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.

How many judgments cite CIT v. Hero Cycles Ltd.?

470 judgments on BharatTax cite CIT v. Hero Cycles Ltd. (323 ITR 518), spanning 2012 to 2026.

Which sections of the Income Tax Act does CIT v. Hero Cycles Ltd. come up under?

It is most often cited in judgments turning on Section 14A, Section 142(1), Section 143(3), Section 8D, Section 143(2), Section 115JB.

CIT v. Hero Cycles Ltd. (323 ITR 518)

M/S Khoday India Limited, Bangalore vs. DCIT, Bangalore

In the result, the appeals of the assessee are partly allowed and the appeals of revenue are dismissed

ITA 1056/BANG/2016[2012-13]Status: DisposedITAT Bangalore24 Oct 2017AY 2012-13

Bench: Shri Vijay Pal Rao & Shri Jason P Boaz

For Appellant: Shri S. Sukumar,AdvocateFor Respondent: Shri M.K. Biju, JCIT (DR) (ITAT)-3, Bengaluru

Section 14A

…cording of non-satisfaction, the disallowance is untenable. The learned Authorised Representative has also relied upon the decision of Hon'ble Punjab & Haryana High Court in the case of DCIT Vs. Deepak Mittal 361 ITR 131 as well as CIT Vs. Hero Cycles Limited 323 ITR 518. He has then relied upon the decision of Hon'ble Delhi High Court in the case of Maxopp Investment Limited & Ors Vs. CIT 247 CTR 162 wherein the principle laid down by the Hon'ble Supreme Court as well as Hon'ble High Courts has been reiterated. 6. On the other hand, the learned Departmental Representative has submitted that for the Assessment Ye…

DCIT, New Delhi vs. M/S. Jindal Stainless Steelway Ltd., New Delhi

In the result, the appeal of the department is dismissed

ITA 3399/DEL/2014[2010-11]Status: DisposedITAT Delhi24 Oct 2017AY 2010-11

Bench: Sh. N. K. Saini, Am & Sh. K. N. Chary, Jm Ita No. 3399/Del/2014 : Asstt. Year : 2010-11 Dy. Commissioner Of Income Vs M/S Jindal Stainless Steelway Ltd., Tax, Circle-4(1), Jindal Centre, 12, Bhikaji Cama Place, New Delhi New Delhi-110066 (Appellant) (Respondent) Pan No. Aabcj4346C Assessee By : Sh. Nipun Mittal, Ca Revenue By : Sh. Sampoornanand, Sr. Dr Date Of Hearing : 27.09.2017 Date Of Pronouncement : 24.10.2017 Order Per N. K. Saini, Am: This Is An Appeal By The Department Against The Order Dated 31.03.2014 Of Ld. Cit(A)-Vii, New Delhi.

For Appellant: Sh. Nipun Mittal, CAFor Respondent: Sh. Sampoornanand, Sr. DR

Section 10(34)Section 143(1)Section 14A

…st expenditure can be disallowed by mechanically applying the provisions of Rule 8D” 6. The reliance was placed on the following case laws: " Godrej & Boyce Mfg. Co. Ltd. Vs DCIT (2010) 328 ITR 81 (Bom.) 4 Jindal Stainless Steelway Ltd. " CIT Vs Hero Cycles 323 ITR 518 (P&H) " CIT Vs Jindal Photo Films Ltd. in ITA No. 814/Del/2011 " Cheminvest Ltd. Vs ITO (2009) 317 ITR (AT) 86 (Del. Spl Bench) 7. It was also submitted as under: "Interest expenditure Incurred by the assessee was for borrowing used for the purposes of Investment in shares, both held for trading as well as Investment purposes. Irrespective of whe…

Assistant Commissioner of Income Tax, Circle-1, Kota vs. M/S Tolaram Satyadev Agro Pvt. Ltd., Kota

In the result, appeal of the revenue stands dismissed

ITA 672/JPR/2017[2013-14]Status: DisposedITAT Jaipur09 Oct 2017AY 2013-14

For Appellant: Shri P.C. Parwal (CA)For Respondent: Shri R.A. Verma (Addl.CIT) fu/kZkfjrh dh vksj ls@

