CIT v. Hero Management Services Ltd.

360 ITR 68High Court2014#2670 most cited

What is CIT v. Hero Management Services Ltd. authority for?

The Assessing Officer must record dissatisfaction with the assessee's expenditure claim related to exempt income before invoking Rule 8D to determine disallowance under Section 14A. Additionally, interest expenditure cannot be disallowed under Section 14A when the assessee has sufficient interest-free funds for investments yielding tax-free income.

44

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT v. Hero Management Services Ltd. · Section 14A · Rule 8D · disallowance of expenditure · exempt income · AO satisfaction · condition precedent · interest-free funds · sufficient own funds · mixed funds

Also reported as

141 Taxmann.com 24

Sections most often in play

Section 115JBSection 143(3)Section 14ASection 154Section 250Section 8D

Issues it is cited on

section 14(2)rule 8d disallowancegoodwill arising on amalgamationsection 9(1)(ii)section 61section 43(6)(c)section 14(1)section 55(2)section 10(33)section 14a disallowancesection 36(1)(viii)section 49

Judgments citing CIT v. Hero Management Services Ltd.

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 273/COCH/2020[2012-13]Status: DisposedITAT Cochin12 Dec 2022AY 2012-13

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxmann.com 60 (Karn.)  CIT Vs. Hero Management Services Ltd. 360 ITR 68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest funds. It was submitted that even where the Assessee had mixed funds…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 272/COCH/2020[2011-12]Status: DisposedITAT Cochin12 Dec 2022AY 2011-12

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxmann.com 60 (Karn.)  CIT Vs. Hero Management Services Ltd. 360 ITR 68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest funds. It was submitted that even where the Assessee had mixed funds…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 747/COCH/2019[2010-11]Status: DisposedITAT Cochin12 Dec 2022AY 2010-11

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxmann.com 60 (Karn.)  CIT Vs. Hero Management Services Ltd. 360 ITR 68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest funds. It was submitted that even where the Assessee had mixed funds…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 746/COCH/2019[2009-10]Status: DisposedITAT Cochin12 Dec 2022AY 2009-10

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxmann.com 60 (Karn.)  CIT Vs. Hero Management Services Ltd. 360 ITR 68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest funds. It was submitted that even where the Assessee had mixed funds…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 745/COCH/2019[2008-09]Status: DisposedITAT Cochin12 Dec 2022AY 2008-09

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxmann.com 60 (Karn.)  CIT Vs. Hero Management Services Ltd. 360 ITR 68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest funds. It was submitted that even where the Assessee had mixed funds…

The DCIT, Circle-3(1)(1), Ahmedabad vs. M/S. Priyal International Pvt. Ltd., Ahmedabad

In the result, appeal of the Revenue is dismissed

ITA 91/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad20 Apr 2022AY 2015-16

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita.No.91/Ahd/2019 "नधा"रण वष"/Asstt. Year: 2015-16 Dcit, Cir.3(1)(1) M/S. Priyal Internaional P. Ltd. Ahmedabad. 297/300, Phase-Ii, Gidc Vs. Vatva, Ahmedabad. Pan : Aaecp 4640 A (Applicant) (Responent) Assessee By : Shri M.K. Patel, Advocate Revenue By : Shri S.S. Shukla, Sr. Dr सुनवाई क" तार"ख/Date Of Hearing : 04/03/2022 घोषणा क" तार"ख /Date Of Pronouncement: 20/04/2022 आदेश/O R D E R

For Appellant: Shri M.K. Patel, AdvocateFor Respondent: Shri S.S. Shukla, Sr. DR
Section 115JSection 142(1)Section 143(1)Section 143(2)Section 143(3)Section 14ASection 36(1)(iii)

…ncurred any expenditure which can be disallowed or any such expenses having not been brought on record, there cannot be any disallowance of any expenditure under Rule 8-D or otherwise against the exempt income." (v) CIT vs. Hero Management Service Ltd. (2014) 360 ITR 68 (Del-HC) "To invoke Rule 8D, the AO had to first record a finding that he was not satisfied with the correctness of the claim for expenditure made by the assessee in relation to income, which did not form part of the total income under the Act. No such satisfaction had been recorded by the AO. Therefore excess disallowance was deleted." 12.9 On s…

