CIT v. Gujarat State Fertilizers & Chemicals Ltd.

358 ITR 323High Court2013#1424 most cited

What is CIT v. Gujarat State Fertilizers & Chemicals Ltd. authority for?

No disallowance under section 14A for interest expenditure is permissible when the assessee possesses adequate own funds to make investments, provided the Assessing Officer does not establish a direct nexus between borrowed funds and investments yielding tax-exempt income. This principle can also extend to administrative expenses.

80

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2012 to 2026.

Also referred to as

CIT v. Gujarat State Fertilizers & Chemicals Ltd. · Section 14A disallowance · interest expenditure · administrative expenditure · own funds · surplus funds · tax-exempt income · borrowed funds nexus · Section 1961 · disallowance of expenses

Also reported as

36 Taxmann.com 230217 Taxmann 229

Sections most often in play

Section 143(3)Section 144BSection 14ASection 1961Section 250

Issues it is cited on

section 14bsection 10(33)section 14(2)goodwill arising on amalgamationsection 40a(7)section 9(1)(ii)wholly and exclusively for businesssection 28(iv)section 43b(b)minimum alternate taxgoing concernsection 43(6)(c)

Judgments citing CIT v. Gujarat State Fertilizers & Chemicals Ltd.

Virmati Software & Telecommunication Limited, Ahmedabad vs. The Deputy Commissioner of Income Tax, Circle-4(1)(2), Ahmedabad

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

ITA 1135/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad05 Mar 2020AY 2012-13

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 1135/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 Virmati Software & Telecommunication D.C.I.T, Limited, Vs. Cirle-4(1)(2) A-2/3, Arjun Tower, Ahmedabad. Satellite Road, Satellite, Ahmedabad-380 015. Pan: Aaacv6480G

For Appellant: Shri Bandish Soparkar, A.RFor Respondent: Shri Deelip Kumar, Sr.D.R
Section 234ASection 271Section 36Section 36(1)(iii)Section 91

…ith the company, if the interest-free funds were sufficient to meet the investments and therefore, interest was deductible. Similar view has been taken by the Division Bench of this Court in the case of CIT v. Gujarat State Fertilizers & Chemicals Ltd. [2013] 358 ITR 323/36 taxmann.com 230/217 Taxman 229 (Guj.). Applying the ratio/law laid down by the Bombay High Court in the case of Reliance Utilities & Power Ltd. (supra) as well as Division Bench of this Court in the case of Gujarat State Fertilizers & Chemicals Ltd. (supra) to the facts of the case on hand and when it has been found that the assessee was havin…

Goyal & Co. (Const.) Pvt.Ltd., Ahmedabad vs. DCIT Circle-2(1) (1), Ahmedabad

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

ITA 1758/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad16 Oct 2019AY 2014-15
For Appellant: Shri V.R. Chokshi, A.RFor Respondent: Shri L.P. Jain, Sr.DR
Section 115JSection 14ASection 36

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’C’’ BENCH, AHMEDABAD BEFORE, SHRI WASEEM AHMED, ACCOUNTANT MEMBER And Ms. MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA Nos.1757-1758/AHD/2017 "नधा"रण वष"/Asstt. Years: 2013-2014 & 2014-15 Goyal & Co. (Const.) Pvt. Ltd., D.C.I.T, 10, Floor, Commerce House, Vs. Circle 2(1)(2), 100, ft Road, Prahlad nagar, Ahmedabad. Satellite, Ahmedabad. PAN: AABCG5459R (Applicant) (Respondent) Assessee by : Shri V.R. Chokshi, A.R Revenue by : Shri L.P. Jain, Sr.DR सुनवाई क" तार"ख/Date of Hearing : 29/07/2019 घोषणा क" तार"ख /Date of Pronouncement: 16…

Goyal & Co. (Const.) Pvt.Ltd., Ahmedabad vs. DCIT Circle-2(1) (1), Ahmedabad

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

ITA 1757/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad16 Oct 2019AY 2013-14
For Appellant: Shri V.R. Chokshi, A.RFor Respondent: Shri L.P. Jain, Sr.DR
Section 115JSection 14ASection 36

