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 366,470 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

H T Media Ltd., New Delhi vs. ACIT, New Delhi

ITA 2854/DEL/2016[2011-12]Status: DisposedITAT Delhi05 Sept 2018AY 2011-12

Bench: Shri P. M. Jagtap & Ms Suchitra Kambledcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Dcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) H. T. Media Ltd. Vs Dcit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant) Dcit Vs H. T. Media Ltd. Circle-12101) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Vs Acit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant)

Section 115Section 143(3)Section 14ASection 32

…es (38.50 + 228.50 = 267 ÷ 2) , the details are given on page 4 of the order of the CIT(A). On this basis the disallowance works out to Rs.66.75 lacs. The Ld. AR relied upon the decision of Hon’ble Delhi High Court in the case of ACB India Ltd. v. ACIT (2015) 374 ITR 108 (Del) and recent decision of the Tribunal in the case of Federal Mogul Goetze India Ltd. v. DCIT decided on 27.06.2018. 22. As regards appeal of Department, relating to Ground No. 1 for disallowance u/s 14A read with Rule 8D on account of interest and administrative expenses, the Ld. AR submitted a statement giving figures of investments, owned f…

DCIT, New Delhi vs. M/S. H T Media Ltd., New Delhi

ITA 2768/DEL/2015[2010-11]Status: DisposedITAT Delhi05 Sept 2018AY 2010-11

Bench: Shri P. M. Jagtap & Ms Suchitra Kambledcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Dcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) H. T. Media Ltd. Vs Dcit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant) Dcit Vs H. T. Media Ltd. Circle-12101) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Vs Acit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant)

Section 115Section 143(3)Section 14ASection 32

…es (38.50 + 228.50 = 267 ÷ 2) , the details are given on page 4 of the order of the CIT(A). On this basis the disallowance works out to Rs.66.75 lacs. The Ld. AR relied upon the decision of Hon’ble Delhi High Court in the case of ACB India Ltd. v. ACIT (2015) 374 ITR 108 (Del) and recent decision of the Tribunal in the case of Federal Mogul Goetze India Ltd. v. DCIT decided on 27.06.2018. 22. As regards appeal of Department, relating to Ground No. 1 for disallowance u/s 14A read with Rule 8D on account of interest and administrative expenses, the Ld. AR submitted a statement giving figures of investments, owned f…

M/S. Ht Media Limited, New Delhi vs. DCIT, New Delhi

ITA 2100/DEL/2015[2010-11]Status: DisposedITAT Delhi05 Sept 2018AY 2010-11

Bench: Shri P. M. Jagtap & Ms Suchitra Kambledcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Dcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) H. T. Media Ltd. Vs Dcit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant) Dcit Vs H. T. Media Ltd. Circle-12101) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Vs Acit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant)

Section 115Section 143(3)Section 14ASection 32

…es (38.50 + 228.50 = 267 ÷ 2) , the details are given on page 4 of the order of the CIT(A). On this basis the disallowance works out to Rs.66.75 lacs. The Ld. AR relied upon the decision of Hon’ble Delhi High Court in the case of ACB India Ltd. v. ACIT (2015) 374 ITR 108 (Del) and recent decision of the Tribunal in the case of Federal Mogul Goetze India Ltd. v. DCIT decided on 27.06.2018. 22. As regards appeal of Department, relating to Ground No. 1 for disallowance u/s 14A read with Rule 8D on account of interest and administrative expenses, the Ld. AR submitted a statement giving figures of investments, owned f…

DCIT, New Delhi vs. H.T. Media Ltd., New Delhi

ITA 6394/DEL/2013[2009-10]Status: DisposedITAT Delhi05 Sept 2018AY 2009-10

Bench: Shri P. M. Jagtap & Ms Suchitra Kambledcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Dcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) H. T. Media Ltd. Vs Dcit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant) Dcit Vs H. T. Media Ltd. Circle-12101) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Vs Acit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant)

