ACB India Ltd. v. ACIT

374 ITR 108High Court2015#205 most cited

What is ACB India Ltd. v. ACIT authority for?

When computing disallowance under Section 14A of the Income-tax Act using Rule 8D of the Income-tax Rules, only investments that have actually yielded exempt income during the relevant previous year are to be considered for the calculation.

364

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2016 to 2026.

Also referred to as

ACB India Ltd v ACIT · Section 14A · Rule 8D · disallowance under Section 14A · expenditure for exempt income · investments yielding exempt income · computation of disallowance · Delhi High Court 374 ITR 108 · non-yielding investments · average investments Rule 8D

Also reported as

62 Taxmann.com 71235 Taxmann 22

Sections most often in play

Section 14ASection 143(3)Section 153ASection 1961Section 80ICSection 153DSection 132(1)Section 56(2)(x)

Issues it is cited on

section 153a proceedingsstrategic investmentsection 14a(2)section 80icdisallowance under section 14asection 115jb(2)section 56(2)(x)valuation of sharesdisallowance u/s 14asection 139(5)disallowance of interest expendituresection 92b

Judgments citing ACB India Ltd. v. ACIT

DCIT, C-5, Ludhiana vs. M/S Hero Cycles Ltd., Ludhiana

In the result, appeal of the Department is dismissed and the Cross

ITA 1493/CHANDI/2017[2011-12]Status: DisposedITAT Chandigarh15 Jun 2021AY 2011-12
For Appellant: Shri Subhash Aggarwal, AdvocateFor Respondent: Smt. C. Chandrakanta, CIT
Section 10(38)Section 143(1)Section 14ASection 36(1)(iii)

…he same will not make any disallowance for making disallowance under rule 8D(2)(ii) because of availability of own funds is more than the investments. In fact only those investments are to be considered which have yielded exempt income (ACB India Ltd vs. ACIT 374 ITR 108 Del) for making disallowance under rule 8D(2)(ii) and rule 8D(2)(iii). As such the correct disallowance would work out as below:- Annexure -1 Total investments as per Balance Sheet as on 31.03.2010 Rs. 571,67,07,994/- Investments yielded exempt income and outstanding as on 31.03.2010 Rs. 86,35,49,132/- Annexure -2 Total investments as per Balan…

Poonawalla Shares and Securities Pvt.Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 4, Pune

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

ITA 391/PUN/2018[2013-14]Status: DisposedITAT Pune08 Jun 2021AY 2013-14

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Raviआयकर अपील सं. / Ita No. 391/Pun/2018 धनधाारण वषा / Assessment Year : 2013-14

For Appellant: Shri Rajshekhar AbhyankarFor Respondent: Shri S.P Walimbe
Section 143(3)Section 14A

…आयकर अपीलीय अधधकरण “ए” न्यायपीठ पुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, PUNE (Through Virtual Court) BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER आयकर अपील सं. / ITA No. 391/PUN/2018 धनधाारण वषा / Assessment Year : 2013-14 Poonawalla Shares & Securities Pvt. Ltd. Sarosh Bhavan, 16-B/1, Dr. Ambedkar Road, Pune-411 001 PAN : AAACP6087H .......अपीलाथी / Appellant बनाम / V/s. The Deputy Commissioner of Income Tax, Circle-4, Pune. ……प्रत्यथी / Respondent Assessee by : Shri Rajshekhar Abhyankar Revenue by : Shri S.P Walimbe सुनवाई की तारीख / Dat…

Tractors and Farm Equipments Ltd., Chennai vs. DCIT(A)-11, Chennai

In the result, the appeal filed by the assessee is allowed for statistical

ITA 1468/CHNY/2019[2016-17]Status: DisposedITAT Chennai07 Apr 2021AY 2016-17

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri. R. Vijayaraghavan, Advocate
Section 14ASection 8D(2)(ii)Section 8D(2)(iii)

…should be taken into consideration for computation. Investments from which no dividend income was received should not be considered for the purposes for computing the disallowance . In this regard, the Ld. AR relied on the decision of ACB India Ltd., vs ACIT 62 Taxmann.com 71 (Delhi) and further :-4-: ITA No: 1468/Chny/2019 submitted that the investments which did not yield dividend income should be excluded in accordance with the Special Bench decision of the ITAT in the case of Vreet Investment Ltd. Per contra, the ld. DR supported the orders of the lower authorities. 4. We heard the rival submissions and…

