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 366,421 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.

Shri Shravankumar Gisulal Jain, Vadodara vs. The Income Tax Officer, Ward-1(2)(5), Vadodara

In the result, appeal of the assessee is allowed

ITA 1658/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad27 Feb 2020AY 2012-13

Bench: Shri Sandeep Gosain & Shri Amarjit Singhआयकर अपील सं./I.T.A. No. 1658/Ahd/2018 ("नधा"रण वष" / Assessment Year : 2012-13)

For Appellant: Shri Ankit Chokshi, ARFor Respondent: Shri G.c. Daxini, Sr.DR
Section 10Section 14A

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘बी’, अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, AHMEDABAD BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER And SHRI AMARJIT SINGH, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 1658/Ahd/2018 ("नधा"रण वष" / Assessment Year : 2012-13) Shravankumar Gisulal Jain The Income Tax officer बनाम/ 76, Royal Acre Ward-1(2)(5) Vs. B/h. Billabong International Vadodara School Vadsar Road, Vadodara "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : ABMPJ 2945 C .. (""यथ" / Respondent) (अपीलाथ" /Appellant) अपीलाथ" ओर से / Appellant by : Shri Ankit Chokshi, AR ""यथ" क" ओर से/Respondent by :…

M/S Khoday India Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-4(1)(1), Bangalore

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

ITA 2488/BANG/2017[2013-14]Status: DisposedITAT Bangalore26 Feb 2020AY 2013-14

Bench: Shri Pradip Kumar Kedia, Am & Smt.Beena Pillai, Jm

For Appellant: Shri V. Sridhar, CAFor Respondent: Shri B.R.Ramesh, JCIT
Section 143(3)Section 14ASection 154

…nder sec.14A of the Act. The disallowance under S. 14A cannot exceed the exempt income. Therefore, no disallowance is permissible in excess of Rs.28,000/- in view of the decision of the Hon’ble Gujarat High Court in the case of CIT vs. Corrtech Energy P. Ltd. 372 ITR 97 (Guj.). In another judgment in the case of CIT vs. Vision Finstock Ltd. Tax Appeal No. 486 of 2017 dated 31.07.2017 the Hon’ble Gujarat High Court has once again expressed the similar view and held that disallowance of expenditure in terms of Section 14A r.w. Rule 8D cannot exceed the exempt income itself. It is noticed that SLP(Civil) [Diary No.…

M/S Khoday Breweries Ltd, Bangalore vs. Deputy Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, the appeal of the assessee is allowed

ITA 2487/BANG/2017[2012-13]Status: DisposedITAT Bangalore26 Feb 2020AY 2012-13

Bench: Shri Pradip Kumar Kedia, Am & Smt.Beena Pillai, Jm

For Appellant: Shri V. Sridhar, CAFor Respondent: Shri B.R.Ramesh, JCIT
Section 143(3)Section 14A

…wance to the extent of Rs. 17933/- as computed as per Rule 8D(2)(iii)of the Act. In view of ‘Nil’ Exempt income, no additional disallowance is permissible in view of the decision of the Hon’ble Gujarat High Court in the case of CIT vs. Corrtech Energy P. Ltd. 372 ITR 97 (Guj.). In another judgment in the case of CIT vs. Vision Finstock Ltd. Tax Appeal No. 486 of 2017 dated 31.07.2017 the Hon’ble Gujarat High Court has once again expressed the similar view and held that disallowance of expenditure in terms of Section 14A r.w. Rule 8D cannot exceed the exempt income itself. It is noticed that SLP(Civil) [Diary No.…

DCIT (Ltu), New Delhi vs. M/S. Hero Motors Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 249/DEL/2017[2012-13]Status: DisposedITAT Delhi26 Feb 2020AY 2012-13

