CIT v. Hero Cycles Ltd.

323 ITR 518High Court2010#150 most cited

What is CIT v. Hero Cycles Ltd. authority for?

Disallowance under Section 14A, for expenditure incurred in relation to exempt income, is not permissible when the assessee has not earned any exempt income, such as dividend income under Section 10(34), during the year under consideration.

470

judgments rely on this decision, according to BharatTax’s citation analysis of 367,164 Indian tax judgments — from 2012 to 2026.

Also referred to as

CIT v. Hero Cycles Ltd. · Section 14A disallowance · no exempt income earned · Section 10(34) dividend · expenditure nexus · disallowance if no dividend income · 323 ITR 518 · Hero Cycles 14A · exempt income disallowance

Also reported as

189 Taxmann 504 ITR-OL 246221 CTR 435

Sections most often in play

Section 14ASection 142(1)Section 143(3)Section 8DSection 143(2)Section 115JBSection 37(1)Section 43B
Read the full judgment

Issues it is cited on

section 10(34)disallowance under section 14adisallowance u/s 14asection 14asection 115jsection 115jbsection 37section 37(1)section 10section 115previous yearassistant commissioner

Judgments citing CIT v. Hero Cycles Ltd.

M/S. Axis Aerospace & Technologies P Ltd., Bangalore vs. Commissioner of Income Tax, Bangalore

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

ITA 766/BANG/2017[2009-10]Status: DisposedITAT Bangalore20 Sept 2019AY 2009-10

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadaleassessment Year : 2009-10 M/S. Axis Aerospace & The Commissioner Of Technologies Pvt. Ltd., Income Tax 54, Richmond Road, Vs. (Appeals) – 14, Bangalore – 560 025. Bangalore. Pan: Aaccb1728K Appellant Respondent

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Smt. R. Premi, JCIT (DR)
Section 14A

…mption should be drawn that only free funds are utilised for making investments and therefore, held that no disallowance should made under the said provision. The reasoning of the ld.CIT(A) is supported by the following decisions: i. CIT vs. Hero Cycles Ltd. (323 ITR 518) ii. CIT vs. Gujarat Industries Ltd. (218 Taxman 742); and iii. CIT vs. Kribhco (349 ITR 618) and iv. Reliance Utility and Power Ltd. (313 ITR 340) In the abovementioned cases, it has been held that it should be presumed that the assessee used own funds for making investments where assessee had both own funds as well as borrowed funds. The Id.CIT…

M/S the Professional Couriers, Bangalore vs. Addl.C.I.T., Bangalore

In the result, this appeal of the assessee is allowed

ITA 940/BANG/2016[2012-13]Status: DisposedITAT Bangalore13 Sept 2019AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Vikram Singh Yadav, Accountant Membe Assessment Year : 2012-13

For Appellant: Shri B.S. Balachandran, AdvocateFor Respondent: Shri Sunil Kumar Agarwal, Addl.CIT(DR)(ITAT), Bengaluru
Section 14A

…keting Incl. (decision dated April 2, 2014, of the High Court of Punjab and Haryana in I. T. A. No. 970 of 2008)--since reported in [2015] 4 ITR-OL 246 (P&H)- -which in turn referred to two earlier decisions of the same court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H). The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj) ; [2015] 372 1TR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in T.A. No. 88 of ITA No.1 1071Bang…

Ttk Healthcare Limited, Chennai vs. ACIT, Chennai

In the result, the appeals filed by the assessee in ITA Nos

ITA 3271/CHNY/2018[2014-15]Status: DisposedITAT Chennai12 Sept 2019AY 2014-15

Bench: Shri N.R.S. Ganesan & Shri Inturi Rama Rao] आयकर अपील सं./I.T.A. Nos.3270 & 3271/Chny/2018 "नधा"रण वष" /Assessment Year : 2013-2014 & 2014-15. M/S. Ttk Healthcare Limited, Vs. The Assistant Commissioner Of No.6, Cathedral Road, Income Tax, Gopalapuram, Corporate Circle 3(1) Chennai 600 086. Chennai. [Pan Aabct 3312J] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. Vijayaraghavan, AdvFor Respondent: Ms. R. Anitha, IRS, JCIT
Section 143(3)Section 14ASection 14A(2)