Petronet Lng Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal of the assessee is allowed

ITA 5232/DEL/2015[2011-12]Status: DisposedITAT Delhi18 Mar 2021AY 2011-12

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

For Appellant: Sh. Vishal Kalra, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 14ASection 234C

…spect are set aside. However, its observations with respect to the calculation of disallowance under Section 14A being confined to investments that derived tax exempt income are valid in the light of the Division Bench ruling in ACB India Ltd. v. ACIT, (2015) 374 ITR 108 (Del). 62. Thus, the Hon’ble Jurisdictional High Court reiterated that the disallowance should be confined to the investments yielding exempt income. Hence, the ground of the assessee on this aspect is accepted. The revenue is hereby directed to re- compute the disallowance taking into account only those investments that have yielded exempt inco…

Petronet Lng Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal of the assessee is allowed

ITA 5231/DEL/2015[2010-11]Status: DisposedITAT Delhi18 Mar 2021AY 2010-11

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

For Appellant: Sh. Vishal Kalra, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 14ASection 234C

…spect are set aside. However, its observations with respect to the calculation of disallowance under Section 14A being confined to investments that derived tax exempt income are valid in the light of the Division Bench ruling in ACB India Ltd. v. ACIT, (2015) 374 ITR 108 (Del). 62. Thus, the Hon’ble Jurisdictional High Court reiterated that the disallowance should be confined to the investments yielding exempt income. Hence, the ground of the assessee on this aspect is accepted. The revenue is hereby directed to re- compute the disallowance taking into account only those investments that have yielded exempt inco…

Petronet Lng Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal of the assessee is allowed

ITA 5230/DEL/2015[2009-10]Status: DisposedITAT Delhi18 Mar 2021AY 2009-10

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

For Appellant: Sh. Vishal Kalra, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 14ASection 234C

…spect are set aside. However, its observations with respect to the calculation of disallowance under Section 14A being confined to investments that derived tax exempt income are valid in the light of the Division Bench ruling in ACB India Ltd. v. ACIT, (2015) 374 ITR 108 (Del). 62. Thus, the Hon’ble Jurisdictional High Court reiterated that the disallowance should be confined to the investments yielding exempt income. Hence, the ground of the assessee on this aspect is accepted. The revenue is hereby directed to re- compute the disallowance taking into account only those investments that have yielded exempt inco…

DCIT, New Delhi vs. M/S. Petronet Lng Ltd., New Delhi

Appeal of the assessee is allowed

ITA 4904/DEL/2015[2011-12]Status: DisposedITAT Delhi18 Mar 2021AY 2011-12

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

For Appellant: Sh. Vishal Kalra, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 14ASection 234C

…spect are set aside. However, its observations with respect to the calculation of disallowance under Section 14A being confined to investments that derived tax exempt income are valid in the light of the Division Bench ruling in ACB India Ltd. v. ACIT, (2015) 374 ITR 108 (Del). 62. Thus, the Hon’ble Jurisdictional High Court reiterated that the disallowance should be confined to the investments yielding exempt income. Hence, the ground of the assessee on this aspect is accepted. The revenue is hereby directed to re- compute the disallowance taking into account only those investments that have yielded exempt inco…

DCIT, New Delhi vs. M/S. Petronet Lng Ltd., New Delhi

Appeal of the assessee is allowed

ITA 4903/DEL/2015[2010-11]Status: DisposedITAT Delhi18 Mar 2021AY 2010-11

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

For Appellant: Sh. Vishal Kalra, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 14ASection 234C

…spect are set aside. However, its observations with respect to the calculation of disallowance under Section 14A being confined to investments that derived tax exempt income are valid in the light of the Division Bench ruling in ACB India Ltd. v. ACIT, (2015) 374 ITR 108 (Del). 62. Thus, the Hon’ble Jurisdictional High Court reiterated that the disallowance should be confined to the investments yielding exempt income. Hence, the ground of the assessee on this aspect is accepted. The revenue is hereby directed to re- compute the disallowance taking into account only those investments that have yielded exempt inco…

