ACIT v. Champion Commercial Co. Ltd.

139 ITD 108Income Tax Appellate Tribunal2012#3510 most cited

What is ACIT v. Champion Commercial Co. Ltd. authority for?

Interest expenses directly attributable to earning taxable income should be excluded from the disallowance calculation under Rule 8D(2)(ii). Only interest expenses that are neither directly attributable to tax-exempt income nor taxable income are to be allocated as per the Rule 8D(2)(i) formula.

34

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2022.

Also referred to as

ACIT v Champion Commercial Co. Ltd. · Section 14A · Rule 8D · interest expense · taxable income · exempt income · allocation of interest

Judgments citing ACIT v. Champion Commercial Co. Ltd.

ICICI HOME FINANCE COMPANY LTD,MUMBAI vs. ADDL CIT 10(1), MUMBAI

In the result, appeal filed by the Revenue is dismissed

ITA 1325/MUM/2013[2009-10]Status: DisposedITAT Mumbai03 Jun 2022AY 2009-10

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Aarti VissanjiFor Respondent: R.A. Dhyani
Section 14ASection 201Section 250Section 36(1)(viii)Section 36(1)(viil)Section 37(1)

…t expense incurred for earning taxable income ie. interest and other income from home financing activity must be excluded from the formula in Rule 8D(2)(ii) Pr. CIT v Bharti Overseas (P) Ltd. [2015] 64 taxmann.com 340 (Del) CIT v Champion Commercial Co. Ltd., 139 ITD 108 (Kol. ITAT) Ground 1(ii) — whether recording of satisfaction is necessary for disallowance under sec. 14A AO has mechanically invoked Rule 8D — paragraph 6 Submission: Recording of satisfaction is essential I.P. Support Services India P. Ltd. 378 ITR 340 (Del) CIT v REI Agro Ltd. GA 3022 of 2013 (Cal) Shapoorji Pallonji & Co. v DCIT, 164 ITD 42 M…

DEPUTY COMMISSIONER OF INCOME TAX,, BANGALORE vs. M/S GOPALAN ENTERPRISES INDIA PVT LTD, BANGALORE

In the result, appeal by the revenue is dismissed

ITA 1098/BANG/2014[2012-13]Status: DisposedITAT Bangalore06 Mar 2020AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Pradip Kumar Kedia

For Appellant: Shri Kumar Ajeet, CIT(DR)(ITAT), BengaluruFor Respondent: Shri K.R. Pradeep, Advocate
Section 80I

…rning of business income of the appellant company. Therefore, none of the interest payments can be considered under Rule 8D(2)(ii) of the I.T. Act. In this context, the decision of the Hon'ble Tribunal of Kolkata Bench in the case of Champion Commercial Ltd. [139 ITD 108(Kol)] supports the above view. The relevant portion of the said decision is extracted below: "we make it clear that common interest expenses which are to be allocated in terms of the formula under Rule 8D (2) (i ) will be only such interest expenses as are neither directly attributable borrowings specifically used for tax- Page 8 of 11 exempt in…

M/S. HINDUSTHAN NATIONAL GLASS & INDUSTRIES LTD., ,KOLKATA vs. D.C.I.T, CIRCLE - 5(2), , KOLKATA

In the result, the appeal of the assessee is allowed

ITA 515/KOL/2019[2013-14]Status: DisposedITAT Kolkata31 Dec 2019AY 2013-14

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.515/Kol/2019 ("नधा"रणवष" / Assessment Year: 2013-14)

For Appellant: Shri D.S. Damle, FCAFor Respondent: Smt. Ranu Biswas, Addl. CIT
Section 143(2)Section 143(3)Section 14A

