ACIT v. Citicorp Finance (India) Ltd.

108 ITD 457Income Tax Appellate Tribunal2007#2486 most cited

What is ACIT v. Citicorp Finance (India) Ltd. authority for?

Disallowance of expenditure under Section 14A for earning income not forming part of total income, such as dividend or interest, requires a clear nexus between the funds utilized and the exempt income.

47

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2026.

Also referred to as

ACIT v. Citicorp Finance (India) Ltd. · 108 ITD 457 · Section 14A · disallowance of expenditure · exempt income · dividend income · interest expenditure · nexus · income not taxable · Rule 8D(2)

Sections most often in play

Section 14ASection 115JBSection 92CA(3)Section 37(1)Section 143(3)Section 250Section 80GSection 112(1)

Issues it is cited on

section 80hhc(3)section 14a(3)section 80lasection 86section 80ib(4)section 80lsection 80ia(4)(i)section 28(iv)section 167bmat creditsection 14a(1)section 167

Judgments citing ACIT v. Citicorp Finance (India) Ltd.

ASST CIT 2(2)(1), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

ITA 3882/MUM/2017[2010-11]Status: DisposedITAT Mumbai21 Apr 2026AY 2010-11

Bench: Smt. Beena Pillai () & Shri Jagadish ()

Section 14ASection 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43B

…even though no exempt income has been earned during the financial year. (c) This has been succinctly brought out in the decision of the Hon’ble ITAT, Delhi in Everplus Securities and Finance v. Deputy Commissioner of Income- tax dated 17th March 2006, [2006] 101 ITD 151 Delhi. At para 5.35 it has been observed: “5.35. The learned counsel for the assessee in the alternative submission submitted that the assessee earned dividend of Rs. 20,03,690 on the investment of Rs. 14,00,58,596, therefore, the relatable interest expenditure comes to Rs. 1,44,74,298 and it will thus be appreciated that out of the total interes…

STATE BANK OF INDIA,MUMBAI vs. ASST CIT CIR 2(2), MUMBAI

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

ITA 3680/MUM/2017[2010-11]Status: DisposedITAT Mumbai21 Apr 2026AY 2010-11

Bench: Smt. Beena Pillai () & Shri Jagadish ()

Section 14ASection 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43B

…even though no exempt income has been earned during the financial year. (c) This has been succinctly brought out in the decision of the Hon’ble ITAT, Delhi in Everplus Securities and Finance v. Deputy Commissioner of Income- tax dated 17th March 2006, [2006] 101 ITD 151 Delhi. At para 5.35 it has been observed: “5.35. The learned counsel for the assessee in the alternative submission submitted that the assessee earned dividend of Rs. 20,03,690 on the investment of Rs. 14,00,58,596, therefore, the relatable interest expenditure comes to Rs. 1,44,74,298 and it will thus be appreciated that out of the total interes…

DCIT, CIR-5(1), , KOLKATA vs. M/S COAL INDIA LTD., KOLKATA

ITA 1697/KOL/2019[2014-15]Status: DisposedITAT Kolkata20 Jan 2026AY 2014-15

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 115JSection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA Before SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER ITA No.: 466/KOL/2018 Assessment Year: 2011-12 M/s. Coal India Ltd. DCIT, Circle-5(1), Kolkata Vs. (Appellant) (Respondent) PAN: AABCC3929J ITA No.: 622/KOL/2018 Assessment Year: 2011-12 DCIT, Circle-5(1), Kolkata M/s. Coal India Ltd. (Appellant) Vs. (Respondent) PAN: AABCC3929J ITA No.: 467/KOL/2018 Assessment Year: 2012-13 M/s. Coal India Ltd. DCIT, Circle-5(1), Kolkata Vs. (Appellant) (Respondent) PAN: AABCC3929J ITA No.: 623/KOL/2018 Assessment Year: 201…

M/S COAL INDIA LTD.,KOLKATA vs. DCIT, CIR-5(1), , KOLKATA

ITA 1407/KOL/2019[2014-15]Status: DisposedITAT Kolkata20 Jan 2026AY 2014-15

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 1Section 115JSection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA Before SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER ITA No.: 466/KOL/2018 Assessment Year: 2011-12 M/s. Coal India Ltd. DCIT, Circle-5(1), Kolkata (Appellant) Vs. (Respondent) PAN: AABCC3929J ITA No.: 622/KOL/2018 Assessment Year: 2011-12 DCIT, Circle-5(1), Kolkata M/s. Coal India Ltd. (Appellant) Vs. (Respondent) PAN: AABCC3929J ITA No.: 467/KOL/2018 Assessment Year: 2012-13 M/s. Coal India Ltd. DCIT, Circle-5(1), Kolkata (Appellant) Vs. (Respondent) PAN: AABCC3929J ITA No.: 623/KOL/2018 Assessment Year: 201…

DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA vs. M/S. COAL INDIA LIMITED , KOLKATA

ITA 623/KOL/2018[2012-13]Status: DisposedITAT Kolkata20 Jan 2026AY 2012-13
Section 115JSection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA Before SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER ITA No.: 466/KOL/2018 Assessment Year: 2011-12 M/s. Coal India Ltd. DCIT, Circle-5(1), Kolkata Vs. (Appellant) (Respondent) PAN: AABCC3929J ITA No.: 622/KOL/2018 Assessment Year: 2011-12 DCIT, Circle-5(1), Kolkata M/s. Coal India Ltd. (Appellant) Vs. (Respondent) PAN: AABCC3929J ITA No.: 467/KOL/2018 Assessment Year: 2012-13 M/s. Coal India Ltd. DCIT, Circle-5(1), Kolkata Vs. (Appellant) (Respondent) PAN: AABCC3929J ITA No.: 623/KOL/2018 Assessment Year: 2012-13…

DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA vs. M/S. COAL INDIA LIMITED , KOLKATA

ITA 622/KOL/2018[2011-12]Status: DisposedITAT Kolkata20 Jan 2026AY 2011-12

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 115JSection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA Before SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER ITA No.: 466/KOL/2018 Assessment Year: 2011-12 M/s. Coal India Ltd. Vs. DCIT, Circle-5(1), Kolkata (Appellant) (Respondent) PAN: AABCC3929J ITA No.: 622/KOL/2018 Assessment Year: 2011-12 DCIT, Circle-5(1), Kolkata M/s. Coal India Ltd. (Appellant) Vs. (Respondent) PAN: AABCC3929J ITA No.: 467/KOL/2018 Assessment Year: 2012-13 M/s. Coal India Ltd. Vs. DCIT, Circle-5(1), Kolkata (Appellant) (Respondent) PAN: AABCC3929J ITA No.: 623/KOL/2018 Assessment Year: 201…

COAL INDIA LIMITED ,KOLKATA vs. DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA

ITA 467/KOL/2018[2012-13]Status: DisposedITAT Kolkata20 Jan 2026AY 2012-13

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 115JSection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA Before SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER ITA No.: 466/KOL/2018 Assessment Year: 2011-12 M/s. Coal India Ltd. DCIT, Circle-5(1), Kolkata Vs. (Appellant) (Respondent) PAN: AABCC3929J ITA No.: 622/KOL/2018 Assessment Year: 2011-12 DCIT, Circle-5(1), Kolkata (Appellant) Vs. M/s. Coal India Ltd. (Respondent) PAN: AABCC3929J ITA No.: 467/KOL/2018 Assessment Year: 2012-13 M/s. Coal India Ltd. DCIT, Circle-5(1), Kolkata (Appellant) Vs. (Respondent) PAN: AABCC3929J ITA No.: 623/KOL/2018 Assessment Year: 201…

HERO MOTOCORP LTD (AS SUCCESSOR OF HERO INVESTMENT P.LTD),NEW DELHI vs. DCIT, CIRCLE 11(1), NEW DELHI

The appeal is allowed

ITA 1053/DEL/2023[2011-12]Status: DisposedITAT Delhi24 Jul 2024AY 2011-12

Bench: Shri G.S. Pannu & Shri Anubhav Sharmaassessment Year: 2011-12

Section 143(3)

…v. ITO: 359 ITR 116 (Bom.) CIT v. Nadatur Holdings and Investment (P) Ltd.: 210 Taxman 597 (Kar.) Gomti Credits (P) Limited vs. DCIT: 100 TTJ 1132 (Del.) Pace Industries Ltd.: ITA 1106 / Del / 2004 (Del Trib.) Everplus Securities and Finance Ltd. vs DCIT: 101 ITD 151 (Del.) Slocum Investment (P) Ltd. vs. DCIT: 106 ITD 1 (Del.) 36. Specific reliance, in this regard, was placed on the decision of the Hon’ble Gujarat High Court in the case of Elscope P. Ltd vs. CIT: 313 ITR 293 (Guj), wherein the Hon'ble Court while dealing with the issue of taxability of profit arising to the assessee company on reduction of l…

