Cheminvest Ltd. v. ITO

121 ITD 318Income Tax Appellate Tribunal2009#228 most cited

What is Cheminvest Ltd. v. ITO authority for?

Disallowance of expenses under Section 14A of the Income Tax Act can be made even when no exempt income has been earned or received by the assessee.

338

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2015 to 2026.

Also referred to as

Cheminvest Ltd. v. ITO · Section 14A · disallowance of expenses · exempt income · no exempt income earned · Section 115JB · expenditure for exempt income · ITAT Special Bench · Delhi Tribunal · 121 ITD 318

Also reported as

317 ITR 86124 TTJ 577

Sections most often in play

Section 14ASection 143(3)Section 37(1)Section 115JBSection 1962Section 143(2)Section 1961Section 250

Issues it is cited on

disallowance u/s 14asection 14adisallowance under section 14asection 115jbprevious yearcompanytransfersection 14indiabusinesstotal incomesection 143

Judgments citing Cheminvest Ltd. v. ITO

M/S. Vipul Infracon Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed

ITA 5507/DEL/2015[2010-11]Status: DisposedITAT Delhi25 Oct 2017AY 2010-11

Bench: Sh.G.D.Agrawal, Hon’Ble & Sh.K.N.Charyvipul Infracon Pvt.Ltd., Vs Dcit, 14/185-186, Ground Floor, Central Circle-02, Main Shivalik Road, Malviya Nagar, New Delhi. New Delhi-110017. Pan-Aaact4544M (Appellant) (Respondent)

Section 143(3)Section 14A

…sessee has been pleading before the authorities that in the year under consideration they did not have any exempt income. However, the AO while placing reliance on Special Bench decision dated 05.05.2009 of this Tribunal in the case of Cheminvest Ltd. vs ITO 317 ITR 86 wherein it was held that expenditure was allowable to the assessee without any requirement of earning or receipt of income. On that analogy, the AO hold that the expenditure shall be disallowed whether or not any income was generated. However, in view of the decision of the Jurisdictional High Court in Cheminvest Ltd. (supra) and on the face of th…

M/S. Anjaneya Cold Storage Limited, New Delhi vs. ACIT, New Delhi

In the result, appeal of the assessee is allowed partly

ITA 6079/DEL/2014[2010-11]Status: DisposedITAT Delhi25 Oct 2017AY 2010-11

Bench: Sh. Amit Shukla & Sh. O.P. Kantassessment Year: 2010-11 Vs. Acit, Circle-1(1), New Delhi M/S. Anjaneya Cold Storage Limited, B-35, Lawrence Road Industrial Area, New Delhi Pan : Aaaca0597R (Appellant) (Respondent)

Section 143(2)Section 14A

…no dividend income had been earned by the Assessee in the relevant AY? The Court referred to the decision of this Court in Maxopp Investment Ltd. (supra) and to the decision of the Special Bench of the ITAT in this very case i.e. Cheminvest Ltd. v. CIT (2009) 317 ITR 86. The Court also referred to three decisions of different High Courts which have decided the issue against Revenue. The first was the decision in Commissioner of Income Tax, Faridabad v. M/s. Lakhani Marketing Incl. (decision dated 2nd April 2014 of the High Court of Punjab and Haryana in ITA No. 970/2008) which in turn referred to 6 two earlier de…

Essar Power Ltd, Mumbai vs. Addl CIT RG 5(1), Mumbai

In the result, this appeal by the assessee stands partly allowed

ITA 1849/MUM/2015[2009-10]Status: DisposedITAT Mumbai17 Oct 2017AY 2009-10
For Appellant: Shri Vijay MehtaFor Respondent: Shri K. S. Rajendrakumar
Section 115JSection 143(3)Section 144CSection 144C(13)Section 14ASection 271Section 36

…ce, no disallowance is called for has been rejected. The ld. Dispute Resolution Panel while deciding this issue of the assessee has referred to the ITAT Special Bench 12 Essar Power Limited vs. Addl. CIT decision in the case of Cheminvest Ltd. vs. ITO [2009] 121 ITD 318 (Del)(SB). The ld. Counsel of the assessee has submitted that the decision of the Special Bench relied upon by the ld. DRP panel has already been set aside by Hon’ble Delhi High Court in the case of Cheminvest Ltd. in 281 CTR 447 (Del). He further submitted that the Hon'ble jurisdictional High Court has also followed the above decision of the Hon…

