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.

DCIT, New Delhi vs. M/S. Punjab National Bank, New Delhi

In the result, the appeal of the revenue is dismissed and the appeal of the assessee is allowed

ITA 2954/DEL/2017[2013-14]Status: DisposedITAT Delhi13 May 2020AY 2013-14

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumarita No. 2954/Del/2012 : Asstt. Year : 2013-14 Dcit, Vs M/S Punjab National Bank, Circle-20(1), Ho: Finance Division, 5, Sansad New Delhi Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp0165G

For Appellant: Sh. S. Krishnan, AdvFor Respondent: Smt. Sushma Singh, CIT DR
Section 142(1)

…y the bank in earning the aforesaid exempted income of Rs. 126.47crore and therefore no disallowance of interest expenditure is warranted under section 14A. It was also held by the Hon'ble High Court of Punjab & Haryana in the case of CIT vs. Hero Cycles Ltd (323 ITR 528) that where the assessee has interest free funds available which exceed the investments made in assets earning tax free income, the presumption is that the investments have come out of interest free funds only. Similar view was also taken by the Hon'ble High Court of Bombay in the case of CIT Vs. Reliance Utilities & Power Ltd (2009) 313 ITR 340.…

Smt. Aabhadevi Agrawal, Burhanpur vs. ACIT Khandwa, Khandwa

Appeal are allowed

ITA 752/IND/2019[2009-10]Status: DisposedITAT Indore06 Mar 2020AY 2009-10

Bench: Shri Kul Bharatassessment Year: 2009-10

Section 143(3)

…est free funds available at the disposal of the assessee as per balance sheet of the assessee. We further [ITA No.752/Ind/2019] [Smt. Abhadevi Agrawal rely on the decision of Hon`ble Punjab & Haryana High Court in the case of CIT vs. Hero Cycles Ltd. (2010) 323 ITR 518(P&H) wherein it was held that no disallowance out of interest payment is permissible if AO does not establish nexus between the expenditure incurred and income generated. Therefore, by applying the ratio as laid down by the Hon’ble Bombay High Court in in the case of CIT vs. Reliance Utilities & Power Ltd. (2009) 178 Taxman 135 (Bom) and the deci…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, the appeal filed by the assessee is partly allowed and appeal filed by the revenue is dismissed

ITA 6482/MUM/2010[2000-01]Status: DisposedITAT Mumbai06 Mar 2020AY 2000-01

Bench: Shri Rajesh Kumar, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.6482 /Mum/2010 (निर्धारण वर्ा / Assessment Year: 2000-01) State Bank Of India बिधम/ Acit Range-2(2) Mumbai. Financial Reporting, Vs. Compliance & Taxation Dept. Mumbai-400021. Ita. No. 6822/Mum/2010 (निर्धारण वर्ा / Assessment Year: 2000-01) Acit Range-2(2) बिधम/ State Bank Of India Mumbai. Financial Reporting, Vs. Compliance & Taxation Dept. Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs8577K (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Girish Dave/Urvi Mehta Revenue By: Shri Awungshi Gimson (Dr) सुनवाई की तारीख / Date Of Hearing: 12/12/2019 घोषणा की तारीख /Date Of Pronouncement: 06/03/2020 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue As Well As Assessee Have Filed The Above Mentioned Appeals Against The Order Dated 21.07.2010 Passed By The Commissioner Of Income Tax (Appeals)-5, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2000-01. Ita. No.6482/M/2010 6822/M/2010 A.Y. 2000-01 2. The Assessee Has Filed The Present Appeal Against The Order Dated 21.07.2010 Passed By The Commissioner Of Income Tax (Appeals)-05, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2000- 01. 3. The Assessee Has Raised The Following Grounds: -

For Appellant: Shri Girish Dave/Urvi MehtaFor Respondent: Shri Awungshi Gimson (DR)
Section 14ASection 43D

…ecision in favour of assessee‟s Bank viz. CIT vs. Central Bank of India 264 ITR 522(Bom), CIT vs. General Insurance Corpn. Of India 254 ITR 203(Bom), Eicher Ltd. (101 TTJ 369) (Del), Dhanlakshmi Bank Ltd. vs. ACIT 12 SOT 625 (Cochin), CIT vs. Hero Cycles Ltd. 323 ITR 518) (Punjab & Haryana High Court). The ld. AR further argued that as per guidelines laid down by Reserve Bank of India, the bank has to invest interest free securities to maintain Statutory Liquidity Ratio (SLR). The rate of return on tax free deployment of funds lower in view of the tax exemption available. The Borrowings and interest expenses incu…

