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

Living Media India Ltd., New Delhi vs. ACIT, Circle-15(2), New Delhi

Appeal of the assessee is partly allowed

ITA 6295/DEL/2019[2016-17]Status: DisposedITAT Delhi31 Mar 2023AY 2016-17

Bench: Sh. Anil Chaturvedi & Sh. Narender Kumar Choudharyita Nos.4533, 4534 & 6295/Del/2019 (Assessment Years : 2014-15, 2015-16 & 2016-17) Living Media India Ltd. Vs. Acit 9, K-Block Connaught Circle – 15(2) Place, New Delhi-110 001 New Delhi Pan : Aaacl 0087 H (Appellant) (Respondent) Assessee By Shri Madhur Aggarwal, Adv. Shri Uma Shankar, Adv. Revenue By Shri Arvind Bansal, Sr. D.R. & Living Media India Ltd. Vs. Acit 9, K-Block Connaught Circle – 15(2) Circus, New Delhi-110 001 New Delhi Pan : Aaacl 0087 H (Appellant) (Respondent) Assessee By Shri Madhur Aggarwal, Adv. Shri Uma Shankar, Adv. Revenue By Ms. Sarita Kumari, Cit-D.R. Date Of Hearing: 16.03.2023 Date Of Pronouncement: 31.03.2023 Order Per Anil Chaturvedi, Am :

Section 115JSection 143(3)Section 14ASection 43B

…assessee and by following the order of his predecessor for A.Y. 2011-12 restricted the disallowance to Rs.55,87,882/- that was suo moto disallowed by assessee. He also placed reliance on the decision of Delhi High Court in the case of ACB India Ltd. vs. ACIT 374 ITR 108. 23. Learned DR on the other hand supported the order of AO. 12 24. We have heard the rival submissions and perused the material on record. The issue in the present ground is with respect to the disallowance made u/s 14A r.w. Rule 8D of the Income Tax Rules. It is an undisputed fact that in the computation of income filed by the assessee, it had…

Dharampal Premchand Ltd., Delhi vs. ACIT, Central Circle-29, New Delhi

In the result, appeal of assessee is partly allowed

ITA 6014/DEL/2019[2016-17]Status: DisposedITAT Delhi31 Mar 2023AY 2016-17

Bench: Sh. Anil Chaturvedi & Sh. Narender Kumar Choudharysl. Ita No(S) Assessment Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 4300/Del/2018 2013-14 Dharampal Premchand Ltd. Dcit 4873, Chandni Chowk, Central Circle – 29 Delhi-110 006 New Delhi Pan : Aaacd 1952 B 2. 2907/Del/2018 2015-16 -Do- -Do- 3. -Do- -Do- 6014/Del/2019 2016-17 4. 82/Del/2022 2017-18 -Do- -Do- Assessee By Shri G. N. Gupta, Adv. Revenue By Shri Harpal Singh Kharab, Sr. D.R Date Of Hearing: 21.03.2023 Date Of Pronouncement: 31.03.2023

Section 10(34)Section 10ASection 143(3)Section 14A

…ave actually yielded dividend income during the relevant year should be considered and not the entire investments and to support the aforesaid contention he placed reliance on the decision of Delhi High Court in the case of ACB India Ltd. vs. ACIT reported in 374 ITR 108. He thereafter pointed to page 13 of the paper book wherein the details of dividend income earned by the assessee is tabulated and from the aforesaid table he pointed to the fact that all the investments have not yielded dividend income. He thereafter submitted that identical issue arose in assessee’s own case in A.Y. 2014-15 before the Tribunal…