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’C’’ BENCH, AHMEDABAD BEFORE, SHRI WASEEM AHMED, ACCOUNTANT MEMBER And Ms. MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA Nos.1757-1758/AHD/2017 "नधा"रण वष"/Asstt. Years: 2013-2014 & 2014-15 Goyal & Co. (Const.) Pvt. Ltd., D.C.I.T, 10, Floor, Commerce House, Vs. Circle 2(1)(2), 100, ft Road, Prahlad nagar, Ahmedabad. Satellite, Ahmedabad. PAN: AABCG5459R (Applicant) (Respondent) Assessee by : Shri V.R. Chokshi, A.R Revenue by : Shri L.P. Jain, Sr.DR सुनवाई क" तार"ख/Date of Hearing : 29/07/2019 घोषणा क" तार"ख /Date of Pronouncement: 16…

ACIT Central Circle, Salem vs. Thriveni Earthmovers Pvt. Ltd., Salem

In the result, the appeal filed by the Revenue in ITA

ITA 2283/CHNY/2018[2014-15]Status: DisposedITAT Chennai25 Sept 2019AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. Nos. 2280, 2281, 2282 & 2283/Chny/2018 "नधा"रण वष" /Assessment Years :2011-12, 2012-13, 2013-14 & 2014-15 The Assistant Commissioner Vs. M/S. Thriveni Earthmovers Pvt Ltd, Of Income Tax, 22/110, Greenways Road, Central Circle, Fairlands, Salem Salem 636 016. [Pan Aabct 6759R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. M. Srinivasa Rao, IRS, CIT
Section 143(3)Section 148

…arising from such a view of the Tribunal. The Hon’ble High Courts of Gujarat & Bombay reiterated the same principle of law in the case of CIT v. Reliance Utilities & Power Ltd. [2009] 313 ITR 340 (Bom) and Gujarat State Fertilizers & Chemicals Ltd. [2013] 358 ITR 323 (Guj) & CIT vs. Amod Stamping (P.)Ltd. [2014] 45 taxman.com 427 (Guj.). In the present case, Indisputedly own and interest free funds 28. are more than the investment made and therefore that the presumption should be drawn that investments are made out of own funds in view of the principle enunciated in above mentioned decisions. Therefore, n…

ACIT Central Circle, Salem vs. Thriveni Earthmovers Pvt. Ltd., Salem

In the result, the appeal filed by the Revenue in ITA

ITA 2282/CHNY/2018[2013-14]Status: DisposedITAT Chennai25 Sept 2019AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. Nos. 2280, 2281, 2282 & 2283/Chny/2018 "नधा"रण वष" /Assessment Years :2011-12, 2012-13, 2013-14 & 2014-15 The Assistant Commissioner Vs. M/S. Thriveni Earthmovers Pvt Ltd, Of Income Tax, 22/110, Greenways Road, Central Circle, Fairlands, Salem Salem 636 016. [Pan Aabct 6759R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. M. Srinivasa Rao, IRS, CIT
Section 143(3)Section 148

…arising from such a view of the Tribunal. The Hon’ble High Courts of Gujarat & Bombay reiterated the same principle of law in the case of CIT v. Reliance Utilities & Power Ltd. [2009] 313 ITR 340 (Bom) and Gujarat State Fertilizers & Chemicals Ltd. [2013] 358 ITR 323 (Guj) & CIT vs. Amod Stamping (P.)Ltd. [2014] 45 taxman.com 427 (Guj.). In the present case, Indisputedly own and interest free funds 28. are more than the investment made and therefore that the presumption should be drawn that investments are made out of own funds in view of the principle enunciated in above mentioned decisions. Therefore, n…

ACIT Central Circle, Salem vs. Thriveni Earthmovers Pvt. Ltd., Salem

In the result, the appeal filed by the Revenue in ITA

ITA 2281/CHNY/2018[2012-13]Status: DisposedITAT Chennai25 Sept 2019AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. Nos. 2280, 2281, 2282 & 2283/Chny/2018 "नधा"रण वष" /Assessment Years :2011-12, 2012-13, 2013-14 & 2014-15 The Assistant Commissioner Vs. M/S. Thriveni Earthmovers Pvt Ltd, Of Income Tax, 22/110, Greenways Road, Central Circle, Fairlands, Salem Salem 636 016. [Pan Aabct 6759R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. M. Srinivasa Rao, IRS, CIT
Section 143(3)Section 148