Assistant Commissioner of Income Tax, Circle-1, Kota vs. M/S Tolaram Satyadev Agro Pvt. Ltd., Kota

In the result, appeal of the revenue stands dismissed

ITA 672/JPR/2017[2013-14]Status: DisposedITAT Jaipur09 Oct 2017AY 2013-14
For Appellant: Shri P.C. Parwal (CA)For Respondent: Shri R.A. Verma (Addl.CIT) fu/kZkfjrh dh vksj ls@
Section 14A

…ment years 2006-07 to 2010-11 - Assessee contended that during year it had no exempt income and, therefore, no disallowance under section 14A could be made - Assessing Officer relying upon decision of Tribunal rendered in case of Cheminvest Ltd. v. ITO [2009] 121 ITD 318 (Delhi) (SB) rejected assessee's contention - Whether since above decision of Tribunal had been reversed by jurisdictional High Court in case of Cheminvest Ltd. v. CIT [2015] 378 ITR 33/234 Taxman 761/61 ITA 672/JP/2017 9 ACIT Vs. Tolaram Satyadev Agro P Ltd. taxmann.com 118 (Delhi), it would have to be held that no disallowance under section 14…

Assistant Commissioner of Income Tax, Circle-1, Kota vs. Sudha Hospital & Medical Research Centre, Kota

In the result, appeal of the revenue stands dismissed

ITA 671/JPR/2017[2014-15]Status: DisposedITAT Jaipur09 Oct 2017AY 2014-15
For Appellant: Shri P.C. Parwal (CA)For Respondent: Shri R.A. Verma (Addl.CIT) fu/kZkfjrh dh vksj ls@
Section 14A

…n the relevant A Y? The Court referred to the decision of this Court in Maxopp Investment Ltd's, case (supra) and to the decision of the Special Bench of the ITAT in this very ITA 671/JP/2017 ACIT Vs. Sudha Hospital 5 case i.e. Cheminvest Ltd. v. ITO [2009] 121 ITD 318. The Court also referred to three decisions of different High Courts which have decided the issue against Revenue. The first was the decision in CIT v. Lakhani Marketing Inc . [2014] 226 Taxman 45/49 taxmann.com 257 of the High Court of Punjab and Haryana which in turn referred to two earlier decisions of the same Court in CIT v. Hero Cycles Ltd.…

Assistant Commissioner of Income Tax, Circle-1, Kota vs. M/S Naresh Kumar Manoj Kumar, Kota

In the result, appeal of the revenue stands dismissed

ITA 670/JPR/2017[2013-14]Status: DisposedITAT Jaipur09 Oct 2017AY 2013-14
For Appellant: Shri P.C. Parwal (CA)For Respondent: Smt. Poonam Roy (DCIT) fu/kZkfjrh dh vksj ls@
Section 145(3)Section 14A

…ment years 2006-07 to 2010-11 - Assessee contended that during year it had no exempt income and, therefore, no disallowance under section 14A could be made - Assessing Officer relying upon decision of Tribunal rendered in case of Cheminvest Ltd. v. ITO [2009] 121 ITD 318 (Delhi) (SB) rejected assessee's contention - Whether since above decision of Tribunal had been reversed by jurisdictional High Court in case of Cheminvest Ltd. v. CIT [2015] 378 ITR 33/234 Taxman 761/61 taxmann.com 118 (Delhi), it would have to be held that no disallowance under section 14A can be made, where there is no exempt income - Held, ye…

Ayurvardhan Project Consultants P.Ltd, Mumbai vs. ITO 12(1)(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 757/MUM/2016[2012-13]Status: DisposedITAT Mumbai27 Sept 2017AY 2012-13

Bench: Shri R.C.Sharma, Am M/S. Ayuvardhan Project Vs. Ito 12(1)(2), Consultants Pvt. Ltd., Mumbai – 400 020 C-202, Acme Enclave Near Nirankari Garden Vasari Hill, Malad (W) Mumbai – 400 064 Pan/Gir No. Aafca5449P Appellant) Respondent) ..

