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

DCIT, Chennai vs. M/S. Turbo Energey Limited, Chennai

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

ITA 205/CHNY/2014[2009-10]Status: DisposedITAT Chennai03 May 2017AY 2009-10

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…

DCIT, Chennai vs. M/S. Turbo Energey Limited, Chennai

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

ITA 204/CHNY/2014[2008-09]Status: DisposedITAT Chennai03 May 2017AY 2008-09

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…

DCIT, Chennai vs. M/S. Turbo Energey Limited, Chennai

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

ITA 203/CHNY/2014[2006-07]Status: DisposedITAT Chennai03 May 2017AY 2006-07

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…

DCIT, Chennai vs. Turbo Energy Limited, Chennai

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

ITA 629/CHNY/2013[2007-08]Status: DisposedITAT Chennai03 May 2017AY 2007-08

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 351/CHNY/2013[2007-2008]Status: DisposedITAT Chennai03 May 2017AY 2007-2008

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…

Kotak Mahindra Bank Ltd, Mumbai vs. Addl CIT RG 3(2), Mumbai

The appeals of the AO are dismissed

ITA 1929/MUM/2012[2008-09]Status: DisposedITAT Mumbai18 Apr 2017AY 2008-09
For Appellant: F.V. IraniFor Respondent: R P Meena
Section 143(3)Section 254(1)Section 36

…of the Act.We find that in the case of M/s Gateway Distriparks Ltd.(supra),identical issue was adjudicated by us,as under: “3.The next ground pertains to deleting the disallowance made u/s 14A of the Act ignoring the ratio of the Tribunal in Cheminvest Ltd. (121 ITD 318)(Del.). The crux of argument on behalf of the assessee is that no income was earned by the assessee and merely hypothetical disallowance has been made. Reliance was placed 378 ITR 33 (Del.) order dated 02/09/2015. Considering the totality of facts and the arguments from both sides, we find that the Hon’ble Delhi High Court in the aforesaid order…

Reliance Infrastructure and Consultants Ltd ( Erstwhile Reliance Infrastructure Ltd), Mumbai vs. Asst CIT RG 10(1), Mumbai

The appeal of the assessee is partly allowed and that of revenue also allowed

ITA 6452/MUM/2011[2008-09]Status: DisposedITAT Mumbai12 Apr 2017AY 2008-09

Bench: Shri Mahavir Singh, Jm & Shri Rajesh Kumar, Am Asstt.Commissioner Of Income Tax- M/S Rel Utility Engineers Ltd, -Range-10(1), (Erstwhile M/S Reliance Room No.455, Aaykar Bhavan, Infrastructure & Consultants फनधभ/ M K Road, Near Churchgate, Ltd, Devidas Lane, Mumbai-400020 Vs. Near Mtnl, Off Svp Road, Borivali (W)- Mumbai-400103 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) : M/S Rel Utility Engineers Ltd, Asstt.Commissioner Of Income Tax- -Range-10(1), (Erstwhile Reliance Room No.455, Aaykar Bhavan, Infrastructure & Consultants फनधभ/ M K Road, Near Churchgate, Ltd, Devidas Lane, Mumbai-400020 Vs. Near Mtnl, Off Svp Road, Borivali (W)-400103. स्थधमी रेखध सं./ Pan : Aaccr7678G (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) :

For Appellant: Shri Jitendra SanghviFor Respondent: Shri Rajat Mittal
Section 115JSection 14A

…as argued that the expenditure incurred on investments which had riot yielded exempt income is, not required to be considered for disallowance. The appellant's argument is not correct. The Special Bench ITAT Delhi in the case of Chimenvest Ltd. Vs. ITO (2009) 121 ITD 318 has held that the. expenditure incurred on all investments are required to be considered for the purpose of disallowance u/s 14A whether or not the investments have yielded exempt income. In the facts and circumstances the appellants working of disallowance u/s 14A at Rs.11,67,648/- was not correct and was not as per provisions of section 14A of…

