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 367,154 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.

J.K.Fenner (India) Limited, Chennai vs. JCIT, Madurai

Appeal stand dismissed whereas the assessee’s appeal stands partly allowed for statistical purposes

ITA 1060/CHNY/2016[2009-10]Status: DisposedITAT Chennai21 Jan 2022AY 2009-10

Bench: Hon’Ble Shri V. Durga Rao & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri R. Vijayaraghavan (Advocate) – Ld. ARFor Respondent: Shri M. Murali, Ld. CIT-DR
Section 14ASection 32(2)

…आयकर अपीलीय अिधकरण ‘सी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, CHENNAI माननीय "ी वी. दुगा" राव, "ाियक सद" एवं माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" के सम"। BEFORE HON’BLE SHRI V. DURGA RAO, JUDICIAL MEMBER AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपीलसं./ ITA Nos.1059 to 1063/Chny/2016 & ITA Nos.947 & 1846/Chny/2017 (िनधा"रणवष" / Assessment Years: 2008-09 to 2014-15) M/s.J.K.Fenner (India) Limited The JCIT /The ACIT, बनाम/ Corporate Range-1/ Corporate (Formerly known as M/s Fenner (India) Ltd.) No.3, Madurai-Melakkal Road, Vs. Circle-1, Madurai. Kochadai, Madurai-625 016. "थायीलेखास…

J.K.Fenner (India) Limited, Chennai vs. JCIT, Madurai

Appeal stand dismissed whereas the assessee’s appeal stands partly allowed for statistical purposes

ITA 1059/CHNY/2016[2008-09]Status: DisposedITAT Chennai21 Jan 2022AY 2008-09

Bench: Hon’Ble Shri V. Durga Rao & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri R. Vijayaraghavan (Advocate) – Ld. ARFor Respondent: Shri M. Murali, Ld. CIT-DR
Section 14ASection 32(2)

…आयकर अपीलीय अिधकरण ‘सी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, CHENNAI माननीय "ी वी. दुगा" राव, "ाियक सद" एवं माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" के सम"। BEFORE HON’BLE SHRI V. DURGA RAO, JUDICIAL MEMBER AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपीलसं./ ITA Nos.1059 to 1063/Chny/2016 & ITA Nos.947 & 1846/Chny/2017 (िनधा"रणवष" / Assessment Years: 2008-09 to 2014-15) M/s.J.K.Fenner (India) Limited The JCIT /The ACIT, बनाम/ Corporate Range-1/ Corporate (Formerly known as M/s Fenner (India) Ltd.) No.3, Madurai-Melakkal Road, Vs. Circle-1, Madurai. Kochadai, Madurai-625 016. "थायीलेखास…

Kalyani Steels Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 14, Pune

The appeal of the assesse is allowed in terms of our aforesaid observations

ITA 1403/PUN/2018[2015-16]Status: DisposedITAT Pune05 Jan 2022AY 2015-16

Bench: Shri Inturi Rama Rao() & Shri Ravish Sood () Assessment Year: 2015-16 Kalyani Steels Ltd. Dy. Commissioner Of Income-Tax, Mundhwa, Vs. Income-Tax Circle-14, Pune – 411 036 Aaykarsadan, Bodhi Tower, 548/2B, Salisbury Park, Gultekdi, Pune – 411 037. Pan No. Aaack7315D (Appellant) (Respondent)

For Appellant: Shri. Nikhil Pathak, A.RFor Respondent: Shri. M.G Jasnani, D.R
Section 115JSection 143(3)Section 14A

…10 (iii) Nirved Traders Pvt. Ltd. Vs. DCIT [ITA 149 of 2017, dated 23.04.2019 (Bom) (iv) M/s Holcim India Pvt. Ltd. Vs. CIT-IV (2015) 57 taxmann.com 28 (Delhi) (v) CIT Vs. M/s Lakhani Marketing Inc.(2014) 226 Taxman 45 (P&H) (vi) CIT Vs.Hero Cycle Ltd. (2010) 323 ITR 518 (P&H) (vii) CIT Vs. Winsome Textiles Industries Ltd. (2009) 319 ITR 204 (P & H) (viii) CIT Vs. Corrtech Energy (P) Ltd. (2014) 223 taxman.com 130 (Guj) (ix) CIT Vs. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All) (x). Pr. Commissioner of Income-tax-10 Vs. HSBC Invest Direct (India) Ltd., ITA No. 1672 of 2016; dated 04.02.2019 (Bom) We, thus, fi…

