Cheminvest Ltd. v. CIT

378 ITR 33High Court2015#24 most cited

What is Cheminvest Ltd. v. CIT authority for?

A disallowance under Section 14A of the Income-tax Act, 1961, for expenditure incurred in relation to exempt income cannot be made if the assessee has not earned any exempt income during the relevant previous year.

1,569

judgments rely on this decision, according to BharatTax’s citation analysis of 367,164 Indian tax judgments — from 2015 to 2026.

Also referred to as

Cheminvest Ltd. v. CIT · Section 14A disallowance · no exempt income · exempt dividend income · expenditure related to exempt income · Section 8D · Section 115JB · Income-tax Act 1961 · Delhi High Court

Also reported as

61 Taxmann.com 118234 Taxmann 761317 ITD 33281 CTR 447

Sections most often in play

Section 14ASection 143(3)Section 8DSection 115JBSection 250Section 1961Section 37(1)Section 143(2)
Read the full judgment

Issues it is cited on

disallowance u/s 14adisallowance under section 14asection 14asection 36(1)(iii)section 115jbrevenue expendituresection 37(1)section 37section 36previous yearscrutiny assessmentsection 115

Judgments citing Cheminvest Ltd. v. CIT

Mayur Global Private Limited, Jaipur vs. ITO Ward 1(3), Jaipur

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

ITA 906/JPR/2024[2015-16]Status: DisposedITAT Jaipur20 Aug 2024AY 2015-16

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri S.L. Jain (Adv.) &For Respondent: Smt. Monisha Choudhary (Addl.CIT)
Section 10(34)Section 10(38)Section 14ASection 154Section 234A

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”SMC” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh jkBkSM+ deys'k t;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. No. 906/JPR/2024 fu/kZkj.k o"kZ@Assessment Years : 2015-16 Mayur Global Private Limited cuke The ITO, B5, Vrinsavan Vihar Kings Road, Vs. Ward-1(3), Jaipur. Vaishali Nagar, Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAICM4642B vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri S.L. Jain (Adv.) &…

M/S Longview Tea Co. Ltd., Kolkata vs. DCIT, Cir. -6(1), Kolkata

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

ITA 130/KOL/2024[2014-15]Status: DisposedITAT Kolkata02 Aug 2024AY 2014-15

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 143(2)Section 14ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘SMC’, KOLKATA [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 130/Kol/2024 Assessment Year : 2014-15 M/s. Longview Tea Co. Ltd. vs DCIT, Circle-6(1), Kolkata PAN: AAACL 5564 F Appellant Respondent Date of Hearing 05.06.2024 Date of Pronouncement 02.08.2024 For the Assessee Shri Siddarth Jhajharia, FCA For the Revenue Shri Supriya Pal, Addl. CIT, DR ORDER Per Sonjoy Sarma, JM: The present appeal is directed at the instance of the assessee against the order of the National Faceless Appeal Centre [hereinafter the “ld.…

Income Tax Officer-12(2)(1), Mumbai vs. Elder Prroject Limited, Mumbai

In the result, the appeal filed by the revenue is dismissed

ITA 677/MUM/2024[2013-14]Status: DisposedITAT Mumbai29 Jul 2024AY 2013-14

Bench: Shri Pavan Kumar Gadale & Smt Renu Jauhriito(It)-12(2)(1), Vs. Elder Project Ltd 301-302, Kunthu Room No. 145, 1St Floor, Commercial Centre, Aayakar Bhawan, 3Rd Floor, Plot No. 174, Churchgate, Near Ayyappa Temple, Mumbai – 400020. Bangur N, Goregaon (W), Mumbai-400090. Pan/Gir No. Aaace7387B (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 43B

…expenditure incurred to earn exempted income, it has to have a rational nexus with the amount of income earned itself. Disallowance under Section 14A of Rs.2,48,85,000/- as expenses to earn exempted Dividend income of Rs. 1,80,30,965/- is per se absurd and 1 378 ITR 33 2 [2018] 256 Taxman 349 (Kamatama) URS 3 of 74 3-ITXA 149-17.odt hypothetical. The disallowance under Section 8D cannot exceed the expenses claimed by assessee under the Proviso to Rule 8D. Therefore, where the assessee claimed that assessee did not incur any such expenditure during the year in question to earn Dividends of Rs. 1,80,30,965/-, the…