M/S Global Tech Park Private Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-3(1)(2), Bangalore

In the result ITA No.2287/BANG/2018 is partly allowed

ITA 2287/BANG/2018[2014-15]Status: DisposedITAT Bangalore06 Mar 2020AY 2014-15

Bench: Shri N.V. Vasudevan & Shri Pradip Kumar Kedia

For Appellant: Shri Hariprasad Nayak, CAFor Respondent: Smt R. Premi, JCIT(DR)(ITAT), Bangalore
Section 14A

…keting Incl. (decision dated April 2, 2014, of the High Court of Punjab and Haryana in I. T. A. No. 970 of 2008)--since reported in [2015] 4 ITR-OL 246 (P&H)-- which in turn referred to two earlier decisions of the same court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H). The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj) ; [2015] 372 1TR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in T.A. No. 88 of ITA No.1 1071Bang…

M/S Global Tech Park Private Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-3(1)(2), Bangalore

In the result ITA No.2287/BANG/2018 is partly allowed

ITA 2286/BANG/2018[2015-16]Status: DisposedITAT Bangalore06 Mar 2020AY 2015-16

Bench: Shri N.V. Vasudevan & Shri Pradip Kumar Kedia

For Appellant: Shri Hariprasad Nayak, CAFor Respondent: Smt R. Premi, JCIT(DR)(ITAT), Bangalore
Section 14A

…keting Incl. (decision dated April 2, 2014, of the High Court of Punjab and Haryana in I. T. A. No. 970 of 2008)--since reported in [2015] 4 ITR-OL 246 (P&H)-- which in turn referred to two earlier decisions of the same court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H). The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj) ; [2015] 372 1TR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in T.A. No. 88 of ITA No.1 1071Bang…

DCIT, New Delhi vs. M/S. Innus Infrastructure Pvt. Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 1516/DEL/2017[2012-13]Status: DisposedITAT Delhi06 Mar 2020AY 2012-13

Bench: Smt. Diva Singhdr. B. R. R. Kumarita No. 1516/Del/2017 : Asstt. Year : 2012-13 Dcit, Vs M/S Innus Infrastructure Pvt. Ltd., Circle-11(1), M-62 & 63, First Floor, Connaught New Delhi Palace, New Delhi (Appellantt (Respondent) Pan No. Aacci1776N Assessee By : Ms. Neha Gupta, Ca Revenue By : Sh. S. N. Meena, Sr. Dr Date Of Hearing: 03.03.2020 Date Of Pronouncement: 06.03.2020

For Appellant: Ms. Neha Gupta, CAFor Respondent: Sh. S. N. Meena, Sr. DR
Section 14A

…d. against Revenue. The first was the decision in CIT v. Lakhani Marketing Inc. [2014] 226 Taxman 45/49 taxmann.com 257 of the High Court of Punjab and Haryana which in turn referred to two earlier decisions of the same Court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518/189 Taxman 50 and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204. The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxman 130/45 taxmann.com 116 and the third of the Allahabad High Court in CIT v. Shivam Motors (P.) Ltd. [2015] 230 Taxman 63/55 taxmann.com 262. Further, in the case of Joint Invest…

The ACIT, (OSD)Circle-8, Ahmedabad vs. Torrent Power Ltd., Ahmedabad

In the result, the appeal of the Revenue and the Cross-objection of the assessee, both are dismissed

ITA 1668/AHD/2012[2006-07]Status: DisposedITAT Ahmedabad05 Mar 2020AY 2006-07

Bench: Shri Sandeep Gosain & Shri Amarjit Singh

For Appellant: Shri Vartik ChowkshiFor Respondent: Shri Samir Tekriwal, CIT-DR
Section 115JSection 14Section 143(3)Section 14A