Bench: Sh. H. S. Sidhudr. B. R. R. Kumar

For Appellant: Sh. Satish Bansal, CAFor Respondent: Sh. S. N. Meena, Sr. DR
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘C’, NEW DELHI Before Sh. H. S. Sidhu, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 249/Del/2017 : Asstt. Year : 2012-13 Deputy Commissioner of Vs M/s Hero Motors Ltd. Income Tax, Circle-1, LTU, 603, International Trade Tower, New Delhi-110017 Nehru Place, New Delhi-110019 (APPELLANTT (RESPONDENT) PAN No. AAACH8459F Assessee by : Sh. Satish Bansal, CA Revenue by : Sh. S. N. Meena, Sr. DR Date of Hearing:25.02.2020 Date of Pronouncement: 26.02.2020 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the revenue a…

ITO, New Delhi vs. M/S Hero Management Services Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 125/DEL/2017[2011-12]Status: DisposedITAT Delhi26 Feb 2020AY 2011-12

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 125/Del/2017 : Asstt. Year : 2011-12 Income Tax Officer, Vs M/S Hero Management Services Ltd. Ward-11 (2) E-1, Qutab Hotel Complex, Shaheed New Delhi Jeet Singh Marg, New Delhi (Appellantt (Respondent) Pan No. Aabch4681C Assessee By : Sh. Satish Bansal, Ca Revenue By : Sh. S. N. Meena, Sr. Dr Date Of Hearing:25.02.2020 Date Of Pronouncement: 26.02.2020

For Appellant: Sh. Satish Bansal, CAFor Respondent: Sh. S. N. Meena, Sr. DR
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘C’, NEW DELHI Before Sh. H. S. Sidhu, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 125/Del/2017 : Asstt. Year : 2011-12 Income Tax Officer, Vs M/s Hero Management Services Ltd. Ward-11 (2) E-1, Qutab Hotel Complex, Shaheed New Delhi Jeet Singh Marg, New Delhi (APPELLANTT (RESPONDENT) PAN No. AABCH4681C Assessee by : Sh. Satish Bansal, CA Revenue by : Sh. S. N. Meena, Sr. DR Date of Hearing:25.02.2020 Date of Pronouncement: 26.02.2020 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the revenue against the o…

ITO, New Delhi vs. M/S. Athena Energy Ventures P.Ltd., New Delhi

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

ITA 5656/DEL/2016[2012-13]Status: DisposedITAT Delhi25 Feb 2020AY 2012-13

Bench: Shri H.S. Sidhu & Shri N.K. Billaiya[A.Y 2012-13]

For Appellant: NoneFor Respondent: Shri S.N. Pandey, Sr. DR
Section 14A

…decision of the Special Bench of the Tribunal in the case of M/s Cheminvest Ltd 121 ITD 318 which was reversed by the Hon'ble High Court of Delh 61 Taxman.com 118. Same view is taken by the Hon'ble Gujarat High Court in the case of Corrtech Energy (P) Ltd 372 ITR 97. In view of the above, disallowance of Rs. 3,55,46,083/- is directed to be deleted. Ground raised by the revenue is dismissed. 9. In the result, the appeal of the Revenue in ITA No. 5656/DEL/2016 is dismissed. The order is pronounced in the open court on 25.02.2020. [H.S. SIDHU] [N.K. BILLAIYA] JUDICIAL MEMBER ACCOUNTANT MEMBER Dated: 25th…

DCIT, Circle-1(1)(1), Ahmedabad vs. Adani Wilmar Limited, Ahmedabad

In the result, the appeal filed by revenue and cross objection filed by the assessee both are dismissed

ITA 2044/AHD/2018[2015-16]Status: DisposedITAT Ahmedabad20 Feb 2020AY 2015-16
For Appellant: Shri Biren Shah, A.RFor Respondent: Shri Kishan Vyas, CIT-D.R
Section 115JSection 142(1)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH Before: Shri Amarjit Singh, Accountant Member And Ms. Madhumita Roy, Judicial Member Assessment Year 2015-16 The DCIT, Adani Wilmar Ltd. 3rd Floor Fortune Cir-1(1)(1), Ahmedabad Vs House, (Appellant) Navrangpura, Ahmedabad-380009 PAN: AABCA8056G (Respondent) Cross Objection No. 82/Ahd/2019 (In ITA No. 2044/Ahd/2018) Assessment Year 2015-16 Adani Wilmar Ltd. The DCIT, 3rd Floor Fortune House, Cir-1(1)(1), Navrangpura, Ahmedabad- Vs Ahmedabad 380009 (Respondent) PAN: AABCA8056G (Appellant) Revenue by: Shri Kishan Vyas, CIT-D.R. Assessee by: Shri…

