1. Godrej & Boyce Manufacturing Co. Ltd. v. DCIT

247 CTR 162High Court2012#2185 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2012 to 2025.

Also referred to as

Godrej & Boyce Manufacturing Co. Ltd. v. DCIT · 247 CTR 162 · Section 14A · disallowance of expenditure · exempt income · Section 10(34) · Section 10(38) · business deductions · Section 36(1)(iii) · Section 80IA

Sections most often in play

Section 10(34)Section 10(38)Section 14A Section 14A(2)Section 14A(3)

Issues it is cited on

section 80iab section 36(l)(iii)section 10(2)section 36(l)wholly and exclusively for business deduction u/s 80ia put to use section 80ia section 36(1)(iii)capital expenditure section 28 section 36(1)

Judgments citing 1. Godrej & Boyce Manufacturing Co. Ltd. v. DCIT

M/S. EXIM SCRIPS DEALERS PVT. LTD.,KOLKATA vs. I.T.O., WARD - 5(1),, KOLKATA

In the result, appeal of the assessee is allowed

ITA 756/KOL/2025[2014-2015]Status: DisposedITAT Kolkata06 Aug 2025AY 2014-2015

Bench: Shri George Mathanआयकर अपील सं/Ita No.756/Kol/2025 (नििाारण वर्ा / Assessment Year : 2014-2015) M/S Exim Scrips Dealers Pvt. Ltd. Vs Ito Ward-5(1), Kolkata 412, Mukti Chambers, 4Th Floor, 4, Clive Row, Kolkata-700001 Pan No. : Aaace 6906 E (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) नििााररती की ओर से /Assessee By : Shri Siddharth Parekh, Ar राजस्व की ओर से /Revenue By : Shri Somnath Das Biswas, Sr. Dr सुनवाई की तारीख / Date Of Hearing : 06/08/2025 घोषणा की तारीख/Date Of Pronouncement : 06/08/2025 आदेश / O R D E R This Is An Appeal Filed By The Assessee Against The Order Dated 28.03.2025 Passed By The Ld. Addl./Jcit(A)-1, Bengaluru For The Assessment Year 2014-2015 2. Shri Siddharth Parekh, Ld. Ar Appeared On Behalf Of The Assessee. Shri Somnath Das Biswas, Ld.Sr. Dr Appeared On Behalf Of The Revenue. 3. It Was Submitted By The Ld. Ar That The Only Issue In Assessee’S Appeal Was Against The Action Of The Ld. Cit(A) In Confirming The Addition Made By The Ao In Respect Of The Disallowance Of Expenditure Earned In Respect Of Exempt Income By Applying The Provisions Of Rule 8D Read With The Provisions Of Section 14A Of The Act. It Was The Submission That The There Was No Satisfaction Recorded For The Purpose Of Invoking The Provisions Of Section 14A Of The Act. It Was The Submission That On Identical Circumstances The Coordinate Bench Of This Tribunal In Assessee'S Own

For Appellant: Shri Siddharth Parekh, ARFor Respondent: Shri Somnath Das Biswas, Sr. DR

Section 10(34)Section 10(38)Section 14ASection 14A(2)

…आयकर अपीलीय अधिकरण, “एस.एम.सी” न्यायपीठ, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH KOLKATA श्री जाजज माथन, न्याययक सदस्य के समक्ष । BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER आयकर अपील सं/ITA No.756/KOL/2025 (नििाारण वर्ा / Assessment Year : 2014-2015) M/s Exim Scrips Dealers Pvt. Ltd. Vs ITO Ward-5(1), Kolkata 412, Mukti Chambers, 4th Floor, 4, Clive Row, Kolkata-700001 PAN No. : AAACE 6906 E (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) नििााररती की ओर से /Assessee by : Shri Siddharth Parekh, AR राजस्व की ओर से /Revenue by : Shri Somnath Das Biswas, Sr. DR सुनवाई की तारीख / Date of Hearing…