DCIT 10(1), Mumbai vs. Reliance Infrastructure and Consultants Ltd, Mumbai

The appeal of the assessee is partly allowed and that of revenue also allowed

ITA 6266/MUM/2011[2008-09]Status: DisposedITAT Mumbai12 Apr 2017AY 2008-09

Bench: Shri Mahavir Singh, Jm & Shri Rajesh Kumar, Am Asstt.Commissioner Of Income Tax- M/S Rel Utility Engineers Ltd, -Range-10(1), (Erstwhile M/S Reliance Room No.455, Aaykar Bhavan, Infrastructure & Consultants फनधभ/ M K Road, Near Churchgate, Ltd, Devidas Lane, Mumbai-400020 Vs. Near Mtnl, Off Svp Road, Borivali (W)- Mumbai-400103 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) : M/S Rel Utility Engineers Ltd, Asstt.Commissioner Of Income Tax- -Range-10(1), (Erstwhile Reliance Room No.455, Aaykar Bhavan, Infrastructure & Consultants फनधभ/ M K Road, Near Churchgate, Ltd, Devidas Lane, Mumbai-400020 Vs. Near Mtnl, Off Svp Road, Borivali (W)-400103. स्थधमी रेखध सं./ Pan : Aaccr7678G (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) :

For Appellant: Shri Jitendra SanghviFor Respondent: Shri Rajat Mittal
Section 115JSection 14A

…as argued that the expenditure incurred on investments which had riot yielded exempt income is, not required to be considered for disallowance. The appellant's argument is not correct. The Special Bench ITAT Delhi in the case of Chimenvest Ltd. Vs. ITO (2009) 121 ITD 318 has held that the. expenditure incurred on all investments are required to be considered for the purpose of disallowance u/s 14A whether or not the investments have yielded exempt income. In the facts and circumstances the appellants working of disallowance u/s 14A at Rs.11,67,648/- was not correct and was not as per provisions of section 14A of…

Spencer'S Retail Limited, Kolkata vs. DCIT, Cir-5, Kolkata

In the result the appeal of the assessee is allowed

ITA 96/KOL/2014[2008-2009]Status: DisposedITAT Kolkata01 Mar 2017AY 2008-2009

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 96/Kol/2014 Assessment Year : 2008-09

For Appellant: Shri D.S.Damle, FCAFor Respondent: Shri Anand Kumar Singh, JCIT

…mpt income during the previous year and therefore there can be no disallowance u/s 14A of the Act. The CIT(A) rejected the claim of the assessee and in doing so placed reliance on the decision of the Special Bench of ITAT in the case of Cheminvest Ltd. Vs CIT 121 ITD 318 (Delhi) (SB) wherein it was held that the disallowance u/s 14A of the Act can be made even in the year where there is no exempt income earned or received by the assessee. 16. Before us the ld. Counsel for the assessee submitted that the decision of the Special Bench on which the CIT(A) placed reliance has since been reversed by the 9 10 M/s. Spe…

DCIT, CC-Xxvii, Kolkata vs. M/S Sangita Securities Pvt.Ltd., Kolkata

In the result, appeal of Revenue stands dismissed

ITA 599/KOL/2014[2011-12]Status: DisposedITAT Kolkata24 Feb 2017AY 2011-12

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2011-12 Dcit, Central Circle- V/S. M/S Sangita Securities Xxvii, Aaykar Bhavan, Pvt. Ltd., 1A, Grant Poorva 5Th Floor, Room Lane, Room No. 206, No. 510, 110 Shantipally Kolkata-700 012 [Pan No.Aaics 8877 L] .. अपीलाथ" /Appellant ""यथ"/Respondent

Section 10(34)Section 143(1)Section 143(2)Section 143(3)Section 14A

…in appeal before us. 4. Before us Ld. DR for the Revenue submitted that while passing appellate order Ld. CIT(A) has overlooked the provision has laid down by the Hon'ble ITAT in its Special Bench in the case of Cheminvest Investment Ltd. vs. ITO reported in 121 ITD 318 where it was held that all the investments whether yielding dividend or not should be taken into account for making the disallowance. He vehemently relied on the order of AO. On the other hand, Ld. AR for the assessee relied on the order of Ld. CIT(A). 5. We have gone through the rival submissions made by both the sides and order of lower authori…

Priya Ltd., Mumbai vs. DCIT (OSD), Cir 2(3), Mumbai

The appeal of the assessee is disposed off in terms indicated hereinabove and the appeal of the Revenue is dismissed