Section 14A

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh Hkkxpan] ys[kk lnL; ,oa Jh dqy Hkkjr] U;kf;d lnL; ds le{k BEFORE: SHRI BHAGCHAND, AM & SHRI KUL BHARAT, JM vk;dj vihy la-@ITA No. 672/JP/2017 fu/kZkj.k o"kZ@Assessment Year : 2013-14 cuke Assistant Commissioner of M/s Tolaram Satyadev Vs. Income Tax, Agro Pvt. Ltd., Circle-1, Kota 40-A, Talwandi, Kota. PAN No.: AACCT 2015 P vihykFkhZ@Appellant izR;FkhZ@Respondent jktLo dh vksj ls@ Revenue by : Shri R.A. Verma (Addl.CIT) fu/kZkfjrh dh vksj ls@ Assessee by : Shri P.C. Parwal (CA) lquokbZ dh rkjh[k@ Date of Hear…

Assistant Commissioner of Income Tax, Circle-1, Kota vs. Sudha Hospital & Medical Research Centre, Kota

In the result, appeal of the revenue stands dismissed

ITA 671/JPR/2017[2014-15]Status: DisposedITAT Jaipur09 Oct 2017AY 2014-15

For Appellant: Shri P.C. Parwal (CA)For Respondent: Shri R.A. Verma (Addl.CIT) fu/kZkfjrh dh vksj ls@

Section 14A

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh Hkkxpan] ys[kk lnL; ,oa Jh dqy Hkkjr] U;kf;d lnL; ds le{k BEFORE: SHRI BHAGCHAND, AM & SHRI KUL BHARAT, JM vk;dj vihy la-@ITA No. 671/JP/2017 fu/kZkj.k o"kZ@Assessment Year : 2014-15 cuke Assistant Commissioner of Sudha Hospital and Vs. Income Tax, Medical Research Centre Circle-1, Kota Pvt. Ltd., 11-A, Talwandi, Kota. PAN No.: AAGCS 2221 N vihykFkhZ@Appellant izR;FkhZ@Respondent jktLo dh vksj ls@ Revenue by : Shri R.A. Verma (Addl.CIT) fu/kZkfjrh dh vksj ls@ Assessee by : Shri P.C. Parwal (CA) lquokbZ dh rkj…

Assistant Commissioner of Income Tax, Circle-1, Kota vs. M/S Naresh Kumar Manoj Kumar, Kota

In the result, appeal of the revenue stands dismissed

ITA 670/JPR/2017[2013-14]Status: DisposedITAT Jaipur09 Oct 2017AY 2013-14

For Appellant: Shri P.C. Parwal (CA)For Respondent: Smt. Poonam Roy (DCIT) fu/kZkfjrh dh vksj ls@

Section 145(3)Section 14A

…ue against Revenue. The first was the decision in CIT v. Lakhani Marketing Inc. [2014] 226 Taxman 45/49 taxmann.com 257 of the High Court of Punjab and Haryana which in turn referred to two earlier decisions of the same Court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518/189 Taxman 50 and CIT v. Winsome Textile Industries Ltd . [2009] 319 ITR 204. The second was of the ITA 670/JP/2017 6 ACIT Vs. M/s Naresh Kumar Manoj Kumar Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxman 130/45 taxmann.com 116 and the third of the Allahabad High Court in CIT v. Shivam Motors (P.) Ltd . [2015] 230 Taxman…

Shakti Films, Mumbai vs. ITO 11(1)(4), Mumbai

In the result, all the appeals filed by the assessee are hereby allowed

ITA 1474/MUM/2015[2008-09]Status: DisposedITAT Mumbai04 Oct 2017AY 2008-09

Bench: Shri R.C. Sharma, Am & Shri Amarjit Singh, Jm

For Appellant: Shri Virendra Singh KhuranaFor Respondent: Shri Ram Tiwari (Sr. AR)

Section 142(1)Section 14ASection 263

…ds and investment, therefore, in the said circumstances, the expenditure incurred to earn the exempt income to the tune of Rs.2,16,129/- is not liable to be sustainable in view of the law settled in the case of Winsome Textile 319 ITR, 204 (P&H) & Hero Cycles 323 ITR 518.However, on the other hand, the Ld. Representative of the department has refuted the said contentions. On appraisal of the record, we noticed that the assessee did not claim any expenses against exempt income. The Assessing Officer nowhere ITA. No. 1474/M/2015 & 600/M/2013 A.Y. 2008-09 prove nexus with the expenditure incurred to earn the exemp…