…d it therefore has to be excluded from the calculation to determine the disallowance under Rule 8D(2)(ii). In both the above decisions the coordinate Benches referred to the decision of Kolkata Bench of ITAT in the case of ACIT Vs Champion Commercial Limited (139 ITD 108) wherein it was observed that Section 14A of the Income-tax Act, 1961 recognizes two categories of income which are mutually exclusive viz. 'tax exempt income' and 'taxable income'. Accordingly, while allocating interest Hindusthan National Glass & Industries Ltd. Assessment Year:2013-14 amongst these two categories, interest which is directly re…

ADITYA BIRLA RETAIL LTD,MUMBAI vs. PR CIT 9, MUMBAI

In the result, appeal of the assessee is allowed

ITA 3214/MUM/2015[2010-11]Status: DisposedITAT Mumbai18 Sept 2019AY 2010-11

Bench: Shri G.S. Pannu, Vice- & Shri Pawan Singhaditya Birla Retail Ltd., Principle Cit-9 86/92 Skyline Icon, 5Th & 6Th Room No. 214, 2Nd Floor, Floor, Near Mittal Industrial Vs. Aayakar Bhavan, M.K. Estate, Andheri (East), Road, Mumbai 400 020 Mumbai 400 059 Pan – Aaacp2678Q Appellant Respondent Appellant By : Shri Yogesh Thar/Ms. Niyanta Mehta & Manish Shah (Ar’S) Respondent By : Shri R.P. Meena (Cit-Dr)

For Appellant: Shri Yogesh Thar/Ms. Niyanta Mehta and Manish Shah (AR’s)For Respondent: Shri R.P. Meena (CIT-DR)
Section 142(1)Section 143Section 143(3)Section 14ASection 254(1)Section 263Section 40

…IN THE INCOME-TAX APPELLATE TRIBUNAL “A” BENCH MUMBAI BEFORE SHRI G.S. PANNU, VICE-PRESIDENT AND SHRI PAWAN SINGH JUDICIAL MEMBER Aditya Birla Retail Ltd., Principle CIT-9 86/92 Skyline Icon, 5th & 6th Room No. 214, 2nd Floor, Floor, Near Mittal Industrial Vs. Aayakar Bhavan, M.K. Estate, Andheri (East), Road, Mumbai 400 020 Mumbai 400 059 PAN – AAACP2678Q Appellant Respondent Appellant by : Shri Yogesh Thar/Ms. Niyanta Mehta and Manish Shah (AR’s) Respondent by : Shri R.P. Meena (CIT-DR) Date of Hearing : 05.09.2019 Date of Pronouncement : 18.09.2019 ORDER UNDER SECTION 254(1)OF INCOME TAX ACT PER PAWAN…

M/S. M.C. DAVAR HOLDINGS PVT. LTD.,,MUMBAI vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(2),, BARODA

In the result, appeal of the assessee is allowed

ITA 3408/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad13 Nov 2018AY 2013-14

Bench: Shri Waseem Ahmed & Smt Madhumita Royआयकर अपील सं./I.T.A. No. 3408/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2013-14) M/S. M. C. Davar Holdings Dcit, बनाम/ Pvt. Ltd., Cir – 2(1)(2), Vs. 410, Gateway Plaza, Baroda. Near Hiranandani Gardens, A.S. Marg, Powai, Mumbai-400 0176 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcm 4238 Q .. (अपीलाथ"/Appellant) (""यथ" / Respondent) Ms. Urvashi Sodhan, A.R. अपीलाथ" ओर से/ Appellant By : Shri Lalit P. Jain, Sr. D.R. ""यथ" क" ओर से/Respondent By:

For Appellant: Shri Lalit P. Jain, Sr. D.R
Section 10Section 10(34)Section 143(3)Section 14A

