How many judgments cite CIT v. Gujarat Power Corporation Ltd.?

80 judgments on BharatTax cite CIT v. Gujarat Power Corporation Ltd. (352 ITR 583), spanning 2015 to 2026.

CIT v. Gujarat Power Corporation Ltd.

Q: Which sections of the Income Tax Act does CIT v. Gujarat Power Corporation Ltd. come up under?

It is most often cited in judgments turning on Section 143(3), Section 1961 - Sections 14A, Section 1962 - Rule 8D, Section 22, Section 23, Section 23(1)(c).

352 ITR 583High Court2013#1429 most cited

What is CIT v. Gujarat Power Corporation Ltd. authority for?

Disallowance under Section 14A for interest expenditure is not justified if an assessee uses its own interest-free funds for investments generating exempt income, and borrowed funds are entirely utilized for business purposes, without evidence of diversion to earn tax-free income.

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Gujarat Power Corporation Ltd. · Section 14A · disallowance for exempt income · interest expenditure · borrowed funds not diverted · own funds for investment · Rule 8D · 352 ITR 583 · Gujarat High Court · tax-free dividend income · business funds

Sections most often in play

Section 143(3)Section 1961 - Sections 14A Section 1962 - Rule 8D Section 22 Section 23 Section 23(1)(c)Section 23(5)Section 80-IA(5)

Read the full judgment

Issues it is cited on

business transfer agreement opening wdv closely held company colourable device written down value rule of consistency intangible assets disallowance under section 14a disallowance u/s 14a appeal before cit(a)section 14a section 36

Judgments citing CIT v. Gujarat Power Corporation Ltd.

M/S. Eureka Forbes Ltd., Kolkata vs. Addl.CIT, Circle - 10, Kolkata

In the result, the appeals filed by the Revenue for the A

ITA 2171/KOL/2017[2011-12]Status: DisposedITAT Kolkata28 Nov 2018AY 2011-12

Bench: Shri S. S. Godara, J.M. & Dr.A.L.Saini, A.M.)

For Appellant: Shri Abhijit Biswas, Advocate, ld.ARFor Respondent: Shri Saurabh Kumar, Addl. CIT, ld.Sr.DR

Section 143(3)Section 144CSection 14A

…interest- free fund generated or available with the company, if the interest-free funds are sufficient to meet the investments. Similar stand was taken by the Hon’ble Gujarat High Court in the case of CIT Vs. Gujarat Power Corporation Ltd, reported in (2013) 352 ITR 583(Guj.), wherein it was held “that the assessee had demonstrated that it had other sources of investment and no part of borrowed funds could be stated to have been diverted to earn tax free income. The ld. CIT-(A) and Tribunal both on facts, found that assessee did not invest borrowed funds for earning tax free income”. We note that the coordinate…

M/S. Eureka Forbes Ltd., Kolkata vs. Addl.CIT, Circle - 10, Kolkata

In the result, the appeals filed by the Revenue for the A

ITA 2170/KOL/2017[2010-11]Status: DisposedITAT Kolkata28 Nov 2018AY 2010-11

Bench: Shri S. S. Godara, J.M. & Dr.A.L.Saini, A.M.)

For Appellant: Shri Abhijit Biswas, Advocate, ld.ARFor Respondent: Shri Saurabh Kumar, Addl. CIT, ld.Sr.DR

Section 143(3)Section 144CSection 14A

DCIT, Circle - 10(1), Kolkata vs. M/S. Eureka Forbes Ltd., Kolkata

In the result, the appeals filed by the Revenue for the A

ITA 2160/KOL/2017[2011-12]Status: DisposedITAT Kolkata28 Nov 2018AY 2011-12

Bench: Shri S. S. Godara, J.M. & Dr.A.L.Saini, A.M.)

For Appellant: Shri Abhijit Biswas, Advocate, ld.ARFor Respondent: Shri Saurabh Kumar, Addl. CIT, ld.Sr.DR

Section 143(3)Section 144CSection 14A

DCIT, Circle - 10(1), Kolkata vs. M/S. Eureka Forbes Ltd., Kolkata

In the result, the appeals filed by the Revenue for the A

ITA 2159/KOL/2017[2010-11]Status: DisposedITAT Kolkata28 Nov 2018AY 2010-11

Bench: Shri S. S. Godara, J.M. & Dr.A.L.Saini, A.M.)

