CIT v. Kingfisher Finvest India Ltd.

121 Taxmann.com 233High Court2020#9334 most cited

What is CIT v. Kingfisher Finvest India Ltd. authority for?

Disallowance under Section 14A is not warranted if the assessee has not received any exempt income during the relevant year. However, if exempt income is earned, the principle of apportionment may apply for disallowing expenses.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2021 to 2026.

Also referred to as

CIT v. Kingfisher Finvest India Ltd. · Section 14A · exempt income · disallowance · apportionment · dividend income · CBDT Circular 5/2014

Sections most often in play

Section 143(3)Section 144BSection 14ASection 68Section 80GSection 80IASection 92CA
Read the full judgment

Issues it is cited on

section 10(2a)stay petitionstrategic investmentdisallowance of interest expendituredisallowance u/s 14adouble taxationsection 14asection 28cross objectionsection 139(1)section 68previous year

Judgments citing CIT v. Kingfisher Finvest India Ltd.

ACIT., Circle-5(1), Hyderabad vs. Penna Cement Industries Limited, Hyderabad

ITA 1084/HYD/2024[2018-19]Status: DisposedITAT Hyderabad21 Jan 2026AY 2018-19
For Appellant: Shri Sourabh Soparkar, Advocate Represented by Department : Dr. Narendra Kumar NFor Respondent: Dr. Narendra Kumar Naik, CIT-DR Date of Conclusion of Hearing : 11/11/2025
Section 143(3)Section 144BSection 14ASection 68Section 80Section 801ASection 80GSection 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad 'B' Bench, Hyderabad Before Shri Manjunatha G., Accountant Member and Shri Ravish Sood, Judicial Member (Hybrid Hearing) INCOME TAX APPEAL NOS./I.T.A. NO.1083/HYD/2024 (Assessment Year:2017-18) Assistant Commissioner of Income Tax, Circle-5(1), Hyderabad. (Appellant) VS. Penna Cement Industries Limited, Hyderabad. PAN: AABCP2290D (Respondent) INCOME TAX APPEAL NOS./I.T.A. NO.1084/HYD/2024 (Assessment Year:2018-19) Assistant Commissioner of Income Tax, Circle-5(1), Hyderabad. (Appellant) VS. Penna Cement Industries Limited, Hyderabad. PAN: AABCP2290D (Respondent) Repr…

ACIT., Circle-5(1), Hyderabad vs. Penna Cement Industries Limited, Hyderabad

ITA 1083/HYD/2024[2017-18]Status: DisposedITAT Hyderabad21 Jan 2026AY 2017-18

Bench: Shri Manjunatha G. & Shri Ravish Sood(Hybrid Hearing) आयकर अपीलसं./I.T.A. No.1083/Hyd/2024 (निर्धारणवर्ष/ Assessment Year:2017-18) Assistant Commissioner Of Income Tax, Circle-5(1), Hyderabad. (अपीलार्थी/ Appellant) Vs. Penna Cement Limited, Hyderabad. Pan: Aabcp2290D (प्रत्यर्थी / Respondent) Industries आयकर अपीलसं./I.T.A. No.1084/Hyd/2024 (निर्धारणवर्ष/ Assessment Year:2018-19) Assistant Commissioner Of Income Tax, Circle-5(1), Hydeabad. (अपीलार्थी/ Appellant) Vs. Penna Cement Industries Limited, Hyderabad. Pan: Aabcp2290D (प्रत्यर्थी / Respondent) करदाताकाप्रतिनिधित्व/ Assessee Represented By : Shri Sourabh Soparkar, Advocate राजस्वकाप्रतिनिधित्व/ Department Represented By : Dr. Narendra Kumar Naik, Cit-Dr सुनवाईसमाप्तहोनेकीतिथि/ Date Of Conclusion Of Hearing : 11/11/2025 घोषणा की तारीख/ Date Of Pronouncement : 21/01/2026 2

Section 143(3)Section 144BSection 14ASection 68Section 80Section 801ASection 80GSection 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad 'B' Bench, Hyderabad Before Shri Manjunatha G., Accountant Member and Shri Ravish Sood, Judicial Member (Hybrid Hearing) आयकर अपीलसं./I.T.A. No.1083/Hyd/2024 (निर्धारणवर्ष/ Assessment Year:2017-18) Assistant Commissioner of Income Tax, Circle-5(1), Hyderabad. (अपीलार्थी/ Appellant) VS. Penna Cement Limited, Hyderabad. PAN: AABCP2290D (प्रत्यर्थी / Respondent) Industries आयकर अपीलसं./I.T.A. No.1084/Hyd/2024 (निर्धारणवर्ष/ Assessment Year:2018-19) Assistant Commissioner of Income Tax, Circle-5(1), Hydeabad. (अपीलार्थी/ Appellant) VS. Penna Cement Industries Limited, Hy…