M/S Karnataka State Beverages Corporation Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, the appeal of the assessee is dismissed

ITA 973/BANG/2018[2012-13]Status: DisposedITAT Bangalore09 Dec 2021AY 2012-13

Bench: Shri Chandra Poojari & Shri George George K.Assessment Year : 2012-13

For Appellant: Shri S.V. Ravishankar, AdvocateFor Respondent: Shri Chetan R., Addl. CIT(DR)(ITAT), Bengaluru
Section 14A

…• REI Agro Ltd., v. DCIT reported in 160 TTJ 107 (Kolkata); • ACIT v. Magarpatta Township Development & Construction Co.Ltd. - [20141 46 taxrnann.com 284 (Pune) 7. The Hon'ble Punjab and Haryana High court in the case of CIT v. Hero Cycles Limited reported in 323 ITR 518 (P&H) has held that disallowance under section 14A requires finding of incurring of expenditure and where it is found that no expenditure has been incurred, disallowance under section 14A cannot stand and in CIT v. Deepak Mittal reported in 361 ITR 131 has held that the Assessing Officer cannot blindly resort to Rule 8D of the Rules and that wher…

Jpm Tools Ltd., New Delhi vs. ACIT, Central Circle- 13, New Delhi

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

ITA 5232/DEL/2018[2015-16]Status: DisposedITAT Delhi09 Nov 2021AY 2015-16

Bench: Shri G.S.Pannu & Shri Kul Bharat[Assessment Year : 2015-16] Jpm Tools Ltd., Vs Acit, Sanjay Satpal & Assocaites, F-11, Central Circle-13, Green Park Extension, New Delhi. New Delhi. Pan-Aaacj3128K Appellant Respondent Appellant By Sh. Madhur Aggarwal, Adv. Respondent By Sh. Umesh Takyar, Sr.Dr Date Of Hearing 01.11.2021 Date Of Pronouncement 09.11.2021

Section 143(3)Section 14A

…n 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 v. Winsome Textile Industries Limited, [2009] 319 ITR 204 to hold that Section 4A cannot be invoked when no exempt income was earned. [Assessment Year : 2015-16] 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 Allaha…

Divyarth Leasing & Finance P.Ltd, New Delhi vs. Prcit, Central Circle-3, New Delhi

In the result, all the appeals of the assessee are allowed

ITA 1184/DEL/2018[2011-12]Status: DisposedITAT Delhi18 Oct 2021AY 2011-12

Bench: Ms. Suchitra Kambledr. B. R. R. Kumar(Through Video Conferencing) Ita No. 1179/Del/2018 : Asstt. Year : 2009-10

For Appellant: Sh. Bipin Ram, AR &For Respondent: Sh. Javed Akhtar, CIT DR
Section 143(3)Section 14ASection 153ASection 263

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI Before Ms. Suchitra Kamble, Judicial Member Dr. B. R. R. Kumar, Accountant Member (Through Video Conferencing) ITA No. 1179/Del/2018 : Asstt. Year : 2009-10 ITA No. 1183/Del/2018 : Asstt. Year : 2010-11 ITA No. 1184/Del/2018 : Asstt. Year : 2011-12 Divyarth Leasing & Finance Pvt. Vs Pr. Commissioner of Income Ltd., E-201-202, Ramesh Nagar, Tax, Central Circle-3, New Delhi-110015 New Delhi-110055 (APPELLANT) (RESPONDENT) PAN No. AAACD2385C Assessee by : Sh. Bipin Ram, AR & Sh. S. S. Nagar, Adv. Revenue by : Sh. Javed Akhtar, CIT DR Date of Hearing:…

Divyarth Leasing & Finance P.Ltd, New Delhi vs. Prcit, Central Circle-3, New Delhi

In the result, all the appeals of the assessee are allowed

ITA 1183/DEL/2018[2010-11]Status: DisposedITAT Delhi18 Oct 2021AY 2010-11

Bench: Ms. Suchitra Kambledr. B. R. R. Kumar(Through Video Conferencing) Ita No. 1179/Del/2018 : Asstt. Year : 2009-10

