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

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

The appeal of the revenue is dismissed

ITA 1271/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…

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

The appeal of the revenue is dismissed

ITA 946/MUM/2013[2007-08]Status: DisposedITAT Mumbai06 Oct 2016AY 2007-08

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…

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

The appeal of the revenue is dismissed

ITA 723/MUM/2013[2008--09]Status: DisposedITAT Mumbai06 Oct 2016

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…

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

The appeal of the revenue is dismissed

ITA 1228/MUM/2013[2008-09]Status: DisposedITAT Mumbai06 Oct 2016AY 2008-09

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…

ACIT 8(1), Mumbai vs. Apatech Ltd, Mumbai

The appeal of the revenue is dismissed

ITA 1227/MUM/2013[2007-08]Status: DisposedITAT Mumbai06 Oct 2016AY 2007-08

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…

M/S. A.V. Enterprises, Kolkata vs. ACIT, Circle-34, Kolkata

In the result, the appeal of the assessee is allowed

ITA 1919/KOL/2014[2007-2008]Status: DisposedITAT Kolkata04 Oct 2016AY 2007-2008

Bench: Shri P.M. Jagtap

Section 143(3)Section 14ASection 263

…sideration, the disallowance under section 14A was not warranted. These submissions of the assessee were not found acceptable by the Assessing Officer and relying on the decision of the Delhi, Special Bench of ITAT in the case of Cheminvest Limited –vs.- ITO [121 ITD 318], he held that disallowance under section 14A was attracted even where there was no exempt income actually earned by the assessee. He, therefore, proceeded to compute the expenses incurred by the assessee in relation to the earning of exempt income at Rs.39,23,448/- by applying Rule 8D and made disallowance to that extent under section 14A. On ap…

DCIT, New Delhi vs. M/S. Galileo India Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 88/DEL/2014[2010-11]Status: DisposedITAT Delhi22 Sept 2016AY 2010-11

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

For Appellant: Sh. Amrit Lal, Sr. DRFor Respondent: Sh. Piyush Kaushik, Advocate
Section 14A

…anation of the assessee and observed that bulk of investment of assessee was in shares and mutual funds only amounting to Rs.2,90,96,41,000/-. He, therefore, relying on the decision of Special Bench of ITAT, New Delhi in the case of Cheminvest Ltd. v. ITO, 317 ITR 86 and another order of ITAT in Daga Capital Pvt. Ltd. in ITA No. 8057/Mum/2003, invoked the provisions of Rule 8D and worked out the disallowance thereunder of an amount of Rs.1,38,31,112/-. However, noticing that the assessee had claimed expenses only to the tune of Rs.60,77,000/-, the AO disallowed such expenses in proportion of total exempt in…

D.C.I.T Cir - 6, Kolkata vs. M/S Integrated Coal Mining Ltd, Kolkata

In the result, the appeal of the Assessee in ITA No

ITA 1758/KOL/2013[2009-10]Status: DisposedITAT Kolkata16 Sept 2016AY 2009-10

Bench: Shri P.M. Jagtap & Shri S.S.Viswanethra Ravi

Section 14ASection 43B

…CIT vs Lakhani Marketing in ITA No. 970 of 2008 rendered by Punjab & Haryana High Court • CIT vs Delite Enterprises in ITA No. 110 of 2009 rendered by Bombay High Court The decision of special bench of Tribunal in the case of Cheminvest Ltd vs CIT reported in 121 ITD 318 had held that disallowance u/s 14A could be made even in an year in which no exempt income was earned or received by the assessee. But this decision has been overruled by Bangalore Tribunal , Gujarat High Court and Allahabad High Court as stated supra. Moreover we also find that the special bench decision in Cheminvest Ltd vs CIT has been overrul…

Raniganj Co-Operative Bank Ltd, Raniganj vs. DCIT, Circle-2, Asansol

In the result, ITA No.1983/Kol/2014 is partly allowed while ITA

ITA 1983/KOL/2014[2008-2009]Status: DisposedITAT Kolkata02 Sept 2016AY 2008-2009

Bench: Hon’Ble Sri N.V.Vasudevan, Jm ] I.T.A Nos.1983 & 1984/Kol/2014 Assessment Years : 2008-09 & 2009-10 Raniganj Co-Operative Bank Ltd. -Vs.- D.C.I.T., Circle-2 & Jcit Raniganj Range-2, Asansol (Pan:Aaffr 3315 J)) (Appellant) (Respondent) For The Appellant : Shri U.Dasgupta, Advocate For The Respondent : Shri Rajat Kumar Kureel, Jcit.Sr.Dr