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘MhMhMhMh* अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD ;d lnL; ds le{kA LkoZJh oZJh oZJh olhe oZJh olhe olhe vgen olhe vgen vgen] ys[kk lnL; , vgen ] ys[kk lnL; , ] ys[kk lnL; ,oaoaoaoa Ek/Ek/Ek/Ek/kqferk ] ys[kk lnL; , kqferk kqferk jkW; kqferk jkW; jkW;] ] ] ] U; jkW; U;U; U;kfkfkfkf;d lnL; ds le{kA ;d lnL; ds le{kA ;d lnL; ds le{kA BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And SMT MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./I.T.A. No. 3408/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2013-14) M/s. M. C. Davar Holdings DCIT, बनाम/ Pvt. Ltd., Cir – 2(…

DCIT, CIRCLE - 8(1), KOLKATA, KOLKATA vs. M/S. ASHIANA HOUSING LIMITED , KOLKATA

In the result, the appeal filed by the Revenue stands dismissed and the appeal filed by the assessee stands partly allowed for statistical purposes

ITA 2271/KOL/2017[2012-13]Status: DisposedITAT Kolkata05 Oct 2018AY 2012-13

Bench: The Cit-A. The Cit-A By Placing His Reliance On An Order Of Kolkata Bench (Itat, Kolkata) In The Case Of Rei Agro Ltd Reported In (2013) 144 Itd 141 (Kolkata-Trib) Directed The Ao To Verify The Details Of Investment Filed Before Him & To Compute The Expenditure Accordingly In Terms Of Investment, Which Yielded Exempt Income.

For Appellant: Shri A. Bhattacharya, Addl. CIT, ld. Sr.DRFor Respondent: S/Shri Arvind Agarwal, Advocate &
Section 14ASection 14A(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH: KOLKATA Before: Shri M. Balaganesh, Accountant Member and Shri S.S. Viswanethra Ravi, Judicial Member I.T.A No. 2271/Kol/2017 A.Y: 2012-13 D.C.I.T, Circle-8(1), Vs. M/s. Ashiana Housing Kolkata Limited PAN:AADCA9093P [Appellant] [Respondent] For the Appellant : Shri A. Bhattacharya, Addl. CIT, ld. Sr.DR For the Respondent : S/Shri Arvind Agarwal, Advocate & Rajat Agarwal, CA, ld.ARs Date of hearing : 12-09-2018 Date of pronouncement : 05-10-2018 ORDER Shri S.S. Viswanethra Ravi, JM: This appeal by the Revenue is directed against the order of the Commis…

THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD vs. GUJARAT APOLLO INDUSTRIES LTD.,, AHMEDABAD

The appeal of the asssessee is partly allowed

ITA 154/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad19 Sept 2018AY 2011-12
For Appellant: Shri M.K. Patel, A.RFor Respondent: Shri V.K. Singh, Sr. D.R
Section 143(2)Section 143(3)Section 195Section 40

…s accordingly directed to work out the disallowance by applying the third limb of Rule 8D as directed above. Without prejudice to above discussion, it has also been held by honourable 1TAT Kolkata in the case of Champion Commercial Company Limited reported in 139 ITD 108 that when the assessee offers a disallowance under section 14 A, provisions of section 14 A(2), read with Rule 8D cannot be invoked unless assessing officer is satisfied about the incorrectness of the disallowance so offered, but when assessee does not offer any disallowance under section 14 A by claiming that there was no expenditure incurred to…

THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD vs. GUJARAT APOLLO INDUSTRIES LTD.,, AHMEDABAD

The appeal of the asssessee is partly allowed

ITA 153/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad19 Sept 2018AY 2010-11
For Appellant: Shri M.K. Patel, A.RFor Respondent: Shri V.K. Singh, Sr. D.R
Section 143(2)Section 143(3)Section 195Section 40

…s accordingly directed to work out the disallowance by applying the third limb of Rule 8D as directed above. Without prejudice to above discussion, it has also been held by honourable 1TAT Kolkata in the case of Champion Commercial Company Limited reported in 139 ITD 108 that when the assessee offers a disallowance under section 14 A, provisions of section 14 A(2), read with Rule 8D cannot be invoked unless assessing officer is satisfied about the incorrectness of the disallowance so offered, but when assessee does not offer any disallowance under section 14 A by claiming that there was no expenditure incurred to…