Stci Finance Ltd, Mumbai vs. DCIT RG (OSD) 1(2), Mumbai

In the result, appeal filed by the assessee is allowed and appeal of the Revenue is

ITA 6321/MUM/2014[2010-11]Status: DisposedITAT Mumbai29 Sept 2017AY 2010-11

Bench: Shri G.S. Pannu & Shri Pawan Singhstci Finance Limited The Dcit (Osd) -1(2), A/B 1-802, A Wing, 8Th Floor, Aayakar Bhavan, Churchgate, Marathon Innova, Marathon Mumbai-400020. Nextgen Compound, Off Vs. Ganpatrao Kadam Marg, Lower Parel (W), Mumbai-400013 Pan: Aagcs9709K (Appellant) (Respondent) The Dcit (Osd) -1(2), Stci Finance Limited A/B 1-802, A Wing, 8Th Floor, Aayakar Bhavan, Churchgate, Mumbai-400020. Marathon Innova, Marathon Vs. Nextgen Compound, Off Ganpatrao Kadam Marg, Lower Parel (W), Mumbai-400013 Pan: Aagcs9709K (Appellant) (Respondent) Assessee By Shri Karthik Natrajan & : Ms. Hetal Vora, (Ar) Revenue By : Shri V. Justin (Sr. Dr) Date Of Hearing : 22.08.2017 Date Of Pronouncement : 29.09.2017 Order Under Section 254(1) Of Income Tax Act Per Pawan Singh: 1. These Two Appeal U/S 253 Of The Income-Tax Act (The Act) Are Directed Against The Order Of Ld. Cit(A)-2, Mumbai Dated 14.06.2014 For The Assessment Year (Ay)

For Respondent: Shri V. Justin (Sr. DR)

Section 115JSection 143(3)Section 14ASection 14A(2)Section 250Section 253Section 254(1)

…section cannot be applied prior to recording the reasons for dissatisfaction of claim made by assessee in support of his submission, the ld. AR of the assessee relied upon the decision of Godrej & Boyce vs. DCIT (328 ITR 81 (Bom. H.C.), CIT vs. Hero Cycles (323 ITR 518) (P & H High Court), Maxopp Investment Ltd. (2012) (374 ITR 272) (Delhi HC). It was further argued that the investments made by assessee are strategic in nature and have been held for more than decade. The dividend has been directly credited to the ECS Account and declaration of dividend is not under STCI influence. Thus, strategic investment o…

Asst CIT 1(3), Mumbai vs. Stci Ltd, Mumbai

In the result, appeal filed by the assessee is allowed and appeal of the Revenue is

ITA 6125/MUM/2014[2010-11]Status: DisposedITAT Mumbai29 Sept 2017AY 2010-11

Bench: Shri G.S. Pannu & Shri Pawan Singhstci Finance Limited The Dcit (Osd) -1(2), A/B 1-802, A Wing, 8Th Floor, Aayakar Bhavan, Churchgate, Marathon Innova, Marathon Mumbai-400020. Nextgen Compound, Off Vs. Ganpatrao Kadam Marg, Lower Parel (W), Mumbai-400013 Pan: Aagcs9709K (Appellant) (Respondent) The Dcit (Osd) -1(2), Stci Finance Limited A/B 1-802, A Wing, 8Th Floor, Aayakar Bhavan, Churchgate, Mumbai-400020. Marathon Innova, Marathon Vs. Nextgen Compound, Off Ganpatrao Kadam Marg, Lower Parel (W), Mumbai-400013 Pan: Aagcs9709K (Appellant) (Respondent) Assessee By Shri Karthik Natrajan & : Ms. Hetal Vora, (Ar) Revenue By : Shri V. Justin (Sr. Dr) Date Of Hearing : 22.08.2017 Date Of Pronouncement : 29.09.2017 Order Under Section 254(1) Of Income Tax Act Per Pawan Singh: 1. These Two Appeal U/S 253 Of The Income-Tax Act (The Act) Are Directed Against The Order Of Ld. Cit(A)-2, Mumbai Dated 14.06.2014 For The Assessment Year (Ay)

For Respondent: Shri V. Justin (Sr. DR)