…आयकर अपील"य अ"धकरण, ’डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH : CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी इंटूर" रामा राव, लेखा सद"य के सम" [BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER] आयकर अपील सं./I.T.A. Nos.3270 & 3271/CHNY/2018 "नधा"रण वष" /Assessment year : 2013-2014 & 2014-15. M/s. TTK Healthcare Limited, Vs. The Assistant Commissioner of No.6, Cathedral Road, Income Tax, Gopalapuram, Corporate Circle 3(1) Chennai 600 086. Chennai. [PAN AABCT 3312J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant by : Shri. R.…

Ttk Healthcare Limited, Chennai vs. ACIT, Chennai

In the result, the appeals filed by the assessee in ITA Nos

ITA 3270/CHNY/2018[2013-14]Status: DisposedITAT Chennai12 Sept 2019AY 2013-14

Bench: Shri N.R.S. Ganesan & Shri Inturi Rama Rao] आयकर अपील सं./I.T.A. Nos.3270 & 3271/Chny/2018 "नधा"रण वष" /Assessment Year : 2013-2014 & 2014-15. M/S. Ttk Healthcare Limited, Vs. The Assistant Commissioner Of No.6, Cathedral Road, Income Tax, Gopalapuram, Corporate Circle 3(1) Chennai 600 086. Chennai. [Pan Aabct 3312J] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. Vijayaraghavan, AdvFor Respondent: Ms. R. Anitha, IRS, JCIT
Section 143(3)Section 14ASection 14A(2)

…आयकर अपील"य अ"धकरण, ’डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH : CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी इंटूर" रामा राव, लेखा सद"य के सम" [BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER] आयकर अपील सं./I.T.A. Nos.3270 & 3271/CHNY/2018 "नधा"रण वष" /Assessment year : 2013-2014 & 2014-15. M/s. TTK Healthcare Limited, Vs. The Assistant Commissioner of No.6, Cathedral Road, Income Tax, Gopalapuram, Corporate Circle 3(1) Chennai 600 086. Chennai. [PAN AABCT 3312J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant by : Shri. R.…

M/S. Ace Insurance Brokers Pvt. Ltd., New Delhi vs. ACIT, New Delhi

ITA 3797/DEL/2015[2010-11]Status: DisposedITAT Delhi11 Sept 2019AY 2010-11

Bench: Shri Kuldip Singh & Shri Prashant Maharishi

For Appellant: Shri D.C. Aggarwal, AdvocateFor Respondent: Ms. Naina Soin Kapil, Senior DR
Section 10Section 14ASection 14A(2)

…on record material to show that such and such expenditure has been incurred by the assessee to earn exempt income, disallowance u/s 14A read with Rule 8D is not permissible. 9. Hon’ble High Court of Punjab & Haryana in case of CIT vs. Hero Cycles Ltd. - 323 ITR 518 held that disallowance u/s 14A is not permissible where there is no nexus between expenditure incurred and income generated by returning following findings :- “Held, dismissing the appeal, that the expenditure on interest was set off against the income from interest and the investment in the shares and funds were out of the dividend proceeds. I…