Section 115Section 143(3)Section 14ASection 32

…es (38.50 + 228.50 = 267 ÷ 2) , the details are given on page 4 of the order of the CIT(A). On this basis the disallowance works out to Rs.66.75 lacs. The Ld. AR relied upon the decision of Hon’ble Delhi High Court in the case of ACB India Ltd. v. ACIT (2015) 374 ITR 108 (Del) and recent decision of the Tribunal in the case of Federal Mogul Goetze India Ltd. v. DCIT decided on 27.06.2018. 22. As regards appeal of Department, relating to Ground No. 1 for disallowance u/s 14A read with Rule 8D on account of interest and administrative expenses, the Ld. AR submitted a statement giving figures of investments, owned f…

Kewal Kiran Clothing Ltd, Mumbai vs. Addt CIT RG 9(2), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 281/MUM/2017[2011-12]Status: DisposedITAT Mumbai10 Aug 2018AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Blem/S. Kewal Kiran Clothing Ltd., V. Addt.Cit, Range- 9(2) Kewal Kiran Estate, 460/7, Aayakar Bhavan, M.K. Road, I.B. Patel Road., Near Western Mumbai-400 020 Express Highway, Goregaon (E), Mumbai – 400 063

For Appellant: Shri Ronak G. Gandhi &For Respondent: Shri Manoj Kumar Singh
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI N.K. PRADHAN, HON'BLE ACCOUNTANT MEMBER M/s. Kewal Kiran Clothing Ltd., v. ADDT.CIT, Range- 9(2) Kewal Kiran Estate, 460/7, Aayakar Bhavan, M.K. Road, I.B. Patel Road., Near Western Mumbai-400 020 Express Highway, Goregaon (E), Mumbai – 400 063 PAN: AAACK 3402 H (Appellant) (Respondent) Assessee by : Shri Ronak G. Gandhi & Ms. Shreeja Gangwal Department by : Shri Manoj Kumar Singh Date of Hearing : 01.08.2018 Date of Pronouncement : 10.08.2018 O R D E R PER C.N. PRASAD (JM) 1. This appeal is…

M/S. Indiabulls Capital Services Ltd., New Delhi vs. ACIT, New Delhi

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

ITA 1546/DEL/2014[2008-09]Status: DisposedITAT Delhi02 Aug 2018AY 2008-09

Bench: Shri R.S. Syal & Shri Joginder Singhassessment Year : 2008-09

For Appellant: Shri Rakesh Gupta &For Respondent: Shri Arun Kumar Yadav, Sr. DR
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : C : NEW DELHI BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI JOGINDER SINGH, JUDICIAL MEMBER Assessment Year : 2008-09 Indiabulls Capital Services Ltd., Vs. ACIT, F-60, Malhotra Building, Range-11, IInd Floor, Connaught Place, New Delhi. New Delhi. PAN: AABCI3613B (Appellant) (Respondent) Assessee By : Shri Rakesh Gupta & Shri Somil Agarwal, Advocates & Mrs. Pankaj Jain, CA Department By : Shri Arun Kumar Yadav, Sr. DR Date of Hearing : 01.08.2018 Date of Pronouncement : 02.08.2018 ORDER PER R.S. SYAL, VP: This appeal filed by the assessee arises out of th…

Piramal Enterprises Limited, Mumbai vs. Additional Commissioner of Income Tax-7(1), Mumbai

In the result, Revenue’s appeal is dismissed

ITA 5471/MUM/2017[2008-09]Status: DisposedITAT Mumbai30 Jul 2018AY 2008-09

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

For Appellant: Shri Jahangir Mistry, Sr. Counsel a/wFor Respondent: Shri Jayant Kumar
Section 143(3)Section 144CSection 144C(3)Section 80I

…ed upon the following decisions:– 28 M/s. Piramal Enterprises Ltd. i) HDFC Bank Ltd. v/s DCIT, 383 ITR 529 (Bom.); ii) CIT v/s HDFC Bank Ltd., 366 ITR 505 (Bom.); iii) CIT v/s Reliance Utilities & Power Ltd., 313 ITR 340 (Bom.); iv) ACB India Ltd. v/s ACIT, 374 ITR 108 (Del.); v) ACIT v/s Vireet Investments Pvt. Ltd. 83 ITR 103; vi) M/s. Toshvin Analytical Pvt. Ltd. v/s DCIT, ITA no.3089/ Mum./2013 (Mum.); vii) Sylvex Cable Co. Pvt. Ltd. v/s DCIT, ITA no.8581/ Mum./2011, (Mum.); and viii) S. Krishnamurthy v/s ACIT, ITA no.6207/Mum./2012 (Mum.). 38. The learned Departmental Representative relied upon the observ…