Section 115JSection 143(3)Section 14ASection 14A(2)Section 250Section 253Section 254(1)

…section cannot be applied prior to recording the reasons for dissatisfaction of claim made by assessee in support of his submission, the ld. AR of the assessee relied upon the decision of Godrej & Boyce vs. DCIT (328 ITR 81 (Bom. H.C.), CIT vs. Hero Cycles (323 ITR 518) (P & H High Court), Maxopp Investment Ltd. (2012) (374 ITR 272) (Delhi HC). It was further argued that the investments made by assessee are strategic in nature and have been held for more than decade. The dividend has been directly credited to the ECS Account and declaration of dividend is not under STCI influence. Thus, strategic investment o…

Shri Ashok Bajpai, Indore vs. The DCIT 1(1), Indore

The appeal are allowed

ITA 1035/IND/2016[2012-13]Status: DisposedITAT Indore28 Sept 2017AY 2012-13

Bench: Shri C.M. Garg & Shri O.P.Meena

Section 14A

…Shri Ashok Bajpai V DCIT-1(1), Indore ITA No.1035/Ind/2016 Assessment Year 2012-13 Page 1 of 8 आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE "ी सी.एम.गग","या"यक सद"यतथा"ी ओ.पी.मीना,लेखा सद"यके सम" BEFORE SHRI C.M. GARG, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUNTANT MEMBER आ.अ.सं./ I.T.A. No.1035/Ind/2016 "नधा"रणवष" /Assessment Year: 2012-13 Shri Ashok Bajpai, Dy. Commissioner of 11-E, Ratlam Kothi, v. Income Tax 1(1), Indore Indore (M.P) अपीलाथ" /Appellant ""यथ" /Respondent "था.ले.सं./PAN: ACFPB 4670 G Shri Ram Gilda, Advocate अपीलाथ"क"ओरसे/Appellant b…

DCIT, New Delhi vs. M/S. Rds Projects Ltd., New Delhi

In the result, the appeal of the department is dismissed

ITA 1182/DEL/2016[2012-13]Status: DisposedITAT Delhi26 Sept 2017AY 2012-13

Bench: Sh. N. K. Saini, Am & Sh. K. N. Chary, Jm Ita No. 1182/Del/2016 : Asstt. Year : 2012-13 Dy. Commissioner Of Income Vs M/S Rds Projects Ltd., Tax, Circle-21(2), 427, Somdutt Chambers-Ii, 9, Bhikaji New Delhi Cama Palace, New Delhi-110066 (Appellant) (Respondent) Pan No. Aaacr4761J Assessee By : None Revenue By : Sh. S. P. Gupta, Sr. Dr Date Of Hearing : 14.09.2017 Date Of Pronouncement : 26.09.2017 Order Per N. K. Saini, Am: This Is An Appeal By The Department Against The Order Dated 14.12.2015 Of Ld. Cit(A)-7, New Delhi.

For Appellant: NoneFor Respondent: Sh. S. P. Gupta, Sr. DR

Section 143(1)Section 14A

…s Ltd. claim in respect of expenditure disallowed or not incurred to attract the mischief of disallowance u/s 14A of the Act (Maxopp Investment Ltd. vs. CIT 347 ITR 272 (Del), CIT vs. Walfort Share and Stock Brokers P. Ltd. 326 ITR 1, CIT vs. Hero Cycles Ltd. 323 ITR 518, CIT vs. Consolidated Photo and Finvest Ltd. 211 Taxman 184). The disallowance made by the AO therefore, is not in order. 3.3. As stated above, the disallowance computed by the AO is far in excess of the exempt income disclosed by the appellant i.e. Rs.7,000/-. The Hon'ble Delhi High Court in the case of Joint Investment (P) Ltd. vs. CIT 2015/(3)…

DCIT, New Delhi vs. M/S. Manpower Group Services India Pvt. Ltd., New Delhi

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

ITA 5148/DEL/2015[2011-12]Status: DisposedITAT Delhi19 Sept 2017AY 2011-12

Bench: Shri B.P. Jain & Shri Kuldip Singh.

