ICICI BANK LIMITED,MUMBAI vs. THE DY. COMMISSIONER OF INCOME-TAX 2(3)(1), MUMBAI

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ITA 158/MUM/2023Status: DisposedITAT Mumbai30 June 2023AY 2001-0216 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the disallowance of expenses for earning exempt income was not justified if the investment was made out of surplus interest-free funds. The cross-objection was dismissed due to an inordinate delay without sufficient cause.

What were the facts?

The Assessing Officer disallowed expenses incurred for earning exempt dividend income. The assessee claimed that sufficient own funds were available for investment, making the disallowance unjustified. The assessee also filed a cross-objection challenging the reopening of assessment.

What were the issues?

Whether expenses incurred to earn exempt income are disallowable when sufficient own funds are available for investment. Whether reopening of assessment was validly initiated.

Which sections of the Income-tax Act were involved?

Section 10(33),Section 147,Section 143(3)

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Income Tax Appellate Tribunal, “C” BENCH, MUMBAI

For Appellant: Ms. Aarti Visanji, AR
For Respondent: Shri. K.C. Selvamani, DR
Hearing: 01.06.2023

आदेश की प्रतितलति अग्रेतिि/Copy of the Order forwarded to : 1. अपीलार्थी / The Appellant 2. प्रत्यर्थी / The Respondent. 3. आयकर आयुक्त / CIT विभागीय प्रविविवि, आयकर अपीलीय अविकरण DR, ITAT, 4. Mumbai 5. गार्ड फाईल / Guard file.

सत्यावपि प्रवि //True Copy// आदेशानुसार/ BY ORDER, उि/सहायक िंजीकार (Dy./Asstt. Registrar) आयकर अिीलीय अतिकरण/ ITAT, Bench, Mumbai.

P a g e | 16 ICICI BANK LTD V/S DCIT 2(3)(1) ICICI BANK LTD V/S DCIT CIR 3(1) No. Details Date Initials Designation 1 Draft dictated on Sr.PS/PS 2 Draft Placed before author Sr.PS/PS 3 Draft proposed & placed before the Second JM/AM Member 4 Draft discussed/approved by Second JM/AM Member 5 Approved Draft comes to the Sr.PS/PS Sr.PS/PS 6 Kept for pronouncement on Sr.PS/PS 7 File sent to the Bench Clerk Sr.PS/PS 8 Date on which the file goes to the Head clerk 9 Date on which file goes to the AR 10 Date of Dispatch of order

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