Section 143(3)Section 14A

…authorities below and found that assessee has not earned any exempt income in the form of dividend during the year under consideration, however, the AO has disallowed assessee’s claim by relying on the ITAT Special Bench decision in the case of Cheminvest Ltd.121 ITD 318 and stated that even if the assessee has not earned any exempt income, still disallowance u/s.14A r.w.r.8D is to be made and it is mandatory. I found that ITAT coordinate (Chennai) bench in the case of Mr. M. Baskaran (supra), vide order dated 31-7-2014 has considered the decision of ITAT Special Bench in the case of Cheminvest Ltd.(supra) and af…

ACIT, New Delhi vs. M/S. Feedback Infra Pvt. Ltd., New Delhi

ITA 5980/DEL/2015[2012-13]Status: DisposedITAT Delhi18 Sept 2017AY 2012-13

Bench: Shri B.P. Jain & Shri Kuldip Singh

For Appellant: Shri Gaurav Jain, AdvocateFor Respondent: Shri Arun Kumar Yadav, Senior DR
Section 114Section 14A

…has not earned any exempt income during the year under assessment forming part of the total income and as such, section 14A read with Rule 8D is not attracted; that the decision of the ITAT, Special Bench, New Delhi in case of M/s. Cheminvest Ltd. vs. ITO – 317 ITR 86, relied upon by the AO, has since been overruled and that the ld. AR further relied upon the case of Holcim India Pvt. Ltd. – ITA No.486/3024 & ITA No.299/2014. 8. Undisputedly, the AO, without recording dis-satisfaction, as the working out made by the assessee that no expenses have been incurred nor earned any dividend income, proceeded to invok…

Addl CIT RG 3(3), Mumbai vs. Relaince Capital Ltd, Mumbai

In the result appeal of the assessee as well as Revenue are partly allowed for statistical purposes

ITA 4794/MUM/2012[2008-09]Status: DisposedITAT Mumbai13 Sept 2017AY 2008-09

Bench: Shri G.S. Pannu & Shri C.N. Prasad

For Appellant: Shri Jitendra B. SanghaviFor Respondent: Shri Purushotam Kumar
Section 14A

…fficer also rejected the without prejudice contention of the assessee that only dividend yielded investments should be considered for computing the disallowance. 19. The Ld.CIT(A) following the decision of the Special Bench in the chase of Cheminvest Limited [121 ITD 318] affirmed the order of the Assessing Officer. The decision relied on by the Ld.CIT(A) has been reversed by the Delhi High Court in the case of Cheminvest Limited Vs. CIT [378 ITR 33 Delhi]. Recently the Special Bench of the Delhi Tribunal in the case of ACIT v. Vireet Investments Private Limited(supra) held that only those investments are to be c…

Reliance Capital Ltd, Mumbai vs. Addl CIT RG 3(3), Mumbai

In the result appeal of the assessee as well as Revenue are partly allowed for statistical purposes

ITA 4326/MUM/2012[2008-09]Status: DisposedITAT Mumbai13 Sept 2017AY 2008-09

Bench: Shri G.S. Pannu & Shri C.N. Prasad

For Appellant: Shri Jitendra B. SanghaviFor Respondent: Shri Purushotam Kumar
Section 14A

…fficer also rejected the without prejudice contention of the assessee that only dividend yielded investments should be considered for computing the disallowance. 19. The Ld.CIT(A) following the decision of the Special Bench in the chase of Cheminvest Limited [121 ITD 318] affirmed the order of the Assessing Officer. The decision relied on by the Ld.CIT(A) has been reversed by the Delhi High Court in the case of Cheminvest Limited Vs. CIT [378 ITR 33 Delhi]. Recently the Special Bench of the Delhi Tribunal in the case of ACIT v. Vireet Investments Private Limited(supra) held that only those investments are to be c…

DCIT, CC-2(3), Kolkata vs. Shri Vivek Jain, Kolkata

In the result the appeals by the revenue are dismissed and the Cross Objections by the assessees are partly allowed