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘बी’, अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ B ” BENCH, AHMEDABAD BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER And SHRI AMARJIT SINGH, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.1668/Ahd/2012 ("नधा"रण वष" / Assessment Year : 2006-07) And CO No.178/Ahd/2012 – AY 2006-07 (in ITA No.1668/Ahd/2012 – AY 2006-07) The ACIT(OSD) M/s.Torrent Power Limited बनाम/ Circle-8, Torrent House Vs. Ahmedabad Nr.Dinesh Hall Off Ashram Road, Ahmedabad "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACCT 0294 J (अपीलाथ" /Appellant) .. (""यथ"/Respondent & Cross Objector) Revenue by : Shri Sa…

DCIT (Ltu), New Delhi vs. M/S. Hero Motors Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 249/DEL/2017[2012-13]Status: DisposedITAT Delhi26 Feb 2020AY 2012-13

Bench: Sh. H. S. Sidhudr. B. R. R. Kumar

For Appellant: Sh. Satish Bansal, CAFor Respondent: Sh. S. N. Meena, Sr. DR
Section 14A

…ue against Revenue. The first was the decision in CIT v. Lakhani Marketing Inc. [2014] 226 Taxman 45/49 taxmann.com 257 of the High Court of Punjab and Haryana which in turn referred to two earlier decisions of the same Court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518/189 Taxman 50 and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204. The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxman 130/45 taxmann.com 116 and the third of the Allahabad High Court in CIT v. Shivam Motors (P.) Ltd. [2015] 230 Taxman 63/55 taxmann.com 262. These three decisions reiterated the…

ITO, New Delhi vs. M/S Hero Management Services Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 125/DEL/2017[2011-12]Status: DisposedITAT Delhi26 Feb 2020AY 2011-12

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 125/Del/2017 : Asstt. Year : 2011-12 Income Tax Officer, Vs M/S Hero Management Services Ltd. Ward-11 (2) E-1, Qutab Hotel Complex, Shaheed New Delhi Jeet Singh Marg, New Delhi (Appellantt (Respondent) Pan No. Aabch4681C Assessee By : Sh. Satish Bansal, Ca Revenue By : Sh. S. N. Meena, Sr. Dr Date Of Hearing:25.02.2020 Date Of Pronouncement: 26.02.2020

For Appellant: Sh. Satish Bansal, CAFor Respondent: Sh. S. N. Meena, Sr. DR
Section 14A

…s the decision in CIT v. Lakhani Marketing Inc. [2014] 226 Taxman 45/49 taxmann.com 257 of 3 Hero Management Services Ltd. the High Court of Punjab and Haryana which in turn referred to two earlier decisions of the same Court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518/189 Taxman 50 and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204. The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxman 130/45 taxmann.com 116 and the third of the Allahabad High Court in CIT v. Shivam Motors (P.) Ltd. [2015] 230 Taxman 63/55 taxmann.com 262. These three decisions reiterated the…

Deputy Commissioner of Income Tax 3(2)(1), Mumbai vs. The Indian Express Limited, Mumbai

In the result, the appeal of the Revenue is dismissed

ITA 5552/MUM/2017[2010-11]Status: DisposedITAT Mumbai18 Feb 2020AY 2010-11

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2010-11

For Appellant: Shri Amit Pratap Singh, A.RFor Respondent: Shri V Mohan, D.R
Section 35DSection 35D(2)

…the assessee warranting no disallowance under section 14A of the Act. According to Ld. CIT(A) the dissatisfaction has to be recorded by the AO having regard to the accounts of the assessee and by following the decision in the case of CIT vs. Hero Cycles Ltd. 323 ITR 518(P&H) and also various decisions of the Tribunal deleted the disallowance under rule 8D(2)(iii). The revenue has challenged the deletion of disallowance under rule 8D(2)(iii) by CIT(A) before us. 15. After hearing both the parties and perusing the material on record, we observe that Ld. CIT(A) has given a correct finding on the issue that no disa…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2107/DEL/2017[2013-14]Status: DisposedITAT Delhi29 Jan 2020AY 2013-14

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, Sr. DR
Section 14A

…shown to us. The Punjab and Haryana High Court in Commissioner of Income Tax, Faridabad vs. MIs. 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…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2106/DEL/2017[2012-13]Status: DisposedITAT Delhi29 Jan 2020AY 2012-13

