166 ITD 440 (Mum-Trib), Justice Sam P. Bharucha v. ACIT

54 SOT 54Income Tax Appellate Tribunal2012#3284 most cited

What is 166 ITD 440 (Mum-Trib), Justice Sam P. Bharucha v. ACIT authority for?

Expenditure incurred for earning exempt income is not allowable as a deduction. Investments made from own funds, without using borrowed funds, do not attract disallowance under section 14A for expenditure incurred for earning exempt income.

36

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2023.

Also referred to as

Justice Sam P. Bharucha v. ACIT · 166 ITD 440 · 54 SOT 54 · section 14A · exempt income · expenditure · own funds · borrowed funds · dividend income

Judgments citing 166 ITD 440 (Mum-Trib), Justice Sam P. Bharucha v. ACIT

DCIT Cir 3(2)(1), Mumbai vs. Modison Metals Ltd, Mumbai

In the result, the appeal of Revenue in ITA No

ITA 3663/MUM/2016[2009-10]Status: DisposedITAT Mumbai12 Jul 2018AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

For Appellant: Shri Saurabh Kumar Rai, DRFor Respondent: Shri Satish Modi, AR
Section 143(3)Section 32(1)Section 32(1)(ii)Section 32(1)(iia)Section 32(2)

…Aayakr ApIlaIya AiQakrNa “I” nyaayapIz maMuba[- mao. IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI श्री महावीर स िंह, न्याययक दस्य एविं श्री राजेश कुमार लेखा दस्य के मक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI RAJESH KUMAR, AM Aayakr ApIla saM./ ITA No. 3663/Mum/2016 (inaQa-arNa baYa- / Assessment Year 2009-10) Aayakr ApIla saM./ ITA No. 7028/Mum/2016 (inaQa-arNa baYa- / Assessment Year 2010.-11) Aayakr ApIla saM./ ITA No. 7029/Mum/2016 (inaQa-arNa baYa- / Assessment Year 2011-12) Aayakr ApIla saM./ ITA No. 7030/Mum/2016 (inaQa-arNa baYa- / Assessment Year 2012-13) The Asst. Commissioner of M/s Modis…

Asst CIT 8(3)(1), Mumbai vs. Tcpl Packaging Ltd, Mumbai

In the result, the appeals filed by the Revenue are dismissed

ITA 5403/MUM/2016[2009-10]Status: DisposedITAT Mumbai23 Feb 2018AY 2009-10

Bench: Shri C.N. Prasad & Shri A.L. Saini

For Appellant: Shri V. VidyadharFor Respondent: Shri Dinkle Hariya
Section 143(3)Section 32(1)Section 32(1)(iia)

…l the learned CIT(A), following the decision of the Hon'ble Jurisdictional High Court in the case of MITC Rolling Mills P. Ltd. (supra), the decisions of the Delhi Bench of the Tribunal in the case of Cosmo Films Ltd. (supra) and ACIT vs. SIL Investment Ltd. (54 SOT 54) directed the AO to allow 50% of additional depreciation during the current assessment year which was not allowed in the preceding assessment year because the plant and machinery was put to use for less than 180 days. M/s. TCPL Packaging Ltd. 5. Before us the learned counsel for the assessee submitted that the issue in appeal has been decided in fa…

Asst CIT 8(3)(1), Mumbai vs. Tcpl Packaging Ltd, Mumbai

In the result, the appeals filed by the Revenue are dismissed

ITA 5402/MUM/2016[2011-12]Status: DisposedITAT Mumbai23 Feb 2018AY 2011-12

Bench: Shri C.N. Prasad & Shri A.L. Saini

For Appellant: Shri V. VidyadharFor Respondent: Shri Dinkle Hariya
Section 143(3)Section 32(1)Section 32(1)(iia)

…l the learned CIT(A), following the decision of the Hon'ble Jurisdictional High Court in the case of MITC Rolling Mills P. Ltd. (supra), the decisions of the Delhi Bench of the Tribunal in the case of Cosmo Films Ltd. (supra) and ACIT vs. SIL Investment Ltd. (54 SOT 54) directed the AO to allow 50% of additional depreciation during the current assessment year which was not allowed in the preceding assessment year because the plant and machinery was put to use for less than 180 days. M/s. TCPL Packaging Ltd. 5. Before us the learned counsel for the assessee submitted that the issue in appeal has been decided in fa…

