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.

ACIT-Central Circle -2(1), Nagpur vs. Shri Nandkumar Khattumal Harchandani, Nagpur

In the result, appeal of the Revenue stands dismissed

ITA 411/NAG/2019[2015-16]Status: DisposedITAT Nagpur25 Feb 2025AY 2015-16

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Sandipkumar Salunke
Section 10(38)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI K.M. ROY, ACCOUNTANT, MEMBER ITA no.411/Nag./2019 (Assessment Year : 2015–16) Asstt. Commissioner of Income Tax ……………. Appellant Central Circle–2(1), Nagpur v/s Shri Nandkumar Khatumal Harchandani ……………. Respondent 469, Poonam Villa, New Colony Nagpur 440 013 PAN – AATPH2594R Assessee by : Shri Manoj G. Moryani Revenue by : Shri Sandipkumar Salunke Date of Hearing – 21/01/2025 Date of Order – 25/02/2025 O R D E R PER K.M. ROY, A.M. This appeal by the Revenue is directed against the impugned order date…

ACIT-Central Circle -2(1), Nagpur vs. Shri Nandkumar Khattumal Harchandani, Nagpur

ITA 410/NAG/2019[2014-15]Status: DisposedITAT Nagpur25 Feb 2025AY 2014-15

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Sandipkumar Salunke
Section 10(38)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI K.M. ROY, ACCOUNTANT, MEMBER ITA no.410/Nag./2019 (Assessment Year : 2014-15) Asstt. Commissioner of Income Tax Appellant Central Circle-2(1), Nagpur v/s Shri Nandkumar Khatumal Harchandani Respondent 469, Poonam Villa, New Colony Nagpur 440 013 PAN – AATPH2594R Assessee by : Shri Manoj G. Moryani Revenue by : Shri Sandipkumar Salunke Date of Hearing – 21/01/2025 Date of Order – 25/02/2025 PER K.M. ROY, A.M. ORDER This appeal by the Revenue is directed against the impugned order dated 31/10/2019, passed by…

Income Tax Officer, Ward-1(2), Hyderabad vs. Athena Global Technologies Limited (Formerly M/S Vjil Consulting Limited), Hyderabad

In the result, the ground nos

ITA 895/HYD/2018[2012-13]Status: DisposedITAT Hyderabad11 Feb 2025AY 2012-13

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri P. Murali Mohan Rao, C.AFor Respondent: : Shri B. Balakrishna, CIT-DR
Section 143(2)Section 143(3)Section 14ASection 40Section 43BSection 68

…Nos 1550 and 1769 LYCOS Internet Ltd including the decision of the Hon'ble Delhi High Court in the case of Cheminvest Ltd (2015) 378 ITR 33 (Del.) as well as the judgment of the Hon'ble Punjab & Haryana High Court in the case of CIT vs. Hero Cycles Ltd (2010) 323 ITR 518 (P&H), no disallowance u/s 14A is called for when the assessee has not earned any dividend income during the year under consideration. Accordingly, in view of the facts as discussed above, we do not find any error or illegality in the impugned order of the learned CIT (A) qua on this issue. The same is upheld.” 10.3 Respectfully following the d…

Athena Global Technologies Limited, Hyderabad vs. Income Tax Officer, Ward-17(4), Hyderabad

In the result, the ground nos

ITA 1266/HYD/2018[2012-13]Status: DisposedITAT Hyderabad11 Feb 2025AY 2012-13

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri P. Murali Mohan Rao, C.AFor Respondent: : Shri B. Balakrishna, CIT-DR
Section 143(2)Section 143(3)Section 14ASection 40Section 43BSection 68

