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)

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

ITA 2269/MUM/2014[2008-09]Status: DisposedITAT Mumbai17 Jan 2024AY 2008-09

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary ()

For Respondent: Mr. Dalpat Shah & Mr. B.S. Sharma

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…

DCIT Cir 6(1), Mumbai vs. Briggs Trading Co, P. Ltd, Mumbai

ITA 2136/MUM/2014[2008-09]Status: DisposedITAT Mumbai17 Jan 2024AY 2008-09

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary ()

For Appellant: Mr. Dalpat Shah & Mr. B.S. SharmaFor Respondent: Mr. Ujjawal Kumar Chavan, Sr. DR

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…

Thomas Cook (India) Ltd., Mumbai vs. Addl/ Jt/ Dy/CIT/Asstt/ITO, National E-Assessment Centre, Delhi

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

ITA 1218/MUM/2021[2016-17]Status: DisposedITAT Mumbai24 Nov 2023AY 2016-17

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon'Ble

Section 92CSection 92C(3)

…nts that expenditure incurred refers to actual expenditure and not to some imaginary expenditures Accordingly, if no expenditure is incurred in relation to the exempt income, no disallowance can be made under Section 14A of the Act.  CIT v. Hero Cycles Ltd. (323 ITR 518) (P&H HC) (2010)  Yatish Trading Co. (P.) Ltd. vACIT (129 ITD 237) (Mum ITAT) (2011) Page No. 62 ITA NO. 752 & 2541/MUM/2022 (A.Y. 2017-18 & 2018-19) Thomas Cook (India) Limited  Justice Sam P. BharuchavACIT (53 SOT 192) (Mum ITAT) (2012)  Principal Commissioner of Income tax- IL&FS fax -04 v IL & FS Energy Development Co Ltd (84 taxmann.com…

Assistant Commissioner of Income Tax, Central Circle -2, Surat vs. M/S Aalidhar Textool Engineers Pvt. Ltd., Surat

In the result, the grounds of appeal raised by Revenue are partly allowed

ITA 226/SRT/2023[2017-18]Status: DisposedITAT Surat20 Nov 2023AY 2017-18

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 133(6)Section 14ASection 254(1)Section 80G

…on to such exempt income. Further, Sub- Rule (2) of 8D can be invoked only when Assessing Officer is not satisfied with the claim made by assessee. To support such submission, the assessee has placed on the decision of in the case of CIT vs. Hero Cycles Ltd., 323 ITR 518 (P & H HC), CIT vs. Sapoorji Paloonji & Co. Ltd., 318 ITR 417 (Bombay HC), Kalyani Steels Ltd. vs ACIT, ITA No.1733/Pun/2012, Kodak India Pvt. Ltd. vs. ACIT, ITA No.7349/Mum/2012, PCIT vs. Sintex Industries Ltd., 82 taxmann.com 428 (Guj. HC). The assessee again vide reply dated 21.08.2021 contended that assessee has non-current investment of Rs.2…

Asst. Commissioner of Income Tax, CC-2, Surat vs. Aalidhaara Textool Engineers Pvt. Ltd, Surat

In the result, the grounds of appeal raised by Revenue are partly allowed

ITA 288/SRT/2022[2018-19]Status: DisposedITAT Surat20 Nov 2023AY 2018-19

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 133(6)Section 14ASection 254(1)Section 80G

…on to such exempt income. Further, Sub- Rule (2) of 8D can be invoked only when Assessing Officer is not satisfied with the claim made by assessee. To support such submission, the assessee has placed on the decision of in the case of CIT vs. Hero Cycles Ltd., 323 ITR 518 (P & H HC), CIT vs. Sapoorji Paloonji & Co. Ltd., 318 ITR 417 (Bombay HC), Kalyani Steels Ltd. vs ACIT, ITA No.1733/Pun/2012, Kodak India Pvt. Ltd. vs. ACIT, ITA No.7349/Mum/2012, PCIT vs. Sintex Industries Ltd., 82 taxmann.com 428 (Guj. HC). The assessee again vide reply dated 21.08.2021 contended that assessee has non-current investment of Rs.2…

DCIT-3(2)(1), Mumbai vs. Millennium Appliances, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 1389/MUM/2023[2016-2017]Status: DisposedITAT Mumbai15 Sept 2023AY 2016-2017

