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 366,314 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.

Bestech India P.Ltd, New Delhi vs. DCIT, Central Circle 1, Faridabad

In the result, the appeals of the assessee in ITA Nos

ITA 2058/DEL/2022[2016-17]Status: DisposedITAT Delhi27 Dec 2023AY 2016-17

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

For Appellant: Shri R.S. Ahuja, CAFor Respondent: Shri Kanv Bali, Sr. DR
Section 14ASection 32(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘A’ BENCH, NEW DELHI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT, AND SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER ITA No. 2058/DEL/2022 [A.Y. 2016-17] ITA No. 2059/DEL/2022 [A.Y. 2017-18] Bestech India Pvt Ltd Vs. The Dy. C.I.T., Unit No. 5D, JW Marriot Hotel Central Circle 1 5th Floor, Aria Signature Offices Faridabad Delhi Aerocity Hospitality District Assets Area – 4, New Delhi PAN – AABCB 6551 B (Applicant) (Respondent) Assessee By : Shri R.S. Ahuja, CA Shri Pushpdeep Singh, Adv Department By : Shri Kanv Bali, Sr. DR Date of Hearing : 21.12.2023 Date of Pronouncemen…

JCIT, Special Range - 1, New Delhi vs. Ameriprise India Pvt. Ltd., New Delhi

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

ITA 1806/DEL/2018[2012-13]Status: DisposedITAT Delhi22 Dec 2023AY 2012-13

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

For Appellant: Shri Kamal Sawhney, AdvFor Respondent: Shri Kanv Bali, Sr. DR
Section 14ASection 2(24)(x)Section 36(1)(va)Section 37Section 40Section 40a

…ed view that if no exempt income is earned by the assessee, no disallowance can be made u/s 14A r.w.r 8D of the Rules as held by the Special Bench of ITAT in the case of Cheminvest Ltd 121 ITD 318 affirmed by the Hon'ble High Court of Delhi and Kotak Energy 372 ITR 97. 26. Respectfully following the same, we decline to interfere with the same. Ground No. 4 is dismissed. 27. In the result, the appeal of the Revenue in ITA No. 1806/DEL/2018 is partly allowed. The order is pronounced in the open court on 22.12.2023. [SAKTIJIT DEY] [N.K. BILLAIYA] VICE PRESIDENT ACCOUNTANT MEMBER Dated: 22nd DECEMBER, 2023…

Shivangi Remedies Pvt Ltd, New Delhi vs. DCIT Circle-23(1), New Delhi

The appeal of the assessee is allowed with consequences to 6

ITA 5363/DEL/2019[2013-14]Status: DisposedITAT Delhi20 Sept 2023AY 2013-14

Bench: Shri Shamim Yahya & Shri Anubhav Sharmaa.Y. 2013-14

Section 133(6)Section 143(2)Section 143(3)Section 14A

…1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B”: NEW DELHI BEFORE SHRI SHAMIM YAHYA , ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER A.Y. 2013-14 Shivangi Remedies Pvt. Ltd., Vs DCIT, Circle-23(1), U-7, Green Park Extension, New Delhi. New Delhi-110016. PAN: AABCS8543 APPELLANT RESPONDENT Assessee represented by Shri Ved Jain, Adv. And Ms. Supriya Mehta, CA Department represented by Shri Vivek Kumar Upadhyay, Sr. DR Date of hearing 18.09.2023 Date of pronouncement 20.09.2023 O R D E R PER ANUBHAV SHARMA, JM: The Assessee has come in appeal challenging the orders dated 06.05.2019 passed…

M/S Mafatlal Industries Limited, Mumbai vs. Dy Commissioner of Income Tax-Central Circle-8(2), Mumbai

In the result, appeal is partly allowed

ITA 881/MUM/2023[2011-12]Status: DisposedITAT Mumbai22 Aug 2023AY 2011-12

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 143(1)Section 14ASection 36(1)(iii)Section 40

…nd 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 v. 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, v. M/s. 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 income…

