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 366,470 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.

Asst CIT 19(3), Mumbai vs. Pahilajrai Jaikishin, Mumbai

In the result, the appeal is allowed

ITA 1562/MUM/2014[2010-11]Status: DisposedITAT Mumbai01 Feb 2016AY 2010-11

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

Section 14Section 143(2)Section 143(3)Section 14ASection 37(1)Section 40

…-SB)- (2012) 22 taxmann.com 88 e) Maxopp Investments Limited & Ors. V. CIT (2012) 247 CTR 162(Del.) f) Kodak India Private Limited v. Addl. CIT (ITA No 7349/Mum/2012) g) ACIT v. SIL Investment Limited(2012) 50 SOT 54(Del.) h) CIT v. Hero Cycles Limited (2010) 323 ITR 518(P&H.) & ITA No. 994/Mum/2014 We will now review all the above decisions in the light of our above discussions as above: a) CIT v. Walfort Share and Stock Brokers Private Limited (2010) 326 ITR 1(SC) , whereby the Hon’ble Supreme Court held that expenditure incurred as is referred to in Section 14A of the Act refers to the expenditure in respect t…

M/S. Klj Town Planners (P) Ltd., New Delhi vs. ACIT, New Delhi

Accordingly, the grounds raised by the assessee stands allowed

ITA 308/DEL/2014[2009-10]Status: DisposedITAT Delhi18 Jan 2016AY 2009-10

Bench: Shri S.V. Mehrotra & Smt. Beena A. Pillai

Section 143(1)Section 14A

…of the assessee. The Hon’ble High Court has also relied upon the decisions of; Commissioner of Income Tax, Faridabad v. M/s. Lakhani i) Marketing Incl. in ITA No. 970/2008 vide order dated 02.04. 2014 (P7 H) ii) CIT v. Hero Cycles Limited, reported [2010] in 323 ITR 518 iii) CIT v. Winsome Textile Industries Ltd., reported [2009] 319 ITR 204. iv) CIT -I v. Corrtech Energy (P) Ltd reported [2014] 223 Taxmann 130 (Guj.) v) CIT, Kanpur v. Shivam Motors (P) Ltd.(All) in ITA No. 88/2014 vide order dated 05.05.2014. 6.4. As per Maxopp Investment Ltd., (2012) 347 ITR 272 (Del), the correctness of the claim of the asses…

Rajshri Productions P. Ltd, Mumbai vs. Asst CIT RG 16(1), Mumbai

The appeal of the assessee is allowed

ITA 2049/MUM/2015[2009-10]Status: DisposedITAT Mumbai15 Jan 2016AY 2009-10

Bench: Shri Joginder Singh, Assessment Year: 2009-10 Rajshri Productions (P) Ltd. Acit, Bhavana, 1St Floor, 422, Veer Range-16(1), बनाम/ Savarkar Marg, Prabhadevi, Aayakar Bhavan, M.K.Road, Vs. Mumbai-400025 Mumbai-400020 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aaacr4139G

Section 143(1)Section 14ASection 14A(2)Section 2

…mining such expenditure has been introduced by virtue of sub-section (2) of section 14A. Prior to that, the assessing was free to adopt any reasonable and acceptable method.” 2.4. The Hon'ble Punjab & Haryana High Court in the case of CIT vs. Hero Cycles Ltd 323 ITR 518 (P&H) has also held that disallowance under section 14A could not stand where it was found that for earning exempted income no expenditure has been incurred: “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. In…

Jyoti Gordhan Tanwani, Mumbai vs. ACIT 19(3), Mumbai

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

ITA 7660/MUM/2013[2009-10]Status: DisposedITAT Mumbai06 Jan 2016AY 2009-10

Bench: Shri Amit Shukla, Jm & Shri Rajesh Kumar, Am आयकर अपील सं./I.T.A. No. 7660/Mum/2013 ("नधा"रण वष" / Assessment Year: 2009-10)

