CIT v. Corrtech Energy (P.) Ltd.

223 Taxmann 130High Court2014#106 most cited

What is CIT v. Corrtech Energy (P.) Ltd. authority for?

Disallowance under Section 14A read with Rule 8D is not warranted if the assessee has not earned any exempt income in the relevant assessment year.

579

judgments rely on this decision, according to BharatTax’s citation analysis of 366,369 Indian tax judgments — from 2014 to 2026.

Also referred to as

CIT v. Corrtech Energy (P.) Ltd. · 372 ITR 97 · Section 14A · Rule 8D · disallowance u/s 14A · no exempt income · exempt income not earned · expenses against exempt income · Gujarat High Court Section 14A · disallowance without exempt income

Also reported as

372 ITR 9745 Taxmann.com 116272 CTR 262

Sections most often in play

Section 14ASection 143(3)Section 1961Section 8DSection 115JBSection 143(2)Section 37(1)Section 250

Issues it is cited on

disallowance under section 14adisallowance u/s 14asection 14asection 36(1)(iii)section 115jbsection 36(1)section 37section 36section 10previous yearscrutiny assessmentassistant commissioner

Judgments citing CIT v. Corrtech Energy (P.) Ltd.

Sun Pharmaceuticals Industries Ltd. ( Erstwhile Ranbaxy Laboratories Limited), Baroda vs. The ACIT, Cent.Circle-1, Baroda

ITA 702/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad08 Apr 2021AY 2011-12
For Appellant: Shri S.N. Soparkar, Sr. A.RFor Respondent: Shri Mohd Usman, CIT-D.R
Section 115JSection 143(2)Section 143(3)Section 144CSection 144C(5)Section 37(1)Section 92C

…at assessee has not earned any dividend income during the year under consideration, therefore, no further disallowance u/s. 14A is required to be made in the case of the assessee as held by the Hon’ble High Court of Gujarat in the case of Corrtech Energy ltd. 372 ITR 97 (Guj). The ld. Departmental Representative could not controvert this undisputed finding of the Hon’ble High Court of Gujarat as contended by the ld. counsel. Respectfully following the decision of the Hon’ble High Court of Gujarat in the case of Corrtech Energy Ltd. 372 ITR 97 (Guj) wherein held that in case no dividend income is claimed as exempt…

ACIT-3(2)(1), Mumbai vs. M/S I.B. Holdings Pvt Ltd., Mumbai

In the result, the appeal filed by the revenue is hereby dismissed

ITA 4432/MUM/2019[2012-13]Status: DisposedITAT Mumbai07 Apr 2021AY 2012-13
For Appellant: NoneFor Respondent: Ms. Smita Verma (DR)
Section 10Section 143(2)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No. 4432/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2012-13) ACIT-3(2)(1) बिधम/ M/s. IB Holdings Pvt. Ltd. Room No.674, 6th Floor, S. P. Centre, 41/44, C-Wing, Vs. Aayakar Bhavan, M. K. Minoo Desai Marg, Road, Mumbai-400020. Mumbai-400005. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AABCF1242P (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue by: Ms. Smita Verma (DR) Assessee by: None सुनवाई की तारीख / Date of Hearing: 22/02/2021 घोषणा की तारीख /Date of Pronouncement: 07/04/2…

ACIT-Circle-2(1), Chandigarh vs. M/S Fastway Transmissions Pvt.Ltd., Chandigarh

In the result, appeals filed by the Revenue and Cross objections filed by

ITA 316/CHANDI/2020[2017-18]Status: DisposedITAT Chandigarh25 Mar 2021AY 2017-18

Bench: Shri N.K. Saini & Shri R.L Negiआयकर अपील सं./Ita Nos. 315 & 316/Chd/2020 िनधा"रण वष" / Assessment Years : 2016-17 & 2017-18 The Acit, M/S Fastway Transmissions Pvt. Ltd., बनाम Circle-2(1), Plot No.17, Industrial Area-1, Chandigarh Chandigarh