DCIT, New Delhi vs. M/S. Petronet Lng Ltd., New Delhi

Appeal of the assessee is allowed

ITA 4902/DEL/2015[2009-10]Status: DisposedITAT Delhi18 Mar 2021AY 2009-10

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

For Appellant: Sh. Vishal Kalra, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 14ASection 234C

…spect are set aside. However, its observations with respect to the calculation of disallowance under Section 14A being confined to investments that derived tax exempt income are valid in the light of the Division Bench ruling in ACB India Ltd. v. ACIT, (2015) 374 ITR 108 (Del). 62. Thus, the Hon’ble Jurisdictional High Court reiterated that the disallowance should be confined to the investments yielding exempt income. Hence, the ground of the assessee on this aspect is accepted. The revenue is hereby directed to re- compute the disallowance taking into account only those investments that have yielded exempt inco…

Kalyani Steels Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 14, Pune

In the result, the appeal is partly allowed

ITA 265/PUN/2018[2014-15]Status: DisposedITAT Pune15 Mar 2021AY 2014-15

Bench: Shri R.S. Syal & Shri S.S.Viswanethra Raviआयकर अपील सं. / Ita No.265/Pun/2018 िनधा"रण वष" / Assessment Year 2014-15 Kalyani Steels Ltd., Vs. Dcit, Circle-14, Mundhwa, Pune – 411 036 Pune Pan : Aaack7315D Appellant Respondent

Section 14A

…ards disallowance on the average value of investments. It was, however, requested that only the investments which yielded exempt income should be considered for the purpose of calculation. 10. The Hon'ble Delhi High Court in ACB India Ltd. vs. CIT (2015) 374 ITR 108 (Del) has held that the average value of investments, for the purposes of Rule 8D(2)(iii), should be confined to those securities in respect of which exempt income is earned and not the total investments. Similar view has been taken by the Special Bench of the Tribunal in the case of ACIT vs. Vireet 6 Kalyani Steels Limited Investments (P) Ltd…

M/S. Advik Hi-Tech Pvt.Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 8, Pune

In the result, the appeal is allowed for statistical purposes

ITA 3094/PUN/2017[2013-14]Status: DisposedITAT Pune11 Mar 2021AY 2013-14

Bench: Shri R.S. Syal & Shri S.S.Viswanethra Raviआयकर अपील सं. / Ita No.3094/Pun/2017 िनधा"रण वष" / Assessment Year 2013-14 M/S. Advik Hi-Tech Pvt. Ltd., Vs. Dcit, Circle-8, Gat No.357/99, Chakan Talegaon Pune Road, Vill-Kharabwadi, Tal. Khed, Chakan, Pune 410 501 Pan : Aacca3106E Appellant Respondent

Section 14A

…spective of the head under which they are placed. The embargo is that only the investments yielding exempt income during the year should be considered for computing average value of investments. The Hon'ble Delhi High Court in ACB India Ltd. vs. CIT (2015) 374 ITR 108 (Del) has held that the average value of investments, for the purposes of Rule 8D(2)(iii), should be confined to those securities in respect of which exempt income is earned and not the total investments. Similar view has been taken by the Special Bench of the Tribunal in the case of ACIT vs. Vireet Investments (P) Ltd. (2017) 165 ITD 27 (Del)…

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…

Addl.CIT, Range-4, New Delhi vs. Ht Media Ltd., New Delhi

In the result, the appeal of the assessee is partly allowed and the appeal of the revenue is allowed for statistical purposes

ITA 4697/DEL/2017[2012-13]Status: DisposedITAT Delhi22 Feb 2021AY 2012-13

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 4583/Del/2017 : Asstt. Year : 2012-13 Ht Media Ltd., Vs Addl. Cit, 18-20, Kasturba Gandhi Range-4, Marg, New Delhi-110001 New Delhi-110002 (Appellant) (Respondent) Pan No. Aabch3165P

For Appellant: Sh. V. P. Gupta, AdvFor Respondent: Sh. Ved Prakash Mishra, Sr. DR
Section 14A