ADD. CIT SPL RANGE--3, NEW DELHI vs. DLF LTD, NEW DELHI

ITA 5919/DEL/2019[2016-17]Status: DisposedITAT Delhi19 Jul 2023AY 2016-17

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharmaita No.5978/Del/2017, A.Y. 2014-15 Ita No.2238/Del/2019, A.Y. 2015-16 Ita No.5919/Del/2019, A.Y. 2016-17

Section 143(3)Section 14ASection 801A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI (DELHI BENCH ‘B’ : NEW DELHI) BEFORE SH. N.K.BILLAIYA, ACCOUNTANT MEMBER AND SH. ANUBHAV SHARMA, JUDICIAL MEMBER ITA No.5978/Del/2017, A.Y. 2014-15 ITA No.2238/Del/2019, A.Y. 2015-16 ITA No.5919/Del/2019, A.Y. 2016-17 Addl. CIT, Vs. DLF Limited Special Range-03, DLF Centre, Sansad Marg, New Delhi New Delhi-110001 PAN No. AAACD3494N (APPELLANT) (RESPONDENT) Assessee by Sh. R.S.Singhvi, CA and Sh. Satyajeet Goel, CA Revenue by Sh. T. James Singson, CIT, DR Date of hearing: 11.07.2023 Date of Pronouncement: 19.07.2023 ORDER PER ANUBHAV SHARMA, JM: These three appea…

ADD. CIT SPL RANGE--3, NEW DELHI vs. DLF LTD, NEW DELHI

ITA 2238/DEL/2019[2015-16]Status: DisposedITAT Delhi19 Jul 2023AY 2015-16

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharmaita No.5978/Del/2017, A.Y. 2014-15 Ita No.2238/Del/2019, A.Y. 2015-16 Ita No.5919/Del/2019, A.Y. 2016-17

Section 143(3)Section 14ASection 801A

ADDL. CIT, SPECIAL RANGE- 03, NEW DELHI vs. DLF LTD., NEW DELHI

ITA 5978/DEL/2017[2014-15]Status: DisposedITAT Delhi19 Jul 2023AY 2014-15

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharmaita No.5978/Del/2017, A.Y. 2014-15 Ita No.2238/Del/2019, A.Y. 2015-16 Ita No.5919/Del/2019, A.Y. 2016-17

Section 143(3)Section 14ASection 801A

DILIP HARI AMDEKAR,,PUNE vs. INCOME-TAX OFFICER, WARD - 12(2),, PUNE

In the result, appeal of the Assessee is Partly Allowed

ITA 1303/PUN/2018[2012-13]Status: DisposedITAT Pune03 Nov 2022AY 2012-13

Bench: Shri S.S.Godara & Dr. Dipak P. Ripote. आयकर अपीलसं. / Ita No.1303/Pun/2018 िनधा"रण वष" / Assessment Year : 2012-13 Dilip Hari Ambedkar, The Income Tax Officer, C/O.Ambedkar & Associates, Vs Ward-12(2), Pune. Flat No.302, Jai Ravi Appt. Cts No.1002/44, Rajendranagar, Behind Tendulkar Jogging Track, Navi Peth, Pune – 411030. Pan: Aappa 3065 J Appellant / Assessee Respondent / Revenue Assessee By None Revenue By Shri S P Walimbe – Dr Date Of Hearing 10/08/2022 Date Of Pronouncement 03/11/2022 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By The Assessee Is Directed Against The Order Of Ld.Commissioner Of Income Tax(Appeals)-8, Pune, Dated 05.06.2018 For The A.Y. 2012-13 Under Section 250 Of The Income Tax Act, 1961(In Short “The Act”). The Assessee Has Raised The Following Grounds Of Appeal: “1. The Learned Cit(A) Erred In Upholding The Addition Made By Ao Of Rs.5,49,458/- U/S 14A Read With Rule 8D (Para 3) 2. The Learned Cit (A) Failed To Appreciate That Separate Books Of Accounts For Business & Investments Were Maintained. 3. The Learned Cit (A) Has Failed To Show That Expenditure Is Incurred By The Assesse For Investment.