GUJARAT APOLLO INDUSTRIES LIMITED,,AHMEDABAD vs. THE JT. CIT, RANGE-4,, AHMEDABAD

The appeal of the asssessee is partly allowed

ITA 110/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad19 Sept 2018AY 2011-12
For Appellant: Shri M.K. Patel, A.RFor Respondent: Shri V.K. Singh, Sr. D.R
Section 143(2)Section 143(3)Section 195Section 40

…s accordingly directed to work out the disallowance by applying the third limb of Rule 8D as directed above. Without prejudice to above discussion, it has also been held by honourable 1TAT Kolkata in the case of Champion Commercial Company Limited reported in 139 ITD 108 that when the assessee offers a disallowance under section 14 A, provisions of section 14 A(2), read with Rule 8D cannot be invoked unless assessing officer is satisfied about the incorrectness of the disallowance so offered, but when assessee does not offer any disallowance under section 14 A by claiming that there was no expenditure incurred to…

GUJARAT APOLLO INDUSTRIES LIMITED,,AHMEDABAD vs. THE JT. CIT, RANGE-4,, AHMEDABAD

The appeal of the asssessee is partly allowed

ITA 109/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad19 Sept 2018AY 2010-11
For Appellant: Shri M.K. Patel, A.RFor Respondent: Shri V.K. Singh, Sr. D.R
Section 143(2)Section 143(3)Section 195Section 40

…s accordingly directed to work out the disallowance by applying the third limb of Rule 8D as directed above. Without prejudice to above discussion, it has also been held by honourable 1TAT Kolkata in the case of Champion Commercial Company Limited reported in 139 ITD 108 that when the assessee offers a disallowance under section 14 A, provisions of section 14 A(2), read with Rule 8D cannot be invoked unless assessing officer is satisfied about the incorrectness of the disallowance so offered, but when assessee does not offer any disallowance under section 14 A by claiming that there was no expenditure incurred to…

DCIT -1(3)(2), MUMBAI vs. TATA LOCKHEED MARTINAEROSTRUCTURES LTD., HYDERABAD

In the result , appeal of the Revenue is partly allowed as indicated above

ITA 2667/MUM/2016[2011-12]Status: DisposedITAT Mumbai08 Aug 2018AY 2011-12

Bench: Shri Saktijit Dey & Shri Ramit Kochar

For Appellant: Ms. Arati VissanjiFor Respondent: Shri V. Justin,DR
Section 143(3)Section 14A

…2 (Mum); (m) Justice Ram P Bharucha v. Addl. CIT (2012) 53 SOT 192. 5. Our attention was drawn to the judgments of Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd, Hon’ble Kolkata Tribunal in the case of Champion Commercial Co. Ltd (2012) 139 ITD 108(Kol). Before we decide the merits of the case, it is necessary to evaluate the provisions of sub section (2) to section 14A of the I.T. Act which is as under:- "(2) The Assessing Officer shall determine the amount of expenditure incurred in relation to such income which does not form part of the total income under this Act in accordance with suc…

DEPUTY COMMISSIONER OF INCOME-TAX vs. SHRI MUKUND JAISHANKAR DHARIYA,, PUNE

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

ITA 754/PUN/2015[2010-11]Status: DisposedITAT Pune11 Apr 2018AY 2010-11

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita No.330/Pun/2015 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Year : 2010-11 वष"

For Appellant: Shri C.V. ChitaleFor Respondent: Shri Achal Sharma
Section 14ASection 2(22)(e)Section 37

…the case of the assessee. While reaching the said conclusion, he relied on the judgment of Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT 328 ITR 81 (Bom.) and the decision in the case of ACIT Vs. Champion Commercial Co. Ltd. 139 ITD 108 (Kol.). Eventually, the CIT(A) confirmed the said disallowance made by the AO. Aggrieved with the same, the assessee is in appeal before us. 9. Before us, on this issue, Ld. Counsel for the assessee submitted that the disallowance made by the AO and confirmed the CIT(A) exceeded the exempt income quantitatively. For this purpose, assessee r…

