CIT v. HDFC Bank Ltd.

366 ITR 505High Court2014#34 most cited

What is CIT v. HDFC Bank Ltd. authority for?

When an assessee possesses interest-free funds sufficient to cover investments yielding tax-free income, it is presumed that such investments were made from these interest-free funds, precluding disallowance of interest expenditure under Section 14A.

1,261

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v HDFC Bank Ltd · 366 ITR 505 · Section 14A disallowance · interest expenditure · exempt income · interest-free funds · own funds · presumption · sufficiency of funds · dividend income · Rule 8D

Also reported as

49 Taxmann.com 335226 Taxmann 132107 DTR 140

Sections most often in play

Section 14ASection 143(3)Section 115JBSection 37(1)Section 36(1)(iii)Section 8DSection 10(34)Section 148

Issues it is cited on

disallowance of interest expendituredisallowance under section 14adisallowance u/s 14asection 14abook profitsrevenue expendituresection 115jsection 115jbsection 32capital expendituresection 37(1)section 36

Judgments citing CIT v. HDFC Bank Ltd.

The S0Uth Eastern Coal Fields Ltd., Bilaspur, Bilaspur(Cg) vs. The Dy. Commissioner of Income Tax, Circle, 1(1)Bilaspur, Bilaspur(Cg)

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 103/BIL/2017[2013-14]Status: DisposedITAT Raipur30 Oct 2023AY 2013-14

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…South Eastern Coal Fields Ltd. 201/BIL/2012,401/BIL/2014,115/BIL/2015,102,103,162/BIL/2017, 204/RPR/2017, 169/RPR/2018, 33/RPR/2019 204/BIL/2012, 382/BIL/2014, 103/BIL/2015, 98,99/BIL/2017, 188/RPR/2017, 171/RPR/2018, 54/RPR/2019 • CIT v HDFC Bank Ltd [(2014) 366 ITR 505 (Bom)] - copy placed as Attachment S10 E. Case laws relied on • PCIT v TV Today Network Ltd (2022) 141 taxmann.com 275 (Delhi), - copy placed as Attachment S1 • Kesoram Industries Ltd v PCIT (2022) 441 ITR 642 (Cal), - copy placed as Attachment S2 • PCIT v Bajaj Finance Ltd (2019) 110 taxmann.com 303 (Bombay), - copy placed as Attachment S3 • PCI…

The South Eastern Coal Fields Ltd., Bilaspur, Bilaspur(Cg) vs. The Dy. Commissioner of Income Tax, Circle, 1(1)Bilaspur, Bilaspur(Cg)

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 102/BIL/2017[2012-13]Status: DisposedITAT Raipur30 Oct 2023AY 2012-13

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…South Eastern Coal Fields Ltd. 201/BIL/2012,401/BIL/2014,115/BIL/2015,102,103,162/BIL/2017, 204/RPR/2017, 169/RPR/2018, 33/RPR/2019 204/BIL/2012, 382/BIL/2014, 103/BIL/2015, 98,99/BIL/2017, 188/RPR/2017, 171/RPR/2018, 54/RPR/2019 • CIT v HDFC Bank Ltd [(2014) 366 ITR 505 (Bom)] - copy placed as Attachment S10 E. Case laws relied on • PCIT v TV Today Network Ltd (2022) 141 taxmann.com 275 (Delhi), - copy placed as Attachment S1 • Kesoram Industries Ltd v PCIT (2022) 441 ITR 642 (Cal), - copy placed as Attachment S2 • PCIT v Bajaj Finance Ltd (2019) 110 taxmann.com 303 (Bombay), - copy placed as Attachment S3 • PCI…

South Eastern Coalfields Ltd, Bilaspur(Cg) vs. JCIT, Range 1, Bilaspur(Cg)

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 115/BIL/2015[2011-12]Status: DisposedITAT Raipur30 Oct 2023AY 2011-12