The JCIT(OSD), Circle-1(1)(2), Ahmedabad vs. Adani Logistics Ltd., Ahmedabad

In the result, Revenue’s appeal is dismissed

ITA 1608/AHD/2018[2015-16]Status: DisposedITAT Ahmedabad31 Jan 2020AY 2015-16

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri Satish Solanki, Sr. D.RFor Respondent: Shri Varthik Chokshi & Biren V. Shah
Section 115JSection 143(3)Section 14ASection 35D

…e Learned CIT(A) in deleting such disallowance. He ITA No.1608/Ahd/2018 and CO No.93/Ahd/2019 JCIT vs. Adani Logistics Ltd. also relied upon the judgment passed by the jurisdictional High Court in the case of CIT vs. Corrtech Energy Private Ltd. reported in [45 Taxmann.com 116] (2014). Apart from that in support of his case, it was also contended by the Learned Advocate appearing for the assessee that even otherwise no disallowance under 14A of the Act can be made, if the assessee has sufficient interest free funds to cover the investment out of which exempt income is generated. The ld.CIT(A) has noticed break u…

Clp India Pvt. Ltd., Ahmedabad vs. The DCIT., Circle-1(1)(2), Ahmedabad

In the result, appeal filed by the Assessee in ITA No

ITA 1163/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad30 Jan 2020AY 2013-14

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed)

For Appellant: Shri S.N. Soparkar, ARFor Respondent: Shri Smair Tekriwala CIT
Section 14ASection 234A

…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. 5. As we can see, assessee total dividend income is Rs. 50,000/- so there cannot be disallowance of Rs. more than 50,000/-. Respectfully following the above quoted judgment, we allow the appeal of the assessee. 6. Now we come to ITA No. 1186/Ahd/2018, the Revenue has taken following grounds of appeal: (1…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2107/DEL/2017[2013-14]Status: DisposedITAT Delhi29 Jan 2020AY 2013-14

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, Sr. DR
Section 14A

…d CIT vs. Winsome Textile Industries Limited, [2009] 319 ITR 204 to hold that Section 14A cannot be invoked when no exempt income was earned. The second decision is of the Gujarat High Court in Commissioner of Income Tax-I vs. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj.). The third decision is Of the Allahabad High Court in Income Tax Appeal No. 88 of 2014, Commissioner of Income Tax (Ii) Kanpur, vs. MIs. Shivam Motors (P) Ltd. decided on 05.05.2014. In the said decision it has been held:- "As regards the second question, Section 14A of the Act provides that for the purposes of computing the total inc…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2106/DEL/2017[2012-13]Status: DisposedITAT Delhi29 Jan 2020AY 2012-13

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, Sr. DR
Section 14A

…d CIT vs. Winsome Textile Industries Limited, [2009] 319 ITR 204 to hold that Section 14A cannot be invoked when no exempt income was earned. The second decision is of the Gujarat High Court in Commissioner of Income Tax-I vs. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj.). The third decision is Of the Allahabad High Court in Income Tax Appeal No. 88 of 2014, Commissioner of Income Tax (Ii) Kanpur, vs. MIs. Shivam Motors (P) Ltd. decided on 05.05.2014. In the said decision it has been held:- "As regards the second question, Section 14A of the Act provides that for the purposes of computing the total inc…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2105/DEL/2017[2011-12]Status: DisposedITAT Delhi29 Jan 2020AY 2011-12

