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 366,470 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.

United Phosphorus Ltd, Mumbai vs. DCIT Cen Cir 38, Mumbai

ITA 6950/MUM/2013[2004-05]Status: DisposedITAT Mumbai27 Jun 2025AY 2004-05

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Ms. Vasanti Patel, Advocate and Ms. Saisudha Multani, CAFor Respondent: Shri Abhishek Tharwal, Sr. DR
Section 2(24)(x)Section 36(1)Section 36(1)(va)Section 80

…e since assessee had sufficient own funds including reserves and surplus. Hence, no disallowance towards interest expense is warranted. Assessee placed reliance on the decision of CIT vs. Reliance Industries Ltd. 86 taxmann.com 24 (SC), CIT vs. HDFC Bank Ltd. 366 ITR 505 (Bom), CIT vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) to fortify the submissions made. Further, reliance was placed on the decisions of Co-ordinate Bench in assessee's own case for AY 1999-2000 in ITA No. 4695/Mum/2005, for AY 2000-01 ITA No. 3456/Mum/2004 and for AY 2001-02 in ITA No. 2990/Mum/2005 wherein disallowance made on simil…

United Phosphorus Ltd ( Formelry Known As Search Chem Industries Ltd), Mumbai vs. DCIT Cen Cir 38, Mumbai

ITA 5344/MUM/2013[2007-08]Status: DisposedITAT Mumbai27 Jun 2025AY 2007-08

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Abhishek Tharwal, Sr. DR
Section 2(24)(x)Section 36(1)Section 36(1)(va)Section 80

…e since assessee had sufficient own funds including reserves and surplus. Hence, no disallowance towards interest expense is warranted. Assessee placed reliance on the decision of CIT vs. Reliance Industries Ltd. 86 taxmann.com 24 (SC), CIT vs. HDFC Bank Ltd. 366 ITR 505 (Bom), CIT vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) to fortify the submissions made. Further, reliance was placed on the decisions of Co- ordinate Bench in assessee's own case for AY 1999-2000 in ITA No. 4695/Mum/2005, for AY 2000-01 ITA No. 3456/Mum/2004 and for AY 2001-02 in ITA No. 2990/Mum/2005 wherein disallowance made on simi…

United Phosphorus Ltd ( Formerly Known As Search Chem Industries Ltd), Mumbai vs. DCIT Cen Cir 38, Mumbai

ITA 7028/MUM/2010[2005-06]Status: DisposedITAT Mumbai27 Jun 2025AY 2005-06

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Abhishek Tharwal, Sr. DR
Section 2(24)(x)Section 36(1)Section 36(1)(va)Section 80

…e since assessee had sufficient own funds including reserves and surplus. Hence, no disallowance towards interest expense is warranted. Assessee placed reliance on the decision of CIT vs. Reliance Industries Ltd. 86 taxmann.com 24 (SC), CIT vs. HDFC Bank Ltd. 366 ITR 505 (Bom), CIT vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) to fortify the submissions made. Further, reliance was placed on the decisions of Co- ordinate Bench in assessee's own case for AY 1999-2000 in ITA No. 4695/Mum/2005, for AY 2000-01 ITA No. 3456/Mum/2004 and for AY 2001-02 in ITA No. 2990/Mum/2005 wherein disallowance made on simi…

United Phosphorus Ltd ( Formerly Known As Search Chem Industries Ltd), Mumbai vs. DCIT Cen Cir 38, Mumbai

ITA 7027/MUM/2010[2004-05]Status: DisposedITAT Mumbai27 Jun 2025AY 2004-05

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Abhishek Tharwal, Sr. DR
Section 2(24)(x)Section 36(1)Section 36(1)(va)Section 80

…e since assessee had sufficient own funds including reserves and surplus. Hence, no disallowance towards interest expense is warranted. Assessee placed reliance on the decision of CIT vs. Reliance Industries Ltd. 86 taxmann.com 24 (SC), CIT vs. HDFC Bank Ltd. 366 ITR 505 (Bom), CIT vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) to fortify the submissions made. Further, reliance was placed on the decisions of Co- ordinate Bench in assessee's own case for AY 1999-2000 in ITA No. 4695/Mum/2005, for AY 2000-01 ITA No. 3456/Mum/2004 and for AY 2001-02 in ITA No. 2990/Mum/2005 wherein disallowance made on simi…

