CIT-2, Mumbai v. HDFC Bank Limited

Sicom Ltd, Mumbai vs. Dy Commissioner of Income Tax Circle 3(3)(1), Mumbai

In the result, the appeal filed by the assesee is partly allow for statistical purpose and the appeal filed by the revenue is allowed for statistical purposes

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadale, Judicialmember Sicom Ltd, Vs. Dy Commissioner Of Solitaire Corporate Income Tax Circle Park, Bldg No.04, 3(3)(1), Chakala, Andheri(E), 6Th Floor, Room No. Mumbai-400093. 609,Aayakar Bhavan, Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent) Dy Commissioner Of Vs. Sicom Ltd, Income Tax Circle Solitaire Corporate Park, 3(3)(1), Bldg No.04, Chakala, 6Th Floor, Room No. Andheri(E), 609,Aayakar Bhavan, Mumbai-400093. Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent)

…ree funds were sufficient to meet the investments, in this case this presumption is established considering the finding of fact both by the CIT(A) and Tribunal.” Also, the Hon‟ble High Court of Bombay in the case of CIT-2, Mumbai, Vs. HDFC Bank Limited (2014) 366 ITR 503 (Bom), had observed, that where the assessee‟s funds and other non- interest bearing funds were more than the investments made in tax free securities, then, it would have to be presumed that the investments so made by the assessee were out of the interest- free funds available with it. Accordingly, in the backdrop of the aforesaid settled positio…

Sicom Ltd., Mumbai vs. Dy CIT Circle- 3 (3)(1), Mumbai

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () M/S Sicom Ltd. Dy. Commissioner Of Income Solitaire Corporate Park, Vs. Tax, Circle 3(3)(1), Building No.4, Chakala, 6Th Floor, Room No. 609, Andheri (East), Aayakar Bhavan, M.K. Road, Mumbai – 400 093 Mumbai – 400 020 Pan No. Aaacs5524J (Assessee) (Revenue) Assessee By : Shri Rajan Vora, A.R Revenue By : Shri Ajay Pratap Singh, D.R Date Of Hearing : 25/08/2021 Date Of Pronouncement : 27/08/2021

…ree funds were sufficient to meet the investments, in this case this presumption is established considering the finding of fact both by the CIT(A) and Tribunal.” Also, the Hon‟ble High Court of Bombay in the case of CIT-2, Mumbai, Vs. HDFC Bank Limited (2014) 366 ITR 503 (Bom), had observed, that where the assessee‟s funds and other non-interest bearing funds were more than the investments made in tax free securities, then, it would have to be presumed that the investments so made by the assessee were out of the interest-free funds available with it. Accordingly, in the backdrop of the aforesaid settled position…

Indian Express Newspapaers (Mumbai) Ltd, Mumbai vs. DCIT Cir 3(2)(1), Mumbai

The appeal of the assessee is allowed for statistical purposes in terms of our aforesaid observations

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () Ita No.5376 /Mum/2018 (Assessment Year: 2013-14) Indian Express Newspapers Dy. Cit-3(2)(1) (Mumbai) Pvt. Ltd., Vs. 6Th Floor, Aayakar Bhavan, Express Towers, Nariman Point, Mumbai – 400020 Mumbai – 400021

…, we find that after considering the fact that the assessee in the said respective years had substantial interest free funds, it was „therein‟ concluded that in light of the judgments of the Hon’ble High Court of Bombay in the case of CIT Vs. HDFC Ltd. (2014) 366 ITR 503 (Bom) no disallowance of any part of the ITA No. 5376/Mum/2018 A.Y. 2013-14 6 Indian Express Newspaper (Mumbai) Pvt. ltd. Vs. Dy.CIT-3(2)(1) interest expenditure under Sec. 14A r.w. Rule 8D(2)(ii) was called for in the hands of the assessee. In the backdrop of the aforesaid facts, we find no reason to take a different view, and thus, respectfull…