Asst. Commissioner of Income Tax, Circle-10(1), Hyderabad vs. Vertex Projects LLP (Formerly M/S Vertex Projects Ltd), Hyderabad

In the result, the appeal of Revenue is partly allowed for statistical purposes

ITA 1187/HYD/2018[2014-15]Status: DisposedITAT Hyderabad28 Apr 2023AY 2014-15

Bench: Shri Rama Kanta Panda & Shri Laliet Kumarassessment Year: 2014-15 Acit,Circle-10(1) Vs. Vertex Projects Llp Room No.515, 5Th Floor, (Formerly M/S.Vertex A-Block, I.T.Towers, Projects Ltd.) A.C.Guards, #156-159, Paigah House Hyderabad. S.P.Road, Next To Pg College. Secunderabad-500 026. Pan : Aanfv0232C (Appellant) (Respondent) Assessee By: Shri Sriram Seshadri, Ca Revenue By: Shri Rajendra Kumar,Cit-Dr Date Of Hearing: 15.03.2023 Date Of Pronouncement: 28.04.2023 O R D E R Per Shri Laliet Kumar, J.M. This Is An Appeal Filed By The Revenue, Feeling Aggrieved By The Order Passed By The Learned Commissioner Of Income Tax (Appeals)-5, Dated 16.03.2018 For The Ay 2014-15, On The Following Grounds :

For Appellant: Shri Sriram Seshadri, CAFor Respondent: Shri Rajendra Kumar,CIT-DR
Section 115JSection 142(1)Section 143(2)Section 14ASection 14A(3)Section 47Section 56Section 56(2)(viia)Section 56(2)(viiia)

…nd 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 v. 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, v. M/s. 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 income…

Asstt. Commissioner of Income-Tax, Central Circle-1, Jaipur vs. M/S Manglam Build Developers Ltd, Jaipur

In the result, the appeal of the Revenue is dismissed

ITA 373/JPR/2022[2013]Status: DisposedITAT Jaipur24 Apr 2023

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Shri James Kurian (CIT) fu/kZkfjrh dh vksj ls@
Section 133ASection 14A

…आयकरअपीलीय अधिकरण] जयपुरन्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A” JAIPUR MkWa- ,l-lhrky{eh] U;kf;dlnL; ,oa Jh jkBksMdeys'kt;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;djvihy la-@ITA. No. 373/JPR/2022 fu/kZkj.ko"kZ@AssessmentYears : 2013-14 cuke The ACIT, M/s Manglam Build Developers Ltd. 6th Floor, Apex Mall, Tonk Road, Central Circle-1, Vs. Lal Kothi, Jaipur. Jaipur. LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAFCM 4862 Q vihykFkhZ@Appellant izR;FkhZ@Respondent jktLo dh vksj ls@Revenue by : Shri James Kurian (CIT) fu/kZkfjrh…

DCIT 14(1)(2), Mumbai vs. Capgemini India P.Ltd, Mumbai

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

ITA 1917/MUM/2016[2011-12]Status: DisposedITAT Mumbai23 Feb 2023AY 2011-12

Bench: Shri Om Prakash Kant & Ms. Kavitha Rajagopalit(Tp) No. 1577/Mum/2016 (Assessment Year: 2011-12) M/S. Capgemini India Pvt. Ltd. Dy. Cit-14(1)(2) Room No. 470, 4Th Floor, Plant 2, Block A, Godrej It Park, Godrej & Boyce Compound, Vs. Aayakar Bhavan, M. K. Road, Lbs Marg, Vikhroli (W), Mumbai-400 020 Mumbai-400 079 Pan/Gir No. Aaack 2632 B (Assessee) : (Revenue) & Dy. Cit-14(1)(2) M/S. Capgemini India Pvt. Ltd. Room No. 470, 4Th Floor, Plant 2, Block A, Godrej It Park, Aayakar Bhavan, M. K. Road, Vs. Godrej & Boyce Compound, Mumbai-400 020 Lbs Marg, Vikhroli (W), Mumbai-400 079 Pan/Gir No. Aaack 2632 B (Revenue) : (Assessee)