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…South Eastern Coal Fields Ltd. 201/BIL/2012,401/BIL/2014,115/BIL/2015,102,103,162/BIL/2017, 204/RPR/2017, 169/RPR/2018, 33/RPR/2019 204/BIL/2012, 382/BIL/2014, 103/BIL/2015, 98,99/BIL/2017, 188/RPR/2017, 171/RPR/2018, 54/RPR/2019 • CIT v HDFC Bank Ltd [(2014) 366 ITR 505 (Bom)] - copy placed as Attachment S10 E. Case laws relied on • PCIT v TV Today Network Ltd (2022) 141 taxmann.com 275 (Delhi), - copy placed as Attachment S1 • Kesoram Industries Ltd v PCIT (2022) 441 ITR 642 (Cal), - copy placed as Attachment S2 • PCIT v Bajaj Finance Ltd (2019) 110 taxmann.com 303 (Bombay), - copy placed as Attachment S3 • PCI…

Dy.C.I.T. Cir 1(1), Bilaspur(Cg) vs. M/S Secl, Bilaspur(Cg)

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 103/BIL/2015[2011-12]Status: DisposedITAT Raipur30 Oct 2023AY 2011-12

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…South Eastern Coal Fields Ltd. 201/BIL/2012,401/BIL/2014,115/BIL/2015,102,103,162/BIL/2017, 204/RPR/2017, 169/RPR/2018, 33/RPR/2019 204/BIL/2012, 382/BIL/2014, 103/BIL/2015, 98,99/BIL/2017, 188/RPR/2017, 171/RPR/2018, 54/RPR/2019 • CIT v HDFC Bank Ltd [(2014) 366 ITR 505 (Bom)] - copy placed as Attachment S10 E. Case laws relied on • PCIT v TV Today Network Ltd (2022) 141 taxmann.com 275 (Delhi), - copy placed as Attachment S1 • Kesoram Industries Ltd v PCIT (2022) 441 ITR 642 (Cal), - copy placed as Attachment S2 • PCIT v Bajaj Finance Ltd (2019) 110 taxmann.com 303 (Bombay), - copy placed as Attachment S3 • PCI…

South Eastern Coalfields Ltd, Bilaspur(Cg) vs. Dy.. C.I.T.-1(1), Bilaspur(Cg)

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 401/BIL/2014[2010-11]Status: DisposedITAT Raipur30 Oct 2023AY 2010-11

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…South Eastern Coal Fields Ltd. 201/BIL/2012,401/BIL/2014,115/BIL/2015,102,103,162/BIL/2017, 204/RPR/2017, 169/RPR/2018, 33/RPR/2019 204/BIL/2012, 382/BIL/2014, 103/BIL/2015, 98,99/BIL/2017, 188/RPR/2017, 171/RPR/2018, 54/RPR/2019 • CIT v HDFC Bank Ltd [(2014) 366 ITR 505 (Bom)] - copy placed as Attachment S10 E. Case laws relied on • PCIT v TV Today Network Ltd (2022) 141 taxmann.com 275 (Delhi), - copy placed as Attachment S1 • Kesoram Industries Ltd v PCIT (2022) 441 ITR 642 (Cal), - copy placed as Attachment S2 • PCIT v Bajaj Finance Ltd (2019) 110 taxmann.com 303 (Bombay), - copy placed as Attachment S3 • PCI…

Dy. C.I.T.2(1), Bilaspur(Cg) vs. M/S Secl, Bilaspur(Cg)

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 382/BIL/2014[2010-11]Status: DisposedITAT Raipur30 Oct 2023AY 2010-11