The ACIT, Central-1, Indore vs. M/S. Arihant Capital Markets Ltd., Indore

In the result, the appeal of the revenue and cross objection of

ITA 370/IND/2017[2013-14]Status: DisposedITAT Indore31 May 2018AY 2013-14

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2013-14

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

…ITA No. 370/Ind/2017 &CO 17/2018 M/s Arihant Capital IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER Assessment Year: 2013-14 ACIT Circle 1, Indore ::: Appellant Vs M/s Arihant Capital Markets Ltd. Indore ::: Respondent C.O. No. 17/Ind/2018 Arising out of ITA No. 370/Ind2017 M/s Arihant Capital Markets Ltd. Indore ::: Objector Vs ACIT Central 1 Indore ::: Respondent Revenue by Shri K.G. Goyal Assessee by Shri Ajay Tulsiyan & Shri Kapil Shah Date of Hearing 18.5.2018 Date of Pronouncement 31.5.2018 ORDER PER MANISH…

Essar Properties P.Ltd, Mumbai vs. DCIT 5(1), Mumbai

Appeal is allowed for statistical purposes

ITA 1363/MUM/2016[2011-12]Status: DisposedITAT Mumbai30 May 2018AY 2011-12

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2011-12 Dcit. Cir.6(3)(2), R. No. M/S Essar Properties Pvt. 522, 5Th Floor, Aayakar Ltd., 11, K K Marg, Essar Vs. Bhavan, M.K. Road, House, Mahalaxmi, Mumbai-400020. Mumbai-400024. Pan No. Aaace0893Q Appellant Respondent Assessment Year: 2011-12 M/S Essar Properties Pvt., Dcit. Cir.6(3)(2), R. No. Essar House, 11Keshavrao 522, 5Th Floor, Aayakar Vs. Khadya Marg, Mahalaxmi, Bhavan, M.K. Road, Mumbai-400034. Mumbai-400020. Pan No. Aaace0893Q Appellant Respondent Revenue By : Mr. V. Justin, Dr Assessee By : Mr. Vijay Mehta, Ar Date Of Hearing : 22/05/2018 Date Of Pronouncement: 30/05/2018

For Appellant: Mr. Vijay Mehta, ARFor Respondent: Mr. V. Justin, DR
Section 143(3)Section 24

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI JOGINDER SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2011-12 DCIT. Cir.6(3)(2), R. No. M/s Essar Properties Pvt. 522, 5th floor, Aayakar Ltd., 11, K K Marg, Essar Vs. Bhavan, M.K. Road, House, Mahalaxmi, Mumbai-400020. Mumbai-400024. PAN No. AAACE0893Q Appellant Respondent Assessment Year: 2011-12 M/s Essar Properties Pvt., DCIT. Cir.6(3)(2), R. No. Essar House, 11Keshavrao 522, 5th floor, Aayakar Vs. Khadya Marg, Mahalaxmi, Bhavan, M.K. Road, Mumbai-400034. Mumbai-400020. PAN No. AAACE0893Q Appellan…

DCIT 6(3)(2), Mumbai vs. Essar Properties P. Ltd, Mumbai

Appeal is allowed for statistical purposes

ITA 1101/MUM/2016[2011-12]Status: DisposedITAT Mumbai30 May 2018AY 2011-12

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2011-12 Dcit. Cir.6(3)(2), R. No. M/S Essar Properties Pvt. 522, 5Th Floor, Aayakar Ltd., 11, K K Marg, Essar Vs. Bhavan, M.K. Road, House, Mahalaxmi, Mumbai-400020. Mumbai-400024. Pan No. Aaace0893Q Appellant Respondent Assessment Year: 2011-12 M/S Essar Properties Pvt., Dcit. Cir.6(3)(2), R. No. Essar House, 11Keshavrao 522, 5Th Floor, Aayakar Vs. Khadya Marg, Mahalaxmi, Bhavan, M.K. Road, Mumbai-400034. Mumbai-400020. Pan No. Aaace0893Q Appellant Respondent Revenue By : Mr. V. Justin, Dr Assessee By : Mr. Vijay Mehta, Ar Date Of Hearing : 22/05/2018 Date Of Pronouncement: 30/05/2018