DCIT CC-38, Mumbai vs. United Phophourus Ltd ( Formerly Knwon As Search Chem Indl. Ltd), Mumbai

ITA 6807/MUM/2010[2004-05]Status: DisposedITAT Mumbai27 Jun 2025AY 2004-05

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Abhishek Tharwal, Sr. DR
Section 2(24)(x)Section 36(1)(va)Section 80

…e since assessee had sufficient own funds including reserves and surplus. Hence, no disallowance towards interest expense is warranted. Assessee placed reliance on the decision of CIT vs. Reliance Industries Ltd. 86 taxmann.com 24 (SC), CIT vs. HDFC Bank Ltd. 366 ITR 505 (Bom), CIT vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) to fortify the submissions made. Further, reliance was placed on the decisions of Co- ordinate Bench in assessee's own case for AY 1999-2000 in ITA No. 4695/Mum/2005, for AY 2000-01 ITA No. 3456/Mum/2004 and for AY 2001-02 in ITA No. 2990/Mum/2005 wherein disallowance made on simi…

DCIT CC-38, Mumbai vs. United Phosphorus Ltd ( Formerly Known As Search Chem Indl.L Td), Mumbai

ITA 6709/MUM/2010[2005-06]Status: DisposedITAT Mumbai27 Jun 2025AY 2005-06

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Abhishek Tharwal, Sr. DR
Section 2(24)(x)Section 36(1)Section 36(1)(va)Section 80

…e since assessee had sufficient own funds including reserves and surplus. Hence, no disallowance towards interest expense is warranted. Assessee placed reliance on the decision of CIT vs. Reliance Industries Ltd. 86 taxmann.com 24 (SC), CIT vs. HDFC Bank Ltd. 366 ITR 505 (Bom), CIT vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) to fortify the submissions made. Further, reliance was placed on the decisions of Co- ordinate Bench in assessee's own case for AY 1999-2000 in ITA No. 4695/Mum/2005, for AY 2000-01 ITA No. 3456/Mum/2004 and for AY 2001-02 in ITA No. 2990/Mum/2005 wherein disallowance made on simi…

ACIT Circle, 3(4), Mumbai vs. Union Bank of India, Mumbai

In the result, the appeal of the revenue is dismissed

ITA 2119/MUM/2024[2020-21]Status: DisposedITAT Mumbai11 Jun 2025AY 2020-21

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiyaआयकर अपील सं./Ita No. 2037/Mum/2024 (निर्धारण वर्ष / Assessment Year :2020-21) आयकर अपील सं./Ita No. 2038/Mum/2024 (निर्धारण वर्ष / Assessment Year :2021-22) Union Bank Of India, Finance & Accounts, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra- 400021 V/S. बनाम Dcit, Circle- (Ltu) 2, Mumbai Room No. 421, 4Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacu0564G Appellant/अपीलार्थी .. Respondent/प्रतिवादी आयकर अपील सं./Ita No. 2119/Mum/2024 (निर्धारण वर्ष / Assessment Year :2020-21) आयकर अपील सं./Ita No. 2118/Mum/2024 (निर्धारण वर्ष / Assessment Year :2021-22) Acit, Circle-3(4), Mumbai Room No. 559, 5Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020 V/S. Union Bank Of India, Finance & Accounts, Union बनाम Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra- 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacu0564G Appellant/अपीलार्थी .. Respondent/प्रतिवादी Page 2

For Appellant: Shri C. NareshFor Respondent: Shri Vikas K. Suryawanshi
Section 144Section 14A

…आयकर अपीलीय न्यायाधिकरण न्यायपीठ, मुंबई IN THE INCOME-TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT & SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 2037/MUM/2024 (निर्धारण वर्ष / Assessment Year :2020-21) आयकर अपील सं./ITA No. 2038/MUM/2024 (निर्धारण वर्ष / Assessment Year :2021-22) Union Bank of India, Finance & Accounts, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra- 400021 v/s. बनाम DCIT, Circle- (LTU) 2, Mumbai Room No. 421, 4th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AA…