Living Media India Ltd., New Delhi vs. ACIT, Circle-15(2), New Delhi

Appeal of the assessee is partly allowed

ITA 4534/DEL/2019[2015-16]Status: DisposedITAT Delhi31 Mar 2023AY 2015-16

Bench: Sh. Anil Chaturvedi & Sh. Narender Kumar Choudharyita Nos.4533, 4534 & 6295/Del/2019 (Assessment Years : 2014-15, 2015-16 & 2016-17) Living Media India Ltd. Vs. Acit 9, K-Block Connaught Circle – 15(2) Place, New Delhi-110 001 New Delhi Pan : Aaacl 0087 H (Appellant) (Respondent) Assessee By Shri Madhur Aggarwal, Adv. Shri Uma Shankar, Adv. Revenue By Shri Arvind Bansal, Sr. D.R. & Living Media India Ltd. Vs. Acit 9, K-Block Connaught Circle – 15(2) Circus, New Delhi-110 001 New Delhi Pan : Aaacl 0087 H (Appellant) (Respondent) Assessee By Shri Madhur Aggarwal, Adv. Shri Uma Shankar, Adv. Revenue By Ms. Sarita Kumari, Cit-D.R. Date Of Hearing: 16.03.2023 Date Of Pronouncement: 31.03.2023 Order Per Anil Chaturvedi, Am :

Section 115JSection 143(3)Section 14ASection 43B

…assessee and by following the order of his predecessor for A.Y. 2011-12 restricted the disallowance to Rs.55,87,882/- that was suo moto disallowed by assessee. He also placed reliance on the decision of Delhi High Court in the case of ACB India Ltd. vs. ACIT 374 ITR 108. 23. Learned DR on the other hand supported the order of AO. 12 24. We have heard the rival submissions and perused the material on record. The issue in the present ground is with respect to the disallowance made u/s 14A r.w. Rule 8D of the Income Tax Rules. It is an undisputed fact that in the computation of income filed by the assessee, it had…

Living Media India Ltd., New Delhi vs. ACIT, Circle-15(2), New Delhi

Appeal of the assessee is partly allowed

ITA 4533/DEL/2019[2014-15]Status: DisposedITAT Delhi31 Mar 2023AY 2014-15

Bench: Sh. Anil Chaturvedi & Sh. Narender Kumar Choudharyita Nos.4533, 4534 & 6295/Del/2019 (Assessment Years : 2014-15, 2015-16 & 2016-17) Living Media India Ltd. Vs. Acit 9, K-Block Connaught Circle – 15(2) Place, New Delhi-110 001 New Delhi Pan : Aaacl 0087 H (Appellant) (Respondent) Assessee By Shri Madhur Aggarwal, Adv. Shri Uma Shankar, Adv. Revenue By Shri Arvind Bansal, Sr. D.R. & Living Media India Ltd. Vs. Acit 9, K-Block Connaught Circle – 15(2) Circus, New Delhi-110 001 New Delhi Pan : Aaacl 0087 H (Appellant) (Respondent) Assessee By Shri Madhur Aggarwal, Adv. Shri Uma Shankar, Adv. Revenue By Ms. Sarita Kumari, Cit-D.R. Date Of Hearing: 16.03.2023 Date Of Pronouncement: 31.03.2023 Order Per Anil Chaturvedi, Am :

Section 115JSection 143(3)Section 14ASection 43B

…assessee and by following the order of his predecessor for A.Y. 2011-12 restricted the disallowance to Rs.55,87,882/- that was suo moto disallowed by assessee. He also placed reliance on the decision of Delhi High Court in the case of ACB India Ltd. vs. ACIT 374 ITR 108. 23. Learned DR on the other hand supported the order of AO. 12 24. We have heard the rival submissions and perused the material on record. The issue in the present ground is with respect to the disallowance made u/s 14A r.w. Rule 8D of the Income Tax Rules. It is an undisputed fact that in the computation of income filed by the assessee, it had…

Living Media India Ltd., New Delhi vs. ACIT, Circle-15(2), New Delhi

Appeal of the assessee is partly allowed

ITA 4532/DEL/2019[2012-13]Status: DisposedITAT Delhi31 Mar 2023AY 2012-13

Bench: Sh. Anil Chaturvedi & Sh. Narender Kumar Choudharyita Nos.4533, 4534 & 6295/Del/2019 (Assessment Years : 2014-15, 2015-16 & 2016-17) Living Media India Ltd. Vs. Acit 9, K-Block Connaught Circle – 15(2) Place, New Delhi-110 001 New Delhi Pan : Aaacl 0087 H (Appellant) (Respondent) Assessee By Shri Madhur Aggarwal, Adv. Shri Uma Shankar, Adv. Revenue By Shri Arvind Bansal, Sr. D.R. & Living Media India Ltd. Vs. Acit 9, K-Block Connaught Circle – 15(2) Circus, New Delhi-110 001 New Delhi Pan : Aaacl 0087 H (Appellant) (Respondent) Assessee By Shri Madhur Aggarwal, Adv. Shri Uma Shankar, Adv. Revenue By Ms. Sarita Kumari, Cit-D.R. Date Of Hearing: 16.03.2023 Date Of Pronouncement: 31.03.2023 Order Per Anil Chaturvedi, Am :

