M/S JR FIBER GLASS INDUSTRIES PVT LTD,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE, MUMBAI

In the result, the appeal of the assessee is allowed

68 an Assessing Officer is\nfree to show, with the help of the inquiry conducted by him into the\ntransactions, which have taken place between the creditor and the\nsub-creditor, that the transaction between the two were not genuine\nand that the sub-creditor had no creditworthiness, it will not\nnecessarily mean that the loan advanced

TATA MOTORS LTD,MUMBAI vs. DCIT LTU 2, MUMBAI

In the result, appeal of the assessee is allowed

68, section 69, section 69A, section 69B, section 69C or section 69D, if such income is not covered under clause (a), the income-lax payable shall be the aggregate of— (1) the amount of income-tax calculated on the income referred to in clause (a) and clause (b), at the rate of sixty per cent: and the amount of income

TATA INDUSTRIES LTD,MUMBAI vs. DY CIT CIRCLE- 2 (3)(1), MUMBAI

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

set off of loss shall be allowed then the same has been specifically provided in the statute, for instance, section 115BBE which is tax on income referred to section 68

ISHARES CORE MSCI EMERGING MARKETS ETF (AS A SUCCESSOR TO ISHARES CORE EMERGING MARKETS MAURITIUS COMPANY ,MUMBAI vs. DCIT (TP) 2(2)(2), MUMBAI

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

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailishares Core Msci Emerging Markets Etf (As A Successor To Ishares Core Emerging Markets Mauritius Company) C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, ............... Appellant Dadar (West), Mumbai - 400028 Pan : Aafci3337N V/S Deputy Commissioner Of Income Tax (International Tax) - 2(2)(2) Room No.606, 6Th Floor, Kautilya Bhavan, ……………… Respondent C-41 To C-43, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 Ishares Msci All Country Asia Ex Japan Etf C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400028 Pan : Aabti7439L ............... Appellant

68,24,02,310 Ground of Appeal No. 12: Initiation of penal proceedings under section 270A of the Act 12. erred in initiating penalty under section 270A of the Act alleging underreporting of income by the Appellant.” 40. Ground no.1 is general in nature. Therefore, the same needs no specific adjudication. 41. The issue arising in Grounds no.2-6, raised

ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF (AS A SUCCESSOR TO ISHARE CORE TAOTAL INTERNATIONAL STOCK MAURITIUS COMPANY ),MUMBAI vs. DY CIT (INT. TAX)-2(2)(1), MUMBAI

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

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailishares Core Msci Emerging Markets Etf (As A Successor To Ishares Core Emerging Markets Mauritius Company) C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, ............... Appellant Dadar (West), Mumbai - 400028 Pan : Aafci3337N V/S Deputy Commissioner Of Income Tax (International Tax) - 2(2)(2) Room No.606, 6Th Floor, Kautilya Bhavan, ……………… Respondent C-41 To C-43, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 Ishares Msci All Country Asia Ex Japan Etf C/O Ernst & Young Llp, 17Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400028 Pan : Aabti7439L ............... Appellant

68,24,02,310 Ground of Appeal No. 12: Initiation of penal proceedings under section 270A of the Act 12. erred in initiating penalty under section 270A of the Act alleging underreporting of income by the Appellant.” 40. Ground no.1 is general in nature. Therefore, the same needs no specific adjudication. 41. The issue arising in Grounds no.2-6, raised

ISHARES MSCI ALL COUNTRY ASIA EX JAPAN ETF,MUMBAI vs. DCIT (INT. TAX)-2(2)(2), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

68,24,02,310\nGround of Appeal No. 12: Initiation of penal proceedings under section\n270A of the Act\n12. erred in initiating penalty under section 270A of the Act alleging\nunderreporting of income by the Appellant.”\n40. Ground no.1 is general in nature. Therefore, the same needs no specific\nadjudication.\n41. The issue arising in Grounds no.2-6, raised

WADHWA & ASSOCIATES REALTORS P.LTD,MUMBAI vs. ASST CIT 9(3), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: D.T. Garasia & Shri N. K. Pradhanassessment Year: 2012-13 M/S. Wadhwa & Associates Asst. Commissioner Of Income Realtors Private Limited Tax 9(3) 301, 3Rd Floor, Platina, Mumbai. Plot C-59, G Block, Vs. Bandra Kurla Complex, Bandra East, Mumbai - 400051 Pan:Aaacw5273G (Appellant) (Respondent) Present For: Assessee By : Shri Jitendra Jain, Advocate & Shri Mahesh O. Rajora, Ca Revenue By : Shri Abhijit Patankar Date Of Hearing : 29.01.2018 Date Of Pronouncement : 14.02.2018 O R D E R

68 (Mum.) is distinguishable on facts. In that case Mr. Tainwala was a Director in a company who held shares in the company incurring loss. Mr. Tainwala became shareholder of the company incurring loss in the year when the company incurring loss wanted set off. From the said decision, it is not clear whether Mr. Tainwala was a shareholder