Dy. C.I.T. 1(2), Raipur (Cg) vs. M/S Hira Ferro Alloys Ltd., Raipur

In the result, appeal filed for assessment year 2010-11 is dismissed

ITA 360/BIL/2014[2011-12]Status: DisposedITAT Raipur18 Jan 2018AY 2011-12

Bench: S/Shri N.S Saini & Pavan Kumar Gadale

For Appellant: NoneFor Respondent: Shri P.K.Mishra, CIT DR
Section 14ASection 801ASection 80ISection 8Q

…IT (2012) 52 SOT 39 (Mum-ITAT) i. Balarampur Chini Mills Ltd. Vs DCJT (2011)140 TTJ 73 (Kol-ITAT) j. ACIT VS' Mohan Exports P. Ltd. (2012) 138 ITD 108 (Delhi-ITAT) k. Bio Science P. Ltd. Vs ACIT (2012)51 SOT 16 (Mum-ITAT) l. ACIT Vs Sil Investment Lid (20] 0) 54 SOT 54 (Del. ITAT) m. ACIT Vs Jindal Saw Pipes Ltd. 118 TTHJ 228 (Del-ITAT) n. RIE Agro Ltd. vs DCIT (2013) TS-271-1TAT 2013 (Kol) It was also submitted that the Assessing officer has not established any nexus between the interest bearing borrowings and non taxable bearing investments. The investments have not been made out of interest bearing borrow…

Dy. C.I.T. 1(2), Raipur (Cg) vs. M/S Hira Ferro Alloys Ltd., Raipur

In the result, appeal filed for assessment year 2010-11 is dismissed

ITA 359/BIL/2014[2010-11]Status: DisposedITAT Raipur18 Jan 2018AY 2010-11

Bench: S/Shri N.S Saini & Pavan Kumar Gadale

For Appellant: NoneFor Respondent: Shri P.K.Mishra, CIT DR
Section 14ASection 801ASection 80ISection 8Q

…IT (2012) 52 SOT 39 (Mum-ITAT) i. Balarampur Chini Mills Ltd. Vs DCJT (2011)140 TTJ 73 (Kol-ITAT) j. ACIT VS' Mohan Exports P. Ltd. (2012) 138 ITD 108 (Delhi-ITAT) k. Bio Science P. Ltd. Vs ACIT (2012)51 SOT 16 (Mum-ITAT) l. ACIT Vs Sil Investment Lid (20] 0) 54 SOT 54 (Del. ITAT) m. ACIT Vs Jindal Saw Pipes Ltd. 118 TTHJ 228 (Del-ITAT) n. RIE Agro Ltd. vs DCIT (2013) TS-271-1TAT 2013 (Kol) It was also submitted that the Assessing officer has not established any nexus between the interest bearing borrowings and non taxable bearing investments. The investments have not been made out of interest bearing borrow…

Dy. C.I.T. 1(2), Raipur (Cg) vs. M/S Hira Ferro Alloys Ltd., Raipur

In the result, appeal filed for assessment year 2010-11 is dismissed

ITA 358/BIL/2014[2009-10]Status: DisposedITAT Raipur18 Jan 2018AY 2009-10

Bench: S/Shri N.S Saini & Pavan Kumar Gadale

For Appellant: NoneFor Respondent: Shri P.K.Mishra, CIT DR
Section 14ASection 801ASection 80ISection 8Q

…IT (2012) 52 SOT 39 (Mum-ITAT) i. Balarampur Chini Mills Ltd. Vs DCJT (2011)140 TTJ 73 (Kol-ITAT) j. ACIT VS' Mohan Exports P. Ltd. (2012) 138 ITD 108 (Delhi-ITAT) k. Bio Science P. Ltd. Vs ACIT (2012)51 SOT 16 (Mum-ITAT) l. ACIT Vs Sil Investment Lid (20] 0) 54 SOT 54 (Del. ITAT) m. ACIT Vs Jindal Saw Pipes Ltd. 118 TTHJ 228 (Del-ITAT) n. RIE Agro Ltd. vs DCIT (2013) TS-271-1TAT 2013 (Kol) It was also submitted that the Assessing officer has not established any nexus between the interest bearing borrowings and non taxable bearing investments. The investments have not been made out of interest bearing borrow…