ACIT, Circle -3(4), Mumbai vs. Union Bank of India, Mumbai

In the result, the appeal of the revenue is dismissed

ITA 2118/MUM/2024[2021-22]Status: DisposedITAT Mumbai11 Jun 2025AY 2021-22

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiyaआयकर अपील सं./Ita No. 2037/Mum/2024 (निर्धारण वर्ष / Assessment Year :2020-21) आयकर अपील सं./Ita No. 2038/Mum/2024 (निर्धारण वर्ष / Assessment Year :2021-22) Union Bank Of India, Finance & Accounts, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra- 400021 V/S. बनाम Dcit, Circle- (Ltu) 2, Mumbai Room No. 421, 4Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacu0564G Appellant/अपीलार्थी .. Respondent/प्रतिवादी आयकर अपील सं./Ita No. 2119/Mum/2024 (निर्धारण वर्ष / Assessment Year :2020-21) आयकर अपील सं./Ita No. 2118/Mum/2024 (निर्धारण वर्ष / Assessment Year :2021-22) Acit, Circle-3(4), Mumbai Room No. 559, 5Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020 V/S. बनाम Union Bank Of India, Finance & Accounts, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra- 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacu0564G Appellant/अपीलार्थी .. Respondent/प्रतिवादी Page 2

For Appellant: Shri C. NareshFor Respondent: Shri Vikas K. Suryawanshi
Section 144Section 14A

…आयकर अपीलीय न्यायाधिकरण न्यायपीठ, मुंबई | IN THE INCOME-TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT & SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 2037/MUM/2024 (निर्धारण वर्ष / Assessment Year :2020-21) आयकर अपील सं./ITA No. 2038/MUM/2024 (निर्धारण वर्ष / Assessment Year :2021-22) Union Bank of India, Finance & Accounts, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra- 400021 v/s. बनाम DCIT, Circle- (LTU) 2, Mumbai Room No. 421, 4th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No:…

M/S Union Bank of India, Mumbai vs. DCIT, Circle-(Ltu) 2, Mumbai

In the result, the appeal of the revenue is dismissed

ITA 2038/MUM/2024[2021-22]Status: DisposedITAT Mumbai11 Jun 2025AY 2021-22

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiyaआयकर अपील सं./Ita No. 2037/Mum/2024 (निर्धारण वर्ष / Assessment Year :2020-21) आयकर अपील सं./Ita No. 2038/Mum/2024 (निर्धारण वर्ष / Assessment Year :2021-22)

For Appellant: Shri C. NareshFor Respondent: Shri Vikas K. Suryawanshi
Section 144Section 14A

…आयकर अपीलीय न्यायाधिकरण न्यायपीठ, मुंबई IN THE INCOME-TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT & SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 2037/MUM/2024 (निर्धारण वर्ष / Assessment Year :2020-21) आयकर अपील सं./ITA No. 2038/MUM/2024 (निर्धारण वर्ष / Assessment Year :2021-22) | Union Bank of India, Finance & Accounts, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra- 400021 || v/s. बनाम | DCIT, Circle- (LTU) 2, Mumbai Room No. 421, 4th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020 स्थायी लेखा सं./जीआइआर सं./PAN/GI…

M/S Union Bank of India, Mumbai vs. Deputy Commissioner of Income Tax, Circle-(Ltu)-2, Mumbai

In the result, the appeal of the revenue is dismissed

ITA 2037/MUM/2024[2020-21]Status: DisposedITAT Mumbai11 Jun 2025AY 2020-21

Bench: Shri Saktijit Dey & Shri Narendra Kumar Billaiyaआयकर अपील सं./Ita No. 2037/Mum/2024 (निर्धारण वर्ष / Assessment Year :2020-21) आयकर अपील सं./Ita No. 2038/Mum/2024 (निर्धारण वर्ष / Assessment Year :2021-22) Union Bank Of India, Finance & Accounts, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra- 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacu0564G Appellant/अपीलार्थी V/S. बनाम Dcit, Circle- (Ltu) 2, Mumbai Room No. 421, 4Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020 .. Respondent/प्रतिवादी आयकर अपील सं./Ita No. 2119/Mum/2024 (निर्धारण वर्ष / Assessment Year :2020-21) आयकर अपील सं./Ita No. 2118/Mum/2024 (निर्धारण वर्ष / Assessment Year :2021-22) Acit, Circle-3(4), Mumbai Room No. 559, 5Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020 V/S. Union Bank Of India, बनाम | Finance & Accounts, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra- 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacu0564G Appellant/अपीलार्थी .. Respondent/प्रतिवादी Page 2

For Appellant: Shri C. NareshFor Respondent: Shri Vikas K. Suryawanshi
Section 144Section 14A

