CIT v. Corrtech Energy (P.) Ltd.

Kotak Mahindra Bank Ltd, Mumbai vs. Addl CIT RG 3(2), Mumbai

The appeals of the AO are dismissed

…sions:- i. Cheminvest Ltd. v. CIT [2009] 317 ITR (AT) 86 (Delhi) [SB] (para 15) ii. CIT v. Chugandas and Co. [1964] 55 ITR 17 (SC) (para 14) iii. CIT v. Cocanada Radhaswami Bank Ltd. [1965] 57 ITR 306 (SC) (para 14) iv. CIT v. Corrtech Energy (P.) Ltd. [2015] 372 ITR 97 (Guj) (para 15) v. CIT v.Holcim India (P.) Ltd.(I.T.A.No.486 of 2014 decided on 5- 9-2014) (para 15) vi. CIT v. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) (para 15) vii. CIT v. Lakhani Marketing Incl. [2015] 4 ITR-OL 246 (P&H) (para 15) viii. CIT v. Rajendra Prasad Moody [1978] 115 ITR 519 (SC) (para 10) ix.CIT v.Shivam Motors (P.) Ltd. (ITA No. 88…

DCIT (It) 1(1)(2), Mumbai vs. Antwerp Diamond Bank Nv., Mumbai

In the result, appeals filed by the Revenue are dismissed in terms indicated hereinabove

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL “L”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM ITA No.7481/Mum/2014 & 7482/Mum/2014 (Assessment Year :2010-11 & 2011-12) DCIT (IT) 1(1)(2), Mumbai – Vs. M/s. Antwerp Diamond Bank NV, 510, 5th Floor, 400 038 Trade Center, BKC, Bandra (E), Mumbai – 400 051 PAN/GIR No. AADCA2713J Appellant) .. Respondent) Revenue by Shri Rajguru MV Assessee by Shri K K Ved Date of Hearing 23/02/2017 Date of Pronouncement 28/02/2017 आदेश / O R D E R PER R.C.SHARMA (A.M): These are the appeals filed by Revenue against the order of CIT(A)-10, Mumbai dated 30/09/2014 for th…

DCIT (It) 1(1)(2), Mumbai vs. Antwerp Diamond Bank Nv., Mumbai

In the result, appeals filed by the Revenue are dismissed in terms indicated hereinabove

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL “L”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM ITA No.7481/Mum/2014 & 7482/Mum/2014 (Assessment Year :2010-11 & 2011-12) DCIT (IT) 1(1)(2), Mumbai – Vs. M/s. Antwerp Diamond Bank NV, 510, 5th Floor, 400 038 Trade Center, BKC, Bandra (E), Mumbai – 400 051 PAN/GIR No. AADCA2713J Appellant) .. Respondent) Revenue by Shri Rajguru MV Assessee by Shri K K Ved Date of Hearing 23/02/2017 Date of Pronouncement 28/02/2017 आदेश / O R D E R PER R.C.SHARMA (A.M): These are the appeals filed by Revenue against the order of CIT(A)-10, Mumbai dated 30/09/2014 for th…

Videocon Industries Ltd, Mumbai vs. DCIT RG 3(3)(2), Mumbai

In the result assessee’s appeal is partly allowed

Bench: Shri R.C. Sharma & Shri Amit Shuklaassessment Year: 2011-12

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “K”, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER Assessment Year: 2011-12 M/s. Videcon Industries The Deputy Commissioner Ltd.,171-C, Mittal Court, of Income Tax, Range Vs. Nariman Point, 3(3)(2), Aayakar Bhavan, Mumbai – 400 021 M.K. Road, PAN: AABCV4012H Mumbai-400 020 (Appellant) (Respondent) Present for: Assessee by : Shri Arvind Sonde, A.R. Revenue by : Shri N.K. Chand, D.R. Date of Hearing : 17.01.2017 Date of Pronouncement: 24.02.2017 O R D E R Per Amit Shukla, Judicial Member: The aforesaid appeal has b…