For Appellant: NoneFor Respondent: Shri Arun Kumar Yadav, Sr.DR

Section 14A

…n show to us. The Punjab and Haryana High Court in Commissioner of Income Tax, Faridabad Vs. M/s. Lakhani Marketing Inch, ITA No. 970/2008, decided on 02.04.2014, made reference to two earlier decisions of the same Court in CIT Vs. Hero Cycles Limited, [2010] 323 ITR 518 and CIT Vs. Winsome Textile Industries Limited, [2009] 319 ITR 204 to hold that Section 14A cannot be invoked when no exempt income was earned. The second decision is of the Gujarat High Court in Commissioner of Income Tax-I Vs. Corrtech Energy (P) Ltd. [2014] 223 Taxmann 130 (Guj). The third decision is of the Allahabad High Court in Income Tax…

DCIT, New Delhi vs. M/S. Manpower Group Services India Pvt. Ltd., New Delhi

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

ITA 5147/DEL/2015[2010-11]Status: DisposedITAT Delhi19 Sept 2017AY 2010-11

Bench: Shri B.P. Jain & Shri Kuldip Singh.

For Appellant: NoneFor Respondent: Shri Arun Kumar Yadav, Sr.DR

Section 14A

…n show to us. The Punjab and Haryana High Court in Commissioner of Income Tax, Faridabad Vs. M/s. Lakhani Marketing Inch, ITA No. 970/2008, decided on 02.04.2014, made reference to two earlier decisions of the same Court in CIT Vs. Hero Cycles Limited, [2010] 323 ITR 518 and CIT Vs. Winsome Textile Industries Limited, [2009] 319 ITR 204 to hold that Section 14A cannot be invoked when no exempt income was earned. The second decision is of the Gujarat High Court in Commissioner of Income Tax-I Vs. Corrtech Energy (P) Ltd. [2014] 223 Taxmann 130 (Guj). The third decision is of the Allahabad High Court in Income Tax…

Camac Leathers Pvt. Ltd., Kolkata vs. DCIT-Ccircle-8, Kolkata

In the result, Revenue’s appeal is partly allowed for statistical purposes

ITA 815/KOL/2012[2008-2009]Status: DisposedITAT Kolkata15 Sept 2017AY 2008-2009

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

Section 10(34)Section 143(3)Section 14A

…of investment or a pay back is not ‘expenditure incurred’ in terms of section 14A for attracting section 14A, there has to be a proximate cause for disallowance which is its relationship with tax exempt income. In CIT v. Hero Cycles Ltd. [2010] 189 Taxman 50/323 ITR 518 (Punj.&Har.) it has been held that disallowance under sec. 14A requires finding of incurring expenditure and where it is found that for earning exempted income no expenditure has been incurred, disallowance under sec. 14A cannot stand. However, it may be noted that sub-section (3) was inserted by the Finance Act, 2006 with effect from April 1, 20…

ITO, Ward - 8(2), Kolkata vs. M/S Camac Leathers Pvt. Ltd., Kolkata

In the result, Revenue’s appeal is partly allowed for statistical purposes

ITA 646/KOL/2012[2008-2009]Status: DisposedITAT Kolkata15 Sept 2017AY 2008-2009

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

Section 10(34)Section 143(3)Section 14A

…of investment or a pay back is not ‘expenditure incurred’ in terms of section 14A for attracting section 14A, there has to be a proximate cause for disallowance which is its relationship with tax exempt income. In CIT v. Hero Cycles Ltd. [2010] 189 Taxman 50/323 ITR 518 (Punj.&Har.) it has been held that disallowance under sec. 14A requires finding of incurring expenditure and where it is found that for earning exempted income no expenditure has been incurred, disallowance under sec. 14A cannot stand. However, it may be noted that sub-section (3) was inserted by the Finance Act, 2006 with effect from April 1, 20…

Coimbatore Hitech Infrastructure Private Limited, Coimbatore vs. DCIT, Coimbatore

In the result, the assessee’s appeal is allowed

ITA 1091/CHNY/2017[2013-14]Status: DisposedITAT Chennai12 Sept 2017AY 2013-14

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: Shri. S. Sridhar, Advocate