For Appellant: Shri Ashwani Kumar, CA &For Respondent: Smt. C.Chandrakanta, CIT
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, “B” CHANDIGARH BEFORE SHRI N.K. SAINI, VICE PRESIDENT & SHRI R.L NEGI, JUDICIAL MEMBER आयकर अपील सं./ITA Nos. 315 & 316/Chd/2020 िनधा"रण वष" / Assessment Years : 2016-17 & 2017-18 The ACIT, M/s Fastway Transmissions Pvt. Ltd., बनाम Circle-2(1), Plot No.17, Industrial Area-1, Chandigarh Chandigarh "थायीलेखासं./PAN NO: AABCF1854B अपीलाथ"/Appellant ""यथ"/Respondent C.O. Nos 1 & 2/Chd/2021 आयकर अपील सं./ITA Nos. 315 & 316/Chd/2020 िनधा"रण वष" / Assessment Years : 2016-17 & 2017-18 M/s Fastway Transmissions The ACIT, बनाम Pvt. Ltd., Circle-2(1), Plot No.17, In…

ACIT, Circle-2(1), Chandigarh vs. M/S Fastway Transmissions Pvt.Ltd., Chandigarh

In the result, appeals filed by the Revenue and Cross objections filed by

ITA 315/CHANDI/2020[2016-17]Status: DisposedITAT Chandigarh25 Mar 2021AY 2016-17

Bench: Shri N.K. Saini & Shri R.L Negiआयकर अपील सं./Ita Nos. 315 & 316/Chd/2020 िनधा"रण वष" / Assessment Years : 2016-17 & 2017-18 The Acit, M/S Fastway Transmissions Pvt. Ltd., बनाम Circle-2(1), Plot No.17, Industrial Area-1, Chandigarh Chandigarh

For Appellant: Shri Ashwani Kumar, CA &For Respondent: Smt. C.Chandrakanta, CIT
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH, “B” CHANDIGARH BEFORE SHRI N.K. SAINI, VICE PRESIDENT & SHRI R.L NEGI, JUDICIAL MEMBER आयकर अपील सं./ITA Nos. 315 & 316/Chd/2020 िनधा"रण वष" / Assessment Years : 2016-17 & 2017-18 The ACIT, M/s Fastway Transmissions Pvt. Ltd., बनाम Circle-2(1), Plot No.17, Industrial Area-1, Chandigarh Chandigarh "थायीलेखासं./PAN NO: AABCF1854B अपीलाथ"/Appellant ""यथ"/Respondent C.O. Nos 1 & 2/Chd/2021 आयकर अपील सं./ITA Nos. 315 & 316/Chd/2020 िनधा"रण वष" / Assessment Years : 2016-17 & 2017-18 M/s Fastway Transmissions The ACIT, बनाम Pvt. Ltd., Circle-2(1), Plot No.17, In…

Amadeus India Pvt. Ltd., New Delhi vs. ACIT, Circle- 2(2), New Delhi

In the result, appeal of the assessee in ITA No

ITA 7376/DEL/2018[2014-15]Status: DisposedITAT Delhi08 Mar 2021AY 2014-15

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble[A.Y 2014-15]

For Appellant: Shri Tarandeep Singh, AdvFor Respondent: Shri Surender Pal, CIT-DR
Section 143(3)Section 14ASection 92F

…dictional High Court decision of the Special Bench of the Tribunal in the case of M/s Cheminvest Ltd 121 ITD 318 which was affirmed by the Hon'ble High Court of Delhi. Same view is taken by the Hon'ble Gujarat High Court in the case of Corrtech Energy (P) Ltd 372 ITR 97. We are of the considered opinion that no disallowance should have been made u/s 14A of the Act. We accordingly direct the Assessing Officer to delete the addition of Rs. 38,31,472/-. 25. Challenge of levy of interest u/s 234B of the Act is consequential and we direct accordingly. 26. In the result, appeal of the assessee in ITA No. 7376/DEL/201…

Sri Krishna Jewellery Mart, Hyderabad vs. Dy. Commissioner of Income Tax, Central Circle-2(3), Hyderabad

Appeal are allowed in above terms

ITA 346/HYD/2019[2012-13]Status: DisposedITAT Hyderabad19 Feb 2021AY 2012-13

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri M.V.Anil Kumar, ARFor Respondent: Shri Rohit Mujumdar, DR
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “B” : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER I.T.A. Nos. 345 & 346/HYD/2019 Assessment Year: 2012-13 The Deputy Commissioner of Income Tax, Central Circle-2(3), Sri Krishna Jewellery Mart, HYDERABAD HYDERABAD Vs [PAN: AAJFS6312C] The Asst. Commissioner of Income Tax, Circle-7(1), HYDERABAD (Appellant) (Respondent) For Assessee : Shri M.V.Anil Kumar, AR For Revenue : Shri Rohit Mujumdar, DR Date of Hearing : 08-02-2021 Date of Pronouncement : 19-02-2021 O R D E R PER BENCH :…