ITA 1283/KOL/2015[2012-2013]Status: DisposedITAT Kolkata18 Aug 2017AY 2012-2013

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri J.Sudhakar Reddy, Am] I.T.A No. 1282/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -Vs- Shri Vikash Jain Kolkata. Kolkata [Pan : Actpj 6174 D] (Respondent) (Appellant) I.T.A No. 1283/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -Vs- Shri Vivek Jain Kolkata. Kolkata [Pan : Actpj 6173 E] (Respondent) (Appellant) C.O.Nos.58&59/Kol/2015 (A/O Ita Nos.1282 & 1283/Kol/2015) Shri Vikash Jain & Shri Vivek Jain -Vs- D.C.I.T., Central Circle-2(3) Kolkata Kolkata [Pan : Actpj 6174D & Actpj 6173 E] (Cross Objectors) (Respondent) For The Revenue : Shri Sallong Yaden, Addl. Cit For The Assessee : None Date Of Hearing : 14.08.2017. Date Of Pronouncement : 18.08.2017. Order Per N.V.Vasudevan, Jm

For Appellant: NoneFor Respondent: Shri Sallong Yaden, Addl. CIT
Section 140ASection 143Section 14ASection 234Section 234B

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : KOLKATA [Before Hon’ble Sri N.V.Vasudevan, JM & Shri J.Sudhakar Reddy, AM] I.T.A No. 1282/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -vs- Shri Vikash Jain Kolkata. Kolkata [PAN : ACTPJ 6174 D] (Respondent) (Appellant) I.T.A No. 1283/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -vs- Shri Vivek Jain Kolkata. Kolkata [PAN : ACTPJ 6173 E] (Respondent) (Appellant) C.O.Nos.58&59/Kol/2015 (A/o ITA Nos.1282 & 1283/Kol/2015) Shri Vikash Jain & Shri Vivek Jain -vs- D.C.I.T., Central Circle-2(3) Kolkata Kolkata [PAN : ACTPJ 617…

DCIT, Cen. Cir-2(3), Kolkata vs. Shri Vikash Jain, Kolkata

In the result the appeals by the revenue are dismissed and the Cross Objections by the assessees are partly allowed

ITA 1282/KOL/2015[2012-2013]Status: DisposedITAT Kolkata18 Aug 2017AY 2012-2013

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri J.Sudhakar Reddy, Am] I.T.A No. 1282/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -Vs- Shri Vikash Jain Kolkata. Kolkata [Pan : Actpj 6174 D] (Respondent) (Appellant) I.T.A No. 1283/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -Vs- Shri Vivek Jain Kolkata. Kolkata [Pan : Actpj 6173 E] (Respondent) (Appellant) C.O.Nos.58&59/Kol/2015 (A/O Ita Nos.1282 & 1283/Kol/2015) Shri Vikash Jain & Shri Vivek Jain -Vs- D.C.I.T., Central Circle-2(3) Kolkata Kolkata [Pan : Actpj 6174D & Actpj 6173 E] (Cross Objectors) (Respondent) For The Revenue : Shri Sallong Yaden, Addl. Cit For The Assessee : None Date Of Hearing : 14.08.2017. Date Of Pronouncement : 18.08.2017. Order Per N.V.Vasudevan, Jm

For Appellant: NoneFor Respondent: Shri Sallong Yaden, Addl. CIT
Section 140ASection 143Section 14ASection 234Section 234B

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : KOLKATA [Before Hon’ble Sri N.V.Vasudevan, JM & Shri J.Sudhakar Reddy, AM] I.T.A No. 1282/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -vs- Shri Vikash Jain Kolkata. Kolkata [PAN : ACTPJ 6174 D] (Respondent) (Appellant) I.T.A No. 1283/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -vs- Shri Vivek Jain Kolkata. Kolkata [PAN : ACTPJ 6173 E] (Respondent) (Appellant) C.O.Nos.58&59/Kol/2015 (A/o ITA Nos.1282 & 1283/Kol/2015) Shri Vikash Jain & Shri Vivek Jain -vs- D.C.I.T., Central Circle-2(3) Kolkata Kolkata [PAN : ACTPJ 617…