Section 115JSection 143(3)Section 14ASection 43B

…assessee and by following the order of his predecessor for A.Y. 2011-12 restricted the disallowance to Rs.55,87,882/- that was suo moto disallowed by assessee. He also placed reliance on the decision of Delhi High Court in the case of ACB India Ltd. vs. ACIT 374 ITR 108. 23. Learned DR on the other hand supported the order of AO. 12 24. We have heard the rival submissions and perused the material on record. The issue in the present ground is with respect to the disallowance made u/s 14A r.w. Rule 8D of the Income Tax Rules. It is an undisputed fact that in the computation of income filed by the assessee, it had…

Dharampal Premchand Ltd., Delhi vs. DCIT, Central Circle-29, New Delhi

In the result, appeal of assessee is partly allowed

ITA 4300/DEL/2018[2013-14]Status: DisposedITAT Delhi31 Mar 2023AY 2013-14

Bench: Sh. Anil Chaturvedi & Sh. Narender Kumar Choudharysl. Ita No(S) Assessment Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 4300/Del/2018 2013-14 Dharampal Premchand Ltd. Dcit 4873, Chandni Chowk, Central Circle – 29 Delhi-110 006 New Delhi Pan : Aaacd 1952 B 2. 2907/Del/2018 2015-16 -Do- -Do- 3. -Do- -Do- 6014/Del/2019 2016-17 4. 82/Del/2022 2017-18 -Do- -Do- Assessee By Shri G. N. Gupta, Adv. Revenue By Shri Harpal Singh Kharab, Sr. D.R Date Of Hearing: 21.03.2023 Date Of Pronouncement: 31.03.2023

Section 10(34)Section 10ASection 143(3)Section 14A

…ave actually yielded dividend income during the relevant year should be considered and not the entire investments and to support the aforesaid contention he placed reliance on the decision of Delhi High Court in the case of ACB India Ltd. vs. ACIT reported in 374 ITR 108. He thereafter pointed to page 13 of the paper book wherein the details of dividend income earned by the assessee is tabulated and from the aforesaid table he pointed to the fact that all the investments have not yielded dividend income. He thereafter submitted that identical issue arose in assessee’s own case in A.Y. 2014-15 before the Tribunal…

Dharampal Premchand Ltd., Delhi vs. ACIT, Central Circle-29, New Delhi

In the result, appeal of assessee is partly allowed

ITA 2907/DEL/2018[2015-16]Status: DisposedITAT Delhi31 Mar 2023AY 2015-16

Bench: Sh. Anil Chaturvedi & Sh. Narender Kumar Choudharysl. Ita No(S) Assessment Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 4300/Del/2018 2013-14 Dharampal Premchand Ltd. Dcit 4873, Chandni Chowk, Central Circle – 29 Delhi-110 006 New Delhi Pan : Aaacd 1952 B 2. 2907/Del/2018 2015-16 -Do- -Do- 3. -Do- -Do- 6014/Del/2019 2016-17 4. 82/Del/2022 2017-18 -Do- -Do- Assessee By Shri G. N. Gupta, Adv. Revenue By Shri Harpal Singh Kharab, Sr. D.R Date Of Hearing: 21.03.2023 Date Of Pronouncement: 31.03.2023

Section 10(34)Section 10ASection 143(3)Section 14A

…ave actually yielded dividend income during the relevant year should be considered and not the entire investments and to support the aforesaid contention he placed reliance on the decision of Delhi High Court in the case of ACB India Ltd. vs. ACIT reported in 374 ITR 108. He thereafter pointed to page 13 of the paper book wherein the details of dividend income earned by the assessee is tabulated and from the aforesaid table he pointed to the fact that all the investments have not yielded dividend income. He thereafter submitted that identical issue arose in assessee’s own case in A.Y. 2014-15 before the Tribunal…