…Nos 1550 and 1769 LYCOS Internet Ltd including the decision of the Hon'ble Delhi High Court in the case of Cheminvest Ltd (2015) 378 ITR 33 (Del.) as well as the judgment of the Hon'ble Punjab & Haryana High Court in the case of CIT vs. Hero Cycles Ltd (2010) 323 ITR 518 (P&H), no disallowance u/s 14A is called for when the assessee has not earned any dividend income during the year under consideration. Accordingly, in view of the facts as discussed above, we do not find any error or illegality in the impugned order of the learned CIT (A) qua on this issue. The same is upheld.” 10.3 Respectfully following the d…

Lycos Internet Limited, Hyderabad vs. Dy. Commissioner of Income Tax, Circle-16(1), Hyderabad

ITA 1769/HYD/2018[2012-13]Status: DisposedITAT Hyderabad22 Jan 2025AY 2012-13

Bench: Shri Vijay Pal Rao, Vice- & Shri Madhusudan Sawdia

For Appellant: Shri P Murali Mohan Rao, СА
Section 14ASection 249(4)(a)Section 263Section 36(1)(va)

…the various judgments on this point including the decision of the Hon'ble Delhi High Court in the case of Cheminvest Ltd (2015) 378 ITR 33 (Del.) as well as the judgment of the Hon'ble Punjab & Haryana High Court in the case of CIT vs. Hero Cycles Ltd (2010) 323 ITR 518 (P&H), no disallowance u/s 14A is called for when the assessee has not earned any dividend income during the year under consideration. Accordingly, in view of the facts as discussed above, we do not find any error or illegality in the impugned order of the learned CIT (A) qua on this issue. The same is upheld. 10. With regard to grounds of appea…

Asst. Commissioner of Income Tax, Circle-16(1), Hyderabad vs. Lycos Internet Limited, Hyderabad

In the result, appeal filed by the assessee is allowed

ITA 1550/HYD/2017[2012-13]Status: DisposedITAT Hyderabad22 Jan 2025AY 2012-13

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Madhusudan Sawdiaआ.अपी.सं /Ita No.1550/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13) Asstt. Commissioner Of Vs. Lycos Internet Ltd Income Tax, Circle 16 (1) Hyderabad Hyderabad Pan:Aaacl5827B (Appellant) (Respondent) आ.अपी.सं /Ita No.1769/Hyd/2018 (िनधा"रण वष"/Assessment Year: 2012-13) Lycos Internet Ltd Vs. Asstt. Commissioner Of Hyderabad Income Tax, Circle 16 (1) Pan:Aaacl5827B Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri P Murali Mohan Rao, Ca राज" व "ारा/Revenue By:: Shri B Bala Krishna, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 16/12/2024 घोषणा की तारीख/Pronouncement: 22/01/2025 आदेश/Order Per Vijay Pal Raothese Are Two Appeals, One By The Department Against The Order Dated 23/06/2017 Of The Learned Cit (A) & Another By The Assessee Against The Revision Order Dated 26/02/2018 Passed

For Appellant: Shri P Murali Mohan Rao, CAFor Respondent: : Shri B Bala Krishna, CIT(DR)
Section 14ASection 263

…os 1550 and 1769 LYCOS Internet Ltd including the decision of the Hon'ble Delhi High Court in the case of Cheminvest Ltd (2015) 378 ITR 33 (Del.) as well as the judgment of the Hon'ble Punjab & Haryana High Court in the case of CIT vs. Hero Cycles Ltd (2010) 323 ITR 518 (P&H), no disallowance u/s 14A is called for when the assessee has not earned any dividend income during the year under consideration. Accordingly, in view of the facts as discussed above, we do not find any error or illegality in the impugned order of the learned CIT (A) qua on this issue. The same is upheld. 10. With regard to grounds of appea…