Section 14ASection 250

…incorrectness of the claim of the assessee, having regard to the accounts of the assessee. This recording of satisfaction is a condition precedent in accordance with the law laid down in Godrej & Boyce Manufacturing Co 394 ITR 449 (SC) & Maxopp Investment Ltd 247 CTR 162 (Del); In CIT Vs. Hero Cycle Ltd ( P&B, 323 ITR 518), it was held that “ The expression "expenditure incurred" in s. 14A refers to actual expenditure and not to some imagined expenditure. If no expenditure is incurred in relation to the exempt income, no disallowance can be made u/s 14A” In Maxopp Investment Ltd vs CIT ( Delhi High Court ,***), i…

GOLDEN COMTRADE PRIVATE LIMITED,KANPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX-5, KANPUR, KANPUR

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

ITA 81/LKW/2021[2013-14]Status: DisposedITAT Lucknow04 Aug 2022AY 2013-14

Bench: Shri A.D. Jain & Shri T. S. Kapoorassessment Year: 2013-14 Golden Comtrade Private Limited, Vs. Acit-5, 58/43, Birhana Road, Kanpur Kanpur-208001 Pan: Aaccg 1622R (Appellant) (Respondent)

Section 14ASection 8(2)(iii)

…egard to the incorrectness of the claim of the assessee, having regard to the accounts of the assessee. At this stage, we may also touch-upon a similar view expressed by the Hon’ble Delhi High Court in the case of Maxopp Investment Ltd. & Ors. vs. CIT, (2012) 247 CTR 162 (Del), wherein reference has been made to the judgment of the Hon’ble Bombay High Court in the case of Godrej & Boyce Manufacturing Co. Ltd. (supra). As per the Hon’ble Delhi High Court, the requirement of the Assessing Officer embarking upon a determination of the amount of expenditure incurred in relation to exempt income in term of rule 8D of…

M/S HARYANA STATE INDUSTRIAL & INFRASTRUCTURE DEVELOPMENT CORPN.,,PANCHKULA vs. ACIT,, PANCHKULA

In the result, all the above appeals of the assessee are

ITA 275/CHANDI/2020[2006-07]Status: DisposedITAT Chandigarh04 Mar 2021AY 2006-07

Bench: The Itat. That In The First Round The Itat Had Held The Provisions Of Section 14A Of The Act, For The Purposes Of Disallowing Expenses Relating To Exempt Income, Applicable In The Facts Of The Present Cases On Noting That The Assessee Had Earned Exempt Income In The Form

For Appellant: Shri A.K. Jindal, CAFor Respondent: Smt.Meenakshi Vohra, Addl.CIT

Section 14ASection 250(6)

…आयकर अपील"य अ"धकरण, च"डीगढ़ "यायपीठ “ए”, च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH ‘A’, CHANDIGARH "ीमती "दवा "संह, "या"यक सद"य एवं, एवं "ीमती अ"नपूणा" गु"ता, लेखा सद"य BEFORE: SMT.DIVA SINGH, JUDICAL MEMBER AND SMT.ANNAPURNA GUPTA, ACCOUNTANT MEMBER आयकर अपील सं./ ITA Nos.275 to 279/Chd/2020 "नधा"रण वष" / Assessment Years : 2006-07 to 2010-11 M/s Haryana State Industrial बनाम The A.C.I.T., and Infrastructure Panchkula Circle, Development Corporation Panchkula. Ltd., C-13-14, Sector 6, Panchkula. "थायी लेखा सं./PAN NO: AAACH4114R अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee…

DCIT, CIRCLE- 7(1), NEW DELHI vs. DLF HOMES DEVELOPERS LTD. , NEW DELHI

In the result, the appeal of the revenue is dismissed

ITA 4155/DEL/2017[2012-13]Status: DisposedITAT Delhi31 Aug 2020AY 2012-13

Bench: Sh. Amit Shukladr. B. R. R. Kumar(E-Court Module) Ita No. 4155/Del/2017 : Asstt. Year : 2012-13 Dcit, Dlf Homes Developers Ltd., 9Th Floor, Dlf Centre, Sansad Circle-7(1), New Delhi-110002 Marg, New Delhi0110001 (Appellant) (Respondent) Assessee By : Sh. Satyajeet Goel, Adv. Revenue By : Ms. Nidhi Srivastava, Cit Dr Date Of Hearing: 04.08.2020 Date Of Pronouncement: 31.08.2020

