Cheminvest Ltd. v. ITO (ITAT, SB-Del)

319 ITR 416High Court2009#7123 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2024.

Sections most often in play

Section 14A Section 143(3)Section 143(3A)Section 143(3B)Section 1962 Section 263

Issues it is cited on

section 14a section 14 total income company interest business

Judgments citing Cheminvest Ltd. v. ITO (ITAT, SB-Del)

ADVANCE INDIA PROJECTS LIMITED,GURGAON vs. PR, CIT CENTRAL DELHI-1, DELHI

In the result, appeal filed by the assessee is allowed

ITA 2527/DEL/2024[2018-19]Status: DisposedITAT Delhi26 Nov 2024AY 2018-19

Bench: Shri S.Rifaur Rahman & Shri Sudhir Pareekadvance India Projects Limited, Vs. Pr.Cit, Aipl Business Club, Fifth Floor, Central Delhi 1, Golf Course Extension Road, Sector 62, Delhi. Gurgaon – 122 001 (Haryana). (Pan : Aacca9859J) (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Sr. Advocate Shri Shailesh Gupta, Advocate Revenue By : Shri Kanv Bali, Sr. Dr Date Of Hearing : 24.09.2024 Date Of Order : 26.11.2024 O R D E R Per S.Rifaur Rahman,Am: 1. This Appeal Is Filed By The Assessee Against The Order Of Ld. Pr. Commissioner Of Income-Tax (Pcit), Delhi-1 (Hereinafter Referred To 'Ld. Pcit) Dated 28.03.2024 For Assessment Year 2018-19. 2. The Brief Facts Of The Case Are, The Assessee Had Filed Its Return Of Income For Assessment Year 2018–19 On 30.11.2018 Declaring Total Income Of Rs.14,85,19,440/–. The Assessment Was Completed Under Section 143(3) R.W.S 143(3A) & 143(3B) On 09.04.2021 At An Income Of Rs.14,85,39,600/–.

For Appellant: Shri Salil Agarwal, Sr. AdvocateFor Respondent: Shri Kanv Bali, Sr. DR

Section 143(3)Section 14ASection 263

…es 5 to 7 of the impugned order. 3. After considering the detailed submissions of the assessee, he find it not tenable in light of the facts on record and he relied on the decision of Cheminvest Ltd versus ITO (ITAT, SB – Del) 121 ITD 318 and Pradeep Kar case 319 ITR 416, in which it was held that the expenditure in relation to exempt income is to be disallowed under section 14A of the Act even when no exempt income is earned during the year. Further, he observed that the investments do have potential to earn income which is tax-free. Accordingly he directed the assessing officer to disallow 1% of the average val…

DY. COMMISSIONER OF INCOME-TAX , MUMBAI vs. PALCHIN REAL ESTATE PVT LTD, MUMBAI

In the result, the appeal of Revenue is dismissed

ITA 2553/MUM/2023[2018-19]Status: DisposedITAT Mumbai29 Feb 2024AY 2018-19

Bench: SHRI ABY T. VARKEY (Judicial Member), SHRI S RIFAUR RAHMAN (Accountant Member)

For Appellant: Shri K. Shivram & Rahul HakaniFor Respondent: Shri Solgy Jose t. Kottaram (CIT

Section 14ASection 270A

…wing cases are applicable to the Assessee’s case 1. LLOYDS Steel Industries Limited v/s. ACIT (ITAT-Mumbai) 20 SOT 40. 2. CIT v/s. Leena Ramachandran (Ker) 339 ITR 296. 3. Cheminvest Limited v/s. ITO (ITAT, SB-DEL) 121 ITD 318. 4. Pradeep Kar v/s. ACIT (Kar) 319 ITR 416. Thus, after duly considering all the submissions made on behalf of the Assessee as also the case laws relied upon, the contention of the Assessee that the deductions under 14-A are not applicable in its case, 4 A.Y. 2018-19 M/s. Palchin Real Estate Pvt. Ltd. is not acceptable and hence the disallowance u/s. 14A is worked out at Rs.43,29,89,844/…

ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-1(1), RAIPUR (CG) vs. M/S VANDANA VIDYUT LIMITED,, RAIPUR (CG)

In the result, appeal of the revenue is allowed for statistical purposes in terms of our aforesaid observations

ITA 138/BIL/2017[2013-14]Status: DisposedITAT Raipur03 Jul 2023AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.138/Rpr/2017 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner Of Income Tax, Circle-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Vandana Vidyut Limited Vandana Building, M.G Road, Jawahar Nagar, Raipur (C.G.) Pan : Aaacv7850L ……""यथ" / Respondent

For Appellant: NoneFor Respondent: Shri V.K Singh, CIT-DR

Section 143(3)Section 14ASection 14A(2)Section 250(4)Section 68

…any assessee claims that no expenditure has been incurred by him in relation to the income which does not part form part of the total income under this Act, as held in the case of Cheminvest Ltd. Vs ITO (ITAT, SB-Del) 121 ITD 318 and Pradeep Kar Vs ACIT(Kar) 319 ITR 416?". 3. "Whether on points of law and on facts & circumstances of the case, the Ld. CIT(A) having concurrent powers of the AO u/s 250(4) of the Act, was justified in deleting the addition of Rs. 10,09,50,000/- made by the AO in the absence of satisfaction of parameters prescribed u/s 68 of the Act?" 4. "Whether on points of law and on facts & circu…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE vs. M/S INFOSYS LIMITED , BANGALORE

In the result, the appeal filed by the assessee as well as by revenue are partly allowed for statistical purposes

ITA 809/BANG/2018[2013-14]Status: DisposedITAT Bangalore09 Jan 2023AY 2013-14

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariit(Tp)A No.735/Bang/2018 Assessment Year: 2013-14

For Appellant: Shri Padam Chand Khincha, A.RFor Respondent: Sri Sreenivas T. Bidari, D.R

Section 11Section 14ASection 194JSection 234BSection 40Section 80J

…rest bearing funds, disallowance u/s.14A IT(TP)A No.735/Bang/2018 & M/s. Infosys Limited, Bangalore Page 7 of 85 can be made. Reliance was also placed by the AO on the cases of Cheminvest Ltd. Vs. ITO (ITAT-SB-Del) 121 ITD 318 and Pradeep Kar Vs. ACIT (Kar) 319 ITR 416, wherein it was held that expenditure in relation to exempted income is to be disallowed u/s.14A even when no exempted income is earned during the year. Further, in the case of Godrej & Boyce Mfg. Co. Ltd. Vs. Deputy Commissioner of Income tax, (2010) 234 CTR 1 (Born), High Court of Bombay has held that no deduction shall be allowed in respect of…

M/S INFOSYS LTD ,BANGALOR E vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE

In the result, the appeal filed by the assessee as well as by revenue are partly allowed for statistical purposes

ITA 735/BANG/2018[2013-14]Status: DisposedITAT Bangalore09 Jan 2023AY 2013-14

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariit(Tp)A No.735/Bang/2018 Assessment Year: 2013-14

For Appellant: Shri Padam Chand Khincha, A.RFor Respondent: Sri Sreenivas T. Bidari, D.R

Section 11Section 14ASection 194JSection 234BSection 40Section 80J

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 1(1), RAIPUR vs. MESERS VANDANA ISPAT LIMITED, RAIPUR

In the result, the appeal of revenue is dismissed

ITA 183/RPR/2019[2013-14]Status: DisposedITAT Raipur31 Oct 2022AY 2013-14

For Appellant: Shri R.B.Doshi, CAFor Respondent: Shri G.N.Singh, Sr. DR

Section 68

…आयकर अपील"य अ"धकरण, रायपुर "यायपीठ, रायपुर IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR "ी र"वश सूद, "या"यक सद"य एवं "ी अ"ण खोड़"पया, लेखा सद"य के सम" । BEFORE SHRI RAVISH SOOD, JM & SHRI ARUN KHODPIA, AM आयकर अपील सं./ITA No.183/RPR/2019 ("नधा"रण वष" / Assessment Year :2013-2014) ACIT, Circle-1(1), Raipur Vs M/s Vandana Ispat Ltd., Vandana Building, M.G.Road, Raipur-492001 PAN No. : AABCV 1344 A (अपीलाथ" /Appellant) .. (""यथ" / Respondent) राज"व क" ओर से /Revenue by : Shri G.N.Singh, Sr. DR "नधा"रती क" ओर से /Assessee by : Shri R.B.Doshi, CA सुनवाई क" तार"ख / Date of Hearing : 28/07/2022 घोषणा क" तार…