MUKUND DHARIYA,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

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

ITA 330/PUN/2015[2010-11]Status: DisposedITAT Pune11 Apr 2018AY 2010-11

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita No.330/Pun/2015 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Year : 2010-11 वष"

For Appellant: Shri C.V. ChitaleFor Respondent: Shri Achal Sharma
Section 14ASection 2(22)(e)Section 37

…the case of the assessee. While reaching the said conclusion, he relied on the judgment of Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT 328 ITR 81 (Bom.) and the decision in the case of ACIT Vs. Champion Commercial Co. Ltd. 139 ITD 108 (Kol.). Eventually, the CIT(A) confirmed the said disallowance made by the AO. Aggrieved with the same, the assessee is in appeal before us. 9. Before us, on this issue, Ld. Counsel for the assessee submitted that the disallowance made by the AO and confirmed the CIT(A) exceeded the exempt income quantitatively. For this purpose, assessee r…

ACIT, CIRCLE-34, KOLKATA, 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

…t was considered by A.O. of Rs. 9,45,23,277/- which included the average value of stock-in-trade and hence the same has to be exclude for which the appellant relied on the judgment of the jurisdictional Tribunal in the case of ACIT vs. Champion Commercial Co. 139 ITD 108 (Cal). (c) The appellant also relied upon the judgment of the jurisdiction High Court which had affirmed the judgment of the Jurisdictional Tribunal in the case of REI Agro Industries Ltd. vs DCIT (2013) 144 ITD 141 in which had not earned any exempt income has to be kept out of the ambit of computation of disallowance u/s 14A read with Rule 8D.…

ACIT, CIRCLE-34, KOLKATA, 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

…t was considered by A.O. of Rs. 9,45,23,277/- which included the average value of stock-in-trade and hence the same has to be exclude for which the appellant relied on the judgment of the jurisdictional Tribunal in the case of ACIT vs. Champion Commercial Co. 139 ITD 108 (Cal). (c) The appellant also relied upon the judgment of the jurisdiction High Court which had affirmed the judgment of the Jurisdictional Tribunal in the case of REI Agro Industries Ltd. vs DCIT (2013) 144 ITD 141 in which had not earned any exempt income has to be kept out of the ambit of computation of disallowance u/s 14A read with Rule 8D.…

TATA LOKHEED MARTIN AEROSTRUCTURES LTD.,HYDERABAD vs. DCIT - 1(3), MUMBAI

ITA 2144/MUM/2016[2011-12]Status: DisposedITAT Mumbai12 Jan 2018AY 2011-12

Bench: Sh. Shamim Yahya, Am & Sh. Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 2144/Mum/2016 (निर्धारणवर्ा / Assessment Year: 2011-12)

For Appellant: Ms. Aarati VisanjiFor Respondent: Sh. M. V. Rajguru
Section 10(34)Section 14A

…5. Our attention was drawn to the judgments of Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd, Hon’ble Kolkata Tribunal in the case of 7 I.T.A. No. 2144/Mum/2016 Tata Lokheed Martin Aerostructures Ltd. Champion Commercial Co. Ltd (2012) 139 ITD 108(Kol). Before we decide the merits of the case, it is necessary to evaluate the provisions of sub section (2) to section 14A of the I.T. Act which is as under:- "(2) The Assessing Officer shall determine the amount of expenditure incurred in relation to such income which does not form part of the total income under this Act in accordance with suc…

THE DCIT, CIRCLE-1,, AHMEDABAD vs. ADANI AGRO PVT. LTD.,, AHMEDABAD

The appeal is allowed with no order as to costs

ITA 557/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad31 May 2017AY 2008-09
Section 14Section 143(3)Section 14A