For Appellant: Sh. Satyajeet Goel, AdvFor Respondent: Ms. Nidhi Srivastava, CIT DR

Section 14ASection 2

…terest free fund available with the assessee was Rs.2482.74 cr. The AO has disallowed an amount of Rs.143.22 cr. The ld. CIT (A) has deleted the addition relying on the judgment of Hon’ble Jurisdictional High Court in the case of Maxopp Investment Ltd. Vs CIT 247 CTR 162 and holding that the Assessing Officer has not recorded the procedural dissatisfaction required to be recorded in accordance with the provisions of sub-Section 2 of Section 14A. The ld. CIT (A) held that the suo moto disallowance of Rs.3,90,760/- made by the Assessing Officer is sufficient to meet the expenses disallowable. Since, the assessee ha…

DCIT, CIRCLE- 7(1), NEW DELHI vs. DLF UTILITIES LTD. , NEW DELHI

In the result, the appeal of the revenue is dismissed

ITA 4156/DEL/2017[2012-13]Status: DisposedITAT Delhi16 Dec 2019AY 2012-13

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 4156/Del/2017 : Asstt. Year : 2012-13 Deputy Commissioner Of Income Vs M/S Dlf Utilities Ltd., 9Th Floor, Dlf Centre, Sansad Tax, Circle-7(1), New Delhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacn3199A Assessee By : Sh. R. S. Singhvi, Ca Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 10.12.2019 Date Of Pronouncement: 16.12.2019

For Appellant: Sh. R. S. Singhvi, CAFor Respondent: Ms. Ashima Neb, Sr. DR

Section 14ASection 14A(2)Section 36(1)(iii)

…ies and perused the material available on record. We have gone through the reasons given by the ld. CIT (A) in deleting the addition. The addition was deleted following the judgment of the jurisdictional High Court in the case of Maxxop Investment Ltd. & Ors. 247 CTR 162 (Del.). The relevant portion is as under: "Sub-section (2) of Section 14 A of the said Act provides the manner in which the Assessing Officer is to determine the amount of expenditure incurred in relation to income which 6 DLF Utilities Ltd. does not form part of the total income. However, if we examine the provision carefully, we would find tha…

DCIT, CIRCLE- 7(1), NEW DELHI vs. DLF SOUTHERN TOWNS PVT. LTD., NEW DELHI

In the result, the appeal of the revenue is dismissed

ITA 4158/DEL/2017[2012-13]Status: DisposedITAT Delhi16 Dec 2019AY 2012-13

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 4158/Del/2017 : Asstt. Year : 2012-13 Deputy Commissioner Of Vs M/S Dlf Southern Towns Pvt. Ltd., Income Tax, Circle-7(1), 1-E, Naaz Cinema Complex, New Delhi Jhandewalan Extension, New Delhi-55 (Appellant) (Respondent) Pan No. Aadcp9107F Assessee By : Sh. R. S. Singhvi, Ca Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 10.12.2019 Date Of Pronouncement: 16.12.2019

For Appellant: Sh. R. S. Singhvi, CAFor Respondent: Ms. Ashima Neb, Sr. DR

Section 14Section 14ASection 14A(2)

…ies and perused the material available on record. We have gone through the reasons given by the ld. CIT (A) in deleting the addition. The addition was deleted following the judgment of the jurisdictional High Court in the case of Maxxop Investment Ltd. & Ors. 247 CTR 162 (Del.). The relevant portion is as under: "Sub-section (2) of Section 14 A of the said Act provides the manner in which the Assessing Officer is to determine the amount of expenditure incurred in relation to income which does not form part of the total income. However, if we examine the provision carefully, we would find that the Assessing Office…

CARGO MOTORS PVT. LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal of the assessee is dismissed