M/S. Dhanashree Developers P Ltd., Maharashtra vs. ACIT, New Delhi

In the result the appeal of the assessee is allowed

ITA 3065/DEL/2016[2012-13]Status: DisposedITAT Delhi25 Jul 2024AY 2012-13

Bench: Shri G.S Pannu, Hon’Ble & Shri Vimal Kumarasstt. Year 2012-13 Dhanashree Developers P. Ltd. Vs. Acit, Central 303, Western Edge-1, Circle-27, Western Express Highway, New Delhi. Above Metro Mall, Borivali (East) Mumbai 400066 Pan Aaccd6182F (Appellant) (Respondent)

For Appellant: Shri Tanzil Padvekar, AdvocateFor Respondent: Shri Ram Dhan Meena, Sr.DR
Section 143(2)Section 14A

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE SHRI G.S PANNU, HON’BLE VICE PRESIDENT AND SHRI VIMAL KUMAR, JUDICIAL MEMBER Asstt. Year 2012-13 Dhanashree Developers P. Ltd. Vs. ACIT, Central 303, Western Edge-1, Circle-27, Western Express Highway, New Delhi. Above Metro Mall, Borivali (East) Mumbai 400066 PAN AACCD6182F (Appellant) (Respondent) Assessee by: Shri Tanzil Padvekar, Advocate Department by: Shri Ram Dhan Meena, Sr.DR Date of Hearing: 20.06.2024 Date of 25.07.2024 pronouncement: O R D E R PER VIMAL KUMAR, JM The assessee’s appeal is against order dated 08.02.2016 of the Learned…

M/S Dhanashree Developers P. Ltd., Mumbai vs. DCIT, New Delhi

In the result the appeal of the assessee is allowed

ITA 1848/DEL/2016[2010-11]Status: DisposedITAT Delhi25 Jul 2024AY 2010-11

Bench: Shri G.S Pannu, Hon’Ble & Shri Vimal Kumarasstt. Year 2010-11 Dhanashree Developers P. Ltd. Vs. Dcit, Central 303, Western Edge-1, Western Circle-4, Express Highway, New Delhi. Above Metro Mall, Borivali (East) Mumbai 400066 Pan Aaccd6182F (Appellant) (Respondent)

For Appellant: Shri Tanzil Padvekar, AdvocateFor Respondent: Shri Ram Dhan Meena, Sr.DR
Section 143(2)Section 14A

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE SHRI G.S PANNU, HON’BLE VICE PRESIDENT AND SHRI VIMAL KUMAR, JUDICIAL MEMBER Asstt. Year 2010-11 Dhanashree Developers P. Ltd. Vs. DCIT, Central 303, Western Edge-1, Western Circle-4, Express Highway, New Delhi. Above Metro Mall, Borivali (East) Mumbai 400066 PAN AACCD6182F (Appellant) (Respondent) Assessee by: Shri Tanzil Padvekar, Advocate Department by: Shri Ram Dhan Meena, Sr.DR Date of Hearing: 20.6.2024 Date of 25.07.2024 pronouncement: O R D E R PER VIMAL KUMAR, JM The assessee’s appeal is against order dated 20.01.2016 of the Learned C…

DCIT, Central Circle-1(3), Bengaluru vs. Coffee Day Global Limited, Bengaluru

In the result, all the COs by assessee in CO

ITA 790/BANG/2024[2017-18]Status: DisposedITAT Bangalore23 Jul 2024AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Sri C. Ramesh, A.RFor Respondent: Smt. S, Praveena, D.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…td. vs. ITO in ITA No.470/Bang./2017 dated 20/06/2018 held that where there is no exempt income no disallowance can be made under the provisions of section 14A of the Act. The same view was taken by the Delhi High court in the case of Cheminvest Ltd. vs. CIT (378 ITR 33) wherein it was held that the expression “does not form part of the total income” u/s. 14A of the I.T. Act envisages that there should be actual receipt of income which was not includible in the total income, during the relevant previous year, for the purpose of disallowance of any expenditure incurred in relation to the said income. In other word…