Deputy Commissioner of Income Tax, Central Circle-2(4), Bangalore vs. Century Real Estate Holdings Private Limited, Bangalore

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

ITA 740/BANG/2022[2013-14]Status: DisposedITAT Bangalore30 Nov 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2013-14

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri Gudimella V.P. Pavan Kumar, D.R

…the Tribunal vide order dated 28.06.2021 held as under:- “4. We heard the parties and perused the record. The Ld. D.R. placed her reliance on the decision rendered by Hon’ble High Court of Karnataka in the case of CIT Vs. Kingfisher Finvest India Ltd. (2020) 121 Taxmann.com 233. We have gone through the said decision and the same relate to a case where no dividend income was received. In this case, the assessee has earned dividend income and hence, in our view the said decision is not applicable to the facts of the present case. 5. We notice that the own funds available with the assessee was Rs.355.57 crores whi…

Century Real Estate Holdings Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

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

ITA 580/BANG/2022[2013-14]Status: DisposedITAT Bangalore30 Nov 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2013-14

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri Gudimella V.P. Pavan Kumar, D.R

…the Tribunal vide order dated 28.06.2021 held as under:- “4. We heard the parties and perused the record. The Ld. D.R. placed her reliance on the decision rendered by Hon’ble High Court of Karnataka in the case of CIT Vs. Kingfisher Finvest India Ltd. (2020) 121 Taxmann.com 233. We have gone through the said decision and the same relate to a case where no dividend income was received. In this case, the assessee has earned dividend income and hence, in our view the said decision is not applicable to the facts of the present case. 5. We notice that the own funds available with the assessee was Rs.355.57 crores whi…

Century Real Estate Holdings Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Central Circle-2(2), Bangalore

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

ITA 1588/BANG/2017[2012-13]Status: DisposedITAT Bangalore17 Feb 2022AY 2012-13
For Appellant: Shri Ramakrishna, CA
Section 10Section 132Section 139(1)Section 143(3)Section 14ASection 153ASection 153B

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : BANGALORE BEFORE SHRI. CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment Year : 2012-13 M/s. Century Real Estate The Deputy Holdings Pvt. Ltd., Commissioner of JP Technopark, 4th Floor, Income Tax, No. 3/1, Millers Road, Central Circle – 2 (2), Bangalore – 560 052. Bangalore. Vs. PAN: AADCC0651M APPELLANT RESPONDENT Assessee by : Shri Ramakrishna, CA : Shri Sumer Singh Meena, Revenue by CIT DR (OSD) Date of Hearing : 03-02-2022 Date of Pronouncement : 17-02-2022 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal is filed by as…

Assistant Commissioner of Income Tax, Central Circle-2(2), Bangalore vs. M/S Century Real Estate Holdings Pvt Ltd, Bangalore

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

ITA 1592/BANG/2017[2011-12]Status: DisposedITAT Bangalore22 Sept 2021AY 2011-12

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.R.Ramakrishnan, CAFor Respondent: Ms.Neera Malhotra, CIT-DR
Section 143(2)Section 14ASection 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “A”, BANGALORE Before Shri Chandra Poojari, AM & Shri George George K, JM ITA No.1590/Bang/2017: Asst.Year 2010-2011 ITA No.1589/Bang/2017: Asst.Year 2011-2012 & CO No.34/Bang/2019 : Asst.Year 2011-2012 M/s.Century Real Estate Holdings The Dy.Commissioner of Private Limited, JP Technopark Income-tax, Central Circle 2(2) v. Bangalore. 4th Floor, No.3/1 Millers Road Bangalore – 560 052. PAN : AADCC0651M. (Appellant) (Respondent) ITA No.1592/Bang/2017: Asst.Year 2011-2012 The Dy.Commissioner of Income- M/s.Century Real Estate tax, Central Circle 2(2) Holdings Pr…

Century Real Estate Holdings Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Central Circle-2(2), Bangalore

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

ITA 1590/BANG/2017[2010-11]Status: DisposedITAT Bangalore22 Sept 2021AY 2010-11

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.R.Ramakrishnan, CAFor Respondent: Ms.Neera Malhotra, CIT-DR
Section 143(2)Section 14ASection 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “A”, BANGALORE Before Shri Chandra Poojari, AM & Shri George George K, JM ITA No.1590/Bang/2017: Asst.Year 2010-2011 ITA No.1589/Bang/2017: Asst.Year 2011-2012 & CO No.34/Bang/2019 : Asst.Year 2011-2012 M/s.Century Real Estate Holdings The Dy.Commissioner of Private Limited, JP Technopark Income-tax, Central Circle 2(2) v. Bangalore. 4th Floor, No.3/1 Millers Road Bangalore – 560 052. PAN : AADCC0651M. (Appellant) (Respondent) ITA No.1592/Bang/2017: Asst.Year 2011-2012 The Dy.Commissioner of Income- M/s.Century Real Estate tax, Central Circle 2(2) Holdings Pr…