Jt. CIT (OSD), CC-7(1), Mumbai vs. M/S Rare Enterprises, Mumbai

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

ITA 1562/MUM/2019[2014-15]Status: DisposedITAT Mumbai28 Oct 2020AY 2014-15
For Appellant: Shri S. C. TiwariFor Respondent: Shri Dihashis (DR)
Section 143(1)Section 143(2)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI M. BALAGANESH, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.1562/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2014-15) JT. CIT(OSD), CC-7(1) बिधम/ M/s. Rare Enterprises R. No. 676B 6th Floor, 151 Nariman Bhavan Vs. Aayakar Bhavan, M. K. Nariman Point, Mumbai- Road, Mumbai-400020. 400021. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAEFR8176J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue by: Shri Dihashis (DR) Assessee by: Shri S. C. Tiwari सुनवाई की तारीख / Date of Hearing: 05/10/2020 घोषणा की तारीख /Date of Pronouncement: 28/10/2…

DCIT, New Delhi vs. M/S. Asahi India Glass Ltd., New Delhi

Accordingly, the ground no. 1 raised by the revenue is dismissed

ITA 2501/DEL/2014[2008-09]Status: DisposedITAT Delhi14 May 2020AY 2008-09

Bench: Shri R.K. Panda & Shri Kuldip Singh

For Appellant: Shri Sandeep Sapra, AdvocateFor Respondent: Ms. Shashi Kajle, Senior DR
Section 115JSection 14ASection 43A

…correct and relied upon the decisions rendered by Hon’ble Supreme Court in Godrej & Boyce Co. Ltd. vs. DCIT 394 ITR 449 and Hon’ble Delhi High Court in the cases of CIT vs. Taikisha Engineering India Ltd. 370 ITR 338, CIT vs. Hero Management Service Ltd. 360 ITR 68 and Maxopp Investment Ltd. vs. CIT 347 ITR 272. 26. Ld. AR for the taxpayer further contended that the issue as to the similar disallowance made in the preceding year for 2007-08 has been restored to the AO by the Tribunal vide order dated 26.02.2018 (supra). Keeping in view the request made by the ld. AR for the taxpayer, we are of the consid…

M/S. Asahi India Glass Limited, New Delhi vs. DCIT, New Delhi

Accordingly, the ground no. 1 raised by the revenue is dismissed

ITA 1638/DEL/2014[2008-09]Status: DisposedITAT Delhi14 May 2020AY 2008-09

Bench: Shri R.K. Panda & Shri Kuldip Singh

For Appellant: Shri Sandeep Sapra, AdvocateFor Respondent: Ms. Shashi Kajle, Senior DR
Section 115JSection 14ASection 43A

…correct and relied upon the decisions rendered by Hon’ble Supreme Court in Godrej & Boyce Co. Ltd. vs. DCIT 394 ITR 449 and Hon’ble Delhi High Court in the cases of CIT vs. Taikisha Engineering India Ltd. 370 ITR 338, CIT vs. Hero Management Service Ltd. 360 ITR 68 and Maxopp Investment Ltd. vs. CIT 347 ITR 272. 26. Ld. AR for the taxpayer further contended that the issue as to the similar disallowance made in the preceding year for 2007-08 has been restored to the AO by the Tribunal vide order dated 26.02.2018 (supra). Keeping in view the request made by the ld. AR for the taxpayer, we are of the consid…

DCIT Cent. Cir. 7(1), Mumbai vs. Rare Enterprises, Mumbai

In the result, both the appeals of the revenue are dismissed

ITA 5208/MUM/2016[2013-14]Status: DisposedITAT Mumbai03 Oct 2018AY 2013-14

Bench: Shri B.R. Baskaran & Shri Pawan Singh

For Appellant: Ms. S. PadmajaFor Respondent: Shri S.C. Tiwari
Section 14Section 14ASection 2

…IN THE INCOME TAX APPELLATE TRIBUNAL "I" Bench, Mumbai Before Shri B.R. Baskaran, Accountant Member and Shri Pawan Singh, Judicial Member ITA Nos. 5207 & 5208/Mum/2016 (Assessment Years: 2012-13 & 2013-04) DCIT, Central Circle-7(1) M/s. Rare Enterprises Room No. 653, 6th Floor 151, Nariman Bhavan Vs. Aayakar Bhavan, M.K. Road Nariman Point Mumbai 400020 Mumbai 400020 PAN – AAEFR8176J Appellant Respondent Appellant by: Ms. S. Padmaja Respondent by: Shri S.C. Tiwari & Ms. Rutuja N. Pawar Date of Hearing: 03.07.2018 Date of Pronouncement: 01.10.2018 O R D E R Per B.R. Baskaran, JM Both appeals filed by the R…

