BANK OF INDIA,MUMBAI vs. ACIT-2(1)(2), MUMBAI

In the result, the appeal by the Revenue for the assessment year 2018-

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailita No.1452/Mum/2023 Assessment Year : 2016-17 Assessment Year : 2018-19

68,424/-) 7. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was right in deleting the disallowance of losses written off of Rs 8,22,59,119/, without appreciating the fact that the same did not fulfill the conditions of deduction of s.36(1)(vii) r.w.s

ACIT, CIRCLE-2(1)(1), MUMBAI vs. M/S BANK OF INDIA, MUMBAI

vii) of the Act. Accordingly, the impugned addition made by the AO on\nthis issue is deleted. As a result, Ground No.5, raised in assessee's appeal, is\nallowed.\n40. Ground No.6, raised in assessee's appeal, pertains to the applicability\nof the provisions of section 115-JB of the Act to the assessee bank.\n41. During the hearing

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

56. We noted that for the year under consideration the assessee has not claimed any deduction for bad debts written- off. However, it should be allowed deduction in respect of write- offs of non-rural branch advances amounting to Rs. 1026 crore. 63 | P a g e State Bank of India ITA Nos.3644&4563/Mum/2016 Before us Revenue has emphasised that

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

56, Mumbai filed by the Bank and hence do not come within the purview of revision under section 263. We reiterate that the order passed under section 143(3) r.w.s. 144C(3) is neither erroneous nor prejudicial and the proceedings under section 263 ought to be dropped.” ICICI Bank Ltd; A.Y. 2015-16 07. The learned PCIT

JALALUDDIN MOHAMMED ALI KHAN,MUMBAI vs. INCOME TAX OFFICER WARD 26(1)(4) MUMBAI, BANDRA EAST

In the result, the appeal filed by the assessee is allowed for In the result, the appeal filed by the assessee is allowed for In the result, the appeal filed by the assessee is allowed for statisti...

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh () Assessment Year: 2016-17 Jalaluddin Mohammed Ali Khan, Ito Ward-26(1)(4), A/9 Sharif Market Laxminarayan Pratyakshakar Bhavan C-11 Vs. Mandir Road, Off Kherani Road Bandra Kurla Complex, Sakinaka, S.O. Bandra East, Mumbai-400072. Mumbai-400051. Pan No. Anppk 9394 P Appellant Respondent

section 56(2)(vii)(b) are applicable. 56(2)(vii)(b) are applicable. 2. Briefly stated, facts of the case are that the assessee is an Briefly stated, facts of the case are that the assessee is an Briefly stated, facts of the case are that the assessee is an individual and filed return of income on 17.10.2016 declaring

STATE BANK OF INDIA,MUMBAI vs. DCIT CIR 2(2), MUMBAI

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

56. We noted that for the year under consideration the assessee has not claimed any deduction for bad debts written-off. However, it should be allowed deduction in respect of write-offs of non-rural branch advances amounting to Rs. 1026 crore. Before us Revenue has emphasised that deduction 24 ITA No.3685/M/2013 & ITA No.4951/M/2013 M/s. State Bank of India under

DCIT 2(2), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

56. We noted that for the year under consideration the assessee has not claimed any deduction for bad debts written-off. However, it should be allowed deduction in respect of write-offs of non-rural branch advances amounting to Rs. 1026 crore. Before us Revenue has emphasised that deduction 24 ITA No.3685/M/2013 & ITA No.4951/M/2013 M/s. State Bank of India under

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

56. The above submissions were also made before the Assessing Officer at the time of assessment proceedings. However, in the assessment order, the Assessing Officer has objected to the said submission on the ground that w.e.f. 01.04.2008, the provisions of s. 195 had undergone some changes according to which, it is not in discretion of the assessee or its chartered

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

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

section 36(1)(viia) of the Act. 27. The brief facts of the case, pertaining to the issue, are: During the assessment proceedings, it was noticed that the assessee claimed deduction of Rs.2709,78,23,972, under section 36(1)(viia) of the Act. In the notes to the computation of income filed along with the return