Bimetal Bearings Limited, Chennai vs. DCIT, Chennai

In the result, the appeal filed by the assessee for the assessment year

ITA 671/CHNY/2015[2010-11]Status: DisposedITAT Chennai29 Aug 2019AY 2010-11

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./I.T.A. Nos. 668, 669, 670 & 671/Chny/2015 िनधा"रण वष"/Assessment Years:2007-08 To 2010-11 M/S. Bimetal Bearings Limited, The Deputy Commissioner Of 18, Race Course Road, Vs. Income Tax, Large Taxpayer Unit, Coimbatore 641 018. 1775, Jawaharlal Nehru Inner Ring Road, Anna Nagar Western Extension, [Pan:Aaacb2036Q] Chennai 600 101. (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri R. Vijayaraghavan, Advocate ""थ" की ओर से/Respondent By : Shri Ar.V. Sreenivasan, Jcit सुनवाई की तारीख/ Date Of Hearing : 02.07.2019 घोषणा की तारीख /Date Of Pronouncement : 29.08.2019 आदेश /O R D E R Per Duvvuru Rl Reddy: These Four Appeals Filed By The Same Assessee Are Directed Against Different Orders Of The Ld. Commissioner Of Income Tax (Appeals) 17, Chennai All Dated 30.01.2015 Relevant To The Assessment Years 2007-08, 2008-09, 2009-10 & 2010-11. Since Common Issues Have Been Raised In These Appeals, Heard Together & Are Being Disposed Of By This Common Order For The Sake Of Brevity.

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri AR.V. Sreenivasan, JCIT
Section 14ASection 40

…ials available on record and gone through the orders of authorities below including paper book along with case law filed by the assessee. By referring to the grounds of appeal, where the assessee has relied upon the decisions in the case of CIT v. Hero Cycles 323 ITR 518 (P&H) and the Delhi Benches of the Tribunal in the case of ACIT v. Sub Investments 8 ITR (Tri) 33 have held that unless the Assessing Officer established that specific expenditure has been incurred by the assessee for earning exempt income, there can be no disallowance under section 14A of the Act, the ld. Counsel prayed for deleting the disallow…

Bimetal Bearings Limited, Chennai vs. DCIT, Chennai

In the result, the appeal filed by the assessee for the assessment year

ITA 670/CHNY/2015[2009-10]Status: DisposedITAT Chennai29 Aug 2019AY 2009-10

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./I.T.A. Nos. 668, 669, 670 & 671/Chny/2015 िनधा"रण वष"/Assessment Years:2007-08 To 2010-11 M/S. Bimetal Bearings Limited, The Deputy Commissioner Of 18, Race Course Road, Vs. Income Tax, Large Taxpayer Unit, Coimbatore 641 018. 1775, Jawaharlal Nehru Inner Ring Road, Anna Nagar Western Extension, [Pan:Aaacb2036Q] Chennai 600 101. (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri R. Vijayaraghavan, Advocate ""थ" की ओर से/Respondent By : Shri Ar.V. Sreenivasan, Jcit सुनवाई की तारीख/ Date Of Hearing : 02.07.2019 घोषणा की तारीख /Date Of Pronouncement : 29.08.2019 आदेश /O R D E R Per Duvvuru Rl Reddy: These Four Appeals Filed By The Same Assessee Are Directed Against Different Orders Of The Ld. Commissioner Of Income Tax (Appeals) 17, Chennai All Dated 30.01.2015 Relevant To The Assessment Years 2007-08, 2008-09, 2009-10 & 2010-11. Since Common Issues Have Been Raised In These Appeals, Heard Together & Are Being Disposed Of By This Common Order For The Sake Of Brevity.

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri AR.V. Sreenivasan, JCIT
Section 14ASection 40

…ials available on record and gone through the orders of authorities below including paper book along with case law filed by the assessee. By referring to the grounds of appeal, where the assessee has relied upon the decisions in the case of CIT v. Hero Cycles 323 ITR 518 (P&H) and the Delhi Benches of the Tribunal in the case of ACIT v. Sub Investments 8 ITR (Tri) 33 have held that unless the Assessing Officer established that specific expenditure has been incurred by the assessee for earning exempt income, there can be no disallowance under section 14A of the Act, the ld. Counsel prayed for deleting the disallow…