For Appellant: Shri U.Dasgupta, AdvocateFor Respondent: Shri Rajat Kumar Kureel, JCIT.Sr.DR
Section 14Section 143(3)Section 14ASection 24Section 6

…nue authorities held that even in the absence of exempt income disallowance u/s.14A of the Act can be made and in coming to the above conclusion, the revenue authorities relied on the decision of the Special Bench of the ITAT in the case of Cheminvest Vs. ITO 121 ITD 318 (Del)(SB). 24. The learned counsel for the Assessee filed before us a copy of the decision of the Hon’ble ITAT Chennai Bench in the case of ACIT Vs. Mr.M.Baskaran ITA No.1717/Mds.2013 order dated 31.7.2014 wherein the Chennai Bench held that there can be no disallowance of expenses u/s.14A of the Act when there is no exempt income earned in the…

ITO 10(2)(1), Mumbai vs. Jpa Solutions P.Ltd, Mumbai

The appeal of the Revenue is dismissed

ITA 4640/MUM/2015[2011-12]Status: DisposedITAT Mumbai01 Sept 2016AY 2011-12

Bench: Shri Joginder Singh, Assessment Year:2011-12 Income Tax Officer-10(2)(1), M/S Jpa Solutions Pvt. Ltd. Room No.408, 4Th Floor, 102, Man Gouse, S.V. Road, बनाम/ Aayakar Bhavan, Vile Parle (West), Vs. M.K. Marg, Mumbai-400056 Mumbai-400020 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aabcj7151K

Section 14A

…se of CIT vs Godrej & Boyce Mfg. (2010) 2 M/s JPA Solutions Pvt. Ltd. 328 ITR 81(Bom.) with respect to application of Rule-8D of the Rules with respect to disallowance u/s 14A of the Act and further ignoring the decision in Chem Invest vs Income Tax Officer 317 ITR 86 (Trib.) (SB). 2. During hearing, the ld. DR, Ms. Mahua Sarkar, advanced arguments, which is identical to the ground raised by defending the addition made by the Assessing Officer. It was also contended that while granting relief to the assessee, the First Appellate Authority ignored the decision from Hon'ble jurisdictional High Court in the case…

DCIT Cir 3(3), Mumbai vs. White Pearls Hotels & Investment P. Ltd, Mumbai

ITA 7519/MUM/2014[2011-12]Status: DisposedITAT Mumbai24 Aug 2016AY 2011-12

Bench: S/Shri Rajendra & Ram Lal Negiवष" /Assessment Years: 2011-12 आयकर आयकर अपील अपील संसंसंसं./Ita/7519/Mum/2014,िनधा"रण िनधा"रण वष" आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Dcit-3(3)(2) M/S. White Pearls Hotels & Investment Room No.609,6Th Floor, Pvt. Ltd. 4/27, 1St Floor, Kamal Mansion, Aayakar Bhavan, M.K. Road, Vs. Mumbai-400 020. Arthur Bunder Road,Colaba Mumbai-400 005. Pan: Aaacw 0011 E (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri – K.V. Vispute-Dr Assessee By: Shri Ishwer P. Rathi-Ar सुनवाई क" तारीख / Date Of Hearing: 24.08.2016 घोषणा क" तारीख / Date Of Pronouncement: 24.08.2016 आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य सद"य राजे"" राजे"" केकेकेके अनुसार अनुसार Per Rajendra, Am- लेखा लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Order Dated 19.09.2014 Of Cit(A)-7,Mumbai The Assessing Officer(Ao)Has Filed The Present Appeal.Assessee-Company,Engaged In The Business Of Hospitality,Filed Its Return Of Income,Declaring Total Income Of Rs. 3.24Crores.The Ao Completed The Assessment Under Section 143 (3) Of The Act,On 10/12/2013,Determining The Income Of The Assessee At Rs.4.85 Crores.