Tata Global Beverage Limited, Kolkata vs. ACIT, Cir-4, Kolkata

In the result ITA No.1869/Kol/2014 is allowed

ITA 1870/KOL/2014[2009-2010]Status: DisposedITAT Kolkata13 Dec 2017AY 2009-2010

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

For Appellant: Shri Kanchun Kaushal, FCA & Shri Piyush Chawla, FCAFor Respondent: Shri S.Dasgupta, Addl. CIT(DR)
Section 115Section 115W

…red by assessee for earning exempt income, disallowance u/s 14A read with Rule 8D could not be made: - DCIT vs. Ashish Jhunjhunwala [2013] I.T.A No. 1809/Kol/2012 (Kol) CITvs. Hero Cycles Ltd. [2010] 323 ITR518 (Punj & Har) ACIT vs. SIL Investment Ltd. [2012] 54 SOT 54 (Delhi) Priya Exhibitors (P.) Ltd. vs. ACIT [2012] 54 SOT 356 (Delhi) Raj Sri Production Pvt. Ltd. [TS~570~ITAT~2013(Mum)] It was submitted that since the Assessing Officer has failed to discharge his onus of establishing the fact that expenditure over and above identified by the Assessee was incurred in earning dividend income, the action of the A…

Tata Global Beverage Limited, Kolkata vs. ACIT, Cir-4, Kolkata

In the result ITA No.1869/Kol/2014 is allowed

ITA 1869/KOL/2014[2009-2010]Status: DisposedITAT Kolkata13 Dec 2017AY 2009-2010

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

For Appellant: Shri Kanchun Kaushal, FCA & Shri Piyush Chawla, FCAFor Respondent: Shri S.Dasgupta, Addl. CIT(DR)
Section 115Section 115W

…red by assessee for earning exempt income, disallowance u/s 14A read with Rule 8D could not be made: - DCIT vs. Ashish Jhunjhunwala [2013] I.T.A No. 1809/Kol/2012 (Kol) CITvs. Hero Cycles Ltd. [2010] 323 ITR518 (Punj & Har) ACIT vs. SIL Investment Ltd. [2012] 54 SOT 54 (Delhi) Priya Exhibitors (P.) Ltd. vs. ACIT [2012] 54 SOT 356 (Delhi) Raj Sri Production Pvt. Ltd. [TS~570~ITAT~2013(Mum)] It was submitted that since the Assessing Officer has failed to discharge his onus of establishing the fact that expenditure over and above identified by the Assessee was incurred in earning dividend income, the action of the A…

Tata Global Beverage Limited, Kolkata vs. ACIT, Cir-4, Kolkata

In the result ITA No.1869/Kol/2014 is allowed

ITA 1868/KOL/2014[2007-2008]Status: DisposedITAT Kolkata13 Dec 2017AY 2007-2008

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

For Appellant: Shri Kanchun Kaushal, FCA & Shri Piyush Chawla, FCAFor Respondent: Shri S.Dasgupta, Addl. CIT(DR)
Section 115Section 115W

…red by assessee for earning exempt income, disallowance u/s 14A read with Rule 8D could not be made: - DCIT vs. Ashish Jhunjhunwala [2013] I.T.A No. 1809/Kol/2012 (Kol) CITvs. Hero Cycles Ltd. [2010] 323 ITR518 (Punj & Har) ACIT vs. SIL Investment Ltd. [2012] 54 SOT 54 (Delhi) Priya Exhibitors (P.) Ltd. vs. ACIT [2012] 54 SOT 356 (Delhi) Raj Sri Production Pvt. Ltd. [TS~570~ITAT~2013(Mum)] It was submitted that since the Assessing Officer has failed to discharge his onus of establishing the fact that expenditure over and above identified by the Assessee was incurred in earning dividend income, the action of the A…

Tata Global Beverage Limited, Kolkata vs. ACIT, Cir-4, Kolkata

In the result ITA No.1869/Kol/2014 is allowed

ITA 1867/KOL/2014[2007-2008]Status: DisposedITAT Kolkata13 Dec 2017AY 2007-2008

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

For Appellant: Shri Kanchun Kaushal, FCA & Shri Piyush Chawla, FCAFor Respondent: Shri S.Dasgupta, Addl. CIT(DR)
Section 115Section 115W

