Cheminvest Ltd. v. CIT

M/S. Surya Food & Agro Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, appeal of the assessee for assessment year

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…SURYAIN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”, NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER I.T.A. No.6315&6316/DEL/2014 Assessment Year:2010-11 Surya Food & Agro Ltd. v. Addl. CIT 2nd Floor, 9 DDA Commercial Range 9 Complex New Delhi Madangir, New Delhi TAN/PAN:AAACS3026P (Appellant) (Respondent) Appellant by: None Respondent by: Shri Kaushlendra Tiwari, D.R. Date of hearing: 24 10 2017 Date of pronouncement: 24 10 2017 O R D E R PER AMIT SHUKLA, J.M.: The aforesaid appeals have been filed by the assessee against separate impugned orders of common…

M/S. Surya Food & Agro Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, appeal of the assessee for assessment year

Bench: Shri Amit Shukla & Shri Prashant Maharishi

…SURYAIN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”, NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER I.T.A. No.6315&6316/DEL/2014 Assessment Year:2010-11 Surya Food & Agro Ltd. v. Addl. CIT 2nd Floor, 9 DDA Commercial Range 9 Complex New Delhi Madangir, New Delhi TAN/PAN:AAACS3026P (Appellant) (Respondent) Appellant by: None Respondent by: Shri Kaushlendra Tiwari, D.R. Date of hearing: 24 10 2017 Date of pronouncement: 24 10 2017 O R D E R PER AMIT SHUKLA, J.M.: The aforesaid appeals have been filed by the assessee against separate impugned orders of common…

Amadeus India Pvt. Ltd., New Delhi vs. Addl. CIT, New Delhi

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

Bench: Sh. Vijay Pal Rao & Sh. O.P. Kantassessment Year: 2010-11 Vs. Addl. Cit, Range-2, New Delhi M/S. Amadeus India Pvt. Ltd., E- 9, Connaught House, Connaught Place, New Delhi. Pan : Aaaca0364L (Appellant) (Respondent) Appellant By Sh. Tarandeep Singh, Adv. Respondent By Sh. H.S. Choudhary, Cit(Dr) Date Of Hearing 03.08.2017 Date Of Pronouncement 23.10.2017 Order Per O.P. Kant, A.M.:

…submitted that in the year under consideration no tax-free income was earned by the assessee and hence disallowance under section 14A was not applicable in view of the decision of the Hon’ble Delhi High Court in the case of Cheminvest Ltd. Vs. CIT reported in 378 ITR 33(Del). 45 7.2 The Ld. CIT(DR) though relied on the finding of the lower authorities, he could not controvert the fact that there was no tax-free income earned during the year. 7.3 We have heard the rival submission and perused the relevant material on record including the decision of the Hon’ble Delhi High Court in the case of Cheminvest Ltd (supr…

M/S. Preah Renawable Energy Pvt. Ltd., New Delhi vs. ITO, New Delhi

In the result additional ground of the appeal of the assessee is allowed

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishim/S. Preah Renawable Energy Ito, Vs. Pvt. Ltd, Ward-14(2), 28, Sardar Patel Marg, N Delhi New Delhi Panaaecp7110R (Appellant) (Respondent)

…representative could not controvert that assessee has 4 | P a g e M/s Preah Renewable Energy private Limited V ITO Ward 14(2), New Delhi A Y 2009-10 received any exempt income during the year. The Hon’ble Delhi High Court in case of Cheminvest Ltd versus CIT 378 ITR 33, has held as under:- “23. In the context of the facts enumerated hereinbefore the court answers the question framed by holding that the expression "does not form part of the total income" in section 14A of the Act envisages that there should be an actual receipt of income, which is not includible in the total income, during the relevant previous y…

M/S. Religare Macquarie Wealth Management Ltd., New Delhi vs. ACIT, New Delhi

In the result ground No. 5 of the appeal of the assessee is allowed

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishim/S. Religare Macquarie Wealth Vs. Acit, Management Ltd, Circle-15(1), D-3, P-3B, District Centre, New Delhi Saket, New Delhi Pan:Aadcr5677C (Appellant) (Respondent)

…ie wealth management Ltd versus ACIT, circle – 15 (1), New Delhi ITA number 2396/Del/2013 Assessment year 2008 – 09 the absence of any exempt income earned by the assessee. Hon‟ble Delhi High Court has decided the identical issue in Cheminvest Ltd versus CIT [378 ITR 33], wherein in para No. 23, it is been held that where the assessee has not earned any exempt income during the year there cannot be any disallowance under section 14 A of the income tax act. Undisputedly there is no exempt income during the year, earned by the assessee, therefore there cannot be any disallowance under section 14 A of the income tax…

DCIT, New Delhi vs. M/S. Pranidhi Holdings (P) Ltd., New Delhi

Bench: Shri N.K. Saini & Shri Kuldip Singh

…e revenue authorities below in the light of the facts and circumstances of the case. GROUNDS NO.1, 2, 3, 4 & 5 7. The ld. AR for the assessee by relying upon the decision rendered by Hon’ble Delhi High Court in case cited as Cheminvest Ltd. vs. CIT – (2015) 378 ITR 33 (Del.) and Hon’ble Punjab & Haryana High Court in case cited as Pr.CIT vs. State Bank of Patiala – (2017) 391 ITR 218 (P&H) contended that the assessee is into the business of trading in shares and has suo motu 5 ITA Nos.2054 & 2222/Del./2014 disallowed an amount of Rs.4,13,678/- u/s 14A on the earned dividend income of Rs.44,14,607/- and the…