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, Sr. DR
Section 14A

…shown to us. The Punjab and Haryana High Court in Commissioner of Income Tax, Faridabad vs. MIs. 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…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2105/DEL/2017[2011-12]Status: DisposedITAT Delhi29 Jan 2020AY 2011-12

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, Sr. DR
Section 14A

…shown to us. The Punjab and Haryana High Court in Commissioner of Income Tax, Faridabad vs. MIs. 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…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2104/DEL/2017[2010-11]Status: DisposedITAT Delhi29 Jan 2020AY 2010-11

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, Sr. DR
Section 14A

…shown to us. The Punjab and Haryana High Court in Commissioner of Income Tax, Faridabad vs. MIs. 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…

Pony Infrastructure and Contractors Limited, Mumbai vs. Income Tax Officer Ward-13(1)(4), Mumbai

Appeal is dismissed with no order as to costs

ITA 6969/MUM/2018[2014-15]Status: DisposedITAT Mumbai22 Jan 2020AY 2014-15

Bench: Shri Saktijit Dey, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 6969/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2014-15)

For Appellant: Shri K. G. Bohra, ARFor Respondent: Shri Kumar Padmapani
Section 143(1)Section 143(2)Section 143(3)Section 14A

…ssioner 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 5 I.T.A. No. 6969/Mum/2018 Pony Infrastructure & Contractors Ltd. 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. Shiv…

M/S. Religare Securities Ltd., New Delhi vs. ACIT, New Delhi

The appeal of the assessee stands allowed in terms of our directions contained in the preceding

ITA 2282/DEL/2013[2008-09]Status: DisposedITAT Delhi13 Dec 2019AY 2008-09

Bench: Shri N.K. Billaiya & Shri Sudhanshu Srivastavaasstt. Year: 2008-09

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Smt. Sulekha Verma, CIT(DR)
Section 143(1)Section 14ASection 28Section 36Section 36(1)(ii)Section 37(1)

…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…

DCIT Cen Cir 8(3), Mumbai vs. Jsw Energy Ltd, Mumbai

The appeal stands partly allowed in terms of our above order

ITA 2452/MUM/2017[2011-12]Status: DisposedITAT Mumbai07 Nov 2019AY 2011-12

Bench: Hon’Ble Shri Pawan Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: S/Shri Rishabh Shah & Rakesh Joshi- Ld. ARsFor Respondent: Shri Akhtar H.Ansari- Ld.DR
Section 115JSection 14ASection 92C

…axmann.com 186 Ltd. 4. PCIT Vs Empire Package Pvt. Ltd. Hon’ble Punjab & Haryana High Court 81 Taxmann.com 108 5. CIT Vs Lakhani Marketing Inc. Hon’ble Punjab & Haryana High Court 2015 4 ITR-OL 246 6. CIT Vs Hero Cycles Ltd Hon’ble Punjab & Haryana High Court 323 ITR 518 7. CIT Vs. Winsome Textiles Ind. Ltd. Hon’ble Punjab & Haryana High Court 319 ITR 204 8. CIT Vs Corrtech Energy Pvt Ltd Hon’ble Gujarat High Court 223 Taxmann.com 130 The revenue is unable to bring on record any contrary judgment. Further, Tribunal in assessee’s own case for AY 2008-09 vide ITA No. 1334/Mum/2015 order dated 02/06/2017 has deleted…

Infolink Solutions P.Ltd, Mumbai vs. DCIT Cen Cir 09, Mumbai

In the result, appeal filed by the assessee for assessment year 2009-

ITA 572/MUM/2016[2009-10]Status: DisposedITAT Mumbai29 Oct 2019AY 2009-10

Bench: Shri S. Rifaur Rahman (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2009-10 Infolink Solutions Pvt. Ltd., The Deputy Commissioner Of 45/2225, 2Nd Floor, Income Tax, Central Circle-09, Samadhan Chs Ltd. Mumbai Near Mhada Office, Vs. Gandi Nagar, Bandra (East), Mumbai - 400051 Pan: Aaaci9120N (Appellant) (Respondent) Assessee By : Manish Shah/Ms. Miyanta Mehta (Ar) Revenue By : Shri Awungshi Girison (Dr) Date Of Hearing: 09/09/2019 Date Of Pronouncement: 29/10/2019