Bimetal Bearings Limited, Chennai vs. DCIT, Chennai

In the result, the appeal filed by the assessee for the assessment year

ITA 669/CHNY/2015[2008-09]Status: DisposedITAT Chennai29 Aug 2019AY 2008-09

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./I.T.A. Nos. 668, 669, 670 & 671/Chny/2015 िनधा"रण वष"/Assessment Years:2007-08 To 2010-11 M/S. Bimetal Bearings Limited, The Deputy Commissioner Of 18, Race Course Road, Vs. Income Tax, Large Taxpayer Unit, Coimbatore 641 018. 1775, Jawaharlal Nehru Inner Ring Road, Anna Nagar Western Extension, [Pan:Aaacb2036Q] Chennai 600 101. (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri R. Vijayaraghavan, Advocate ""थ" की ओर से/Respondent By : Shri Ar.V. Sreenivasan, Jcit सुनवाई की तारीख/ Date Of Hearing : 02.07.2019 घोषणा की तारीख /Date Of Pronouncement : 29.08.2019 आदेश /O R D E R Per Duvvuru Rl Reddy: These Four Appeals Filed By The Same Assessee Are Directed Against Different Orders Of The Ld. Commissioner Of Income Tax (Appeals) 17, Chennai All Dated 30.01.2015 Relevant To The Assessment Years 2007-08, 2008-09, 2009-10 & 2010-11. Since Common Issues Have Been Raised In These Appeals, Heard Together & Are Being Disposed Of By This Common Order For The Sake Of Brevity.

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri AR.V. Sreenivasan, JCIT
Section 14ASection 40

…ials available on record and gone through the orders of authorities below including paper book along with case law filed by the assessee. By referring to the grounds of appeal, where the assessee has relied upon the decisions in the case of CIT v. Hero Cycles 323 ITR 518 (P&H) and the Delhi Benches of the Tribunal in the case of ACIT v. Sub Investments 8 ITR (Tri) 33 have held that unless the Assessing Officer established that specific expenditure has been incurred by the assessee for earning exempt income, there can be no disallowance under section 14A of the Act, the ld. Counsel prayed for deleting the disallow…

Bimetal Bearings Limited, Chennai vs. DCIT, Chennai

In the result, the appeal filed by the assessee for the assessment year

ITA 668/CHNY/2015[2007-08]Status: DisposedITAT Chennai29 Aug 2019AY 2007-08

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./I.T.A. Nos. 668, 669, 670 & 671/Chny/2015 िनधा"रण वष"/Assessment Years:2007-08 To 2010-11 M/S. Bimetal Bearings Limited, The Deputy Commissioner Of 18, Race Course Road, Vs. Income Tax, Large Taxpayer Unit, Coimbatore 641 018. 1775, Jawaharlal Nehru Inner Ring Road, Anna Nagar Western Extension, [Pan:Aaacb2036Q] Chennai 600 101. (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri R. Vijayaraghavan, Advocate ""थ" की ओर से/Respondent By : Shri Ar.V. Sreenivasan, Jcit सुनवाई की तारीख/ Date Of Hearing : 02.07.2019 घोषणा की तारीख /Date Of Pronouncement : 29.08.2019 आदेश /O R D E R Per Duvvuru Rl Reddy: These Four Appeals Filed By The Same Assessee Are Directed Against Different Orders Of The Ld. Commissioner Of Income Tax (Appeals) 17, Chennai All Dated 30.01.2015 Relevant To The Assessment Years 2007-08, 2008-09, 2009-10 & 2010-11. Since Common Issues Have Been Raised In These Appeals, Heard Together & Are Being Disposed Of By This Common Order For The Sake Of Brevity.

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri AR.V. Sreenivasan, JCIT
Section 14ASection 40

…ials available on record and gone through the orders of authorities below including paper book along with case law filed by the assessee. By referring to the grounds of appeal, where the assessee has relied upon the decisions in the case of CIT v. Hero Cycles 323 ITR 518 (P&H) and the Delhi Benches of the Tribunal in the case of ACIT v. Sub Investments 8 ITR (Tri) 33 have held that unless the Assessing Officer established that specific expenditure has been incurred by the assessee for earning exempt income, there can be no disallowance under section 14A of the Act, the ld. Counsel prayed for deleting the disallow…

The Sonepat Urban Co-Operative Bank Ltd., Sonepat vs. ACIT, Sonepat Circle, Sonepat