…arising from such a view of the Tribunal. The Hon’ble High Courts of Gujarat & Bombay reiterated the same principle of law in the case of CIT v. Reliance Utilities & Power Ltd. [2009] 313 ITR 340 (Bom) and Gujarat State Fertilizers & Chemicals Ltd. [2013] 358 ITR 323 (Guj) & CIT vs. Amod Stamping (P.)Ltd. [2014] 45 taxman.com 427 (Guj.). In the present case, Indisputedly own and interest free funds 28. are more than the investment made and therefore that the presumption should be drawn that investments are made out of own funds in view of the principle enunciated in above mentioned decisions. Therefore, n…

ACIT Central Circle, Salem vs. Thriveni Earthmovers Pvt. Ltd., Salem

In the result, the appeal filed by the Revenue in ITA

ITA 2280/CHNY/2018[2011-12]Status: DisposedITAT Chennai25 Sept 2019AY 2011-12

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. Nos. 2280, 2281, 2282 & 2283/Chny/2018 "नधा"रण वष" /Assessment Years :2011-12, 2012-13, 2013-14 & 2014-15 The Assistant Commissioner Vs. M/S. Thriveni Earthmovers Pvt Ltd, Of Income Tax, 22/110, Greenways Road, Central Circle, Fairlands, Salem Salem 636 016. [Pan Aabct 6759R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. M. Srinivasa Rao, IRS, CIT
Section 143(3)Section 148

…arising from such a view of the Tribunal. The Hon’ble High Courts of Gujarat & Bombay reiterated the same principle of law in the case of CIT v. Reliance Utilities & Power Ltd. [2009] 313 ITR 340 (Bom) and Gujarat State Fertilizers & Chemicals Ltd. [2013] 358 ITR 323 (Guj) & CIT vs. Amod Stamping (P.)Ltd. [2014] 45 taxman.com 427 (Guj.). In the present case, Indisputedly own and interest free funds 28. are more than the investment made and therefore that the presumption should be drawn that investments are made out of own funds in view of the principle enunciated in above mentioned decisions. Therefore, n…

The DCIT, Circle-2(1)(2), Baroda vs. M/S. Madhya Gujarat Vij Company Ltd., Baroda

In the result, the appeal of the Revenue is dismissed

ITA 3315/AHD/2014[2008-09]Status: DisposedITAT Ahmedabad23 Sept 2019AY 2008-09

Bench: Shri Rajpal Yadav&Shri Amarjit Singhआयकर अपील सं./I.T.A. No. 3315/Ahd/2014 ("नधा"रण वष" / Assessment Year: 2008-09) Dy. Cit M/S. Madhya Gujarat बनाम/ Cir-2(1)(2), 4Th Floor, Vij Co. Ltd. Vs. Sardar Patel Vidyut Aaykar Bhavan, Race Bhawan, Race Course, Course, Baroda- 390007 Baroda- 390007 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aad Cm7 439 H .. (अपीलाथ"/Appellant) (""यथ" / Respondent)

For Appellant: Shri M. K. Patel, ARFor Respondent: 30/08/2019
Section 115JSection 143(3)Section 271(1)(c)Section 43(1)Section 80I

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘D’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER &SHRI AMARJIT SINGH, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 3315/Ahd/2014 ("नधा"रण वष" / Assessment Year: 2008-09) Dy. CIT M/s. Madhya Gujarat बनाम/ Cir-2(1)(2), 4th Floor, Vij Co. Ltd. Vs. Sardar Patel Vidyut Aaykar Bhavan, Race Bhawan, Race Course, Course, Baroda- 390007 Baroda- 390007 "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAD CM7 439 H .. (अपीलाथ"/Appellant) (""यथ" / Respondent) Shri Vinod Tanwai, Sr. DR अपीलाथ" ओर से/Appellant by : Shri M. K. Patel, AR "…

RG Faith Creation Pvt. Ltd., Ahmedabad vs. The Dy. CIT, Circle-3(1)(2), Ahmedabad

In the result, appeal of the assessee is partly allowed

ITA 2615/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad14 May 2019AY 2014-15

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediaआयकर अपील सं./I.T.A. No.2615/Ahd/2017 ("नधा"रण वष" / Assessment Year : 2014-15)

For Appellant: Shri Gaurav Nahta, ARFor Respondent: Shri S.K. Dev, Sr.DR
Section 14

