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

37 of 2019] [ Supreme Court]  CIT vs. HDFC Bank Ltd. (2016) 383 ITR 529 (Bom.)  CIT vs. HDFC Bank (2014) 366 ITR 505 (Bom.) 50 | P a g e State Bank of India ITA Nos.3644&4563/Mum/2016 The following decisions laying down the same principle have been referred to in the tabulation filed before the Tribunal on 25.03.2019:  PCIT vs. Spanco

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

1) or section 37 of the Income Tax Act, 1961 ('Act') for the expenditure of Rs. 2,54,837, not considered for the purposes of granting weighted of Rs. 2,54,837, not considered for the purposes of granting weighted of Rs. 2,54,837, not considered for the purposes of granting weighted deduction under section deduction under

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

1) or section 37 of the Income Tax Act, 1961 ('Act') for the expenditure of Rs. 2,54,837, not considered for the purposes of granting weighted of Rs. 2,54,837, not considered for the purposes of granting weighted of Rs. 2,54,837, not considered for the purposes of granting weighted deduction under section deduction under

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-8(1), MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

1) or section 37 of the Income Tax Act, 1961 ('Act') for the expenditure of Rs. 2,54,837, not considered for the purposes of granting weighted of Rs. 2,54,837, not considered for the purposes of granting weighted of Rs. 2,54,837, not considered for the purposes of granting weighted deduction under section deduction under

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-8(1), MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

1) or section 37 of the Income Tax Act, 1961 ('Act') for the expenditure of Rs. 2,54,837, not considered for the purposes of granting weighted of Rs. 2,54,837, not considered for the purposes of granting weighted of Rs. 2,54,837, not considered for the purposes of granting weighted deduction under section deduction under

DEEPAK NOVOCHEM TECHNOLOGIES LTD,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX-CENTRAL CIRCLE-8(1), MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Ita Nos. 2558 To 2562/Mum/2023 Assessment Years: 2014-15 To 2018-19 Deepak Novochem The Acit, Cc-8(1), Technologies Ltd., Aayakar Bhavan, Room No. Vs. 515, 5Th Floor, Citi Point, Boat 656, 6Th Floor, M.K. Road, Club Road, Pune City, Mumbai-400020. Pune-411 001. Pan No. Aaccd 5796 K Appellant Respondent Assessee By : Mr. H.P. Mahajani Revenue By : Mrs. Sanyogita Nagpal, Cit-Dr : Date Of Hearing 16/11/2023 Date Of Pronouncement : 28/11/2023

1) or section 37 of the Income Tax Act, 1961 ('Act') for the expenditure of Rs. 2,54,837, not considered for the purposes of granting weighted of Rs. 2,54,837, not considered for the purposes of granting weighted of Rs. 2,54,837, not considered for the purposes of granting weighted deduction under section deduction under

ICICI SECURITIES LIMITED,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX, MUMBAI -4, MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

section 37(1). It was submitted that the nature of the levy and the context in which it is imposed must be examined to determine its allowability. 35. It was explained that out of the total amount of ₹64,64,367/-, a sum of ₹35,95,617/- pertained to charges levied by the stock exchange during the financial year

ACIT CIR 6(3), MUMBAI vs. LIVA HEALTHCARE LTD, MUMBAI

In the result, appeals filed by the assessee in ITA No

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 904/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) The Assistant Commissioner Liva Healthcare Limited बनाम/ Of Income Tax, Circle 6(3), Shivsagar Estate, V. Room No. 522, 5 Th Floor, ‘A’ Block, Aayakar Bhavan, M K Road, Dr. Annie Basant Road Mumbai-400020 Worli, Mumbai-400 018 "थायी लेखा सं./Pan : Aaafw0040N (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

Section 30 to 36 of the Act of 1961 and are incurred wholly and exclusive for the purposes of business and it is not sufficient that it has some connection with the business of the assessee. No details of the seminars conducted abroad are brought on record as also spouses of the Doctors also travelled overseas along with Doctors

LIVA HEALTHCARE LTD,MUMBAI vs. ASST CIT CIR 6(3), MUMBAI

In the result, appeals filed by the assessee in ITA No

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 904/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) The Assistant Commissioner Liva Healthcare Limited बनाम/ Of Income Tax, Circle 6(3), Shivsagar Estate, V. Room No. 522, 5 Th Floor, ‘A’ Block, Aayakar Bhavan, M K Road, Dr. Annie Basant Road Mumbai-400020 Worli, Mumbai-400 018 "थायी लेखा सं./Pan : Aaafw0040N (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

Section 30 to 36 of the Act of 1961 and are incurred wholly and exclusive for the purposes of business and it is not sufficient that it has some connection with the business of the assessee. No details of the seminars conducted abroad are brought on record as also spouses of the Doctors also travelled overseas along with Doctors

DCIT, CENTRAL CIRCLE-8(1), MUMBAI, MUMBAI vs. SHIV SHANKAR SHARMA, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

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

section 68, disallowance of expenses U/s 37(1) and unsecured loan U/s 68 of the Act. The Assessing Officer

DCIT, CENTRAL CIRCLE - 8 (1), MUMBAI, MUMBAI vs. SHIV SHANKAR SHARMA, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

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

section 68, disallowance of expenses U/s 37(1) and unsecured loan U/s 68 of the Act. The Assessing Officer

SHIV SHANKAR SHARMA,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(3), MUMBAI, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

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

section 68, disallowance of expenses U/s 37(1) and unsecured loan U/s 68 of the Act. The Assessing Officer

SHIV SHANKAR SHARMA,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(3), MUMBAI, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

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

section 68, disallowance of expenses U/s 37(1) and unsecured loan U/s 68 of the Act. The Assessing Officer

SHRI SHIV SHANKAR SHARMA,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(3), MUMBAI, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

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

section 68, disallowance of expenses U/s 37(1) and unsecured loan U/s 68 of the Act. The Assessing Officer

DCIT CENTRAL CIRCLE-8(1), MUMBAI, MUMBAI vs. SHIVSHANKAR RAMSWAROOP SHARMA, MUMBAI

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

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

section 68, disallowance of expenses U/s 37(1) and unsecured loan U/s 68 of the Act. The Assessing Officer

STRIDES PHARMA SCIENCE LIMITED,MUMBAI vs. INCOME TAX OFFICER, 15(3)(2),, MUMBAI

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

1,13,38,848\nNil\n1,70,08,272\nTotal\n44,91,93,361 68,51,28,889 37,64,93,000 7,26,99,513 63,74, 40,285\nIn view of the amendment in Rule 6(7a) w.e.f. AY 2017-18, the amount\nallowable for deduction u/s 35(2AB) has to be quantified by the prescribed\nauthority

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

37,766/- as the learned Assessing Officer failed to correctly compute the allowability of bad debt written off. According to the learned PCIT, the learned Assessing Officer has allowed the bad debt without considering the provisions of Section 36(1) (vii). iii. Failed to disallow the provision for depreciation on investment amounting to ₹46,19,11,355/-. iv. Excess

NAVNIDHI STEEL AND ENGG CO. P.LTD,MUMBAI vs. DCIT 5(2)(1), MUMBAI

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2007-08

37 Navnidhi Steel & Engg. Co. Pvt. Ltd. the Assessing Officer will not neces-sarily amount to disclosure within the meaning of this section." 16. Section 147 authorises and permits the Assessing Officer to assess or reassess income chargeable to tax if he has reason to believe that income for any assessment year has escaped assessment. The word "reason