Sapphire Foods India Limited, Mumbai vs. DCIT, Circle 3(3)(1), Mumbai

In the result the appeal filed by the assessee stands dismissed

ITA 3579/MUM/2024[AY 2022-23]Status: DisposedITAT Mumbai13 Jan 2025

Bench: Smt. Beena Pillai, Jm

Section 143(2)Section 14ASection 250

…i High Court in case of the Tin Box Co. reported in 260 ITR 637 • decision of Hon’ble Gujarat High Court in case of Gujarat Power Corp Ltd., vide order dated 28/03/2011 • decision of Hon’ble Punjab and Haryana High Court in case of Hero Cycles Ltd reported in 323 ITR 518; • The assessee had also relied on decision of this Tribunal in assessee’s own case for assessment A 2006-07 and 2007-08 wherein the disallowance under section 14A was deleted relying on the decision of Hon’ble Bombay High Court in case of Reliance Utilities and Power Ltd (supra). 2.4 The Ld.AO after considering the submissions filed by the asses…

Agrasen Engineering Industries Private Limited, Jaipur vs. National E-Assessment Centre, Delhi

In the result, the appeal of the assessee is allowed

ITA 1085/JPR/2024[2018-19]Status: DisposedITAT Jaipur08 Jan 2025AY 2018-19

Bench: Him.

For Appellant: Sh. Vijay Goyal, CAFor Respondent: Mrs. Anita Rinesh, JCIT-Sr. DR
Section 111ASection 115JSection 142(1)Section 143(2)Section 143(3)Section 14A

…T (A) is not rebutted by revenue by placing any contrary materials. Therefore, we do not see any reason to interfere with the order of the ld. CIT (A). The same is hereby upheld. The ground raised by the Revenue is dismissed.” v) In CIT v Hero Cycles Limited [323 ITR 518] the hon’ble court held that disallowance under section 14A was not permissible where there was no nexus between the expenditure incurred and the income generated. (vi) Hon’ble High Court of Gujarat passed in Principal Commissioner of Income Tax-4 V/s Sintex Industries Ltd (2018) 403 ITR 418 (Gujarat). “9. Considering the aforesaid facts and ci…

Xilinx India Technology Services Private Limited, Hyderabad vs. ACIT., Circle-8(1), Hyderabad

In the result, the ground nos

ITA 895/HYD/2024[AY 2020-21]Status: DisposedITAT Hyderabad02 Jan 2025

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri P. Murali Mohan Rao, C.AFor Respondent: : Shri B. Balakrishna, CIT-DR
Section 143(2)Section 143(3)Section 14ASection 40Section 43BSection 68

…Nos 1550 and 1769 LYCOS Internet Ltd including the decision of the Hon'ble Delhi High Court in the case of Cheminvest Ltd (2015) 378 ITR 33 (Del.) as well as the judgment of the Hon'ble Punjab & Haryana High Court in the case of CIT vs. Hero Cycles Ltd (2010) 323 ITR 518 (P&H), no disallowance u/s 14A is called for when the assessee has not earned any dividend income during the year under consideration. Accordingly, in view of the facts as discussed above, we do not find any error or illegality in the impugned order of the learned CIT (A) qua on this issue. The same is upheld.” 10.3 Respectfully following the d…

DCIT, Circle, Rohtak vs. Sarva Haryana Gramin Bank, Rohtak

In the result, appeal of Revenue is dismissed

ITA 1822/DEL/2023[2018-19]Status: DisposedITAT Delhi27 Dec 2024AY 2018-19

Bench: Shri Vikas Awasthy & Smt. Renu Jauhriआअसं.1820 To 1822/िद"ी/2023 (िन.व. 2016-17 To 2018-19)

For Appellant: Ms. Jaya Chaudhary, CIT-DRFor Respondent: Shri Vivek Gupta, Advocate
Section 14Section 143(2)Section 143(3)Section 14ASection 22Section 36(1)(viia)Section 80P