For Appellant: Shri Ishwer P. Rathi-ARFor Respondent: Shri – K.V. Vispute-DR
Section 14Section 143Section 14ASection 254(1)

…आयकर अपीलीय अिधकरण, मुंबई “ जी जी जी” खंडपीठ जी Income-tax Appellate Tribunal -“G”Bench Mumbai सव"ी सव"ी राजे"" राजे"",लेखा लेखा सद"य सद"य एवं एवं, राम लाल नेगी राम लाल नेगी, "याियक "याियक सद"य सद"य सव"ी सव"ी राजे"" राजे"" लेखा लेखा सद"य सद"य एवं एवं राम लाल नेगी राम लाल नेगी "याियक "याियक सद"य सद"य Before S/Shri Rajendra,Accountant Member and Ram Lal Negi,Judicial Member वष" /Assessment Years: 2011-12 आयकर आयकर अपील अपील संसंसंसं./ITA/7519/Mum/2014,िनधा"रण िनधा"रण वष" आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" DCIT-3(3)(2) M/s. White Pearls Hotels & Investment Room No.609,6th Floor, Pvt. Ltd. 4/27, 1st Floo…

Om Air Freight Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed

ITA 4306/DEL/2014[2010-11]Status: DisposedITAT Delhi19 Aug 2016AY 2010-11

Bench: Smt Diva Singh

Section 143(2)Section 14ASection 40A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘SMC-3’ NEW DELHI BEFORE SMT DIVA SINGH, JUDICIAL MEMBER I.T.A .No.-4306/Del/2014 (ASSESSMENT YEAR-2010-11) Om Air Frieght Ltd., vs DCIT, 130, Transport Nagar, Central Circle-21, Ring Road, Punjabi Bagh, New Delhi. New Delhi-110035. PAN-AAACO0315R (APPELLANT) (RESPONDENT) Appellant by Sh. Ashish Chadha, CA & Sh. Ashish Goel, CA Respondent by Sh. Farhat Khan, Sr.DR Date of Hearing 21.06.2016 Date of Pronouncement 19.08.2016 ORDER PER DIVA SINGH, JM The present appeal has been filed by the assessee assailing the correctness of the order dated 13.06.2014 of…

Worldwide Media P.Ltd, Mumbai vs. DCIT 1(3), Mumbai

ITA 5462/MUM/2014[2009-10]Status: DisposedITAT Mumbai16 Aug 2016AY 2009-10
For Appellant: Shri Paras Savla-(AR) and Miss KeerthigaFor Respondent: Shri O.P. Meena-DR
Section 14Section 143Section 14ASection 254(1)

…आयकर अपीलीय अिधकरण, मुंबई “ जी जी जी” खंडपीठ जी Income-tax Appellate Tribunal -“G”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, राम लाल नेगी एवं राम लाल नेगी राम लाल नेगी, "याियक राम लाल नेगी "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Shri Rajendra,Accountant Member and Ram Lal Negi,Judicial Member आयकर आयकर अपील अपील संसंसंसं./ITA/5462/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Years: 2009-10 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Worldwide Media Pvt. Ltd. DCIT-1(3) 4th Floor, Times of India Buiulding Aayakar Bhavan, M.K. Road,…

DCIT 9(2), Mumbai vs. L.R. Enterprises P. Ltd, Mumbai

In the result the appeal of the revenue is dismissed

ITA 52/MUM/2014[2009-10]Status: DisposedITAT Mumbai08 Aug 2016AY 2009-10

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.52/Mum/2014 (ननधधायण वषा / Assessment Year :2009-10) The Dy.Commissioner Of Income बनाम/ L R Enterprises P Ltd., 439 Building No.2, 4Th Floor, Tax –Circle 9(2), Vs. New Sonal Link Indl Estate, Room No.218, 2Nd Floor, Link Road, Malad (W), Ayakar Bhavan,M.K.Road, Mumbai-400054 Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

For Appellant: Shri Kailash Kanojiya
Section 10Section 115JSection 143(1)Section 143(2)Section 143(3)Section 14ASection 36

