounds: - 1. For That On The Facts & Circumstances Of The Case The Orders Passed By The Assessing Officer U/S 143(3) Of The Act, 1961 (The “Act”) & A.Ys.2013-14 Chemicon Engineering That By The Cit(A) U/S 250 Of The Act So Far It Relates To In Confirming Of The Additions To The Extent Of A) Rs. 6,22,05,000/- Received From Certain Companies Out Of Total Rs. 13,13,50,000/- In Respect Of Shares Allotted Against Share Application Money;

68 of the Act was the commission report obtained u/s 131(1)(d) of the Act dated 22-03-2016 wherein the DDIT had stated that none of these companies were traceable at their given addresses and that all the sixteen (16) shareholders belonged to entry operators. At the time of hearing, the Ld. AR of the assessee painstakingly took

GOLDMAN SACHS (INDIA) SECURITIES P.LTD,MUMBAI vs. ITO (IT) TDS 3, MUMBAI

199 shares bought back amounting to Rs.1,48,60, 65,791/-was nothing but its distribution of its accumulated profits to its ultimate beneficiary and the only shareholder i.e.GS-M,that the buyback of equity shares by the assessee from its holding company was a colourable transaction to avoid the payment of dividend distribution tax (DDT). The excess payment

KORN FERRY INTERNATIONAL P.LTD,MUMBAI vs. DCIT 3(2), MUMBAI

Appeal of the AO is dismissed

199 shares bought back amounting to Rs.1,48,60, 65,791/-was nothing but its distribution of its accumulated profits to its ultimate beneficiary and the only shareholder i.e.GS-M,that the buyback of equity shares by the assessee from its holding company was a colourable transaction to avoid the payment of dividend distribution tax (DDT). The excess payment

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

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\nstands dismissed

2), Mumbai (i.e.\nld. AO) treated the gross business or professional receipts of Consultancy\nand Business Auxiliary Services as unexplained cash credit u/s.68 and\nassessed the same under the head “Income from other sources” without\nallowing deduction of business expenses incurred by the Appellant by\ncharging Income tax as a special case u/s.115BBE arbitrarily without\nappreciating the facts