ITA 3231/MUM/2015[2010-11]Status: DisposedITAT Mumbai21 Feb 2017AY 2010-11

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2010-11 Priya Ltd. Dcit(Osd), Circle-2(3), 209-210, Kimatraj Building बनाम/ R. No. 552, 5Th Floor, 02 Floor, 77/79 Vs. Aayakar Bhavan, M.K.Road, M.K. Road, Mumbai-400020 Mumbai-400002 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacp2210Q Assessment Year: 2010-11 Dcit(Osd), Priya Ltd. 209-210, Kimatraj Building Circle-2(3), बनाम/ 02 Floor, 77/79 R. No. 552, 5Th Floor, Vs. M.K. Road, Aayakar Bhavan, M.K.Road, Mumbai-400002 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aaacp2210Q

Section 10(33)Section 143(3)Section 14ASection 260A

…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 two earlier deci…

Bharat Serums and Vaccines Ltd, Mumbai vs. Addl CIT RG 3(1), Mumbai

Appeal of the AO stands dismissed

ITA 3091/MUM/2012[2008-09]Status: DisposedITAT Mumbai15 Feb 2017AY 2008-09
For Appellant: S/Shri Nitesh Joshi & Vipul Mody -ARFor Respondent: Shri Saurabh Kumar Rai-DR
Section 115Section 115JSection 143(3)Section 14ASection 254(1)

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “बी मुंबई बी बी” ” ” ” खंडपीठ बी खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“B”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member आयकर अपील सं./I.T.A./3091/Mum/2012,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 िनधा"रण िनधा"रण वष" वष" M/s. Bharat Serums & Vaccines Ltd. ACIT, Range-3(1) 27th Floor, Hoechst House, Nariman Point Aayakar Bhavan, M.K. Marg Vs. Mumbai-21. Mumbai-400 020. PAN:AAACB 2431 M (अपीलाथ" /Appellant)…

Huntsman International (India) P.Ltd, Mumbai vs. DCIT 10(1)(1), Mumbai

The appeal of the assessee is partly allowed, that of Revenue is dismissed

ITA 5637/MUM/2015[2011-12]Status: DisposedITAT Mumbai31 Jan 2017AY 2011-12

Bench: Shri G.S.Pannu & Shri Amarjit Singhm/S.Huntsman International (India) Private Limited, B-Wing, Lighthall, Hiranandani Business Park, Saki Vihar Road, Mumbai 400 072 Pan: Aaach9149J ...... Appellant Vs. The Dcit, 10(1)(1), Mumbai. .... Respondent The Dcit, 10(1)(1), Mumbai. ..... Appellant

For Appellant: Shri S.N.SoparkarFor Respondent: Shri N.K.Chand
Section 143(3)Section 14ASection 271Section 32Section 32(1)(iii)

…hearing, the Ld. Representative for the assessee pointed out that during the year under consideration, no exempt income has been earned or received and, therefore, following the decisions of the Hon’ble Delhi High Court in the case of Cheminvest Ltd. vs. CIT, 317 ITR 86(Del)& Holcim India (Pvt.) Ltd., ITA No.486 of 2014 (Del) the disallowance is totally unwarranted. Apart therefrom, it has been pointed out that similar position prevailed in assessment year 2010-11 also, wherein the Tribunal vide its order dated 18/12/2015(supra) has deleted the disallowance made u/s. 14A of the Act. In this context, the following…

Pallavi Manoj Desai, Mumbai vs. Addl CIT 22(1)(4), Mumbai

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

ITA 3473/MUM/2016[2010-11]Status: DisposedITAT Mumbai19 Jan 2017AY 2010-11

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am Smt.Pallai Manoj Desai, Income-Tax-Officer-22(1)(4), 204/206, Sahyadri, Vashi Railway Station फनधभ/ Neelkanth Valley, 7Th Road, Complex, Rajawadi, Vashi, Vs. Ghatkopar (E), Navi Mumbai-400703 Mumbai-400077

For Appellant: Shri Kirit SanghviFor Respondent: Ms.Anupama Singh
Section 143(2)Section 14ASection 36(1)(iii)Section 57

…h she had not earned dividend during the year. In working out the disallowance u/s.14A, she had excluded the interest relating to the investment on which dividend had not been earned during the year. The Hon'ble ITAT in the .case of Chem Invest. Ltd. Vs. ITO [121 ITD 318] had held that "when the expenditure of interest is incurred in relation to income which does not form part of the total income, it has to suffer the disallowance irrespective of the fact that whether any income is earned by the assessee or not. Section 14A does not envisage any such exemptions." This is so even if interest on borrowing for the p…