DCIT CC 3(4) CEN RG 3, MUMBAI vs. PATEL ENGINEERING LTD, MUMBAI

In the result, appeal filed by the assessee is dismissed

ITA 2486/MUM/2017[2007-08]Status: DisposedITAT Mumbai07 Jul 2023AY 2007-08

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon’Ble

Section 14ASection 154Section 199(2)Section 80I

…& 355/MUM/2018 M/s. Patel Engineering Ltd. • Wimco Seedlings Ltd. vs. OCIT 107 ITO 267 (Del.) It was further pointed out that the facts of following decisions are distinguishable from the facts of the appellant's case: • ACIT v. Citicorp Finance (India) Ltd. 108 ITD 457 • Everplus Securities & Finance Ltd. v. DCIT 101 ITD 151 • DCIT v. SG Investments & industries Ltd. 89 ITD 44 17. We have considered rival contentions and found that a clear finding has been given by the CIT(A) to the effect that amount was receivable on account of hire charges on machinery from JV or on account of assessee’s share in the JV firm…

DCIT CC 3(4) CEN RG 3, MUMBAI vs. PATEL ENGINEERING LTD, MUMBAI

In the result, appeal filed by the assessee is dismissed

ITA 2485/MUM/2017[2006-07]Status: DisposedITAT Mumbai07 Jul 2023AY 2006-07

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon’Ble

Section 14ASection 154Section 199(2)Section 80I

…& 355/MUM/2018 M/s. Patel Engineering Ltd. • Wimco Seedlings Ltd. vs. OCIT 107 ITO 267 (Del.) It was further pointed out that the facts of following decisions are distinguishable from the facts of the appellant's case: • ACIT v. Citicorp Finance (India) Ltd. 108 ITD 457 • Everplus Securities & Finance Ltd. v. DCIT 101 ITD 151 • DCIT v. SG Investments & industries Ltd. 89 ITD 44 17. We have considered rival contentions and found that a clear finding has been given by the CIT(A) to the effect that amount was receivable on account of hire charges on machinery from JV or on account of assessee’s share in the JV firm…

DCIT(LTU) - 1, MUMBAI vs. ACC LTD., MUMBAI

In the result, appeal filed by assessee is partly allowed

ITA 3177/MUM/2019[2010-11]Status: DisposedITAT Mumbai28 Feb 2023AY 2010-11

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 147Section 148Section 151

…facts and in the circumstances of the case & in law the Ld. CIT(A) erred in restricting the disallowance to Rs.5.59 Crores made u/s. 14A r.w.r. 8D(2) of the I.T. Rules, in view of the Mumbai ITAT's decision in the case of ACIT vs Citicorp Finance (India) Ltd[ 108 ITD 457] [MUM]?” 35. On identical issue in Assessee’s appeal, in the Ground No.1, following issue is raised: “Ground No. 1: Disallowance u/s 14A of the Income-tax Act, 1961 ('the Act' attributed for earning dividend income (Rs. 539.50,000/-) a) On the facts and in the circumstances of the case and in law, the Commissioner of Income-tax(Appeals)-3 [here…

DCIT(LTU) - 1, MUMBAI vs. ACC LTD., MUMBAI

In the result, appeal filed by assessee is partly allowed

ITA 3176/MUM/2019[2009-10]Status: DisposedITAT Mumbai28 Feb 2023AY 2009-10

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 147Section 148Section 151Section 55A

…facts and in the circumstances of the case & in law the Ld. CIT(A) erred in restricting the disallowance to Rs.4.55 Crores made u/s. 14A r.w.r. 8D(2) of the I.T. Rules, in view of the Mumbai ITAT's decision in the case of ACIT vs Citicorp Finance (India) Ltd[ 108 ITD 457) [MUM]?” 54 ITA NO.3135& 3136/MUM/2019 (A.Y: 2009-10) M/s. ACC Limited 43. On identical issue in Assessee’s appeal, in the Ground No. 1 & 12, following issue is raised: Ground No. 1: Disallowance u/s 14A of the Income-tax Act, 1961 (The Act') attributed for earning dividend income (Rs. 2,61,00,000/- (a) On the facts and in the circumstances of…