M/S. Pranidhi Holdings Pvt. Ltd., New Delhi vs. ITO, New Delhi

Bench: Shri N.K. Saini & Shri Kuldip Singh

…e revenue authorities below in the light of the facts and circumstances of the case. GROUNDS NO.1, 2, 3, 4 & 5 7. The ld. AR for the assessee by relying upon the decision rendered by Hon’ble Delhi High Court in case cited as Cheminvest Ltd. vs. CIT – (2015) 378 ITR 33 (Del.) and Hon’ble Punjab & Haryana High Court in case cited as Pr.CIT vs. State Bank of Patiala – (2017) 391 ITR 218 (P&H) contended that the assessee is into the business of trading in shares and has suo motu 5 ITA Nos.2054 & 2222/Del./2014 disallowed an amount of Rs.4,13,678/- u/s 14A on the earned dividend income of Rs.44,14,607/- and the…

DCIT, New Delhi vs. M/S. Rattan India Infrastructure Ltd., New Delhi

In the result, the appeal of the department is dismissed

Bench: Sh. N. K. Saini, Am & Sh. K. N. Chary, Jm Ita No. 1181/Del/2016 : Asstt. Year : 2012-13 Dy. Commissioner Of Income Vs M/S Rattan India Infrastructure Ltd., Tax, Circle-21(1), (Formerly Known As India Bulls New Delhi Infrastructure & Power Ltd.), M-62 & 63, 1St Floor, Connaught Place, New Delhi-110001 (Appellant) (Respondent) Pan No. Aacci4485N Assessee By : None Revenue By : Sh. S. P. Gupta, Sr. Dr Date Of Hearing : 14.09.2017 Date Of Pronouncement : 28.09.2017 Order Per N. K. Saini, Am: This Is An Appeal By The Department Against The Order Dated 22.12.2015 Of Ld. Cit(A)-4, New Delhi.

…m for exemption is sought. A reference was made to the following case laws: " CIT Vs Corrtcch Energy Pvt. Ltd. in ITA No. 239 of 2014, order dated 24.03.2014 (Guj. HC) " CIT Vs Winsome Textiles Industries Ltd. 319 ITR 204 (P&H) " Cheminvest Ltd. Vs CIT (2015) 378 ITR 33 (Del.) 8. We have considered the submissions of both the parties and carefully gone through the material available on the record. In the present case, it is an admitted fact that the 6 Rattan India Infrastructure Ltd. assessee did not have any exempt income during the year under consideration. On a similar issue the Hon’ble Punjab & Haryana High…

ACIT, New Delhi vs. M/S Sainik Mining & Allied Services Ltd, New Delhi

In the result, all the appeals of the Revenue and the Cross

Bench: Shri R.S. Syal & Ms Suchitra Kamble

…rd both the sides and perused the relevant material on record, it is found as an admitted position that the assessee did not earn any exempt income during all the three years under consideration. The Hon'ble Delhi High Court in Cheminvest Ltd. vs. CIT (2015) 378 ITR 33 (Del), has held that if there is no exempt income, there can be no question of making any disallowance u/s 14A. Similar view has been taken by the Hon'ble jurisdictional High Court in CIT vs. Holcim India P. Ltd. (2014) 90CCH 081-Del-HC. In view of these binding precedents providing for not making any disallowance u/s 14A in the absence of any…

ACIT, New Delhi vs. M/S Sainik Mining & Allied Services Ltd, New Delhi

In the result, all the appeals of the Revenue and the Cross

Bench: Shri R.S. Syal & Ms Suchitra Kamble

…rd both the sides and perused the relevant material on record, it is found as an admitted position that the assessee did not earn any exempt income during all the three years under consideration. The Hon'ble Delhi High Court in Cheminvest Ltd. vs. CIT (2015) 378 ITR 33 (Del), has held that if there is no exempt income, there can be no question of making any disallowance u/s 14A. Similar view has been taken by the Hon'ble jurisdictional High Court in CIT vs. Holcim India P. Ltd. (2014) 90CCH 081-Del-HC. In view of these binding precedents providing for not making any disallowance u/s 14A in the absence of any…

ACIT, New Delhi vs. M/S Sainik Mining & Allied Services Ltd, New Delhi

In the result, all the appeals of the Revenue and the Cross

Bench: Shri R.S. Syal & Ms Suchitra Kamble

…rd both the sides and perused the relevant material on record, it is found as an admitted position that the assessee did not earn any exempt income during all the three years under consideration. The Hon'ble Delhi High Court in Cheminvest Ltd. vs. CIT (2015) 378 ITR 33 (Del), has held that if there is no exempt income, there can be no question of making any disallowance u/s 14A. Similar view has been taken by the Hon'ble jurisdictional High Court in CIT vs. Holcim India P. Ltd. (2014) 90CCH 081-Del-HC. In view of these binding precedents providing for not making any disallowance u/s 14A in the absence of any…