For Appellant: Shri Abhijit Biswas, Advocate, ld.ARFor Respondent: Shri Saurabh Kumar, Addl. CIT, ld.Sr.DR

Section 143(3)Section 144CSection 14A

DCIT, New Delhi vs. M/S Jsl Ltd., Hisar

Accordingly, ground number 2 of the appeal of the learned AO for 2007 – 08 is dismissed

ITA 4110/DEL/2013[2007-08]Status: DisposedITAT Delhi19 Nov 2018AY 2007-08

Bench: Smt Diva Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Kumar Parnav, Sr. DR

Section 92CSection 92C(2)

…t, no question of law arises.‖ (emphasis supplied) To the same effect are the following decisions:  Lubi Submersibles Ltd.: ITA No.868 of 2010 (Guj.)  CIT v. K. Raheja Corporation Pvt. Ltd: ITA No.1260 of 2009 (Bom.)  CIT v. Gujarat Power Corporation Ltd.: 352 ITR 583 (Guj)  Gujarat State Fertilizers and Chemicals Ltd : Tax Appeal No. 82 of 2013 (Guj HC)  CIT v. Torrent Power Ltd.: 363 ITR 474 (Guj)  CIT vs. Suzlon Energy Ltd.: 215 Taxman 272 (Guj)  M/s Agrovet Ltd. v. ACIT: ITA No. 1629/Mum/09 (Mum.)  Dy.CIT v. EimcoElecon (India) Ltd.: 142 ITD 52 (Ahd)  Dy.CIT v. Jammu & Kashmir Bank Ltd.: 142 ITD 553…

Jindal Stainless Ltd., Hisar vs. DCIT, New Delhi

Accordingly, ground number 2 of the appeal of the learned AO for 2007 – 08 is dismissed

ITA 6337/DEL/2012[2008-09]Status: DisposedITAT Delhi19 Nov 2018AY 2008-09

Bench: Smt Diva Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Kumar Parnav, Sr. DR

Section 92CSection 92C(2)

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal of the assessee is partly allowed for statistical purpose

ITA 467/DEL/2014[2009-10]Status: DisposedITAT Delhi17 Oct 2018AY 2009-10

Bench: Shri R. K. Panda & Ms Suchitra Kamblei.T.A .No. 467/Del/2014 (A.Y 2009-10)

Section 143(3)Section 144CSection 144C(5)Section 43Section 43B

…rdas Garg v. CIT: ITA No.413 of 2014 (P&H) • CIT v. Microlabs Ltd. : 383 ITR 490 (Kar.) • PCIT v. Sintex Industries Ltd. : TA No.268 of 2017/82 taxmann.com 171 (Guj.) Lubi Submersibles Ltd.: ITA No.868 of 2010 (Guj.) • • CIT v. Gujarat Power Corporation Ltd.: 352 ITR 583 (Guj) Gujarat State Fertilizers and Chemicals Ltd: Tax Appeal No. 82 of 2013 (Guj HC) • CIT v. Torrent Power Ltd.: 363 ITR 474 (Guj) • CIT vs. Suzlon Energy Ltd.: 215 Taxman 272 (Guj) • M/s Gogrej Agrovet Ltd. v. AC1T: ITA No. 1629/Mum/09 (Mum.) • Dy. CIT v. Eimco Elecon (India) Ltd.: 142 ITD 52 (Ahd) • Dy. CIT v. Jammu & Kashmir Bank Ltd.: 142 I…

DCIT, Circle-3(1), Hyd, Hyderabad vs. Rasa Agrotech Pvt.Ltd., Sec'Bad, Secunderabad

In the result, both the Revenue’s appeal as well as

ITA 730/HYD/2015[2008-09]Status: DisposedITAT Hyderabad23 Mar 2018AY 2008-09

Bench: Smt P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2008-09 The Dy. Cit, Circle-3(1), Vs. M/S. Rasa Agrotech Pvt Hyderabad. Ltd, Secunderabad.