In the result, appeal of the assessee is allowed

ITA 4105/DEL/2018[2009-10]Status: DisposedITAT Delhi24 Jul 2019AY 2009-10

Bench: Shri Pramod Kumar & Shri K. Narasimha Charyassessment Year: 2009-10

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘Friday’ NEW DELHI BEFORE SHRI PRAMOD KUMAR, VICE PRESIDENT & SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER Assessment Year: 2009-10 The Sonepat Urban Coop. Bank Ltd. vs ACIT, Sonepat Circle, New Sabji Mandi, Sonepat,Haryana. Sonepat. PAN: AAAAT0374M Applicant by Shri V. Rajkumar, Advocate Revenue by Ms Rinku Singh, Sr. DR Date of Hearing 19.7.2019 Date of Pronouncement 24 .7.2019 ORDER PER K. NARASIMHA CHARY, JM Aggrieved by the order dated 2.4.2018 passed by the Commissioner of Income-tax (Appeals) Rohtak {“CIT(A)} for the Asstt. Year 2009-10 in Appeal No.433/1…

Smt Ruchika Agarwal, Jaipur vs. Deputy Commissioner of Income Tax, Circle-6, Jaipur

In the result, appeal of the assessee is allowed

ITA 270/JPR/2019[2011-12]Status: DisposedITAT Jaipur23 Jul 2019AY 2011-12
For Appellant: Shri Vijay Goyal (CA)For Respondent: Shri K.C. Meena (Addl.CIT)
Section 143(3)Section 147Section 148Section 14ASection 3

…1 Vs Chettinad Logistics Pvt. Ltd. (2018) 95 taxmann.com 250 (SC). (ii) CIT Vs Walfort Shares & Stock Brokers Pvt. Ltd. 326 ITR 1. 5 ITA 270/JP/2019_ Ruchika Agarwal Vs DCIT (iii) Pr.CIT Vs Shri Prakash Gwalera (2018) (11) TMI 877. (iv) CU Vs Hero Cycles Ltd. 323 ITR 518. (v) ACIT Vs M. Baskaran (2015) 152 ITD 844 (Chennai Trib). 6. On the other hand, it was argued by the ld DR that the assessee has not disclosed exempt income earned and also the expenditure attributable to such exempt income, therefore, the A.O. was justified in reopening the assessment when he found that the disallowance U/s 14A was not made i…

Dy. Commissioner of Income Tax-6, Kanpur vs. Commercial Engineers & Body Builders Co. Ltd., Kanpur

In the result, both the appeals of the Revenue are dismissed

ITA 658/LKW/2018[2014-15]Status: DisposedITAT Lucknow19 Jul 2019AY 2014-15

Bench: Shri. A. D. Jain & Shri T. S. Kapoor

For Appellant: Shri S. K. Maduk, CIT (DR)For Respondent: Shri B. L. Gupta, FCA
Section 143(3)Section 14ASection 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH “B”, LUCKNOW BEFORE SHRI. A. D. JAIN, VICE PRESIDENT AND SHRI T. S. KAPOOR, ACCOUNTANT MEMBER ITA No.657 & 658/LKW/2018 Assessment Year: 2013-14 & 2014-15 Dy. CIT-6 v. M/s Commercial Engineers & Body Kanpur Builders Company Ltd. 84/105-A, Afim Kothi, G.T. Road Kanpur TAN/PAN:AAACC5823E (Appellant) (Respondent) Appellant by: Shri S. K. Maduk, CIT (DR) Respondent by: Shri B. L. Gupta, FCA Date of hearing: 15 07 2019 Date of pronouncement: 19 07 2019 O R D E R PER A. D. JAIN, V.P.: These are Revenue’s appeals against the orders of the ld. CIT(A)-II, Kanpur dated 14/…

Dy. Commissioner of Income Tax-6, Kanpur vs. Commercial Engineers & Body Builders Co. Ltd., Kanpur