Sri Krishna Jewellery Mart, Hyderabad vs. Dy. Commissioner of Income Tax, Central Circle-2(3), Hyderabad

Appeal are allowed in above terms

ITA 345/HYD/2019[2012-13]Status: DisposedITAT Hyderabad19 Feb 2021AY 2012-13

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri M.V.Anil Kumar, ARFor Respondent: Shri Rohit Mujumdar, DR
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “B” : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER I.T.A. Nos. 345 & 346/HYD/2019 Assessment Year: 2012-13 The Deputy Commissioner of Income Tax, Central Circle-2(3), Sri Krishna Jewellery Mart, HYDERABAD HYDERABAD Vs [PAN: AAJFS6312C] The Asst. Commissioner of Income Tax, Circle-7(1), HYDERABAD (Appellant) (Respondent) For Assessee : Shri M.V.Anil Kumar, AR For Revenue : Shri Rohit Mujumdar, DR Date of Hearing : 08-02-2021 Date of Pronouncement : 19-02-2021 O R D E R PER BENCH :…

The DCIT, Circle-2(1)(2), Ahmedabad vs. M/S. Mas Financial Services Ltd., Ahmedabad

In the result, appeal of the Revenue is dismissed

ITA 2110/AHD/2018[2015-16]Status: DisposedITAT Ahmedabad12 Feb 2021AY 2015-16

Bench: Shri Rajpal Yadav, Vice- & Shri Pradipkumar Kedia

For Appellant: NoneFor Respondent: Shri S.S. Shukla, Sr.DR
Section 10(35)Section 143(2)Section 14A

…52/- is restricted to Rs. 4,87,675/-. Relief is granted for the balance disallowance.” 4 6. It is pertinent to observe that issue in dispute is squarely covered by the decision of Hon’ble jurisdictional high Court in the case of CIT Vs. Corrtech Energy Ltd., 372 ITR 97 (Guj) wherein it was held that maximum disallowance under section 14A could be made equivalent to exempt income earned by the assessee in the absence of any expenses being incurred to earn such income. Therefore, in the present case, disallowance cannot exceed the dividend income earned by the assessee. Considering this proposition, the ld.CIT(A)…

M/S. Laxmi India Finleasecap Pvt. Ltd., Kolkata vs. Principal CIT - 1, Kolkata

In the result, the appeal of the assessee stands allowed

ITA 940/KOL/2018[2013-14]Status: DisposedITAT Kolkata22 Jan 2021AY 2013-14

Bench: Shri J.Sudhakar Reddy & Shri Sanjay Gargassessment Year: 2013-14

Section 14ASection 263Section 36(1)(iii)

…Reliance in this respect can be place on the following case laws: CIT, Faridabad Vs. Lakhani Marketing Inc. 226 Taxman 45 (P&H); CIT Vs. Winsome Textiles (2009) 319 ITR 204 (P&H) Cheminvest Ltd Vs. ITO (2015) 378 ITR 33 (Delhi) Corrtech Energy P. Ltd. (2014) 45 Taxmann.com 116 (Gujarat High Court) CIT Vs M/s Shivam Motors (P) Ltd (2014) 272 CTR (All) 277 in all the above referred to case laws, the Hon'ble High Courts have been unanimous to hold that no disallowance is attracted u/s 14A of the Act in case the assessee has not earned any income not forming part of the total income. The Assessing Officer, therefore…

Associated Broadcasting Company Private Limited, Hyderabad vs. Income Tax Officer, Ward-14(5), Hyderabad

ITA 1853/HYD/2019[2014-15]Status: DisposedITAT Hyderabad11 Jan 2021AY 2014-15

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahue.H. No. 35/Hyd/2020 & Assessment Year: 2014-15 Associated Broadcasting Vs. The I.T.O. Ward 14(5) Company Private Limited Hyderabad Hyderabad Pan: Aaeca2935P (Assessee Appellant) (Respondent) Assessee By: Sri Ravi Bharadwaj, Adv. Revenue By: Sri Y.V.S.T. Sai, Cit, Dr