…fore, presumption would arise in favour of assessee for investments out of own funds. 6. Having regarding to the decision of the Hon’ble Gujarat High Court in Sintex Industries Ltd. (supra) and also CIT vs. Gujarat State Fertilizers and Chemicals Ltd. (2013) 358 ITR 323 (Guj.), Pr.CIT vs. India Gelatine & Chemicals Ltd. (2015) 376 ITR 553 (Guj.) and where the issue has been rendered in favour of assessee in similar circumstances, we find merit plea of the assessee for deletion of disallowance of proportionate interest expenditure made under Rule 8D(2)(ii). However, the disallowance under s.8D(2)(iii) is justifie…

The Asstt. Commissioner of Income Tax, Circle-4(1)(2), Ahmedabad vs. Smt. Voltamp Transformers Ltd., Ahmedabad

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

ITA 1323/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad13 May 2019AY 2013-14

Bench: Shri Mahavir Prasad & Shri Amarjit Singh)

For Appellant: Shri Anandkumar Sr. D.RFor Respondent: Shri Ashwin Shah & Bhadresh Gandhakwala
Section 143(2)Section 145ASection 14A

…/s. 14A r.w.r. 8D of the Act. 11. Aggrieved, assessee has filed appeal before the ld. CIT(A). The ld. CIT(A) has allowed the appeal of the assessee after referring the case of Hon’ble Gujarat High Court in the case of Gujarat State Fertilizer & Chemical Ltd. 358 ITR 323 stating that if the addition is deleted in regular assessment, the question of any addition u/s. 115JB does not arise. 12. 4th ground is with regard to deleting the addition of Rs. 1,89,16,687/- on account of provision of doubtful debts. ITA Nos. 1323 & 1249/Ahd/2017 5 . A.Y. 2013-14 13. During the assessment proceedings, the A.O. has noticed…

Sun Pharmaceuticals Industries Ltd., Vadodara vs. The Asstt. Commissioner of Income Tax, Central Circel-1, Vadodara

In the result the appeal of the Revenue is dismissed

ITA 929/AHD/2017[2010-11]Status: DisposedITAT Ahmedabad29 Mar 2019AY 2010-11

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri S.N.Soparkar, Shri Vartik Chokshi and Shri Parin Shah, ArsFor Respondent: Shri N.R. Soni, CIT-DR
Section 92B

…:- 7. So far as issue Nos. (iii) and (iv) are concerned, the learned counsel for the assessee has relied on the decision of this court in the case of Commissioner of Income-tax-1 v. Gujarat State Fertilizers & Chemicals Ltd., reported in (2013) . A.Y. 2009-10 358 ITR 323 (Gujarat) where this court has held in paragraph Nos. 6 to 6.5 this court has observed as under: "6. So far as the fourth question is concerned, it pertains to addition of Rs.1,14,43,0407- under Section 115JB of the Act being the expenditure estimated on earning of dividend income under Section 14A of the Act. 6.1 The Assessing Officer on referri…

The Dy. Commissioner of Income Tax, Circle-2(1)(1), Baroda vs. M/S. Sun Pharmaceuticals Industries Limited, Vadodara

In the result the appeal of the Revenue is dismissed

ITA 922/AHD/2017[2010-11]Status: DisposedITAT Ahmedabad29 Mar 2019AY 2010-11

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri S.N.Soparkar, Shri Vartik Chokshi and Shri Parin Shah, ArsFor Respondent: Shri N.R. Soni, CIT-DR
Section 92B

…:- 7. So far as issue Nos. (iii) and (iv) are concerned, the learned counsel for the assessee has relied on the decision of this court in the case of Commissioner of Income-tax-1 v. Gujarat State Fertilizers & Chemicals Ltd., reported in (2013) . A.Y. 2009-10 358 ITR 323 (Gujarat) where this court has held in paragraph Nos. 6 to 6.5 this court has observed as under: "6. So far as the fourth question is concerned, it pertains to addition of Rs.1,14,43,0407- under Section 115JB of the Act being the expenditure estimated on earning of dividend income under Section 14A of the Act. 6.1 The Assessing Officer on referri…

Sun Pharmaceuticals Industries Ltd., Vadodara vs. The Deputy Commissioner of Income Tax, Central Circle-2(1)(1), Vadodara

In the result the appeal of the Revenue is dismissed

ITA 1237/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad29 Mar 2019AY 2012-13

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri S.N.Soparkar, Shri Vartik Chokshi and Shri Parin Shah, ArsFor Respondent: Shri N.R. Soni, CIT-DR
Section 92B