For Appellant: Mr. Vijay Mehta, ARFor Respondent: Mr. V. Justin, DR
Section 143(3)Section 24

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI JOGINDER SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2011-12 DCIT. Cir.6(3)(2), R. No. M/s Essar Properties Pvt. 522, 5th floor, Aayakar Ltd., 11, K K Marg, Essar Vs. Bhavan, M.K. Road, House, Mahalaxmi, Mumbai-400020. Mumbai-400024. PAN No. AAACE0893Q Appellant Respondent Assessment Year: 2011-12 M/s Essar Properties Pvt., DCIT. Cir.6(3)(2), R. No. Essar House, 11Keshavrao 522, 5th floor, Aayakar Vs. Khadya Marg, Mahalaxmi, Bhavan, M.K. Road, Mumbai-400034. Mumbai-400020. PAN No. AAACE0893Q Appellan…

DCIT, Corporate Circle-1(2), Bhubaneswar vs. M/S. National Aluminium Company Limited, Bhubaneswar

In the result, appeal of the assessee i

ITA 339/CTK/2016[2010-11]Status: DisposedITAT Cuttack27 Apr 2018AY 2010-11

Bench: Shri N.S.Saini, Am & Shri Pavan Kumar Gadale, Jm आयकर अऩीऱ सं./Ita No.339 & 340/Ctk/2016 Dcit, Corporate Circle1(2)/ Vs. National Aluminium Company Acit, Circle-2(2), Limited, Bhubaneswar Nalco Bhavan, P/1, Nayapalli, Bhubaneswar स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No. : Aaacn 7449 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. & आयकर अऩीऱ सं./Ita No.352 & 353/Ctk/2016 & Ita No.374/Ctk/2014 (नििाारण वषा / Assessment Year :2010-11, 2012-13 & 2011-12) National Aluminium Company Vs. Jcit Range-2/ Limited, Acit, Corporate Circle-1(2) Nalco Bhavan, P/1, Nayapalli, Bhubaneswar Bhubaneswar स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No. : Aaacn 7449 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. & Cross Objection No.01/Ctk/2015 & 25/Ctk/2016 (Arising Out Of Ita Nos.376/Ctk/14 & Ita No.340/Ctk/2016) (नििाारण वषा / Assessment Year :2011-2012 & 2012-2013) National Aluminium Company Vs. Acit, Circle-2(2)/ Limited, Dcit, Corporate Circle- Nalco Bhavan, P/1, Nayapalli, 1(2), Bhubaneswar Bhubaneswar स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No. : Aaacn 7449 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri Ved Jain/B.K.Mahapatra, ARsFor Respondent: Shri Saad Kidwai, CIT DR
Section 14A

…hat the disallowance u/s 14A could be made only with respect of the investments on which the assessee has earned the exempt income. Reliance in this regard is placed on the following judgments: (a) Delhi High Court in the case of ACB India Ltd. v. ACIT [2015] 374 ITR 108 (b) ITAT Delhi in the case of ACIT v. Vireet Investment (P.) Ltd. [2017] 58 ITR(Trib.) 313 (c) ITAT Mumbai in the case of Amrit Diamond Trade Centre Pvt. Ltd. v. CIT in ITA No. 2642/Mum/2013 dated 15.01.2016  Therefore, the disallowance to be made, if any, has to be restricted to 0.5% of the Current Investments held by the assessee, which would…