For Appellant: Sri Ravi Bharadwaj, AdvFor Respondent: Sri Y.V.S.T. Sai, CIT, DR
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES : BENCH “B” HYDERABAD (Through Video Conference) BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER E.H. No. 35/Hyd/2020 & Assessment Year: 2014-15 Associated Broadcasting Vs. The I.T.O. Ward 14(5) Company Private Limited Hyderabad Hyderabad PAN: AAECA2935P (Assessee Appellant) (Respondent) Assessee by: Sri Ravi Bharadwaj, Adv. Revenue by: Sri Y.V.S.T. Sai, CIT, DR Date of hearing: 08/01/2021 Date of pronouncement: 11/01/2021 ORDER PER BENCH This assessee’s appeal for AY.2014-15 arises from the CIT(A)-6, Hyde…

ACIT, Circle- 31(1), New Delhi vs. Iffco Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 7367/DEL/2017[2007-08]Status: DisposedITAT Delhi06 Jan 2021AY 2007-08

Bench: Shri Amit Shukla & Shri O.P. Kant[Through Video Conferencing]

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘C’ NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER [Through Video Conferencing] ITA No.7367/Del./2017 Assessment Year: 2007-08 ACIT, Vs. IFFCO Ltd., Circle-31(1), IFFCO Sadan, C-1 Distt. New Delhi Centre, Saket Place, New Delhi PAN :AAAAI0050M (Appellant) (Respondent) Appellant by Shri Gurmel Singh, Sr.DR Respondent by Shri Tarandeep Singh, CA Date of hearing 06.01.2021 Date of pronouncement 06.01.2021 ORDER PER O.P. KANT, AM: This appeal has been filed by the Revenue being aggrieved against the order dated 21/09/201…

The DCIT, Circle-1(3), Ahmedabad vs. Edelweiss Broking Ltd., Ahmedabad

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

ITA 446/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad01 Dec 2020AY 2012-13

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

For Respondent: Shri Dileep Kumar, Sr. DR
Section 143(3)Section 14ASection 32Section 36Section 36(2)Section 37Section 48Section 73

…ITR 694 holding that disallowance of expenditure in terms of Section 14A read with Rule 8D cannot exceed the exempt income itself. Our High Court has also adopted the similar view in case of Commissioner of Income Tax vs. Corrtech Energy Pvt Ltd. reported in 372 ITR 97. 3. Tax appeal is, therefore, dismissed. 148.2 We also note that the Hon’ble Apex court has also confirmed the principles laid down by the Hon’ble High Court as discussed above in the case of CIT vs. State Bank of Patiala reported in 99 taxmann.com 286 by dismissing the Special Leave petition. 149. In view of the above, we hold that the disallow…

The DCIT, Circle-1(3), Ahmedabad vs. Edelweiss Financial Advisors Ltd., ( Formerly Known Anagram Stock Broking Ltd., Ahmedabad

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

ITA 445/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad01 Dec 2020AY 2011-12

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

For Respondent: Shri Dileep Kumar, Sr. DR
Section 143(3)Section 14ASection 32Section 36Section 36(2)Section 37Section 48Section 73

…ITR 694 holding that disallowance of expenditure in terms of Section 14A read with Rule 8D cannot exceed the exempt income itself. Our High Court has also adopted the similar view in case of Commissioner of Income Tax vs. Corrtech Energy Pvt Ltd. reported in 372 ITR 97. 3. Tax appeal is, therefore, dismissed. 148.2 We also note that the Hon’ble Apex court has also confirmed the principles laid down by the Hon’ble High Court as discussed above in the case of CIT vs. State Bank of Patiala reported in 99 taxmann.com 286 by dismissing the Special Leave petition. 149. In view of the above, we hold that the disallow…

M/S. Edelweiss Broking Ltd. ( Amalgamating Company Edelweiss Financial Advisors Ltd.), Ahmedabad vs. The Jt. CIT, Range-3, Ahmedabad

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

ITA 318/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad01 Dec 2020AY 2011-12

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

For Respondent: Shri Dileep Kumar, Sr. DR
Section 143(3)Section 14ASection 32Section 36Section 36(2)Section 37Section 48Section 73