Addl CIT RG 1(2), Mumbai vs. Morgan Stanley India Securities P.Ltd, Mumbai

The appeals of the Revenue are dismissed, then the cross objections of the assessee will become in-fructuous

ITA 114/MUM/2013[2008-09]Status: DisposedITAT Mumbai05 Jan 2017AY 2008-09

Bench: Shri Joginder Singh & Shri Jason P. Boazassessment Years: 2008-09

Section 143(2)Section 14A

…ied to the expenditure, incurred in relation to tax free dividend income as there was no tax free dividend income was earned/received by the assessee, which is contrary to the decision of the Special Bench of the Tribunal in the case of Cheminvest Ltd. (2009) 121 ITD 318 (Del.)(SB), in which the Bench relied upon the decision from Hon'ble Apex Court in the case of Rajendra Prasad Moody 115 ITR 522 (SC). 2.1. During hearing of this appeal, the ld. DR, Shri T.A. Khan, defended the addition made by the Assessing Officer and thus supported the conclusion arrived at in the assessment order. On the other hand, Shri Su…

Addl CIT RG 1(2), Mumbai vs. Morgan Stanley India Securities P.Ltd, Mumbai

The appeals of the Revenue are dismissed, then the cross objections of the assessee will become in-fructuous

ITA 113/MUM/2013[2009-10]Status: DisposedITAT Mumbai05 Jan 2017AY 2009-10

Bench: Shri Joginder Singh & Shri Jason P. Boazassessment Years: 2008-09

Section 143(2)Section 14A

…ied to the expenditure, incurred in relation to tax free dividend income as there was no tax free dividend income was earned/received by the assessee, which is contrary to the decision of the Special Bench of the Tribunal in the case of Cheminvest Ltd. (2009) 121 ITD 318 (Del.)(SB), in which the Bench relied upon the decision from Hon'ble Apex Court in the case of Rajendra Prasad Moody 115 ITR 522 (SC). 2.1. During hearing of this appeal, the ld. DR, Shri T.A. Khan, defended the addition made by the Assessing Officer and thus supported the conclusion arrived at in the assessment order. On the other hand, Shri Su…

DCIT 8(2), Mumbai vs. Man Infraprojects P. Ltd, Mumbai

In the result appeal filed by the revenue are hereby dismissed

ITA 5654/MUM/2014[2011-12]Status: DisposedITAT Mumbai29 Dec 2016AY 2011-12

Bench: Shri G.S.Pannu, Am & Shri Amarjit Singh, Jm आयकरअपीलसं/I.T.A. No.5654/Mum/2014 (िनधा"रणवष" / Assessment Year: 2011-12) Dy. Cit 8(2) बनाम/ M/S. Man Infraprojects Pvt. R. No. 209, Aayakar Bhavan, Ltd. Vs. M. K. Road, 102, Man House, S.V.Road, Mumbai – 400020 Opp. Pawan Hans, Vile Parle (W) Mumbai - 400056 "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aaacm9991M (अपीलाथ"/Appellant) .. (""थ" /Respondent)

For Appellant: Shri Keshav B. BhujleFor Respondent: Shri Mohammed Rizwan
Section 142(1)Section 143(1)Section 143(2)Section 14A

…tments. The AO rejected the claim and made a disallowance though the CIT(A) and Tribunal (included in file) deleted it on the basis that no section 14A disallowance could be made in the absence of tax free income. The Tribunal noted the judgment in Cheminvest 121 ITD 318 (Delhi) (SB) (which holds that s. 14A disallowance has to be made even if there is no tax free income) but followed Siva Industries (Che.). On appeal by the department to the High Court held dismissing the appeal: “Section 14A of the Act provides that for the purposes of computing the total income under the Chapter, no deduction shall be allowed…

Mata Securities India P.Ltd, Mumbai vs. Asst CIT Cir 4(3), Mumbai

In the result, the appeal is allowed for statistical purpose

ITA 6431/MUM/2014[2010-11]Status: DisposedITAT Mumbai28 Dec 2016AY 2010-11

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year 2010-11

For Appellant: Ms D. Hariya, ARFor Respondent: Shri S.K.Poddar, DR
Section 143(3)Section 14A