ASST CIT CIR 2(2)(1), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

section 36(1)(viia) of the Act. 27. The brief facts of the case, pertaining to the issue, are: During the assessment proceedings, it was noticed that the assessee claimed deduction of Rs.2709,78,23,972, under section 36(1)(viia) of the Act. In the notes to the computation of income filed along with the return

CABLE CORPORATION OF INDIA LTD,MUMBAI vs. DCIT CIRCLE 2(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Amarjeet Singhassessment Year: 2010-11

56(2) : In particular, and without prejudice to the generality of the provisions of sub-section (1), the following incomes, shall be chargeable to income- tax under the head “Income from other sources”, namely :— [(vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after

STATE BANK OF INDIA,MUMBAI vs. ASST CIT CIR 2(2), MUMBAI

In the result, appeal of the Revenue in ITA No

vii) of the Act as per the judgment of the Hon'ble Supreme Court in Vijaya Bank Ltd, v/s CIT, [2010] 323 ITR 166 (SC). 40. Having considered the rival submissions and having perused the-material on record in the light of the decisions of the Tribunal rendered in assessee's own case as well as the decision

NERKA CHEMICALS P. LTD,GUJRAT vs. ASST CIT CEN CIR 38, MUMBAI

In the result this ground of appeal is allowed for statistical purpose

Bench: Shri R.C. Sharma, Accountant Mamber & Shri Pawan Singh

vii) was inserted w.e.f. 1 October 2009 to tax the receipt of money or any property whose value exceeds Rs. 50,000 without consideration or for inadequate consideration by any individual or HUF subject to certain exclusions. sub section 2 clause (viia) was inserted w.e.f. 1 June 2010 to tax the receipt of shares of a closely held company

DCIT CIRCLE-15 (3), MUMBAI vs. M/S RANKIN INFRASTRUCTURE PVT LTD. , MUMBAI

In the result, Ground No. 2 and 3 raised by the revenue are dismissed

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit – Circle – 15(3)(1) V. M/S. Rankin Infrastructure Pvt. Ltd., Room No. 451, 4Th Floor Next To Classic Marble Aayakar Bhavan, M.K. Road Subash Nagar Road, Bhandup (E) Mumbai - 400020 Mumbai -400078 Pan: Aafcs5275B (Appellant) (Respondent) Assessee By : Shri Rajiv Khandelwal Department By : Shri T. Shankar

vii), (viia) which are also on taxability of similar receipts 2.22) Further it also pertinent to refer to Explanation (a) to section 56(2)(viib) which refers to Rule 11U and Rule 11UA for determining the fair market value of shares. These rules are the computational machinery of the charging section 56(2)(viib). On perusal of Rule

25FPS MEDIA PVT. LTD.,MUMBAI vs. ITO ,RANGE -6(3)(1), MUMBAI

In the result, the appeal filed by the assessee is hereby allowed and the appeal filed by the revenue is hereby dismissed

Bench: Shri Amarjit Singh, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No. 2798/Mum/2018 (निर्धारण वर्ा / Assessment Year:2012-13) Ito, Range-6(3)(1) बिधम/ 25Fps Media Pvt. Ltd. Room No.524, 5Th Floor, 18Th Floor, Marathon Futurex, Vs. Aayakar Bhavan, Mumbai- N. M. Joshi Marg, Lower 400020. Parel, Mumbai-400013. & आयकर अपील सं/ I.T.A. No. 3085/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) बिधम/ 25Fps Media Pvt. Ltd. Ito, Range-6(3)(1) 18Th Floor, Marathon Futurex, Room No.524, 5Th Floor, Vs. N. M. Joshi Marg, Lower Aayakar Bhavan, Mumbai- Parel, Mumbai-400013. 400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacz2076J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Percy Pardiwala & Madhur Aggarwal Revenue By: Shri Achal Sharma (Dr) सुनवाई की तारीख / Date Of Hearing: 27/01/2022 घोषणा की तारीख /Date Of Pronouncement: 02/03/2022 आदेश / O R D E R Per Amarjit Singh (Jm): The Assessee As Well As Revenue Have Filed The Above Mentioned Appeals Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2012-13. Ita. No.2798/Mum/2018 2. The Revenue Has Filed The Present Appeal Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai Relevant To The A.Y.2012-13. 3085/M/2018 A.Y. 2012-13 3. The Revenue Has Raised The Following Grounds: -

vii) or (viia) as already discussed earlier, the same was not chargeable to income tax in the hands of the recipient under the head Income from Other Sources under the provisions of section 56(1) also, in view of the legal position as explained in the Explanatory Notes to the provisions of the Finance Act, 2017 contained in Circular