…ITR 694 holding that disallowance of expenditure in terms of Section 14A read with Rule 8D cannot exceed the exempt income itself. Our High Court has also adopted the similar view in case of Commissioner of Income Tax vs. Corrtech Energy Pvt Ltd. reported in 372 ITR 97. 3. Tax appeal is, therefore, dismissed. 148.2 We also note that the Hon’ble Apex court has also confirmed the principles laid down by the Hon’ble High Court as discussed above in the case of CIT vs. State Bank of Patiala reported in 99 taxmann.com 286 by dismissing the Special Leave petition. 149. In view of the above, we hold that the disallow…

DCIT (It) 3(1)(1), Mumbai vs. Antwerp Diamond Bank Nv, Mumbai

In the result appeal filed by the revenue is dismissed

ITA 2759/MUM/2019[2014-15]Status: DisposedITAT Mumbai01 Dec 2020AY 2014-15
Section 195Section 40Section 9(1)(v)Section 9(1)(vi)

…ITA No.2759/Mum/2019 Assessment Year: 2014-15 Page 1 of 10 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “I” BENCH, MUMBAI [Coram: Pramod Kumar, Vice President, and, Pavan Kumar Gadale, Judicial Member] Assessment year: 2014-15 Deputy Commissioner of Income Tax (IT) 3(1)(1) ………………….……Appellant Mumbai Vs M/s KBC NV ……………..…........Respondent (formerly known as Antwerp Diamond Bank NV) India Bulls Finance Centre, Tower-3, 28th Floor, Elphinstone West, Mumbai 400013 [PAN: AADCA2713J] Appearances by Sreenivasaraghavan S. Iyengar for the appellant Ketan Ved for the respondent November 17th , 2020 Date of concluding th…

Sach Electro Mech Pvt. Ltd., Surat vs. The Income Tax Officer, Ward-2(1)(2), Surat

In the result ground No. 4 of the appeal is allowed

ITA 262/AHD/2017[2013-14]Status: DisposedITAT Surat09 Oct 2020AY 2013-14

Bench: Shri Pawan Singh, Hon'Ble & Dr Arjun Lal Saini, Hon'Ble(Virtual Court - Virtual Hearing) आ.अ.सं./I.T.A No.262/Ahd/2017 "नधा"रण वष"/Assessment Year: 2013-14 Sach Electro Mech Pvt. Ltd., V The Income Tax Officer, C/2, Maheshwari Apartment, S Ward-2(1)(2), Surat. Timaliyawad, Nanpura, . Surat – 395 001. [Pan: Aaics 8963 M] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Manish J.Shah – Ar राज"वक"ओरसे /Revenue By Mrs. Anupam Singla – Sr.Dr

Section 143(3)Section 14ASection 2(24)(x)Section 36(1)(v)Section 36(1)(va)Section 37Section 40Section 43B

…आयकरअपील"यअ"धकरण,सुरत "यायपीठ,सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, Hon'ble JUDICIAL MEMBER AND Dr ARJUN LAL SAINI, Hon'ble ACCOUNTANT MEMBER (Virtual Court - Virtual Hearing) आ.अ.सं./I.T.A No.262/AHD/2017 "नधा"रण वष"/Assessment Year: 2013-14 Sach Electro Mech Pvt. Ltd., V The Income Tax Officer, C/2, Maheshwari Apartment, s Ward-2(1)(2), Surat. Timaliyawad, Nanpura, . Surat – 395 001. [PAN: AAICS 8963 M] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee by Shri Manish J.Shah – AR राज"वक"ओरसे /Revenue by Mrs. Anupam Singla – Sr.DR सुनवाईकीतारीख/ Date of…

Dy. Commissioner of Income Tax, Circle-2(1), Hyderabad vs. Ksk Electricity Financing India Private Limited, Hyderabad

In the result, both the appeals of the revenue are dismissed

ITA 801/HYD/2019[2016-17]Status: DisposedITAT Hyderabad04 Sept 2020AY 2016-17

Bench: Shri C.N. Prasad & Shri M. Balaganesh

For Appellant: Shri S. Rama RaoFor Respondent: Shri YVST Sai
Section 115JSection 14ASection 154