In the result, both the appeals of the Revenue are dismissed

ITA 657/LKW/2018[2013-14]Status: DisposedITAT Lucknow19 Jul 2019AY 2013-14

Bench: Shri. A. D. Jain & Shri T. S. Kapoor

For Appellant: Shri S. K. Maduk, CIT (DR)For Respondent: Shri B. L. Gupta, FCA
Section 143(3)Section 14ASection 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH “B”, LUCKNOW BEFORE SHRI. A. D. JAIN, VICE PRESIDENT AND SHRI T. S. KAPOOR, ACCOUNTANT MEMBER ITA No.657 & 658/LKW/2018 Assessment Year: 2013-14 & 2014-15 Dy. CIT-6 v. M/s Commercial Engineers & Body Kanpur Builders Company Ltd. 84/105-A, Afim Kothi, G.T. Road Kanpur TAN/PAN:AAACC5823E (Appellant) (Respondent) Appellant by: Shri S. K. Maduk, CIT (DR) Respondent by: Shri B. L. Gupta, FCA Date of hearing: 15 07 2019 Date of pronouncement: 19 07 2019 O R D E R PER A. D. JAIN, V.P.: These are Revenue’s appeals against the orders of the ld. CIT(A)-II, Kanpur dated 14/…

M/S. Chayadeep Ventures LLP, Bangalore vs. The Income Tax Officer, Ward - 4(3)(3), Bangalore

In the result, appeal by the Assessee is allowed

ITA 677/BANG/2019[2014-15]Status: DisposedITAT Bangalore28 Jun 2019AY 2014-15

Bench: Shri N.V. Vasudevanassessment Year : 2014-15

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Shri Satyasai Rath, Addl CIT(DR)(ITAT), Bengaluru
Section 14A

…keting Incl. (decision dated April 2, 2014, of the High Court of Punjab and Haryana in I. T. A. No. 970 of 2008)--since reported in [2015] 4 ITR-OL 246 (P&H)-- which in turn referred to two earlier decisions of the same court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H). The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj) ; [2015] 372 1TR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in T.A. No. 88 of ITA No.1 1071Bang…

Income Tax Officer Ward-1(1)(2), Bangalore vs. M/S Atria Hydel Power Limited, Bangalore

ITA 3365/BANG/2018[2015-16]Status: DisposedITAT Bangalore28 Jun 2019AY 2015-16

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranassessment Year : 2015-16

For Appellant: Shri V. Srinivasan, AdvocateFor Respondent: Dr. P.V. Pradeep Kumar, Addl.CIT(DR)(ITAT), Bengaluru
Section 14A

…keting Incl. (decision dated April 2, 2014, of the High Court of Punjab and Haryana in I. T. A. No. 970 of 2008)--since reported in [2015] 4 ITR-OL 246 (P&H)-- which in turn referred to two earlier decisions of the same court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H). The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj) ; [2015] 372 1TR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in T.A. No. 88 of ITA No.1 1071Bang…

ITO 3(1)(3), Mumbai vs. Competent Financial Serviceds P. Ltd, Mumbai

In the result, appeal filed by the Revenue stands dismissed

ITA 7652/MUM/2016[2010-11]Status: DisposedITAT Mumbai04 Jun 2019AY 2010-11

Bench: Shri Shamim Yahya (Am) & Shri Ravish Sood (Jm)

Section 14ASection 68

…THE INCOME TAX APPELLATE TRIBUNAL “C” Bench, Mumbai Before Shri Shamim Yahya (AM) & Shri Ravish Sood (JM) I.T.A. No. 7652/Mum/2016 (Assessment Year 2012-13) ITO 3(1)(3) M/s. Competent Financial Vs. Room No. 666 Services P. Ltd. 6th Floor 32, Jolly Maker Aayakar Bhavan Chambers-II, Nariman M.K. Road Point, Mumbai-400 021. Mumbai-400 020. PAN : AAACC1682R (Appellant) (Respondent) Assessee by Shri Brij Mohan Chaturvedi Department by Shri Abi Rama Karthikeyan Date of Hearing 29.3.2019 Date of Pronouncement 4.6.2019 O R D E R Per Shamim Yahya (AM) : This appeal by the Revenue is directed against the order of l…