For Appellant: Shri Naveen Gupta
Section 143(3)Section 14ASection 14A(1)Section 24Section 24bSection 250(4)Section 57

…enditure has been incurred to earn such income. MASOPP Inv Ltd vs CIT (Delhi High Court) if no expenditure is incurred in relation to exempt income without recording a finding as to the correctness of expenditure, no disallowance can be made (Hero Cycles Ltd 323 ITR 518 referred). In view of the above facts, we request your honour that no disallowance u/s 14A may be made.” 9 Mrs. Jyoti Gordhan Tanwani Vs. ACIT 9. The AO disallowed Rs.1,27,116/- u/s 14A r.w.s Rule 8 D the calculation of which was incorporated in para 4.13 of the assessment order dated 19.1.11. by rejecting the contention of the assessee. The ld…

Super Auto Forge Private Ltd., Chennai vs. ACIT, Chennai

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

ITA 1008/CHNY/2014[2008-09]Status: DisposedITAT Chennai06 Jan 2016AY 2008-09

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A.No.1008/Mds/2014 "नधा"रण वष" /Assessment Year : 2008-2009. M/S. Super Auto Forge Private Ltd, Vs. The Assistant Commissioner Ts/82/2 Mettu Street, Of Income Tax, Gamapath Nagar, Company Circle Vi(4) Ekkattuthangal, Chennai Chennai 600 097. [Pan Aabcs 0459B ] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. G. Baskar, AdvocateFor Respondent: Shri. V. Vivekanandan, IRS, CIT
Section 10ASection 10BSection 143(1)Section 143(2)Section 143(3)Section 14ASection 70Section 92CSection 92E

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी चं" पूजार",लेखा सद"य एवं "ीजी. पवन कुमार,"या"यकसद"यकेसम" BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER आयकर अपील सं./I.T.A.No.1008/Mds/2014 "नधा"रण वष" /Assessment year : 2008-2009. M/s. Super Auto Forge Private Ltd, Vs. The Assistant Commissioner TS/82/2 Mettu Street, of Income Tax, Gamapath Nagar, Company Circle VI(4) Ekkattuthangal, Chennai Chennai 600 097. [PAN AABCS 0459B ] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant by : Shri. G. Baskar, Advocat…

Takshashila Academia of Economic Research Ltd, Mumbai vs. ITO 11(3)(1), Mumbai

The appeal is dismissed

ITA 868/MUM/2015[2011-12]Status: DisposedITAT Mumbai04 Jan 2016AY 2011-12

Bench: Shri Joginder Singh, Assessment Year:2011-12

Section 10(3)Section 14ASection 260A

…nk statement before the ld. First Appellate Authority to prove that own funds were invested for generating the income and no borrowed funds/OD was used in buying the mutual funds. Thus, the decision from Hon’ble Punjab & Haryana High Court in Hero Cycles Ltd. 323 ITR 518 (P &H) and jurisdictional High Court in K. Raheja Corporation Pvt. Ltd. (ITA No.1260 of 2009) comes to the rescue of the assessee. The relevant finding is reproduced hereunder:- “5. The finding of fact recorded by the Income Tax Appellate Tribunal is that the investments in equity shares and m utual funds were made by the assessee during the ass…

Ambattur Clothing Ltd., Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 910/CHNY/2015[2010-11]Status: DisposedITAT Chennai28 Dec 2015AY 2010-11

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1436, 1643/Mds/2014, 910/Mds/2015 ("नधा"रण वष" / Assessment Year : 2008-09, 2009-10 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.AFor Respondent: Shri. Rajib Kumar Hota, IRS, CIT
Section 10BSection 14ASection 14A(2)