For Appellant: Shri Ajay GandhiFor Respondent: Smt. U. Minichandran

Section 10BSection 143(3)Section 147Section 148Section 50Section 50B

…the case of Kelvinator India reported in 320 ITR 561 (SC) and also in the case of CIT Vs Usha International Limited reported in 348 ITR 485 (Del) and the decision of the Hon’ble Gujarat High Court in the case of Gujarat Power Corporation Limited reported in 350 ITR 266 (Guj). In the case of Kelvinaor India, the Hon’ble Supreme Court held that after 01.04.1989, the A.O has power to reopen, provided there is tangible material to come to the conclusion that there is escapement of income from assessment. In the case of Usha International (cited supra), the Hon’ble Delhi High Court has held that the expression “ch…

Bala Reddy Gopu, Hyderabad vs. DCIT, Circle-2(1), Hyderabad

In the result, appeal of the assessee is allowed for statistical purposes

ITA 455/HYD/2017[2010-11]Status: DisposedITAT Hyderabad12 Jan 2018AY 2010-11

Bench: Shri D. Manmohan & Shri S. Rifaur Rahman

For Appellant: Shri P. Murali Mohan RaoFor Respondent: Shri V. Sreekar

Section 143(1)Section 143(2)Section 145Section 14ASection 17(1)(iv)Section 192Section 194HSection 44A

…) 339 ITR 632 (Bom.) "Dividend income is statutory exempt and in the absence of any expenditure shown for earning dividend income, disallowance under section-14A was not justified. " • Gujarat High Court in the case of 01' us. Gujarai Power Ltd. Reported in 352 ITR 583 wherein it is held that "where the company was using its own funds for investment in shares and using borrowed funds for business purposes, no disallowance u/ s 14A can be made". 4.7 The assessee has made Investment in ICSA India Limited in earlier years (rom the Cholamandalam Loan and credited the Commission Income and debited the interest expe…

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal of the assessee is allowed in part for statistical purposes

ITA 6021/DEL/2012[2008-09]Status: DisposedITAT Delhi09 Nov 2017AY 2008-09

Bench: Shri N.K. Saini & Shri K.N. Charry

Section 143(3)Section 144CSection 144C(5)Section 14ASection 35DSection 43BSection 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘I’ NEW DELHI BEFORE SHRI N.K. SAINI, ACCOUNTANT MEMBER & SHRI K.N. CHARRY, JUDICIAL MEMBER ITA No.-6021/Del/2012 (Assessment Year: 2008-09) Maruti Suzuki India Ltd. vs Addl. CIT Plot No. 1, Nelson Mandela Road, Range-6, Vasant Kunj, New Delhi. C.R. Building, PAN-AAACM0829Q New Delhi. (APPELLANT) (RESPONDENT) Assessee by Sh. Ajay Vohra Revenue by Sh. Aprender Kumar Date of Hearing 21.08.2017 Date of Pronouncement 09.11.2017 ORDER PER SHRI K.N. CHARY, JUDICIAL MEMBER This is an appeal challenging the order dated 29.10.2012 passed by the Assessing Officer u/…

Vishal Engineers & Galvanizers, Ahmedabad vs. The ACIT, Circle-6, Ahmedabad

In the result, appeal of the assessee is partly allowed

ITA 1108/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad09 Oct 2017AY 2010-11

Bench: Shri Rajpal Yadav & Shri N.K. Billaiyaआयकर अपील सं./ Ita No.1108/Ahd/2015 "नधा"रण वष"/Asstt. Year: 2010-11

For Appellant: Shri T.P. hemani, ARFor Respondent: Ms.Sonia Kumar, Addl.CIT(DR)