Section 14A

…why the provisions of section 14A r.w.r. 8D should not be invoked. The assessee relying on the decisions of Godrej Boyce Mfg. Co. Ltd. vs DCIT (328 ITR 81), Maxopp Investments Ltd. vs. CIT ( 347 ITR 272), CIT vs HDFC Bank (366 ITR 502), CIT vs Hero Cycles (323 ITR 518), CIT vs Glenmark Pharmaceuticals Ltd. (351 ITR 359), Cheminvest Ltd. vs CIT (378 ITR 33), CIT vs Om Prakash Khaitan (376 ITR 390) and CIT vs Holcim India Private Ltd. (ITA No. 486/2014 & ITA No. 299/2014) submitted that the provisions of section 14A r.w.r. 8D are not attracted in its case. However, the AO held that in order to make such inve…

Bharat Bijlee Ltd, Mumbai vs. Addl CIT RG 6(1), Mumbai

In the result, these appeals filed by the assessee stand allowed for statistical purposes

ITA 383/MUM/2015[2011-12]Status: DisposedITAT Mumbai07 Aug 2017AY 2011-12

Bench: Shri Shamim Yahya, Am & Shri Ravish Sood, Jm

For Appellant: Shri Ronak DoshiFor Respondent: Ms.Arju Garodia

Section 14ASection 234C

…arranting disallowance u/s 14A of the Act, the 14A of the Act expenditure must have actually been incurred for the r.w.r. 8D(2)(iii) purpose of earning exempt income. of the Rules Maxopp Investments Ltd. v. CIT (203 Taxman 364) (Del HC) CIT v. Hero Cycle Ld. (323 ITR 518) (P&H) CIT v. UTI Bank Ltd. (215 Taxman 8) (Guj.) ACIT v. SIL Investments (73 DTR 233) (Del-T) 8 ITA Nos.382 & 383/Mum/2015. M/s.Bharat Bijlee Limited 8. The learned Counsel of the assessee further submitted that in view of the decisions as above, the issue in this appeal should be referred to the Assessing Officer for fresh consideration. He re…

Bharat Bijlee Ltd, Mumbai vs. DCIT Cir 6(1), Mumbai

In the result, these appeals filed by the assessee stand allowed for statistical purposes

ITA 382/MUM/2015[2010-11]Status: DisposedITAT Mumbai07 Aug 2017AY 2010-11

Bench: Shri Shamim Yahya, Am & Shri Ravish Sood, Jm

For Appellant: Shri Ronak DoshiFor Respondent: Ms.Arju Garodia

Section 14ASection 234C

…arranting disallowance u/s 14A of the Act, the 14A of the Act expenditure must have actually been incurred for the r.w.r. 8D(2)(iii) purpose of earning exempt income. of the Rules Maxopp Investments Ltd. v. CIT (203 Taxman 364) (Del HC) CIT v. Hero Cycle Ld. (323 ITR 518) (P&H) CIT v. UTI Bank Ltd. (215 Taxman 8) (Guj.) ACIT v. SIL Investments (73 DTR 233) (Del-T) 8 ITA Nos.382 & 383/Mum/2015. M/s.Bharat Bijlee Limited 8. The learned Counsel of the assessee further submitted that in view of the decisions as above, the issue in this appeal should be referred to the Assessing Officer for fresh consideration. He re…

DCIT, New Delhi vs. M/S. Bharat Hotels Ltd., New Delhi

The appeals are dismissed

ITA 4771/DEL/2014[2011-12]Status: DisposedITAT Delhi08 Jun 2017AY 2011-12

Bench: Shri L. P. Sahu & Smt Suchitra Kambledcit Vs Bharat Hotels Ltd. Circle-2(1) Barakhamba Lane New Delhi New Delhi Aaacb1298E (Appellant) (Respondent)

Section 10Section 14A

…n to us. The Punjab and Haryana High Court in Commissioner of Income Tax, Faridahad Vs. M/s. Lakhani Marketing Incl., ITA No. 3 970/2008, decided on 02.04.2014, made reference to two earlier decisions of the same Court in CIT Vs. Hero Cycles Limited, [2010] 323 ITR 518 and CIT Vs. Winsome Textile Industries Limited, [2009] 319 ITR 204to hold that Section 14A cannot be invoked when no exempt income was earned. The second decision is of the Gujarat High Court in Commissioner of Income Tax-1 Vs. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj.) The third decision is of the Allahabad High Court in Income Tax…

