DSV AIR & SEA PVT. LTD (SUCESSSOR TO PANALPINA WORLD TRANSPORT (INDIA PVT. LTD,MUMBAI vs. ADDL /JT/ACIT/ ITO/NFAC, DELHI

Bench: Shri Baskaran Br & Shri Kuldip Singhassessment Year: 2017-18

6. The taxpayer has come up by moving an application for raising additional ground of appeal as under :- “Validity of TP order 18. Without prejudice to Ground Nos 1 to 17, the TP order passed under Section 92CA(3) is invalid and unsustainable in law since the same is passed on 31 January 2021 which is beyond the time limit

PYRAMID DEVELOPERS,MUMBAI vs. THE DEPUTY COMM. OF INCOME TAX CIRCLE 32(1), MUMBAI

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

Bench: Shri Kuldip Singh & Shri Gagan Goyalpyramid Developers, 2Nd Floor, Sharda Bhavan, Nanda Patkar Road, Vile Parle (E) Mumbai- 400 005, Pan: Aaifp1958J ...... Appellant Vs. Dcit Circle 32(1), Kautilya Bhavan, Bandra Kurla Complex, Bandra (East) Mumbai-400 051 ..... Respondent

6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub- section (1) of section 16A of that

BHAVESH SHANTILAL GOHIL,MUMBAI vs. INCOME TAX OFFICER-35(1)(2), MUMBAI

In the result, grounds raised by the assessee are allowed for statistical purposes

Bench: Shri Kuldip Singh & Shri Gagan Goyalbhavesh Shantilal Gohil A-1304, Gohil Mansion, Irani Wadi, Shantilal Mody X Road No. 2, Asian Bakary Kandivali (West), Mumbai-400067 Pan: Abkpg2287Q ...... Appellant Vs. Ito – 35(1)(2) R. No. 2, C-12, Pratayaksha Kar Bhavan, Bandra Kurla Complex, Bandra (E) Mumbai-400051 ..... Respondent

6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that

MUKESH KISHINDAS BATHIJA ,MUMBAI vs. INCOME TAX OFFICER 16(3)(1), MUMBAI

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

6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that

KIRAN ASHOK DESAI,MUMBAI vs. THE PCIT MUMBAI-19, MUMBAI

In the result, Ground raised by the assessee is allowed and order passed by the Ld

Bench: Shri Amit Shukla & Shri Gagan Goyalkiran Ashok Desai, D-3, Triveni Building, 66 Walkeshwar Road, Maharashtra 400 066 Pan: Aabpd6275H ..... Appellant Vs. Pcit R. No. 617, 6Th Floor, Piramal Chamber, Lal Baug, Parel, Mumbai- 400 012 ..... Respondent

6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub- section (1) of section 16A of that

ZAHIDA BANO MOHAMMAD YUSUF SHAIKH,MUMBAI vs. INCOME TAX OFFICER, WARD 41(4)(4), MUMBAI

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

Bench: Shri Sandeep Singh Karhailshri Girish Agrawalzahida Bano Mohammad Yusuf Shaikh A/10 Jai Hind Society, Asalpha Gahtkopar Link, Ro Mohili Village Sakinaka, Mumbai - 400072 ............... Appellant Pan: Buups3134C V/S Income Tax Officer, Ward-41(4)(4), Aayakar Bhavan, M.K. Road, ……………… Respondent Mumbai – 400020

6 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. Explanation 1.— For the purposes of this section, "Valuation Officer" shall have the same meaning as in clause (r) of section

RAMESH S SHAH,MUMBAI vs. THE DY CIT, CC-5(3), MUMBAI

In the result, the appeal of the assessee is allowed for statistical purpose

Bench: Shri Vikas Awasthy & Shri Amarjit Singhramesh S. Shah Vs. The Dcit, 203, A Wing Peninsula Central Circle -5(3) Corporate Park Ganpatrao Room No. 1906, 19Th Kadam Marg, Floor, Air India Building Lower Parel, Nariman Point, Mumbai- 400013 Mumbai – 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aagps9863H Appellant .. Respondent Appellant By : Nishit Gandhi Respondent By : Agnes P. Thomas Date Of Hearing 29.11.2023 Date Of Pronouncement 11.12.2023

6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they P a g e | 5 Ramesh S. Shah Vs. The DCIT, CC-5(3) apply in relation to a reference