For Appellant: Shri M. P. Lohia/Nikhil Tiwari
Section 143(3)Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER AND MS. KAVITHA RAJAGOPAL, JUDICIAL MEMBER IT(TP) No. 1577/Mum/2016 (Assessment Year: 2011-12) M/s. Capgemini India Pvt. Ltd. Dy. CIT-14(1)(2) Room No. 470, 4th Floor, Plant 2, Block A, Godrej IT Park, Godrej & Boyce Compound, Vs. Aayakar Bhavan, M. K. Road, LBS Marg, Vikhroli (W), Mumbai-400 020 Mumbai-400 079 PAN/GIR No. AAACK 2632 B (Assessee) : (Revenue) & Dy. CIT-14(1)(2) M/s. Capgemini India Pvt. Ltd. Room No. 470, 4th Floor, Plant 2, Block A, Godrej IT Park, Aayakar Bhavan, M. K. Road, Vs. Godrej & Boyce C…

Capgemini India P.Ltd, Mumbai vs. DCIT Cir 14(1)(2), Mumbai

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

ITA 1577/MUM/2016[2011-12]Status: DisposedITAT Mumbai23 Feb 2023AY 2011-12

Bench: Shri Om Prakash Kant & Ms. Kavitha Rajagopalit(Tp) No. 1577/Mum/2016 (Assessment Year: 2011-12) M/S. Capgemini India Pvt. Ltd. Dy. Cit-14(1)(2) Room No. 470, 4Th Floor, Plant 2, Block A, Godrej It Park, Godrej & Boyce Compound, Vs. Aayakar Bhavan, M. K. Road, Lbs Marg, Vikhroli (W), Mumbai-400 020 Mumbai-400 079 Pan/Gir No. Aaack 2632 B (Assessee) : (Revenue) & Dy. Cit-14(1)(2) M/S. Capgemini India Pvt. Ltd. Room No. 470, 4Th Floor, Plant 2, Block A, Godrej It Park, Aayakar Bhavan, M. K. Road, Vs. Godrej & Boyce Compound, Mumbai-400 020 Lbs Marg, Vikhroli (W), Mumbai-400 079 Pan/Gir No. Aaack 2632 B (Revenue) : (Assessee)

For Appellant: Shri M. P. Lohia/Nikhil Tiwari
Section 143(3)Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER AND MS. KAVITHA RAJAGOPAL, JUDICIAL MEMBER IT(TP) No. 1577/Mum/2016 (Assessment Year: 2011-12) M/s. Capgemini India Pvt. Ltd. Dy. CIT-14(1)(2) Room No. 470, 4th Floor, Plant 2, Block A, Godrej IT Park, Godrej & Boyce Compound, Vs. Aayakar Bhavan, M. K. Road, LBS Marg, Vikhroli (W), Mumbai-400 020 Mumbai-400 079 PAN/GIR No. AAACK 2632 B (Assessee) : (Revenue) & Dy. CIT-14(1)(2) M/s. Capgemini India Pvt. Ltd. Room No. 470, 4th Floor, Plant 2, Block A, Godrej IT Park, Aayakar Bhavan, M. K. Road, Vs. Godrej & Boyce C…

Haldia Coke and Chemicals Pvt. Ltd., Chennai vs. DCIT Circle 11(1), New Delhi

In the result, the appeal filed by the assessee is allowed for statistical purposes only

ITA 1796/DEL/2019[2015-16]Status: DisposedITAT Delhi13 Feb 2023AY 2015-16

Bench: Shri C.M. Garg & Dr. B.R.R. Kumarassessment Year: 2015-16 Haldia Code & Chemicals Pvt. Ltd., Vs. Dcit, No.18/3, Sigapi Achi Building, Circle-11(1), 4Th Floor, Rukmini Lakshmipathi Road, New Delhi. Egmore, Chennai, Tamilnadu – 600 004. Pan: Aabch5389P (Appellant) (Respondent) Assessee By : Shri R. Sivaraman, Advocate Revenue By : Shri Anuj Garg, Sr. Dr Date Of Hearing : 08.02.2023 Date Of Pronouncement : 13.02.2023 Order