…spect are set aside. However, its observations with respect to the calculation of disallowance under Section 14A being confined to investments that derived tax exempt income are valid in the light of the Division Bench ruling in ACB India Ltd. v. ACIT, (2015) 374 ITR 108 (Del). In view of the above clarification, the ITAT’s order, to the extent that it makes observations with respect to exclusion of income derived from strategic investments, is hereby set aside.” 7. Following the order of the Hon’ble High Court, the revised disallowance is comprehensively determined as under: “CIT(A) vide para 5.1d of the orde…

Ht Media Ltd., New Delhi vs. Addlcit, Range-4, New Delhi

In the result, the appeal of the assessee is partly allowed and the appeal of the revenue is allowed for statistical purposes

ITA 4583/DEL/2017[2012-13]Status: DisposedITAT Delhi22 Feb 2021AY 2012-13

Bench: Sh. Amit Shukladr. B. R. R. Kumar(Through Video Conferencing) Ita No. 4583/Del/2017 : Asstt. Year : 2012-13 Ht Media Ltd., Vs Addl. Cit, 18-20, Kasturba Gandhi Range-4, Marg, New Delhi-110001 New Delhi-110002 (Appellant) (Respondent) Pan No. Aabch3165P

For Appellant: Sh. V. P. Gupta, AdvFor Respondent: Sh. Ved Prakash Mishra, Sr. DR
Section 14A

…spect are set aside. However, its observations with respect to the calculation of disallowance under Section 14A being confined to investments that derived tax exempt income are valid in the light of the Division Bench ruling in ACB India Ltd. v. ACIT, (2015) 374 ITR 108 (Del). In view of the above clarification, the ITAT’s order, to the extent that it makes observations with respect to exclusion of income derived from strategic investments, is hereby set aside.” 7. Following the order of the Hon’ble High Court, the revised disallowance is comprehensively determined as under: “CIT(A) vide para 5.1d of the orde…

M/S. Kei Industries Ltd., New Delhi vs. DCIT, New Delhi

In the result, Ground No.3

ITA 528/DEL/2016[2012-13]Status: DisposedITAT Delhi03 Dec 2020AY 2012-13

Bench: Shri Bhavnesh Saini, J.M. & Shri Anil Chaturvedi, A.M.

For Appellant: Shri Satyan Sethi, AdvocateFor Respondent: Ms. Parul Singh, Sr. D.R

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “C” : DELHI BEFORE SHRI BHAVNESH SAINI, J.M. & SHRI ANIL CHATURVEDI, A.M. ITA.No.1433/Del./2014 - Assessment Year 2009-2010 The ACIT, Circle-5(1), M/s. K.E.I. Industries Room No.317-B, Limited, D-90, Okhla C.R. Building, vs Industrial Area, Phase-I, New New Delhi-2. Delhi. PAN AAACK0251C (Appellant) (Respondent) C.O.No.200/Del./2017 Arising out of ITA.No.1433/Del./2014 - Assessment Year 2009-2010 M/s. K.E.I. Industries The ACIT, Circle-5(1), Limited, D-90, Okhla Room No.317-B, Industrial Area, Phase-I, vs C.R. Building, New Delhi. New Delhi-2. PAN AAACK0251C (Cro…

ACIT, New Delhi vs. M/S. K.E.I. Industries Ltd., New Delhi

In the result, Ground No.3

ITA 1433/DEL/2014[2009-10]Status: DisposedITAT Delhi03 Dec 2020AY 2009-10

Bench: Shri Bhavnesh Saini, J.M. & Shri Anil Chaturvedi, A.M.

For Appellant: Shri Satyan Sethi, AdvocateFor Respondent: Ms. Parul Singh, Sr. D.R

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “C” : DELHI BEFORE SHRI BHAVNESH SAINI, J.M. & SHRI ANIL CHATURVEDI, A.M. ITA.No.1433/Del./2014 - Assessment Year 2009-2010 The ACIT, Circle-5(1), M/s. K.E.I. Industries Room No.317-B, Limited, D-90, Okhla C.R. Building, vs Industrial Area, Phase-I, New New Delhi-2. Delhi. PAN AAACK0251C (Appellant) (Respondent) C.O.No.200/Del./2017 Arising out of ITA.No.1433/Del./2014 - Assessment Year 2009-2010 M/s. K.E.I. Industries The ACIT, Circle-5(1), Limited, D-90, Okhla Room No.317-B, Industrial Area, Phase-I, vs C.R. Building, New Delhi. New Delhi-2. PAN AAACK0251C (Cro…

