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

Transfer of Undertakings) Act, 1970 and therefore, provisions of section 115- JB of the Act cannot be applied and consequently, tax on book profit (MAT) are not applicable to such banks. Therefore, respectfully following the decision of the Special Bench of the Tribunal (cited supra), Ground No.6, raised in assessee’s appeal, is allowed. 42. In view of our finding

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

Transfer of Undertakings) Act, 1970 and therefore, provisions of section 115- JB of the Act cannot be applied and consequently, tax on book profit (MAT) are not applicable to such banks. Therefore, respectfully following the decision of the Special Bench of the Tribunal (cited supra), Ground No.6, raised in assessee’s appeal, is allowed. 42. In view of our finding

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

36(1)(viii) mentioned in paras 1 and 7 and 6 of your show cause notice respectively are subject matter of appeal before the CIT(A) 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

CONCENTRIX SERVICES INDIA PRIVATE LIMITED (FORMERLY KNOWN AS MINACS PRIVATE LIMITED, MINACS LIMITED & ADITY BIRLA MINACS WORLDWIDE LIMITED ),MUMBAI vs. JOINT COMMISSIONER OF IT (OSD)10(2)(2)ASSISTANT COMMISSIONER OF INCOME TAX-9(2)(2), MUMBAI

Section 36(1)(iii) of the Act and deleted the disallowance of interest and other expenses related to acquisition of share of foreign subsidiary made by the Assessing Officer. As regards transfer pricing

CONCENTRIX SERVICES INDIA PRIVATE LIMITED (FORMERLY KNOWN AS MINACS PRIVATE LIMITED, MINACS LIMITED & ADITY BIRLA MINACS WORLDWIDE LIMITED ),MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX-10(2)(2), MUMBAI

Section 36(1)(iii) of the Act and deleted the disallowance of interest and other expenses related to acquisition of share of foreign subsidiary made by the Assessing Officer. As regards transfer pricing

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

price. The Mumbai Tribunal held that excess of appreciation over the cost price would not be considered for valuing the closing stock. In the present case, we are not concerned with a scenario where in the State Bank of India ITA no.3645/Mum./2016 ITA no.4564/Mum./2016 later year the depreciation provided in earlier years is reduced. Further, the decision

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

price. The Mumbai Tribunal held that excess of appreciation over the cost price would not be considered for valuing the closing stock. In the present case, we are not concerned with a scenario where in the State Bank of India ITA no.3645/Mum./2016 ITA no.4564/Mum./2016 later year the depreciation provided in earlier years is reduced. Further, the decision

DCIT CENT. CIR. 5(2), MUMBAI vs. IPCA LABORATORIES LTD., MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

iii. The assessee is entitled to deduction under Section 80IB of the Act of Silvassa unit which was reduced by 71,90,276 on account of DEPB and further ₹4,40,558/- on account of empty container sale as they are not derived from the industrial undertaking. iv. The assessee is also entitled to deduction under Section 80IC

DCIT (LTU) 1, MUMBAI vs. IPCA LABORATORIES LTD, MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

iii. The assessee is entitled to deduction under Section 80IB of the Act of Silvassa unit which was reduced by 71,90,276 on account of DEPB and further ₹4,40,558/- on account of empty container sale as they are not derived from the industrial undertaking. iv. The assessee is also entitled to deduction under Section 80IC

ACIT CEN CIR 13, MUMBAI vs. IPCA LABORATORIES LTD, MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

iii. The assessee is entitled to deduction under Section 80IB of the Act of Silvassa unit which was reduced by 71,90,276 on account of DEPB and further ₹4,40,558/- on account of empty container sale as they are not derived from the industrial undertaking. iv. The assessee is also entitled to deduction under Section 80IC

IPCA LABORATORIES LTD,MUMBAI vs. DCIT (LTU), MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

iii. The assessee is entitled to deduction under Section 80IB of the Act of Silvassa unit which was reduced by 71,90,276 on account of DEPB and further ₹4,40,558/- on account of empty container sale as they are not derived from the industrial undertaking. iv. The assessee is also entitled to deduction under Section 80IC

IPCA LABORATORIES LTD,MUMBAI vs. DCIT (LTU), MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

iii. The assessee is entitled to deduction under Section 80IB of the Act of Silvassa unit which was reduced by 71,90,276 on account of DEPB and further ₹4,40,558/- on account of empty container sale as they are not derived from the industrial undertaking. iv. The assessee is also entitled to deduction under Section 80IC

IPCA LABORATORIES LTD,MUMBAI vs. DCIT LTU, MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

iii. The assessee is entitled to deduction under Section 80IB of the Act of Silvassa unit which was reduced by 71,90,276 on account of DEPB and further ₹4,40,558/- on account of empty container sale as they are not derived from the industrial undertaking. iv. The assessee is also entitled to deduction under Section 80IC

IPCA LABORATORIES LTD,MUMBAI vs. ACIT (LTU), MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

iii. The assessee is entitled to deduction under Section 80IB of the Act of Silvassa unit which was reduced by 71,90,276 on account of DEPB and further ₹4,40,558/- on account of empty container sale as they are not derived from the industrial undertaking. iv. The assessee is also entitled to deduction under Section 80IC

IPCA LABORATORIES LTD,MUMBAI vs. ASST CIT (LTU), MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

iii. The assessee is entitled to deduction under Section 80IB of the Act of Silvassa unit which was reduced by 71,90,276 on account of DEPB and further ₹4,40,558/- on account of empty container sale as they are not derived from the industrial undertaking. iv. The assessee is also entitled to deduction under Section 80IC

ASST CIT (LTU) 1, MUMBAI vs. IPCA LABORATORIES LTD, MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

iii. The assessee is entitled to deduction under Section 80IB of the Act of Silvassa unit which was reduced by 71,90,276 on account of DEPB and further ₹4,40,558/- on account of empty container sale as they are not derived from the industrial undertaking. iv. The assessee is also entitled to deduction under Section 80IC

IPCA LABORATORIES LTD,MUMBAI vs. ASST CIT (LTU), MUMBAI

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

iii. The assessee is entitled to deduction under Section 80IB of the Act of Silvassa unit which was reduced by 71,90,276 on account of DEPB and further ₹4,40,558/- on account of empty container sale as they are not derived from the industrial undertaking. iv. The assessee is also entitled to deduction under Section 80IC

BANK OF INDIA,MUMBAI vs. JT. CIT (OSD)-2(1)(1), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri Vikas Awasthy & Shri S. Rifaur Rahman: A.Y : 2014-15

iii. As can be observed, the opening balance as on 1-April-2013in the PBDD account maintained u/s. 36(1)(viia)is a debit balance of Rs.2388.11 crore. The PBDD account maintained u/s. 36(1)(viia)does not have credit balance as on 1-April-2013. Hence, no amount is reduced from the bad debts of Rs.3834