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…South Eastern Coal Fields Ltd. 201/BIL/2012,401/BIL/2014,115/BIL/2015,102,103,162/BIL/2017, 204/RPR/2017, 169/RPR/2018, 33/RPR/2019 204/BIL/2012, 382/BIL/2014, 103/BIL/2015, 98,99/BIL/2017, 188/RPR/2017, 171/RPR/2018, 54/RPR/2019 • CIT v HDFC Bank Ltd [(2014) 366 ITR 505 (Bom)] - copy placed as Attachment S10 E. Case laws relied on • PCIT v TV Today Network Ltd (2022) 141 taxmann.com 275 (Delhi), - copy placed as Attachment S1 • Kesoram Industries Ltd v PCIT (2022) 441 ITR 642 (Cal), - copy placed as Attachment S2 • PCIT v Bajaj Finance Ltd (2019) 110 taxmann.com 303 (Bombay), - copy placed as Attachment S3 • PCI…

Dy.Commissioner of Income-Tax Circle-1(1), Bilaspur(Cg) vs. South Eastern Coafields Limited, Bilaspur(Cg)

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 204/BIL/2012[2009-10]Status: DisposedITAT Raipur30 Oct 2023AY 2009-10

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…South Eastern Coal Fields Ltd. 201/BIL/2012,401/BIL/2014,115/BIL/2015,102,103,162/BIL/2017, 204/RPR/2017, 169/RPR/2018, 33/RPR/2019 204/BIL/2012, 382/BIL/2014, 103/BIL/2015, 98,99/BIL/2017, 188/RPR/2017, 171/RPR/2018, 54/RPR/2019 • CIT v HDFC Bank Ltd [(2014) 366 ITR 505 (Bom)] - copy placed as Attachment S10 E. Case laws relied on • PCIT v TV Today Network Ltd (2022) 141 taxmann.com 275 (Delhi), - copy placed as Attachment S1 • Kesoram Industries Ltd v PCIT (2022) 441 ITR 642 (Cal), - copy placed as Attachment S2 • PCIT v Bajaj Finance Ltd (2019) 110 taxmann.com 303 (Bombay), - copy placed as Attachment S3 • PCI…

South Eastern Coal Fields Ltd, Bilaspur(Cg) vs. JCIT, Range-1, Bilaspur(Cg)

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 201/BIL/2012[2009-10]Status: DisposedITAT Raipur30 Oct 2023AY 2009-10

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…South Eastern Coal Fields Ltd. 201/BIL/2012,401/BIL/2014,115/BIL/2015,102,103,162/BIL/2017, 204/RPR/2017, 169/RPR/2018, 33/RPR/2019 204/BIL/2012, 382/BIL/2014, 103/BIL/2015, 98,99/BIL/2017, 188/RPR/2017, 171/RPR/2018, 54/RPR/2019 • CIT v HDFC Bank Ltd [(2014) 366 ITR 505 (Bom)] - copy placed as Attachment S10 E. Case laws relied on • PCIT v TV Today Network Ltd (2022) 141 taxmann.com 275 (Delhi), - copy placed as Attachment S1 • Kesoram Industries Ltd v PCIT (2022) 441 ITR 642 (Cal), - copy placed as Attachment S2 • PCIT v Bajaj Finance Ltd (2019) 110 taxmann.com 303 (Bombay), - copy placed as Attachment S3 • PCI…

Cyqyator Media Private Limited, Mumbai vs. Assistant Commissioner of Income Tax Central Circle-6(2)(1), Mumbai