ACIT, Circle-34, Kolkata vs. M/S Banwarilall Pasari, Kolkata

In the result, the appeal of the revenue for A

ITA 2115/KOL/2016[2013-14]Status: DisposedITAT Kolkata14 Mar 2018AY 2013-14

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 2114 & 2115/Kol/2016 Assessment Years: 2012-13 & 2013-14 Acit Cir 34..............................………………………...........................................................Appellant Aayakar Bhawan, Poorva, 7Th Floor, 110, Shantipally, Kolkata – 107. M/S. Banwarilall Pasari………………………………………………...............................Respondent 16, India Exchange Place, Kolkata – 1. [Pan: Aacfb 7611 A] Appearances By: Shri Arindam Bhattacharjee, Addl. Cit Appearing On Behalf Of The Revenue. Shri S. Jhajharia, Fca Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : February 15, 2018 Date Of Pronouncing The Order : March 14, 2018 Order

…ata Bench & Hon'ble Delhi Court that disallowance under Rule 8D(2)(ii) and 8D(2)(iii) could only be made in respect of only those investments on which dividend income has been earned. Similarly, Hon'ble Delhi Court in the case of ACB India Ltd. v. ACIT (2015) 374 ITR 108 has again held that disallowance under Rule 8D(2)(ii) / 8D(2)(iii) could only be with reference to the investment on which dividend income had been earned and this was also the view of Hon'ble Calcutta Tribunal referred above. Overall, in the facts and circumstances of the case, I find that the Ld AO ought to restrict the disallowance u/s 14A of…

ACIT, Circle-34, Kolkata vs. M/S Banwarilall Pasari, Kolkata

In the result, the appeal of the revenue for A

ITA 2114/KOL/2016[2012-13]Status: DisposedITAT Kolkata14 Mar 2018AY 2012-13

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 2114 & 2115/Kol/2016 Assessment Years: 2012-13 & 2013-14 Acit Cir 34..............................………………………...........................................................Appellant Aayakar Bhawan, Poorva, 7Th Floor, 110, Shantipally, Kolkata – 107. M/S. Banwarilall Pasari………………………………………………...............................Respondent 16, India Exchange Place, Kolkata – 1. [Pan: Aacfb 7611 A] Appearances By: Shri Arindam Bhattacharjee, Addl. Cit Appearing On Behalf Of The Revenue. Shri S. Jhajharia, Fca Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : February 15, 2018 Date Of Pronouncing The Order : March 14, 2018 Order

…ata Bench & Hon'ble Delhi Court that disallowance under Rule 8D(2)(ii) and 8D(2)(iii) could only be made in respect of only those investments on which dividend income has been earned. Similarly, Hon'ble Delhi Court in the case of ACB India Ltd. v. ACIT (2015) 374 ITR 108 has again held that disallowance under Rule 8D(2)(ii) / 8D(2)(iii) could only be with reference to the investment on which dividend income had been earned and this was also the view of Hon'ble Calcutta Tribunal referred above. Overall, in the facts and circumstances of the case, I find that the Ld AO ought to restrict the disallowance u/s 14A of…

Apollo Hospitals Enterprise Ltd., Chennai vs. DCIT, Chennai

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 1081/CHNY/2017[2011-12]Status: DisposedITAT Chennai07 Feb 2018AY 2011-12

Bench: Shri Abraham P George & Shri Duvvuru Rl Reddy

For Appellant: Shri T.Banusekar, C.A ""For Respondent: Shri M.Srinivasa Rao, CIT D.R
Section 14ASection 245DSection 245D(1)Section 35A

…आयकर अपील"य अ"धकरण, ’डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘ D’ BENCH : CHENNAI "ी अ"ाहमपी.जॉज", लेखा सद"य एवं "ी धु"वु" आर.एल रे"डी "या"यक सद"य के सम" BEFORE SHRI ABRAHAM P GEORGE, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER आयकर अपील सं./I.T.A.Nos.1080 & 1081/Mds./2017 "नधा"रण वष" /Assessment years : 2010-11 & 2011-12 M/s/Apollo Hospitals Vs. Assistant Commissioner of Enterprises Ltd., Income Tax , No.21, Greams Lane, Company Circle I(1), Greams Road, Chennai 600 034 Chennai 600 006. [PAN AAACA 5443 N ] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant b…

Apollo Hospitals Enterprise Ltd., Chennai vs. DCIT, Chennai

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 1080/CHNY/2017[2010-11]Status: DisposedITAT Chennai07 Feb 2018AY 2010-11