…आयकर अपीलीय अिधकरण िद"ी पीठ “जी”, िद"ी "ी िवकास अव"थी, "ाियक सद" एवं "ीमती रेणु जौहरी, लेखाकार सद" के सम" IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”, DELHI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SMT. RENU JAUHRI, ACCOUNTANT MEMBER आअसं.1820 to 1822/िद"ी/2023 (िन.व. 2016-17 to 2018-19) ITA Nos.1820 to 1822/DEL/2023 (A.Ys.2016-17 to 2018-19) Deputy Commissioner of Income Tax, Circle Rohtak, Aayakar Bhawan, Delhi Road, ...... अपीलाथ"/Appellant Opp. Mansarover Park, Rohtak, Haryana 124001 बनाम Vs. Sarva Haryana Gramin Bank, Delhi Road, Rohtak, Haryana 124001 ..... "ितवादी/Respondent PAN: AAKAS-1464…

DCIT, Circle, Rohtak vs. Sarva Haryana Gramin Bank, Rohtak

In the result, appeal of Revenue is dismissed

ITA 1821/DEL/2023[2017-18]Status: DisposedITAT Delhi27 Dec 2024AY 2017-18

Bench: Shri Vikas Awasthy & Smt. Renu Jauhriआअसं.1820 To 1822/िद"ी/2023 (िन.व. 2016-17 To 2018-19)

For Appellant: Ms. Jaya Chaudhary, CIT-DRFor Respondent: Shri Vivek Gupta, Advocate
Section 14Section 143(2)Section 143(3)Section 14ASection 22Section 36(1)(viia)Section 80P

…आयकर अपीलीय अिधकरण िद"ी पीठ “जी”, िद"ी "ी िवकास अव"थी, "ाियक सद" एवं "ीमती रेणु जौहरी, लेखाकार सद" के सम" IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”, DELHI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SMT. RENU JAUHRI, ACCOUNTANT MEMBER आअसं.1820 to 1822/िद"ी/2023 (िन.व. 2016-17 to 2018-19) ITA Nos.1820 to 1822/DEL/2023 (A.Ys.2016-17 to 2018-19) Deputy Commissioner of Income Tax, Circle Rohtak, Aayakar Bhawan, Delhi Road, ...... अपीलाथ"/Appellant Opp. Mansarover Park, Rohtak, Haryana 124001 बनाम Vs. Sarva Haryana Gramin Bank, Delhi Road, Rohtak, Haryana 124001 ..... "ितवादी/Respondent PAN: AAKAS-1464…

DCIT Circle, Rohtak vs. Sarva Haryana Garmin Bank, Rohtak

In the result, appeal of Revenue is dismissed

ITA 1820/DEL/2023[2016-17]Status: DisposedITAT Delhi27 Dec 2024AY 2016-17

Bench: Shri Vikas Awasthy & Smt. Renu Jauhriआअसं.1820 To 1822/िद"ी/2023 (िन.व. 2016-17 To 2018-19)

For Appellant: Ms. Jaya Chaudhary, CIT-DRFor Respondent: Shri Vivek Gupta, Advocate
Section 14Section 143(2)Section 143(3)Section 14ASection 22Section 36(1)(viia)Section 80P

…आयकर अपीलीय अिधकरण िद"ी पीठ “जी”, िद"ी "ी िवकास अव"थी, "ाियक सद" एवं "ीमती रेणु जौहरी, लेखाकार सद" के सम" IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”, DELHI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SMT. RENU JAUHRI, ACCOUNTANT MEMBER आअसं.1820 to 1822/िद"ी/2023 (िन.व. 2016-17 to 2018-19) ITA Nos.1820 to 1822/DEL/2023 (A.Ys.2016-17 to 2018-19) Deputy Commissioner of Income Tax, Circle Rohtak, Aayakar Bhawan, Delhi Road, ...... अपीलाथ"/Appellant Opp. Mansarover Park, Rohtak, Haryana 124001 बनाम Vs. Sarva Haryana Gramin Bank, Delhi Road, Rohtak, Haryana 124001 ..... "ितवादी/Respondent PAN: AAKAS-1464…