…earing funds are used in investments, no part of interest can be disallowed irrespective of the wordings employed in formulae set out in rule 14A as was held by another coordinate bench of the Tribunal in the case of ACIT Vs Champion Commercial Co Ltd [(2012) 139 ITD 108 (Kol)]. This decision, which now stands specifically approved by Hon’ble Delhi High Court in the case of ITA Nos. 182, 557 & 1916/Ahd/2012 Assessment years: 2008-09 & 2006-07 Page 4 of 14 PCIT Vs Bharti Overseas Pvt Ltd [(2015) 64 taxmann.340 (Del)] has inter alia observed as follows: 9. The next issue is whether the computation of disallowance…

THE DCIT, CIRCLE-1,, AHMEDABAD vs. ADANI AGRO PVT. LTD.,, AHMEDABAD

The appeal is allowed with no order as to costs

ITA 1916/AHD/2012[2006-07]Status: DisposedITAT Ahmedabad31 May 2017AY 2006-07
Section 14Section 143(3)Section 14A

…earing funds are used in investments, no part of interest can be disallowed irrespective of the wordings employed in formulae set out in rule 14A as was held by another coordinate bench of the Tribunal in the case of ACIT Vs Champion Commercial Co Ltd [(2012) 139 ITD 108 (Kol)]. This decision, which now stands specifically approved by Hon’ble Delhi High Court in the case of ITA Nos. 182, 557 & 1916/Ahd/2012 Assessment years: 2008-09 & 2006-07 Page 4 of 14 PCIT Vs Bharti Overseas Pvt Ltd [(2015) 64 taxmann.340 (Del)] has inter alia observed as follows: 9. The next issue is whether the computation of disallowance…

ADANI AGRO PVT. LTD.,,AHMEDABAD vs. THE ACIT.,CIRCLE-1,, AHMEDABAD

The appeal is allowed with no order as to costs

ITA 182/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad31 May 2017AY 2008-09
Section 14Section 143(3)Section 14A

…earing funds are used in investments, no part of interest can be disallowed irrespective of the wordings employed in formulae set out in rule 14A as was held by another coordinate bench of the Tribunal in the case of ACIT Vs Champion Commercial Co Ltd [(2012) 139 ITD 108 (Kol)]. This decision, which now stands specifically approved by Hon’ble Delhi High Court in the case of ITA Nos. 182, 557 & 1916/Ahd/2012 Assessment years: 2008-09 & 2006-07 Page 4 of 14 PCIT Vs Bharti Overseas Pvt Ltd [(2015) 64 taxmann.340 (Del)] has inter alia observed as follows: 9. The next issue is whether the computation of disallowance…

DEEPAK CABLES (INDIA) LTD.,,BANGALORE vs. ADDL..C.I.T., BANGALORE

In the result, the assessee’s appeal is partly allowed and the

ITA 493/BANG/2014[2010-11]Status: DisposedITAT Bangalore05 May 2017AY 2010-11

Bench: Shri. Vijay Pal Rao

For Appellant: Shri. Suresh Muthukrishnan, CAFor Respondent: Shri. Sanjay Kumar, CIT-III
Section 143(3)Section 14A

…f the said financial charges clearly indicates that the above interest payments are directly attributable to the earning of business income. Therefore, relying on the decision of the Hon'ble Tribunal of Kolkata Bench in the case of Champion Commercial Ltd. [139 ITD 108(Kol)], he held that none of the interest payments can be considered under Rule 8D(2)(ii) . Thus, the said payment cannot be attributed to the borrowing specifically used for tax ITA.493& 669/Bang/2014 Page - 6 exempt income. There is no material / evidence on record to show the nexus between the borrowals and tax-free investments. Further, ta…

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ACIT v. Champion Commercial Co. Ltd. (139 ITD 108) — Cited in 34 Judgments | BharatTax