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit – 3(2)(1) V. M/S. Millennium Appliances India Ltd., 17Th Floor, C Wing Mittal Court Room No. 608, 6Th Floor Nariman Point, Mumbai - 400021 Aayakar Bhavan, M.K. Road Mumbai - 400020 Pan: Aaccm7838D (Appellant) (Respondent)

Section 14A

…rigger the application of rule 8D. Such an understanding is incorrect appreciation of law. We bring your goodselves kind attention to the following judicial decisions: The Hon'ble High Court of Punjab and Haryana, in the case of CIT vs Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) had struck down the applicability of section 14A where nexus between incurring of expenditure and earning of exempt income could not be established, in the case referred therein, the substantial question of low raised was: (i) whether on the facts and in law, the Hon'ble ITAT was legally justified in deleting the disallowance of Rs. 348,04,…

M/S Mafatlal Industries Limited, Mumbai vs. Dy Commissioner of Income Tax-Central Circle-8(2), Mumbai

In the result, appeal is partly allowed

ITA 881/MUM/2023[2011-12]Status: DisposedITAT Mumbai22 Aug 2023AY 2011-12

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 143(1)Section 14ASection 36(1)(iii)Section 40

…r i.e.: - Shivam Motors (P) Ltd's. case (supra) 5 ITA 881/Mum/2023 Mafatlal Industries Limited - Winsome Textile Industries Ltd's. case (supra) - Lakhani Marketing Inc. case (supra) - Corrtech Energy (P.) Ltd's. case (supra). - CIT v. Hero Cycles Ltd. [2010] 323 ITR 518/189 Taxman 50 (Punj. & Har.). 11.2 The submission of ld. Principal CIT(DR) is that ITAT in the case of Delhi Special Bench in the case of Cheminvest Ltd. (supra) has specifically held that even if there is no exempt income, the provisions of section 14A are applicable in view of the decision of Hon'ble Supreme Court in the case of Rajendra Prasad…

ACIT Cir-1, Dhanbad vs. M/S Bharat Cooking Coal Ltd, Dhanbad

In the result, the appeal filed by the Revenue is dismissed

ITA 304/RAN/2017[14-15]Status: DisposedITAT Ranchi18 Aug 2023

Bench: Sri Rajesh Kumar & Sonjoy Sarma

Section 143(3)

…o disallowance is called for under Rule 8D(2) of the Rules. Ld. CIT(A) relied on various decisions to reach the said conclusion namely, in the cases of CIT Vs. HDFC Bank Ltd. reported in [2014] 366 ITR 505 (Bombay), CIT Vs. Hero Cycles Ltd. reported in [2010] 323 ITR 518 (Punjab & Haryana), CIT Vs. Walfort Share & Stock Brokers (P.) Ltd. reported in [2010] 326 ITR 1 (SC) and CIT Vs. Reliance Utilities & Power Ltd. reported in [2009] 313 ITR 340 (Bombay). Considering these facts and the ratio laid down Page 7 of 9 I.T.A. Nos.: 303 & 304/RAN/2017 C.O. Nos.: 12 & 13/RAN/2018 Assessment Years: 2013-14 & 2014-15 M/s…

ACIT Cir-1, Dhanbad vs. M/S Bharat Cooking Coal Ltd, Dhanbad

In the result, the appeal filed by the Revenue is dismissed

ITA 303/RAN/2017[13=14]Status: PendingITAT Ranchi18 Aug 2023

Bench: Sri Rajesh Kumar & Sonjoy Sarma

Section 143(3)

…o disallowance is called for under Rule 8D(2) of the Rules. Ld. CIT(A) relied on various decisions to reach the said conclusion namely, in the cases of CIT Vs. HDFC Bank Ltd. reported in [2014] 366 ITR 505 (Bombay), CIT Vs. Hero Cycles Ltd. reported in [2010] 323 ITR 518 (Punjab & Haryana), CIT Vs. Walfort Share & Stock Brokers (P.) Ltd. reported in [2010] 326 ITR 1 (SC) and CIT Vs. Reliance Utilities & Power Ltd. reported in [2009] 313 ITR 340 (Bombay). Considering these facts and the ratio laid down Page 7 of 9 I.T.A. Nos.: 303 & 304/RAN/2017 C.O. Nos.: 12 & 13/RAN/2018 Assessment Years: 2013-14 & 2014-15 M/s…

Mahindra Holidays and Resorts India Ltd., Chennai vs. DCIT Ltu 1, Chennai

In the result the appeals of the assessee i

ITA 1012/CHNY/2019[2015-16]Status: DisposedITAT Chennai10 May 2023AY 2015-16

Bench: Shri Mahavir Singh, Vp & Shri Arun Khodpia, Am आयकर अपील आयकर अपील संसंसंसं./Ita Nos.936 To 941/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1012/Chny/2019 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2009-2010 To 2015-2016) वष" M/S Mahindra Holidays & Resorts Ltd Vs The Dcit (Ltu), Chennai-600001 Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" .. & आयकर अपील आयकर अपील संसंसंसं./Ita Nos.942 To 944/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1089/Chny/2018 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2011-2012 To 2014-2015) वष" The Dcit (Ltu), Chennai-600001 Vs M/S Mahindra Holidays & Resorts Ltd Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" ..