Thedcit, Cochin vs. M.S Cochin International Airport Ltd, Cochin

ITA 304/COCH/2017[2007-08]Status: DisposedITAT Cochin23 Oct 2024AY 2007-08

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Respondent: 22.08.2024
Section 115JSection 143(3)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri SATBEER SINGH GODARA, JUDICIAL MEMBER AND Shri AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos. 166, 167, 193 & 304/Coch/2017 Assessment Years: 2010-11 to 20120-13 & 2007-08 Cochin International DCIT, Circle 1(1), Airport Ltd. GCDA Range 1 vs. Commercial Complex Kochi Marine Drive, Kochi. PIN - 682031 PAN: AAACC9658B (Appellant) (Respondent) For Revenue : 22.08.2024 Date of Pronouncement : 23.10.2024 ORDER PER BENCH : The instant batch of four Revenue’s appeals pertains to a single assessee herein, i.e. Cochin Interntional Airport Ltd. All oth…

The DCIT, Cochin vs. M.S Cochin International Airport Ltd, Cochin

ITA 193/COCH/2017[2012-13]Status: DisposedITAT Cochin23 Oct 2024AY 2012-13

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Respondent: 22.08.2024
Section 115JSection 143(3)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri SATBEER SINGH GODARA, JUDICIAL MEMBER AND Shri AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos. 166, 167, 193 & 304/Coch/2017 Assessment Years: 2010-11 to 20120-13 & 2007-08 Cochin International DCIT, Circle 1(1), Airport Ltd. GCDA Range 1 vs. Commercial Complex Kochi Marine Drive, Kochi. PIN - 682031 PAN: AAACC9658B (Appellant) (Respondent) For Revenue : 22.08.2024 Date of Pronouncement : 23.10.2024 ORDER PER BENCH : The instant batch of four Revenue’s appeals pertains to a single assessee herein, i.e. Cochin Interntional Airport Ltd. All oth…

The DCIT, Cochin vs. M/S.Cochin International Airport Ltd, Cochin

ITA 167/COCH/2017[2011-12]Status: DisposedITAT Cochin23 Oct 2024AY 2011-12

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Respondent: 22.08.2024
Section 115JSection 143(3)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri SATBEER SINGH GODARA, JUDICIAL MEMBER AND Shri AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos. 166, 167, 193 & 304/Coch/2017 Assessment Years: 2010-11 to 20120-13 & 2007-08 Cochin International DCIT, Circle 1(1), Airport Ltd. GCDA Range 1 vs. Commercial Complex Kochi Marine Drive, Kochi. PIN - 682031 PAN: AAACC9658B (Appellant) (Respondent) For Revenue : 22.08.2024 Date of Pronouncement : 23.10.2024 ORDER PER BENCH : The instant batch of four Revenue’s appeals pertains to a single assessee herein, i.e. Cochin Interntional Airport Ltd. All oth…

The DCIT, Cochin vs. M/S.Cochin International Airport Ltd, Cochin

ITA 166/COCH/2017[2010-11]Status: DisposedITAT Cochin23 Oct 2024AY 2010-11

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Respondent: 22.08.2024
Section 115JSection 143(3)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri SATBEER SINGH GODARA, JUDICIAL MEMBER AND Shri AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos. 166, 167, 193 & 304/Coch/2017 Assessment Years: 2010-11 to 20120-13 & 2007-08 Cochin International DCIT, Circle 1(1), Airport Ltd. GCDA Range 1 vs. Commercial Complex Kochi Marine Drive, Kochi. PIN - 682031 PAN: AAACC9658B (Appellant) (Respondent) For Revenue : 22.08.2024 Date of Pronouncement : 23.10.2024 ORDER PER BENCH : The instant batch of four Revenue’s appeals pertains to a single assessee herein, i.e. Cochin Interntional Airport Ltd. All oth…

