PUNE MATHADI HAMAL AND OTHER MANUAL WORKERS BOARD,PUNE vs. INCOME TAX OFFICER, WARD-5(1), PUNE, PUNE

In the result, appeal of the assessee is partly allowed

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.1012/Pun/2023 िनधा"रण वष" / Assessment Year : 2018-19 Pune Mathadihamal & Other The Income Tax Manual Workers Board, V Officer, Shramashakti Bhavan, S Ward-5(1), Pune. Coomercial Plot No.1, Market Yard, Pune – 411037. Pan: Aaalp0097L Appellant/ Assessee Respondent /Revenue Assessee By Shri Vipul Joshi – Ar Revenue By Shri Ajay Kumar Keshari & Shri Rajesh Gawali– Dr’S Date Of Hearing 17/04/2024 Date Of Pronouncement 27/06/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By The Assessee Is Against The Orders Of Ld.Commissionerof Income Tax(Appeals)[Nfac], Under Section 250 Of The Act Dated 14.07.2023 :

14A read with rule 8D(ii) of the Rules and therefore, the same conclusion ought to have been applied to section 36(1)(iii) as well. Therefore, in the fact situation of the case, the remand by the tribunal to the Assessing Officer to examine whether the investments were 14 Pune Mathadi Hamal and Other Manual Workers Board [A] made

RAJDEEP BUILDCOM PRIVATE LIMITED,AHMEDNAGAR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(2), PUNE, PUNE

In the result, the appeal filed by the assessee in ITA

Bench: SHRI R. K. PANDA (Vice President), SHRI VINAY BHAMORE (Judicial Member)

2. Whether on facts and in law, disallowance u/s 14A of the Income Tax Act can be made on expenditure incurred for earning loss?” 6. The facts, in brief, are that the assessee is a company registered under the provisions of the Companies Act, 1956. It is engaged in the business of civil contractors and development of infrastructure projects

RAJDEEP BUILDCON PRIVAT LIMITED, AHMEDNAGAR,AHMEDNAGAR vs. DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1(2), PUNE, PUNE

In the result, the appeal filed by the assessee in ITA

Bench: SHRI R. K. PANDA (Vice President), SHRI VINAY BHAMORE (Judicial Member)

2. Whether on facts and in law, disallowance u/s 14A of the Income Tax Act can be made on expenditure incurred for earning loss?” 6. The facts, in brief, are that the assessee is a company registered under the provisions of the Companies Act, 1956. It is engaged in the business of civil contractors and development of infrastructure projects

RAJDEEP BUILDCON PVT LTD, AHMEDNAGAR,AHMEDNAGAR vs. DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1(2), PUNE, PUNE

In the result, the appeal filed by the assessee in ITA

Bench: SHRI R. K. PANDA (Vice President), SHRI VINAY BHAMORE (Judicial Member)

2. Whether on facts and in law, disallowance u/s 14A of the Income Tax Act can be made on expenditure incurred for earning loss?” 6. The facts, in brief, are that the assessee is a company registered under the provisions of the Companies Act, 1956. It is engaged in the business of civil contractors and development of infrastructure projects

JAWAHAR LAL NEHRU PORT TRUST,NAVI MUMBAI vs. ACIT PANVEL, PANVEL

In the result, all the three appeals filed by the Revenue are dismissed and all the three appeals filed by the assessee are partly allowed

Bench: Shri R. K. Panda & Ms Astha Chandra

14A are applicable in this case. According to him, the provisions of section 36(1)(xii) are also not applicable to the assessee as the same are applicable in the case of Corporation or Body Corporate. He further noted that section 43B allows for deduction any such sum payable by the assessee as interest on any loan or borrowing from

DEPUTY COMMISSIONER OF INCOME-TAX vs. THE JAWAHARLAL NEHRU PORT TRUST,, RAIGAD

In the result, all the three appeals filed by the Revenue are dismissed and all the three appeals filed by the assessee are partly allowed

Bench: Shri R. K. Panda & Ms Astha Chandra

14A are applicable in this case. According to him, the provisions of section 36(1)(xii) are also not applicable to the assessee as the same are applicable in the case of Corporation or Body Corporate. He further noted that section 43B allows for deduction any such sum payable by the assessee as interest on any loan or borrowing from

DEPUTY COMMISSIONER OF INCOME-TAX vs. THE JAWAHARLAL NEHRU PORT TRUST,, RAIGAD

In the result, all the three appeals filed by the Revenue are dismissed and all the three appeals filed by the assessee are partly allowed

Bench: Shri R. K. Panda & Ms Astha Chandra

14A are applicable in this case. According to him, the provisions of section 36(1)(xii) are also not applicable to the assessee as the same are applicable in the case of Corporation or Body Corporate. He further noted that section 43B allows for deduction any such sum payable by the assessee as interest on any loan or borrowing from