ACC LTD.,MUMBAI vs. ADDL CIT(LTU) , MUMBAI

In the result, appeal filed by assessee is partly allowed

ITA 3137/MUM/2019[2010-11]Status: DisposedITAT Mumbai28 Feb 2023AY 2010-11

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 147Section 148Section 151

…facts and in the circumstances of the case & in law the Ld. CIT(A) erred in restricting the disallowance to Rs.5.59 Crores made u/s. 14A r.w.r. 8D(2) of the I.T. Rules, in view of the Mumbai ITAT's decision in the case of ACIT vs Citicorp Finance (India) Ltd[ 108 ITD 457] [MUM]?” 35. On identical issue in Assessee’s appeal, in the Ground No.1, following issue is raised: “Ground No. 1: Disallowance u/s 14A of the Income-tax Act, 1961 ('the Act' attributed for earning dividend income (Rs. 539.50,000/-) a) On the facts and in the circumstances of the case and in law, the Commissioner of Income-tax(Appeals)-3 [here…

ACC LTD.,MUMBAI vs. DCIT(LTU) - 1, MUMBAI

In the result, appeal filed by assessee is partly allowed

ITA 3136/MUM/2019[2009-10]Status: DisposedITAT Mumbai28 Feb 2023AY 2009-10

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 147Section 148Section 151Section 55A

…facts and in the circumstances of the case & in law the Ld. CIT(A) erred in restricting the disallowance to Rs.4.55 Crores made u/s. 14A r.w.r. 8D(2) of the I.T. Rules, in view of the Mumbai ITAT's decision in the case of ACIT vs Citicorp Finance (India) Ltd[ 108 ITD 457) [MUM]?” 54 ITA NO.3135& 3136/MUM/2019 (A.Y: 2009-10) M/s. ACC Limited 43. On identical issue in Assessee’s appeal, in the Ground No. 1 & 12, following issue is raised: Ground No. 1: Disallowance u/s 14A of the Income-tax Act, 1961 (The Act') attributed for earning dividend income (Rs. 2,61,00,000/- (a) On the facts and in the circumstances of…

ACC LTD.,MUMBAI vs. DCIT(LTU) - 1, MUMBAI

In the result, appeal filed by assessee is partly allowed

ITA 3135/MUM/2019[2009-10]Status: DisposedITAT Mumbai28 Feb 2023AY 2009-10

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

Section 143(3)Section 147Section 148Section 151Section 55A

…facts and in the circumstances of the case & in law the Ld. CIT(A) erred in restricting the disallowance to Rs.4.55 Crores made u/s. 14A r.w.r. 8D(2) of the I.T. Rules, in view of the Mumbai ITAT's decision in the case of ACIT vs Citicorp Finance (India) Ltd[ 108 ITD 457) [MUM]?” 54 ITA NO.3135& 3136/MUM/2019 (A.Y: 2009-10) M/s. ACC Limited 43. On identical issue in Assessee’s appeal, in the Ground No. 1 & 12, following issue is raised: Ground No. 1: Disallowance u/s 14A of the Income-tax Act, 1961 (The Act') attributed for earning dividend income (Rs. 2,61,00,000/- (a) On the facts and in the circumstances of…

ACIT CC 3(4) CEN RG 3, MUMBAI vs. PATEL ENGINEERING LTD, MUMBAI

In the result, cross objection filed by the assessee is partly allowed

ITA 2758/MUM/2017[2009-10]Status: DisposedITAT Mumbai31 Oct 2022AY 2009-10

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

Section 14ASection 199(2)Section 801A(4)Section 80I

…. Bombay Samachar Limited 74 ITR 723 (Bom).  Wimco Seedlings Ltd. vs. OCIT 107 ITO 267 (Del.) It was further pointed out that the facts of following decisions are distinguishable from the facts of the appellant's case:  ACIT v. Citicorp Finance (India) Ltd. 108 ITD 457  Everplus Securities & Finance Ltd. v. DCIT 101 ITD 151 ITA.No. 2933/MUM/2019 (A.Y. 2014-15) C.O. No. 259 & 260/MUM/2018 M/s. Patel Engineering Ltd.,  DCIT v. SG Investments & industries Ltd. 89 ITD 44 We have considered rival contentions and found that a clear finding has been given by the CIT(A) to the effect that amount was receivable on acc…