Bench: Shri Abraham P George & Shri Duvvuru Rl Reddy

For Appellant: Shri T.Banusekar, C.A ""For Respondent: Shri M.Srinivasa Rao, CIT D.R
Section 14ASection 245DSection 245D(1)Section 35A

…आयकर अपील"य अ"धकरण, ’डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘ D’ BENCH : CHENNAI "ी अ"ाहमपी.जॉज", लेखा सद"य एवं "ी धु"वु" आर.एल रे"डी "या"यक सद"य के सम" BEFORE SHRI ABRAHAM P GEORGE, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER आयकर अपील सं./I.T.A.Nos.1080 & 1081/Mds./2017 "नधा"रण वष" /Assessment years : 2010-11 & 2011-12 M/s/Apollo Hospitals Vs. Assistant Commissioner of Enterprises Ltd., Income Tax , No.21, Greams Lane, Company Circle I(1), Greams Road, Chennai 600 034 Chennai 600 006. [PAN AAACA 5443 N ] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant b…

Olive Bar & Kitchen P.Ltd, Mumbai vs. DCIT 13(1)(1), Mumbai

In the result, appeal filed by the assessee for assessment year 2012-2013

ITA 7566/MUM/2016[2012-13]Status: DisposedITAT Mumbai07 Feb 2018AY 2012-13

Bench: Shri R.C. Sharma (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2012-13 M/S Olive Bar & Kitchen Pvt. Ltd., The Dy. Commissioner Of Income 14Th Pali Hill Tourist Hotel, Tax – 13(1)(1), Khar West, Mumbai Mumbai – 400052 Vs. Pan: Aaaco5346G (Appellant) (Respondent) Revenue By : Shri Mahesh O. Rajora (Ar) Assessee By : Shri M.C. Omi Ningshen (Dr) Date Of Hearing: 08/11/2017 Date Of Pronouncement: 07/02/2018

For Appellant: Shri M.C. Omi Ningshen (DR)For Respondent: Shri Mahesh O. Rajora (AR)
Section 115JSection 143Section 143(1)Section 143(3)Section 14A

…, the disallowance made under rule 8D (iii) should have been made on average investments of above shares on which dividend income was received during the assessment year. The Ld. counsel further relying on the decisions in the case of ACB India Ltd. Vs. ACIT (374 ITR 108), Delhi, M/s Uma Polymers Ltd. vs. DCIT and vice-versa, ITA No. 3329/Mum/2015 and others (Mumbai ITAT) and Delhi Special Bench decision in the case of AICT vs. Vireet Investments Pvt. Ltd. 154 DTR (Del) Special Bench, 241, submitted that as per 4 Assessment Year: 2012-13 the aforesaid decisions, disallowance u/s 14A cannot exceed the exempt i…

State Bank of India, Mumbai vs. ACIT Cir 2(2)

In the result, appeal of the revenue is dismissed

ITA 4736/MUM/2010[1999-2000]Status: DisposedITAT Mumbai31 Jan 2018AY 1999-2000

Bench: Shri G.S. Pannu & Shri Pawan Singhstate Bank Of India Acit Circle (2)(2), Financial Reporting, Compliance & Mumbai. Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent) Acit Circle (2)(2), State Bank Of India Mumbai. Financial Reporting, Compliance & Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent)

For Respondent: Shri R.P. Meena (CIT-DR)
Section 14ASection 195Section 253Section 254(1)Section 36(1)(viia)Section 40Section 43D

…nses may be calculated on the basis of certain percentage of exempted income as has been held in a number of decision by various Tribunal and Hon’ble High Courts. Reliance was made in case of Cheminvest Limited vs. CIT (378 ITR 33), ACB India Ltd. vs. ACIT (374 ITR 108). The ld. AR further conceded that similar ground was restored to the file of AO in assessee’s own case for AY 1996-97 & 1998-99. It was submitted that the AO despite direction of Tribunal passed a non-speaking order and no relief was granted. It was finally prayed that the Tribunal may issue appropriate directions while setting aside the matter…