…the dividend income can be taken as expenditure for earning such income and the same may be adopted in this case also. The ld. Authorised Representative further relied on the following orders of the Various High Courts and Tribunals:- a. CIT vs Hero Cycles (323 ITR 518) P & H High Court. b. DCIT vs. Jindal Photo Ltd in ITA No.4539/Del/2010, dt. 22.12.2010. c. Auchtel Products vs. ACIT in ITA No.3183/Mum/2011, dt. 30.4.2012. d. Justice Sam P. Bharucha vs. ACIT in ITA No.3859/Mum/2011. e. CIT vs. Hotel Savera 23 ITR 795 Mad. Without prejudice to the above, he submitted that, if at all, the expenses can be reason…

Ambattur Clothing Ltd., Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 1643/CHNY/2014[2009-10]Status: DisposedITAT Chennai28 Dec 2015AY 2009-10

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1436, 1643/Mds/2014, 910/Mds/2015 ("नधा"रण वष" / Assessment Year : 2008-09, 2009-10 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.AFor Respondent: Shri. Rajib Kumar Hota, IRS, CIT
Section 10BSection 14ASection 14A(2)

…the dividend income can be taken as expenditure for earning such income and the same may be adopted in this case also. The ld. Authorised Representative further relied on the following orders of the Various High Courts and Tribunals:- a. CIT vs Hero Cycles (323 ITR 518) P & H High Court. b. DCIT vs. Jindal Photo Ltd in ITA No.4539/Del/2010, dt. 22.12.2010. c. Auchtel Products vs. ACIT in ITA No.3183/Mum/2011, dt. 30.4.2012. d. Justice Sam P. Bharucha vs. ACIT in ITA No.3859/Mum/2011. e. CIT vs. Hotel Savera 23 ITR 795 Mad. Without prejudice to the above, he submitted that, if at all, the expenses can be reason…

Ambattur Clothing Ltd., Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 1436/CHNY/2014[2008-09]Status: DisposedITAT Chennai28 Dec 2015AY 2008-09

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1436, 1643/Mds/2014, 910/Mds/2015 ("नधा"रण वष" / Assessment Year : 2008-09, 2009-10 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.AFor Respondent: Shri. Rajib Kumar Hota, IRS, CIT
Section 10BSection 14ASection 14A(2)

…the dividend income can be taken as expenditure for earning such income and the same may be adopted in this case also. The ld. Authorised Representative further relied on the following orders of the Various High Courts and Tribunals:- a. CIT vs Hero Cycles (323 ITR 518) P & H High Court. b. DCIT vs. Jindal Photo Ltd in ITA No.4539/Del/2010, dt. 22.12.2010. c. Auchtel Products vs. ACIT in ITA No.3183/Mum/2011, dt. 30.4.2012. d. Justice Sam P. Bharucha vs. ACIT in ITA No.3859/Mum/2011. e. CIT vs. Hotel Savera 23 ITR 795 Mad. Without prejudice to the above, he submitted that, if at all, the expenses can be reason…

Pr. Commissioner of Income Tax Delhi-2 vs. Bharti Overseas Pvt. Ltd

The appeal is dismissed

ITA/802/2015HC Delhi17 Dec 2015

Bench: This Court Is Whether The Itat Was Correct In Affirming The Order Of The Commissioner Of Income Tax (A) [‘Cit(A)’] Which Had Confined The Disallowance Under Section 14A Of The Act To Rs. 30,26,552 For The Ay In Question?

Section 10Section 14ASection 260A

…becomes incongruent. It cannot disallow expenses which relate to taxable Income”. Reliance was placed on the decisions of this Court in Maxopp Investment Ltd. v. CIT (2012) 347 ITR 272 (Del) and the Punjab & Haryana High Court in CIT v. Hero Cycles Ltd., 323 ITR 518 (P&.H). Reference was also made to the decision of the Bombay High Court in Godrej & Boyce Mfg. Co. Ltd. v. CIT, 328 ITR 81 (Mum). I.T.A No. 802 of 2015 Page 4 of 12 7. The CIT(A) noted that indeed the AO had not recorded the reasons for rejecting the…