For Appellant: Sh. Bipin Ram, AR &For Respondent: Sh. Javed Akhtar, CIT DR
Section 143(3)Section 14ASection 153ASection 263

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI Before Ms. Suchitra Kamble, Judicial Member Dr. B. R. R. Kumar, Accountant Member (Through Video Conferencing) ITA No. 1179/Del/2018 : Asstt. Year : 2009-10 ITA No. 1183/Del/2018 : Asstt. Year : 2010-11 ITA No. 1184/Del/2018 : Asstt. Year : 2011-12 Divyarth Leasing & Finance Pvt. Vs Pr. Commissioner of Income Ltd., E-201-202, Ramesh Nagar, Tax, Central Circle-3, New Delhi-110015 New Delhi-110055 (APPELLANT) (RESPONDENT) PAN No. AAACD2385C Assessee by : Sh. Bipin Ram, AR & Sh. S. S. Nagar, Adv. Revenue by : Sh. Javed Akhtar, CIT DR Date of Hearing:…

Divyarth Leasing & Finance P.Ltd, New Delhi vs. Prcit, Central Circle-3, New Delhi

In the result, all the appeals of the assessee are allowed

ITA 1179/DEL/2018[2009-10]Status: DisposedITAT Delhi18 Oct 2021AY 2009-10

Bench: Ms. Suchitra Kambledr. B. R. R. Kumar(Through Video Conferencing) Ita No. 1179/Del/2018 : Asstt. Year : 2009-10

For Appellant: Sh. Bipin Ram, AR &For Respondent: Sh. Javed Akhtar, CIT DR
Section 143(3)Section 14ASection 153ASection 263

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI Before Ms. Suchitra Kamble, Judicial Member Dr. B. R. R. Kumar, Accountant Member (Through Video Conferencing) ITA No. 1179/Del/2018 : Asstt. Year : 2009-10 ITA No. 1183/Del/2018 : Asstt. Year : 2010-11 ITA No. 1184/Del/2018 : Asstt. Year : 2011-12 Divyarth Leasing & Finance Pvt. Vs Pr. Commissioner of Income Ltd., E-201-202, Ramesh Nagar, Tax, Central Circle-3, New Delhi-110015 New Delhi-110055 (APPELLANT) (RESPONDENT) PAN No. AAACD2385C Assessee by : Sh. Bipin Ram, AR & Sh. S. S. Nagar, Adv. Revenue by : Sh. Javed Akhtar, CIT DR Date of Hearing:…

DCIT, Circle- 12(1), New Delhi vs. Icra Ltd., New Delhi

In the result, the appeals of the Revenue for assessment year 2011-12 and 2012-13 are allowed partly for statistical purposes and Cross Objection of the assessee for assessment year

ITA 5707/DEL/2017[2012-13]Status: DisposedITAT Delhi14 Oct 2021AY 2012-13

Bench: Shri O.P. Kant & Shri Kuldip Singh[Through Video Conferencing] Assessment Year: 2011-12 & Assessment Year: 2012-13

Section 145

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘C’ NEW DELHI BEFORE SHRI O.P. KANT, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH, JUDICIAL MEMBER [Through Video Conferencing] Assessment Year: 2011-12 And Assessment Year: 2012-13 DCIT, Vs. ICRA Ltd., Circel-12(1), 1105, Kailash Building, New Delhi 11th Floor, 26 Kasturba Marg, New Delhi PAN :AAACI0218B (Appellant) (Respondent) And C.O. No.8/Del/2018 [Arising out of ITA No.5707/Del/2017] Assessment Year: 2012-13 ICRA Ltd., Vs. DCIT, 1105, Kailash Building, Circel-12(1), 11th Floor, 26 Kasturba New Delhi Marg, New Delhi PAN :AAACI0218B (Appellant) (Respondent) De…

DCIT, Circle- 12(1), New Delhi vs. Icra Ltd., New Delhi

In the result, the appeals of the Revenue for assessment year 2011-12 and 2012-13 are allowed partly for statistical purposes and Cross Objection of the assessee for assessment year

ITA 5706/DEL/2017[2011-12]Status: DisposedITAT Delhi14 Oct 2021AY 2011-12

Bench: Shri O.P. Kant & Shri Kuldip Singh[Through Video Conferencing] Assessment Year: 2011-12 & Assessment Year: 2012-13