JAWAHAR LAL NEHRU PORT TRUST,NAVI MUMBAI vs. ACIT PANVEL, PANVEL

In the result, all the three appeals filed by the Revenue are dismissed and all the three appeals filed by the assessee are partly allowed

Bench: Shri R. K. Panda & Ms Astha Chandra

14A are applicable in this case. According to him, the provisions of section 36(1)(xii) are also not applicable to the assessee as the same are applicable in the case of Corporation or Body Corporate. He further noted that section 43B allows for deduction any such sum payable by the assessee as interest on any loan or borrowing from

JAWAHAR LAL NEHRU PORT TRUST,NAVI MUMBAI vs. ACIT PANVEL, PANVEL

In the result, all the three appeals filed by the Revenue are dismissed and all the three appeals filed by the assessee are partly allowed

Bench: Shri R. K. Panda & Ms Astha Chandra

14A are applicable in this case. According to him, the provisions of section 36(1)(xii) are also not applicable to the assessee as the same are applicable in the case of Corporation or Body Corporate. He further noted that section 43B allows for deduction any such sum payable by the assessee as interest on any loan or borrowing from

DEPUTY COMMISSIONER OF INCOME-TAX vs. THE JAWAHARLAL NEHRU PORT TRUST,, RAIGAD

In the result, all the three appeals filed by the Revenue are dismissed and all the three appeals filed by the assessee are partly allowed

Bench: Shri R. K. Panda & Ms Astha Chandra

14A are applicable in this case. According to him, the provisions of section 36(1)(xii) are also not applicable to the assessee as the same are applicable in the case of Corporation or Body Corporate. He further noted that section 43B allows for deduction any such sum payable by the assessee as interest on any loan or borrowing from

MAHARASHTRA STATE WAREHOUSING CORPORATION,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 14,, PUNE

In the result, all the appeals of assessee are allowed

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

14A r.w. Rule 8D. The Assessing Officer while giving effect to the order of Tribunal recomputed the total income, as a result there was net business loss of Rs.13,00,25,239/-. The Assessing Officer vide order dated 14-12-2009 passed u/s. 143(3) r.w.s. 254 held that the business loss is allowed to be carried forward. 2.2 Thereafter

MAHARASHTRA STATE WAREHOUSING CORPORATION,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 14,, PUNE

In the result, all the appeals of assessee are allowed

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

14A r.w. Rule 8D. The Assessing Officer while giving effect to the order of Tribunal recomputed the total income, as a result there was net business loss of Rs.13,00,25,239/-. The Assessing Officer vide order dated 14-12-2009 passed u/s. 143(3) r.w.s. 254 held that the business loss is allowed to be carried forward. 2.2 Thereafter

MAHARASHTRA STATE WAREHOUSING CORPORATION,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 14,, PUNE

In the result, all the appeals of assessee are allowed

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

14A r.w. Rule 8D. The Assessing Officer while giving effect to the order of Tribunal recomputed the total income, as a result there was net business loss of Rs.13,00,25,239/-. The Assessing Officer vide order dated 14-12-2009 passed u/s. 143(3) r.w.s. 254 held that the business loss is allowed to be carried forward. 2.2 Thereafter

MAHARASHTRA STATE WAREHOUSING CORPORATION,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 14,, PUNE

In the result, all the appeals of assessee are allowed

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

14A r.w. Rule 8D. The Assessing Officer while giving effect to the order of Tribunal recomputed the total income, as a result there was net business loss of Rs.13,00,25,239/-. The Assessing Officer vide order dated 14-12-2009 passed u/s. 143(3) r.w.s. 254 held that the business loss is allowed to be carried forward. 2.2 Thereafter