ITA 5944/DEL/2016[2013-14]Status: DisposedITAT Delhi31 Jul 2019AY 2013-14

Bench: Shri Sudhanshu Srivastava & Shri O.P. Kantassessment Year: 2013-14 M/S. Cargo Motors Pvt. Ltd., Vs. Dcit, 1/9-B, Jindal House, Asaf Ali Circle-5(2), C.R. Building, Road, New Delhi New Delhi Pan :Aaacc2744C (Appellant) (Respondent) Appellant By Shri Ashok Khandelwal, Ca Respondent By Shri Ashima Neb, Sr.Dr

Section 143(2)Section 143(3)Section 14A

…method prescribed for computing the disallowance under section 14A of the Act. The said method prescribed has been held to be effective prospectively from assessment year 2008-09 by the Hon’ble Delhi High Court in the case of Maxopp Investment Ltd reported in 247 CTR 162 (Delhi). 5.5 Since the decisions relied upon by the assessee relate to assessment year 2004-05, which is prior to the assessment year 6 2008-09, the ratio of the said decision cannot be imported into the facts of the instant year. 5.6 The Ld. counsel submitted that no disallowance under section 14A read with Rule 8D can be made in case of strate…

DCIT 24(3), MUMBAI vs. KEWAL KIRAN ENTERPARISES, MUMBAI

In the result, appeal filed by the revenue for assessment year 2010-2011

ITA 3905/MUM/2014[2010-11]Status: DisposedITAT Mumbai15 Mar 2019AY 2010-11

Bench: Shri G.S. Pannu (Vp) & Shri Ram Lal Negi (Jm) Assessment Year: 2010-11 The Dcit-24(3), M/S Kewal Kiran Enterprises, Room No. 701, C-11, B-101/107, Synthofine Estate, 7Th Floor, B.K.C. Bandra (E)), Opp. Virwani Ind. Estate, Mumbai 400051 Vs. Goregaon (East), Mumbai - 400063 Pan: Aaafk2525L (Appellant) (Respondent)

For Appellant: Ayushi Modani (AR)For Respondent: Shri Satish Chandra Rapre (DR)

Section 143Section 143(1)Section 143(3)Section 14ASection 36Section 36(1)(iii)Section 37Section 40A(2)(b)

…ncorrectness of the claim of the assessee, having regard to the accounts of the assessee. This recording of satisfaction is a condition precedent in accordance with the law laid down in Godrej & Boyce Manufacturing Co 328 ITR 81 (Bom) & Maxopp Investment Ltd. 247 CTR 162 (Del), (ii) On facts, the AO has given no reasons why the assessee’s calculation was not proper except to say that “the said disallowance was not acceptable. The detailed submissions of the assessee have been brushed aside by making a bland statement that the disallowance is “not acceptable”. Therefore, the AO has not recorded any objective satis…

CEDAR INFONET PVT. LTD.,NEW DELHI vs. ACIT, NEW DELHI

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

ITA 6080/DEL/2015[2008-09]Status: DisposedITAT Delhi12 Oct 2018AY 2008-09

Bench: Sh. Sudhanshu Srivastava & Sh. O.P. Kantassessment Year: 2008-09

Section 132Section 143(2)Section 14ASection 153ASection 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’, NEW DELHI BEFORE SH. SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER AND SH. O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2008-09 M/s. Cedar Infonet Pvt. Ltd., Vs. ACIT, C/o- R.S. Ahuja & Co., CAs., Central Circle-11, New Delhi C-353, Defence Colony, New Delhi PAN :AABCC9486E (Appellant) (Respondent) Appellant by S/sh. R.S. Ahuja & Sahil Jain, CAs Respondent by Sh. Gaurav Sharma, Sr.DR Date of hearing 30.08.2018 Date of pronouncement 12.10.2018 ORDER PER O.P. KANT, AM: This appeal by the assessee has been preferred against the order dated 31/12/2013 passed by the…

DILIP HARI AMDEKAR,,PUNE vs. ASSISTANT COMMISSIONER OF INCOME-TAX,,

In the result, appeal of the assessee is dismissed

ITA 1709/PUN/2016[2009-10]Status: DisposedITAT Pune14 Aug 2018AY 2009-10

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं. / Ita No.1709/Pun/2016 आयकर अपील सं आयकर अपील सं आयकर अपील सं िनधा"रण वष" िनधा"रण वष" / Assessment Year : 2009-10 िनधा"रण वष" िनधा"रण वष"