Section 143(3)Section 147Section 148Section 32

…ning the income by way of dividend, which does not form part of the total income. 5.7 The Commissioner of Income tax (Appeals) ought to have appreciated that the Hon’ble Punjab & Haryana High Court in the case of CIT Vs M/s. Hero Cycles Limited - reported in 323 ITR 518 has held that “Disallowance u/s.14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance u/s.14A cannot stand.” 62 ITA Nos.936-944/CHNY/2018 ITA No.1089/CHNY/18 & ITA No.1012/CHNY/19 5.8 It is submitted that the Delhi Tribunal in the case of ACIT Vs Sun Inv…

DCIT Ltu-1, Chennai vs. Mahindra Holidays & Resorts (P) Ltd., Chennai

In the result the appeals of the assessee i

ITA 944/CHNY/2018[2013-14]Status: DisposedITAT Chennai10 May 2023AY 2013-14

Bench: Shri Mahavir Singh, Vp & Shri Arun Khodpia, Am आयकर अपील आयकर अपील संसंसंसं./Ita Nos.936 To 941/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1012/Chny/2019 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2009-2010 To 2015-2016) वष" M/S Mahindra Holidays & Resorts Ltd Vs The Dcit (Ltu), Chennai-600001 Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" .. & आयकर अपील आयकर अपील संसंसंसं./Ita Nos.942 To 944/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1089/Chny/2018 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2011-2012 To 2014-2015) वष" The Dcit (Ltu), Chennai-600001 Vs M/S Mahindra Holidays & Resorts Ltd Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" ..

Section 143(3)Section 147Section 148Section 32

…ning the income by way of dividend, which does not form part of the total income. 5.7 The Commissioner of Income tax (Appeals) ought to have appreciated that the Hon’ble Punjab & Haryana High Court in the case of CIT Vs M/s. Hero Cycles Limited - reported in 323 ITR 518 has held that “Disallowance u/s.14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance u/s.14A cannot stand.” 62 ITA Nos.936-944/CHNY/2018 ITA No.1089/CHNY/18 & ITA No.1012/CHNY/19 5.8 It is submitted that the Delhi Tribunal in the case of ACIT Vs Sun Inv…

DCIT Ltu-1, Chennai vs. Mahindra Holidays & Resorts (P) Ltd., Chennai

In the result the appeals of the assessee i

ITA 943/CHNY/2018[2012-13]Status: DisposedITAT Chennai10 May 2023AY 2012-13

Bench: Shri Mahavir Singh, Vp & Shri Arun Khodpia, Am आयकर अपील आयकर अपील संसंसंसं./Ita Nos.936 To 941/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1012/Chny/2019 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2009-2010 To 2015-2016) वष" M/S Mahindra Holidays & Resorts Ltd Vs The Dcit (Ltu), Chennai-600001 Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" .. & आयकर अपील आयकर अपील संसंसंसं./Ita Nos.942 To 944/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1089/Chny/2018 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2011-2012 To 2014-2015) वष" The Dcit (Ltu), Chennai-600001 Vs M/S Mahindra Holidays & Resorts Ltd Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" ..

Section 143(3)Section 147Section 148Section 32

…ning the income by way of dividend, which does not form part of the total income. 5.7 The Commissioner of Income tax (Appeals) ought to have appreciated that the Hon’ble Punjab & Haryana High Court in the case of CIT Vs M/s. Hero Cycles Limited - reported in 323 ITR 518 has held that “Disallowance u/s.14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance u/s.14A cannot stand.” 62 ITA Nos.936-944/CHNY/2018 ITA No.1089/CHNY/18 & ITA No.1012/CHNY/19 5.8 It is submitted that the Delhi Tribunal in the case of ACIT Vs Sun Inv…