In the result, appeal of the assessee is partly allowed in the terms aforesaid

ITA 2370/MUM/2023[2015-16]Status: DisposedITAT Mumbai23 Oct 2023AY 2015-16

Bench: Shri Vikas Awasthy& Shri Amarjit Singh आअसं.2370 /मुं/2023 (िन.व. 2015-16) Cyquator Media Services Private Limited, 18Th Floor, A Wing Marathon Futurex, N.M.Joshi Marg, Lower Parel, Mumbai – 400 013. Pan: Aaecp-0069-P ...... अपीलाथ"/Appellant बनाम Vs. Asstt.Commissioner Of Income Tax Central Circle – 6(2)(1), Mumbai Aaykar Bhavan, M.K.Road, Mumbai – 400 021 ..... "ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Shri Jay Bhansali "ितवादी "ारा/Respondent By : Shri Prabhat Kumar Gupta सुनवाई क" ितिथ/ Date Of Hearing : 18/10/2023 घोषणा क" ितिथ/ Date Of Pronouncement : 23/10/2023 आदेश/Order Per Vikas Awasthy, Jm: This Appeal By The Assessee Is Directed Against The Order Of Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre, Delhi[ In Short ‘The Cit(A)’] Dated 21/06/2023, For The Assessment Year 2015- 16. 2. The Assessee In Appeal Has Raised As Many As Eight Grounds. All The Grounds Of Appeal Are In Respect Of A Single Issue I.E. Disallowance U/S. 14A Of 2 The Income Tax Act, 1961 [In Short ‘The Act’] R.W. Rule 8D Of The Income Tax Rules, 1962 [In Short ‘The Rules’].

For Appellant: Shri Jay BhansaliFor Respondent: Shri Prabhat Kumar Gupta
Section 14A

…stment of Rs.17647.77 lacs. Therefore, it is sufficiently evident that the assessee's own funds are more than investments, including the investments for earning exempt income. We find that the Hon'ble Jurisdictional High Court in CIT vs HDFC Bank Ltd., [2014] 366 ITR 505 (Bom.) held that where assessee's own funds and other non-interest bearing funds were more than the investment in tax-free securities, no disallowance under section 14A of the Act can be made. We further find that the Hon'ble Supreme Court in South Indian Bank Ltd. vs CIT, [2021] 438 ITR 001 (SC) held that disallowance under section 14A of the Ac…

M/S T vs. Motor Company Limited, Chennai

In the result, the appeal filed by the Revenue in IT(TP)A No

ITA 2404/CHNY/2019[2013-14]Status: DisposedITAT Chennai20 Oct 2023AY 2013-14

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri Vikram Vijayaraghavan, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 143(3)Section 92BSection 92C

…HNY/2019 whether assessee has sufficient own funds for making investment and in case, there was availability of funds, the AO will not make any disallowance in view of the decision of the Hon’ble Bombay High Court in the case of CIT vs. HDFC Ltd., reported in 366 ITR 505. Hence, this issue is remitted back to the file of the AO for verification. 15. As regards to disallowance under Rule 8D(2)(iii) of the Rules, the ld.counsel for the assessee only made submission that only dividend yielding investments should be considered for disallowance under Rule 8D(2)(iii) in view of the decision of Delhi Special Bench of t…

Rajesh Agrawal, Raipur vs. Deputy Commissioner of Income Tax, Raipur-1(1), Raipur

In the result, the appeal of the assessee is allowed in terms of our aforesaid observations

ITA 249/RPR/2022[2010-11]Status: DisposedITAT Raipur19 Oct 2023AY 2010-11

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.249/Rpr/2022 "नधा"रण वष" / Assessment Year : 2010-11 Rajesh Agrawal C/O. M/S. Chhattisgarh Steel Traders, 15/343, Main Road, Jawahar Nagar, Raipur (C.G.)-492 001. Pan : Acppa2905F .......अपीलाथ" / Appellant बनाम / V/S. The Deputy Commissioner Of Income Tax, Raipur-1(1), Raipur (C.G.) ……""यथ" / Respondent

For Appellant: Shri Ravi Agrawal, CAFor Respondent: Shri Satya Prakash Sharma, Sr. DR
Section 143(2)Section 143(3)Section 36(1)(iii)

…st-free funds generated or available with the company if the interest-free funds were sufficient to meet the investments. Reiterating the same view, the Hon’ble High Court of Bombay in the case of Commissioner of Income Tax-2, Mumbai Vs. HDFC Bank Ltd. (2014) 366 ITR 505 (Bom.) after relying on its earlier judgment in the case of CIT Vs. Reliance Utilities & Power Ltd. (supra) had observed that where both assessee’s own funds and other non-interest-bearing funds were more than the investment in tax-free securities, then it should be presumed that investments would be out of the interest-free fund generated or ava…