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1(1), RAIPUR vs. SHRI SUBODH SINGHANIA , RAIPUR

ITA 135/RPR/2019[2014-15]Status: DisposedITAT Raipur17 Oct 2022AY 2014-15

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.135/Rpr/2019 "नधा"रण वष" / Assessment Year : 2014-15

For Appellant: Shri Veekaas S. Sharma, CAFor Respondent: Shri Debashish Lahiri, CIT-DR

Section 143(3)Section 68

…आयकर अपील"य अ"धकरण "यायपीठ रायपुर म"। IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR BEFORE SHRI RAVISH SOOD, JUDICIAL MEMBER AND SHRI ARUN KHODPIA, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.135/RPR/2019 "नधा"रण वष" / Assessment Year : 2014-15 The Assistant Commissioner of Income Tax-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/s. Shri Subodh Singhania 5th School Road, Choubey Colony, Raipur (C.G.) PAN : AJJPS4392P ……""यथ" / Respondent Assessee by :Shri Veekaas S. Sharma, CA Revenue by :Shri Debashish Lahiri, CIT-DR सुनवाई क" तार"ख / Date of Hearing : 05.08.2022 घोषणा क" तार"ख / Date of Pro…

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE -1(1), RAIPUR vs. M/S R.N. NAVNIRMAN PRIVATE LIMITED, RAIPUR

ITA 143/RPR/2018[2014-15]Status: DisposedITAT Raipur23 Sept 2022AY 2014-15

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.143/Rpr/2018 "नधा"रण वष" / Assessment Year : 2014-15 The Assistant Commissioner Of Income Tax-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. R.N. Navnirman Pvt. Ltd. Vandana Building, Raipur (C.G.) Pan : Aadcr0896D ……""यथ" / Respondent Assessee By :Shri R.B Doshi, Ca Revenue By :Shri Sanjay Kumar, Sr. Dr

For Appellant: Shri R.B Doshi, CAFor Respondent: Shri Sanjay Kumar, Sr. DR

Section 14ASection 14A(2)Section 14A(3)Section 250(4)Section 68

…any assessee claims that no expenditure has been incurred by him in relation to the income which does not part form part of the total income under this Act, as held in the case of Cheminvest Ltd. Vs ITO (ITAT, SB-Del) 121 ITD 318 a d Pradeep Kar Vs ACIT(Kar) 319 ITR 416? 9. "Whether on points of law and facts & circumstances of the case, the Ld. CIT(A) was justified by giving a finding that the exemption of income from taxability by claiming no expenditure when assessee as an earner of exempt income did not discharge his onus to prove that it did not incur expenditure to earn exempt income? 10. "Whether on point…

M/S. UKN PROPERTIES PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

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

ITA 1739/BANG/2019[2013-14]Status: DisposedITAT Bangalore16 Sept 2022AY 2013-14

Bench: Shri N.V. Vasudevan & Ms. Padmavathy Sassessment Year : 2013-14

For Appellant: Shri Narendra Sharma, AdvocateFor Respondent: Shri V S Chakrapani, CIT(DR)(ITAT), Bengaluru

Section 143(2)Section 14ASection 56(2)(vii)

…ee and therefore no disallowance is warranted u/s. 14A. The CIT(A) rejected the submissions of the assessee and confirmed the disallowance made by the AO. The CIT(A) in this regard relied on the decision of the Karnataka High Court in the case of Pradeep Kar, 319 ITR 416 and also the decision of Hon’ble Supreme Court in the case of Maxopp Investments Ltd., 91 taxmann.com 154. 7. Before us, the ld. AR reiterated the submissions made before the lower authorities. The ld. AR also submitted that the assessee is not having any exempt income that is offered to tax and therefore the question of disallowance u/s. 14A doe…