Pr. Commissioner of Income Tax-04 vs. M/S Il & Fs Energy Development Company Ltd

ITA/520/2017HC Delhi16 Aug 2017

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MS. JUSTICE PRATHIBA M. SINGH

Section 115JSection 14ASection 260

…ITA No. 520/2017 Page 1 of 11 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI 2 + ITA No. 520/2017 PR. COMMISSIONER OF INCOME TAX-04 ..... Appellant Through: Mr. Zoheb Hossain, Senior Standing Counsel with Mr. Rajender Dangwal, Advocate versus IL & FS ENERGY DEVELOPMENT COMPANY LTD .... Respondent Through: None. CORAM: JUSTICE S. MURALIDHAR JUSTICE PRATHIBA M. SINGH O R D E R % 16.…

DCIT 14(1)(2), Mumbai vs. Foods and Inns Ltd, Mumbai

In the result, the cross objection of assessee stands allowed

ITA 4577/MUM/2015[2011-12]Status: DisposedITAT Mumbai07 Aug 2017AY 2011-12

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm

For Appellant: Shri Ajay SinghFor Respondent: Ms.Pooja Swaroop
Section 10(34)Section 14ASection 2(24)(x)

…come as exempt u/s 10(34) of the Income-tax Act and offered the same for taxation. However, the Assessing Officer did not accept the contention of the assessee. He proceeded to refer to the decision of ITAT Special Bench in the case of Cheminvest Ltd. v. ITO [317 ITR 86 (AT)]. He computed the disallowance u/s 14A r.w. Rule 8D and disallowed a sum of Rs.20,56,602. CO. No.87/Mum/2017 M/s.Foods and Inns Limited. 2.2 Against the above order, the assessee appealed before the learned CIT(A). 2.3 Considering the submissions of the assessee, the learned CIT(A) held as under:- “I have considered appellant’s submissions.…

M/S. Nishu Finlease Pvt. Ltd., New Delhi vs. DCIT, New Delhi

Appeal of the assessee is allowed

ITA 5650/DEL/2014[2010-11]Status: DisposedITAT Delhi14 Jul 2017AY 2010-11

Bench: Shri S. V. Mehrotra & Smt Suchitra Kamble

Section 10(34)Section 143(3)Section 14ASection 156Section 271(1)(c)

…ributable to the dividend income of Rs. 1,71,551/- in A.Y. 2009-10. While rejecting the main contention of the assessee company regarding the disallowance under Rule 8D(2)(ii) of the Act, the CIT(A) ignored these facts. The decision of Cheminvest Ltd. Vs. ITO 121 ITD 318 (Del. SB) relied by both the authorities was set aside by the Hon’ble Delhi High Court in case of Cheminvest Ltd. Vs. CIT (2014) 61 taxmann.com 118(Delhi). The Ld. AR relied on the decision of Hon’ble Delhi High Court in case of Joint Investments Pvt. Ltd. Vs. CIT wherein it was held in para 9 that: “9. In the present case, the A.O has not firs…

M/S. Moonstar Securities Trading & Finance Co. Pvt. Ltd., New Delhi vs. ACIT, New Delhi

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

ITA 621/DEL/2013[2008-09]Status: DisposedITAT Delhi09 Jun 2017AY 2008-09
For Appellant: Sh. Ashwani Kumar, CAFor Respondent: Sh. HK Chadhoury, CIT DR
Section 115Section 14ASection 153ASection 250

…ed long term capital gain of Rs. 231221639/- and dividend of Rs. 4749499/- and disallowed u/s 14A a sum of Rs. 927175/- has been made in the return of income. The ld Assessing Officer relying on the decision of coordinate bench in case ACIT Vs. Cheminvest Ltd 317 ITR 86 computed the disallowance of Rs. 25267884/- under Rule 8D and consequently, disallowed a sum of Rs. 24340709/- and passed assessment order computing the total income of assessee at a loss of Rs. 184062943/-. The assessee aggrieved with the order preferred appeal before the ld CIT(A) who dismissed the appeal of the assessee, therefore, the assessee…