Idbi Bank Ltd., Mumbai vs. ACIT-Ltu(2), Mumbai

In the result, appeal of the revenue is dismissed

ITA 4596/MUM/2019[2016-17]Status: DisposedITAT Mumbai28 Sept 2023AY 2016-17

Bench: Shri Kuldip Singh & Shri Gagan Goyalidbi Bank Ltd. 22Nd Floor, Idbi Tower, Wtc Complex, Cuffe Parade, Mumbai- 400 005. Pan: Aabci8842G ..... Appellant Vs. Acit Ltu (2) World Trade Centre, Cuffe Parade, Mumbai ..... Respondent

For Appellant: NoneFor Respondent: None
Section 115JSection 143(1)Section 143(3)Section 14ASection 250Section 36(1)Section 36(2)Section 40

…n’ble Court, ground no. 1 raised by the revenue is dismissed. 21. Ground no. 3 pertains to amortisation of premium of HTM securities. We find that this issue is covered by the decision of Hon’ble Jurisdictional Bombay High Court in the case of HDFC Bank Ltd (366 ITR 505) wherein the Hon’ble Court has decided this issue in favour of the assessee. This issue was also decided by the Coordinate Bench of ITAT in the case of State Bank of India in ITA No. 3644 & 4563/Mum/2016 which are as under;- IDBI Bank Ltd. 135. Brief facts are that during the year the assessee has provided Rs.1020, 21, 51,476 being loss on accou…

Mondelez India Foods P.Ltd (Formerly Known As Cadbury India Limited), Mumbai vs. Asst CIT RG 5(1)(2), Mumbai

In the result, appeal filed by the assessee for AY 2013-14 is allowed for statistical purpose

ITA 7104/MUM/2017[2013-14]Status: DisposedITAT Mumbai20 Sept 2023AY 2013-14

Bench: Shri Vikas Awasthy () & Ms. Padmavathy S. ()

Section 143(3)Section 144C(13)Section 14A

…to make the investments and therefore, the presumption that the investments were out of surplus funds stood in assessee‟s favor by the judgments of Hon‟ble Bombay High Court rendered in in HDFC Bank Ltd. V/s CIT (2016 95 CCH 61) & CIT V/s HDFC Bank Ltd. (2014 366 ITR 505). 5.3 We have considered the same. Upon perusal of financial statements, we find that own funds in the shape of share capital & free reserves at yearend stood at Rs.46266.97 Lacs as against investment of Rs.31228.98 Lacs. Nothing has been brought on record by Ld. AO to establish the 31 ITA 7104/Mum/2017 ITA 7404/Mum/2018 Mondelez India Foods P Lt…

M/S. United Phosphorus Ltd., Mumbai vs. DCIT Cent. Cir. - 38, Mumbai

In the result, appeal of the revenue is partly allowed

ITA 4695/MUM/2005[1999-2000]Status: DisposedITAT Mumbai20 Sept 2023AY 1999-2000

Bench: Shri Amit Shukla & Shri Gagan Goyalm/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W), Mumbai – 400 052 Pan: Aaacu3440P ...... Appellant Vs. Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ..... Respondent Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ...... Appellant Vs. M/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W) Mumbai – 400 052 Pan: Aaacu3440P ...... Respondent (Now Known As Uniphos Enterprises Ltd.)