…by rejecting the submissions and by relying on the decision of Hon‟ble Jurisdictional High Court in the case of „Godrej & Boyce Manufacturing Co. Ltd.‟ 328 ITR 81 and the decision of Special Bench of Delhi Tribunal in the case of Cheminvest Ltd V/s ITO (2009) 121 ITD 318 (Delhi) (SB) and calculating the disallowance u/s 14A at Rs.59,94,422/- comprising the disallowance of Rs.54,72,622/- under Rule 8D(2)(ii) and Rs.5,21,800/- under rule 8D 2(iii) of the Income Tax Rules vide order dated 30.12.2011 passed under section 143(3) assessing the total income at Rs.3,28,02,720/- under the normal provisions of Act and Rs.1…

Piramal Corporate Services Ltd, Mumbai vs. DCIT Cir 7(1), Mumbai

ITA 1284/MUM/2014[2010-11]Status: DisposedITAT Mumbai20 Jul 2016AY 2010-11

Bench: S/Sh.Joginder Singh & Rajendraआयकर आयकर अपील अपील संसंसंसं./I.T.A./1284/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2010-11 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Piramal Enterprises Ltd. Dcit-Circle-7(1), (Now Known As Piramal Corporate Services Ltd.) Aayakar Bhavan, M.K. Road,New Marine Piramal Tower, Peninsula Corporate Park, Lines, Mumbai-400020. Vs. Ganpatrao Kadam Marg, Lower Parel(W) Mumbai-400013. Pan:Aaacj 5669 H (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri Sanjay Bare-Dr Assessee By: S/Shri Yogesh Thar & Manthan Shah –Ar.S सुनवाई क" तारीख / Date Of Hearing: 19.05.2016 घोषणा क" तारीख / Date Of Pronouncement: 20.07.2016 आयकर आयकर आयकर अिधिनयम आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)केकेकेके अ"तग"त धारा अ"तग"त अ"तग"त आदेश अ"तग"त आदेश आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार Per Rajendra, Am- अनुसार Challenging The Order Dt.30.12.2013 Of Cit(A)-13,Mumbai The Assessee Has Filed The Present Appeal. Assessee –Company, Engaged In The Business Of Providing Various Consultancy Services Like Management Consultancy Services, Corporate Strategy Services To Its Group & Is Also Making Investment In Other Companies. It Filed Its Return Of Income 13.10.2010, Declaring Total Income At Rs.15.29Crores .The Assessment Order U/S.143(3) Of The Act, Was Passed On 31.12.2012, Determining The Total Income Of The Assessee At Rs. 19.67 Crores.

For Appellant: S/Shri Yogesh Thar and Manthan Shah –AR.sFor Respondent: Shri Sanjay Bare-DR
Section 10(34)Section 143(3)Section 14ASection 254(1)Section 36(1)(iii)

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “सी मुंबई सी सी ” खंडपीठ सी खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal “C”Bench Mumbai सव"ी जोिग"दर "सह, "याियक सद"य एवं राजे"", लेखा सद"य Before S/Sh.Joginder Singh,Judicial Member & Rajendra,Accountant Member आयकर आयकर अपील अपील संसंसंसं./I.T.A./1284/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2010-11 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/s. Piramal Enterprises ltd. DCIT-Circle-7(1), (Now known as Piramal Corporate Services Ltd.) Aayakar Bhavan, M.K. Road,New Marine Piramal tower, Peninsula…

M/S Vipul Ltd., Gurgaon vs. ACIT, New Delhi

In the result, both the appeals of the assessee are allowed

ITA 2153/DEL/2013[2009-10]Status: DisposedITAT Delhi14 Jul 2016AY 2009-10

Bench: Sh. H.S. Sidhu & Sh. O.P. Kant

Section 14A

…he Act read with rule 8D of the Income Tax Rules. The Ld. Commissioner of Income-tax (Appeals) relying on the various judicial pronouncement including the decision of the Tribunal, Special Bench of Delhi in the case of Cheminvest Ltd. Vs. Income Tax Officer, (317 ITR 86) dated 05/05/2009, upheld the disallowance made by the Assessing Officer. Aggrieved, the assessee is in appeal before the Tribunal. 4. Before us, the learned Authorized Representative of assessee submitted that the issue in dispute was covered in the favour of the assessee by the judgment of the Hon’ble Jurisdictional High Court in the case of Che…

DCIT 3(2), Mumbai vs. Indiabulls Wholesale Services Ltd, Mumbai

In the result the appeals of the revenue stand dismissed and the appeal of the assessee is allowed