ITO 6(3)(1), MUMBAI vs. 25 FPS MEDIA PVT. LTD. , MUMBAI

In the result, the appeal filed by the assessee is hereby allowed and the appeal filed by the revenue is hereby dismissed

Bench: Shri Amarjit Singh, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No. 2798/Mum/2018 (निर्धारण वर्ा / Assessment Year:2012-13) Ito, Range-6(3)(1) बिधम/ 25Fps Media Pvt. Ltd. Room No.524, 5Th Floor, 18Th Floor, Marathon Futurex, Vs. Aayakar Bhavan, Mumbai- N. M. Joshi Marg, Lower 400020. Parel, Mumbai-400013. & आयकर अपील सं/ I.T.A. No. 3085/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) बिधम/ 25Fps Media Pvt. Ltd. Ito, Range-6(3)(1) 18Th Floor, Marathon Futurex, Room No.524, 5Th Floor, Vs. N. M. Joshi Marg, Lower Aayakar Bhavan, Mumbai- Parel, Mumbai-400013. 400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacz2076J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Percy Pardiwala & Madhur Aggarwal Revenue By: Shri Achal Sharma (Dr) सुनवाई की तारीख / Date Of Hearing: 27/01/2022 घोषणा की तारीख /Date Of Pronouncement: 02/03/2022 आदेश / O R D E R Per Amarjit Singh (Jm): The Assessee As Well As Revenue Have Filed The Above Mentioned Appeals Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2012-13. Ita. No.2798/Mum/2018 2. The Revenue Has Filed The Present Appeal Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai Relevant To The A.Y.2012-13. 3085/M/2018 A.Y. 2012-13 3. The Revenue Has Raised The Following Grounds: -

vii) or (viia) as already discussed earlier, the same was not chargeable to income tax in the hands of the recipient under the head Income from Other Sources under the provisions of section 56(1) also, in view of the legal position as explained in the Explanatory Notes to the provisions of the Finance Act, 2017 contained in Circular

DCIT (IT)-2(1)(2), AIR BUILDING, NARIMAN POINT, MUMBAI vs. DBS BANK LIMITED, MUMBAI

68,000/- u/s 36(1)(vii) r.w.s. 36(2) of the Act and also\nu/s 37(1) of the Act.\n15.1. The underlying facts in the issue show that the assessee had Rs.\n162.75 Crores worth of loan outstanding from its customer PSL Limited\nwhich signed a Master Restructuring Agreement dated 19/11/2013 with\nthe monitoring bank and various banks

APARNA SANDEEP KULKARANI ,MUMBAI vs. INCOME TAX OFFICER INT TAX WARD 3(1)(1), MUMBAI

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Vikram Singh Yadav & Shri Sandeep Singh Karhailassessment Year : 2015-16 Aparna Sandeep Kulkarni, Income Tax Officer, 201A, Kanchanjanga, Int. Tax. Ward-3(1)(1), Sector 12-A, Plot No.12, Vs. Kautilya Bhavan, Koparkhairane, Bandra Kurla Complex, Navi Mumbai-400709. Bandra (East), Pan : Axfpk0077M Mumbai-400051. (Appellant) (Respondent) For Assessee : Shri Ketan L. Vajani For Revenue : Shri Krishna Kumar, Sr.Dr Date Of Hearing : 17-07-2025 Date Of Pronouncement : 03-10-2025 O R D E R Per Vikram Singh Yadav, A.M :

section 56(2)(vii)(b) of the Act and therefore the rate comes to Rs. 1,39,890/- PSM (Rs. 68