DCIT Cent. Cir. 7(1), Mumbai vs. Rare Enterprises, Mumbai

In the result, both the appeals of the revenue are dismissed

ITA 5207/MUM/2016[2012-13]Status: DisposedITAT Mumbai03 Oct 2018AY 2012-13

Bench: Shri B.R. Baskaran & Shri Pawan Singh

For Appellant: Ms. S. PadmajaFor Respondent: Shri S.C. Tiwari
Section 14Section 14ASection 2

…IN THE INCOME TAX APPELLATE TRIBUNAL "I" Bench, Mumbai Before Shri B.R. Baskaran, Accountant Member and Shri Pawan Singh, Judicial Member ITA Nos. 5207 & 5208/Mum/2016 (Assessment Years: 2012-13 & 2013-04) DCIT, Central Circle-7(1) M/s. Rare Enterprises Room No. 653, 6th Floor 151, Nariman Bhavan Vs. Aayakar Bhavan, M.K. Road Nariman Point Mumbai 400020 Mumbai 400020 PAN – AAEFR8176J Appellant Respondent Appellant by: Ms. S. Padmaja Respondent by: Shri S.C. Tiwari & Ms. Rutuja N. Pawar Date of Hearing: 03.07.2018 Date of Pronouncement: 01.10.2018 O R D E R Per B.R. Baskaran, JM Both appeals filed by the R…

DCIT -1(3)(2), Mumbai vs. Tata Lockheed Martinaerostructures Ltd., Hyderabad

In the result , appeal of the Revenue is partly allowed as indicated above

ITA 2667/MUM/2016[2011-12]Status: DisposedITAT Mumbai08 Aug 2018AY 2011-12

Bench: Shri Saktijit Dey & Shri Ramit Kochar

For Appellant: Ms. Arati VissanjiFor Respondent: Shri V. Justin,DR
Section 143(3)Section 14A

…rther submitted that the AO had not recorded any satisfaction as to the correctness of the claim of the assessee having regard to the account of assessee. The Ld. AR also relied upon the following judgments :- (a) CIT v. Hero Management Service Limited (2014) 360 ITR 68 (Delhi High Court) (b) CIT v. Printers House Private Ltd. (2010) 188 Taxman 70 (Delhi High Court) (c) Swapna Murarka vs. ACIT [2015] 58 taxmann.com 369 (Mumbai - Tribunal) I.T.A. No.2667/Mum/2016 (d) CIT v. Walfort Share and Stock Brokers Private Limited (2009) 310 ITR 421 (Bom) [Affirmed in 326 ITR I (SC)] (e) CIT v. Reliance Industries Ltd. 33…

DCIT, C-4(1), Chandigarh vs. M/S Punjab Agro Industries Corp. Ltd., Chandigarh

In the result, appeal of the Revenue is hereby dismissed

ITA 1320/CHANDI/2017[2013-14]Status: DisposedITAT Chandigarh23 Jul 2018AY 2013-14

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2013-14

For Appellant: Shri. Satish BansalFor Respondent: Shri. Yoginder Mittal
Section 14A

…ds and argued that in fairness of things the disallowance may be restricted to the exempt income. 8. He relied on the following judgments: "Maxopp Investment Ltd. & Others vs. CIT (2011) 347 ITR 272 (Delhi HC) and CIT vs Hero Management Services Ltd (2014) 360 ITR 68 (Delhi HC). CIT vs. Hero Cycles Ltd (2010) 323 ITR 518 (P & H HC) ACIT vs. Iqbal M. Chagla (Mumbai Tribunal). CIT vs. Winsome Textile Industries Ltd. (2009) (P & H) (HC) CIT vs. Lakhani Marketing (P & H) (HC), CIT vs. Corrtech Energy Pvt. Ltd (2014) 45 taxman 116 (Gujrat) (HC), CIT vs. Shivam Motors (Allahabad) (HC). Daga Global Chemicals P vt.…

Star Chemicals (Bombay) Pvt. Ltd., Mumbai vs. DCIT 3(3), Mumbai

Accordingly, this ground is allowed for statistical purposes

ITA 2891/MUM/2016[2012-13]Status: DisposedITAT Mumbai09 May 2018AY 2012-13

Bench: Shri Rajendra, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 2891/Mum/2016 (निर्धारणवर्ा / Assessment Year:2012-13)