ITA 6081/MUM/2014[2010-11]Status: DisposedITAT Mumbai30 Jun 2016AY 2010-11

Bench: Shri Shailendra Kumar Yadav, Jm & Shri Rajesh Kumar, Am आयकर अपीऱ सं./I.T.A. No.1165/Mum/2014 (ननधधारण वषा / Assessment Year : 2008-09) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Retail Service Ltd, Tax-7(1), Room No.622, (Formerly Knows As Pyramid Vs. Aayakar Bhavan, Retails Ltd, Now Known As M K Road, M/S Store One Retails India Mumbai-400020 (Ltd),11Th Floor, Indiabulls Finance Centre, Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aadcp5164C आयकर अपीऱ सं./I.T.A. No.5732/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) बनधम/ M/S Indiabulls Wholesale Dy.Commissioner Of Income Tax- 3(2), Services Ltd, Vs. Aayakar Bhavan, M-62 & 63, 1St Floor, M K Road, Connaught Place, Mumbai-400020 New Delhi-110001 आयकर अपीऱ सं./I.T.A. No.6081/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Wholesale Tax-3(2), Services Ltd, Vs. Room No.674, 6Th Floor, 14Th Floor, Aayakar Bhavan, Indiabulls Finance Centre, M K Road, Tower No.1, Plot No.612-613, Mumbai-400020 Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aabci7129N अपीऱार्थी ओर से / Revenue By Shri Javed Akhatar प्रत्यर्थी की ओर से/ Assessee By S/Shri Jitendra Sangvi & Amit Khatiwalla

Section 143(1)Section 143(2)Section 143(3)Section 14ASection 56Section 57

…appeal order, dismissed the appeal of the assessee by observing that the issue mentioned in ground of appeal is now settled in favour of the revenue by the decision of Delhi Tribunal in the case of Cheminvest Ltd vs. ITO (ITAT Delhi Special Bench) reported in 121 ITD 318(SB)(Delhi) and after giving detailed reasons dismissed the appeal of the assessee by holding as under : “5.2.4 Having regard to fact and circumstances of the case and in view of the Hon’ble ITAT Delhi Special Bench decision cited above 23 1165/Mum/2014 and others two appeals and in the light of th e CBDT circular no. 5/2014 dated 11.2.2014 issu…

Indiabulls Wholesale Services Ltd, New Delhi vs. DCIT Cir 3(2), Mumbai

In the result the appeals of the revenue stand dismissed and the appeal of the assessee is allowed

ITA 5732/MUM/2014[2010-11]Status: DisposedITAT Mumbai30 Jun 2016AY 2010-11

Bench: Shri Shailendra Kumar Yadav, Jm & Shri Rajesh Kumar, Am आयकर अपीऱ सं./I.T.A. No.1165/Mum/2014 (ननधधारण वषा / Assessment Year : 2008-09) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Retail Service Ltd, Tax-7(1), Room No.622, (Formerly Knows As Pyramid Vs. Aayakar Bhavan, Retails Ltd, Now Known As M K Road, M/S Store One Retails India Mumbai-400020 (Ltd),11Th Floor, Indiabulls Finance Centre, Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aadcp5164C आयकर अपीऱ सं./I.T.A. No.5732/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) बनधम/ M/S Indiabulls Wholesale Dy.Commissioner Of Income Tax- 3(2), Services Ltd, Vs. Aayakar Bhavan, M-62 & 63, 1St Floor, M K Road, Connaught Place, Mumbai-400020 New Delhi-110001 आयकर अपीऱ सं./I.T.A. No.6081/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Wholesale Tax-3(2), Services Ltd, Vs. Room No.674, 6Th Floor, 14Th Floor, Aayakar Bhavan, Indiabulls Finance Centre, M K Road, Tower No.1, Plot No.612-613, Mumbai-400020 Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aabci7129N अपीऱार्थी ओर से / Revenue By Shri Javed Akhatar प्रत्यर्थी की ओर से/ Assessee By S/Shri Jitendra Sangvi & Amit Khatiwalla

