CIT v. Jubiliant Enterprises (P.) Ltd.

JCIT OSD Circle 2(3)(1), Mumbai vs. Hdfc Bank Limited, Mumbai

In the result, both the above stated appeals of the

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

…v. JCIT [54 ITR(T) 120] (Mum Tribunal),M/s Avinash Bhosale Infrastructure Pvt. Ltd. Vs DCIT 2(3) (ITA No. 1952/Mum/2020). In addition, reference was also made to the decision of hon'ble Bombay High Court in the case of CIT v. Jubiliant Enterprises (P.) Ltd. (416 ITR 58) which would also be applicable in the case insofar as interest expenditure is concerned. The आयकर अपीलीय अधिकार ME TAX APPELLATE TRIBUNAL IMPARTIAL, EASY AND SPEEDY JUSTICE 9 Page 9 ITA No. 1555, 1573, 2258, 2259 & 2260 Mum 2025 Α.Υ. 2019-20, 2020-21, 2021-22 HDFC Bank Limited, Mumbai interest income of the assessee Bank is far greater than the i…

JCIT(OSD) Circle 2(3)(1), Mumbai vs. Hdfc Bank Limited, Mumbai

In the result, both the above stated appeals of the

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

…v. JCIT [54 ITR(T) 120] (Mum Tribunal),M/s Avinash Bhosale Infrastructure Pvt. Ltd. Vs DCIT 2(3) (ITA No. 1952/Mum/2020). In addition, reference was also made to the decision of honʼble Bombay High Court in the case of CIT v. Jubiliant Enterprises (P.) Ltd. (416 ITR 58) which would also be applicable in the case insofar as interest expenditure is concerned. The आयकर अपीलीय आधकरण ME TAX APPELLATE TRIBUNAL IMPARTIAL, EASY AND SPEEDY JUSTICE (Page 9) ITA No. 1555, 1573, 2258, 2259 & 2260 Mum 2025 A.Y. 2019-20, 2020-21, 2021-22 HDFC Bank Limited, Mumbai interest income of the assessee Bank is far greater than the in…

JCIT(OSD) Circle 2(3)(1), Mumbai vs. Hdfc Bank Limited, Mumbai

In the result, both the above stated appeals of the

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

…v. JCIT [54 ITR(T) 120] (Mum Tribunal),M/s Avinash Bhosale Infrastructure Pvt. Ltd. Vs DCIT 2(3) (ITA No. 1952/Mum/2020). In addition, reference was also made to the decision of honʼble Bombay High Court in the case of CIT v. Jubiliant Enterprises (P.) Ltd. (416 ITR 58) which would also be applicable in the case insofar as interest expenditure is concerned. Page 4 ITA No. 1555, 1573, 2258, 2259 & 2260 Mum 2025 Α.Υ. 2019-20, 2020-21, 2021-22 HDFC Bank Limited, Mumbai 9. In light of the aforementioned decisions of the hon'ble Supreme Court, High Courts and Co-ordinate bench, we do not find any merit in the appella…

Hdfc Bank Limited, Mumbai vs. DCIT - 2 (3) (1), Mumbai

In the result, both the above stated appeals of the

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

…v. JCIT [54 ITR(T) 120] (Mum Tribunal),M/s Avinash Bhosale Infrastructure Pvt. Ltd. Vs DCIT 2(3) (ITA No. 1952/Mum/2020). In addition, reference was also made to the decision of honʼble Bombay High Court in the case of CIT v. Jubiliant Enterprises (P.) Ltd. (416 ITR 58) which would also be applicable in the case insofar as interest expenditure is concerned. The Page 9 ITA No. 1555, 1573, 2258, 2259 & 2260 Mum 2025 Α.Υ. 2019-20, 2020-21, 2021-22 HDFC Bank Limited, Mumbai interest income of the assessee Bank is far greater than the interest expenditure incurred by it and consequently, no interest disallowance is…

Hdfc Bank Limited, Mumbai vs. The Deputy Commissioner of Income Tax - 2 (3) (1), Mumbai

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

…v. JCIT [54 ITR(T) 120] (Mum Tribunal),M/s Avinash Bhosale Infrastructure Pvt. Ltd. Vs DCIT 2(3) (ITA No. 1952/Mum/2020). In addition, reference was also made to the decision of honʼble Bombay High Court in the case of CIT v. Jubiliant Enterprises (P.) Ltd. (416 ITR 58) which would also be applicable in the case insofar as interest expenditure is concerned. The आयकर अपीलीय अधिकार ME TAX APPELLATE TRIBUNAL IMPARTIAL, EASY AND SPEEDY JUSTICE Page | 9 ITA No. 1555, 1573, 2258, 2259 & 2260 Mum 2025 Α.Υ. 2019-20, 2020-21, 2021-22 HDFC Bank Limited, Mumbai interest income of the assessee Bank is far greater than the i…

Shringar Developers Private Limited, Mumbai vs. Income Tax Officer, Ward 13(2)(3), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri Saktijit Dey, Hon’Ble & Shri Narendra Kumar Billaiya, Hon’Ble

…| आयकर अपीलीय अिधकरण "ायपीठ, मुंबई | IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, HON’BLE VICE PRESIDENT & SHRI NARENDRA KUMAR BILLAIYA, HON’BLE ACCOUNTANT MEMBER I.T.A. No. 4899/Mum/2024 Assessment Year: 2016-17 Shringar Developers Private Limited ITO, Ward – 13(2)(3), Mumbai 303, Unique Tower Vs Gaiwadi Industrial Estate Behind Petrol Pump Off S.V. Road Goregaon (W) Mumbai - 400062 [PAN: AAJCS6868G] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Yogesh Thar & Shri Deep Chauhan, A/Rs Revenue by : Shri Bhangepatil Pushkaraj Ramesh, Sr. D/R सुनवाई की तारीख/Date of…