Section 145

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘C’ NEW DELHI BEFORE SHRI O.P. KANT, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH, JUDICIAL MEMBER [Through Video Conferencing] Assessment Year: 2011-12 And Assessment Year: 2012-13 DCIT, Vs. ICRA Ltd., Circel-12(1), 1105, Kailash Building, New Delhi 11th Floor, 26 Kasturba Marg, New Delhi PAN :AAACI0218B (Appellant) (Respondent) And C.O. No.8/Del/2018 [Arising out of ITA No.5707/Del/2017] Assessment Year: 2012-13 ICRA Ltd., Vs. DCIT, 1105, Kailash Building, Circel-12(1), 11th Floor, 26 Kasturba New Delhi Marg, New Delhi PAN :AAACI0218B (Appellant) (Respondent) De…

DCIT, Circle-11(1), New Delhi vs. Hero Corporate Services Pvt. Ltd., New Delhi

The appeal of the Department stands allowed for statistical purposes

ITA 4341/DEL/2017[2011-12]Status: DisposedITAT Delhi30 Sept 2021AY 2011-12
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘C’: NEW DELHI (Through Video Conferencing) BEFORE, SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Dy. CIT, M/s Hero Corporate Circle-11(1), Services Pvt. Ltd., New Delhi. Vs. E-1, Qutab Hotel Complex, Shaheed Jeet Singh Marg, New Delhi-110 016. PAN –AAACH 1277P (Appellant) (Respondent) Appellant By Ms. Anima, Sr. DR Respondent by None Date of Hearing 14.07.2021 Date of Pronouncement 30.09.2021 ORDER PER SUDHANSHU SRIVASTAVA, JM: This appeal is preferred by the Revenue against order dated 06.03.2017 passed by the…

M/S Kanade Aqua Farms Pvt Ltd, Mumbai vs. ITO 6 (3)(3), Mumbai

Accordingly, the Ground of appeal No. 1 is dismissed

ITA 151/MUM/2020[2014-15]Status: DisposedITAT Mumbai20 Sept 2021AY 2014-15

Bench: Shri Shamim Yahya () & Shri Ravish Sood () M/S Kanade Aqua Farms Income Tax Officer- Pvt. Ltd., 3/21, Poddar Vs. 6(3)(3), Building No. 2, Dr. Room No. 524, 5Th Floor, Maisheri Road, Near Aaykar Bhavan, Sandhurst Road Railway M.K. Marg, Station, Mumbai– 400009 Mumbai - 400020 Pan No. Aaack0421C (Assessee) (Revenue) Assessee By : Ms.Vinita Shah, A.R Revenue By : Shri Neeraj Kumar, D.R Date Of Hearing : 08/09/2021 Date Of Pronouncement : 20/09/2021 Order Per Ravish Sood, J.M: The Present Appeal Filed By The Assessee Is Directed Against The Order Passed By The Commissioner Of Income Tax (Appeals)-12, Mumbai (For Short „Cit(A)‟), Dated 03.10.2019, Which In Turn Arises From The Order Passed By The A.O. U/S 143(3) Of The Income Tax Act, 1961 (For Short „Act‟) Dated 13.11.2016 . 2. The Assessee Has Assailed The Impugned Order On The Following Grounds Of Appeal Before Us: 1. “On The Facts & Circumstances Of The Case As Well As In Law, The Learned Cit(A) Has Erred In Confirming The Action Of Learned Assessing Officer In Disallowing The Clearing Expenses Of Rs.

For Appellant: Ms.Vinita Shah, A.RFor Respondent: Shri Neeraj Kumar, D.R
Section 143(2)Section 143(3)Section 14ASection 194CSection 40

…) M/s Holcim India Pvt. Ltd. Vs. CIT-IV (2015) 57 taxmann.com 28 (Delhi) ITA No. 151/Mum/2020 A.Y. 2014-15 5 M/s Kanade Aqua Farms Pvt. Ltd. Vs. ITO 6(3)(3) (v) CIT Vs. M/s Lakhani Marketing Inc.(2014) 226 Taxman 45 (P&H) (vi) CIT Vs.Hero Cycle Ltd. (2010) 323 ITR 518 (P&H) (vii) CIT Vs. Winsome Textiles Industries Ltd. (2009) 319 ITR 204 (P & H) (viii) CIT Vs. Corrtech Energy (P) Ltd. (2014) 223 taxman.com 130 (Guj) (ix) CIT Vs. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All) (x). Pr. Commissioner of Income-tax-10 Vs. HSBC Invest Direct (India) Ltd., ITA No. 1672 of 2016; dated 04.02.2019 (Bom) As the asse…