For Appellant: Shri A. K. ThanawalaFor Respondent: Shri Saurabh
Section 115JSection 143(3)Section 14A

…of the assessee, is not satisfied with the correctness of the claim of the assessee. For this proposition, reliance can be placed on Godrej & Boyce Mfg. Co. Ltd., vs. Dy. CIT (2010) 328 ITR 81 (Bom) (HC)(109) and Cit vs. Hero Management Services Ltd., (2014) 360 ITR 68 (Delhi)(HC). In order to invoke rule 8D, the AO has to first record a finding that he was not satisfied with the correctness of the claim for expenditure made by the assessee in relation to income, which did not form part of the total income. 12. Hon’ble Delhi High Court in the case of Maxopp Investment Limited ITR 347 ITR 272 held that the condi…

M/S. Albasta Wholesale Services Ltd., New Delhi vs. ITO, New Delhi

In the result, the appeal is allowed

ITA 6041/DEL/2015[2012-13]Status: DisposedITAT Delhi11 Dec 2017AY 2012-13

Bench: Shri R.S. Syal & Shri C.M. Gargassessment Year : 2012-13 Albasta Wholesale Services Ltd., Vs. Ito, M-62 & 63, First Floor, Ward 2(2), Connaught Place, New Delhi. New Delhi. Pan: Aahca0198F Assessee By : Shri Abhishek Gupta, Ca Deptt. By : Shri Amit Jain, Sr. Dr

For Appellant: Shri Abhishek Gupta, CA
Section 14ASection 14A(2)

…satisfaction by the Assessing Officer, having regard to the accounts of the assessee, that the assessee’s claim is not correct, is sine qua non for computing disallowance u/s 14A. The Hon'ble Delhi High Court in CIT vs. Hero Management Services Ltd. (2014) 360 ITR 68 (Del), has held that no disallowance can be made u/s 14A of the Act if no satisfaction has been recorded by the Assessing Officer. In view of the foregoing discussion, it is clear that unless the Assessing Officer records proper satisfaction in terms of section 14A(2) of the Act, he cannot reject the assessee’s claim in this regard. 6. Adverti…

M/S. Prime Maxi Promotion Services (P) Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal for the assessment year 2011-12 is partly

ITA 5298/DEL/2015[2012-13]Status: DisposedITAT Delhi22 Nov 2017AY 2012-13

Bench: Shri R.S. Syal & Smt Beena Pillai

For Appellant: Shri R.N. Sharma, CAFor Respondent: Shri Atiq Ahmad, Sr. DR
Section 14ASection 14A(2)

…s Act.” It is obvious from sub-section (2) of section 14A that recording of satisfaction by the Assessing Officer is sine qua non for working out disallowance u/s 14A. 5. The Hon'ble jurisdictional High Court in CIT vs. Hero Management Services Ltd. (2014) 360 ITR 68 (Del), has held that: “Further to invoke Rule 8D, the Assessing Officer has to first record a finding that he was not satisfied with the correctness of the claim for expenditure made by the assessee in relation to income which did not form part of the total income under the Act. No such satisfaction has been recorded by the Assessing Officer.” I…

M/S. Prime Maxi Promotion Services (P) Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal for the assessment year 2011-12 is partly

ITA 5297/DEL/2015[2011-12]Status: DisposedITAT Delhi22 Nov 2017AY 2011-12

Bench: Shri R.S. Syal & Smt Beena Pillai

For Appellant: Shri R.N. Sharma, CAFor Respondent: Shri Atiq Ahmad, Sr. DR
Section 14ASection 14A(2)

…s Act.” It is obvious from sub-section (2) of section 14A that recording of satisfaction by the Assessing Officer is sine qua non for working out disallowance u/s 14A. 5. The Hon'ble jurisdictional High Court in CIT vs. Hero Management Services Ltd. (2014) 360 ITR 68 (Del), has held that: “Further to invoke Rule 8D, the Assessing Officer has to first record a finding that he was not satisfied with the correctness of the claim for expenditure made by the assessee in relation to income which did not form part of the total income under the Act. No such satisfaction has been recorded by the Assessing Officer.” I…

M/S. Delhi Towers Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 5296/DEL/2015[2011-12]Status: DisposedITAT Delhi22 Nov 2017AY 2011-12