DCIT, C-1, Ludhiana vs. M/S Bbf Industries Limited, Ludhiana

The appeal of the Revenue is hereby allowed

ITA 1263/CHANDI/2018[2011-12]Status: DisposedITAT Chandigarh03 Jun 2019AY 2011-12

Bench: Shri N.K. Saini & Shri Sanjay Gargआयकर अपील सं./ Ita No. 1263/Chd/2018 "नधा"रण वष" / Assessment Year : 2011-12

For Appellant: Sh. Sudhir Sehgal, AdvocateFor Respondent: Smt. Meenakshi Vohra, Sr DR
Section 14A

…case laws and the decision of the Hon'ble Jurisdictional High Court in ‘CIT, Faridabad Vs. Lakhani Marketing Inc.’ [2014] 49 taxmann.com 257 wherein the Hon'ble Court by making reference to the earlier decisions of the of ‘CIT Vs. Hero Cycles Ltd.’ [2010] 323 ITR 518 and ‘CIT Vs. Winsome Industries Ltd.’ [2009] 319 ITR 203, categorically held that unless and until there is a receipt of exempt income for the concerned assessment year, provisions of section 14A cannot be invoked. 3. The Ld. DR, though supported the order of the Assessing officer but could not rebut the factual findings given by the Ld. CIT(A…

Dy. Commissioner of Income Tax, Circle-16(2), Hyderabad vs. Mercury Projects Private Limited, Hyderabad

In the result, appeal of the revenue is dismissed

ITA 2242/HYD/2018[2014-15]Status: DisposedITAT Hyderabad31 May 2019AY 2014-15

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

For Appellant: Date of hearingFor Respondent: Shri Y.V.S.T. Sai
Section 143(1)Section 143(2)Section 14A

…entified any relatable expenditure nor was there any recording of his dissatisfaction of the correctness of the claim of the expenditure. In this regard, the assessee relied on the decision of the P&H High Court in the case of CIT Vs. Hero Cycles Ltd., [2010] 323 ITR 518. 5. After considering the submissions of the assessee, the CIT(A) following the decision of the coordinate bench of this Tribunal in the case of Prathista Industries Ltd. (supra) deleted the addition made by the AO u/s 14A by holding that since there is no dividend income during the year, there cannot be any disallowance u/s 14A. 5. Aggrieved by…

Dy. Commissioner of Income Tax, Circle-16(2), Hyderabad vs. Mercury Projects Private Limited, Hyderabad

In the result, appeal of the revenue is dismissed

ITA 2226/HYD/2018[2013-14]Status: DisposedITAT Hyderabad31 May 2019AY 2013-14

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

For Appellant: Date of hearingFor Respondent: Shri Y.V.S.T. Sai
Section 143(1)Section 143(2)Section 14A

…entified any relatable expenditure nor was there any recording of his dissatisfaction of the correctness of the claim of the expenditure. In this regard, the assessee relied on the decision of the P&H High Court in the case of CIT Vs. Hero Cycles Ltd., [2010] 323 ITR 518. 5. After considering the submissions of the assessee, the CIT(A) following the decision of the coordinate bench of this Tribunal in the case of Prathista Industries Ltd. (supra) deleted the addition made by the AO u/s 14A by holding that since there is no dividend income during the year, there cannot be any disallowance u/s 14A. 5. Aggrieved by…

M/S.Golflinks Software Park (P) Ltd., Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

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

ITA 339/BANG/2017[2013-14]Status: DisposedITAT Bangalore10 May 2019AY 2013-14

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri G. Sitaram, CAFor Respondent: Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 28Section 36(1)(iii)

…keting Incl. (decision dated April 2, 2014, of the High Court of Punjab and Haryana in I. T. A. No. 970 of 2008)--since reported in [2015] 4 ITR-OL 246 (P&H)-- which in turn referred to two earlier decisions of the same court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H). The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj) ; [2015] 372 1TR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in T.A. No. 88 of ITA No.1 1071Bang…