DCIT, Central Circle-1(3), Bengaluru vs. Coffee Day Enterprises Limited, Bangalore

In the result, all the COs by assessee in CO

ITA 785/BANG/2024[2020-21]Status: DisposedITAT Bangalore23 Jul 2024AY 2020-21

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Sri C. Ramesh, A.RFor Respondent: Smt. S, Praveena, D.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…td. vs. ITO in ITA No.470/Bang./2017 dated 20/06/2018 held that where there is no exempt income no disallowance can be made under the provisions of section 14A of the Act. The same view was taken by the Delhi High court in the case of Cheminvest Ltd. vs. CIT (378 ITR 33) wherein it was held that the expression “does not form part of the total income” u/s. 14A of the I.T. Act envisages that there should be actual receipt of income which was not includible in the total income, during the relevant previous year, for the purpose of disallowance of any expenditure incurred in relation to the said income. In other word…

Deputy Commissioner of Income-Tax, Bengaluru vs. Coffee Day Enterprises Limited, Bengaluru

In the result, all the COs by assessee in CO

ITA 783/BANG/2024[2017-18]Status: DisposedITAT Bangalore23 Jul 2024AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Sri C. Ramesh, A.RFor Respondent: Smt. S, Praveena, D.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…td. vs. ITO in ITA No.470/Bang./2017 dated 20/06/2018 held that where there is no exempt income no disallowance can be made under the provisions of section 14A of the Act. The same view was taken by the Delhi High court in the case of Cheminvest Ltd. vs. CIT (378 ITR 33) wherein it was held that the expression “does not form part of the total income” u/s. 14A of the I.T. Act envisages that there should be actual receipt of income which was not includible in the total income, during the relevant previous year, for the purpose of disallowance of any expenditure incurred in relation to the said income. In other word…

DCIT, Central Circle-1(3), Bengaluru, Bangalore vs. Coffee Day Enterprises, Bengaluru

In the result, all the COs by assessee in CO

ITA 782/BANG/2024[2016-17]Status: DisposedITAT Bangalore23 Jul 2024AY 2016-17

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Sri C. Ramesh, A.RFor Respondent: Smt. S, Praveena, D.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…td. vs. ITO in ITA No.470/Bang./2017 dated 20/06/2018 held that where there is no exempt income no disallowance can be made under the provisions of section 14A of the Act. The same view was taken by the Delhi High court in the case of Cheminvest Ltd. vs. CIT (378 ITR 33) wherein it was held that the expression “does not form part of the total income” u/s. 14A of the I.T. Act envisages that there should be actual receipt of income which was not includible in the total income, during the relevant previous year, for the purpose of disallowance of any expenditure incurred in relation to the said income. In other word…

DCIT Central Circle-28, New Delhi vs. Jindal Itf Limited, New Delhi

Accordingly, the appeal and application are dismissed

ITA 1776/DEL/2023[2012-13]Status: DisposedITAT Delhi08 Jul 2024AY 2012-13

Bench: Shri G. S. Pannu & Ms. Madhumita Royi.T.A. No. 1776/Del/2023 (Assessment Year : 2012-13) Dcit Vs. M/S. Jindal Itf Limited Central Circle – 28 28, Shivaji Marg, New Delhi New Delhi-110 015 Pan: Aabcj 9263 C (Appellant) .. (Respondent)

For Appellant: Shri Vinod Kumar Bindal, CAFor Respondent: Ms. Parul Singh, Sr. D.R
Section 143(3)Section 14ASection 14A(2)Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘C’, NEW DELHI BEFORE SHRI G. S. PANNU, VICE PRESIDENT AND MS. MADHUMITA ROY, JUDICIAL MEMBER I.T.A. No. 1776/Del/2023 (Assessment Year : 2012-13) DCIT Vs. M/s. Jindal ITF Limited Central Circle – 28 28, Shivaji Marg, New Delhi New Delhi-110 015 PAN: AABCJ 9263 C (Appellant) .. (Respondent) Appellant by : Shri Vinod Kumar Bindal, CA Ms. Rinky Sharma, Adv. Respondent by : Ms. Parul Singh, Sr. D.R. Date of Hearing 26.06.2024 08.07.2024 Date of Pronouncement O R D E R PER MS. MADHUMITA ROY – JUDICIAL MEMBER : The instant appeal filed by the Revenue is direct…