For Appellant: Shri R. Sivaraman, AdvocateFor Respondent: Shri Anuj Garg, Sr. DR
Section 14ASection 36Section 36(1)(iii)Section 37(1)

…reign subsidiaries is taxable. In the following cases, it has been held that where no exempt income is received, disallowance u/s.14A r.to Rule 80 is not attracted. a. Chem Investments Vs CIT ( 234 Taxmann 761)- Annexure 7 b. CIT Vs Correctech Energy Pot Ltd (372 ITR 97)- Annexure 8 The above case laws squarely applies to our case. 4 For the assessment year 2011-12, the Assessing Officer has made disallowance u/s.14A r.to.Rule 8D of Rs.2,03,27,420/-. The break up of this amount is given below: Rule 8D2(ii) Rs. 1,77,24,516/- Rule 802(iii) Rs. 26,05,935/- Total Rs.2,03,27,420/- The CIT(A) in his order in ITA No.21…

M/S Sumilon Industries Pvt. Ltd., Surat vs. The Principal Commissioner of Income Tax - 1, Surat

In the result, appeal of the assessee is allowed

ITA 87/SRT/2022[2017-18]Status: DisposedITAT Surat10 Feb 2023AY 2017-18

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita No.87/Srt/2022 ("नधा"रणवष" / Assessment Year: (2017-18) (Physical Court Hearing) M/S Sumilon Industries Pvt. Principal Commissioner Of Ltd. 6-121-A, Vairagini Wadi, Income-Tax-1, Aaykar Bhavan, Vs. Delhi Gate, Surat-395003 Majura Gate, Surat-395001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aadcs3567 L (Appellant) (Respondent) िनधा"रती की ओर से /Assessee By : Shri Mukund Bakshi, C.A राज"व क" ओर से /Respondent By: Shri Ashok B. Koli, Cit-D.R

For Appellant: Shri Mukund Bakshi, C.AFor Respondent: Shri Ashok B. Koli, CIT-D.R
Section 14Section 143(3)Section 14ASection 263

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकरअपीलसं./ITA No.87/SRT/2022 ("नधा"रणवष" / Assessment Year: (2017-18) (Physical Court Hearing) M/s Sumilon Industries Pvt. Principal Commissioner of Ltd. 6-121-A, Vairagini Wadi, Income-tax-1, Aaykar Bhavan, Vs. Delhi Gate, Surat-395003 Majura Gate, Surat-395001 "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AADCS3567 L (Appellant) (Respondent) िनधा"रती की ओर से /Assessee by : Shri Mukund Bakshi, C.A राज"व क" ओर से /Respondent by: Shri Ashok B. Koli, CIT-D.R सुनवाई की तारीख/ Date of Hearing : 20/01/2023 घोषणा की तार…

ACIT, New Delhi vs. M/S. India Bulls Power Ltd., New Delhi

The appeals are dismissed in regard to the first question

ITA 2013/DEL/2017[2011-12]Status: DisposedITAT Delhi05 Jan 2023AY 2011-12

Bench: Shri Anil Chaturvedi & Ms. Astha Chandraasstt. Year: 2011-12 Acit, Vs. India Bulls Power Ltd. (Now Known Circle-21(1), As Rattan India Power Ltd.) New Delhi. 5Th Floor, Tower-B, Worldmark-1, Aerocity, New Delhi- 110 037 Pan Aalcs2063D (Appellant) (Respondent)

For Appellant: Shri Ajay Wadhwa, AdvocateFor Respondent: Shri Anuj Garg, Sr. DR
Section 10Section 143(3)Section 14ASection 154

…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-1 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…

Gujarat Fluorochemicals Limited., Vadodara vs. The DCIT, Circle-1(1)(1), Vadodara

The appeal of the assessee is partly allowed

ITA 751/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad28 Dec 2022AY 2014-15