For Appellant: Ms. Vasanti B Patel / Shri KiritFor Respondent: Shri Rajneesh Yadav
Section 143(3)Section 37(1)

…udgment of the High Court in regard to the first question. Accordingly, the appeals are dismissed in regard to the first question." 23. Further, reliance is placed on the below decisions: (i) South Indian Bank Ltd. (438 ITR 1) (SC) (ii) CIT vs HDFC Bank Ltd. (366 ITR 505) (Bom) (iii) HDFC Bank Ltd vs DCIT (284 CTR 414) (Bom) (iv). CIT vs. Reliance Utilities and Power Ltd (313 ITR 340) (Bom) 23. We have heard both the parties and found that the own funds Rs. 42,261.47 lakhs far exceed the investments in shares of Rs. 813.52 lakhs, no disallowance should be made in respect of interest expenditure attributable to e…

Aarti Sponge and Power Ltd., Raipur vs. Assistant Commissioner of Income Tax, -1(1), Raipur

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

ITA 70/RPR/2023[2013-14]Status: DisposedITAT Raipur20 Sept 2023AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं./Ita No.70/Rpr/2023 िनधा"रण वष" /Assessment Year: 2013-14 V. Aarti Sponge & Power Ltd. Acit -1 (1) Aarti House, Ashoka Ratna Shankar Raipur Nagar, Raipur, Chhattisgarh – 492 001

For Respondent: Sr. D.R
Section 143(3)Section 14ASection 250

…n of Rs. 2,319.17 crore against which investment was made of Rs. 111.09 crore.  JCIT vs Beekay Engineering Corporation (2010) 325 ITR 384 (Chhattisgarh)  DCIT vs Hero Moto Corp. Ltd. (2015) 43 CCH 0274 (Del Trib.), relying upon CIT vs HDFC Bank Ltd. (2014) 366 ITR 505 (Bom.).  In CIT vs UTI Bank Ltd. (2013) 32 Taxmann.com 370 (Guj.), it was held that if an assessee has sufficient interest free funds, it should be presumed that such investments were made from interest free funds, thereby not justifying disallowance u/s 14A.  Godawari Power & Ispat Ltd. In ITA no. 365/RPR/2014 dt. 01.10.2018 of Raipur Bench of…

Hira Infra-Tek Ltd., Raipur vs. Assistant Commissioner of Income Tax, Circle-1(1), Raipur

In the result, appeal of the assessee is partly allowed for statical purposes, in terms of our aforesaid observations

ITA 77/RPR/2023[2012-13]Status: DisposedITAT Raipur15 Sept 2023AY 2012-13

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं./Ita No.77/Rpr/2023 िनधा"रण वष" /Assessment Year: 2012-13 V. Hira Infra-Tek Limited Acit Hira Arcade Near New Bus Stand, Circle – 1(1) Pandri, Raipur Raipur

For Respondent: Shri Satya Prakash Sharma
Section 143(3)Section 14A

…आयकर अपीलीय अिधकरण "यायपीठ रायपुर म"। IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH: RAIPUR "ी रवीश सूद, "ाियक सद", एवं "ी अ"ण खोडिपया, लेखा सद" के सम" BEFORE SHRI RAVISH SOOD, JUDICIAL MEMBER AND SHRI ARUN KHODPIA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.77/RPR/2023 िनधा"रण वष" /Assessment Year: 2012-13 v. Hira Infra-Tek Limited ACIT Hira Arcade Near New Bus Stand, Circle – 1(1) Pandri, Raipur Raipur [PAN: AAECR 1082 J] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" की ओर से/ Appellant by Shri R. B. Doshi, C.A. ""थ" की ओर से /Respondent by : Shri Satya Prakash Sharma, Sr. D.R. सुनवाई क" तार"ख/Date of Hear…

DCIT Cir 5(3)(2), Mumbai vs. The Great Eastern Shipping Co. Ltd, Mumbai

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

ITA 2077/MUM/2018[2014-15]Status: DisposedITAT Mumbai13 Sept 2023AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5 Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jeet Kamdar , Shri Falee HFor Respondent: Shri
Section 115Section 14Section 143Section 144C