M/S. Dharampal Satyapal Ltd., Delhi vs. ACIT, New Delhi

ITA 1380/DEL/2017[2012-13]Status: DisposedITAT Delhi07 Oct 2020AY 2012-13

Bench: Shri Amit Shukla & Sh. Prashant Maharishi(Through Video Conferencing) Assessment Year: 2012-13 M/S. Dharampal Satyapal Ltd. Acit, 1711, S. P. Mukherjee Marg, Vs Central Circle – 29, Delhi-110006 New Delhi Pan No. Aaacd0132H (Appellant) (Respondent) Appellant By Sh. R. S. Singhavi, Ca Sh. Satyajeet Goel, Ca Respondent By Sh. Sanjay I. Bara, Cit Dr Date Of Hearing: 28/08/2020 Date Of Pronouncement: 07/10/2020 Order

Section 115JSection 143Section 144CSection 14ASection 14A(2)Section 36Section 43(5)(d)Section 80I

…dingly assessing officer is not justified in applying formula prescribed in Rule 8D to entire value of investment. legal position to this effect is well settled and reference may be made to decision of Delhi High Court in case of ACB India Ltd vs. ACIT [2015] 374 ITR 108 (Delhi High Court) in which it was held as under : “S. 14A & Rule 8D(2)(iii): In computing “average value of investment”, only investments yielding non-taxable income have to be considered and not all investments.” 31. Above said decision has been followed and applied by Hon’ble Delhi Tribunal in case of DCIT v. DLF Commercial Developers Ltd. (IT…

DCIT, New Delhi vs. M/S. Sindhu Trade Links Ltd., New Delhi

The appeals are partly allowed for statistical purpose

ITA 2652/DEL/2014[2008-09]Status: DisposedITAT Delhi11 Sept 2020AY 2008-09

Bench: Shri R. K. Panda & Ms Suchitra Kamblesindhu Trade Links Ltd. Vs Addl. Cit(A) 129, Transport Centre, New Range-8 Rohtak Road New Delhi Punjabi Bagh New Delhi (Respondent) Aaacs0447A (Appellant) Dcit Vs Sindhu Trade Links Ltd. Central Circle-21 129, Transport Centre, New New Delhi Rohtak Road (Appellant) Punjabi Bagh New Delhi Aaacs0447A (Respondent) Vs Sindhu Trade Links Ltd. Dcit 129, Transport Centre, New Circle-8(1) Rohtak Road New Delhi Punjabi Bagh New Delhi (Respondent) Aaacs0447A (Appellant) Appellant By Sh. Salil Kapoor, Adv Respondent By Sh. Saras Kumar, Sr. Dr Date Of Hearing 16.07.2020 Date Of Pronouncement 11.09.2020 Orders Dated 21/2/2014 For Assessment Year 2008-09 & 2009-10 Respectively Passed By Cit(A)’S-Xi, New Delhi.

Section 14ASection 2(22)Section 69

…e from which the exempt income is derived is only Rs. 36,77,947/- whereas while making the disallowance u/s 14A, the Assessing Officer has taken the amount of total investments. The Ld. AR relied upon the following decisions: a. ACB India Ltd. vs. ACIT (2015) 374 ITR 108 (Del. HC) b. ACIT vs. Vireet Investment (P.) Ltd. (2017) 58 ITR (T) 313 (Del. Tri.)(SB) c. PCIT vs. Caraf Builders & Construction (P.) Ltd. (2019) 414 ITR 122 (Del.) d. PCIT vs. Caraf Builders & Construction (P.) Ltd. (2019) 112 taxamann.com 322 (SC) Furthermore, the Assessing Officer as well as the CIT(A) have failed to appreciate that the asses…