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumar"नधा"रणवष"/Assessment Year: 2014-15 Gujarat Fluorochemicals Ltd., Vs. Dcit, 2Nd Floor, Abs Tower, Old Circle 1(1)(1), Padra Road, Baroda-390007 Baroda Pan : Aaacg 6725 H अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S.N. Soparkar, Sr. Advocate & Shri Parin Shah, Ar Revenue By : Shri Samir Tekriwal, Cit-Dr सुनवाई क" तार"ख/Date Of Hearing : 11.10.2022 घोषणा क" तार"ख /Date Of Pronouncement: 28.12.2022 आदेश/O R D E R Per Annapurna Gupta:

For Appellant: Shri S.N. Soparkar, Sr. Advocate &For Respondent: Shri Samir Tekriwal, CIT-DR
Section 115Section 115JSection 14ASection 14A(2)Section 8D(2)(i)

…आयकरअपील"यअ"धकरण, अहमदाबाद"यायपीठ‘‘सी’’अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE MRS. ANNAPURNA GUPTA, ACCOUNTANT MEMBER AND SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER "नधा"रणवष"/Assessment Year: 2014-15 Gujarat Fluorochemicals Ltd., Vs. DCIT, 2nd Floor, ABS Tower, Old Circle 1(1)(1), Padra Road, Baroda-390007 Baroda PAN : AAACG 6725 H अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri S.N. Soparkar, Sr. Advocate & Shri Parin Shah, AR Revenue by : Shri Samir Tekriwal, CIT-DR सुनवाई क" तार"ख/Date of Hearing : 11.10.2022 घोषणा क" तार"ख /Date of Pronouncement: 28.12.2022 आदेश…

The ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Torrent Power Limited, Ahmedabad

ITA 2047/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad28 Dec 2022AY 2013-14
For Appellant: Shri Vartik Choksi, A.RFor Respondent: Shri Ritesh Parmar, CIT. D.R
Section 14ASection 36Section 80

…sessee in the year under consideration. Accordingly, there cannot be any disallowance under the provisions of section 14A read with rule 8D of Income Tax Rule in view of the judgment of Hon’ble Gujarat High Court in the case of Corrtech Energy Ltd reported in 372 ITR 97 wherein it was held as under: Section 14A(1) provides that for the purpose of computing total income under chapter IV, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the Act. In the instant case, the Tribunal has recorded the finding of fact…

The ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Torrent Power Ltd., Ahmedabad

ITA 14/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad28 Dec 2022AY 2012-13
For Appellant: Shri Vartik Choksi, A.RFor Respondent: Shri Ritesh Parmar, CIT. D.R
Section 14ASection 36Section 80

…sessee in the year under consideration. Accordingly, there cannot be any disallowance under the provisions of section 14A read with rule 8D of Income Tax Rule in view of the judgment of Hon’ble Gujarat High Court in the case of Corrtech Energy Ltd reported in 372 ITR 97 wherein it was held as under: Section 14A(1) provides that for the purpose of computing total income under chapter IV, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the Act. In the instant case, the Tribunal has recorded the finding of fact…