DCIT Ltu-1, Chennai vs. Mahindra Holidays & Resorts (P) Ltd., Chennai

In the result the appeals of the assessee i

ITA 942/CHNY/2018[2011-12]Status: DisposedITAT Chennai10 May 2023AY 2011-12

Bench: Shri Mahavir Singh, Vp & Shri Arun Khodpia, Am आयकर अपील आयकर अपील संसंसंसं./Ita Nos.936 To 941/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1012/Chny/2019 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2009-2010 To 2015-2016) वष" M/S Mahindra Holidays & Resorts Ltd Vs The Dcit (Ltu), Chennai-600001 Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" .. & आयकर अपील आयकर अपील संसंसंसं./Ita Nos.942 To 944/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1089/Chny/2018 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2011-2012 To 2014-2015) वष" The Dcit (Ltu), Chennai-600001 Vs M/S Mahindra Holidays & Resorts Ltd Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" ..

Section 143(3)Section 147Section 148Section 32

…ning the income by way of dividend, which does not form part of the total income. 5.7 The Commissioner of Income tax (Appeals) ought to have appreciated that the Hon’ble Punjab & Haryana High Court in the case of CIT Vs M/s. Hero Cycles Limited - reported in 323 ITR 518 has held that “Disallowance u/s.14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance u/s.14A cannot stand.” 62 ITA Nos.936-944/CHNY/2018 ITA No.1089/CHNY/18 & ITA No.1012/CHNY/19 5.8 It is submitted that the Delhi Tribunal in the case of ACIT Vs Sun Inv…

Mahindra Holidays & Resorts India Ltd., Chennai vs. DCIT (Ltu), Chennai

In the result the appeals of the assessee i

ITA 941/CHNY/2018[2014-15]Status: DisposedITAT Chennai10 May 2023AY 2014-15

Bench: Shri Mahavir Singh, Vp & Shri Arun Khodpia, Am आयकर अपील आयकर अपील संसंसंसं./Ita Nos.936 To 941/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1012/Chny/2019 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2009-2010 To 2015-2016) वष" M/S Mahindra Holidays & Resorts Ltd Vs The Dcit (Ltu), Chennai-600001 Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" .. & आयकर अपील आयकर अपील संसंसंसं./Ita Nos.942 To 944/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1089/Chny/2018 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2011-2012 To 2014-2015) वष" The Dcit (Ltu), Chennai-600001 Vs M/S Mahindra Holidays & Resorts Ltd Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" ..

Section 143(3)Section 147Section 148Section 32

…ning the income by way of dividend, which does not form part of the total income. 5.7 The Commissioner of Income tax (Appeals) ought to have appreciated that the Hon’ble Punjab & Haryana High Court in the case of CIT Vs M/s. Hero Cycles Limited - reported in 323 ITR 518 has held that “Disallowance u/s.14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance u/s.14A cannot stand.” 62 ITA Nos.936-944/CHNY/2018 ITA No.1089/CHNY/18 & ITA No.1012/CHNY/19 5.8 It is submitted that the Delhi Tribunal in the case of ACIT Vs Sun Inv…

Mahindra Holidays & Resorts India Ltd., Chennai vs. DCIT (Ltu), Chennai

In the result the appeals of the assessee i

ITA 940/CHNY/2018[2013-14]Status: DisposedITAT Chennai10 May 2023AY 2013-14

Bench: Shri Mahavir Singh, Vp & Shri Arun Khodpia, Am आयकर अपील आयकर अपील संसंसंसं./Ita Nos.936 To 941/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1012/Chny/2019 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2009-2010 To 2015-2016) वष" M/S Mahindra Holidays & Resorts Ltd Vs The Dcit (Ltu), Chennai-600001 Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" .. & आयकर अपील आयकर अपील संसंसंसं./Ita Nos.942 To 944/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1089/Chny/2018 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2011-2012 To 2014-2015) वष" The Dcit (Ltu), Chennai-600001 Vs M/S Mahindra Holidays & Resorts Ltd Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" ..