ASSISTANT COMMISSIONER OF INCOME TAX-2(1), RAIPUR vs. M/S MAHENDRA SPONGE 7 POWER PVT LTD, RAIPUR

In the result, appeal of the Revenue is dismissed in terms of our aforesaid observations

ITA 197/RPR/2017[2013-14]Status: DisposedITAT Raipur28 Jul 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No. 197/Rpr/2017 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner Of Income Tax-2(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Mahendra Sponge & Power Pvt. Ltd. Plot No.76 & 77, Industrial Growth Area, Siltara, Raipur (C.G.) Pan : Aadcm5765E ……""यथ" / Respondent

For Appellant: Shri Amit M Jain, CAFor Respondent: Shri Sanjay Kumar, Sr. DR

Section 143(2)Section 143(3)Section 14ASection 14A(2)Section 14A(3)Section 80I

…ere any assessee claims that no expenditure has been incurred by him in relation to the income which does not form part of the total income under this Act, as held in the case of Cheminvest Ltd. Vs. ITO (ITAT, SB-Del) 121 ITD 318 and Pradeep Kar Vs. ACIT(Kar) 319 ITR 416?" g. "Whether on points of law and on facts & circumstances of the case, the Ld. CIT(A) was justified in placing reliance on the ration of the decision in the case of Maxopp Investment Ltd. 347 ITR 272 ( Delhi) which is distinguishable on facts and circumstances of the instant case”. h. “Whether on points of law and on facts and circumstances of…

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 1(1)(1), BENGALURU vs. M/S. ATRIA BRINDAVAN POWER PRIVATE LIMITED, BENGALURU

In the result, the appeal of the revenue is dismissed

ITA 1814/BANG/2019[2016-17]Status: DisposedITAT Bangalore13 Mar 2020AY 2016-17

Bench: Shri B. R. Baskaran & Smt. Beena Pillaiassessment Year: 2016-17

For Appellant: Shri V. Srinivasan, A.RFor Respondent: Shri Priyadarshini Mishra, D.R

Section 143(3)Section 14A

…e Act is called for. The A.O. had made the disallowance by following the decision rendered by Delhi Special Bench of Tribunal in the case of Chem Invest Ltd. 121 ITD 318 and decision rendered by Hon’ble Kartakana High Court in the case of Pradeep Kar Vs. ACIT 319 ITR 416. The Ld. CIT(A) noticed that decision of Special Bench in the case of Cheminvest Ltd (supra) has been reversed by Hon'ble Delhi High Court and the decision in the case of Pradeep Kar (supra) was rendered in different context. Accordingly, the Ld CIT(A) accepted the contentions of the assessee and deleted the disallowance with the following observ…

KHAMBATTA FAMILY TRUST,AHMEDABAD vs. THE DY. CIT, CIRCLE-5(2),, AHMEDABAD

In the result, appeal of the assessee is allowed

ITA 2071/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad03 Jul 2019AY 2013-14

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kediaआयकर अपील सं./ Ita No.2071/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2013-14

For Appellant: Shri P.F. Jain, ARFor Respondent: Shri S.K. Dev, Sr.DR

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

…-आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ - अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD – BENCH ‘A’ BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI PRADIPKUMAR KEDIA, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No.2071/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2013-14 Khambatta Family Trust Vs. DCIT, Cir.5(2) Pioma Industries Ahmedabad. B/h. Ellisbridge Gymkhana Ellisbridge Ahmedabad 380 006. PAN : AAAAK 0428 P (Applicant) (Respondent) Assessee by : Shri P.F. Jain, AR Revenue by : Shri S.K. Dev, Sr.DR सुनवाई क" तार"ख/Date of Hearing : 01/07/2019 घोषणा क" तार"ख /Date of Pronouncement: 03/07/2019 आदेश/O R D E…