Tolani Shipping Co. Ltd., Mumbai vs. DCIT, Cir-5(3)(2), Mumbai

In the result, appeal of the assessee is allowed, in terms aforesaid

ITA 2238/MUM/2022[2016-17]Status: DisposedITAT Mumbai29 Mar 2023AY 2016-17

Bench: Shri Vikas Awasthy & Shri M Balaganeshvk-Vk-La- 2238@Eaqcbz@2022 ¼Fu-Oa- 2016&17½ M/S Tolani Shipping Co. Ltd. 10-A, Bhaktawar, R. P. Goenka Marg, Nariman Point Mumbai-400 021 ..... Vihykfkhz/Appellant Pan No. Aaact4127C Cuke Vs. Asst. Commissioner Of Income Tax Circle 5 (3) (2), 573, Aayakar Bhavan, M.K. Road, ..... Izfroknh/Respondent Mumbai-400 020

For Appellant: Shri Satyaprakash Singh izfroknh }kjk@For Respondent: Ms. Richa Gulati, Sr. AR
Section 14A

…आयकर अपीलीय अधिकरण eqacbZ ihB ßbZÞ eaqcbZ Jh fodkl voLFkh] U;kf;d lnL;],oa Jh ,e ckyx.ks’k] ys[kkdkj lnL; ds le{k IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” BENCH BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI M BALAGANESH, ACCOUNTANT MEMBER vk-vk-la- 2238@eaqcbZ@2022 ¼fu-oa- 2016&17½ M/s Tolani Shipping Co. Ltd. 10-A, Bhaktawar, R. P. Goenka Marg, Nariman Point Mumbai-400 021 ..... vihykFkhZ/Appellant PAN No. AAACT4127C cuke Vs. Asst. Commissioner of Income Tax Circle 5 (3) (2), 573, Aayakar Bhavan, M.K. Road, ..... izfroknh/Respondent Mumbai-400 020 vihykFkhZ }kjk@Appellant by : Shri Satyaprak…

Opelina Finance and Investment Ltd., Delhi vs. ITO, Ward- 19(2), New Delhi

In the result, appeal of the assessee is partly allowed

ITA 1422/DEL/2018[2013-14]Status: DisposedITAT Delhi15 Mar 2023AY 2013-14

Bench: Sh. Anil Chaturvedi & Sh. N.K Choudhrym/S Opelina Finance & Vs. Ito, Ward-19(2), Investment Ltd., New Delhi 110002 28, Nazafgarh Road, Delhi 110015 Pan No. Aaaco 5195 R (Appellant) (Respondent) Assessee By Shri Salil Kapoor, Adv. Ms. Ananya Kapoor, Adv. Shri Amarbir Singh, Adv. Revenue By Shri Jitender Chand, Sr. Dr Date Of Hearing: 07.03.2023 Date Of Pronouncement: 15.03.2023 Order Per Anil Chaturvedi, Am : This Appeal Filed By The Assessee Is Directed Against The Order Dated 20.11.2017 Of The Commissioner Of Income Tax (Appeals)-New Delhi Relating To Assessment Year 2013-14. 2. Brief Facts Of The Case As Culled Out From The Material On Record Are As Under :-

Section 143(3)Section 234BSection 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI BEFORE SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SH. N.K CHOUDHRY, JUDICIAL MEMBER M/s Opelina Finance and Vs. ITO, Ward-19(2), Investment Ltd., New Delhi 110002 28, Nazafgarh Road, Delhi 110015 PAN No. AAACO 5195 R (APPELLANT) (RESPONDENT) Assessee by Shri Salil Kapoor, Adv. Ms. Ananya Kapoor, Adv. Shri Amarbir Singh, Adv. Revenue by Shri Jitender Chand, Sr. DR Date of hearing: 07.03.2023 Date of Pronouncement: 15.03.2023 ORDER PER ANIL CHATURVEDI, AM : This appeal filed by the assessee is directed against the order dated 20.11.2017 of the Commiss…