For Appellant: Shri S.H. AmdekarFor Respondent: Dr. Vivek Aggarwal

Section 143(3)Section 14A

…by the Assessing Officer before invoking the provisions of Rule 8D. To support his submissions, ld. Authorized Representative placed reliance on the following decisions : 1. Godrej & Boyce Manufacturing Co. 394 ITR 449 (SC) 2. Maxopp Investment Ltd. Vs. CIT 247 CTR 162 (Delhi) 3. CIT Vs. Hero Cycle Ltd. 323 ITR 518 (P&H) 4. On the other hand, Dr. Vivek Aggarwal representing the Department vehemently defended the impugned order and prayed for dismissing the appeal of assessee. 5. We have heard the submissions made by representatives of rival sides and have perused the orders of the authorities below. A perusa…

M/S. COSMOS INTERNATIONAL LTD.,,NEW DELHI vs. ACIT, NEW DELHI

ITA 2836/DEL/2015[2008-09]Status: DisposedITAT Delhi19 Jul 2018AY 2008-09

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

For Appellant: Shri Ved Jain, AdvocateFor Respondent: Shri Amit Jain, Senior DR

Section 10(34)Section 14A

…see’s own case for AY 2009-10 in ITA No.772/Del/2013 wherein similar disallowance made by the AO and deleted by the ld. CIT (A) was upheld by the Tribunal. 10. Hon’ble jurisdictional High Court in case cited as Maxopp Investment Ltd. & Ors. Vs. CIT - (2012) 247 CTR 162 held that expenditure incurred in relation to section 14A are to be actual expendiut4e and not the imagined expenditure. The operative part of the judgment is as under :- “the expression “expenditure incurred” refers to actual expenditure and not to some imagined expenditure but the ‘actual’ expenditure that is in contemplation under s.14A (1)…

DCIT CIR 3(2)(1), MUMBAI vs. INDIAN EXPRESS NEWSPAPAERS (MUMBAI) LTD, MUMBAI

In the result, the appeal Revenue is dismissed

ITA 3664/MUM/2016[2012-13]Status: DisposedITAT Mumbai31 May 2018AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri G Manjunatha, Am

For Appellant: V Mohan, ARFor Respondent: V Vidhyadhar, DR

Section 10(38)Section 143(3)Section 14ASection 8D

…of which rule SD could not be invoked in a mechanical and automatic manner. This view also finds support in following judicial pronouncements: Godrej & Boyce Mfg-Co. Ltd vs. DCIT [2010] 234 CTR 001 (Bom); 4 Maxopp Investment Ltd vs CIT [2011] 203 Taxman 364/247 CTR 162 (Delhi HC); CIT vs. I.P. Support Services India (P) Ltd. (ITA 283/2014) (Delhi HIC); CIT vs. Taikisha Engineering India Limited 370 ITR 338 (Del); CIT vs. Abhishek Industries Ltd. ([20151 231 Taxman 85) (Punjab & Haryana) Auchtel Products Ltd (ITA No. 3183,2649 & 3185/Mum/2011) (Order dated 30 April 2012); DCIT vs. Jindal Photo Ltd (2011-TIO…

M/S KHODAY INDIA LIMITED,BANGALORE vs. DCIT, BANGALORE

In the result, the appeals of the assessee are partly allowed and the appeals of revenue are dismissed

ITA 1056/BANG/2016[2012-13]Status: DisposedITAT Bangalore24 Oct 2017AY 2012-13

Bench: Shri Vijay Pal Rao & Shri Jason P Boaz

For Appellant: Shri S. Sukumar,AdvocateFor Respondent: Shri M.K. Biju, JCIT (DR) (ITAT)-3, Bengaluru