Bench: Shri R.S. Syal & Smt Beena Pillaiassessment Year: 2011-12 Delhi Towers Ltd., Vs. Dcit, 1110-Ansal Bhawan, Central Circle-8, New Delhi. New Delhi. Pan: Aaacd0082E (Appellant) (Respondent)

For Appellant: Shri A.T. Panda, AdvocateFor Respondent: Shri Atiq Ahmad, Sr. DR
Section 14ASection 14A(2)

…Act.” It is obvious from sub-section (2) of section 14A that recording of 3 satisfaction by the Assessing Officer is sine qua non for working out disallowance u/s 14A. 5. The Hon'ble jurisdictional High Court in CIT vs. Hero Management Services Ltd. (2014) 360 ITR 68 (Del), has held that: “Further to invoke Rule 8D, the Assessing Officer has to first record a finding that he was not satisfied with the correctness of the claim for expenditure made by the assessee in relation to income which did not form part of the total income under the Act. No such satisfaction has been recorded by the Assessing Officer.” I…

DCIT, New Delhi vs. M/S. Srf Ltd., Gurgaon

In the result, the appeal of the Revenue is dismissed, and the appeal of the assessee is allowed in part for statistical purpose

ITA 3849/DEL/2013[2008-09]Status: DisposedITAT Delhi15 Nov 2017AY 2008-09

Bench: Sh.G.D.Agrawal, Hon’Ble & Sh.K.N.Charyvs Srf Ltd., Dcit, Circle-9(1), Room No.163, Block-C, Sector-45, Gurgaon. C.R. Building, New Delhi. Pan-Aaacs0206P (Appellant) (Respondent) Vs Jcit (Osd), Srf Ltd., Unitech Crest, Greenwood City, Circle-9(1), Block-C, Sector-45, Gurgaon-122003. New Delhi. Pan-Aaacs0206P (Appellant) (Respondent) Appellant By Sh.S.S.Rana, Cit Dr Respondent By Sh. Pradeep Dinodia, Ca & Sh. R.K.Kapoor, Ca Date Of Hearing 12.10.2017 Date Of Pronouncement 15.11.2017

Section 14Section 143(3)Section 14A

…r earning the exempt income but the AO without considering the same and recording factually incorrect statement proceeded to applying the formula under Rule 8D. He submits that in view of the decisions reported in CIT vs Hero Management Service Ltd. [2014] 360 ITR 68, CIT vs Taikisha Engineering India Ltd. [2015] 370 ITR 338 and CIT vs I.P.Support Services Idnia (P.) Ltd. [ITA No.283/2014 dated 24.09.2015], recording of satisfaction on the incorrect of the amount disallowed ITA No. 3849 & 3437/Del/2013 having regard to the books of accounts of the assessee is a sine qua non for invocation of provision u/s…

Srf Ltd., Gurgaon vs. JCIT (OSD), New Delhi

In the result, the appeal of the Revenue is dismissed, and the appeal of the assessee is allowed in part for statistical purpose

ITA 3437/DEL/2013[2008-09]Status: DisposedITAT Delhi15 Nov 2017AY 2008-09

Bench: Sh.G.D.Agrawal, Hon’Ble & Sh.K.N.Charyvs Srf Ltd., Dcit, Circle-9(1), Room No.163, Block-C, Sector-45, Gurgaon. C.R. Building, New Delhi. Pan-Aaacs0206P (Appellant) (Respondent) Vs Jcit (Osd), Srf Ltd., Unitech Crest, Greenwood City, Circle-9(1), Block-C, Sector-45, Gurgaon-122003. New Delhi. Pan-Aaacs0206P (Appellant) (Respondent) Appellant By Sh.S.S.Rana, Cit Dr Respondent By Sh. Pradeep Dinodia, Ca & Sh. R.K.Kapoor, Ca Date Of Hearing 12.10.2017 Date Of Pronouncement 15.11.2017

Section 14Section 143(3)Section 14A

…r earning the exempt income but the AO without considering the same and recording factually incorrect statement proceeded to applying the formula under Rule 8D. He submits that in view of the decisions reported in CIT vs Hero Management Service Ltd. [2014] 360 ITR 68, CIT vs Taikisha Engineering India Ltd. [2015] 370 ITR 338 and CIT vs I.P.Support Services Idnia (P.) Ltd. [ITA No.283/2014 dated 24.09.2015], recording of satisfaction on the incorrect of the amount disallowed ITA No. 3849 & 3437/Del/2013 having regard to the books of accounts of the assessee is a sine qua non for invocation of provision u/s…