Zodiac Ventures Ltd, Mumbai vs. Income Tax Officer Ward 1(3)(4), Mumbai

In the result, appeal filed by the assessee is allowed in the above terms

ITA 4754/MUM/2023[2016-17]Status: DisposedITAT Mumbai18 Jun 2024AY 2016-17

Bench: Ms. Padmavathy S & Shri. Raj Kumar Chauhanzodiac Ventures Ltd. Vs. Income Tax Officer Ward 404, Dev Plaza, 68, S.V. Road, 11(3)(4) Andheri West, Mumbai – Aayakar Bhawan, Maharshi 400058. Karve Road, Mumbai- Pan: Aafps7328J 400020. (Appellant) (Respondent)

Section 14ASection 250

…ed upon the investments made by the assessee. The CIT(A) and the Income Tax Appellate Tribunal (ITAT) allowed the Zodiac Ventures LTD; A.Y. 2016-17 assessee's appeals by following the ruling in „Cheminvest Ltd. vs. CIT [2015] 61 taxmann.com 118/234 Taxman 761/378 ITR 33 (Delhi): the Court had then held that in the absence of any exempt income disallowance was impermissible. For the relevant Assessment Year (2013-14), concededly, the assessee did not report any exempt income. Consequently, no substantial question of law arises; the appeal is therefore dismissed alongwith the pending application.”  Case No. 4: Civ…

N. K. Proteins Ltd., Ahmedabad vs. The Assistant Commissioner of Income Tax, Circle-3(1)(1), Ahmedabad

ITA 313/AHD/2022[2017-18]Status: DisposedITAT Ahmedabad12 Jun 2024AY 2017-18

Bench: Or During The Course Of Hearing Of The Appeal.”

For Appellant: Shri Vartik Choksi, A.RFor Respondent: Shri Ketan Gajjar, CIT-D.R
Section 115JSection 14ASection 250

…d validating Act in the very nature of things has a retrospective. Its aim is to effectuate and carry out the object for which the earlier principal Act had been enacted. 8.18 It is observed that though Hon'ble Delhi High Court in the case of Cheminvest Ltd. (61 Taxmann.com 118), CIT Vs. Holcim India Pvt. Ltd. (57 Taaxmann.com 28), CIT Vs. Corrtech Energy Pvt. Ltd. (Gujarat High Court) 45 Taxmann.corn 116, CIT Vs. Shivam Motors Pvt. Ltd. (Allahabad high Court) 55 Taxmann.com 262, Redington India Ltd. Vs. Addl. Commissioner of Income Tax (Madras High Court) 77 Taxmann.com 257, Pr. CIT Vs. GVK Project & Technical S…

C.M.D. Ratnakar Dy. Commissioner of Income Tax, Circle 2(1), Hyderabad vs. Jasper Industries Private Limited, Hyderabad

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 6/HYD/2021[2016-17`]Status: DisposedITAT Hyderabad05 Jun 2024

Bench: Shri Laliet Kumar, Hon'Ble & Shri Manjunatha G., Hon'Bleधििाारण वर्ा आ.अपी.सं अपीलार्थी / प्रत्‍यर्थी / / A.Y. Appellant Respondent / Ita No. M/S. Jasper Asst. Commissioner Industries Private Of Income Tax, Limited, 781/Hyd/2020 2016-17 Circle-2(1), Hyderabad Hyderabad [Pan: Aaacj5760H] M/S. Jasper Dy. Commissioner Industries Private Of Income Tax, 6/Hyd/2021 2016-17 Limited, Circle-2(1), Hyderabad Hyderabad [Pan: Aaacj5760H]

For Appellant: Shri C.S. Subrahmanyam and Shri EV Sri Krishna, ARsFor Respondent: Shri K. Meghnath Chowhan, CIT-DR
Section 14A