International Cargo Terminals and Infrastructure Pvt Ltd, Mumbai vs. Dy CIT CC 6(4), Mumbai

Accordingly, in terms of our aforesaid observations, the appeal filed by the revenue is dismissed

ITA 6974/MUM/2019[2016-17]Status: DisposedITAT Mumbai07 Sept 2021AY 2016-17

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () The Dcit, Central Circle-6(4), M/S International Cargo Room No. 1925, 19Th Floor, Air Vs. Terminals & Infrastructure India Building, Nariman Point, Private Limited, Unit No.801, Mumbai – 400 021 Godrej Coliseum, C-Wing, Off Somaiya Hospital Road, Sion (East), Mumbai 400 022 Pan No. Aaacu5182C (Revenue) (Assessee) M/S International Cargo The Dcit, Central Circle-6(4), Terminals & Infrastructure Vs. Room No. 1925, 19Th Floor, Air Private Limited, Unit No.801, India Building, Nariman Point, Godrej Coliseum, C-Wing, Mumbai – 400 021 Off Somaiya Hospital Road, Sion (East),Mumbai 400 022

For Appellant: Shri Y.P. Trivedi, A.RFor Respondent: Ms. Shreekala Pardeshi, D.R
Section 143(3)Section 14A

…)] (iii) Nirved Traders Pvt. Ltd. Vs. DCIT [ITA 149 of 2017, dated 23.04.2019 (Bom) (iv) M/s Holcim India Pvt. Ltd. Vs. CIT-IV (2015) 57 taxmann.com 28 (Delhi) (v) CIT Vs. M/s Lakhani Marketing Inc.(2014) 226 Taxman 45 (P&H) (vi) CIT Vs.Hero Cycle Ltd. (2010) 323 ITR 518 (P&H) (vii) CIT Vs. Winsome Textiles Industries Ltd. (2009) 319 ITR 204 (P & H) (viii) CIT Vs. Corrtech Energy (P) Ltd. (2014) 223 taxman.com 130 (Guj) (ix) CIT Vs. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All) (x). Pr. Commissioner of Income-tax-10 Vs. HSBC Invest Direct (India) Ltd., ITA No. 1672 of 2016; dated 04.02.2019 (Bom) Accordingly,…

Dy CIT CC 6 (4), Mumbai vs. M/S International Cargo Terminals & Infrastructure Pvt Ltd., Mumbai

Accordingly, in terms of our aforesaid observations, the appeal filed by the revenue is dismissed

ITA 6892/MUM/2019[2016-17]Status: DisposedITAT Mumbai07 Sept 2021AY 2016-17

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () The Dcit, Central Circle-6(4), M/S International Cargo Room No. 1925, 19Th Floor, Air Vs. Terminals & Infrastructure India Building, Nariman Point, Private Limited, Unit No.801, Mumbai – 400 021 Godrej Coliseum, C-Wing, Off Somaiya Hospital Road, Sion (East), Mumbai 400 022 Pan No. Aaacu5182C (Revenue) (Assessee) M/S International Cargo The Dcit, Central Circle-6(4), Terminals & Infrastructure Vs. Room No. 1925, 19Th Floor, Air Private Limited, Unit No.801, India Building, Nariman Point, Godrej Coliseum, C-Wing, Mumbai – 400 021 Off Somaiya Hospital Road, Sion (East),Mumbai 400 022

For Appellant: Shri Y.P. Trivedi, A.RFor Respondent: Ms. Shreekala Pardeshi, D.R
Section 143(3)Section 14A