…red by assessee for earning exempt income, disallowance u/s 14A read with Rule 8D could not be made: - DCIT vs. Ashish Jhunjhunwala [2013] I.T.A No. 1809/Kol/2012 (Kol) CITvs. Hero Cycles Ltd. [2010] 323 ITR518 (Punj & Har) ACIT vs. SIL Investment Ltd. [2012] 54 SOT 54 (Delhi) Priya Exhibitors (P.) Ltd. vs. ACIT [2012] 54 SOT 356 (Delhi) Raj Sri Production Pvt. Ltd. [TS~570~ITAT~2013(Mum)] It was submitted that since the Assessing Officer has failed to discharge his onus of establishing the fact that expenditure over and above identified by the Assessee was incurred in earning dividend income, the action of the A…

Tata Global Beverage Limited, Kolkata vs. ACIT, Cir-4, Kolkata

In the result ITA No.1869/Kol/2014 is allowed

ITA 1866/KOL/2014[2006-2007]Status: DisposedITAT Kolkata13 Dec 2017AY 2006-2007

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

For Appellant: Shri Kanchun Kaushal, FCA & Shri Piyush Chawla, FCAFor Respondent: Shri S.Dasgupta, Addl. CIT(DR)
Section 115Section 115W

…red by assessee for earning exempt income, disallowance u/s 14A read with Rule 8D could not be made: - DCIT vs. Ashish Jhunjhunwala [2013] I.T.A No. 1809/Kol/2012 (Kol) CITvs. Hero Cycles Ltd. [2010] 323 ITR518 (Punj & Har) ACIT vs. SIL Investment Ltd. [2012] 54 SOT 54 (Delhi) Priya Exhibitors (P.) Ltd. vs. ACIT [2012] 54 SOT 356 (Delhi) Raj Sri Production Pvt. Ltd. [TS~570~ITAT~2013(Mum)] It was submitted that since the Assessing Officer has failed to discharge his onus of establishing the fact that expenditure over and above identified by the Assessee was incurred in earning dividend income, the action of the A…

Aarti Industries Ltd, Mumbai vs. Addl CIT RG 10(3), Mumbai

The appeal of the AO is dismissed

ITA 7039/MUM/2014[2009-10]Status: DisposedITAT Mumbai09 Mar 2017AY 2009-10
For Appellant: Shri Vijay MehtaFor Respondent: Shri R.P. Meena & Dr. Kailash P. Gaikwad
Section 115JSection 143Section 143(3)Section 254(1)

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण “ए” ” ” ” "यायपीठ मुंबई म"। आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण "यायपीठ मुंबई म"। "यायपीठ मुंबई म"। "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI सव"ी राजे"", लेखा सद"य एवं संजय गग" ,"याियक सद"य Before S/Shri Rajendra, A.M. and Sanjay Garg,J.M. आयकर अपील सं आयकर अपील सं././././ITA No.7039/Mum/2014,िनधा"रण व आयकर अपील सं आयकर अपील सं िनधा"रण व िनधा"रण वष"ष"ष"ष" /Assessment Year: 2009-10 िनधा"रण व Aarti Industries Limited Addl. CIT-Range-10(3) 71, 2nd Floor, Udyog Kshetra, Mumbai. Mulund Goregaon Link Rd. Vs. Off, LBS Road, Mulund (W) Mumbai-400 080…

ACIT, New Delhi vs. Sh. Rajan Berry, New Delhi

In the result, the appeal of the department is dismissed

ITA 2012/DEL/2014[2010-11]Status: DisposedITAT Delhi16 Dec 2016AY 2010-11

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita No. 2012/Del/2014 : Asstt. Year : 2010-11 Asstt. Commissioner Of Income Vs Sh. Rajan Berry, Tax, Circle-27(1), B-67, Naraina Indl. Area, Phase-2, New Delhi New Delhi (Appellant) (Respondent) Pan No. Aaipb0802B Assessee By : Sh. Rahul Khare, Adv. Revenue By : Sh. F. R. Meena, Sr. Dr Date Of Hearing : 04.10.2016 Date Of Pronouncement : 16.12.2016 Order Per N. K. Saini, Am: This Is An Appeal By The Department Against The Order Dated 02.01.2014 Of Ld. Cit(A)-Xxiv, New Delhi.