…आयकर अपीलीय न्यायाधिकरण न्यायपीठ, मुंबई | IN THE INCOME-TAX APPELLATE TRIBUNAL "F" BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT & SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 2037/MUM/2024 (निर्धारण वर्ष / Assessment Year :2020-21) आयकर अपील सं./ITA No. 2038/MUM/2024 (निर्धारण वर्ष / Assessment Year :2021-22) Union Bank of India, Finance & Accounts, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra- 400021 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACU0564G Appellant/अपीलार्थी v/s. बनाम DCIT, Circle- (LTU) 2, Mumbai Room No. 421, 4th Floor, Aayakar Bha…

Assistant Commissioner of Income Tax, Panchkula Circle, Panchkula vs. The Haryana State Co-Operative Agriculture and Rural Development, Panchkula

Appeal is allowed

ITA 596/CHANDI/2024[2017-18]Status: DisposedITAT Chandigarh30 May 2025AY 2017-18

Bench: BEFORE: SHRI. RAJPALYADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

…ther, in our ITR, we did not claim anything as exempt. Kindly refer ITR & Computation at APB pages Page 42-43 of APB. The CIT(A) appreciating these facts has allowed relief to the assessee on merits. For above, we rely upon the decisions in : a. HDFC Bank Ltd 366 ITR 505 (Bom HC) b. Lakhani Marketing Inc. (2014) 272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of…

The Haryana State Co-Operative Agriculture and Rural Development, Panchkula vs. Deputy Commissioner of Income Tax, Circleu��, Panchkula

Appeal is allowed

ITA 595/CHANDI/2024[2017-18]Status: DisposedITAT Chandigarh30 May 2025AY 2017-18

…ther, in our ITR, we did not claim anything as exempt. Kindly refer ITR & Computation at APB pages Page 42-43 of APB. The CIT(A) appreciating these facts has allowed relief to the assessee on merits. For above, we rely upon the decisions in : a. HDFC Bank Ltd 366 ITR 505 (Bom HC) b. Lakhani Marketing Inc. (2014) 272 CTR 265 (P&H HC) C. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. ITA No.545/Chd/2015 dtd.22.04.2016 79. During hearing, the Id. DR argued that the assessee had made substantial investments and incurred significant int…

Assistant Commissioner of Income Tax, Panchkula Circle, Panchkula vs. The Haryana State Co-Operative Agriculture and Rural Development, Panchkula

Appeal is allowed

ITA 594/CHANDI/2024[2016-17]Status: DisposedITAT Chandigarh30 May 2025AY 2016-17

Bench: SHRI. RAJPALYADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

…ther, in our ITR, we did not claim anything as exempt. Kindly refer ITR & Computation at APB pages Page 42-43 of APB. The CIT(A) appreciating these facts has allowed relief to the assessee on merits. For above, we rely upon the decisions in : a. HDFC Bank Ltd 366 ITR 505 (Bom HC) b. Lakhani Marketing Inc. (2014) 272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of…

The Haryana State Co-Operative Agriculture and Rural Development, Panchkula vs. Deputy Commissioner of Income Tax, Circle, Panchkula

Appeal is allowed

ITA 593/CHANDI/2024[2016-17]Status: DisposedITAT Chandigarh30 May 2025AY 2016-17

Bench: SHRI. RAJPALYADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

…ther, in our ITR, we did not claim anything as exempt. Kindly refer ITR & Computation at APB pages Page 42-43 of APB. The CIT(A) appreciating these facts has allowed relief to the assessee on merits. For above, we rely upon the decisions in : a. HDFC Bank Ltd 366 ITR 505 (Bom HC) b. Lakhani Marketing Inc. (2014) 272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of…

The Haryana State Co-Operative Agriculture and Rural Development, Panchkula vs. Deputy Commissioner of Income Tax, Circle, Panchkula

Appeal is allowed

ITA 592/CHANDI/2024[2016-17]Status: DisposedITAT Chandigarh30 May 2025AY 2016-17

Bench: BEFORE: SHRI. RAJPALYADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

…ther, in our ITR, we did not claim anything as exempt. Kindly refer ITR & Computation at APB pages Page 42-43 of APB. The CIT(A) appreciating these facts has allowed relief to the assessee on merits. For above, we rely upon the decisions in : a. HDFC Bank Ltd 366 ITR 505 (Bom HC) b. Lakhani Marketing Inc. (2014) 272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of…