…)] (iii) Nirved Traders Pvt. Ltd. Vs. DCIT [ITA 149 of 2017, dated 23.04.2019 (Bom) (iv) M/s Holcim India Pvt. Ltd. Vs. CIT-IV (2015) 57 taxmann.com 28 (Delhi) (v) CIT Vs. M/s Lakhani Marketing Inc.(2014) 226 Taxman 45 (P&H) (vi) CIT Vs.Hero Cycle Ltd. (2010) 323 ITR 518 (P&H) (vii) CIT Vs. Winsome Textiles Industries Ltd. (2009) 319 ITR 204 (P & H) (viii) CIT Vs. Corrtech Energy (P) Ltd. (2014) 223 taxman.com 130 (Guj) (ix) CIT Vs. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All) (x). Pr. Commissioner of Income-tax-10 Vs. HSBC Invest Direct (India) Ltd., ITA No. 1672 of 2016; dated 04.02.2019 (Bom) Accordingly,…

Addl. CIT, Special Range- 9, New Delhi vs. Tv Today Network Ltd., New Delhi

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

ITA 5204/DEL/2017[2012-13]Status: DisposedITAT Delhi29 Jul 2021AY 2012-13

Bench: Shri Anil Chaturvedi & Shri Kuldip Singh

For Appellant: Shri Madhur Aggarwal, AdvocateFor Respondent: Shri Prakash Dubey, Senior DR
Section 14ASection 36(1)(va)

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘G’ : NEW DELHI) BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER (THROUGH VIDEO CONFERENCE) ITA No.5204/Del./2017 (Assessment Year : 2012-13) Addl.CIT, Special Range 9, vs. M/s. TV Today Network Ltd., New Delhi. F – 26, Connaught Circus, New Delhi – 110 001. (PAN : AABCT0424B) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Madhur Aggarwal, Advocate REVENUE BY : Shri Prakash Dubey, Senior DR Date of Hearing : 14,07.2021 Date of Order : 29.07.2021 O R D E R PER KULDIP SINGH, JUDICIAL MEMBER : Appellant, Addl.CIT, Special…

Pragati Glass Pvt. Ltd., Bharuch vs. Assistant Commissioner of Income Tax, Circle-1, Bharuch

In the result, ground No. 4 is allowed

ITA 504/SRT/2018[2013-14]Status: DisposedITAT Surat02 Jul 2021AY 2013-14

Bench: Shri Pawan Singh () & Dr. Arjun Lal Saini () Assessment Year: 2013-14 Pragati Glass Private Limited, Asst. Commissioner Of Income Tax, Kharach, Kosamba (R.S), District Vs. Cir. 1, Bharuch-394120 Station Road, Bharuch-392001. Pan No. Aabcp 7377 H Appellant Respondent

For Appellant: Mr. Surandra Modiani, ARFor Respondent: Ms. Anupama Singla, Sr. DR
Section 115JSection 143(3)Section 14ASection 36(1)(va)

…ested only Rs.1.65 crores only. Thus no interest disallowance is warranted against the assessee. To support his submission, the Ld. AR of the assessee relied upon the decisions :  CIT v. Corretch Energy P. Ltd. 45 taxmannc.om 116  CIT v. Hero Cycles Limited 323 ITR 518 (P&H HC)  CIT v. Winsome Textile Industries Ltd. 319 ITR 204  Everest Kanto Cylinder Ltd. v. ACIT, ITA No. 7073/Mum/2012 dated 25.09.2014 ITA No. 504/SRT/2018 8  Manugraph India Pvt. Ltd. v. DCIT, ITA No. 476/Mum/2012 dated 29.03.2015  CIT v. UTI Bank Ltd. 32 taxmann.com 370 (Gujarat High Court)  CIT v. Reliance Utilities & Power Ltd. 313…

Dy. CIT-1(1), Indore vs. M/S. Brilliant Estate Ltd., Indore

In the result Ground No.1 of the revenue stands dismissed”

ITA 652/IND/2019[2014-15]Status: DisposedITAT Indore29 Jun 2021AY 2014-15

Bench: Hon’Ble Rajpal Yadav & Shri Manish Boradvirtual Hearing Assessment Year 2014-15