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

…as used interest bearing fund for acquiring this asset. In support of the contentions, he relied upon the following decisions: “CIT Vs Torrent Power Ltd., 363 ITR 474 (Guj) CIT Vs. Suzlon Energy Ltd., 354 ITR 630 (Guj) CIT Vs. Gujarat Power Corporation Ltd., 352 ITR 583 (Guj) 3 CIT Vs. Hitachi Home & Life Solutions India ltd., 41 taxmann.com 540 (Guj) CIT Vs. Reliance Utilities & Power Ltd., 313 ITR 340 (Bom) Munjal Sales Corporation Vs. CIT, 298 ITR 298 (SC) 5. The ld.DR on the other hand relied upon the orders of the Revenue authorities. 6. We have duly considered rival contentions and gone through the reco…

Shri Purshottam B. Pitroda, Ahmedabad vs. The ACIT, Range -12, Ahmedabad

In the result, appeal filed by the assessee is partly allowed

ITA 351/AHD/2014[2009-10]Status: DisposedITAT Ahmedabad22 Aug 2017AY 2009-10

Bench: Shri N.K. Billaiya & Shri Mahavir Prasad

For Appellant: Shri Tushar P. Hemani, A.RFor Respondent: Shri Mudit Nagpal, Sr. D.R

Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 14ASection 22Section 234BSection 271(1)(c)Section 36(1)(iii)Section 44A

…nce is restricted to 1/8th on both the counts. We order accordingly.” Reliance is also further placed on followings: • CIT vs. Torrent Power Ltd. – 363 ITR 474 (Guj.) • CIT vs. Suzlon Energy Ltd. – 354 ITR 630 (Guj.) • CIT vs. Gujarat Power Corporation Ltd. – 352 ITR 583 (Guj) • CIT vs. Hitachi Home & Life solutions (I). Ltd. (2014) 41 taxmann.com 540 (Guj) • CIT vs. Reliance Utilities & Power Ltd. – 313 ITR 340 (Bom) • Munjal Sales Corporation vs. CIT – 298 ITR 298 (SC) Respectfully, following the ITAT order and above judgments no part of the interest deserves to be disallowed u/s.14A. 5.5 Rest of the Grounds…

DCIT, Circle-5(2), Kolkata vs. M/S. Balmer Lawrie & Co. Ltd., Kolkata

In the result the appeal by the revenue is dismissed

ITA 81/KOL/2015[2002-2003]Status: DisposedITAT Kolkata18 Aug 2017AY 2002-2003

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2002-03

For Appellant: Shri Anand R.Baiwar, CITFor Respondent: Shri N.K.Poddar, Sr. Advocate

Section 115JSection 142Section 143(3)Section 148

…n of the Hon’ble Supreme Court in the case of CIT vs Kelvinator of India Ltd. 320 ITR 561 (SC). 12. After considering the submissions of the AO, who relied on the decision of Hon’ble Gujarat High Court in the case of Gujarat Power Corporation Limited vs ACIT 350 ITR 266 (Guj) and CIT vs Sun Engineering Works Pvt. Ltd. 198 ITR 297 ITA No.81/Kol/2015 M/s. Balmer Lawrie & Co.Ltd A.Y.2002-03 5 (SC) the CIT(A) held that the initiation of reassessment proceedings was not valid. CIT(A) accordingly annulled the order of assessment. According to CIT(A) the first proviso to section 147 of the Act was applicable and sinc…

Sunstone Engineering, Jaipur vs. ITO, Jaipur

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

ITA 1018/JPR/2016[2012-13]Status: DisposedITAT Jaipur07 Mar 2017AY 2012-13

For Appellant: Shri Amit Kothari, CAFor Respondent: Shri R.A. Verma, Addl. CIT - DR

Section 14A

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES (SMC), JAIPUR Jh HkkxpUn] ys[kk lnL; ds le{k BEFORE: SHRI BHAGCHAND, ACCOUNTANT MEMBER vk;dj vihy la-@ITA No. 1018/ & 1019JP/2016 fu/kZkj.k o"kZ@Assessment Year : 2012-13 & 2013-14 cuke M/s. Sunstone Engineering Industries (P)Ltd. The ITO Vs. L-5, B-11, Krishna Marg, C-Scheme, Jaipur Ward- (T&J) Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AABCS 9144 D vihykFkhZ@Appellant izR;FkhZ@Respondent vk;dj vihy la-@ITA No. 1098/JP/2016 fu/kZkj.k o"kZ@Assessment Year : 2013-14 cuke The ACIT M/s. Sunstone Engineering I…

Allahabad Bank, Kolkata vs. D.C.I.T Cir - 6, Kolkata.