ACIT, Circle- 7(1), New Delhi vs. Decent Financial Services Pvt. Ltd., New Delhi

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

ITA 5707/DEL/2019[2015-16]Status: DisposedITAT Delhi24 Nov 2022AY 2015-16

Bench: Shri C.M. Garg & Shri Pradip Kumar Kediaassessment Year: 2015-16 Acit, Vs. Decent Financial Circle-5(2), Services Pvt. Ltd., New Delhi. A-86, Dd Shed, Okhla Industrial Area, Phase-I, New Delhi. Pan: Aaacd2899P (Appellant) (Respondent) Assessee By : Shri Amit Sharma, Advocate Revenue By : Shri Kumar Pranav, Sr. Dr Date Of Hearing : 21.11.2022 Date Of Pronouncement : 24.11.2022 Order Per C.M. Garg, Jm: This Appeal Filed By The Revenue Is Directed Against The Order Dated 10.04.2019 Of The Cit(A)-3, New Delhi, Relating To Assessment Year 2015-16. 2. The Ground Of Appeal Raised By The Revenue Reads As Under:- “1. On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A)Has Grossly Erred In Deleting The Disallowance Made By The Ao U/S 14A R.W. Rule 8D Of The Act Of Rs.1,62,35,930/-. 2. The Appellant Craves Leave To Add, Amend Or Forego Any Ground(S) Of Appeal At Any Time Before Or During The Hearing Of This Appeal.” 3. The Ld. Sr. Dr, Supporting The Assessment Order Dated 26.12.2017 Passed U/S 143(3) Of The Income-Tax Act, 1961 (For Short, ‘The Act’) Submitted That The Assessee Had Earned Substantial Dividend Income Of Rs.1,22,16,840/-, Therefore, The Ao Was Right In Making Disallowance U/S 14A Of The Act R.W.R. 8D Of The Income-Tax Rules, 1962 (For Short, ‘The Rules’). The Ld. Sr. Dr Submitted That The Assessee Has Capitalized Substantial Amount Of Interest Paid By Him On The Amount Invested, Therefore, The Amount Of Disallowance Has To Be Calculated Accordingly.

For Appellant: Shri Amit Sharma, AdvocateFor Respondent: Shri Kumar Pranav, Sr. DR
Section 143(3)Section 14A

…nd 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 Appella No. 88 of 2014. Commissioner of Income Tax (ii) Kanpur, Vs. M/s. Shivam Motors (P) Ltd. decided on 05.05.2014. In the said decision it has been held: 3 "As regards the second question. Section 14A of the Act provides that for the purposes of computing the total i…

Deputy Commissioner of Income-Tax, Circle - 14, Pune vs. M/S. Lifestyle Leisures Private Limited, Pune

Appeal is dismissed in above terms

ITA 580/PUN/2019[2015-16]Status: DisposedITAT Pune17 Nov 2022AY 2015-16

Bench: Shri S. S. Godara & Shri Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.580/Pun/2019 िनधा"रण वष" / Assessment Year: 2015-16 Dcit, Circle-14, Pune. Vs. M/S. Lifestyle Leisures Private Limited, S.No.191, Tech Park One, Tower-E, Off Airport Road, Yerwada, Pune- 411006. Pan : Aaacl6291P Appellant Respondent Revenue By : Shri Ramnath P. Murkunde Assessee By : Shri Hari Krishan Date Of Hearing : 17.10.2022 Date Of Pronouncement : 17.11.2022 आदेश / Order Per S. S. Godara, Jm: This Revenue’S Appeal For Assessment Year 2015-16 Arises Against The Cit(A)-7, Pune’S Order Dated 11.01.2019 Passed In Case No. Pn/Cit(A)-7/Cir-14/10022/2018-19, Involving Proceedings U/S 271(1)(C) Of The Income Tax Act, 1961; In Short “The Act”. Heard Both The Parties. Case File Perused. 2. Coming To The Revenue’S Sole Substantive Grievance Raised In The Instant Appeal Challenging Correctness Of The Cit(A)’S Action Deleting Section 271(1)(C) Penalty Of Rs.1,15,08,340/- Levied By The Assessing Officer Vide Order Dated 27.04.2018, We Note At The Outset

For Appellant: Shri Hari KrishanFor Respondent: Shri Ramnath P. Murkunde
Section 14ASection 271(1)(c)

…ad not even derived any exempt income in the relevant previous year. That being the case, various judicial precedents i.e. PCIT vs. Ballarpur Industries Ltd. Income Tax Appeal No.51/2016 dated 13.10.2016 (Bombay), CIT vs. Corrtech Engineering Pvt. Ltd. (2014) 372 ITR 97 (Guj.) and CIT vs. Chettinad Logistics (P.) Ltd. (2018) 95 taxmann.com 250 (SC) have already held that even such a quantum disallowance in absence of exempt income itself is not sustainable. That being the case, we find no merit in Revenue’s vehement argument seeking to revive the impugned penalty. The CIT(A)’s finding under challenge stand upheld…