ACIT CC 3(4) CEN RG 3, MUMBAI vs. PATEL ENGINEERING LTD, MUMBAI

In the result, cross objection filed by the assessee is partly allowed

ITA 2757/MUM/2017[2008-09]Status: DisposedITAT Mumbai31 Oct 2022AY 2008-09

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

Section 14ASection 199(2)Section 801A(4)Section 80I

…. Bombay Samachar Limited 74 ITR 723 (Bom).  Wimco Seedlings Ltd. vs. OCIT 107 ITO 267 (Del.) It was further pointed out that the facts of following decisions are distinguishable from the facts of the appellant's case:  ACIT v. Citicorp Finance (India) Ltd. 108 ITD 457  Everplus Securities & Finance Ltd. v. DCIT 101 ITD 151 ITA.No. 2933/MUM/2019 (A.Y. 2014-15) C.O. No. 259 & 260/MUM/2018 M/s. Patel Engineering Ltd.,  DCIT v. SG Investments & industries Ltd. 89 ITD 44 We have considered rival contentions and found that a clear finding has been given by the CIT(A) to the effect that amount was receivable on acc…

M/S. METROCHEM INDUSTRIESLTD.,,AHMEDABAD vs. THE ACIT.,(OSD)-I,RANGE-4,, AHMEDABAD

In the result, the appeals of Revenue and appeals/cross objection of the assessee allowed/ dismissed as under:

ITA 606/AHD/2011[2006-07]Status: DisposedITAT Mumbai31 Mar 2022AY 2006-07

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-1999 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1St Floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 The Acit, Cir-4, Ahmedabad, Metrochem Industries Ltd., Navjivan Trust Bldg. Off. Ashram Vs. 505/506, Suryarath, Nr. Panchvati Road, Ellisbridge, Ahmedabad. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent M/S Metrochem Industries Ltd., Assessment Year: 2003-04 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income Tax, 505-506, Surya Rath, Nr. Vs. Circle-4, Panchwati, Ellisbridge, Ahmedabad. Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2003-04 Dy. Commissioner Of Income Tax, M/S Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath, Nr. Navjivan Trust Bldg. Off. Ashram Panchwati, Ellisbridge, Road, Ahmedabad-380 006. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2004-05 Dy. Commissioner Of Income Tax Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath Building, B/H, Navjeevan Building Ashram Road, White House, Panchwati, Ahmedabad. Ambawati, Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Co No. 50/Ahd/2008 (Ita No. 87/Ahd/2008) Assessment Year: 2004-05 Metrochem Industries Ltd., Dy. Commissioner Of Income Tax 505-506, Surya Rath Building, Vs. Circle-4, B/H, White House, Panchwati Navjeevan Building Ashram Road, Ellisbridge, Ahmedabad. Ahmedabad-06 Pan No. Aabcm 8019 K

Section 115JSection 244ASection 245Section 80H

…allowed the proportionate expenses as having been incurred to earn M/s Metrochem Industries Ltd., the dividend income ws.14A of the Act. In support of the disallowance the reliance is made on the following decisions :- (1) Everplus Securities& Finance Ltd. - 101 ITD 151/285 ITR(AT) 112 (Delhi) (2) Rhythm Exports (P) Ltd. vs. CIT -2 SOT (Mum)429 /97 TTJ 493 (Mum) (3) Harish Krishnakant Bhatt vs. ITO - 278 ITR(AD)1 (Ahd) (4) Mumbai Bench in the case of ACIT vs. Citi corp Finance India Ltd., reported in 111 TTJ 82 (Mum) wherein it has been held that it is not correct to say that dividend income can be earned by inc…

M/S. METROCHEM INDUSTRIESLTD.,,AHMEDABAD vs. THE ACIT.,(OSD)-I,RANGE-4,, AHMEDABAD

In the result, the appeals of Revenue and appeals/cross objection of the assessee allowed/ dismissed as under:

