IDFC LIMITED,CHENNAI vs. DCIT, CO. CIRCLE - II (3),, CHENNAI

ITA 677/CHNY/2020Status: DisposedITAT Chennai30 September 2024AY 2010-11Bench: SHRI ABY T. VARKEY (Judicial Member), SHRI JAGADISH (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal allowed the assessee's claim for mark-to-market losses on current investments, reversing the orders of the AO and CIT(A). The assessee's appeal was partly allowed, while the Revenue's appeal and the assessee's rectification appeal were dismissed.

What were the facts?

The assessee claimed deductions and exemptions, including for dividend income and interest on debentures. The Assessing Officer (AO) made disallowances under Section 14A and other sections, which were partly modified by the CIT(A).

What were the issues?

The key issues involved the disallowance of expenses under Section 14A, eligibility for deductions on interest on debentures and provisions for bad debts, and the allowability of mark-to-market losses on investments.

Which sections of the Income-tax Act were involved?

Section 14A,Section 36(1)(vii),Section 36(1)(viia),Section 43B,Section 234D

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Cases cited in this judgment(8)Show list

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Heard together (2 matters)

ITA No.877/Chny/2018
ITA No.878/Chny/2018

Read from the judgment's own cause title. This page is filed under one of them.

आयकर अपीलीय अिधकरण, ‘डी’ "ायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI "ी एबी टी. वक", "ाियक सद" एवं "ी जगदीश, लेखा सद" के सम$ BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI JAGADISH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.877/Chny/2018 & 677/Chny/2020 िनधा&रण वष& /Assessment Years: 2010-11 Company Circle-II(3), Limited), Chennai. KRM Tower, 8th Floor, No.1, Harrington Road, Chetpet, Chennai – 600 031. PAN: AAACI 2663N (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ ITA No.878/Chny/2018 िनधा&रण वष& /Assessment Year: 2010-11 The Dy. Commissioner of Income IDFC Limited, Tax, (erstwhile known as Infrastructure Corporate Circle-2(2), Chetpet, Chennai – 600 031. PAN: AAACI 2663N अपीलाथ" की ओर से/ Assessee by : Shri Farookh V. Irani, Advocate +,थ" की ओर से /Revenue by : Shri A. Sasikumar, CIT सुनवाई की तारीख/Date of Hearing : 23.07.2024 घोषणा की तारीख /Date of Pronouncement : 30.09.2024

ITA No.877, 878/Chny/2018 & 677/Chny/2020 :- 2 -:

आदेश /

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