Deepak Agarwal, Mumbai vs. ACIT Cen Cir 32, Mumbai

In the result, the both appeals of the assessee are hereby partly allowed

ITA 4188/MUM/2011[2008-09]Status: DisposedITAT Mumbai16 Dec 2015AY 2008-09

Bench: S/Shri N.K.Billaiya & Amarjit Singhआयकर अपील सं/ I.T.A. No.4187/M/11 ("नधा"रण वष" / Assessment Year: 2008-09) Shri Devesh Agarwal Assistant Commissioner Of बनाम/ C/O. M/S. Ravi & Dev, Income Tax, Central Circle Vs. Chartered Accountants, 32 377-B, First Floor, Mumbai. Jagannath Shankar Seth Marg, Chira Bazar, Mumbai - 400002 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aekpa7464G

For Appellant: Shri Devendra A. MehtaFor Respondent: Shri Sanjeev Kashyap
Section 14ASection 69B

…आयकर अपील"य अ"धकरण,“डी” "यायपीठ, मुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE S/SHRI N.K.BILLAIYA, ACCOUNTANT MEMBER AND AMARJIT SINGH, JUDICIAL MEMBER आयकर अपील सं/ I.T.A. No.4187/M/11 ("नधा"रण वष" / Assessment Year: 2008-09) Shri Devesh Agarwal Assistant Commissioner of बनाम/ C/o. M/s. Ravi & Dev, Income Tax, Central Circle Vs. Chartered Accountants, 32 377-B, First Floor, Mumbai. Jagannath Shankar Seth Marg, Chira Bazar, Mumbai - 400002 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AEKPA7464G आयकर अपील सं/ I.T.A. No.4188/M/11 ("नधा"रण वष" / Assessment Year: 2008-09) Shri Deepak Agarwal Ass…

Devesh Agarwal, Mumbai vs. Asst CIT Cen Cir 32, Mumbai

In the result, the both appeals of the assessee are hereby partly allowed

ITA 4187/MUM/2011[2008-09]Status: DisposedITAT Mumbai16 Dec 2015AY 2008-09

Bench: S/Shri N.K.Billaiya & Amarjit Singhआयकर अपील सं/ I.T.A. No.4187/M/11 ("नधा"रण वष" / Assessment Year: 2008-09) Shri Devesh Agarwal Assistant Commissioner Of बनाम/ C/O. M/S. Ravi & Dev, Income Tax, Central Circle Vs. Chartered Accountants, 32 377-B, First Floor, Mumbai. Jagannath Shankar Seth Marg, Chira Bazar, Mumbai - 400002 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aekpa7464G

For Appellant: Shri Devendra A. MehtaFor Respondent: Shri Sanjeev Kashyap
Section 14ASection 69B

…आयकर अपील"य अ"धकरण,“डी” "यायपीठ, मुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE S/SHRI N.K.BILLAIYA, ACCOUNTANT MEMBER AND AMARJIT SINGH, JUDICIAL MEMBER आयकर अपील सं/ I.T.A. No.4187/M/11 ("नधा"रण वष" / Assessment Year: 2008-09) Shri Devesh Agarwal Assistant Commissioner of बनाम/ C/o. M/s. Ravi & Dev, Income Tax, Central Circle Vs. Chartered Accountants, 32 377-B, First Floor, Mumbai. Jagannath Shankar Seth Marg, Chira Bazar, Mumbai - 400002 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AEKPA7464G आयकर अपील सं/ I.T.A. No.4188/M/11 ("नधा"रण वष" / Assessment Year: 2008-09) Shri Deepak Agarwal Ass…

Shri Suresh Verma, Delhi vs. ACIT, New Delhi

In the result, both the appeals filed by the assessee are allowed

ITA 1151/DEL/2013[2009-10]Status: DisposedITAT Delhi27 Nov 2015AY 2009-10

Bench: Shri N.K. Saini & Shri A.T. Varkey

For Appellant: S/Shri Salil Kapoor, Shubham Rastogi and Sumit Lokchandani, AdvocatesFor Respondent: Smt. Sunita Kejriwal, CIT DR
Section 132Section 142(1)Section 143(2)Section 14ASection 153A