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

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

ITA 290/AHD/2020[2015-16]Status: DisposedITAT Ahmedabad04 Nov 2022AY 2015-16
For Appellant: Shri Biren Shah, A.RFor Respondent: Shri James Kurian, CIT-DR
Section 115JSection 143(3)Section 14A

…Supreme Court has taken a consistent stand that once no exempt income is earned by Appellant, disallowance under Section 14A cannot be made. Reliance is placed on following decisions: (i) Hon'ble Gujarat High Court in case of CIT v. Corrtech Energy Pvt. Ltd. [45 Taxmann.com 116] [Vide Para 3] .....The Id. AR submitted that this finding of Id. CIT(A) is containing to the law settled by various judicial pronouncements. We have given our thoughtful consideration to the facts and the I.T.A No. 290/Ahd/2020 A.Y. 2015-16 Page No 5 DCIT vs. M/s. CLP India Pvt. Ltd. decision relied upon by the Id. AR. The Hon'ble Punjab…

Corrtech International Pvt. Ltd., Ahmedabad vs. The Addl. CIT, TDS Range, Ahmedabad

ITA 2408/AHD/2017[2015-16]Status: DisposedITAT Ahmedabad19 Oct 2022AY 2015-16

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

Section 14ASection 26(1)(iii)

…peal is allowed. 42. As regards Ground No. 3 relating to disallowance under Section 14A the same is allowed as no exempt income has been earned during the year. The reliance of the assessee’s own case by the decision of Hon’ble Gujarat High Court reported in 372 ITR 97 (Guj.) is relevant in this year. Ground No. 3 of assessee’s appeal is allowed. ITA No. 1785/Ahd/2012 & 08 others Corrtech International Pvt. Ltd. vs. ACIT(OSD) Asst.Years–2009-10, 2010-11, 2008-09, 2014-15 & 2015-16 43. As regards Ground No. 4 relating to disallowance of Rs. 51,10,672/- under Section 36(1)(iii), the same is identical to Ground N…

Corrtech International Pvt. Ltd., Ahmedabad vs. The Addl. CIT, TDS Range, Ahmedabad

ITA 2406/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad19 Oct 2022AY 2014-15

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

Section 14ASection 26(1)(iii)

…peal is allowed. 42. As regards Ground No. 3 relating to disallowance under Section 14A the same is allowed as no exempt income has been earned during the year. The reliance of the assessee’s own case by the decision of Hon’ble Gujarat High Court reported in 372 ITR 97 (Guj.) is relevant in this year. Ground No. 3 of assessee’s appeal is allowed. ITA No. 1785/Ahd/2012 & 08 others Corrtech International Pvt. Ltd. vs. ACIT(OSD) Asst.Years–2009-10, 2010-11, 2008-09, 2014-15 & 2015-16 43. As regards Ground No. 4 relating to disallowance of Rs. 51,10,672/- under Section 36(1)(iii), the same is identical to Ground N…

The Deputy Commissioner of Income Tax, Circle-1(1)(2), Ahmedabad vs. M/S. Corrtech International Pvt. Ltd., Ahmedabad

ITA 1358/AHD/2017[2010-11]Status: DisposedITAT Ahmedabad19 Oct 2022AY 2010-11

Bench: Ms. Suchitra Kamble& Shri Waseem Ahmed

Section 14ASection 26(1)(iii)

…peal is allowed. 42. As regards Ground No. 3 relating to disallowance under Section 14A the same is allowed as no exempt income has been earned during the year. The reliance of the assessee’s own case by the decision of Hon’ble Gujarat High Court reported in 372 ITR 97 (Guj.) is relevant in this year. Ground No. 3 of assessee’s appeal is allowed. ITA No. 1785/Ahd/2012 & 08 others Corrtech International Pvt. Ltd. vs. ACIT(OSD) Asst.Years–2009-10, 2010-11, 2008-09, 2014-15 & 2015-16 43. As regards Ground No. 4 relating to disallowance of Rs. 51,10,672/- under Section 36(1)(iii), the same is identical to Ground N…