…1962. The AO then computed the disallowance u/s 14A read with Rule 8D at Rs. 1,99,993/-. 4. The assessee preferred appeal against the above disallowance made by the AO before the learned CIT(A). Relying on the decision in the case of Cheminvest Ltd. vs. ITO 317 ITR 86 (AT), Southern Petro Chemicals Industries (3 SOT 157), ACIT vs. Citicorp Finance (India) Ltd. (108 ITD 457), ITO vs. Daga Capital Management Pvt. Ltd. vide its order dated 20.10.2008, in ITA no. 8057/Mum/03, the learned CIT(A) 3 upheld the disallowance of Rs. 1,99,993/- made by the A.O. u/s 14A of the Act. 5. Before us, the learned counsel of th…

S.B. & T International Ltd, Mumbai vs. DCIT Cir 11(2)(1), Mumbai

The appeal of the AO is dismissed

ITA 1054/MUM/2015[2010-11]Status: DisposedITAT Mumbai16 Nov 2016AY 2010-11

Bench: S/Shri Rajendra & Saktijit Deyआयकर आयकर अपील अपील संसंसंसं/ Ita No.1054/Mum/2015 : िनधा"रण िनधा"रण वष" वष"/Assessment Year-2010-11 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. S.B.& T International Ltd. Dcit-Circle-11(2)(1) 9, Yusuf Building, Room No.15 Aayakar Bhavan, Mumbai. 1St Floor, A.R. Street, Pydhonie Vs. Mumbai-400 003. Pan:Aaacs 7275 C आयकर आयकर अपील अपील संसंसंसं/ Ita No.1152/Mum/2015 : िनधा"रण िनधा"रण वष" वष"/Assessment Year-2010-11 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Dcit-Circle-11(2)(1) Vs. M/S. S.B. & T International Ltd. Aayakar Bhavan ,Mumbai. Mumbai-400 003.. (Appellant) (Respondent) Revenue By: Shri N.K. Chand -Cit Assessee By: Dr. P. Daniel सुनवाई क" तारीख / Date Of Hearing: 04.10.2016 घोषणा क" तारीख / Date Of Pronouncement: 16.11.2016 आयकर अिधिनयम,1961 की धारा 254(1)के अ"ग"त आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद", राजे" के अनुसार/ Per Rajendra A.M.- Challenging The Order Of The Assessing Officer (Ao), Dated 29/12/2014, Passed U/S. 143(3)R.W.S.144C (5)Of The Act In Pursuance Of The Directions Of The Dispute Resolution Panel (Drp),The Assessee Has Filed The Present Appeal.The Ao Has Challenged The Directions Of The Drp.

For Appellant: Dr. P. DanielFor Respondent: Shri N.K. Chand -CIT
Section 143(3)Section 254(1)

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई “ “ “ “ केकेकेके” ” ” ” खंडपीठ मुंबई खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“K”Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"",लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं, , , , शि"जीत डे एवं शि"जीत डे शि"जीत डे, "याियक शि"जीत डे "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Shri Rajendra,Accountant Member and Saktijit Dey,Judicial Member आयकर आयकर अपील अपील संसंसंसं/ ITA No.1054/Mum/2015 : िनधा"रण िनधा"रण वष" वष"/Assessment Year-2010-11 आयकर आयकर अपील अपील िनधा"रण िनधा"रण…

DCIT 8(1), Mumbai vs. Aptech Ltd, Mumbai

The appeal of the revenue is dismissed

ITA 2003/MUM/2014[2009-10]Status: DisposedITAT Mumbai06 Oct 2016AY 2009-10

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.946 & 723/Mum/2013 (ननधधायण वषा / Assessment Year :2007-08 & 2008-09)

For Appellant: Shri S C Tiwari and Rutuja N
Section 14ASection 40

…subsidiary companies was not allowable and computed the disallowance by application of provisions of section 14A read with rule 8D of the Rules by relying on the decision of the Hon’ble Special Bench of ITAT, Delhi in the case of Cheminvest Ltd V/s ITO (2009) 121 ITD 318 (Delhi) (SB) and the M/s. Daga Capital Management Pvt. Ltd. (2008) reported in 26 SOT 603. Finally the AO computed the disallowance at Rs.1,56,27,270/- by applying the ratio laid down on the decision of Special Bench of the Delhi Tribunal on account of interest paid. 30. During the course of appellate proceedings, the ld. CIT(A) directed the AO t…