Assistant Commissioner of Income Tax, Panchkula Circle, Panchkula vs. The Haryana State Co-Operative Agriculture and Rural Development, Panchkula

Appeal is allowed

ITA 591/CHANDI/2024[2015-16]Status: DisposedITAT Chandigarh30 May 2025AY 2015-16

Bench: SHRI. RAJPALYADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

…ther, in our ITR, we did not claim anything as exempt. Kindly refer ITR & Computation at APB pages Page 42-43 of APB. The CIT(A) appreciating these facts has allowed relief to the assessee on merits. For above, we rely upon the decisions in : a. HDFC Bank Ltd 366 ITR 505 (Bom HC) b. Lakhani Marketing Inc. (2014) 272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of…

The Haryana State Co-Operative Agriculture and Rural Development, Panchkula vs. Deputy Commissioner of Income Tax, Circle, Panchkula

Appeal is allowed

ITA 590/CHANDI/2024[2015-16]Status: DisposedITAT Chandigarh30 May 2025AY 2015-16

Bench: BEFORE: SHRI. RAJPALYADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

…ther, in our ITR, we did not claim anything as exempt. Kindly refer ITR & Computation at APB pages Page 42-43 of APB. The CIT(A) appreciating these facts has allowed relief to the assessee on merits. For above, we rely upon the decisions in : a. HDFC Bank Ltd 366 ITR 505 (Bom HC) b. Lakhani Marketing Inc. (2014) 272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of…

The Haryana State Co-Operative Agriculture and Rural Development, Panchkula vs. DCIT, Circle, Panchkula

Appeal is allowed

ITA 589/CHANDI/2024[2015-16]Status: DisposedITAT Chandigarh30 May 2025AY 2015-16

Bench: BEFORE: SHRI. RAJPALYADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

…ther, in our ITR, we did not claim anything as exempt. Kindly refer ITR & Computation at APB pages Page 42-43 of APB. The CIT(A) appreciating these facts has allowed relief to the assessee on merits. For above, we rely upon the decisions in : a. HDFC Bank Ltd 366 ITR 505 (Bom HC) b. Lakhani Marketing Inc. (2014) 272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of…

The Haryana State Co-Operative Agriculture and Rural Development, Panchkula vs. DCIT, Circle, Panchkula

Appeal is allowed

ITA 588/CHANDI/2024[2014-15]Status: DisposedITAT Chandigarh30 May 2025AY 2014-15

Bench: BEFORE: SHRI. RAJPALYADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

…ther, in our ITR, we did not claim anything as exempt. Kindly refer ITR & Computation at APB pages Page 42-43 of APB. The CIT(A) appreciating these facts has allowed relief to the assessee on merits. For above, we rely upon the decisions in : a. HDFC Bank Ltd 366 ITR 505 (Bom HC) b. Lakhani Marketing Inc. (2014) 272 CTR 265 (P&H HC) c. Deepak Mittal (2014) 361 ITR 131 (P&H) d. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All. HC) e. Vardhman Chemtech Private Ltd. dtd.22.04.2016 79. During hearing, the ld. DR argued that the assessee had made substantial investments and incurred significant interest expenditure of…

Uniphos Enterprises Ltd, Mumbai vs. Addl CIT Cen RG IX, Mumbai

In the result, the appeal of assessee is allowed

ITA 3878/MUM/2014[2003-04]Status: DisposedITAT Mumbai30 May 2025AY 2003-04
For Appellant: "I. TAXABILITY OF ADVANCE LICENCE BENEFIT RECEIVABLE: Rs.9,79
Section 254(1)Section 271(1)(c)Section 37(1)Section 80

…exempt income. Thus, no disallowance of interest expenses was warranted. To support her submissions the Id AR of the assessee also relied on the decision of Hon'ble Supreme Court in CIT VS Reliance Industries Ltd (86 taxmann.com 24 SC), CIT VS HDFC Bank Ltd (366 ITR 505 Bom), CIT vs Reliance Utilities and Power Ltd (313 ITR 414 SC) and assessees own case for AY 2000-01 in ITA No. 3456/Mum/2004. In alternative submissions, the Id AR of the assessee submits that the AO has to apply reasonable method for qutifying the expenditure attributable for earning exempt income. 21. On the other hand, the Id CIT-DR for the r…