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ में IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A”, HYDERABAD BEFORE SHRI LALIET KUMAR, Hon'ble JUDICIAL MEMBER & SHRI MANJUNATHA G., Hon'ble ACCOUNTANT MEMBER धििाारण वर्ा आ.अपी.सं अपीलार्थी / प्रत्‍यर्थी / / A.Y. Appellant Respondent / ITA No. M/s. Jasper Asst. Commissioner Industries Private of Income Tax, Limited, 781/Hyd/2020 2016-17 Circle-2(1), Hyderabad Hyderabad [PAN: AAACJ5760H] M/s. Jasper Dy. Commissioner Industries Private of Income Tax, 6/Hyd/2021 2016-17 Limited, Circle-2(1), Hyderabad Hyderabad [PAN: AAACJ5760H] धििााररती द्वारा/Assessee by: Shri C.S.…

Jasper Industries Private Limited, Hyderabad vs. Assistant Commissioner of Income Tax, Circle -2(1), Hyderabad

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 781/HYD/2020[2016-17]Status: DisposedITAT Hyderabad05 Jun 2024AY 2016-17

Bench: Shri Laliet Kumar, Hon'Ble & Shri Manjunatha G., Hon'Bleधििाारण वर्ा आ.अपी.सं अपीलार्थी / प्रत्‍यर्थी / / A.Y. Appellant Respondent / Ita No. M/S. Jasper Asst. Commissioner Industries Private Of Income Tax, Limited, 781/Hyd/2020 2016-17 Circle-2(1), Hyderabad Hyderabad [Pan: Aaacj5760H] M/S. Jasper Dy. Commissioner Industries Private Of Income Tax, 6/Hyd/2021 2016-17 Limited, Circle-2(1), Hyderabad Hyderabad [Pan: Aaacj5760H]

For Appellant: Shri C.S. Subrahmanyam and Shri EV Sri Krishna, ARsFor Respondent: Shri K. Meghnath Chowhan, CIT-DR
Section 14A

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ में IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A”, HYDERABAD BEFORE SHRI LALIET KUMAR, Hon'ble JUDICIAL MEMBER & SHRI MANJUNATHA G., Hon'ble ACCOUNTANT MEMBER धििाारण वर्ा आ.अपी.सं अपीलार्थी / प्रत्‍यर्थी / / A.Y. Appellant Respondent / ITA No. M/s. Jasper Asst. Commissioner Industries Private of Income Tax, Limited, 781/Hyd/2020 2016-17 Circle-2(1), Hyderabad Hyderabad [PAN: AAACJ5760H] M/s. Jasper Dy. Commissioner Industries Private of Income Tax, 6/Hyd/2021 2016-17 Limited, Circle-2(1), Hyderabad Hyderabad [PAN: AAACJ5760H] धििााररती द्वारा/Assessee by: Shri C.S.…

Rishra Investments Ltd., Kolkata vs. I.T.O., Ward-1(4), Kolkata

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

ITA 496/KOL/2022[2013-2014]Status: DisposedITAT Kolkata05 Jun 2024AY 2013-2014

Bench: Dr. Manish Borad & Pradip Kumar Choubey

Section 115JSection 143(2)Section 143(3)Section 14ASection 250Section 254(2)

…nal) ITA No. 1331/Kol/2011 order dated 19.06.2023. b) CIT vs. Cortech Energy Pvt. Ltd. (Gujarat High Court) order dated 24.03.2014 c) Alliance Infrastructure Projects Pvt. Ltd. vs DCIT, ITA Nos. 220 & 1043 (BNG)/2013 order dated 12.09.2014. d) Cheminvest Ltd. 378 ITR 33 (Delhi High Court) 2.3. He has also placed the details of investment and dividend has been received in its paperbook. He has also given a chart of disallowance u/s 14A of the Act read with Rule 8D of the Rules in the light of the decision of the Hon'ble ITAT and the High Court and prayed that only value of the above- mentioned investment in share…