DCIT, C-11(1), New Delhi vs. Hero Motocorp Ltd., New Delhi

Appeal of the Revenue is dismissed

ITA 1982/DEL/2019[2014-15]Status: DisposedITAT Delhi03 Feb 2023AY 2014-15

Bench: Shri Narendra Kumar Billaiya & Shri Kul Bharat

Section 14ASection 2(22)(e)Section 40Section 40a

…interest free funds and the interest expenditure incurred by the assessee did not have any nexus with investment yielding exempt income. Further, the CIT(A) after relying upon the decision of the Hon’ble Delhi High Court in the case of ACB India ltd. v. ACIT:374 ITR 108 (Del) held that only investment which yielded exempt income during the year would be considered for computing disallowance under section 14A read with Rule 8D(2)(iii) of the Rules and considering that the disallowance computed as per the said method was Rs. 19.07 Lacs which was lesser than the suo motu disallowance of Rs. 67.03 Lacs, the disallow…

Assistant Commissioner of Income Tax, Circle - 1(1)(1), Surat vs. Enviro Control Pvt. Ltd., Surat

In the result, the appeal is partly allowed

ITA 307/SRT/2022[2017-18]Status: DisposedITAT Surat18 Jan 2023AY 2017-18

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.274 & 307/Srt/2022 ("नधा"रण वष" /Assessment Years: (2013-14 & 2017-18) (Virtual Court Hearing) Assistant Commissioner Of Enviro Control Pvt. Ltd., Income-Tax, Circle-1(1)(1), Vs. Enviro House, Opp. Bank Of Surat, Room No.108, 1St Floor, Maharshtra, Ghod Dod Road, Surat- Aayakar Bhawan, Majura 395007 Gate, Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 8700 C (Assessee) (Respondent)

Section 143(3)Section 14A

…under section14A could not exceed amount of tax free income. The Court held that the question of law urged in respect of section 14A in this case was squarely covered by the decision of this court in ACB India vs. Assistant Commissioner of Income Tax, [2015] 374 ITR 108 (Del). Furthermore, the disallowance calculated exceeded the amount of tax free income and was therefore held to be contrary to the ruling in Cheminvest Ltd. vs. Commissioner of Income Tax [2015] 378 ITR 33 (Del). Thus, ld CIT(A) noted that there is dividend income of Rs.85,228/- earned during the year, which is not claimed as exempt, therefore d…

Assistant Commissioner of Income Tax, Circle -1(1)(1), Surat vs. Enviro Control Pvt. Ltd., Surat

In the result, the appeal is partly allowed

ITA 274/SRT/2022[2013-14]Status: DisposedITAT Surat18 Jan 2023AY 2013-14

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.274 & 307/Srt/2022 ("नधा"रण वष" /Assessment Years: (2013-14 & 2017-18) (Virtual Court Hearing) Assistant Commissioner Of Enviro Control Pvt. Ltd., Income-Tax, Circle-1(1)(1), Vs. Enviro House, Opp. Bank Of Surat, Room No.108, 1St Floor, Maharshtra, Ghod Dod Road, Surat- Aayakar Bhawan, Majura 395007 Gate, Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 8700 C (Assessee) (Respondent)

Section 143(3)Section 14A

…under section14A could not exceed amount of tax free income. The Court held that the question of law urged in respect of section 14A in this case was squarely covered by the decision of this court in ACB India vs. Assistant Commissioner of Income Tax, [2015] 374 ITR 108 (Del). Furthermore, the disallowance calculated exceeded the amount of tax free income and was therefore held to be contrary to the ruling in Cheminvest Ltd. vs. Commissioner of Income Tax [2015] 378 ITR 33 (Del). Thus, ld CIT(A) noted that there is dividend income of Rs.85,228/- earned during the year, which is not claimed as exempt, therefore d…