For Appellant: Sh. Rahul Khare, AdvFor Respondent: Sh. F. R. Meena, Sr. DR
Section 131Section 133(6)Section 143(1)Section 14A

…re incurred for the purposes of earning exempt income.” 15. The reliance was placed on the following case laws: " Maxopp Investment Ltd. Vs CIT (2012) 347 ITR 272 (Del.) " CIT Vs Hero Cycles Ltd. (2010) 323 ITR 518 (P & H) " ACIT Vs SIL Investment Ltd. (2012) 54 SOT 54 (Del.) " Justice Sam P Barucha Vs ACIT in ITA No. 3889/Mum/2011 dated 25.07.2012 " ACIT Vs Eicher Ltd. (2006) 101 TTJ 369 (Del.) 16. Now the department is in appeal. The ld. DR strongly supported the order of the AO and reiterated the observations made in the assessment order dated 22.03.2013. 17. In his rival submissions the ld. Counsel for the as…

Pahilajrai Jaikishan, Mumbai vs. DCIT 19(3), Mumbai

In the result, the appeal is allowed

ITA 994/MUM/2014[2010-11]Status: DisposedITAT Mumbai01 Feb 2016AY 2010-11

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

Section 14Section 143(2)Section 143(3)Section 14ASection 37(1)Section 40

…nufacturing Company Limited (2010) 194 Taxman 203(Bom.) that Rule 8D of Income Tax Rules, 1961 is applicable from assessment year 2008-09 and the assessment year under instant appeal is 2010-11. & ITA No. 994/Mum/2014 g&h) ACIT v. SIL Investment Limited(2012) 54 SOT 54(Del.) & CIT v. Hero Cycles Limited (2010) 323 ITR 518(P&H.)- The contention of the assessee firm that the AO should have proved nexus of expenditure with exempt income before invoking provisions of Section 14A of the Act read with Rule 8D of Income Tax Rules, 1962 again is devoid of merits as the assessee firm has paid interest on capital to partne…

Asst CIT 19(3), Mumbai vs. Pahilajrai Jaikishin, Mumbai

In the result, the appeal is allowed

ITA 1562/MUM/2014[2010-11]Status: DisposedITAT Mumbai01 Feb 2016AY 2010-11

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

Section 14Section 143(2)Section 143(3)Section 14ASection 37(1)Section 40

…nufacturing Company Limited (2010) 194 Taxman 203(Bom.) that Rule 8D of Income Tax Rules, 1961 is applicable from assessment year 2008-09 and the assessment year under instant appeal is 2010-11. & ITA No. 994/Mum/2014 g&h) ACIT v. SIL Investment Limited(2012) 54 SOT 54(Del.) & CIT v. Hero Cycles Limited (2010) 323 ITR 518(P&H.)- The contention of the assessee firm that the AO should have proved nexus of expenditure with exempt income before invoking provisions of Section 14A of the Act read with Rule 8D of Income Tax Rules, 1962 again is devoid of merits as the assessee firm has paid interest on capital to partne…

DCIT, New Delhi vs. M/S. Lemon Tree Hotels Pvt. Ltd., New Delhi

ITA 209/DEL/2014[2009-10]Status: DisposedITAT Delhi18 Jan 2016AY 2009-10

Bench: Shri S.V. Mehrotra & Smt. Beena A. Pillai

Section 143(2)Section 14A

…ion of disallowance of attributable interest expenditure does not arise to the facts in hand. Ld. AR placed his reliance on the following decisions:- a) Relaxo Footwears Ltd. vs ACIT (20-12) 18 taxmann.com 333 (Delhi) b) ACIT vs SIL Investment Ltd. (2012) 54 SOT 54 (Del) c) ACIT vs Mohan Exports (P) Ltd. (2012) 138 ITD 108 (Delhi) d) Siva Projects Engineering & (I.T.A.No.1896/Mds/2011) e) REI Agro Ltd. (I.T.A.No. 1331 & 1423/Kol/2011) f) CIT vs Metalman Auto (P) Ltd. (2011) 336 ITR 434 (P&H) g) Godrej and Boyce Mfg. Co. Ltd. vs DCIT (2010) 328 ITR 81 (BOM) h) Maxopp Investment Ltd. vs CIT (2012) 247 C…