…:- 7. So far as issue Nos. (iii) and (iv) are concerned, the learned counsel for the assessee has relied on the decision of this court in the case of Commissioner of Income-tax-1 v. Gujarat State Fertilizers & Chemicals Ltd., reported in (2013) . A.Y. 2009-10 358 ITR 323 (Gujarat) where this court has held in paragraph Nos. 6 to 6.5 this court has observed as under: "6. So far as the fourth question is concerned, it pertains to addition of Rs.1,14,43,0407- under Section 115JB of the Act being the expenditure estimated on earning of dividend income under Section 14A of the Act. 6.1 The Assessing Officer on referri…

The Dy. Commissioner of Income Tax, Circle-2(1)(1), Baroda vs. M/S. Sun Pharmaceuticals Industries Limited, Vadodara

In the result the appeal of the Revenue is dismissed

ITA 1234/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad29 Mar 2019AY 2012-13

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri S.N.Soparkar, Shri Vartik Chokshi and Shri Parin Shah, ArsFor Respondent: Shri N.R. Soni, CIT-DR
Section 92B

…:- 7. So far as issue Nos. (iii) and (iv) are concerned, the learned counsel for the assessee has relied on the decision of this court in the case of Commissioner of Income-tax-1 v. Gujarat State Fertilizers & Chemicals Ltd., reported in (2013) . A.Y. 2009-10 358 ITR 323 (Gujarat) where this court has held in paragraph Nos. 6 to 6.5 this court has observed as under: "6. So far as the fourth question is concerned, it pertains to addition of Rs.1,14,43,0407- under Section 115JB of the Act being the expenditure estimated on earning of dividend income under Section 14A of the Act. 6.1 The Assessing Officer on referri…

The DCIT, Circle-3(1)(1), Ahmedabad vs. M/S. Priyal International Pvt. Ltd., Ahmedabad

In the result, the appeal of the revenue is dismissed

ITA 2683/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad14 Mar 2019AY 2013-14
For Appellant: Shri Mehul K. Patel, A.RFor Respondent: Shri Mudit Nagpal, Sr. D.R
Section 143(2)Section 14ASection 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH Before: Shri Amarjit Singh, Accountant Member And Ms. Madhumita Roy, Judicial Member Assessment Year 2013-14 The DCIT, M/s. Priyal Circle-3(1)(1), International Pvt. Ltd. Ahmedabad Vs A/93-97, Pariseema (Appellant) Building, Opp. IFCI Bhavan, C.G. Road, Ahmedabad PAN: AAECP4640A (Respondent) Revenue by: Shri Mudit Nagpal, Sr. D.R. Assessee by: Shri Mehul K. Patel, A.R. Date of hearing : 08-03-2019 Date of pronouncement : 14-03-2019 आदेश/ORDER PER : AMARJIT SINGH, ACCOUNTANT MEMBER:- This appeal of the revenue is against the order of ld. CIT(A)-9…

The DCIT, Circle-1(1), Now Circle-1(1)(1), Vadodara vs. Gujarat Urja Vikas Nigam Ltd., Baroda

In the result, appeal of the Revenue is dismissed

ITA 2330/AHD/2015[2006-07]Status: DisposedITAT Ahmedabad28 Feb 2019AY 2006-07

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadआयकर अपील सं./I.T.A. No. 2330/Ahd/2015 ("नधा"रण वष" / Assessment Year : 2006-07)

For Appellant: Shri L. P. Jain, Sr. DR
Section 115JSection 271(1)(c)

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘C’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER आयकर अपील सं./I.T.A. No. 2330/Ahd/2015 ("नधा"रण वष" / Assessment Year : 2006-07) The DCIT Gujarat Urja Vikas बनाम/ Circle-1(1)(1), Vadodara Nigam Ltd. Vs. Now Sardar Patel Vidyut DCIT, Circle-1(1), Baroda Bhavan, Race Course Circle, Baroda 390007 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACCG2861L .. (अपीलाथ" /Appellant) (""यथ" / Respondent) अपीलाथ" ओर से /Appellant by : Shri L. P. Jain, Sr. DR ""यथ" क" ओर से / Sh…

Asstt.Commissioner of Income Tax, Circle-3(1)(1), Ahmedabad vs. M/S. Priyal International P.Ltd., Ahmedabad