Section 143(1)Section 143(2)Section 143(3)Section 14ASection 56Section 57

…appeal order, dismissed the appeal of the assessee by observing that the issue mentioned in ground of appeal is now settled in favour of the revenue by the decision of Delhi Tribunal in the case of Cheminvest Ltd vs. ITO (ITAT Delhi Special Bench) reported in 121 ITD 318(SB)(Delhi) and after giving detailed reasons dismissed the appeal of the assessee by holding as under : “5.2.4 Having regard to fact and circumstances of the case and in view of the Hon’ble ITAT Delhi Special Bench decision cited above 23 1165/Mum/2014 and others two appeals and in the light of th e CBDT circular no. 5/2014 dated 11.2.2014 issu…

DCIT Cir 7(1), Mumbai vs. Indiabulls Retail Service Ltd, Mumbai

In the result the appeals of the revenue stand dismissed and the appeal of the assessee is allowed

ITA 1165/MUM/2014[2008-09]Status: DisposedITAT Mumbai30 Jun 2016AY 2008-09

Bench: Shri Shailendra Kumar Yadav, Jm & Shri Rajesh Kumar, Am आयकर अपीऱ सं./I.T.A. No.1165/Mum/2014 (ननधधारण वषा / Assessment Year : 2008-09) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Retail Service Ltd, Tax-7(1), Room No.622, (Formerly Knows As Pyramid Vs. Aayakar Bhavan, Retails Ltd, Now Known As M K Road, M/S Store One Retails India Mumbai-400020 (Ltd),11Th Floor, Indiabulls Finance Centre, Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aadcp5164C आयकर अपीऱ सं./I.T.A. No.5732/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) बनधम/ M/S Indiabulls Wholesale Dy.Commissioner Of Income Tax- 3(2), Services Ltd, Vs. Aayakar Bhavan, M-62 & 63, 1St Floor, M K Road, Connaught Place, Mumbai-400020 New Delhi-110001 आयकर अपीऱ सं./I.T.A. No.6081/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Wholesale Tax-3(2), Services Ltd, Vs. Room No.674, 6Th Floor, 14Th Floor, Aayakar Bhavan, Indiabulls Finance Centre, M K Road, Tower No.1, Plot No.612-613, Mumbai-400020 Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aabci7129N अपीऱार्थी ओर से / Revenue By Shri Javed Akhatar प्रत्यर्थी की ओर से/ Assessee By S/Shri Jitendra Sangvi & Amit Khatiwalla

Section 143(1)Section 143(2)Section 143(3)Section 14ASection 56Section 57

…appeal order, dismissed the appeal of the assessee by observing that the issue mentioned in ground of appeal is now settled in favour of the revenue by the decision of Delhi Tribunal in the case of Cheminvest Ltd vs. ITO (ITAT Delhi Special Bench) reported in 121 ITD 318(SB)(Delhi) and after giving detailed reasons dismissed the appeal of the assessee by holding as under : “5.2.4 Having regard to fact and circumstances of the case and in view of the Hon’ble ITAT Delhi Special Bench decision cited above 23 1165/Mum/2014 and others two appeals and in the light of th e CBDT circular no. 5/2014 dated 11.2.2014 issu…

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

In the result, appeal of the assessee stands allowed

ITA 5775/MUM/2013[2010--11]Status: DisposedITAT Mumbai03 Jun 2016

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.5775/Mum/2013 ("नधा"रण वष" / Assessment Year : 2010-11) Man Infraprojects Ltd., Dy. Commissioner Of बनाम/ 101, Man House, Income Tax – Range 8(2), V. S.V. Road, Vile Parle, Room No. 209, Mumbai – 400 056. Aayakar Bhavan, Mumbai – 20. "थायी लेखा सं./Pan : Aaecm9991M (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri Chandrajit Singh(D.R.)
Section 143(2)Section 143(3)Section 14A

…Tax Rules, 1962 in the light of the decision of Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd. v. DCIT & Anr., (2010) 234 CTR (Bom) 1. The A.O. also relied on the decision of Special Bench of ITAT in the case of Cheminvest Ltd. v. ITO , 317 ITR 86 (AT) and worked out the disallowance as under , vide assessment orders dated18-01-2013 passed by the AO u/s 143(3) of the Act:- Sl No. Particulars Amt(Rs) Amt (Rs) 1. Amount of expenses directly related to the income A Amount of interest expenses other than 1(A) 24,884,206 B1 Investments as on 01-04-09 501,250,000 B2 Investments as on 31-03-10 55…