INCOME TAX OFFICER (IT)-3(2)(1), KAUTILYA BHAWAN vs. SHAPOORJI PALLONJI MISTRY, MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Amit Shukla & Shri Girish Agrawal

68 of the Act in the order under section 147 of the Act without appreciating the facts that there is profit of Rs.2,57,97,824/- from transaction in derivatives at BSE and the same is already offered to tax by the Assessee. 3. It is brought to the notice of the Bench that Revenue has inadvertently filed

ITO(IT)-3(2)(1), MUMBAI vs. SHAPOORJI PALLONJI MISTRY, MUMBAI

Bench: Shri Amit Shukla & Shri Girish Agrawal

68 of the Act in the order under section 147 of the Act without appreciating the facts that there is profit of Rs.2,57,97,824/- from transaction in derivatives at BSE and the same is already offered to tax by the Assessee. 3. It is brought to the notice of the Bench that Revenue has inadvertently filed

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

1)(viii). 15. This issue arises in the following appeals: Assessment year Ground No. in Ground No. in Assessee's appeal Revenue's appeal 2004-05 - 2 2006-07 - 3 2007-08 - 3 15.1. On this issue, ld. Assessing Officer noted that assessee had withdrawn a sum of Rs.50 Crores from Special Reserve No. 1 towards “provisions for contingency

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

1)(viii). 15. This issue arises in the following appeals: Assessment year Ground No. in Ground No. in Assessee's appeal Revenue's appeal 2004-05 - 2 2006-07 - 3 2007-08 - 3 15.1. On this issue, ld. Assessing Officer noted that assessee had withdrawn a sum of Rs.50 Crores from Special Reserve No. 1 towards “provisions for contingency

ACIT-1(1)(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., DELHI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

1)(viii). 15. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2004-05 - 2 2006-07 - 3 2007-08 - 3 15.1. On this issue, ld. Assessing Officer noted that assessee had withdrawn a sum of Rs.50 Crores from Special Reserve No. 1 towards “provisions for contingency

ADDL CIT RG 1(1), MUMBAI vs. HDFC LTD, MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

1)(viii). 15. This issue arises in the following appeals: Assessment year Ground No. in Ground No. in Assessee's appeal Revenue's appeal 2004-05 - 2 2006-07 - 3 2007-08 - 3 15.1. On this issue, ld. Assessing Officer noted that assessee had withdrawn a sum of Rs.50 Crores from Special Reserve No. 1 towards “provisions for contingency

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

1. Fact of the matter is that assessee credited an amount of Rs.48,04,720/- to its profit and loss account based on consistent practice followed by it towards lease equalisation account. According to the assessee, lease equalisation account is relevant only for the purpose of accounting which is based on method of accounting followed by it year on year

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

1)(viii). 15. This issue arises in the following appeals: Assessment year Ground No. in Ground No. in Assessee's appeal Revenue's appeal 2004-05 - 2 2006-07 - 3 2007-08 - 3 15.1. On this issue, ld. Assessing Officer noted that assessee had withdrawn a sum of Rs.50 Crores from Special Reserve No. 1 towards “provisions for contingency

HDFC BANK LIMITED (AS SUCCESSOR TO HDFC LTD),MUMBAI vs. DCIT 2(3)(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

1,90,71,877 | 9,35,97,716 Balance | 1,07,00,927 | 48,99,651 Less: Net charge for the year | 1,07,00,927 | 48,99,651 Add: Options exercised | 3,01,95,155 | 9,35,97,716 Less: Utilised during the year | 7,24,53,947 | 2,68,76,000 Less: Used for issue of Bonus Shares

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. THE ADDL CIT RG 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

1. Fact of the matter is that assessee credited an amount of Rs.48,04,720/- to its profit and loss account based on consistent practice followed by it towards lease equalisation account. According to the assessee, lease equalisation account is relevant only for the purpose of accounting which is based on method of accounting followed by it year on year