…shown to us. The Punjab and Haryana High Court in Commissioner of Income Tax, Faridabad Vs. M/s. Lakhani Marketing Incl., 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 Ta…

Shri Suresh Verma, Delhi vs. ACIT, New Delhi

In the result, both the appeals filed by the assessee are allowed

ITA 1150/DEL/2013[2008-09]Status: DisposedITAT Delhi27 Nov 2015AY 2008-09

Bench: Shri N.K. Saini & Shri A.T. Varkey

For Appellant: S/Shri Salil Kapoor, Shubham Rastogi and Sumit Lokchandani, AdvocatesFor Respondent: Smt. Sunita Kejriwal, CIT DR
Section 132Section 142(1)Section 143(2)Section 14ASection 153A

…shown to us. The Punjab and Haryana High Court in Commissioner of Income Tax, Faridabad Vs. M/s. Lakhani Marketing Incl., 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 Ta…

Genesis Foods & Beverages Ltd, Thane vs. ITO WD 8(1)(4), Mumbai

In the result, appeal of the assessee is allowed

ITA 6902/MUM/2013[2008-09]Status: DisposedITAT Mumbai17 Nov 2015AY 2008-09

Bench: Shri Amit Shukla & Shri Ramit Kochar

For Respondent: Shri Abani Kanta Nayak
Section 143(3)Section 14ASection 271(1)(c)

…issioner of Income Tax, Faridabad v. M/s. Lakhani Marketing Incl. (decision dated 2nd April 2014 of the High Court of Punjab and Haryana in ITA No. 970/2008) which in turn referred to two earlier decisions of the same Court in CIT v. Hero Cycles Limited[2010] 323 ITR 518 and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204. The second was of the Gujarat High Court in Commissioner of Income Tax-I v. Corrtech Energy (P) Ltd. [2014] 223 Taxmann 130 (Guj.) and the third of the Allahabad High Court in Commissioner of Income Tax, Kanpur v. Shivam Motors (P) Ltd. (decision dated 5th May 2014 in ITA No. 88/2014)…

Genesis Foods & Beverages Ltd, Thane vs. ITO WD 8(1)(4), Mumbai

In the result, appeal of the assessee is allowed

ITA 6901/MUM/2013[2008-09]Status: DisposedITAT Mumbai17 Nov 2015AY 2008-09

Bench: Shri Amit Shukla & Shri Ramit Kochar

For Respondent: Shri Abani Kanta Nayak
Section 143(3)Section 14ASection 271(1)(c)

…issioner of Income Tax, Faridabad v. M/s. Lakhani Marketing Incl. (decision dated 2nd April 2014 of the High Court of Punjab and Haryana in ITA No. 970/2008) which in turn referred to two earlier decisions of the same Court in CIT v. Hero Cycles Limited[2010] 323 ITR 518 and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204. The second was of the Gujarat High Court in Commissioner of Income Tax-I v. Corrtech Energy (P) Ltd. [2014] 223 Taxmann 130 (Guj.) and the third of the Allahabad High Court in Commissioner of Income Tax, Kanpur v. Shivam Motors (P) Ltd. (decision dated 5th May 2014 in ITA No. 88/2014)…

Planman Consulting (India) Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeal in ITA No

ITA 5753/DEL/2013[2009-10]Status: DisposedITAT Delhi06 Nov 2015AY 2009-10

Bench: Sh. Inturi Rama Rao & Ms. Suchitra Kamble

For Appellant: Sh. Ved Jain, CAFor Respondent: Smt. Anjula Jain, Sr. DR
Section 143(1)Section 143(3)Section 14ASection 40Section 80G

…shown to us. The Punjeb and Haryana High Court in Commissioner of Income Tax, Faridabad Vs. M/s. Lakhani Marketing Incl., 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, [2010J 323 ITR 518 and CIT Vs. Winsome Textile Industries Limited, [2009J 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. [2014J 223 Taxmann 130 (Guj.). The third decision is of the Allahabad High Court in Income Ta…

