1. Punjab National Bank v. DCIT

10 SOT 284Income Tax Appellate Tribunal2006#6443 most cited

What is 1. Punjab National Bank v. DCIT authority for?

The revenue bears the burden of proving that expenditure was incurred to earn exempt income. There is no presumption that an assessee must have incurred expenditure for this purpose.

18

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2020.

Also referred to as

Punjab National Bank v. DCIT · exempt income · expenditure · burden of proof · Section 14A · disallowance · 10 SOT 284 · 103 TTJ 908

Also reported as

103 TTJ 908

Judgments citing 1. Punjab National Bank v. DCIT

VEDANTA LTD ,GURGAON vs. ACIT, CIRCLE- 26(2), NEW DELHI

ITA 12/DEL/2020[2014-15]Status: FixedITAT Delhi18 Sept 2020AY 2014-15

Bench: Shri N.K. Billaiya & Shri Kuldip Singh[Assessment Year: 2014-15]

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Anupam Kant Garg, CIT-DR
Section 143(3)Section 153

…107 ITD 267 (Del.) (TM), it has been held that there can be no presumption that the assessee must have incurred expenditure to earn tax free income. Similar are the decisions in: 1. Punjab National Bank Vs. DCIT, 103 TTJ 908 (Del.); 2. Vidyut Investment Ltd., 10 SOT 284 (Del.); and 3. D.J. Mehta Vs. Income Tax Officer, 290 ITR 238 (Mum.) (AT) In view of the above, finding no error with the order of the CIT(A) on the point at issue, the same is hereby confirmed. Ground no.3 is thus rejected." In the case of Jindal Photo Ltd. Vs. DCIT held in I.T.A.T. Delhi bench dated 23.9.2011 it was held as follows: “In the ye…

THE DCIT, COCHIN vs. M/S.ASPINWALL & CO. LTD, COCHIN

In the result,the appeal of the Revenue in ITA No

ITA 133/COCH/2017[2012-13]Status: DisposedITAT Cochin19 May 2020AY 2012-13

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

Section 14A

…arning of exempt income, which is governed by the provisions of sub-section (2) and (3) of section 14A, as the same were not applicable for the year in question. For this proposition, the relied on the following judgments: i) Vidyut Investments Ltd. vs.ITO (10 SOT 284) (Delhi Trib.) ii) Dhanalakshmi Bank Ltd. vs. ACIT (12 SOT 625) (Cochin Trib.) 5.1 Further, the Ld. AR submitted that section 14A was introduced with the intent to disallow those expenses which have nexus to tax free/exempt income. The Ld. AR submitted that for the purpose of application of provisions of section 14A of the Act, nexus between th…

M/S ASPINWALL & CO.,LTD,COCHIN vs. THE ACIT, COCHIN

In the result,the appeal of the Revenue in ITA No

ITA 128/COCH/2017[2012-13]Status: DisposedITAT Cochin19 May 2020AY 2012-13

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

Section 14A

…arning of exempt income, which is governed by the provisions of sub-section (2) and (3) of section 14A, as the same were not applicable for the year in question. For this proposition, the relied on the following judgments: i) Vidyut Investments Ltd. vs.ITO (10 SOT 284) (Delhi Trib.) ii) Dhanalakshmi Bank Ltd. vs. ACIT (12 SOT 625) (Cochin Trib.) 5.1 Further, the Ld. AR submitted that section 14A was introduced with the intent to disallow those expenses which have nexus to tax free/exempt income. The Ld. AR submitted that for the purpose of application of provisions of section 14A of the Act, nexus between th…

ASPINWALL & COMPANY LTD,COCHIN vs. THE ACIT, COCHIN

In the result,the appeal of the Revenue in ITA No

ITA 61/COCH/2015[2006-07]Status: DisposedITAT Cochin19 May 2020AY 2006-07

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

Section 14A

…arning of exempt income, which is governed by the provisions of sub-section (2) and (3) of section 14A, as the same were not applicable for the year in question. For this proposition, the relied on the following judgments: i) Vidyut Investments Ltd. vs.ITO (10 SOT 284) (Delhi Trib.) ii) Dhanalakshmi Bank Ltd. vs. ACIT (12 SOT 625) (Cochin Trib.) 5.1 Further, the Ld. AR submitted that section 14A was introduced with the intent to disallow those expenses which have nexus to tax free/exempt income. The Ld. AR submitted that for the purpose of application of provisions of section 14A of the Act, nexus between th…