Section 14A

…f Hon'ble Punjab & Haryana High Court in the case of DCIT Vs. Deepak Mittal 361 ITR 131 as well as CIT Vs. Hero Cycles Limited 323 ITR 518. He has then relied upon the decision of Hon'ble Delhi High Court in the case of Maxopp Investment Limited & Ors Vs. CIT 247 CTR 162 wherein the principle laid down by the Hon'ble Supreme Court as well as Hon'ble High Courts has been reiterated. 6. On the other hand, the learned Departmental Representative has submitted that for the Assessment Year 2008-09 the Tribunal has decided this issue against the assessee and therefore this issue is covered by the decision of the Tribun…

H.J. SECURITIES P.LTD,MUMBAI vs. DCIT RG 4(1), MUMBAI

The appeal of the assessee is allowed

ITA 897/MUM/2016[2007-08]Status: DisposedITAT Mumbai25 Sept 2017AY 2007-08

Bench: Shri G.S. Pannu, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No. 897/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2007-08) M/S. H.J. Securities Pvt. Ltd. Dy. Cit-Range 4(1), 24/26 Ground Floor, बिधम/ Room No. 640, 6Th Floor, Cama Building, Dalal Street Aayakar Bhavan, M.K. Road Vs. Fort, Mumbai-400 001 Mumbai-400 020 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aaach5600E (अपीलाथी/Appellant) (प्रत्यथी / Respondent :

For Appellant: Shri , S. C. Tiwari, &

Section 143(2)Section 143(3)Section 14A

…correctness of the claim of the assessee that only an expenditure of Rs. 72,116/- (supra) was incurred in relation to the earning of the exempt income. We find that the Hon’ble High Court of Delhi in the case of : Maxopp Investment Ltd. & Ors. Vs. CIT (2012) 247 CTR 162 (Del), after deliberating on the scope of Sec. 14A, had emphasized that where an assessee claims that no expenditure had been incurred in relation to an income which does not form part of his total income, then the A.O shall first verify the correctness of the said claim of the assessee. It is only where on the basis of an objective criteria and…

ACIT 3(2)(1), MUMBAI vs. MUKUND GLOBAL FINANCE LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

ITA 809/MUM/2017[2012-13]Status: DisposedITAT Mumbai15 May 2017AY 2012-13

Bench: Shri R.C.Sharma, Am Acit – 3 (2) (1), Mumbai Vs. M/S. Mukund Global 3Rd Finance Ltd., Floor, Bajaj Bhavan, 226, Jamnalal Bajaj Marg, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacm8384N Appellant) Respondent) ..

Section 115JSection 14Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM ACIT – 3 (2) (1), Mumbai Vs. M/s. Mukund Global 3rd Finance Ltd., Floor, Bajaj Bhavan, 226, Jamnalal Bajaj Marg, Nariman Point, Mumbai – 400 021 PAN/GIR No. AAACM8384N Appellant) Respondent) .. Revenue by Shri A.K.Kardam Assessee by Shri M.A.Gohel Date of Hearing 09/05/2017 Date of Pronouncement 09/05/2017 आदेश / O R D E R PER R.C.SHARMA (A.M): This is an appeal filed by the Revenue against the order of CIT(A)- 8, Mumbai for the A.Y.2012-13 in the matter of order passed u/s.143(3) of the IT Act. 2. The only grievance of Reve…

LEBONG INVESTMENTS PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE-11, KOLKATA, KOLKATA

In the result, assessee’s appeal stands allowed

ITA 2652/KOL/2013[2009-2010]Status: DisposedITAT Kolkata18 Jan 2017AY 2009-2010

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2009-10

Section 143(3)Section 14A

…ction (2) of section 14A before the Assessing Officer proceeds to apply the method prescribed under sub-rule (2)” .. (emphasis supplied). 13. The same opinion was expressed by the Hon'ble Delhi High Court in the case of Maxopp Investment Ltd and Others v. CIT 247 CTR 162 wherein reliance was placed on the decision of the Hon'ble Supreme Court in the case of CIT vs. Walfort Share & Stock Brokers Pvt. Ltd 326 ITR 1 (SC) and the decision of the Hon'ble Bombay High Court in the case of Godrej and Boyce Company Ltd vs. DCIT (328 ITR 81). The relevant portions of the judgment of Hon'ble Delhi High Court are as under: 2…

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