ACIT Cir 2(2), Mumbai vs. State Bank of India, Mumbai

In the result, appeal of the revenue is dismissed

ITA 4598/MUM/2010[1999-00]Status: DisposedITAT Mumbai31 Jan 2018AY 1999-00

Bench: Shri G.S. Pannu & Shri Pawan Singhstate Bank Of India Acit Circle (2)(2), Financial Reporting, Compliance & Mumbai. Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent) Acit Circle (2)(2), State Bank Of India Mumbai. Financial Reporting, Compliance & Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent)

For Respondent: Shri R.P. Meena (CIT-DR)
Section 14ASection 195Section 253Section 254(1)Section 36(1)(viia)Section 40Section 43D

…nses may be calculated on the basis of certain percentage of exempted income as has been held in a number of decision by various Tribunal and Hon’ble High Courts. Reliance was made in case of Cheminvest Limited vs. CIT (378 ITR 33), ACB India Ltd. vs. ACIT (374 ITR 108). The ld. AR further conceded that similar ground was restored to the file of AO in assessee’s own case for AY 1996-97 & 1998-99. It was submitted that the AO despite direction of Tribunal passed a non-speaking order and no relief was granted. It was finally prayed that the Tribunal may issue appropriate directions while setting aside the matter…

Shilpa Memani, New Delhi vs. ACIT, Circle-24(1), New Delhi

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

ITA 5244/DEL/2017[2011-12]Status: DisposedITAT Delhi18 Dec 2017AY 2011-12

Bench: Shri R.S. Syalassessment Year : 2011-12

For Appellant: Ms Charu Goyal, CA
Section 14ASection 36(1)(iii)

…le 8D(2), it is seen that the Assessing Officer computed disallowance at Rs.32,920/- by considering the average of value of investments on the opening and closing date of the year. 11. The Hon'ble jurisdictional High Court in ACB India Ltd. vs. ACIT (2015) 374 ITR 108 (Del) has held that value of tax exempt investments should be considered instead of total investments for adopting average value of investments of income which is not part of the total income. The effect of this decision is that while making disallowance under Rule 8D(2)(iii), it is only the average of those investments which have yielded exem…

M/S. Niagara Hotels & Builders Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeals of the assessee are partly allowed

ITA 1729/DEL/2014[2004-05]Status: DisposedITAT Delhi13 Dec 2017AY 2004-05

Bench: Sh. N. K. Saini, Am & Sh. K. N. Chary, Jm Ita No. 1729/Del/2014 : Asstt. Year : 2004-05 Ita No. 2160/Del/2014 : Asstt. Year : 2009-10 Ita No. 5937/Del/2013 : Asstt. Year : 2010-11 Niagara Hotels & Builders Pvt. Vs Acit, Circle-13(1)/ Ltd., G- 6 & 7, Vikram Tower, Income Tax Officer, 16, Rajendra Place, Ward-13(2), New Delhi-110008 New Delhi (Appellant) (Respondent) Pan No. Aaacn0188P Assessee By : Sh. Shaily Gupta, Ca & Sh. Divyam Mittal, Ca Revenue By : Sh. S. P. Gupta, Sr. Dr Date Of Hearing : 14.09.2017 Date Of Pronouncement : 13.12.2017 Order Per N. K. Saini, Am: These Three Appeals By The Assessee Are Directed Against The Separate Order Dated 30.12.2013 & 22.08.2013 Of Ld. Cit(A)- Xvi, Delhi.

For Appellant: Sh. Shaily Gupta, CA &For Respondent: Sh. S. P. Gupta, Sr. DR
Section 143(1)Section 24

…per Rules 8D(2)(iii) of the Income Tax Rules, 1962 stands reduced to Rs.13,584/- and the calculations for the same were furnished to the ld. CIT(A). The reliance was placed on the judgment of the Hon’ble Delhi High Court in the case of ACB India Ltd. Vs ACIT 374 ITR 108. 22. In his rival submissions, the ld. DR strongly supported the orders of the authorities below and further submitted that no calculation was furnished before the AO for the disallowance to be made u/s 14A of the Act but the same has been furnished first time before the ld. CIT(A). 23. We have considered the submissions of both the parties and…