M/S. ANGELICA PROPERTIES PRIVATE LTD.,,PUNE vs. DEPUTY COMMISSIONER INCOME-TAX,,

The appeals of the assessee are partly allowed

Bench: Shri S.S.Viswanethra Ravi, Hon’Ble Jm & Dr. Dipak P. Ripote, Hon’Ble Am आयकरअपीलसं. / Ita No: 403/Pun/2015 िनधा"रणवष" / Assessment Year : 2010-11 Vason Engineers Ltd., Theadditional Commissioner Of (Formerly Angelica Properties Pvt. Vs Income Tax, Range1, Pune. Ltd.,) 301, Phoenix, Opp.Residency Club, Bund Garden Road, Pune – 411037. Pan: Aafca 8644 J Appellant/ Assessee Respondent /Revenue आयकरअपीलसं. / Ita No: 1738/Pun/2016 िनधा"रणवष" / Assessment Year : 2011-12 Angelica Properties Pvt. Ltd., The Deputy Commissioner Of Opp. Grand Hyatt Hotel, Vs Income Tax, Circle-1(1), Pune. Vimannagar, Puune – 411 014. Pan: Aafca 8644 J Appellant/ Assessee Respondent /Revenue Assessee By Shri Dharmesh Shah – Ar Revenue By Shri Naveen Gupta – Dr Date Of Hearing 24/06/2022 Date Of Pronouncement 22/09/2022 आदेश/ Order Per Dr. Dipak P. Ripote, Am: These Two Appeals Filed By The Assessee Are Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)-1, Pune Dated 30.01.2015 & 09.06.2016 For The Assessment Years 2010-11 & 2011-12 Respectively. 2. The Assessee In Ita No.403/Pun/2015 For The A.Y.2010-11 Has Raised Following Grounds Of Appeal: “1. The Ld. Cit(A) Has Erred In Law & In Facts Enhancing The Income From Sale Of ‘Matrix It Building’ By Changing The Head Of Income From Capital Gains To Business Income Without Complying With The Principles Of Natural Justice & Without Giving Any Opportunity Of Hearing.

Reassessment proceedings were started and in these proceedings, the ITO considered twelve bogus entries ostensibly relating to hundi loans and he assessed the amount of undisclosed income at Rs. 2,45,000 by working out the "peak credit". In the appeal preferred by the assessee, the AAC, on scrutiny of the cash book, discovered ten more bogus entries totalling

VASCON ENGINEERS LTD (SUCCESSOR TO ANGELICA PROPERTIES PVT. LTD.),PUNE vs. ADDITIONAL COMMISSIONER OF INCOME-TAX,, PUNE

The appeals of the assessee are partly allowed

Bench: Shri S.S.Viswanethra Ravi, Hon’Ble Jm & Dr. Dipak P. Ripote, Hon’Ble Am आयकरअपीलसं. / Ita No: 403/Pun/2015 िनधा"रणवष" / Assessment Year : 2010-11 Vason Engineers Ltd., Theadditional Commissioner Of (Formerly Angelica Properties Pvt. Vs Income Tax, Range1, Pune. Ltd.,) 301, Phoenix, Opp.Residency Club, Bund Garden Road, Pune – 411037. Pan: Aafca 8644 J Appellant/ Assessee Respondent /Revenue आयकरअपीलसं. / Ita No: 1738/Pun/2016 िनधा"रणवष" / Assessment Year : 2011-12 Angelica Properties Pvt. Ltd., The Deputy Commissioner Of Opp. Grand Hyatt Hotel, Vs Income Tax, Circle-1(1), Pune. Vimannagar, Puune – 411 014. Pan: Aafca 8644 J Appellant/ Assessee Respondent /Revenue Assessee By Shri Dharmesh Shah – Ar Revenue By Shri Naveen Gupta – Dr Date Of Hearing 24/06/2022 Date Of Pronouncement 22/09/2022 आदेश/ Order Per Dr. Dipak P. Ripote, Am: These Two Appeals Filed By The Assessee Are Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)-1, Pune Dated 30.01.2015 & 09.06.2016 For The Assessment Years 2010-11 & 2011-12 Respectively. 2. The Assessee In Ita No.403/Pun/2015 For The A.Y.2010-11 Has Raised Following Grounds Of Appeal: “1. The Ld. Cit(A) Has Erred In Law & In Facts Enhancing The Income From Sale Of ‘Matrix It Building’ By Changing The Head Of Income From Capital Gains To Business Income Without Complying With The Principles Of Natural Justice & Without Giving Any Opportunity Of Hearing.

Reassessment proceedings were started and in these proceedings, the ITO considered twelve bogus entries ostensibly relating to hundi loans and he assessed the amount of undisclosed income at Rs. 2,45,000 by working out the "peak credit". In the appeal preferred by the assessee, the AAC, on scrutiny of the cash book, discovered ten more bogus entries totalling

CYZA CHEM PVT.LTD,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 1 (1),, PUNE

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

section 14A read with Rule 8D and disallowance of Rs.1,07,993/- without having regard to the nature of investments and expenditure incurred. And further erred in not considering the Appellant’s contention that disallowance should be restricted to 0.50% of average investment on which dividend income is received which is computed at Rs.6,000/-. 2. erred in treating

AADHUNIK INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED,JALGAON vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, JALGAON

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

Bench: Shri R. K. Panda & Shri Vinay Bhamoreassessment Year : 2012-13

14A of the Act, Rs.50,935/- on account of Miscellaneous expenses and Rs.25,467/- on account of Legal and licence fees. Subsequently, on the basis of information obtained from the Investigation Wing, Kolkata, the Assessing Officer reopened the assessment by recording the following reasons: “Reasons for the reopening of the assessment in case of Gauri Plasticulture Pvt. Ltd. (Now Aadhunik