For Appellant: Manish Shah/Ms. Miyanta Mehta (AR)For Respondent: Shri Awungshi Girison (DR)
Section 132Section 143Section 143(3)Section 148Section 14ASection 153C

…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 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…

Crompton Greaves Ltd, Mumbai vs. DCIT Cir 6(2), Mumbai

In the result, the assessee’s appeal in ITA No

ITA 5390/MUM/2017[2009-10]Status: DisposedITAT Mumbai27 Sept 2019AY 2009-10

Bench: Shri A. D. Jain, Vp & Shri Rajesh Kumar, Am Asst. Cit-6(2)(1) M/S. Crompton Greaves Ltd. R. No.504/563-C, 5Th Floor, 6Th Floor, Cg House, Vs. Aayakar Bhavan, M. K. Road, Dr. Annie Besant Road, Worli, Mumbai-400 020 Mumbai-400 030 Pan/Gir No. Aaacc 2089 A (Revenue) : (Assessee) & M/S. Crompton Greaves Ltd. Asst. Cit-6(2)(1) 6Th Floor, Cg House, R. No.504/563-C, 5Th Floor, Vs. Dr. Annie Besant Road, Worli, Aayakar Bhavan, M. K. Road, Mumbai-400 030 Mumbai-400 020 Pan/Gir No. Aaacc 2089 A (Assessee) : (Revenue) : Shri A. M. Mittal Revenue By Assessee By : Shri Pradip Kapasi Date Of Hearing : 23.09.2019 Date Of Pronouncement : 27.09.2019

For Appellant: Shri Pradip Kapasi
Section 14(1)Section 14ASection 35

…incurring of expenditure for earning the exempt income, no disallowance u/s. 14A is called for. Following decisions have been relied on:  Priya Exhibitors (P.) Ltd. 54 SOT 356 (Delhi-Trib)(2012)  Justice Sam P. Bharucha 53 SOT 192 (Mum)  Hero Cycles Ltd. 323 ITR 518 (P&H)  Sun Investment Ltd. 8 ITR (Trib) 33 (Del.)(2011) 30. It has also been urged on the basis of the assessee that the A.O. did not establish any nexus between the borrowed funds and the investments and that instead of he erroneously assumed that such investments were made wholly out of borrowed funds; that as such, the disallowance requir…

ACIT 6(2)(1), Mumbai vs. Crompton Greaves Limited, Mumbai

In the result, the assessee’s appeal in ITA No

ITA 5295/MUM/2017[2009-10]Status: DisposedITAT Mumbai27 Sept 2019AY 2009-10

Bench: Shri A. D. Jain, Vp & Shri Rajesh Kumar, Am Asst. Cit-6(2)(1) M/S. Crompton Greaves Ltd. R. No.504/563-C, 5Th Floor, 6Th Floor, Cg House, Vs. Aayakar Bhavan, M. K. Road, Dr. Annie Besant Road, Worli, Mumbai-400 020 Mumbai-400 030 Pan/Gir No. Aaacc 2089 A (Revenue) : (Assessee) & M/S. Crompton Greaves Ltd. Asst. Cit-6(2)(1) 6Th Floor, Cg House, R. No.504/563-C, 5Th Floor, Vs. Dr. Annie Besant Road, Worli, Aayakar Bhavan, M. K. Road, Mumbai-400 030 Mumbai-400 020 Pan/Gir No. Aaacc 2089 A (Assessee) : (Revenue) : Shri A. M. Mittal Revenue By Assessee By : Shri Pradip Kapasi Date Of Hearing : 23.09.2019 Date Of Pronouncement : 27.09.2019

For Appellant: Shri Pradip Kapasi
Section 14(1)Section 14ASection 35

…incurring of expenditure for earning the exempt income, no disallowance u/s. 14A is called for. Following decisions have been relied on:  Priya Exhibitors (P.) Ltd. 54 SOT 356 (Delhi-Trib)(2012)  Justice Sam P. Bharucha 53 SOT 192 (Mum)  Hero Cycles Ltd. 323 ITR 518 (P&H)  Sun Investment Ltd. 8 ITR (Trib) 33 (Del.)(2011) 30. It has also been urged on the basis of the assessee that the A.O. did not establish any nexus between the borrowed funds and the investments and that instead of he erroneously assumed that such investments were made wholly out of borrowed funds; that as such, the disallowance requir…