Section 143(3)Section 147Section 148Section 32

…ning the income by way of dividend, which does not form part of the total income. 5.7 The Commissioner of Income tax (Appeals) ought to have appreciated that the Hon’ble Punjab & Haryana High Court in the case of CIT Vs M/s. Hero Cycles Limited - reported in 323 ITR 518 has held that “Disallowance u/s.14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance u/s.14A cannot stand.” 62 ITA Nos.936-944/CHNY/2018 ITA No.1089/CHNY/18 & ITA No.1012/CHNY/19 5.8 It is submitted that the Delhi Tribunal in the case of ACIT Vs Sun Inv…

Mahindra Holidays & Resorts India Ltd., Chennai vs. DCIT (Ltu), Chennai

In the result the appeals of the assessee i

ITA 939/CHNY/2018[2012-13]Status: DisposedITAT Chennai10 May 2023AY 2012-13

Bench: Shri Mahavir Singh, Vp & Shri Arun Khodpia, Am आयकर अपील आयकर अपील संसंसंसं./Ita Nos.936 To 941/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1012/Chny/2019 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2009-2010 To 2015-2016) वष" M/S Mahindra Holidays & Resorts Ltd Vs The Dcit (Ltu), Chennai-600001 Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" .. & आयकर अपील आयकर अपील संसंसंसं./Ita Nos.942 To 944/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1089/Chny/2018 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2011-2012 To 2014-2015) वष" The Dcit (Ltu), Chennai-600001 Vs M/S Mahindra Holidays & Resorts Ltd Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" ..

Section 143(3)Section 147Section 148Section 32

…ning the income by way of dividend, which does not form part of the total income. 5.7 The Commissioner of Income tax (Appeals) ought to have appreciated that the Hon’ble Punjab & Haryana High Court in the case of CIT Vs M/s. Hero Cycles Limited - reported in 323 ITR 518 has held that “Disallowance u/s.14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance u/s.14A cannot stand.” 62 ITA Nos.936-944/CHNY/2018 ITA No.1089/CHNY/18 & ITA No.1012/CHNY/19 5.8 It is submitted that the Delhi Tribunal in the case of ACIT Vs Sun Inv…

Mahindra Holidays & Resorts India Ltd., Chennai vs. DCIT (Ltu), Chennai

In the result the appeals of the assessee i

ITA 938/CHNY/2018[2011-12]Status: DisposedITAT Chennai10 May 2023AY 2011-12

Bench: Shri Mahavir Singh, Vp & Shri Arun Khodpia, Am आयकर अपील आयकर अपील संसंसंसं./Ita Nos.936 To 941/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1012/Chny/2019 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2009-2010 To 2015-2016) वष" M/S Mahindra Holidays & Resorts Ltd Vs The Dcit (Ltu), Chennai-600001 Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" .. & आयकर अपील आयकर अपील संसंसंसं./Ita Nos.942 To 944/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1089/Chny/2018 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2011-2012 To 2014-2015) वष" The Dcit (Ltu), Chennai-600001 Vs M/S Mahindra Holidays & Resorts Ltd Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" ..

Section 143(3)Section 147Section 148Section 32

…ning the income by way of dividend, which does not form part of the total income. 5.7 The Commissioner of Income tax (Appeals) ought to have appreciated that the Hon’ble Punjab & Haryana High Court in the case of CIT Vs M/s. Hero Cycles Limited - reported in 323 ITR 518 has held that “Disallowance u/s.14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance u/s.14A cannot stand.” 62 ITA Nos.936-944/CHNY/2018 ITA No.1089/CHNY/18 & ITA No.1012/CHNY/19 5.8 It is submitted that the Delhi Tribunal in the case of ACIT Vs Sun Inv…

DCIT Ltpu 1, Chennai vs. M/S Mahindra Holidays & Resorts (P) Ltd, Chennai

In the result the appeals of the assessee i

ITA 1089/CHNY/2018[2014-15]Status: DisposedITAT Chennai10 May 2023AY 2014-15

Bench: Shri Mahavir Singh, Vp & Shri Arun Khodpia, Am आयकर अपील आयकर अपील संसंसंसं./Ita Nos.936 To 941/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1012/Chny/2019 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2009-2010 To 2015-2016) वष" M/S Mahindra Holidays & Resorts Ltd Vs The Dcit (Ltu), Chennai-600001 Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" .. & आयकर अपील आयकर अपील संसंसंसं./Ita Nos.942 To 944/Chny/2018 आयकर आयकर अपील अपील & आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./Ita Nos.1089/Chny/2018 अपील (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Years:2011-2012 To 2014-2015) वष" The Dcit (Ltu), Chennai-600001 Vs M/S Mahindra Holidays & Resorts Ltd Mahindra Towers, 2Nd Floor, 17/18, Pattulos Road, Chennai-600002 Pan No. :Aaacm 6469 L (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" ..