Planman Consulting (India) Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeal in ITA No

ITA 5752/DEL/2013[2008-09]Status: DisposedITAT Delhi06 Nov 2015AY 2008-09

Bench: Sh. Inturi Rama Rao & Ms. Suchitra Kamble

For Appellant: Sh. Ved Jain, CAFor Respondent: Smt. Anjula Jain, Sr. DR
Section 143(1)Section 143(3)Section 14ASection 40Section 80G

…shown to us. The Punjeb and Haryana High Court in Commissioner of Income Tax, Faridabad Vs. M/s. Lakhani Marketing Incl., 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, [2010J 323 ITR 518 and CIT Vs. Winsome Textile Industries Limited, [2009J 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. [2014J 223 Taxmann 130 (Guj.). The third decision is of the Allahabad High Court in Income Ta…

ITO, New Delhi vs. M/S. A.H. Multisoft Pvt. Ltd., New Delhi

In the result, the appeal filed by the Revenue stands partly allowed for statistical purposes

ITA 5004/DEL/2015[2010-11]Status: DisposedITAT Delhi29 Oct 2015AY 2010-11

Bench: Shri H.S. Sidhua.Y. : 2010-11 Income Tax Officer, Vs. M/S A.H. Multisoft Pvt. Ltd., Ward-1(1), 4Th Floor, Dhaka House, 18/17, Wea New Delhi Karol Bagh, New Delhi - 5 Room No. 380A, Cr Bldg., (Pan : Aagca0146C) New Delhi – 110 002 (Appellant) (Respondent) Department By : Sh. P. Dam Kanunjna, Sr. Dr Assessee By : Sh. Sanjeev Sapra, Ca

For Appellant: Sh. Sanjeev Sapra, CAFor Respondent: Sh. P. Dam Kanunjna, Sr. DR
Section 10Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 14ASection 14A(2)

…e, the expenditure was allowed. I further find that Hon’ble Punjab and Haryana High Court in the case of CIT vs. Lakhani Marketing in ITA No. 970/2008 decided on 2.4.2004 made reference to two earlier decisions of the same Court in CIT vs. Hero Cycles Limited 323 ITR 518 and CIT vs. Winsome Textile Industries Ltd. 319 ITR 204 to hold that Section 14A cannot be invoked when no exempt income was earned. I note that the Ld. CIT(A) has rightly observed that in the assessee’s case there was no exempt income earning during the year. Respectfully following the decision of the Jurisdictional High Court in the case of CIT…

Rajat Indulal Doshi, Mumbai vs. A.C.I.T. Circle 16(1), Mumbai

In the result, both the appeals filed by the assessee are treated as allowed for statistical purposes

ITA 7243/MUM/2011[2008-09]Status: DisposedITAT Mumbai07 Oct 2015AY 2008-09

Bench: S/Shri B.R.Baskaran, Am & Amarjit Singh, Jm आमकय अऩीर सं./I.T.A. No.7242 & 7243/Mum/2011 (ननधधायण वषा / Assessment Years: 2007-08 & 2008-09) बनाम/ Mr.Rajat Indulal Doshi, The Asstt. Commissioner Of Income Tax, Circle No.16(1), 1-E, 1St Floor, Dil Pazir Vs. Matru Mandir, Bhulabhai Desai Road, Mumbai-400007. Warden Road, Mumbai-400026 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

Section 14A

…ny disallowance out of interest expenditure as per the decision of the Hon’ble jurisdictional Mumbai High Court in the case of Reliance Utilities and power ltd (331 ITR 340). The Ld A.R also placed reliance on the decision rendered in the case of Hero Cycles (323 ITR 518). 5. On the contrary, the Ld D.R submitted that the assessee has not established one to one nexus between the interest bearing funds and the investments made. 6. We have heard rival contentions and perused the record. There is no dispute with regard to the fact that the provisions of Rule 8D shall not be applicable for AY 2007-08 in view of the d…