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, Sr. DR
Section 14A

…d CIT vs. Winsome Textile Industries Limited, [2009] 319 ITR 204 to hold that Section 14A cannot be invoked when no exempt income was earned. The second decision is of the Gujarat High Court in Commissioner of Income Tax-I vs. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj.). The third decision is Of the Allahabad High Court in Income Tax Appeal No. 88 of 2014, Commissioner of Income Tax (Ii) Kanpur, vs. MIs. Shivam Motors (P) Ltd. decided on 05.05.2014. In the said decision it has been held:- "As regards the second question, Section 14A of the Act provides that for the purposes of computing the total inc…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2104/DEL/2017[2010-11]Status: DisposedITAT Delhi29 Jan 2020AY 2010-11

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, Sr. DR
Section 14A

…d CIT vs. Winsome Textile Industries Limited, [2009] 319 ITR 204 to hold that Section 14A cannot be invoked when no exempt income was earned. The second decision is of the Gujarat High Court in Commissioner of Income Tax-I vs. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj.). The third decision is Of the Allahabad High Court in Income Tax Appeal No. 88 of 2014, Commissioner of Income Tax (Ii) Kanpur, vs. MIs. Shivam Motors (P) Ltd. decided on 05.05.2014. In the said decision it has been held:- "As regards the second question, Section 14A of the Act provides that for the purposes of computing the total inc…

Baroda Dist. Co.Op. Milk Producers Union Ltd., Baroda vs. The Ad. CIT, Range-2, Baroda

In the result, appeal of the assessee is partly allowed

ITA 2822/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad27 Jan 2020AY 2011-12

Bench: Shri Rajpal Yadav, Hon’Ble Vice- & Shri Waseem Ahmed Hon’Ble

For Appellant: Shri Manish J. ShahFor Respondent: Shri L.P. Jain, Sr.DR
Section 14ASection 80Section 80P(2)Section 80P(2)(IV)

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ, अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, HON’BLE VICE-PRESIDENT AND SHRI WASEEM AHMED HON’BLE ACCOUNTANT MEMBER ITA.No.2822/Ahd/2016 "नधा"रण वष"/Asstt.Year : 2011-12 Baroda District Co-op. Milk ACIT, Range-2 Baroda. Producers Union Ltd. Vs Makarpura Baroda 390 010. PAN : AAAAB 4510 B अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Manish J. Shah Revenue by : Shri L.P. Jain, Sr.DR सुनवाई क" तार"ख/Date of Hearing : 22/01/2020 घोषणा क" तार"ख /Date of Pronouncement: 27/01/2020 आदेश/O R D E R PER RAJPAL YAD…

M/S Hindustan Thermalprojects Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 2289/DEL/2017[2012-13]Status: DisposedITAT Delhi27 Jan 2020AY 2012-13

Bench: Shri N.K. Billaiya & Shri Kuldip Singh[A.Y 2012-13]

For Appellant: Shri Dinesh Verma, AdvFor Respondent: Shri S.N. Meena, Sr. DR
Section 14A

…the revenue by the 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. In view of the above, the impugned disallowance is directed to be deleted. Accordingly, the Ground raised by the assessee is allowed. 9. In the result, the appeal of the assessee in ITA No. 2289/DEL/2017 is allowed. The order is pronounced in the open court on 27.01.2020. [KULDIP SINGH] [N.K. BILLAIYA] JUDICIAL MEMBER ACCOUNTANT MEMBER Dat…

Pony Infrastructure and Contractors Limited, Mumbai vs. Income Tax Officer Ward-13(1)(4), Mumbai

Appeal is dismissed with no order as to costs

ITA 6969/MUM/2018[2014-15]Status: DisposedITAT Mumbai22 Jan 2020AY 2014-15

Bench: Shri Saktijit Dey, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 6969/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2014-15)