Priya Ltd., Mumbai vs. DCIT (OSD), Cir 2(3), Mumbai

The appeal of the assessee is disposed off in terms indicated hereinabove and the appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2010-11 Priya Ltd. Dcit(Osd), Circle-2(3), 209-210, Kimatraj Building बनाम/ R. No. 552, 5Th Floor, 02 Floor, 77/79 Vs. Aayakar Bhavan, M.K.Road, M.K. Road, Mumbai-400020 Mumbai-400002 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacp2210Q Assessment Year: 2010-11 Dcit(Osd), Priya Ltd. 209-210, Kimatraj Building Circle-2(3), बनाम/ 02 Floor, 77/79 R. No. 552, 5Th Floor, Vs. M.K. Road, Aayakar Bhavan, M.K.Road, Mumbai-400002 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aaacp2210Q

…two earlier decisions of the same Court in CIT v. Hero Cycles Limited [2010] 323 ITR 518 and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204. The second was of the Gujarat High Court in Commissioner of Income Tax-I v. Corrtech Energy (P) Ltd. [2014] 223 Taxmann 130 (Guj.) and the third of the Allahabad High Court in Commissioner of Income Tax, Kanpur v. Shivam Motors (P) Ltd. (decision dated 5th May 2014 in ITA No. 88/2014). These three decisions reiterated the position that when an Assessee had not earned any taxable income in the relevant AY in question “corresponding expenditure could not be worked o…

Kamanwala Housing Construction Ltd, Mumbai vs. Addl CIT 6(2), Mumbai

In the result, this appeal is partly allowed

Bench: Shri Mahavir Singh & Shri Ashwani Tanejaassessment Year: 2011-12

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,A,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “A”, MUMBAI Before Shri Mahavir Singh, Judicial Member, and Shri Ashwani Taneja, Accountant Member Assessment Year: 2011-12 Kamanwala Housing Additional CIT 6(2) Construction Ltd. 405, 406 New बनाम/ Udyog Mandir-2, Magul Lane, Vs. Mahim (W) Mumbai Mumbai-400016 (Appellant) (Respondent ) P.A. No.AAACK2434P Assessment Year: 2011-12 Addll. CIT 6(2) Kamanwala Housing Construction Ltd. 405, 406 New Udyog Mandir-2, बनाम/ Magul Lane, Vs. Mumbai Mahim (W) Mumbai-400016 (Revenue) (Respondent ) P.A. No.AAACK2434P Assessment…

DCIT Cir 6(3)(2), Mumbai vs. Kamanwala Housing Construction Ltd, Mumbai

In the result, this appeal is partly allowed

Bench: Shri Mahavir Singh & Shri Ashwani Tanejaassessment Year: 2011-12

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,A,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “A”, MUMBAI Before Shri Mahavir Singh, Judicial Member, and Shri Ashwani Taneja, Accountant Member Assessment Year: 2011-12 Kamanwala Housing Additional CIT 6(2) Construction Ltd. 405, 406 New बनाम/ Udyog Mandir-2, Magul Lane, Vs. Mahim (W) Mumbai Mumbai-400016 (Appellant) (Respondent ) P.A. No.AAACK2434P Assessment Year: 2011-12 Addll. CIT 6(2) Kamanwala Housing Construction Ltd. 405, 406 New Udyog Mandir-2, बनाम/ Magul Lane, Vs. Mumbai Mahim (W) Mumbai-400016 (Revenue) (Respondent ) P.A. No.AAACK2434P Assessment…

DCIT (OSD) 2(3), Mumbai vs. Nrc Ltd, Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2010-11 Dcit(Osd)-2(3), Nrc Ltd. R. No.577, State Bank Of India, Central बनाम/ Aayakar Bhavan, Office, Accounts & Vs. M.K. Road, Compliance Dept. 14Th Floor, Mumbai-400020 Madam Cama Road, Nariman Point, Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaacn1616J

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘बी’,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “B”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी अ"नी तनेजा, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Ashwani Taneja, Accountant Member Assessment Year: 2010-11 DCIT(OSD)-2(3), NRC Ltd. R. No.577, State Bank of India, Central बनाम/ Aayakar Bhavan, Office, Accounts & Vs. M.K. Road, Compliance Dept. 14th Floor, Mumbai-400020 Madam Cama Road, Nariman Point, Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) PAN. No.AAACN1616J राज"व क" ओर से / Revenue by Shri Suman Kumar-DR "नधा"रती क"…