EDIL COMMODITIES LTD,MUMBAI vs. DCIT CIR 3(1), MUMBAI

In the result, these appeals by the assessee stands partly allowed

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं./I.T.A. No.3426/Mum/2016 ("नधा"रण वष" / Assessment Year: 2011-12) M/S. Edel Commodities Limited Dy. Cit, Circle 3(1), बनाम/ Edelweiss House, Off Cst Road, Mumbai Vs. Kalina, Santacruz, Mumbai-400 098 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacce 0323 K (Assessee) (Revenue) : & आयकर अपील सं./I.T.A. No.3576/Mum/2016 ("नधा"रण वष" / Assessment Year: 2011-12) Acit – 3(1)(2), M/S. Edel Commodities Limited बनाम/ Room No. 607, 6Th Floor, Edelweiss House, Off Cst Road, Aayakar Bhavan, Mumbai-400 020 Kalina, Santacruz, Mumbai-400 098 Vs. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacce 0323 K (Revenue) : (Assessee) अपीलाथ" क" ओर से / Appellant By : Shri Vijay Mehta ""यथ" क" ओर से/Respondent By : Shri Ram Tiwari सुनवाई क" तार"ख / : 22.01.2018 Date Of Hearing घोषणा क" तार"ख / : 06.04.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: These Are Cross Appeals By The Assessee & The Revenue Arising Out Of The Order Of The Ld. Commissioner Of Income Tax (Appeals) Dated 15.2.2016 & Pertain To The Assessment Year 2011-12. M/S. Edel Commodities Limited Assessee’S Appeal

Section 73 effects complete segregation of speculation losses, which stand distinct and separate and can be mixed for set off purpose, only with speculation profits. The said circular of the Board (which has been held by the Hon’ble High Court to be still holding the field) provide that if speculation losses for earlier years are carried forward

ACIT CIRCLE-22(1), MUMBAI vs. RAHEJA LEGACY TRUST, MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal filed by the Revenue is dismissed

Bench: Shri Saktijit Dey & Shri Amarjit Singhassessment Year: 2018-19

set aside the matter relating to the FD renewal to the file of the AO for verification and therefore, the Ld. CIT(A) has wrongly relied on the decision in case of Bharat Explosive Ltd. vs. ACIT in favor of the assessee whereas the same is in favor of the revenue. 5 On the facts and in the circumstances

RAHEJA LEGENCY TRUST,MUMBAI vs. ACIT, CIR-22(1), MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal filed by the Revenue is dismissed

Bench: Shri Saktijit Dey & Shri Amarjit Singhassessment Year: 2018-19

set aside the matter relating to the FD renewal to the file of the AO for verification and therefore, the Ld. CIT(A) has wrongly relied on the decision in case of Bharat Explosive Ltd. vs. ACIT in favor of the assessee whereas the same is in favor of the revenue. 5 On the facts and in the circumstances

ACIT CEN CIR 13, MUMBAI vs. ASIAN STAR DIAMONDS ITERNATIONAL P.LTD, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

set off of business loss against income declared during the course of survey/search. The provisions of Section 115BE are applicable on the income taxable under section 68

ACIT CEN CIR 13, MUMBAI vs. 'A' STAR EXPORTS, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

set off of business loss against income declared during the course of survey/search. The provisions of Section 115BE are applicable on the income taxable under section 68

INNOVATIVE CONSTRUCTION P. LTD,MUMBAI vs. ACIT 12 (2)(2), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Blem/S. Innovative Construction Pvt. Ltd., V. Acit – 12(2)(2) 1St Floor, Samir Complex Room No. 145, 1St Floor St. Andrews Road, Bandra (W) Aayakar Bhavan, M.K. Road Mumbai – 400050 Mumbai – 400 020 Pan: Aaaci1573M (Appellant) (Respondent) Assessee By : Shri Yogesh A. Thar Department By : Ms. Shreekala Pardeshi

loss shall be allowable in respect of income under the Section 68 or Section 69 or Section 69A or Section 69C or Section 69D.” The intention of the legislature in introducing the amendment, as stated in the explanatory note, is to avoid unnecessary litigation and to expressly provide that no set

POOJA MARKETING,MUMBAI vs. PR. CIT- 31 , MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Us, The Core Issues To Be Decided Are As Under:-

Section 115BBE of the Act did not contain any bar on allowability of set-off of losses against income assessable u/s. 68

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 the case of ACT Central Circle-13 Mumbai v. Rahil Agencies, order dated 23 November, 2016 the Tribunal held that section 115BBE does not apply to business receipts/business turnover. The Tribunal observed as under: “19. We have considered rival contentions and found that by applying provisions of section 115BBE the AO has declined set off of business loss

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 the case of ACT Central Circle-13 Mumbai v. Rahil Agencies, order dated 23 November, 2016 the Tribunal held that section 115BBE does not apply to business receipts/business turnover. The Tribunal observed as under: “19. We have considered rival contentions and found that by applying provisions of section 115BBE the AO has declined set off of business loss

LUMINANT INVESTMENTS LTD ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -40, MUMBAI

In the result, the appeal of the assessee is dismissed

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2006-07 Luminant Investments Ltd., Dy. Cit Central Circle 40, (Formerly Known As Luminant Aayakar Bhavan, M.K. Road, Vs. Investment Pvt. Ltd.) Mumbai-400020. 121, Radha Bhuvan, 1St Floor, Nagindas Master Road, Fort, Mumbai-400023. Pan No. Aaacl 0834 A Appellant Respondent

Section 68 of the Act, treating the said amount as Act, treating the said amount as unexplained cash credit. unexplained cash credit. The Assessing Officer also disallowed the share trading loss of Assessing Officer also disallowed the share trading loss of Assessing Officer also disallowed the share trading loss of Rs.1,34,056/-. The detail of the total income computed

RAKESH JAIN,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE (NFAC), DELHI

In the result the appeal filed by the assessee stands allowed

section 44AB\nSection 144, read with sections 44AB and\n68, of the Income-tax Act, 1961 Best\njudgment assessment (Scope of)\n Assessment year 2009-10 During\nassessment proceedings, assessee could\nnot produce confirmation letter from large\nnumber of creditors in respect of amount\nborrowed Assessee claimed that it had\nnot maintained books of account and,\ntherefore, amount in question