For Appellant: Shri K. G. Bohra, ARFor Respondent: Shri Kumar Padmapani
Section 143(1)Section 143(2)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JM & SHRI S. RIFAUR RAHMAN, AM आयकरअपीलसं./ I.T.A. No. 6969/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2014-15) ITO – 13(1)(4), Pony Infrastructure & Room No. 216 B, 2nd Contractors Ltd. बिधम/ floor, Aayakar Bhavan, Ground Floor, D. B. Maharshi Karve Marg, House, Gen. A. K. Vaidya Vs. Marg, Goregoan(East), Mumbai-400 020 Mumbai-400 063 स्थायीलेखासं./जीआइआरसं./PAN No. AACCD4446N (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant by : Shri K. G. Bohra, AR प्रत्यथीकीओरसे/Respondentby : Shri Kumar Padmapani Bohra, DR…

The Dy. CIT, Circle-1(1)(1), Ahmedabad vs. Adani Properties Pvt. Ltd., Ahmedabad

In the result, the appeal of the Assessee is allowed and the appeal of the Revenue is dismissed

ITA 2806/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad06 Jan 2020AY 2013-14

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed1. आयकर अपील सं./Ita No. 2617/Ahd/2017 2. आयकर अपील सं./Ita No. 2806/Ahd/2017 ("नधा"रण वष"/Assessment Year : 2013-14) 1. Adani Properties Pvt.Ltd. 1.The Dcit बनाम/ (Also Known As Adani Agro Circle-1(1)(1) Vs. Private Limited) Ahmedabad 8Th Floor, Shikhar Nr.Mithakhali Six Roads Navrangpura Ahmedabad 380 009 2. The Dcit 2.Adani Properties Circle-1(1)(1) Pvt.Ltd., Ahmedabad Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabca 3182 H .. (अपीलाथ"/Appellants) (""यथ" / Respondents) Assessee By : Shri Vartik Chokshi & Shri Biren Shah, Ars Revenue By : Shri Alok Singh, Cit-Dr

For Appellant: Shri Vartik Chokshi &For Respondent: Shri Alok Singh, CIT-DR
Section 14A

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ B ” BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER And SHRI WASEEM AHMED, ACCOUNTANT MEMBER 1. आयकर अपील सं./ITA No. 2617/Ahd/2017 2. आयकर अपील सं./ITA No. 2806/Ahd/2017 ("नधा"रण वष"/Assessment Year : 2013-14) 1. Adani Properties Pvt.Ltd. 1.The DCIT बनाम/ (Also known as Adani Agro Circle-1(1)(1) Vs. Private Limited) Ahmedabad 8th Floor, Shikhar Nr.Mithakhali Six Roads Navrangpura Ahmedabad 380 009 2. The DCIT 2.Adani Properties Circle-1(1)(1) Pvt.Ltd., Ahmedabad Ahmedabad "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : A…

Adani Properties Pvt. Ltd.(Also Known As Adani Agro Private Limited), Ahmedabad vs. The Dy. Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad

In the result, the appeal of the Assessee is allowed and the appeal of the Revenue is dismissed

ITA 2617/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad06 Jan 2020AY 2013-14

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed1. आयकर अपील सं./Ita No. 2617/Ahd/2017 2. आयकर अपील सं./Ita No. 2806/Ahd/2017 ("नधा"रण वष"/Assessment Year : 2013-14) 1. Adani Properties Pvt.Ltd. 1.The Dcit बनाम/ (Also Known As Adani Agro Circle-1(1)(1) Vs. Private Limited) Ahmedabad 8Th Floor, Shikhar Nr.Mithakhali Six Roads Navrangpura Ahmedabad 380 009 2. The Dcit 2.Adani Properties Circle-1(1)(1) Pvt.Ltd., Ahmedabad Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabca 3182 H .. (अपीलाथ"/Appellants) (""यथ" / Respondents) Assessee By : Shri Vartik Chokshi & Shri Biren Shah, Ars Revenue By : Shri Alok Singh, Cit-Dr

For Appellant: Shri Vartik Chokshi &For Respondent: Shri Alok Singh, CIT-DR
Section 14A