M/S.DEVON PLANTATIONS & INDUSTRIES LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, BANGALORE

In the result, all the four appeals of the assessee are partly allowed

ITA 1940/BANG/2016[2007-2008]Status: DisposedITAT Bangalore17 Nov 2017AY 2007-2008

Bench: Shri. Inturi Rama Rao

For Appellant: Shri. H. N. Khincha, CAFor Respondent: Shri. M. K. Biju, JCIT

Section 14A

…AO to establish the direct nexus between the funds invested and the borrowed fund. 10. The Ld. DR relied upon the following judgments : • Maxopp. Investments Ltd v. CIT [TS-668-HC-2011 (HC)] • Cheminvest Ltd v. ITO [121 ITD 318] • Pradeep Kar v. ACIT [(Kar) 319 ITR 416] 11. We have heard the rival submissions and perused the record. As per the balance sheet as on 31.03.2007, the secured loans for the previous year was Rs.1,22,71,656/-, and the investment sown in the previous year was Rs.1,14,52,283/-, whereas the investment shown in the current year is Rs.1,31,78,770/-. Thus it is clear that the initial invest…

DCIT, CHENNAI vs. CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED, CHENNAI

In the result, the appeal of the Revenue in ITA

ITA 1431/CHNY/2014[2001-02]Status: DisposedITAT Chennai28 Apr 2016AY 2001-02

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri. Milind S. Kothari, C.AFor Respondent: Shri. Madhukar Bhusari, CIT

Section 139Section 139(5)Section 143(1)Section 143(2)Section 143(3)Section 147Section 148

…assessing authority considered the submissions and disallowed the expenditure as per provisions of Sec. 14A r.w.Rule 8D of Income Tax Rules and the decision of M/s. Lakshmi Ring Travellers in ITA No.2083/Mds/2011, dated 02.03.2012 and Pradeep Kar vs. ACIT (319 ITR 416) are applicable considering the facts and circumstances, dividend income and investments pattern of the ITA No. 1180, 1181 & others :- 43 -: company in subsidiary company and other body corporate. We set aside the issue to the file of the Assessing Officer who shall re- examine and calculate the disallowance. 8.10 In the result, the appeal o…

CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED,CHENNAI vs. ACIT, CHENNAI

In the result, the appeal of the Revenue in ITA

ITA 1180/CHNY/2014[2005-06]Status: DisposedITAT Chennai28 Apr 2016AY 2005-06

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri. Milind S. Kothari, C.AFor Respondent: Shri. Madhukar Bhusari, CIT

Section 139Section 139(5)Section 143(1)Section 143(2)Section 143(3)Section 147Section 148

DCIT, CIRCLE - 8, KOLKATA, KOLKATA vs. M/S. NEWDEAL FINANCE & INVESTMENT LIMITED, KOLKATA

In the result, Revenue’s appeal is allowed for statistical purpose

ITA 1558/KOL/2011[2007-08]Status: DisposedITAT Kolkata11 Mar 2016AY 2007-08

Bench: Shri Mahavir Singh & Shri Waseem Ahmedassessment Year :2007-08

Section 143(2)Section 143(3)Section 14ASection 36(1)(iii)

…12 taxmann.com 227 (Cal) 4) CIT, Thiruvananthapuram v. State Bank of Travancore (2011) 16 taxmann.com 289 (Ker) 5) Mohan T. Advani Finance (P) Ltd. v. ITO (2006) 9 SOT 675 (Mum) 6) Mohanlal M. Shah v. DCTI, (2007) 105 ITD 669 (Mum) Pradeep Kar v. ACIT (2009) 319 ITR 416 (Kar) ITO v. Sanatan Textrade Ltd. (2010) 4 ITR (Trib) 593 (Mum) 5. On the other hand, Ld. AR relied on the order Ld. CIT(A). the ld. AR further submitted that from the reading of the aforesaid Section, it is clear that no deduction is disallowable in respect of expenditure incurred by the assessee for earning exempt income. In this regard, a Sp…