…he Company itself. In this regard, reliance is placed on the following decisions: a) South Indian Bank Ltd. - 130 taxmann.com 178 (SC) b) Reliance Industries Ltd. - 410 ITR 466 (SC) c) Reliance Utilities and Power Ltd. - 313 ITR 340 (Bom.) d) HDFC Bank Ltd. - 366 ITR 505 (Bom.) This issue is covered in favour of the Appellant by the Hon‟ble Income Tax Appellate Tribunal, Mumbai, in the Appellant‟s own case for the Assessment Year 2008-09 (Page 8, Para 10.3 & 10.4). Disallowance under Rule 8D(2)(iii) of the Rules viii) As regards indirect administrative expenditure, it is respectfully submitted that the total expe…

The Great Eastern Shipping Co. Ltd, Mumbai vs. Asst CIT Cir 5(3)(2), Mumbai

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

ITA 1597/MUM/2018[2014-15]Status: DisposedITAT Mumbai13 Sept 2023AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jeet Kamdar , Shri Falee HFor Respondent: Shri
Section 115Section 14Section 143Section 144C

…he Company itself. In this regard, reliance is placed on the following decisions: a) South Indian Bank Ltd. - 130 taxmann.com 178 (SC) b) Reliance Industries Ltd. - 410 ITR 466 (SC) c) Reliance Utilities and Power Ltd. - 313 ITR 340 (Bom.) d) HDFC Bank Ltd. - 366 ITR 505 (Bom.) This issue is covered in favour of the Appellant by the Hon‟ble Income Tax Appellate Tribunal, Mumbai, in the Appellant‟s own case for the Assessment Year 2008-09 (Page 8, Para 10.3 & 10.4). Disallowance under Rule 8D(2)(iii) of the Rules viii) As regards indirect administrative expenditure, it is respectfully submitted that the total expe…

The Great Eastern Shipping Co. Ltd, Mumbai vs. Asst CIT Cir 5(3)(2), Mumbai

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

ITA 374/MUM/2017[2012-13]Status: DisposedITAT Mumbai13 Sept 2023AY 2012-13

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jeet Kamdar , Shri Falee HFor Respondent: Shri
Section 115Section 14Section 143Section 144C

…he Company itself. In this regard, reliance is placed on the following decisions: a) South Indian Bank Ltd. - 130 taxmann.com 178 (SC) b) Reliance Industries Ltd. - 410 ITR 466 (SC) c) Reliance Utilities and Power Ltd. - 313 ITR 340 (Bom.) d) HDFC Bank Ltd. - 366 ITR 505 (Bom.) This issue is covered in favour of the Appellant by the Hon‟ble Income Tax Appellate Tribunal, Mumbai, in the Appellant‟s own case for the Assessment Year 2008-09 (Page 8, Para 10.3 & 10.4). Disallowance under Rule 8D(2)(iii) of the Rules viii) As regards indirect administrative expenditure, it is respectfully submitted that the total expe…

The Great Eastern Shipping Co. Ltd, Mumbai vs. DCIT Cir 5(3)(2), Mumbai

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

ITA 1216/MUM/2015[2010-11]Status: DisposedITAT Mumbai13 Sept 2023AY 2010-11

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jeet Kamdar , Shri Falee HFor Respondent: Shri
Section 115Section 14Section 143Section 144C

…he Company itself. In this regard, reliance is placed on the following decisions: a) South Indian Bank Ltd. - 130 taxmann.com 178 (SC) b) Reliance Industries Ltd. - 410 ITR 466 (SC) c) Reliance Utilities and Power Ltd. - 313 ITR 340 (Bom.) d) HDFC Bank Ltd. - 366 ITR 505 (Bom.) This issue is covered in favour of the Appellant by the Hon‟ble Income Tax Appellate Tribunal, Mumbai, in the Appellant‟s own case for the Assessment Year 2008-09 (Page 8, Para 10.3 & 10.4). Disallowance under Rule 8D(2)(iii) of the Rules viii) As regards indirect administrative expenditure, it is respectfully submitted that the total expe…