ASPINWALL & COMPANY LTD,COCHIN vs. THE ACIT, COCHIN

In the result,the appeal of the Revenue in ITA No

ITA 60/COCH/2015[2006-07]Status: DisposedITAT Cochin19 May 2020AY 2006-07

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

Section 14A

…arning of exempt income, which is governed by the provisions of sub-section (2) and (3) of section 14A, as the same were not applicable for the year in question. For this proposition, the relied on the following judgments: i) Vidyut Investments Ltd. vs.ITO (10 SOT 284) (Delhi Trib.) ii) Dhanalakshmi Bank Ltd. vs. ACIT (12 SOT 625) (Cochin Trib.) 5.1 Further, the Ld. AR submitted that section 14A was introduced with the intent to disallow those expenses which have nexus to tax free/exempt income. The Ld. AR submitted that for the purpose of application of provisions of section 14A of the Act, nexus between th…

DY. COMMISSIONER OF INCOME TAX-6, KANPUR vs. COMMERCIAL ENGINEERS & BODY BUILDERS CO. LTD., KANPUR

In the result, both the appeals of the Revenue are dismissed

ITA 658/LKW/2018[2014-15]Status: DisposedITAT Lucknow19 Jul 2019AY 2014-15

Bench: Shri. A. D. Jain & Shri T. S. Kapoor

For Appellant: Shri S. K. Maduk, CIT (DR)For Respondent: Shri B. L. Gupta, FCA
Section 143(3)Section 14ASection 32(1)(iia)

…107 ITD 267 (Del.) (TM), it has been held that there can be no presumption that the assessee must have incurred expenditure to earn tax free income. Similar are the decisions in: 1. Punjab National Bank Vs. DCIT, 103 TTJ 908 (Del.); 2. Vidyut Investment Ltd., 10 SOT 284 (Del.); and 3. D.J. Mehta Vs. Income Tax Officer, 290 ITR 238 (Mum.) (AT) In view of the above, finding no error with the order of the CIT(A) on the point at issue, the same is hereby confirmed. Ground no.3 is thus rejected.” In the case of Jindal Photo Ltd. Vs. DCIT held in I.T.A.T. Delhi bench dated 23.9.2011 it was held as follows: “In the year…

DY. COMMISSIONER OF INCOME TAX-6, KANPUR vs. COMMERCIAL ENGINEERS & BODY BUILDERS CO. LTD., KANPUR

In the result, both the appeals of the Revenue are dismissed

ITA 657/LKW/2018[2013-14]Status: DisposedITAT Lucknow19 Jul 2019AY 2013-14

Bench: Shri. A. D. Jain & Shri T. S. Kapoor

For Appellant: Shri S. K. Maduk, CIT (DR)For Respondent: Shri B. L. Gupta, FCA
Section 143(3)Section 14ASection 32(1)(iia)

…107 ITD 267 (Del.) (TM), it has been held that there can be no presumption that the assessee must have incurred expenditure to earn tax free income. Similar are the decisions in: 1. Punjab National Bank Vs. DCIT, 103 TTJ 908 (Del.); 2. Vidyut Investment Ltd., 10 SOT 284 (Del.); and 3. D.J. Mehta Vs. Income Tax Officer, 290 ITR 238 (Mum.) (AT) In view of the above, finding no error with the order of the CIT(A) on the point at issue, the same is hereby confirmed. Ground no.3 is thus rejected.” In the case of Jindal Photo Ltd. Vs. DCIT held in I.T.A.T. Delhi bench dated 23.9.2011 it was held as follows: “In the year…

DCIT, NEW DELHI vs. M/S JSL LTD.,, HISAR

Accordingly, ground number 2 of the appeal of the learned AO for 2007 – 08 is dismissed

ITA 4110/DEL/2013[2007-08]Status: DisposedITAT Delhi19 Nov 2018AY 2007-08

Bench: Smt Diva Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Kumar Parnav, Sr. DR
Section 92CSection 92C(2)

…Investments Ltd. v. DCIT: 138 TTJ 240 (Del.)  Maruti Udyog Limited V. DCIT: 92 ITD 119 (Del.)  ACIT v. Eicher Limited: 101 TTJ 369 (Del.)  DLF Ltd. vs. CIT: 27 SOT 22 (Del)  Punjab National Bank V. DCIT: 103 TTJ 908 (Del.)  Vidyut Investment Ltd: [2006] 10 SOT 284 (Del.)  Impulse (India) Pvt. Ltd.: (2008) 22 SOT 368 (Del.)  D.J. Mehta v. ITO: 290 ITR 238 (Mum.)(AT)  Jindal Photo Ltd vs. DCIT: ITA No. 814 (Del) 2011  CIT v. K. Raheja Corporation Ltd.: ITA No. 1260/2009 (Bom.) Hence, only expenditure which has direct nexus with the earning of exempt income, ought to be disallowedunder section 14A of the A…