ACIT, New Delhi vs. M/S. India Bulls Power Ltd., New Delhi

The appeals are dismissed in regard to the first question

ITA 2013/DEL/2017[2011-12]Status: DisposedITAT Delhi05 Jan 2023AY 2011-12

Bench: Shri Anil Chaturvedi & Ms. Astha Chandraasstt. Year: 2011-12 Acit, Vs. India Bulls Power Ltd. (Now Known Circle-21(1), As Rattan India Power Ltd.) New Delhi. 5Th Floor, Tower-B, Worldmark-1, Aerocity, New Delhi- 110 037 Pan Aalcs2063D (Appellant) (Respondent)

For Appellant: Shri Ajay Wadhwa, AdvocateFor Respondent: Shri Anuj Garg, Sr. DR
Section 10Section 143(3)Section 14ASection 154

…that yielded exempt income during the year have to be considered for computing the disallowance under clause(ii) and clause (iii) of Rule 8D of the Income Tax Rules, 1962 which has been upheld by the Hon’ble Delhi High Court in ACB India Ltd. vs. ACIT (2015) 374 ITR 108 (Delhi). 7. We have given our careful thought to the submission of the parties and perused the material available in the records. The Ld. AO in his order dated 25.03.2014 computed disallowance of Rs. 7,76,51,949/- and after considering suo-moto disallowance of Rs. 8,89,763/- made disallowance of Rs. 7,67,62,186/- under section 14A which was redu…

Deputy Commissioner of Income Tax, Central Circle-8(1), Mumbai vs. Raymond Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 4082/MUM/2018[2012-13]Status: DisposedITAT Mumbai28 Dec 2022AY 2012-13

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Madhur Agrawal &For Respondent: Shri T. Shankar
Section 143(3)Section 14ASection 23Section 40A(2)(b)

…N THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “D”, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA NOs.202, 4072, 4073 & 4082/MUM/2018 (A.Ys.2009-10, 2010-11, 2011-12 & 2012-13) DCIT – Central Circle – 8(1) v. M/s. Raymond Limited Room No. 656, 6th Floor New Hind House Aayakar Bhavan, M.K. Road Narottam Morarjee Marg Mumbai - 400020 Ballard Estate, Mumbai - 400038 PAN: AAACR4896A (Appellant) (Respondent) Assessee by : Shri Madhur Agrawal & Shri Nirav Poddar Department by : Shri T. Shankar Date of Hearing : 03.10.2022 Date of Pronouncement : 28…

Deputy Commissioner of Income Tax, Central Circle-8(1), Mumbai vs. Raymond Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 4073/MUM/2018[2011-12]Status: DisposedITAT Mumbai28 Dec 2022AY 2011-12

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Madhur Agrawal &For Respondent: Shri T. Shankar
Section 143(3)Section 14ASection 23Section 40A(2)(b)

…N THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “D”, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA NOs.202, 4072, 4073 & 4082/MUM/2018 (A.Ys.2009-10, 2010-11, 2011-12 & 2012-13) DCIT – Central Circle – 8(1) v. M/s. Raymond Limited Room No. 656, 6th Floor New Hind House Aayakar Bhavan, M.K. Road Narottam Morarjee Marg Mumbai - 400020 Ballard Estate, Mumbai - 400038 PAN: AAACR4896A (Appellant) (Respondent) Assessee by : Shri Madhur Agrawal & Shri Nirav Poddar Department by : Shri T. Shankar Date of Hearing : 03.10.2022 Date of Pronouncement : 28…

Deputy Commissioner of Income Tax, Central Circle-8(1), Mumbai vs. Raymond Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 4072/MUM/2018[2010-11]Status: DisposedITAT Mumbai28 Dec 2022AY 2010-11

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Madhur Agrawal &For Respondent: Shri T. Shankar
Section 143(3)Section 14ASection 23Section 40A(2)(b)

…N THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “D”, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA NOs.202, 4072, 4073 & 4082/MUM/2018 (A.Ys.2009-10, 2010-11, 2011-12 & 2012-13) DCIT – Central Circle – 8(1) v. M/s. Raymond Limited Room No. 656, 6th Floor New Hind House Aayakar Bhavan, M.K. Road Narottam Morarjee Marg Mumbai - 400020 Ballard Estate, Mumbai - 400038 PAN: AAACR4896A (Appellant) (Respondent) Assessee by : Shri Madhur Agrawal & Shri Nirav Poddar Department by : Shri T. Shankar Date of Hearing : 03.10.2022 Date of Pronouncement : 28…