In the result, Revenue’s appeal stands partly allowed for statistical purpose

ITA 306/KOL/2013[2009-10]Status: DisposedITAT Kolkata08 Feb 2017AY 2009-10

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

Section 143(3)Section 14ASection 14A(2)Section 36(1)(viia)Section 40

…have to be seen before making disallowance u/s.14A of the Act read with Rule 8D(2)(ii) of the rules. (i) CIT Vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Born); (ii) CIT Vs. UTI Bank (2013) 32 Taxmann.com 370 and (iii) CIT Vs. Gujarat Power Corporation 352 ITR 583 (Guj.) laying down identical proposition. In the light of the aforesaid decisions, we are of the view that the disallowance of interest expenses under rule 80(2)(ii) of the Rules of Rs.50,29,36,092 cannot be sustained and the same is directed to be deleted. The conclusions to the contrary by the CIT(A) are not sustainable in view of the judicial…

DCIT, CC-Xix, Kolkata vs. M/S International Conveyors Pvt. Ltd., Kolkata

In the result, appeals filed by the revenue in IT(SS)A No

ITA 1366/KOL/2014[2008-2009]Status: DisposedITAT Kolkata05 Dec 2016AY 2008-2009

Bench: Dr. A.L.Saini, Am & Shri K. Narasimha Chary, Jm It(Ss)A No.131/Kol/2014 ("नधा"रण वष" / Assessment Year :2008-2009) Dcit, Cc-Xix, Kolkata Vs. M/S.International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) It(Ss)A No.90/Kol/2014 ("नधा"रण वष" / Assessment Year :2009-2010) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K (अपीलाथ" /Appellant) .. (""यथ" / Respondent) It(Ss)A No.91/Kol/2014 ("नधा"रण वष" / Assessment Year :2010-2011) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) It(Ss)A No.92/Kol/2014 ("नधा"रण वष" / Assessment Year :2011-2012) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri A.K.Tibrewal, FCAFor Respondent: Shri Niraj Kumar, CIT DR

Section 14ASection 153Section 153ASection 43BSection 80

…IN THE INCOME TAX APPELLATE TRIBUNAL “B”, BENCH KOLKATA BEFORE DR. A.L.SAINI, AM & SHRI K. NARASIMHA CHARY, JM IT(SS)A No.131/Kol/2014 ("नधा"रण वष" / Assessment Year :2008-2009) DCIT, CC-XIX, Kolkata Vs. M/s.International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACI 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) DCIT, CC-XIX, Kolkata Vs. M/s International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACI 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) IT(SS)A No.90/Kol/2014 ("नधा"रण वष" / Assessment Yea…

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal is allowed

ITA 5720/DEL/2011[2007-08]Status: DisposedITAT Delhi12 Jul 2016AY 2007-08

Bench: Shri I.C. Sudhir & Shri L.P. Sahu Assessment Year: 2007-08 Assessment Year: 2007-08 Maruti Suzuki India Ltd., Vs. Additional Cit, Plot No.1, Nelson Mandela Road, Range-6, Vasant Road, New Delhi. New Delhi. (Pan: Aaacm0829Q) (Appellant) (Respondent) Assessee By: S/Shri Ajay Vohra, Sr. Adv. Neeraj Jain, Rohit Jain, Adv. Romit Katyal & Ms. Tejasvi Jain, Cas Department By:Shri Amrendra Kumar, Cit(Dr)

For Appellant: S/Shri Ajay Vohra, Sr. Adv. NeerajFor Respondent: Shri Amrendra Kumar, CIT(DR)