M/S. Sindhu Trade Links Ltd., New Delhi vs. DCIT, New Delhi

The appeals are partly allowed for statistical purpose

ITA 2429/DEL/2014[2009-10]Status: DisposedITAT Delhi11 Sept 2020AY 2009-10

Bench: Shri R. K. Panda & Ms Suchitra Kamblesindhu Trade Links Ltd. Vs Addl. Cit(A) 129, Transport Centre, New Range-8 Rohtak Road New Delhi Punjabi Bagh New Delhi (Respondent) Aaacs0447A (Appellant) Dcit Vs Sindhu Trade Links Ltd. Central Circle-21 129, Transport Centre, New New Delhi Rohtak Road (Appellant) Punjabi Bagh New Delhi Aaacs0447A (Respondent) Vs Sindhu Trade Links Ltd. Dcit 129, Transport Centre, New Circle-8(1) Rohtak Road New Delhi Punjabi Bagh New Delhi (Respondent) Aaacs0447A (Appellant) Appellant By Sh. Salil Kapoor, Adv Respondent By Sh. Saras Kumar, Sr. Dr Date Of Hearing 16.07.2020 Date Of Pronouncement 11.09.2020 Orders Dated 21/2/2014 For Assessment Year 2008-09 & 2009-10 Respectively Passed By Cit(A)’S-Xi, New Delhi.

Section 14ASection 2(22)Section 69

…e from which the exempt income is derived is only Rs. 36,77,947/- whereas while making the disallowance u/s 14A, the Assessing Officer has taken the amount of total investments. The Ld. AR relied upon the following decisions: a. ACB India Ltd. vs. ACIT (2015) 374 ITR 108 (Del. HC) b. ACIT vs. Vireet Investment (P.) Ltd. (2017) 58 ITR (T) 313 (Del. Tri.)(SB) c. PCIT vs. Caraf Builders & Construction (P.) Ltd. (2019) 414 ITR 122 (Del.) d. PCIT vs. Caraf Builders & Construction (P.) Ltd. (2019) 112 taxamann.com 322 (SC) Furthermore, the Assessing Officer as well as the CIT(A) have failed to appreciate that the asses…

M/S. Sindhu Trade Links Ltd., New Delhi vs. Addl.CIT, New Delhi

The appeals are partly allowed for statistical purpose

ITA 2428/DEL/2014[2008-09]Status: DisposedITAT Delhi11 Sept 2020AY 2008-09

Bench: Shri R. K. Panda & Ms Suchitra Kamblesindhu Trade Links Ltd. Vs Addl. Cit(A) 129, Transport Centre, New Range-8 Rohtak Road New Delhi Punjabi Bagh New Delhi (Respondent) Aaacs0447A (Appellant) Dcit Vs Sindhu Trade Links Ltd. Central Circle-21 129, Transport Centre, New New Delhi Rohtak Road (Appellant) Punjabi Bagh New Delhi Aaacs0447A (Respondent) Vs Sindhu Trade Links Ltd. Dcit 129, Transport Centre, New Circle-8(1) Rohtak Road New Delhi Punjabi Bagh New Delhi (Respondent) Aaacs0447A (Appellant) Appellant By Sh. Salil Kapoor, Adv Respondent By Sh. Saras Kumar, Sr. Dr Date Of Hearing 16.07.2020 Date Of Pronouncement 11.09.2020 Orders Dated 21/2/2014 For Assessment Year 2008-09 & 2009-10 Respectively Passed By Cit(A)’S-Xi, New Delhi.

Section 14ASection 2(22)Section 69

…e from which the exempt income is derived is only Rs. 36,77,947/- whereas while making the disallowance u/s 14A, the Assessing Officer has taken the amount of total investments. The Ld. AR relied upon the following decisions: a. ACB India Ltd. vs. ACIT (2015) 374 ITR 108 (Del. HC) b. ACIT vs. Vireet Investment (P.) Ltd. (2017) 58 ITR (T) 313 (Del. Tri.)(SB) c. PCIT vs. Caraf Builders & Construction (P.) Ltd. (2019) 414 ITR 122 (Del.) d. PCIT vs. Caraf Builders & Construction (P.) Ltd. (2019) 112 taxamann.com 322 (SC) Furthermore, the Assessing Officer as well as the CIT(A) have failed to appreciate that the asses…