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ B ” BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER And SHRI WASEEM AHMED, ACCOUNTANT MEMBER 1. आयकर अपील सं./ITA No. 2617/Ahd/2017 2. आयकर अपील सं./ITA No. 2806/Ahd/2017 ("नधा"रण वष"/Assessment Year : 2013-14) 1. Adani Properties Pvt.Ltd. 1.The DCIT बनाम/ (Also known as Adani Agro Circle-1(1)(1) Vs. Private Limited) Ahmedabad 8th Floor, Shikhar Nr.Mithakhali Six Roads Navrangpura Ahmedabad 380 009 2. The DCIT 2.Adani Properties Circle-1(1)(1) Pvt.Ltd., Ahmedabad Ahmedabad "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : A…

ACIT, Cir-11(2), Kolkata vs. M/S Srei Infrastructure Finance Ltd., Kolkata

In the result, the appeal filed by the assessee and Revenue are allowed to the extent indicated above

ITA 2003/KOL/2016[2011-12]Status: DisposedITAT Kolkata31 Dec 2019AY 2011-12

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am Srei Infrastructure Finance Ltd. Vs. Addl. Cit, Range-9, New Delhi D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Assessee) .. (Revenue/Department) Addl. Cit, Range-9, New Delhi Vs. Srei Infrastructure Finance Ltd. D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant) Srei Infrastructure Finance Ltd. Vs. Dcit, Circle-11(2), Kolkata 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Appellant) .. (Respondent) Acit, Circle-11(2), Kolkata Vs. Srei Infrastructure Finance Ltd. 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant)

For Appellant: Shri Vijay Shah & Amit Agarwal, ARFor Respondent: Shri Radhey Shyam, CIT
Section 143(3)Section 14A

…nterest was deductible. " Besides, the principle that the disallowance u/s 14A read with rule 8D should be restricted to the amount of exempt income, has been laid down by number of High Courts which are as follows: i) CIT v. Corrtech Energy Pvt. Ltd. (2015) 325 ITR 97 (Guj.) ii) CIT v. Holcim India Pvt. Ltd. (2014) 111 DTR 158 (Del.) iii) CIT v. Shiva Motors Private Ltd. (2014) 111 DTR 153 (All.) 11. Taking note of the aforesaid dictum of law laid down by the Hon’ble High Courts and Tribunal, we note that in the assessee`s case under consideration, the assessment year involved is A.Y.2008-09 hence, Rule 8D of…

Srei Infrastructure Finance Limited, Kolkata vs. DCIT, Circle-11(2), Kolkata

In the result, the appeal filed by the assessee and Revenue are allowed to the extent indicated above

ITA 1821/KOL/2016[2011-12]Status: DisposedITAT Kolkata31 Dec 2019AY 2011-12

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am Srei Infrastructure Finance Ltd. Vs. Addl. Cit, Range-9, New Delhi D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Assessee) .. (Revenue/Department) Addl. Cit, Range-9, New Delhi Vs. Srei Infrastructure Finance Ltd. D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant) Srei Infrastructure Finance Ltd. Vs. Dcit, Circle-11(2), Kolkata 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Appellant) .. (Respondent) Acit, Circle-11(2), Kolkata Vs. Srei Infrastructure Finance Ltd. 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant)

For Appellant: Shri Vijay Shah & Amit Agarwal, ARFor Respondent: Shri Radhey Shyam, CIT
Section 143(3)Section 14A

…nterest was deductible. " Besides, the principle that the disallowance u/s 14A read with rule 8D should be restricted to the amount of exempt income, has been laid down by number of High Courts which are as follows: i) CIT v. Corrtech Energy Pvt. Ltd. (2015) 325 ITR 97 (Guj.) ii) CIT v. Holcim India Pvt. Ltd. (2014) 111 DTR 158 (Del.) iii) CIT v. Shiva Motors Private Ltd. (2014) 111 DTR 153 (All.) 11. Taking note of the aforesaid dictum of law laid down by the Hon’ble High Courts and Tribunal, we note that in the assessee`s case under consideration, the assessment year involved is A.Y.2008-09 hence, Rule 8D of…