ITO, New Delhi vs. M/S Ansal Housing & Construction Ltd., New Delhi

In the result, the cross-objection filed by the assessee is dismissed

ITA 2731/DEL/2010[2007-08]Status: DisposedITAT Delhi26 Jul 2024AY 2007-08

Bench: Shri G.S.Pannu & Shri Kul Bharat[Assessment Year : 2007-08] Dcit, Vs Ansal Housing & Construction Ltd., Central Circle-20, Ugf-15, Indraprastha Building, 21, New Delhi. Barakhamba Road, New Delhi. Pan-Aaaca0377R Appellant Respondent

Section 143(3)Section 14ASection 80Section 80I

…e & Stock Brokers: 326 ITR 1 (SC) - Godrej & Boyce Mfg. Co. Ltd. v. CIT: 394 ITR 449 (SC) - Maxopp Investment Ltd. v. CIT: 402 ITR 640 (SC) affirming decision of the Delhi High Court in Maxopp Investment Ltd. vs. CIT: 347 ITR 272 (Del.) - CIT vs. Hero Cycles: 323 ITR 518 (P&H) - CIT v. Metalman Auto P. Ltd.: 336 ITR 434 (P&H) - CIT v. Reliance Utilities and Power Ltd.: 313 ITR 340 (Bom.) - CIT v. Torrent Power Ltd.: 363 ITR 474 (Guj). As regards old investment, it is respectfully submitted that such investment has been accepted to be made out of interest free funds inasmuch as no disallowance under section 14A of…

Dy. Commissioner of Income-Tax, Mumbai vs. Palchin Real Estate Pvt Ltd, Mumbai

In the result, the appeal of Revenue is dismissed

ITA 2553/MUM/2023[2018-19]Status: DisposedITAT Mumbai29 Feb 2024AY 2018-19

Bench: SHRI ABY T. VARKEY (Judicial Member), SHRI S RIFAUR RAHMAN (Accountant Member)

For Appellant: Shri K. Shivram & Rahul HakaniFor Respondent: Shri Solgy Jose t. Kottaram (CIT
Section 14ASection 270A

…of the Rules. And while doing so, the Hon’ble High Court took note of the decisions of the Hon’ble Delhi High Court in the case of Cheminvest Ltd. v. CIT (378 ITR 33) (Delhi), and Hon’ble P & H High Court in the case of CIT Vs. Lakhani Marketing Incl. (2015) (4 ITR-OL 246) (P&H) and the decision of the Hon’ble Allahabad High Court in the case of CIT Vs. Shivam Motors Pvt. Ltd. (2015) 55 taxmann.com 262) (All), and thereafter the Hon’ble Bombay High Court held as under: - “8. Section 14A of the Act deals with expenditure incurred in relation to income not includible in total income. As per sub- section (1) of sec…

Dalmia (Bros) Pvt. Ltd., New Delhi vs. ITO, Ward-7(2), New Delhi

In the result, the Appeal filed by the assessee is dismissed

ITA 380/DEL/2019[2014-15]Status: DisposedITAT Delhi09 Feb 2024AY 2014-15

Bench: Her As Additional Ground Of Appeal Reading As Under :-

Section 143(3)Section 14ASection 154

…n 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-1 Vs. Corrtech Energy (P) Ltd. [2014] 223 Taxmann 130 (Guj). The third Page 15 of 20 Dalmia (Bros.) Pvt. Ltd. decision is o…

Brigs Trading Co. P.Ltd, Mumbai vs. ACIT Cir 6(1), Mumbai

ITA 2270/MUM/2014[2009-10]Status: DisposedITAT Mumbai17 Jan 2024AY 2009-10

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Dcit, Cir 6(1), R.No. 506, 5Th Floor, Aayakar Bhavan, M.K. Road, Mumbai-20. Appellant

Section 143(3)Section 14ASection 36Section 36(1)(vii)

…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 Тахтапn 130 (Guj.). The third decision is of the Allahabad High Court in Income Ta…