ITO Ward 27(2), New Delhi vs. Urban Land Management Pvt. Ltd., New Delhi

The appeal of the Revenue is dismissed

ITA 5815/DEL/2019[2016-17]Status: DisposedITAT Delhi04 Jun 2024AY 2016-17

Bench: Shri G.S. Pannu & Shri Anubhav Sharmaassessment Year: 2016-17 Income-Tax Officer, Vs M/S Urban Land Management Ward-27(2), New Delhi. Pvt. Ltd., 22, Dda Flats, Shivalik Road, Malviya Nagar, New Delhi-110017. Pan: Aabcu4986D (Appellant) (Respondent) Assessee By : Dr. Rakesh Gupta, Adv.; S/Shri Shrey Jain, Deepesh Garg & Somil Agarwal, Advocates Department By : Ms. Sapna Bhatia, Cit(Dr) & Shri Amit Katoch, Sr. Dr Date Of Hearing : 05.04.2024 Date Of Pronouncement : 04.06.2024 O R D E R Per Anubhav Sharma, Jm: The Revenue Has Come In Appeal Against The Order Dated 08.04.2019, For The Assessment Year 2016-17, Passed By The Commissioner Of Income Tax (Appeals)- 9, New Delhi (Hereinafter Referred As “Learned First Appellate Authority” Or In Short “Faa”), In Appeal No. 10326/18-19, Arising Out Of Assessment Order Dated

For Appellant: Dr. Rakesh Gupta, AdvFor Respondent: Ms. Sapna Bhatia, CIT(DR) &
Section 143(1)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “H”: NEW DELHI BEFORE SHRI G.S. PANNU, VICE PRESIDENT AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER Assessment Year: 2016-17 Income-tax Officer, Vs M/s Urban Land Management Ward-27(2), New Delhi. Pvt. Ltd., 22, DDA Flats, Shivalik Road, Malviya Nagar, New Delhi-110017. PAN: AABCU4986D (Appellant) (Respondent) Assessee by : Dr. Rakesh Gupta, Adv.; S/Shri Shrey Jain, Deepesh Garg, & Somil Agarwal, Advocates Department by : Ms. Sapna Bhatia, CIT(DR) & Shri Amit Katoch, Sr. DR Date of hearing : 05.04.2024 Date of pronouncement : 04.06.2024 O R D E R PER ANUBHA…

Ganpati Industrieal Pvt. Ltd., Kolkata vs. DCIT, Cen. Cir. 4(2), Kolkata

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

ITA 301/KOL/2024[2018-19]Status: DisposedITAT Kolkata03 Jun 2024AY 2018-19

Bench: Shri Rajpal Yadav, Hon’Ble & Dr. Manish Borad, Hon’Ble

For Appellant: Shri Ramesh Kumar Patodia, AdvocateFor Respondent: Shri Manas Mondal, Addl. CIT, Sr. D/R
Section 143(2)Section 14ASection 250Section 36(1)(va)Section 43B

…of the Hon’ble Apex Court in the case of PCIT vs Oil Industry Development Board (2019) 262 Taxmann 102 (SC) wherein the Hon’ble Apex Court dismissed the revenues appeal referring to the decision of Cheminvest Limited vs. Commissioner of Income Tax-VI, (2015) 378 ITR 33, wherein it has been ruled that in absence of any exempt income, disallowance u/s 14A fo the Act is not permissible. Referring to these judgments, he submitted that, since the disallowance u/s 14A of the Act is co-related to exempt income, similar analogy should be applied for selecting the investment which have given rise to the exempt income. Re…

ITO, Ward-7(1), New Delhi vs. Delta Foods P.Ltd, Delhi

In the result, the appeal of the Revenue is dismissed

ITA 4619/DEL/2018[2014-15]Status: DisposedITAT Delhi30 May 2024AY 2014-15

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

For Appellant: Ms. Lalita Krishnamurthy, CAFor Respondent: Sh. Vivek Kr. Upadhyay, Sr. DR
Section 133(6)Section 14ASection 37Section 68

…the temporary workers from the bank statement. Dividend: 17. Both the parties fairly submitted that no exempt income earned by the assessee. Hence, keeping in view the decision of the Hon’ble Delhi High Court in the case of Cheminvest Limited vs. CIT (2015) 378 ITR 33, we hold that no disallowance is called for, in the absence of any exempt income claimed by the assessee. 10 Delta Foods Pvt. Ltd. 18. In the result, the appeal of the Revenue is dismissed. Order Pronounced in the Open Court on 30/05/2024. (Kul Bharat) (Dr. B. R. R. Kumar) Judicial Member Accountant Member Dated: 30/05/2024 *Subodh Kumar, Sr. PS*…

Tata International Ltd, Mumbai vs. DCIT RG 14(3)1), Mumbai

In the result, the ground no

ITA 1195/MUM/2015[2010-11]Status: DisposedITAT Mumbai28 May 2024AY 2010-11

Bench: Shri Anikesh Banerjee & Miss Padmavathy S.