JINDAL STAINLESS LTD.,HISAR vs. DCIT, NEW DELHI

Accordingly, ground number 2 of the appeal of the learned AO for 2007 – 08 is dismissed

ITA 6337/DEL/2012[2008-09]Status: DisposedITAT Delhi19 Nov 2018AY 2008-09

Bench: Smt Diva Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Kumar Parnav, Sr. DR
Section 92CSection 92C(2)

…Investments Ltd. v. DCIT: 138 TTJ 240 (Del.)  Maruti Udyog Limited V. DCIT: 92 ITD 119 (Del.)  ACIT v. Eicher Limited: 101 TTJ 369 (Del.)  DLF Ltd. vs. CIT: 27 SOT 22 (Del)  Punjab National Bank V. DCIT: 103 TTJ 908 (Del.)  Vidyut Investment Ltd: [2006] 10 SOT 284 (Del.)  Impulse (India) Pvt. Ltd.: (2008) 22 SOT 368 (Del.)  D.J. Mehta v. ITO: 290 ITR 238 (Mum.)(AT)  Jindal Photo Ltd vs. DCIT: ITA No. 814 (Del) 2011  CIT v. K. Raheja Corporation Ltd.: ITA No. 1260/2009 (Bom.) Hence, only expenditure which has direct nexus with the earning of exempt income, ought to be disallowedunder section 14A of the A…

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal of the assessee is partly allowed for statistical purpose

ITA 467/DEL/2014[2009-10]Status: DisposedITAT Delhi17 Oct 2018AY 2009-10

Bench: Shri R. K. Panda & Ms Suchitra Kamblei.T.A .No. 467/Del/2014 (A.Y 2009-10)

Section 143(3)Section 144CSection 144C(5)Section 43Section 43B

…uchtel Products Ltd. vs ACIT: I.T.A. No. 3183 /Mum/2011 (Mum.), Om Era Engineering (P) Ltd. vs ITO: ITA No. 3913/D/2010 (Del.), Minda Investments Ltd. v. DCIT: 138 TTJ 240 (Del.), Punjab National Bank V. DCIT: 103 TTJ 908 (Del.), Vidyut Investment Ltd: [2006] 10 SOT 284 (Del.) , Impulse (India) Pvt. Ltd.: (2008) 22 SOT 368 (Del.) , D.J. Mehta v. ITO: 290 ITR 238 (Mum.)(AT), Jindal Photo Ltd vs. DCIT: ITA No. 814 (Del) 2011, Dishman Pharmaceuticals & Chemicals Ltd. v. Dy. CIT: 45 SOT 37 (Ahd.), Minda Investments Ltd. Vs. Dy. CIT: 138 TTJ 240 (Del), Bunge Agribusiness (India) (P.) Ltd. v. Dy. CIT: 132 ITD 549 (Mum.…

PUNJAB & SIND BANK,NEW DELHI vs. DCIT, NEW DELHI

The appeal are allowed for statistical purposes

ITA 1249/DEL/2015[2012-13]Status: DisposedITAT Delhi12 Jun 2018AY 2012-13

Bench: Sh. Amit Shukla & Sh. O.P. Kant

Section 115JSection 143(2)Section 143(3)Section 14ASection 234BSection 234C

…Yes Bank Vs. DCIT, (2015) 57 taxman.com 14 (Mum- Trib.) 6. Decision dated 21.01.2014 of ITAT, Kolkata in the case of Deputy Commissioner of Income Tax Vs. Baljit Securities Pvt. Ltd. (2015) 55 Taxman.com 191 (Kolkata –Trib.) 7. Vidyut Investments Ltd., (2006) 10 SOT 284 (Del.) 4.3.1 The Ld. counsel submitted that Hon’ble Supreme Court in (2018) 91 taxmann.com 154 along with the case of Maxxopp Investment limited also decided the issue of section 14A of the Act in the case of State Bank of Patiala, wherein it is held that in case of shares held as stock-in-trade, the main purpose was to liquidate those shares, whe…