ACIT, New Delhi vs. M/S. Bhushan Energy Ltd., New Delhi

In the result appeal of assessee is allowed and departmental

ITA 4158/DEL/2014[2011-12]Status: DisposedITAT Delhi07 Jun 2017AY 2011-12

Bench: Hon'Bleshri G.D. Agrawal & Shri Bhavnesh Sainiassessment Year : 2011-12

For Appellant: Shri Ashwani Kumar, CAFor Respondent: Shri S.K. Jain, Sr. DR
Section 10Section 115JSection 14Section 14ASection 250

…the exempt income or even that he should have actually incurred any expenses for earning such income during the year under consideration. The AO applied Rule 8D of the I.T. Act and relied upon order of ITAT Delhi Bench in the case of ACIT vs. Cheminvest Ltd. 317 ITR 86 in which the Tribunal has observed that disallowance u/s 14A of the I.T. Act can be made even if there is no exempt income generated from that investment. The AO accordingly disallowed Rs. 9,28,74,227/- u/s 14A r.w.r. 8D of the I.T. Rules. 6. The assessee challenged the addition before Ld. CIT(A) and made detailed submissions and also submitte…

M/S. Bhushan Energy Ltd., New Delhi vs. ACIT, New Delhi

In the result appeal of assessee is allowed and departmental

ITA 3875/DEL/2014[2011-12]Status: DisposedITAT Delhi07 Jun 2017AY 2011-12

Bench: Hon'Bleshri G.D. Agrawal & Shri Bhavnesh Sainiassessment Year : 2011-12

For Appellant: Shri Ashwani Kumar, CAFor Respondent: Shri S.K. Jain, Sr. DR
Section 10Section 115JSection 14Section 14ASection 250

…the exempt income or even that he should have actually incurred any expenses for earning such income during the year under consideration. The AO applied Rule 8D of the I.T. Act and relied upon order of ITAT Delhi Bench in the case of ACIT vs. Cheminvest Ltd. 317 ITR 86 in which the Tribunal has observed that disallowance u/s 14A of the I.T. Act can be made even if there is no exempt income generated from that investment. The AO accordingly disallowed Rs. 9,28,74,227/- u/s 14A r.w.r. 8D of the I.T. Rules. 6. The assessee challenged the addition before Ld. CIT(A) and made detailed submissions and also submitte…

Turbo Energy Limited, Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee are partly allowed and the

ITA 317/CHNY/2014[2009-2010]Status: DisposedITAT Chennai03 May 2017AY 2009-2010

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

Section 10BSection 10B(8)Section 80I

…and Rs.10,13,125/- for the A.Y 2009-10 applying the Rule 8D of Income Tax Rules. The AO relied on CBDT Instruction (F.No.173/172/2008-ITA-l dated 4.2.2009, Honorable ITAT, New Delhi decision in the case of M/s.Chemivest Ltd vs. ITO reported in 121 lTD 318, 124 TTJ 577) and the Hon’ble ITAT Special Bench, Mumbal in the case of M/s.Daga Capital Management Private Limited for the A.Y. 2001-02 vide ITA No.8057/Mumbai/03 dated 20.10.2008. 13.2 The assessee went on appeal before the CIT(A) and the Ld.CIT(A) confirmed the order of the AO. The Ld.CIT(A) discussed the issue at length in his order For ready reference…

Turbo Energy Limited, Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee are partly allowed and the

ITA 316/CHNY/2014[2008-2009]Status: DisposedITAT Chennai03 May 2017AY 2008-2009

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

Section 10BSection 10B(8)Section 80I

…and Rs.10,13,125/- for the A.Y 2009-10 applying the Rule 8D of Income Tax Rules. The AO relied on CBDT Instruction (F.No.173/172/2008-ITA-l dated 4.2.2009, Honorable ITAT, New Delhi decision in the case of M/s.Chemivest Ltd vs. ITO reported in 121 lTD 318, 124 TTJ 577) and the Hon’ble ITAT Special Bench, Mumbal in the case of M/s.Daga Capital Management Private Limited for the A.Y. 2001-02 vide ITA No.8057/Mumbai/03 dated 20.10.2008. 13.2 The assessee went on appeal before the CIT(A) and the Ld.CIT(A) confirmed the order of the AO. The Ld.CIT(A) discussed the issue at length in his order For ready reference…