DCIT Cen Cir 8(3), Mumbai vs. Jsw Energy Ltd, Mumbai

In the result, both the appeals of the Revenue and the assessee are allowed in part in terms indicated hereinabove

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

…India Ltd. vs. ACIT 374 ITR 108, we direct the A.O. to consider only those investment on which dividend is received while computing disallowance u/s.14A. Similar view has been taken by Hon‟ble Gujarat High Court in the case of CIT vs. Corrtech Energy (P) Ltd. 272 CTR 262 (Guj) and by Hon‟ble Punjab & Haryana High Court in the case of CIT v. Lakhani Marketing Incl. [2014] 272 CTR 265(P&H). The A.O. is accordingly directed to consider these judicial pronouncements while working out disallowance u/s. 14A 11. On the other hand, the ld. DR invited our attention to the order of the tribunal in the assessee‟s own case f…

Jsw Energy Ltd, Mumbai vs. ACIT Cen Cir 46, Mumbai

In the result, both the appeals of the Revenue and the assessee are allowed in part in terms indicated hereinabove

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

…India Ltd. vs. ACIT 374 ITR 108, we direct the A.O. to consider only those investment on which dividend is received while computing disallowance u/s.14A. Similar view has been taken by Hon‟ble Gujarat High Court in the case of CIT vs. Corrtech Energy (P) Ltd. 272 CTR 262 (Guj) and by Hon‟ble Punjab & Haryana High Court in the case of CIT v. Lakhani Marketing Incl. [2014] 272 CTR 265(P&H). The A.O. is accordingly directed to consider these judicial pronouncements while working out disallowance u/s. 14A 11. On the other hand, the ld. DR invited our attention to the order of the tribunal in the assessee‟s own case f…

Reliance Ports and Terminals Ltd ( Engineering & Construction Division) (Erstwhile Reliance Engg. Associates P.Ltd), Mumbai vs. Addl CIT RG 3(3), Mumbai

In the result, appeal of the Revenue is dismissed whereas appeal of the assessee is allowed in terms indicate hereinabove

Bench: Shri R.C. Sharma() & Shri Amit Shukla () Assessment Year: 2008-09

…wance u/s.14A on which dividend is received during the year, reliance was placed on the following judicial pronouncements.  ACB India Ltd., v Asst. CIT (374 ITR 108 (Del)  Asst. CIT vs. M. Baskaran (ITA No.1717/Mds/2013)  CIT vs. Corrtech Energy (P) Ltd., (272 CTR 262 Guj)  CIT vs. Holcim India (P) Ltd., (272 CTR 282 (Del)  CIT vs. Lakhani Marketing Incl. (272 CTR 265 (P&H) 10. On the other hand Ld. DR relied on the order of the lower authorities. 11. We have considered rival contentions and carefully gone through the orders of authorities below. We had also deliberated on the judicial pronouncements referre…

ACIT 14(2)(2), Mumbai vs. Maxima Agrotrade P.Ltd, Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2010-11 Acit-14(2)(1), M/S Maxima Agrotrade 432, 4Th Floor, बनाम/ Pvt. Ltd. Aayakar Bhavan, 1St Floor, Capri Building Vs. M.K. Road, Anant, Kanekar Marg, Mumbai-400020 Bandra East, Mumbai-400051 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aafcm0945G

…s year. Since, no exempt income was earned by the assessee and since the genuineness of the expenditure, incurred by the assessee, was not in doubt, no disallowance could be made u/s 14A of the Act. The ratio laid down in CIT vs Corrtech Energy P. Ltd. (2015) 372 ITR 97 (Guj.)(para-15), CIT vs Hero Cycle Ltd. 323 ITR 518 (P & H)(para-15), Eicher Goodearth Ltd. vs CIT (2015) 378 ITR 28 (Del), Para-14, 9 M/s Maxima Agrotrade Pvt Ltd. Maxopp Investment Ltd. vs CIT (2012) 347 ITR 272 (Del.)(para- 12) and consistent stand taken by the Tribunal, considering the decisions from Hon'ble jurisdictional High Court, we, the…

Asst CIT Cen Cir 46, Mumbai vs. Jsw Energy Ltd, Mumbai

In the result, both the appeals of the Revenue and the assessee are allowed in part in terms indicated hereinabove