MOHAMMED KHALID HABIB PARIHAR,MUMBAI vs. I.T.O., WARD-31(2)(1), MUMBAI

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

Bench: Shri. Narendra Kumar Billaiya & Shri. Sandeep Singh Karhail

6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) oSf section 16A of that

THE BOMBAY SAMACHAR PVT LTD.,,MUMBAI vs. ACIT-CIRCLE-2(1)(2), MUMBAI

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

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

16A of that Act. Explanation 1.—For the purposes of this section, "Valuation Officer" shall have the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957). Explanation 2.—For the purposes of this section, the expression "assessable" means the price which the stamp valuation authority would have, notwithstanding anything

ACIT(LTU-1), MUMBAI vs. M/S. TCS LTD, MUMBAI

Bench: Shri Vikas Awasthy () & Ms. Padmavathy S. ()

section 14A read with rule 8D without recording any cogent reasons as to why he is not satisfied with the correctness of the claim of the assessee. Mere recording that the amounts being meager compared to the exempt income earned, cannot be construed as recording of satisfaction. Therefore, respectfully following the ratio laid down by the co- ordinate bench

TATA CONSULTANCY SERRVICES LIMITED,MUMBAI vs. DCIT-1, MUMBAI

Bench: Shri Vikas Awasthy () & Ms. Padmavathy S. ()

section 14A read with rule 8D without recording any cogent reasons as to why he is not satisfied with the correctness of the claim of the assessee. Mere recording that the amounts being meager compared to the exempt income earned, cannot be construed as recording of satisfaction. Therefore, respectfully following the ratio laid down by the co- ordinate bench

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

6 on pages 2 and 3 and para 21, page 61 of the assessment order wherein adjustment to arm's length price to buy back of shares of ICICI Bank UK Plc. has been made and carried forward loss to the subsequent year reduced by Rs.65,62,50,000. Since the Assessing Officer after examining has taken a particular view

FAKHRUDDIN T.MALIK,MUMBAI vs. ITO WD.21(1)(5), MUMBAI

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

6) and (7) of section 23A, sub-section (5) of\nsection 24, section 34AA, section 35 and section 37 of the Wealth-tax Act,\n1957 (27 of 1957), shall, with necessary modifications, apply in relation to\nsuch reference as they apply in relation to a reference made by the\nAssessing Officer under sub-section (1) of section 16A of that

DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-5(1), MUMBAI. , MUMBAI vs. EKJYOT PROPERTIES , MUMBAI

In the result, the appeal of the Revenue is dismissed

transferred one office and one shop to Mr. Wadhavani against the total amount which included amount due for commission/brokerage -. However, during the course of assessment, a notice u/s 133(6) of the Act has been issued to M/s. Sai Estate Consultant and in response to the same, M/s. Sai Estate Consultant stated that their company has neither accrued/received any commission

ACC LTD.,MUMBAI vs. DCIT(LTU) - 1, MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

16A (5) of the WT Act, 1957 vide Order No. SE(V)/Hyd/2514/CG/1674 dated 26.03.2013 in respect of a plot of land of ACC Ltd. at Village Kukatpally and Village Moosapet (Sanathnagar), Andhra Pradesh received in this on 01.04.2013. The District Valuation Officer estimated the FMV of the said property at Rs.16,30,765/- as on 01.04.1981 after considering

ACC LTD.,MUMBAI vs. DCIT(LTU) - 1, MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

16A (5) of the WT Act, 1957 vide Order No. SE(V)/Hyd/2514/CG/1674 dated 26.03.2013 in respect of a plot of land of ACC Ltd. at Village Kukatpally and Village Moosapet (Sanathnagar), Andhra Pradesh received in this on 01.04.2013. The District Valuation Officer estimated the FMV of the said property at Rs.16,30,765/- as on 01.04.1981 after considering

DCIT(LTU) - 1, MUMBAI vs. ACC LTD., MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

16A (5) of the WT Act, 1957 vide Order No. SE(V)/Hyd/2514/CG/1674 dated 26.03.2013 in respect of a plot of land of ACC Ltd. at Village Kukatpally and Village Moosapet (Sanathnagar), Andhra Pradesh received in this on 01.04.2013. The District Valuation Officer estimated the FMV of the said property at Rs.16,30,765/- as on 01.04.1981 after considering

ACC LTD ( FORMELRY KNOWN AS THE ASSOCIATED CEMENT COMPANIES LTD),MUMBAI vs. ADDLL CIT ,(LTU), MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Ltu (Formerly Known As The Associated Cement 29Th Floor, Center-1 Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - Ltu-1 V. M/S. Acc Limited 29Th Floor, Center-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

price minus (-) the Modvat credit. The same would be permissible. The Apex Court in the case of Indo Nippon Chemicals Co. Ltd. (supra) while affirming the order of High Court, has observed that the income was not generated to the extent of Modvat credit or unconsumed raw material. Merely because the Modvat credit was irreversible credit offered to manufacturers upon