Deputy Commissioner of Income Tax, Central Circle-8(1), Mumbai vs. Raymond Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 202/MUM/2018[2009-10]Status: DisposedITAT Mumbai28 Dec 2022AY 2009-10

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Madhur Agrawal &For Respondent: Shri T. Shankar
Section 143(3)Section 14ASection 23Section 40A(2)(b)

…N THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “D”, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA NOs.202, 4072, 4073 & 4082/MUM/2018 (A.Ys.2009-10, 2010-11, 2011-12 & 2012-13) DCIT – Central Circle – 8(1) v. M/s. Raymond Limited Room No. 656, 6th Floor New Hind House Aayakar Bhavan, M.K. Road Narottam Morarjee Marg Mumbai - 400020 Ballard Estate, Mumbai - 400038 PAN: AAACR4896A (Appellant) (Respondent) Assessee by : Shri Madhur Agrawal & Shri Nirav Poddar Department by : Shri T. Shankar Date of Hearing : 03.10.2022 Date of Pronouncement : 28…

Til Limited, Kolkata vs. D.C.I.T., Circle-1(2), Kolkata

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

ITA 558/KOL/2022[2014-2015]Status: DisposedITAT Kolkata23 Dec 2022AY 2014-2015

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 14A

…आयकर अपील"य अ"धकरण, कोलकाता पीठ ‘‘बी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA "ी राजेश कुमार, लेखा सद"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 558/Kol/2022 Assessment Year: 2014-15 TIL Ltd. Vs. DCIT, Circle-1(2), Kolkata (PAN: AABCT 0704 G) Appellant / (अपीलाथ") Respondent / ( !यथ") 30.11.2022 Date of Hearing / सुनवाई क$ "त&थ Date of Pronouncement/ 23.12.2022 आदेश उ)घोषणा क$ "त&थ For the Appellant/ Shri S.K. Tulsiyan, Advocate "नधा"/रती क$ ओर से For the Respondent/ Shri Sudipta Guha, CITDR राज"व…

Unifrax India Ltd., Mumbai vs. The Jt. CIT., Range-8, Ahmedabad

ITA 504/AHD/2014[2009-10]Status: DisposedITAT Mumbai14 Dec 2022AY 2009-10

Bench: The

For Appellant: Shri Shashank MehtaFor Respondent: Shri Nishant Somaiya
Section 115Section 115JSection 143(3)Section 14ASection 32

…cer computed disallowance under Rule 8D(2)(iii) of the Act at INR 9,73,508/-. Ld. Authorised Representative for the Appellant, relying upon the judgment of Hon‟ble Delhi High Court in the case of ACB India Ltd. vs. Assistant Commissioner of Income Tax: [2015] 374 ITR 108 (Delhi), submitted that while computing disallowance in terms of Rule 8D(2)(iii) the Assessing Officer erred in including all the investments as opposed to investments in respect of which exempt income was earned during the relevant previous year. He also relied upon the decision of Special Bench of the Tribunal in the case of Assistant Commissio…

Hexa Securities & Finance Company Limited., New Delhi vs. DCIT Circle-11(1), New Delhi

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

ITA 1124/DEL/2020[2015-16]Status: DisposedITAT Delhi10 Nov 2022AY 2015-16
For Appellant: Shri Anil Jain, CAFor Respondent: Shri Rajendra Jha, Sr. DR
Section 14A

…efore us. We have heard both the parties and perused the records. 6. Ld. Counsel of the assessee stated that this issue is squarely covered in favour of the assessee by the decision of Hon’ble jurisdictional High Court in the case of ACB India Ltd. vs. CIT 374 ITR 108 (Del.). He further submitted that amendment in the Income-tax Act, 1961 (for short 'the Act') is prospective which has been so held in Pr.CIT (Central)- 2 vs. M/s. Era Infrastructure (India) Ltd. in ITA 204/2022 order dated 20.07.2022 and CBDT Circular No.23 dated 03.11.2022. As regards the alternative submission that disallowance should be re…