Bench: Shri R. C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No. 462/Mum/2014 (नििाारण वषा / Assessment Year: 2007-08) Jsw Energy Limited Acit, Central Circle-46, बिाम/ Jsw Centre, Bandra Kurla Complex, Aayakar Bhavan, M. K. Road, Vs. Bandra (E), Mumabi-400 051 Mumbai स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aaacj 8109 N (Assessee) : (Revenue) आमकय अऩीर सं./I.T.A. No. 981/Mum/2014 (नििाारण वषा / Assessment Year: 2007-08) Acit, Central Circle-46, Jsw Energy Limited बिाम/ Aayakar Bhavan, M. K. Road, Jsw Centre, Bandra Kurla Mumbai Complex, Vs. Bandra (E), Mumabi-400 051 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aaacj 8109 N (Revenue) : (Assessee) Assessee By : Shri Rakesh Joshi Revenue By : Shri K. Ravi Kiran सुनवाई की तायीख / : 12.7.2016 Date Of Hearing घोषणा की तायीख / : 07.10.2016 Date Of Pronouncement आदेश / O R D E R Per R. C. Sharma, A. M.: These Are The Cross Appeals Filed By The Assessee & The Revenue Against The Order By The Ld. Cit(A) For The Assessment Year (A.Y.) 2007-08. 2

…nly those investment on which dividend is received while computing disallowance u/s.14A. 6 ITA Nos. 462 & 981/Mum/2014 (A.Y. 2007-08) JSW Energy Limited Similar view has been taken by Hon‟ble Gujarat High Court in the case of CIT vs. Corrtech Energy (P) Ltd. 272 CTR 262 (Guj) and by Hon‟ble Punjab & Haryana High Court in the case of CIT v. Lakhani Marketing Incl. [2014] 272 CTR 265(P&H). The A.O. is accordingly directed to consider these judicial pronouncements while working out disallowance u/s. 14A. 11. On the other hand, the ld. DR invited our attention to the order of the tribunal in the assessee‟s own case…

Jsw Energy Ltd, Mumbai vs. Asst CIT Cir 11(5), Bangalore

In the result, both the appeals of the Revenue and the assessee are allowed in part in terms indicated hereinabove

Bench: Shri R. C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./I.T.A. No. 462/Mum/2014 (नििाारण वषा / Assessment Year: 2007-08) Jsw Energy Limited Acit, Central Circle-46, बिाम/ Jsw Centre, Bandra Kurla Complex, Aayakar Bhavan, M. K. Road, Vs. Bandra (E), Mumabi-400 051 Mumbai स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aaacj 8109 N (Assessee) : (Revenue) आमकय अऩीर सं./I.T.A. No. 981/Mum/2014 (नििाारण वषा / Assessment Year: 2007-08) Acit, Central Circle-46, Jsw Energy Limited बिाम/ Aayakar Bhavan, M. K. Road, Jsw Centre, Bandra Kurla Mumbai Complex, Vs. Bandra (E), Mumabi-400 051 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. Aaacj 8109 N (Revenue) : (Assessee) Assessee By : Shri Rakesh Joshi Revenue By : Shri K. Ravi Kiran सुनवाई की तायीख / : 12.7.2016 Date Of Hearing घोषणा की तायीख / : 07.10.2016 Date Of Pronouncement आदेश / O R D E R Per R. C. Sharma, A. M.: These Are The Cross Appeals Filed By The Assessee & The Revenue Against The Order By The Ld. Cit(A) For The Assessment Year (A.Y.) 2007-08. 2

…nly those investment on which dividend is received while computing disallowance u/s.14A. 6 ITA Nos. 462 & 981/Mum/2014 (A.Y. 2007-08) JSW Energy Limited Similar view has been taken by Hon‟ble Gujarat High Court in the case of CIT vs. Corrtech Energy (P) Ltd. 272 CTR 262 (Guj) and by Hon‟ble Punjab & Haryana High Court in the case of CIT v. Lakhani Marketing Incl. [2014] 272 CTR 265(P&H). The A.O. is accordingly directed to consider these judicial pronouncements while working out disallowance u/s. 14A. 11. On the other hand, the ld. DR invited our attention to the order of the tribunal in the assessee‟s own case…