Section 142(1)Section 143(2)Section 143(3)Section 14A

…0 CCH 0081 (Del HC) 3. Copy of order of the Hon'ble Punjab and Haryana High Court in the case of Lakhani Marketing Incl. vs. CIT (ITA No. 970/2008) 4. Copy of order of the Hon'ble Punjab and Haryana High Court in the case of Hero Cycles Limited vs. CIT (2010) 323 ITR 518. 5. Copy of order of the Hon'ble Punjab and Haryana High Court in the case of Winsome Textile Industries Limited vs. CIT (2009) 319 ITR 204. 6. Copy of order of Hon'ble ITAT Indore Bench in the case of DCIT-1(1), Indore vs. M/ s Brilliant Estate Pvt. Ltd in Departmental Appeal ITA No. 393/Ind/2017 for AY 2013-2014. 7. Copy of the decision of Hon'…

DCIT Cen Cir 4(2), Mumbai vs. Mitesh Ilesh Gadhia, Mumbai

In the result, the appeal filed by the revenue is hereby dismissed

ITA 538/MUM/2019[2010-11]Status: DisposedITAT Mumbai07 Apr 2021AY 2010-11
For Appellant: Shri Mayur KisnadwalFor Respondent: Shri Sanjay Sethi (Sr. AR)
Section 132Section 143(3)Section 14ASection 153A

…an expenditure in relation to earning of exempt income. This is as per the ratio of the decisions laid out by the Hon'ble Courts in the cases of Maxopp Investment (15 Taxmann.com 390) (Delhi HC), Cheminvest Ltd ITA No 749/2014) (Delhi HC) and Hero Cycles Ltd (323 ITR 518) (P & H HC). Once it is found that the assessee has incurred an expenditure in relation to earning of exempt income, the quantum of disallowance u/s 14A can be computed by the AO by applying rule 8D if the AO is not satisfied with the correctness of the claim made by the assessee as regards to the quantum of disallowance offered by it. A mechanis…

Tirupati Services Pvt. Ltd., Kanpur vs. ACIT, New Delhi

ITA 5516/DEL/2016[2010-11]Status: DisposedITAT Delhi06 Apr 2021AY 2010-11

Bench: Ms. Suchitra Kambledr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5516/Del/2016 : Asstt. Year : 2010-11 Tirupati Services Pvt. Ltd., Vs Acit, C/O Kailash Motors Building, Circle-16(1), 84/105, G.T. Road, New Delhi Kanpur-208003 (Appellant) (Respondent) Pan No. Aaact4868N Assessee By : None Revenue By : Sh. Prakash Dubey, Sr. Dr Date Of Hearing: 17.02.2021 Date Of Pronouncement: 06.04.2021

For Appellant: NoneFor Respondent: Sh. Prakash Dubey, Sr. DR
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’, NEW DELHI Before Ms. Suchitra Kamble, Judicial Member Dr. B. R. R. Kumar, Accountant Member (Through Video Conferencing) ITA No. 5516/Del/2016 : Asstt. Year : 2010-11 Tirupati Services Pvt. Ltd., Vs ACIT, C/o Kailash Motors Building, Circle-16(1), 84/105, G.T. Road, New Delhi Kanpur-208003 (APPELLANT) (RESPONDENT) PAN No. AAACT4868N Assessee by : None Revenue by : Sh. Prakash Dubey, Sr. DR Date of Hearing: 17.02.2021 Date of Pronouncement: 06.04.2021 ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the assessee against…

Petronet Lng Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal of the assessee is allowed

ITA 5232/DEL/2015[2011-12]Status: DisposedITAT Delhi18 Mar 2021AY 2011-12

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

For Appellant: Sh. Vishal Kalra, AdvFor Respondent: Sh. H. K. Choudhary, CIT DR
Section 14ASection 234C

…) 394 ITR 449 (SC)  HT Media Ltd. Vs Pr. CIT (2017) 85 taxmann.com 113 (Del.)  CIT Om Prakash Khaitan (2015) 376 ITR 390 (Del.)  ACIT Vs Eicher Ltd. (2007) 101 TTJ 369 (Del.)  Maruti Udgyog Ltd. Vs DCIT (2005) 92 ITD 119 (Del.)  CIT Vs Hero Cycles (2010) 323 ITR 518 (P&H)  DCIT Vs Nestle India Ltd. in ITA No. 2020/Del/2014 39. The ld. AR further argued that the assessee has not earned any dividend from certain investments which may not be taken into consideration while computing the disallowance. 40. On the other hand, the ld. DR totally supported the order of the Assessing Officer on all aspects. 41. Th…