38(Bom); Essilor India (P.) Ltd. v. Dy. CIT

137 Taxmann.com 60High Court2022#3859 most cited

What is 38(Bom); Essilor India (P.) Ltd. v. Dy. CIT authority for?

An Assessing Officer must record their satisfaction that an assessee's claim of no expenditure for earning exempt income is not in accordance with the law before invoking Section 14A and Rule 8D for disallowance.

30

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2022 to 2024.

Also referred to as

Essilor India (P.) Ltd v. Dy. CIT · Section 14A · Rule 8D · disallowance · exempt income · Assessing Officer satisfaction · suo moto disallowance

Sections most often in play

Section 115JBSection 14ASection 197Section 40(a)(ia)Section 43BSection 143(3)Section 144BSection 8D

Issues it is cited on

section 14(2)rule 8d disallowancegoodwill arising on amalgamationsection 9(1)(ii)section 61section 43(6)(c)section 14(1)section 55(2)section 10(33)section 14a disallowancesection 36(1)(viii)section 14a(2)

Judgments citing 38(Bom); Essilor India (P.) Ltd. v. Dy. CIT

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 275/COCH/2020[2014-15]Status: DisposedITAT Cochin12 Dec 2022AY 2014-15

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…utics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxmann.com 60 (Karn.)  CIT Vs. Hero Management Services Ltd. 360 ITR 68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest fu…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 274/COCH/2020[2013-14]Status: DisposedITAT Cochin12 Dec 2022AY 2013-14

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…utics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxmann.com 60 (Karn.)  CIT Vs. Hero Management Services Ltd. 360 ITR 68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest fu…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 273/COCH/2020[2012-13]Status: DisposedITAT Cochin12 Dec 2022AY 2012-13

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…utics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxmann.com 60 (Karn.)  CIT Vs. Hero Management Services Ltd. 360 ITR 68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest fu…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 272/COCH/2020[2011-12]Status: DisposedITAT Cochin12 Dec 2022AY 2011-12

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…utics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxmann.com 60 (Karn.)  CIT Vs. Hero Management Services Ltd. 360 ITR 68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest fu…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 747/COCH/2019[2010-11]Status: DisposedITAT Cochin12 Dec 2022AY 2010-11

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…utics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxmann.com 60 (Karn.)  CIT Vs. Hero Management Services Ltd. 360 ITR 68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest fu…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 746/COCH/2019[2009-10]Status: DisposedITAT Cochin12 Dec 2022AY 2009-10

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…utics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxmann.com 60 (Karn.)  CIT Vs. Hero Management Services Ltd. 360 ITR 68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest fu…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 745/COCH/2019[2008-09]Status: DisposedITAT Cochin12 Dec 2022AY 2008-09

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…utics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxmann.com 60 (Karn.)  CIT Vs. Hero Management Services Ltd. 360 ITR 68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest fu…

Assisstant Commissioner of Income Tax-14(1)(2), Mumbai vs. Schoolnet India Ltd., Mumbai

In the result, the present appeal is dismissed

ITA 2015/MUM/2022[2014-15]Status: DisposedITAT Mumbai28 Oct 2022AY 2014-15
For Appellant: NoneFor Respondent: Shri Sanyam Suresh Joshi
Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL "G" BENCH, MUMBAI SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ACIT, Circle -14(1)(2), Mumbai, Room No. 455, 4th Floor, Aayakar Bhavan, M.K. Road, Mumbai - 400020 [PAN: AABCI2106H] ……………… Appellant Schoolnet India Ltd., Vs 3rd Floor, Plot No. C-22, G Block The IL & FS Financial Centre, Bandra-Kurla Complex, Bandra (E), Mumbai - 400051 ……………. Respondent Appearances For the Appellant/Department : Shri Sanyam Suresh Joshi For the Respondent/Assessee : None Date of conclusion of hearing : 11.10.2022 Date of pronouncement of order : 28.10.2022 O R…

M/S. Onmobile Global Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle- 5(1)(2), Bengaluru

In the result, both these appeals are partly allowed

ITA 2560/BANG/2019[2015-16]Status: DisposedITAT Bangalore10 Aug 2022AY 2015-16

Bench: Shri George George K. & Ms. Padmavathy S

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 14ASection 234BSection 244ASection 32

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND Ms. PADMAVATHY S, ACCOUNTANT MEMBER IT(TP)A Nos.139 & 2560/Bang/2019 Assessment years : 2014-15 & 2015-16 Onmobile Global Ltd., Vs. The Asstt./Deputy Tower # 1, 94/1C & 94/2, Commissioner of Income Tax, Veerasandra Village, Attibele Hobli, Circle 5(1)(2), Anekal Taluk, Electronics City, Bengaluru. Phase 1, Bengaluru – 560 100. PAN: AAACO 3900E ASSESSEE RESPONDENT Assessee by : Shri T. Suryanarayana, Advocate Respondent by : Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru. Date of hearing : 27.07.20…

M/S Onmobile Global Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-5(1)(2), Bangalore

In the result, both these appeals are partly allowed

ITA 139/BANG/2019[2014-15]Status: DisposedITAT Bangalore10 Aug 2022AY 2014-15

Bench: Shri George George K. & Ms. Padmavathy S

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 14ASection 234BSection 244ASection 32

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND Ms. PADMAVATHY S, ACCOUNTANT MEMBER IT(TP)A Nos.139 & 2560/Bang/2019 Assessment years : 2014-15 & 2015-16 Onmobile Global Ltd., Vs. The Asstt./Deputy Tower # 1, 94/1C & 94/2, Commissioner of Income Tax, Veerasandra Village, Attibele Hobli, Circle 5(1)(2), Anekal Taluk, Electronics City, Bengaluru. Phase 1, Bengaluru – 560 100. PAN: AAACO 3900E ASSESSEE RESPONDENT Assessee by : Shri T. Suryanarayana, Advocate Respondent by : Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru. Date of hearing : 27.07.20…