The Phoenix Mills Ltd, Mumbai vs. Asst CIT Cen Cir 47, Mumbai

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

…s are to be considered on which, dividend has been received during the year. In support, he relied upon following decisions: ACB India Ltd v ACIT reported in 374 ITR 108 ACIT u M Baskaran.inITA 1717/M/2013(AY 09-10) CIT u Corrtech Energy (P) Ltd. reported in 272 CTR 262 (Guj) CIT v Holcim India (PJ Ltd. reported in 272 CTR 282 (Del) CIT v Lakhani Marketing Incl. reported in 272 CTR 265 (P&H) 51 M/s. The Phoenix Mills Ltd. 118. From the record, we found that in response to show-cause notice issued by the AO, the assessee has contended that no disallowance on account of interest can be made as the assessee has hu…

The Phoenix Mills Ltd, Mumbai vs. DCIT Cen Cir 47, Mumbai

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

…s are to be considered on which, dividend has been received during the year. In support, he relied upon following decisions: ACB India Ltd v ACIT reported in 374 ITR 108 ACIT u M Baskaran.inITA 1717/M/2013(AY 09-10) CIT u Corrtech Energy (P) Ltd. reported in 272 CTR 262 (Guj) CIT v Holcim India (PJ Ltd. reported in 272 CTR 282 (Del) CIT v Lakhani Marketing Incl. reported in 272 CTR 265 (P&H) 51 M/s. The Phoenix Mills Ltd. 118. From the record, we found that in response to show-cause notice issued by the AO, the assessee has contended that no disallowance on account of interest can be made as the assessee has hu…

The Phoenix Mills Ltd, Mumbai vs. Asst CIT Cen Cir 47, Mumbai

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

…s are to be considered on which, dividend has been received during the year. In support, he relied upon following decisions: ACB India Ltd v ACIT reported in 374 ITR 108 ACIT u M Baskaran.inITA 1717/M/2013(AY 09-10) CIT u Corrtech Energy (P) Ltd. reported in 272 CTR 262 (Guj) CIT v Holcim India (PJ Ltd. reported in 272 CTR 282 (Del) CIT v Lakhani Marketing Incl. reported in 272 CTR 265 (P&H) 51 M/s. The Phoenix Mills Ltd. 118. From the record, we found that in response to show-cause notice issued by the AO, the assessee has contended that no disallowance on account of interest can be made as the assessee has hu…

The Phoenix Mills Ltd, Mumbai vs. Asst CIT Cen Cir 47, Mumbai

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

…s are to be considered on which, dividend has been received during the year. In support, he relied upon following decisions: ACB India Ltd v ACIT reported in 374 ITR 108 ACIT u M Baskaran.inITA 1717/M/2013(AY 09-10) CIT u Corrtech Energy (P) Ltd. reported in 272 CTR 262 (Guj) CIT v Holcim India (PJ Ltd. reported in 272 CTR 282 (Del) CIT v Lakhani Marketing Incl. reported in 272 CTR 265 (P&H) 51 M/s. The Phoenix Mills Ltd. 118. From the record, we found that in response to show-cause notice issued by the AO, the assessee has contended that no disallowance on account of interest can be made as the assessee has hu…

The Phoenix Mills Ltd, Mumbai vs. Asst CIT Cen Cir 47, Mumbai

In the result, ground No.4 taken by assessee in assessment year

Bench: Shri R.C. Sharma (Am) & Shri Pawan Singh (Jm)

…s are to be considered on which, dividend has been received during the year. In support, he relied upon following decisions: ACB India Ltd v ACIT reported in 374 ITR 108 ACIT u M Baskaran.inITA 1717/M/2013(AY 09-10) CIT u Corrtech Energy (P) Ltd. reported in 272 CTR 262 (Guj) CIT v Holcim India (PJ Ltd. reported in 272 CTR 282 (Del) CIT v Lakhani Marketing Incl. reported in 272 CTR 265 (P&H) 51 M/s. The Phoenix Mills Ltd. 118. From the record, we found that in response to show-cause notice issued by the AO, the assessee has contended that no disallowance on account of interest can be made as the assessee has hu…