ASST CIT 19(3), MUMBAI vs. PAHILAJRAI JAIKISHIN, MUMBAI

In the result, the appeal is allowed

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

Section 14A(3) of the Act. Thus the AO made a disallowance u/s 14A of the Act read with Rule 8D of Income Tax Rules, 1962 as under:- Computation of 14A Disallowance as per Notification No. 45/2008 dated 24/3/2008 A Directly Attributed Expenses Amount Direct Expenses Total Direct Expenses 20,357 B Interest Expenses Interest which cannot be directly

PAHILAJRAI JAIKISHAN,MUMBAI vs. DCIT 19(3), MUMBAI

In the result, the appeal is allowed

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

Section 14A(3) of the Act. Thus the AO made a disallowance u/s 14A of the Act read with Rule 8D of Income Tax Rules, 1962 as under:- Computation of 14A Disallowance as per Notification No. 45/2008 dated 24/3/2008 A Directly Attributed Expenses Amount Direct Expenses Total Direct Expenses 20,357 B Interest Expenses Interest which cannot be directly

SUDESH DHANRAJ MURPANA (HUF),MUMBAI vs. THE INCOME TAX OFFICER, WARD 23(3)(1, MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2013-14 Sudesh Dhanraj Murpana Income Tax Officer – 23(3) (1) (Huf) Matru Mandir, Tardeo, Grant 401 Somdhan Bldg, Perry Road, Cross Road Bandra (West), Vs. Mumbai - 400007 Mumbai 400050

68 of the Act. 5.1 For taking up this reassessment proceedings, notice under section 148A(b) was issued on 18.06.2022, for which order under section 148A(d) was passed on 20.07.2022. Subsequently, notice under section 148 was issued on 20.07.2022. Computation of limitation as per decision of, Hon’ble Supreme Court in the case

ASHTVINAYAKA CONSTRUCTION,NAVI MUMBAI vs. JCIT CIR 22(3), MUMBAI

In the result, appeal of the assessee is partly allowed for statistical purposes and that of revenue stands dismissed

Bench: Shri D.T.Garasia, Jm & Shri Rajesh Kumar, Am

b) Mercury Enterprises, the payments were withheld due to defective materials which were duly entered into by the assessee in the stock register and also consumed in the construction at the various sites, whereas in respect of the third party viz Viraj Trading Co., the material was received and shown in the stock register and consumed. The payment was made

DCIT CIR 28(1), NAVI MUMBAI vs. ASHTAVINAYAKA CONSTRUCTION, NAVI MUMBAI

In the result, appeal of the assessee is partly allowed for statistical purposes and that of revenue stands dismissed

Bench: Shri D.T.Garasia, Jm & Shri Rajesh Kumar, Am

b) Mercury Enterprises, the payments were withheld due to defective materials which were duly entered into by the assessee in the stock register and also consumed in the construction at the various sites, whereas in respect of the third party viz Viraj Trading Co., the material was received and shown in the stock register and consumed. The payment was made

STATE BANK OF MYSORE,BANGALORE vs. JCIT, BANGALORE

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

68,81,76,553 Total of the above (A) 385,26,81,557 Provision for bad & doubtful debts in books (B) 455,78,00,000 Deduction u/s. 36(1)(viia) - lower of A & B 385,26,81,557 9. The AO recomputed the deduction under section 36(1)(viia) on the ground that – (i) that the assessee while computing

DY..C.I.T., BANGALORE vs. M/S STATE BANK OF MYSORE, BANGALORE

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

68,81,76,553 Total of the above (A) 385,26,81,557 Provision for bad & doubtful debts in books (B) 455,78,00,000 Deduction u/s. 36(1)(viia) - lower of A & B 385,26,81,557 9. The AO recomputed the deduction under section 36(1)(viia) on the ground that – (i) that the assessee while computing

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)

3 or Assistant Director 4 or Deputy Director or the Income-tax Officer who is vested - with the relevant jurisdiction by virtue of directions or orders issued under sub-section (l)or sub- section (2) of Section 120 or any other provision of this Act, and the [Additional Commissioner or]6 7[Additional Director

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)

3 or Assistant Director 4 or Deputy Director or the Income-tax Officer who is vested - with the relevant jurisdiction by virtue of directions or orders issued under sub-section (l)or sub- section (2) of Section 120 or any other provision of this Act, and the [Additional Commissioner or]6 7[Additional Director