In the result Ground No. 4 of the Revenues appeal is dismissed

ITA 3115/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad15 Feb 2019AY 2011-12

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadआयकर अपील सं./I.T.A. No. 3115/Ahd/2015 ("नधा"रण वष" / Assessment Year: 2011-12)

For Appellant: Lalit P. Jain, Sr. DR
Section 10ASection 14A

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘B’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, AHMEDABAD BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER आयकर अपील सं./I.T.A. No. 3115/Ahd/2015 ("नधा"रण वष" / Assessment Year: 2011-12) Add. CIT, M/s Priyal International बनाम/ Range-5, Pvt. Ltd. Vs. 3rd Floor, Landmark House Ahmedabad Mithakhali Six Roads Navrangpura, Ahmedabad- 380009 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAECP4640A .. (अपीलाथ" /Appellant) (""यथ" / Respondent) अपीलाथ" ओर से /Appellant by : Lalit P. Jain, Sr. DR ""यथ" क" ओर से / Respondent Mehul K…

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

…627 • Alkali & Chemical Corp. of India v. CIT: (1986) 161 ITR 820 (Cal.) • CIT v. Reliance Utilities and Power Ltd.: 313 ITR 340 (Bom.) • CIT vs. M/s. Ashok Commercial Enterprises: ITA No. No.2985 of 2009 (Bom) • Gujarat State Fertilizers and Chemicals Ltd : 358 ITR 323 (Guj) • Hero Honda Finlease Ltd vs. ACIT: ITA No. 3726 & 6102/Del/2012 (Del) The Gujarat High Court in the case of CIT v. UTI Bank Ltd: 215 Taxman 8 (Mag.) held that where there are sufficient interest free funds to meet tax free investments, they are presumed to be made from interest free funds and not loaned funds and no disallowance can be ma…

The Dy. Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad vs. M/S. Ausom Enterprise Ltd., Ahmedabad

In the result, the appeals of the Revenue are partly allowed

ITA 1520/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad15 Oct 2018AY 2012-13

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./ Ita No. 1519 & 1520/Ahd/2016 "नधा"रण वष"/Assessment Year: 2010-11 & 2012-13 & आयकर अपील सं./ Ita No. 857/Ahd/2017 "नधा"रण वष"/Assessment Year: 2013-14

For Appellant: Shri M.K. Patel, ARFor Respondent: Shri S.K. Dev, Sr.DR
Section 10ASection 143(2)

…stion as under: “7. So far as issue Nos. (iii) and (iv) are concerned, the learned counsel for the assessee has relied on the decision of this court in the case of Commissioner of Income-tax-I v. Gujarat State Fertilizers & Chemicals Ltd., reported in (2013) 358 ITR 323 (Gujarat) where this court has held in paragraph Nos. 6 to 6.5 this court has observed as under: “6. So far as the fourth question is concerned, it pertains to addition of Rs.1,14,43,040/- under Section 115JB of the Act being the expenditure estimated on earning of dividend income under ITA No.1519/Ahd/2016 and 2 Others DCIT Vs. Ausom Enterprise…

The Dy. Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad vs. M/S. Ausom Enterprise Ltd., Ahmedabad

In the result, the appeals of the Revenue are partly allowed

ITA 1519/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad15 Oct 2018AY 2011-12

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./ Ita No. 1519 & 1520/Ahd/2016 "नधा"रण वष"/Assessment Year: 2010-11 & 2012-13 & आयकर अपील सं./ Ita No. 857/Ahd/2017 "नधा"रण वष"/Assessment Year: 2013-14

For Appellant: Shri M.K. Patel, ARFor Respondent: Shri S.K. Dev, Sr.DR
Section 10ASection 143(2)

…stion as under: “7. So far as issue Nos. (iii) and (iv) are concerned, the learned counsel for the assessee has relied on the decision of this court in the case of Commissioner of Income-tax-I v. Gujarat State Fertilizers & Chemicals Ltd., reported in (2013) 358 ITR 323 (Gujarat) where this court has held in paragraph Nos. 6 to 6.5 this court has observed as under: “6. So far as the fourth question is concerned, it pertains to addition of Rs.1,14,43,040/- under Section 115JB of the Act being the expenditure estimated on earning of dividend income under ITA No.1519/Ahd/2016 and 2 Others DCIT Vs. Ausom Enterprise…