…by the assessing officer of any direct nexus of borrowed funds with investments: 70 Gujarat State Fertilizers and Chemicals Ltd : Tax Appeal No. 82 of 2013 (Guj HC) Lubi Submersibles Ltd.: ITA No.868 of 2010 (Guj.) CIT v. Gujarat Power Corporation Ltd. : 352 ITR 583 (Guj) CIT v. Torrent Power Ltd.: 363 ITR 474 (Guj) CIT vs. Suzlon Energy Ltd.: 215 Taxman 272 (Guj) CIT v. K. Raheja Corporation Pvt. Ltd: ITA No.1260 of 2009 (Bom.) Hero Honda Finlease Ltd v. ACIT: ITA No. 3726/Del/2012 (Del) DCIT v. Maharashtra Seamless Ltd.: 48 SOT 160 (Del)(URO) Eimco Elecon (India) Ltd. v. Addl. CIT: 142 ITD 52 (Ahd.)…

Allahabad Bank, Kolkata vs. Add.CIT, Range-6, Kolkata

In the result the appeal of the revenue is dismissed

ITA 1199/KOL/2012[2008-2009]Status: DisposedITAT Kolkata01 Jun 2016AY 2008-2009

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2008-09

For Appellant: Shri Barun Kumar Ghosh & Shri Piyush Dey, FCAFor Respondent: Shri Rajat Subhra Biswas, CIT(DR)

Section 28Section 36Section 36(1)Section 36(1)(viia)

…s have to be seen before making disallowance u/s.14A of the Act read with Rule 8D(2)(ii) of the rules. (i) CIT Vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom); (ii) CIT Vs. UTI Bank (2013) 32 Taxmann.com 370 and (iii) CIT Vs. Gujarat Power Corporation 352 ITR 583 (Guj.) laying down identical proposition. In the light of the aforesaid decisions, we are of the view that the disallowance of interest expenses under rule 8D(2)(ii) of the Rules of Rs.50,29,36,092 cannot be sustained and the same is directed to be deleted. The conclusions to the contrary by the CIT(A) are not sustainable in view of the judicial…

Anahaita Nalin Shah, Mumbai vs. ACIT- Range 4 (2), Mumbai

In the result, the appeal of the assessee is partly allowed

ITA 7115/MUM/2013[2010-11]Status: DisposedITAT Mumbai15 Jan 2016AY 2010-11

Bench: Shri Shailendra Kumar Yadav, Jm & Shri Rajesh Kumar, Am

For Appellant: Shri Satya Pal Kumar

Section 14ASection 14A(2)Section 2

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI SHAILENDRA KUMAR YADAV, JM AND SHRI RAJESH KUMAR, AM आयकर अपील सं./I.T.A. No. 7115/Mum/2013 ("नधा"रण वष" / Assessment Year: 2010-11) Mrs. Anahaita Nalin Shah Asst. Commissioner of Income Tax, Range 4(2), 6th floor, Income Tax बनाम/ 1/1A, Birla Mansion, 134, N.M. Road, Fort, Office, Maharshi Karve Road, Vs. Mumbai-400 023. Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. AANPS 9303H (अपीलाथ" /Appellant) (""यथ" / Respondent) : : Shri Sanjukta Chowdhury अपीलाथ" क" ओर से / Appellant by : Shri Satya Pal Kumar ""यथ" क" ओर से/Respondent by सुनवाई…

Hanil Era Textiles Ltd, Mumbai vs. ACIT 6(3), Mumbai

In the result, appeal of the assessee is allowed

ITA 5359/MUM/2011[200-05]Status: DisposedITAT Mumbai13 Nov 2015

Bench: Shri Amit Shukla & Shri Ramit Kochar

For Respondent: Shri L K Dehiya

Section 1Section 10BSection 115JSection 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 234CSection 34A

…rming any opinion. Thus, there is no question of any change of opinion as argued by Ld. Counsel. On similar proposition he further referred to the decision of Hon’ble Gujarat High Court in the case of Gujarat Power Corporation Ltd. vs ACIT, reported in [2013] 350 ITR 266. Regarding plea of the Ld. Counsel, that there was no tangible material, he relied upon the decision of Hon’ble Bombay High Court in the case of Export Credit Guarantee vs Addl CIT, reported in 350 ITR 651, wherein Hon’ble High Court held that, it cannot be presumed or held that the AO must too have 7 M/s Hanil Era Textiles Limited deemed to acce…