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 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 14A Section 142(1)Section 143(3)Section 8D Section 143(2)Section 115JB Section 37(1)Section 43B

Read the full judgment

Issues it is cited on

section 10(34)disallowance under section 14a disallowance u/s 14a section 14a section 115j section 115jb section 37 section 37(1)section 10 section 115 previous year assistant commissioner

Judgments citing CIT v. Hero Cycles Ltd.

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 7242/MUM/2011[2007-08]Status: DisposedITAT Mumbai07 Oct 2015AY 2007-08

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…

Cheminvest Limited vs. Commissioner of Income Tax-VI

The appeal is allowed in the above terms

ITA/749/2014HC Delhi02 Sept 2015

Section 10(33)Section 14Section 143(3)Section 14ASection 260A

…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 2015:DHC:7226-DB ITA No. 749 of 2014 Page 9 of 14 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/…

Brigade Enterprises Ltd, Bangalore vs. Additional Commissioner of Income Tax, Bangalore

In the result, the assessee’s appeal is treated as partly allowed

ITA 1275/BANG/2014[2010-11]Status: DisposedITAT Bangalore08 Jul 2015AY 2010-11

Bench: Smt. P. Madhavi Devi & Shri Abraham P Georgem/S.Brigade Enterprises Ltd., 29Th & 30Th Floor, World Trade Centre, Brigade Gateway Campus, 26/1, Dr.Rajkumar Road, Rajajinagar, Bangalore-560055. … Appellant Pan: Aaacb7459F Vs. Addl. Commissioner Of Income-Tax, Range-11, Bangalore. … Respondent

For Appellant: Shri Padamchand Khincha, CAFor Respondent: Dr. P.K.Srihari, Addl.CIT(DR)

Section 10(35)Section 143(3)Section 14A

…f expenses being incurred for earning exempt income and in the absence of such connection between expenditure incurred and exempt income earned, no disallowance can be made, the assessee placed reliance on the following decisions : i) CIT V Hero Cycles (2010) 323 ITR 518 (P&H) ii) CIT V Walfort Share and Stock Brockers P. Ltd. (2010) 326 ITR 1 (SC). iii) Godrej & Boyce Mfg. Co. Ltd. V DCIT (2010) 328 ITR 81 (Bom) 8.1.2 The Assessing Officer did not accept the above arguments put forth by the assessee and proceeded to make a disallowance under section 14A r.w. Rule 8D. Direct expenditure pertaining to exempt incom…

M/S Manipal Media Network Limited, Manipal vs. Addl..C.I.I., Udupi

In the result, appeal of the assessee is treated as allowed for statistical

ITA 623/BANG/2014[2011-12]Status: DisposedITAT Bangalore30 Jun 2015AY 2011-12

Bench: Abraham P. George

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Dr. P. K. Srihari, Addl. JCIT

Section 10(34)Section 14A

…ellant. Further, I have gone through the case laws cited by the appellant. They are all for the Assessment Year’s prior to the amendment to Rule 8D inserted w.e.f. 24.3.2008 applicable from A.Y. 2008-09 onwards. 8. The citation CIT Vs. Hero Cycles Ltd (2010) 323 ITR 518 (P & H) is for the A.Y. 2004-05. The second citation Maxopp Investments Ltd Vs. CIT (2011) (ITA 687/2009) Delhi High Court is for the A.Y. 2002-03. Similarly the third citation DCIT Vs. Maharashtra Seamless Ltd (2011) 52 DTR 5 (Del) (Trib) is for the A.Y. 2003-04. ITA.623/Bang/2014 Page - 5 9. In view of the amended provisions these case laws ci…

Shriram Capital Limited, Chennai vs. DCIT, Chennai

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

ITA 513/CHNY/2015[2011-2012]Status: DisposedITAT Chennai25 Jun 2015AY 2011-2012

Bench: Shri Chandra Poojari & Shri Challa Nagendra Prasadआयकर अपील सं./ I.T.A. Nos.512 &513 /Mds/2015 ("नधा"रण वष" / Assessment Year : 2010-2011 & 2011- 2012)

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. N. Rengaraj, IRS, CIT

Section 14A

…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…

Shriram Capital Limited, Chennai vs. DCIT, Chennai

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

ITA 512/CHNY/2015[2010-2011]Status: DisposedITAT Chennai25 Jun 2015AY 2010-2011

Bench: Shri Chandra Poojari & Shri Challa Nagendra Prasadआयकर अपील सं./ I.T.A. Nos.512 &513 /Mds/2015 ("नधा"रण वष" / Assessment Year : 2010-2011 & 2011- 2012)

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. N. Rengaraj, IRS, CIT

Section 14A

DCIT vs. M/S Subramanya Construction & Developers Company Ltd

In the result, the appeal of the revenue is dismissed whereas the

ITA 404/BANG/2013[2009-10]Status: DisposedITAT Bangalore20 Feb 2015AY 2009-10

Bench: Shri Rajpal Yadav & Shri Abraham P George

For Appellant: Shri V. Chandrasekhar, AdvocateFor Respondent: Dr. P.K.Srihari, Addl. CIT

Section 14A

…ded any amount for earning such income. Further, as per the assessee, AO had not effectively rebutted its claim of no expenditure for earning exempt income. Reliance was placed on the decision of Hon’ble P&H High Court in the case of CIT Vs Hero Cycles Ltd.,323 ITR 518 and that of Chennai Bench of the Tribunal in the case of Siva Industries & Holdings Ltd., Vs ACIT 59 DTR 182. Assessee also pointed to the CIT(A) that investments were all made prior to the relevant previous year. 4 ITA No.404(B)/13 & C.O.No.89(B)/13 5. Learned CIT(A) after considering submissions and details filed by the assessee held that as…

Commissioner of Income Tax-IV vs. Holcim India P. Ltd

ITA/486/2014HC Delhi05 Sept 2014

Section 14ASection 3

…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 2014:DHC:4443-DB ITA Nos. 486/2014 & 299/2014 Page 12 of 14…

The Commissioner of Income Tax-IV vs. M/s Planet Online Pvt Ltd

ITTA/320/2013HC Telangana07 Aug 2013

CIT vs. Harjeet Sikand

ITA - 543 / 2012HC Delhi26 Sept 2012

…endorsed in a previous judgment of this Court in Arun Shungloo Trust v. CIT (ITA No.116/2011, decided on 13.02.2012) and subsequent judgments of the Court. The order of the Special Bench (supra) was itself affirmed by the Bombay High Court in (2009) 318 ITR 417. . In these circumstances, there is no ground to take a different view in this case. No substantial question of law, therefore, arises. . The appeal is accordingly dismissed. . . . . . . . S. RAVINDRA BHAT, J . . . . . . . . . R.V.EASWAR, J . SEPTEMBER 26, 2012 . /vk…