Inducto Steel Ltd, Mumbai vs. ACIT Cen Cir 38, Mumbai

The appeal of the assessee is partly allowed

ITA 2555/MUM/2015[2006-07]Status: DisposedITAT Mumbai26 May 2017AY 2006-07

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2006-07 Inducto Steel Ltd. Acit, 156, Maker Chamber Vi, Cc-38, बनाम/ 220, Jamnalal Bajaj Marg, Aayakar Bhavan, Vs. Nariman Point, M.K. Road, Mumbai-400021 Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aaaci1045E

Section 14A

…, Rule-8D of the rules is not applicable to the case of the assessee. The issue has been examined by Hon'ble High Court/Courts and also by Hon'ble Apex Court. The Hon'ble Bombay High Court in Reliance Utilities & Power Ltd. 313 ITR 340(Bom.), Hero Cycles Ltd. 323 ITR 518 (P & H) has thrown light on the issue. The Ld. Commissioner of Income Tax (Appeal) has observed that the assessee has showed capital and reserved of Rs.4.95 crores and it appears that the funds deployed for acquisition of fixed assets (Rs. 29 lakh), granting loan and advanced to sister concern (Rs.4.22 crores) and the assessee fully paid its secu…

DCIT, Faridabad vs. M/S. Richa Holdings Ltd., Faridabad

In the result departmental appeal is dismissed

ITA 555/DEL/2014[2009-10]Status: DisposedITAT Delhi25 May 2017AY 2009-10

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi Assessment Year : 2009-10

For Appellant: Department byFor Respondent: Shri Vijay Kumar Singla, CA

Section 14ASection 8D

…res. It was also noted that Assessing Officer also did not establish the fact that borrowed funds were used for making investment in shares. Ld. CIT(A) relied upon decision of the Hon'ble Punjab & Haryana High Court in the case of CIT vs. Hero Cycles Ltd. 323 ITR 518 in which it was held that disallowance u/s 14A required finding of incurring of expenditure. Where it was found that for earning exempted income no expenditure has been incurred , disallowance u/s 14A could not stand. Ld. CIT (A) also relied upon decision of the Punjab & Haryana High Court in the case of CIT vs Winsome Textile Industries Pvt.…

CIT v. Hero Cycles Ltd.

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

Also referred to as

Also reported as

Sections most often in play

Issues it is cited on

Judgments citing CIT v. Hero Cycles Ltd.

M/S Khoday India Limited, Bangalore vs. DCIT, Bangalore

DCIT, New Delhi vs. M/S. Jindal Stainless Steelway Ltd., New Delhi

Assistant Commissioner of Income Tax, Circle-1, Kota vs. M/S Tolaram Satyadev Agro Pvt. Ltd., Kota

Assistant Commissioner of Income Tax, Circle-1, Kota vs. Sudha Hospital & Medical Research Centre, Kota

Assistant Commissioner of Income Tax, Circle-1, Kota vs. M/S Naresh Kumar Manoj Kumar, Kota

Shakti Films, Mumbai vs. ITO 11(1)(4), Mumbai

Stci Finance Ltd, Mumbai vs. DCIT RG (OSD) 1(2), Mumbai

Asst CIT 1(3), Mumbai vs. Stci Ltd, Mumbai

Shri Ashok Bajpai, Indore vs. The DCIT 1(1), Indore

DCIT, New Delhi vs. M/S. Rds Projects Ltd., New Delhi

DCIT, New Delhi vs. M/S. Manpower Group Services India Pvt. Ltd., New Delhi

DCIT, New Delhi vs. M/S. Manpower Group Services India Pvt. Ltd., New Delhi

Camac Leathers Pvt. Ltd., Kolkata vs. DCIT-Ccircle-8, Kolkata

ITO, Ward - 8(2), Kolkata vs. M/S Camac Leathers Pvt. Ltd., Kolkata

Coimbatore Hitech Infrastructure Private Limited, Coimbatore vs. DCIT, Coimbatore

Bharat Bijlee Ltd, Mumbai vs. Addl CIT RG 6(1), Mumbai

Bharat Bijlee Ltd, Mumbai vs. DCIT Cir 6(1), Mumbai

DCIT, New Delhi vs. M/S. Bharat Hotels Ltd., New Delhi

Inducto Steel Ltd, Mumbai vs. ACIT Cen Cir 38, Mumbai

DCIT, Faridabad vs. M/S. Richa Holdings Ltd., Faridabad