Century Real Estate Holdings Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Central Circle-2(2), Bangalore

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

ITA 1589/BANG/2017[2011-12]Status: DisposedITAT Bangalore22 Sept 2021AY 2011-12

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.R.Ramakrishnan, CAFor Respondent: Ms.Neera Malhotra, CIT-DR
Section 143(2)Section 14ASection 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “A”, BANGALORE Before Shri Chandra Poojari, AM & Shri George George K, JM ITA No.1590/Bang/2017: Asst.Year 2010-2011 ITA No.1589/Bang/2017: Asst.Year 2011-2012 & CO No.34/Bang/2019 : Asst.Year 2011-2012 M/s.Century Real Estate Holdings The Dy.Commissioner of Private Limited, JP Technopark Income-tax, Central Circle 2(2) v. Bangalore. 4th Floor, No.3/1 Millers Road Bangalore – 560 052. PAN : AADCC0651M. (Appellant) (Respondent) ITA No.1592/Bang/2017: Asst.Year 2011-2012 The Dy.Commissioner of Income- M/s.Century Real Estate tax, Central Circle 2(2) Holdings Pr…

Assistant Commissioner of Income Tax, Central Circle-2(2), Bangalore vs. M/S Century Real Estate Holdings Pvt Ltd, Bangalore

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

ITA 1583/BANG/2017[2009-10]Status: DisposedITAT Bangalore28 Jun 2021AY 2009-10

Bench: Shri George George K. & Shri B.R. Baskaranassessmentyear:2009-10

For Appellant: Ms. Neera Malhotra, D.RFor Respondent: Shri Ramakrishnan, A.R
Section 14A

…ss objection belatedly raising certain legal contentions. 4. We heard the parties and perused the record. The Ld. D.R. placed her reliance on the decision rendered by Hon’ble High Court of Karnataka in the case of CIT Vs. Kingfisher Finvest India Ltd. (2020) 121 Taxmann.com 233. We have gone through the said decision and the same relate to a case where no dividend income was received. In this case, the assessee has earned dividend inome and hence, in our view the said decision is not applicable to the facts of the present case. 5. We notice that the own funds available with the assessee was Rs.355.57 crores whi…

Pr. Commissioner of Income Tax - 4 vs. M/S Sterling Developers

In the result, we do not find any merit in the

ITA/50/2019HC Karnataka26 Mar 2021

Bench: SATISH CHANDRA SHARMA,S VISHWAJITH SHETTY

Section 143(1)Section 14ASection 14WSection 260Section 260A

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 26TH DAY OF MARCH, 2021 PRESENT THE HON'BLE MR. JUSTICE SATISH CHANDRA SHARMA AND THE HON'BLE MR. JUSTICE S.VISHWAJITH SHETTY I.T.A.NO.50/2019 BETWEEN 1. PR. COMMISSIONER OF INCOME TAX-4 BMTC COMPLEX, KORAMANGALA, BANGALORE. 2. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-6(1)(2), BANGALORE. ...APPELLANTS (BY SRI SANMATHI E I, ADVOCATE) AND: M/S.STERLING DEVELOPERS PVT. LTD., NO.8, LEVEL 5 PRESTIGE NEBULA CUBBON ROAD OPP. TO IT OFFICE BUILDING BANGALORE – 560 001. ...RESPONDENT (…

Pr. Commissioner of vs. M/S Sterling Developers

In the result, we do not find any merit in the

ITA/49/2019HC Karnataka10 Mar 2021

Bench: SATISH CHANDRA SHARMA,SURAJ GOVINDARAJ

Section 143(1)Section 14ASection 14WSection 260Section 260A

…I.T.A. NO.49 OF 2019 1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 10TH DAY OF MARCH, 2021 PRESENT THE HON'BLE MR. JUSTICE SATISH CHANDRA SHARMA AND THE HON'BLE MR. JUSTICE SURAJ GOVINDARAJ I.T.A. NO.49 OF 2019 BETWEEN: 1. PR. COMMISSIONER OF INCOME TAX-4 BMTC COMPLEX KORAMANGALA BANGALORE 2. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-6(1)(2) BANGALORE …APPELLANTS (BY SRI. E.I. SANMATHI, ADVOCATE-PH) AND: M/S STERLING DEVELOPERS PVT. LTD., NO.8, LEVEL 5 PRESTIGE NEBULA CUBBON ROAD OPP. TO IT OFFICE BUILDING BANGALORE-560001 … RESPONDENT (BY SRI.…