M/S Godrej Investment Pvt. Ltd. (Now Amalgamated With Godrej & Boyce Mfg. Co. Ltd., Mumbai vs. DCIT 14(1)(2), Mumbai

Accordingly, ground raised by the assessee is allowed

Bench: Shri Mahavir Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Godrej Investments Pvt. Ltd., V. Dcit – Circle – 14(1)(2) M/S. Kalyaniwall & Mistry Llp Aayakar Bhavan, M.K. Road Esplande House, 2Nd Floor Mumbai - 400020 29, Hazarimal Somani Marg Fort, Mumbai – 400001 Pan: Aaacg1395D (Appellant) (Respondent) Assessee By : Shri Farrokh Irani Department By : Shri Ambuselvam

…11.96 Crores. The net result is net taxable interest income, there is no interest expenditure incurred by the assessee. He submitted that by relying on the decision of the Hon'ble Jurisdictional High Court in the case of CIT v. Jubiliant Enterprise (P.) Ltd, [416 ITR 58 (Bombay)] wherein it held that disallowance u/s. 14A of the Act was to be made with reference to net interest paid on loan and not on gross interest. Further he relied on the case of Pr.CIT v. Nirma Credit & Capital (P.) Ltd., [85 taxmann.com 72 (Gujarat)] in which Hon'ble Gujarat High Court held that where the assessee pays interest on borrowings…

The Sri Gopikrishna Trust, Mumbai vs. Asst CIT 21 (3), Mumbai

Accordingly, the appeal filed by the Revenue is dismissed

Bench: Shri S. Rifaur Rahman () & Shri Ravish Sood () Assessment Year: 2015-16 Acit-22(3), The Sri Gopikrishna Trust, 305, 3Rd Floor, Piramal Chambers, Vs. Piramal Tower, Ganpatrao Lalbaug, Parel, Kadam Marg, Lower Parel, Mumbai-400012. Mumbai-400013 Pan No. Aabtt 1795 Q Appellant Respondent Assessment Year: 2015-16 The Sri Gopikrishna Trust, Acit-21(3), Piramal Tower, Ganpatrao Kadam Vs. Room No. 209, Piramal Chambers, Marg, Lower Parel, Lalbaug, Parel, Mumbai-400012. Mumbai-400013 Pan No. Aabtt 1795 Q Appellant Respondent

…g the fact that the assessee has earned interest income, it clearly shows that the assessee has applied for investment more of interest free funds to its operation than the interest bearing funds. As held in the case of CIT v. Jubiliant Enterprises (P.) Ltd. (416 ITR 58) (Bom. HC) and Nirma Credit and Capital (P.) Ltd. (supra) the Hon’ble High Court of Gujarat and jurisdictional High Court respectively held that for the purpose of applying Rule 8D(2)(ii) what would be considered as an amount of expenditure by way of interest would be the interest paid by the assessee on the borrowings minus the taxable interest e…

ACIT 22 (3), Mumbai vs. The Sri Gopikrishna Trust, Mumbai

Accordingly, the appeal filed by the Revenue is dismissed

Bench: Shri S. Rifaur Rahman () & Shri Ravish Sood () Assessment Year: 2015-16 Acit-22(3), The Sri Gopikrishna Trust, 305, 3Rd Floor, Piramal Chambers, Vs. Piramal Tower, Ganpatrao Lalbaug, Parel, Kadam Marg, Lower Parel, Mumbai-400012. Mumbai-400013 Pan No. Aabtt 1795 Q Appellant Respondent Assessment Year: 2015-16 The Sri Gopikrishna Trust, Acit-21(3), Piramal Tower, Ganpatrao Kadam Vs. Room No. 209, Piramal Chambers, Marg, Lower Parel, Lalbaug, Parel, Mumbai-400012. Mumbai-400013 Pan No. Aabtt 1795 Q Appellant Respondent

…g the fact that the assessee has earned interest income, it clearly shows that the assessee has applied for investment more of interest free funds to its operation than the interest bearing funds. As held in the case of CIT v. Jubiliant Enterprises (P.) Ltd. (416 ITR 58) (Bom. HC) and Nirma Credit and Capital (P.) Ltd. (supra) the Hon’ble High Court of Gujarat and jurisdictional High Court respectively held that for the purpose of applying Rule 8D(2)(ii) what would be considered as an amount of expenditure by way of interest would be the interest paid by the assessee on the borrowings minus the taxable interest e…

M/S C G Parivate Ltd., Thane vs. ITO 15 (1)(3), Mumbai

In the result, this appeal is allowed

…ment Year: 2016-17 Page 3 of 4 out after netting of the interest income and interest expenditure. Our aforesaid view is fortified by the order of the Hon'ble High Court of Bombay in the case of CIT v. Jubiliant Enterprises (P.) Ltd. [2019] 110 taxmann.com 257/416 ITR 58 (Bom.). In the said case, the Hon'ble High Court approving the view taken by the Tribunal that the disallowance made under sec.14A r.w rule 8D was to be carried out on the basis of netting of the interest expenditure had dismissed the appeal of the revenue. Also, a similar view had been taken by the Hon'ble High Court of Gujarat in the case of Pr.…