For Appellant: Shri Nitesh Joshi a/w Ninad PatadeFor Respondent: Ms. Dhivya Ruth SR.DR
Section 143(3)Section 144C(5)Section 92CSection 92C(2)

…dict Trust Association [1992] 3 SCC 1, the present appeal dismissed being covered by the judgment passed by the learned predecessor Division Bench in IL &FS Energy Development Co. Ltd. (supra) and Cheminvest Ltd. v. CIT [2015] 61 taxmann.com 118/234 Taxm; 761/378 ITR 33 (Delhi). 10. Accordingly, the appeal and application are dismissed. However, it is clarified that the order passed in the present appeal shall abide by the final decision of the Supreme Court in the SLP filed in the case of IL &FS Energy Development Co. Ltd. (supra).‖ 16. The Ld.DR vehemently argued and fully relied on the order of revenue autho…

Mgm Green Energy Limited, Bhubaneswar vs. DCIT, Circle-1(1), Bhubaneswar

In the result, appeal of the assessee is partly allowed

ITA 370/CTK/2019[2014-15]Status: DisposedITAT Cuttack22 May 2024AY 2014-15

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अऩीऱ सं/Ita No.370/Ctk/2019 (ननधाारण वषा / Assessment Year : 2014-2015) Mgm Green Energy Limited, Vs Jcit, Range Rourkela, Rourkela 5-A, Forest Park, Bhubaneswar Pan No. :Aahcm 8472 C (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Sh A.K.Sabat & Sh B.K.Mahapatra, Cas राजस्व की ओर से /Revenue By : Shri Sanjay Kumar, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 22/05/2024 घोषणा की तारीख/Date Of Pronouncement : 22/05/2024 आदेश / O R D E R Per Bench : This Appeal Is Filed By The Assessee Against The Order Of The Ld. Cit(A)-1. Bhubaneswar, Dated 11.06.2019, In I.T.Appeal No.0388/16-17 For The Assessment Year 2014-2015. 2. The Assessee Has Taken As Many As Six Grounds Of Appeal, Relating To Various Additions/Disallowances Made To The Income Declared By The Assessee & Also Against The Adjustments Made In The Book Profit U/S.115Jb Of The Act. The Grounds Raised By The Assessee Are As Under :- I) The Ld. Cit(A) Is Erred In Dismissing The Appeal Of The Assessee, Which Is Arbitrary, Erroneous & Bad, Both In The Eyes Of Law. Ii) Disallowance Of Interest Expenses U/S.36(Iii) Of The Act At Rs.1,65,18,400/-; Iii) Disallowance Of Expenses U/S.14A Of The Act/Rule 8D Of It Rules At Rs.2,44,82,488/-; Iv) Addition Of Disallowance Of Expenses U/S.14A At Rs.2,44,82,488/- In The Book Profit As Computed U/S 115Jb; V) Addition/Disallowance Of Expenses U/S.115Jb Of The Act Under The Book Profits; Vi) Disallowance Of Differential Depreciation Of Rs.1,16,63,697/-

For Appellant: Sh A.K.Sabat & Sh B.K.Mahapatra, CAsFor Respondent: Shri Sanjay Kumar, CIT-DR
Section 115JSection 123Section 14ASection 2Section 36Section 36(1)(iii)

…as it would be completely against the well recognized “matching concept.” Therefore, disallowance u/s 14A can be made only when assessee has actually earned exempt income. Further the Hon‟ble Delhi High Court in the case of Cheminvest Ltd. Vs. CIT reported in 378 ITR 33, has held that no disallowance u/s 14A can be made in a year in which no exempt income has been earned or received by the appellant. We also note that similar view has been taken by the Hon‟ble Delhi High Court in its subsequent decision in case of PCIT vs OIL Industries Development Board [2019] 103 taxmann.com 325 (Delhi) wherein it was held as u…