ITA 1076/AHD/2011[2007-08]Status: DisposedITAT Mumbai31 Mar 2022AY 2007-08

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-1999 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1St Floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 The Acit, Cir-4, Ahmedabad, Metrochem Industries Ltd., Navjivan Trust Bldg. Off. Ashram Vs. 505/506, Suryarath, Nr. Panchvati Road, Ellisbridge, Ahmedabad. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent M/S Metrochem Industries Ltd., Assessment Year: 2003-04 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income Tax, 505-506, Surya Rath, Nr. Vs. Circle-4, Panchwati, Ellisbridge, Ahmedabad. Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2003-04 Dy. Commissioner Of Income Tax, M/S Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath, Nr. Navjivan Trust Bldg. Off. Ashram Panchwati, Ellisbridge, Road, Ahmedabad-380 006. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2004-05 Dy. Commissioner Of Income Tax Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath Building, B/H, Navjeevan Building Ashram Road, White House, Panchwati, Ahmedabad. Ambawati, Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Co No. 50/Ahd/2008 (Ita No. 87/Ahd/2008) Assessment Year: 2004-05 Metrochem Industries Ltd., Dy. Commissioner Of Income Tax 505-506, Surya Rath Building, Vs. Circle-4, B/H, White House, Panchwati Navjeevan Building Ashram Road, Ellisbridge, Ahmedabad. Ahmedabad-06 Pan No. Aabcm 8019 K

Section 115JSection 244ASection 245Section 80H

…allowed the proportionate expenses as having been incurred to earn M/s Metrochem Industries Ltd., the dividend income ws.14A of the Act. In support of the disallowance the reliance is made on the following decisions :- (1) Everplus Securities& Finance Ltd. - 101 ITD 151/285 ITR(AT) 112 (Delhi) (2) Rhythm Exports (P) Ltd. vs. CIT -2 SOT (Mum)429 /97 TTJ 493 (Mum) (3) Harish Krishnakant Bhatt vs. ITO - 278 ITR(AD)1 (Ahd) (4) Mumbai Bench in the case of ACIT vs. Citi corp Finance India Ltd., reported in 111 TTJ 82 (Mum) wherein it has been held that it is not correct to say that dividend income can be earned by inc…

THE DCIT, CIRCLE-4,, AHMEDABAD vs. METROCHEM INDUSTRIES LTD.,, AHMEDABAD

In the result, the appeals of Revenue and appeals/cross objection of the assessee allowed/ dismissed as under:

ITA 87/AHD/2008[2004-05]Status: DisposedITAT Mumbai31 Mar 2022AY 2004-05

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-1999 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1St Floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 The Acit, Cir-4, Ahmedabad, Metrochem Industries Ltd., Navjivan Trust Bldg. Off. Ashram Vs. 505/506, Suryarath, Nr. Panchvati Road, Ellisbridge, Ahmedabad. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent M/S Metrochem Industries Ltd., Assessment Year: 2003-04 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income Tax, 505-506, Surya Rath, Nr. Vs. Circle-4, Panchwati, Ellisbridge, Ahmedabad. Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2003-04 Dy. Commissioner Of Income Tax, M/S Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath, Nr. Navjivan Trust Bldg. Off. Ashram Panchwati, Ellisbridge, Road, Ahmedabad-380 006. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2004-05 Dy. Commissioner Of Income Tax Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath Building, B/H, Navjeevan Building Ashram Road, White House, Panchwati, Ahmedabad. Ambawati, Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Co No. 50/Ahd/2008 (Ita No. 87/Ahd/2008) Assessment Year: 2004-05 Metrochem Industries Ltd., Dy. Commissioner Of Income Tax 505-506, Surya Rath Building, Vs. Circle-4, B/H, White House, Panchwati Navjeevan Building Ashram Road, Ellisbridge, Ahmedabad. Ahmedabad-06 Pan No. Aabcm 8019 K

Section 115JSection 244ASection 245Section 80H

…allowed the proportionate expenses as having been incurred to earn M/s Metrochem Industries Ltd., the dividend income ws.14A of the Act. In support of the disallowance the reliance is made on the following decisions :- (1) Everplus Securities& Finance Ltd. - 101 ITD 151/285 ITR(AT) 112 (Delhi) (2) Rhythm Exports (P) Ltd. vs. CIT -2 SOT (Mum)429 /97 TTJ 493 (Mum) (3) Harish Krishnakant Bhatt vs. ITO - 278 ITR(AD)1 (Ahd) (4) Mumbai Bench in the case of ACIT vs. Citi corp Finance India Ltd., reported in 111 TTJ 82 (Mum) wherein it has been held that it is not correct to say that dividend income can be earned by inc…

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ACIT v. Citicorp Finance (India) Ltd. (108 ITD 457) — Cited in 47 Judgments | BharatTax