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Documents citing The Commissioner Of Income Tax vs V.S. Dempo And Co. Pvt.Ltd on 5 February, 2016

M/S. Deepak Fertilizers & ... vs Principal Commissioner Of Income Tax ... on 7 August, 2019

Apart there from, we are unable to comprehend the view taken by the Pr. CIT that though the issue had been adjudicated by the „Full Bench‟ of the Hon‟ble High Court of Bombay in the case of CIT Vs. V.S. Dempo & Co. Pvt. Ltd. (ITA No. 989 of 2015), dated 05.02.2016, however, as the said issue was to be evaluated for referring the matter to the Hon‟ble Supreme Court, therefore, the view therein taken would not be binding.
Income Tax Appellate Tribunal - Mumbai Cites 17 - Cited by 0 - Full Document

Quantum Advisors Private Limited, ... vs Additional Cit Range-1(2), Mumbai on 10 May, 2019

6. Hence, in the light of the facts of the present case and the principles of law laid down by the Hon'ble Bombay High Court discussed above, we are of the considered view that the Ld. CIT (A) has wrongly confirmed the ad-hoc disallowance made by the AO with regard to payment of research fees made by the assessee to its sister concern. Since, the authorities below have not denied the expenditure in question and allowed the expenses @ 5,00,000/- per month, the only issue remains as to whether how much of the expenses is allowable. Since, the AO has not justified its action by pointing out any cogent and convincing reason for disallowance of the remaining amount, the Ld. CIT(A) ought to have set aside the findings of the AO. Hence, following the principles of law laid down by the Hon'ble jurisdictional High Court discussed above, we allow this ground of appeal of the assessee and set aside the findings of the Ld. CIT (A).
Income Tax Appellate Tribunal - Mumbai Cites 9 - Cited by 0 - Full Document

Total Oil India P. Ltd, Mumbai vs Acit Cir 11(3)(1), Mumbai on 10 January, 2020

Copy of the orders are placed on record. Referring to Para Nos. 7 to 9 of the Tribunal order for the A.Y. 2010-11, Ld. Counsel for the assessee submitted that the Tribunal allowed the claim of the assessee and deleted the disallowance made u/s.40(a)(i) of the Act in respect of reimbursement 4 ITA No. 245 & 361/MUM/2019 (A.Y. 2015-16) M/s. Total Oil India Pvt. Ltd., of demurrage expenses claimed by the assessee following the decision of the Hon'ble Bombay High Court in the case of CIT v. Dempo and Co. Pvt Ltd., [381 ITR 303].
Income Tax Appellate Tribunal - Mumbai Cites 55 - Cited by 5 - Full Document

Acit Cir 11(3)(1), Mumbai vs Total Oil India P. Ltd, Mumbai on 10 January, 2020

Copy of the order is placed on record. Referring to Para Nos. 7 to 9 of the Tribunal order, Ld. Counsel for the assessee submitted that the Tribunal allowed the claim of the assessee and deleted the disallowance made u/s.40(a)(i) of the Act in respect of reimbursement of demurrage expenses 4 ITA Nos. 1877, 1878 2127 & 2128/MUM/2018 M/s. Total Oil India Pvt. Ltd., claimed by the assessee following the decision of the Hon'ble Bombay High Court in the case of CIT v. Dempo and Co. Pvt Ltd., [381 ITR 303].
Income Tax Appellate Tribunal - Mumbai Cites 56 - Cited by 5 - Full Document

M/S. Jindal Saw Ltd.,, vs The Income Tax Officer, Tds-4,, ... on 3 December, 2018

Jindal Saw Ltd vs. ITO Asst.Year -2009-10 -6- In this regard, we note that the AO has made the disallowance after having reliance on the judgment of Bombay High Court in the case of Orient (Goa) Pvt. Ltd. which has been reversed by the larger Bench of Hon'ble Bombay High Court in the subsequent judgment in the case of Dempo & Company Pvt. Ltd. (supra). The relevant portion and the observation of the Hon'ble Bombay High Court in the case of Dempo and Company Pvt. Ltd. is extracted below:
Income Tax Appellate Tribunal - Rajkot Cites 21 - Cited by 0 - Full Document

Mainetti India Pvt Ltd., Chennai vs Dcit, Chennai on 15 March, 2017

11. Brief facts of the issue are that it is the claim of the assessee that it has obtained loan from its head office for an SGD 15,00,000 and SGD 10,00,000 respectively. It also filed letter dated 25.4.2005 and RBI's letter dated 26.4.2005 stating that with respect to the execution of particular projects, it had borrowed certain monies on repatriation basis from its head office. The assessee also referred to Bombay High Court decision in the case of CIT v. Dempo and Co. Pvt. Ltd. (206 ITR 291) wherein it has summed up the position that for determining whether the devaluation loss is revenue or capital what is relevant is utilisation of the amount at the time of devaluation and not the object for which the loan was taken. Also it was held that loss in respect of circulating capital is revenue loss whereas loss in respect of fixed capital is not.
Income Tax Appellate Tribunal - Chennai Cites 13 - Cited by 0 - Full Document

Dcit, Chennai vs Modine Thernal Systems Pvt. Ltd., ... on 12 April, 2017

11. Brief facts of the issue are that it is the claim of the assessee that it has obtained loan from its head office for an SGD 15,00,000 and SGD 10,00,000 respectively. It also filed letter dated 25.4.2005 and RBI's letter dated 26.4.2005 stating that with respect to the execution of particular projects, it had borrowed certain monies on repatriation basis from its head office. The assessee also referred to Bombay High Court decision in the case of CIT v. Dempo and Co. Pvt. Ltd. (206 ITR 291) wherein it has summed up the position that for determining whether the devaluation loss is revenue or capital what is relevant is utilisation of the amount at the time of devaluation and not the object for which the loan was taken. Also it was held that loss in respect of circulating capital is revenue loss whereas loss in respect of fixed capital is not.
Income Tax Appellate Tribunal - Chennai Cites 20 - Cited by 1 - Full Document
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