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Documents citing Sbi Capital Markets Ltd., Mumbai vs Addl.C.I.T. Ltu, Mumbai on 9 February, 2018

Clsa India P.Ltd, Mumbai vs Asst Cit Rg 4(1), Mumbai on 14 December, 2020

We find that a similar issue had also came up before the ITAT, Mumbai "H" Bench in the case of HSBC Securities and Capital Markets (I) Pvt. Ltd. Vs. Addl. CIT, Rage 4(1), Mumbai [ITA No.6979/Mum/2008; dated 29.06.2012]. In the said case the Tribunal had restored the matter to the file of the A.O, for the reason, that neither of the lower authorities had dealt with the claim of the assessee that as the loss on account of shares transactions had occurred on account of error trade conducted by the assessee on behalf of its clients, thus, the same had to be accepted as a business loss.
Income Tax Appellate Tribunal - Mumbai Cites 23 - Cited by 0 - Full Document

J.P. Morgan India P.Ltd, Mumbai vs Ito Rg 4(3)(1), Mumbai on 26 June, 2019

expenditure. As regards software expenses, we find that in assessee's own case, for A.Y.2001-02, the Coordinate Bench of the Tribunal had remanded the matter back to the AO to decide the allowability in the light of the decision of the Delhi Special Bench ruling of the Tribunal in the case of Amway India Enterprises (301 ITR 1). Subsequently, the AO in the order pursuant to the directions of the Tribunal, having regard to the facts and relying on the principles laid out in the case of Amway India (supra) held that the software expenses were revenue in nature and allowed the same as business expenses. Thereafter in all the subsequent years, the appellate authorities have allowed the claim of the assessee in this regard. As far as the projector expenses are concerned, the same relates to annual maintenance charges on the projectors used by the assessee in the normal course of their business. Similarly, the dish antenna expenses are also in the nature of rental for space for installation of a dish antenna on the terrace of the building from which the assessee carries out its business. Thus in this way, none of these expenses could be capital in nature and each of them would be allowable as revenue expenses. Even otherwise, the Hon'ble Bombay High 19 ITA No, 2745, 2746, 2452 & 2453 /Mum/2015 J. P. Morgan India Pvt. Ltd.
Income Tax Appellate Tribunal - Mumbai Cites 12 - Cited by 0 - Full Document

Vadasinor Pragati Samaj Co-Op.Credit ... vs Pr. Cit -18 , Mumbai on 13 December, 2019

ITA No. 2539 Mum 2019-M/s Vadasinor Pragati Samaj Co-operative Credit Society Ltd. op. Society Ltd. (ITA No. 6547/Mum/2017 dated 25.04.2018) held that income by way of interest derived by assessee from its investment held that other Co-operative Society shall be deducted in computing the total income. We have further noted in Kaliandas Udyog Bhavan Premises Co-op. Society Ltd.(supra) the decision was rendered by making reliance upon the decision of Hon'ble Karnataka in PCIT & Anr vs. Totagars Coperative Sale Society (392 ITR 74) and Hon'ble Gujarat High Court in SBI vs. CIT (389 ITR 578 (Guj.) also held that interest income earned by assessee on investment held that a Co-operative Bank would be eligible for claim of deduction under section 80P(2)(d).
Income Tax Appellate Tribunal - Mumbai Cites 17 - Cited by 4 - Full Document
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