Section 143(3)Section 147Section 148Section 32

…ning the income by way of dividend, which does not form part of the total income. 5.7 The Commissioner of Income tax (Appeals) ought to have appreciated that the Hon’ble Punjab & Haryana High Court in the case of CIT Vs M/s. Hero Cycles Limited - reported in 323 ITR 518 has held that “Disallowance u/s.14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance u/s.14A cannot stand.” 62 ITA Nos.936-944/CHNY/2018 ITA No.1089/CHNY/18 & ITA No.1012/CHNY/19 5.8 It is submitted that the Delhi Tribunal in the case of ACIT Vs Sun Inv…

Asst. Commissioner of Income Tax, Circle-10(1), Hyderabad vs. Vertex Projects LLP (Formerly M/S Vertex Projects Ltd), Hyderabad

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

ITA 1187/HYD/2018[2014-15]Status: DisposedITAT Hyderabad28 Apr 2023AY 2014-15

Bench: Shri Rama Kanta Panda & Shri Laliet Kumarassessment Year: 2014-15 Acit,Circle-10(1) Vs. Vertex Projects Llp Room No.515, 5Th Floor, (Formerly M/S.Vertex A-Block, I.T.Towers, Projects Ltd.) A.C.Guards, #156-159, Paigah House Hyderabad. S.P.Road, Next To Pg College. Secunderabad-500 026. Pan : Aanfv0232C (Appellant) (Respondent) Assessee By: Shri Sriram Seshadri, Ca Revenue By: Shri Rajendra Kumar,Cit-Dr Date Of Hearing: 15.03.2023 Date Of Pronouncement: 28.04.2023 O R D E R Per Shri Laliet Kumar, J.M. This Is An Appeal Filed By The Revenue, Feeling Aggrieved By The Order Passed By The Learned Commissioner Of Income Tax (Appeals)-5, Dated 16.03.2018 For The Ay 2014-15, On The Following Grounds :

For Appellant: Shri Sriram Seshadri, CAFor Respondent: Shri Rajendra Kumar,CIT-DR

Section 115JSection 142(1)Section 143(2)Section 14ASection 14A(3)Section 47Section 56Section 56(2)(viia)Section 56(2)(viiia)

…shown to us. The Punjab and Haryana High Court in Commissioner of Income Tax, Faridabad v. 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 v. 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 v. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj.). The third decision is Of the Allahabad High Court in Income Tax…

India Pistons Limited, Chennai vs. ACIT Corporate Circle 2(2), Chennai

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

ITA 1574/CHNY/2019[2009-10]Status: DisposedITAT Chennai15 Feb 2023AY 2009-10

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.1574/Chny/2019 िनधा"रण वष" /Assessment Year: 2009-10 M/S.India Pistons Ltd., V. The Dy. Commissioner Of Huzur Gardens, Income Tax, Madhavaram High Road, Corporate Circle-2(2), Chennai-600 011. Chennai.

For Appellant: Mr.R.Vijayaraghavan, AdvFor Respondent: Mr.D.Hema Bhupal, JCIT

Section 14ASection 35Section 35(1)(iv)

…d that the following decisions wherein it has been held that unless the assessing officer established that specific expenditure has been incurred by the assessee for earning exempt income, no disallowance under Section 14A can be made. i) CIT(vs) Hero Cycles 323 ITR 518 (P&H) ii) ACIT Vs Sun Investments 8 ITR (Tri) 33 (Del) 2.7. Without prejudice, The Commissioner of Income Tax (Appeals) ought to have I excluded the investments in subsidiaries and associate concerns, made in the course and for the purpose of business, for the purpose of computing disallowance u/s 14A read with Rule 8D. 3. The Commissioner of…

CIT v. Hero Cycles Ltd.

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Judgments citing CIT v. Hero Cycles Ltd.

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DCIT Ltu-1, Chennai vs. Mahindra Holidays & Resorts (P) Ltd., Chennai

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Mahindra Holidays & Resorts India Ltd., Chennai vs. DCIT (Ltu), Chennai

Mahindra Holidays & Resorts India Ltd., Chennai vs. DCIT (Ltu), Chennai

Mahindra Holidays & Resorts India Ltd., Chennai vs. DCIT (Ltu), Chennai

DCIT Ltpu 1, Chennai vs. M/S Mahindra Holidays & Resorts (P) Ltd, Chennai

Asst. Commissioner of Income Tax, Circle-10(1), Hyderabad vs. Vertex Projects LLP (Formerly M/S Vertex Projects Ltd), Hyderabad

India Pistons Limited, Chennai vs. ACIT Corporate Circle 2(2), Chennai