PUNJAB & SIND BANK,NEW DELHI vs. DCIT, NEW DELHI

The appeal are allowed for statistical purposes

ITA 1248/DEL/2015[2011-12]Status: DisposedITAT Delhi12 Jun 2018AY 2011-12

Bench: Sh. Amit Shukla & Sh. O.P. Kant

Section 115JSection 143(2)Section 143(3)Section 14ASection 234BSection 234C

…Yes Bank Vs. DCIT, (2015) 57 taxman.com 14 (Mum- Trib.) 6. Decision dated 21.01.2014 of ITAT, Kolkata in the case of Deputy Commissioner of Income Tax Vs. Baljit Securities Pvt. Ltd. (2015) 55 Taxman.com 191 (Kolkata –Trib.) 7. Vidyut Investments Ltd., (2006) 10 SOT 284 (Del.) 4.3.1 The Ld. counsel submitted that Hon’ble Supreme Court in (2018) 91 taxmann.com 154 along with the case of Maxxopp Investment limited also decided the issue of section 14A of the Act in the case of State Bank of Patiala, wherein it is held that in case of shares held as stock-in-trade, the main purpose was to liquidate those shares, whe…

DCIT 3(1), MUMBAI vs. EDELWEISS CAPITAL LTD, MUMBAI

In the result appeals of Revenue are dismissed

ITA 7797/MUM/2011[2007-08]Status: DisposedITAT Mumbai14 Mar 2018AY 2007-08

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm

Section 143(3)Section 14ASection 36(1)(iii)

…t has been held that M/s. Edelweiss Capital Ltd., there can be no presumption that the assessee must have incurred expenditure to earn tax free income. Similar are the decisions in i. Punjab National Bank v DCIT 1'03 TTJ 908 (Del) ii. Vidyut Investments Ltd. 10 SOT 284 (Del); and iii. D.J. Mehta v ITO 290IR 238 (Mum)(AT) In the case DCIT v Maharashtra Seamless Ltd. (Del) (ITA No. 4063/Del/2006) it was decided by the Hon'ble of ITAT as under: "7. We have heard the parties and have perused the material on record. The Id. CIT(A), while determining the disallowance, has observed, that the assesses had maintained tha…

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeal of the assessee is allowed in part for statistical purposes

ITA 6021/DEL/2012[2008-09]Status: DisposedITAT Delhi09 Nov 2017AY 2008-09

Bench: Shri N.K. Saini & Shri K.N. Charry

Section 143(3)Section 144CSection 144C(5)Section 14ASection 35DSection 43BSection 92C

…uchtel Products Ltd. vs ACIT: I.T.A. No. 3183 /Mum/2011 (Mum.), Om Era Engineering (P) Ltd. vs ITO: ITA No. 3913/D/2010 (Del.), Minda Investments Ltd. v. DCIT: 138 TTJ 240 (Del.), Punjab National Bank V. DCIT: 103 TTJ 908 (Del.), Vidyut Investment Ltd: [2006] 10 SOT 284 (Del.) , Impulse (India) Pvt. Ltd.: (2008) 22 SOT 368 (Del.) , D.J. Mehta v. ITO: 290 ITR 238 (Mum.)(AT), Jindal Photo Ltd vs. DCIT: ITA No. 814 (Del) 2011, Dishman Pharmaceuticals & Chemicals Ltd. v. Dy. CIT: 45 SOT 37 (Ahd.), Minda Investments Ltd. Vs. Dy. CIT: 138 TTJ 240 (Del), Bunge Agribusiness (India) (P.) Ltd. v. Dy. CIT: 132 ITD 549 (Mum.…

MR. AJAY CHAWLA,NEW DELHI vs. DCIT, NEW DELHI

In the result, the Appeal filed by the Assessee stands allowed

ITA 6091/DEL/2015[2008-09]Status: DisposedITAT Delhi18 Oct 2016AY 2008-09

Bench: Shri H.S. Sidhu

For Appellant: Sh. Ved Jain, Adv., Sh. AshishFor Respondent: Sh. Umesh Chander Dubey, Sr. DR
Section 143(1)Section 143(2)Section 143(3)Section 14ASection 234A

…e held as stock in trade, therefore, provisions of section 14A read with Rule 8D are not applicable. In order to support his contention he relied upon the following case laws:- - ITAT, Delhi Bench decision in the case of Vidyut Investment Ltd. vs. ITO (2006) 10 SOT 284 (Delhi). - ITAT, Mumbai decision in the case of Yatish Trading Co. (P) Ltd. vs. ACIT (2011) 129 ITD 237 (Mumbai). - ITAT, Mumbai in the case of Fiduciary Shares & Stock (P) Ltd. vs. ACIT (2016) 159 ITD 554 (Mumbai) - Dy. DIT (OSD) vs. Shree Durga Capital Ltd., Mumbai ITA No. 7405/Mum/2011 dated 3.8.2015 – ITAT, Mumbai - ITAT, Mumbai in the cas…