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “B”, HYDERABAD BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER ITA No. 800 & 801/Hyd/2019 Assessment Years: 2014-15 & 2016-17 (THROUGH VIDEO CONFERENCE) Dy. Commissioner of Income- vs. KSK Electricity Financing tax, Circle – 2(1), Hyderabad. India Pvt. Ltd., Hyderabad. PAN – AACCK7257L (Appellant) (Respondent) Revenue by : Shri YVST Sai Assessee by : Shri S. Rama Rao Date of hearing : 04/09/2020 Date of pronouncement : 04/09/2020 O R D E R PER M. BALAGANESH, A.M.: Both these appeals filed by the Revenue are directed again…

Dy. Commissioner of Income Tax, Circle-2(1), Hyderabad vs. Ksk Electricity Financing India Private Limited, Hyderabad

In the result, both the appeals of the revenue are dismissed

ITA 800/HYD/2019[2014-15]Status: DisposedITAT Hyderabad04 Sept 2020AY 2014-15

Bench: Shri C.N. Prasad & Shri M. Balaganesh

For Appellant: Shri S. Rama RaoFor Respondent: Shri YVST Sai
Section 115JSection 14ASection 154

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “B”, HYDERABAD BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER ITA No. 800 & 801/Hyd/2019 Assessment Years: 2014-15 & 2016-17 (THROUGH VIDEO CONFERENCE) Dy. Commissioner of Income- vs. KSK Electricity Financing tax, Circle – 2(1), Hyderabad. India Pvt. Ltd., Hyderabad. PAN – AACCK7257L (Appellant) (Respondent) Revenue by : Shri YVST Sai Assessee by : Shri S. Rama Rao Date of hearing : 04/09/2020 Date of pronouncement : 04/09/2020 O R D E R PER M. BALAGANESH, A.M.: Both these appeals filed by the Revenue are directed again…

The DCIT, Circle-1(1)(1), Ahmedabad vs. Adani Wilmair Ltd., Ahmedabad

In the result, the CO. of the assessee is partly allowed

ITA 1761/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad19 Aug 2020AY 2011-12

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 1761/Ahd/2016 With C.O. No.133/Ahd/2016 "नधा"रण वष"/Asstt. Year: 2011-2012 D.C.I.T., Adani Wilmar Ltd., Circle-1(1)(1), Vs. “Fortune House”, Ahmedabad. Near Adani House Mithakali Cross Roads, Navrangpura, Ahmedabad Pan: Aabca8056G

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, &For Respondent: Shri Vinod Tanwani, Sr. D.R
Section 10(34)Section 14ASection 41(1)

…33/Ahd/2016 Asstt. Year 2011-12 5 of expenditure in terms of section 14A read with Rule 8D cannot exceed the exempt income itself. Our High Court has also adopted the similar view in case of Commissioner of Income Tax vs. Corrtech Energy Pvt Ltd. reported in 372 ITR 97. 3. Tax appeal is, therefore, dismissed. 7.4 We also note that the Hon’ble Apex court has also confirmed the principles laid down by the Hon’ble High Court as discussed above in the case of CIT versus State Bank of Patiala reported in 99 taxmann.com 286 by dismissing the Special Leave petition. 7.5 In view of the above, we hold that the disallow…

Deputy Commissioner of Income-Tax, Bangalore vs. M/S.Bhoruka Power Corporation Ltd., Bangalore

In the result, the appeal by the revenue is treated as partly allowed for statistical purposes

ITA 1734/BANG/2016[2010-11]Status: DisposedITAT Bangalore07 Aug 2020AY 2010-11

Bench: Shri N.V. Vasudevan & Shri B R Baskaranassessment Year: 2010-11

For Appellant: Shri Pradeep Kumar, CIT(DR)(ITAT), BengaluruFor Respondent: Smt. Sheetal Borkar, Advocate
Section 14ASection 80I

…if no exempt income is received or receivable during the relevant previous year - as per case law [2015] 378 TTR 33 in the case of Cheminvest Ltd. v. CIT , [Delhi], case law [2014] DTRJ 506 [Allh.HC) in the case of CIT v. Shivram Motors P Ltd, case law [2015] 372 ITR 97 in the case of CIT v. Corrtech Energy P Ltd." 6.2 With regard to the interest disallowance u/s. 14A of the IT Act, the appellant relied on the decision of the ITAT, Chennai Bench in the case of DCIT Vs. Amalgamations Ltd. in 43 ITR 540 (2015) wherein it is held that the investment made by the assessee purely incidental on account of business exped…