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal is allowed

ITA 5720/DEL/2011[2007-08]Status: DisposedITAT Delhi12 Jul 2016AY 2007-08

Bench: Shri I.C. Sudhir & Shri L.P. Sahu Assessment Year: 2007-08 Assessment Year: 2007-08 Maruti Suzuki India Ltd., Vs. Additional Cit, Plot No.1, Nelson Mandela Road, Range-6, Vasant Road, New Delhi. New Delhi. (Pan: Aaacm0829Q) (Appellant) (Respondent) Assessee By: S/Shri Ajay Vohra, Sr. Adv. Neeraj Jain, Rohit Jain, Adv. Romit Katyal & Ms. Tejasvi Jain, Cas Department By:Shri Amrendra Kumar, Cit(Dr)

For Appellant: S/Shri Ajay Vohra, Sr. Adv. NeerajFor Respondent: Shri Amrendra Kumar, CIT(DR)

…has to prove nexus between the exempt income and the expenditure incurred: ACIT v. Jindal Saw Pipes Ltd. : 118 TTJ 228 (Del.) Punjab National Bank V. DCIT: 103 TTJ 908 (Del.) Shree Synthetics Limited V. CIT: 205 CTR 386 (MP) Vidyut Investment Ltd: [2006] 10 SOT 284 (Del.) D.J. Mehta v. ITO: 290 ITR 238 (Mum.)(AT) 17.5 On perusal of the aforesaid it will, thus, kindly be appreciated that disallowance under section 14A cannot be made unless there is proximate connection between the exempt income and the actual expenditure incurred. In order to justify disallowance of any part of the expenditure under the said…

ACIT CIR 4(2), MUMBAI vs. VISARIA SECURITIES P.LTD, MUMBAI

In the result, the Revenue’s appeal for A

ITA 6900/MUM/2013[2010-11]Status: DisposedITAT Mumbai11 May 2016AY 2010-11

Bench: Shri Jason P. Boaz & Shri Sandeep Gosainacit, Circle 4(2) M/S. Visaria Securities P. Ltd. Room No. 642, 6Th Floor 301-A, Commerce House Vs. Aayakar Bhavan, M.K. Road 140, N.M. Road, Fountain Mumbai 400020 Mumbai 400001 Pan - Aaacv7721L Appellant Respondent

For Respondent: Shri Niraj D. Sheth
Section 143(3)Section 14ASection 94(7)

…IN THE INCOME TAX APPELLATE TRIBUNAL "F" Bench, Mumbai Before Shri Jason P. Boaz, Accountant Member and Shri Sandeep Gosain, Judicial Member ACIT, Circle 4(2) M/s. Visaria Securities P. Ltd. Room No. 642, 6th Floor 301-A, Commerce House Vs. Aayakar Bhavan, M.K. Road 140, N.M. Road, Fountain Mumbai 400020 Mumbai 400001 PAN - AAACV7721L Appellant Respondent Applicant by: Shri A. Kumbhar Respondent by: Shri Niraj D. Sheth Date of Hearing: 09.05.2016 Date of Pronouncement: 11.05.2016 O R D E R Per Jason P. Boaz, A.M. This appeal by the Revenue is directed against the order of the CIT(A)-8, Mumbai dated 13.09.20…

MOHAIR INVESTMENT AND TRADING COMPANY (P) LTD.,,NEW DELHI vs. DCIT, NEW DELHI

In the result the appeal of the assessee is allowed

ITA 4677/DEL/2009[2001-02]Status: DisposedITAT Delhi27 Nov 2015AY 2001-02

Bench: Shri A.T. Varkey & Shri O.P. Kant

For Appellant: Shri Gaurav Jain, Advocate and Bhavita Kumar, AdvocateFor Respondent: Shri P. Dam Kanunjna, Senior DR
Section 115Section 143Section 14ASection 271(1)(c)Section 275(1)(a)

…isallowance under section 14A can be made irrespective of the fact that dividend earnings were only incidental in nature. On the other hand, the assessee had relied on the decision of Delhi Bench of the Tribunal in the case of vidyut Investments v. Ito [2006] 10 SOT 284 wherein it was held that when shares are held as stock-in-trade with the object of trading in shares, and dividend income earning was only incidental in nature no part of the expenses could be disallowed under section 14A of the Act. In view of such difference of opinion, the Bench recommended the constitution of a Special Bench to decide the ques…

1. Punjab National Bank v. DCIT (10 SOT 284) — Cited in 18 Judgments | BharatTax