CIT v. Kribhco

349 ITR 618High Court2012#6471 most cited
18

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2025.

Sections most often in play

Section 143(2)Section 14ASection 254(2)Section 80PSection 80P(2)(d)Section 80P(2)(iv)Section 270ASection 8D
Read the full judgment

Issues it is cited on

section 158asection 2(19)section 80p(2)(d)section 158section 80psection 14asection 15section 14prescribednfacinterestsection 143(3)

Judgments citing CIT v. Kribhco

BARODA DISTRICT COOPERATIVE MILK PRODUCERS UNION LIMITED,VADODARA, GUJARAT vs. ASST. COMMISSIONER OF INCOME TAX OFFICER, CIRCLE 1(1)(1), VADODARA, VADODARA, GUJARAT

In the result, the appeals of the assessee for Asst

ITA 417/AHD/2025[2022-23]Status: DisposedITAT Ahmedabad08 Jul 2025AY 2022-23

Bench: Smt.Annapurna Gupta & Ms.Suchitra R. Kamble

Section 14Section 14ASection 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(2)(iv)

…4.2019, page no.12 wherein the ITAT after referring to the judgment passed by the jurisdictional High Court in the case of Banaskantha Dist. Co-op. Milk Producers’ Union Ltd. (supra) and the decision of Hon’ble Delhi High Court in the case of CIT Vs. Kribhco, 349 ITR 618 it was held as under: “…Since section 14A is applicable for the expenditure incurred to earned exempt income and not to the income deductible under chapter VIA of the Act respectfully relying upon the said judgment, we find no justification in disallowing the claim of deduction of Rs.7,98,033/- u/s 14A of the Act r.w.r. 8D of the Rule in the cas…

BARODA DISTRICT COOPERATIVE MILK PRODUCERS UNION LIMITED,VADODARA, GUJARAT vs. ASST. COMMISSIONER OF INCOME TAX OFFICER, CIRCLE 1(1)(1), VADODARA, VADODARA, GUJARAT

In the result, the appeals of the assessee for Asst

ITA 416/AHD/2025[2018-19]Status: DisposedITAT Ahmedabad08 Jul 2025AY 2018-19

Bench: Smt.Annapurna Gupta & Ms.Suchitra R. Kamble

Section 14Section 14ASection 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(2)(iv)

…4.2019, page no.12 wherein the ITAT after referring to the judgment passed by the jurisdictional High Court in the case of Banaskantha Dist. Co-op. Milk Producers’ Union Ltd. (supra) and the decision of Hon’ble Delhi High Court in the case of CIT Vs. Kribhco, 349 ITR 618 it was held as under: “…Since section 14A is applicable for the expenditure incurred to earned exempt income and not to the income deductible under chapter VIA of the Act respectfully relying upon the said judgment, we find no justification in disallowing the claim of deduction of Rs.7,98,033/- u/s 14A of the Act r.w.r. 8D of the Rule in the cas…

THE PUNJAB STATE COOPERATIVE MILK PRODUCERS FEDERATION LTD.,CHANDIGARH vs. INCOME TAX OFFICER, FATIONAL E-ASSESSMENT CENTRE, DELHI, DELHI

In the result, ground no. 2 of assessee’s appeal in ITA No

ITA 562/CHANDI/2023[2018-19]Status: DisposedITAT Chandigarh12 Aug 2024AY 2018-19

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

For Appellant: Shri Parveen Jindal, C.AFor Respondent: Shri Vivek Vardhan, JCIT, Sr. DR
Section 143(3)Section 14ASection 80PSection 80P(2)(d)

…A r.w.r.8D in respect of interest income received by the assessee from other co-operative societies which is wholly deductible u/s 80P(2)(d) of the Act particularly considering the decision of the Hon'ble Delhi High Court in the case of CIT Vs. Kribhco (2012) 349 ITR 618 (Delhi) wherein it was held that no disallowance could be made against income which was not specifically exempt under the Act and the provision of Sec. 14A are not applicable for deduction u/s 80P and the SLP filed by the Department against the order of Delhi High Court was dismissed by the Hon'ble Supreme Court. 3. That under the facts and circ…

THE PUNJAB STATE COOPERATIVE MILK PRODUCERS FEDERATION LTD.,CHANDIGARH vs. DCIT, CIRCLE-4(1), CHANDIGARH, CHANDIGARH

In the result, ground no. 2 of assessee’s appeal in ITA No

ITA 559/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh12 Aug 2024AY 2017-18

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

For Appellant: Shri Parveen Jindal, C.AFor Respondent: Shri Vivek Vardhan, JCIT, Sr. DR
Section 143(3)Section 14ASection 80PSection 80P(2)(d)

…A r.w.r.8D in respect of interest income received by the assessee from other co-operative societies which is wholly deductible u/s 80P(2)(d) of the Act particularly considering the decision of the Hon'ble Delhi High Court in the case of CIT Vs. Kribhco (2012) 349 ITR 618 (Delhi) wherein it was held that no disallowance could be made against income which was not specifically exempt under the Act and the provision of Sec. 14A are not applicable for deduction u/s 80P and the SLP filed by the Department against the order of Delhi High Court was dismissed by the Hon'ble Supreme Court. 3. That under the facts and circ…

THE PUNJAB STATE COOPERATIVE MILK PRODUCERS FEDERATION LTD.,CHANDIGARH vs. ACIT, CIRCLE-4(1), CHANDIGARH, CHANDIGARH

In the result, ground no. 2 of assessee’s appeal in ITA No

ITA 558/CHANDI/2023[2016-17]Status: DisposedITAT Chandigarh12 Aug 2024AY 2016-17

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

For Appellant: Shri Parveen Jindal, C.AFor Respondent: Shri Vivek Vardhan, JCIT, Sr. DR
Section 143(3)Section 14ASection 80PSection 80P(2)(d)

…A r.w.r.8D in respect of interest income received by the assessee from other co-operative societies which is wholly deductible u/s 80P(2)(d) of the Act particularly considering the decision of the Hon'ble Delhi High Court in the case of CIT Vs. Kribhco (2012) 349 ITR 618 (Delhi) wherein it was held that no disallowance could be made against income which was not specifically exempt under the Act and the provision of Sec. 14A are not applicable for deduction u/s 80P and the SLP filed by the Department against the order of Delhi High Court was dismissed by the Hon'ble Supreme Court. 3. That under the facts and circ…

THE PR. COMMISSIONER OF INCOME TAX -CENTRAL -1 vs. IFFCO LTD.

Accordingly, the same is dismissed

ITA/390/2022HC Delhi11 Oct 2022

Bench: HON'BLE MR. JUSTICE MANMOHAN,HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA

Section 14ASection 14A(1)Section 2(45)Section 5Section 80ASection 90(2)

…with Article 25 of the Indo Oman, DTAA and thus, the dividend earned can be said to be in the nature of excluded income and, therefore, the provisions of Section 14A would not be attracted in this case. 4. This Court in the case of CIT vs. M/s Kribhco [2012] 349 ITR 618 (Delhi) has held that provisions of Section 14A are inapplicable as far as deductions, which are permissible and allowed under Chapter VIA are concerned. The relevant extract of the judgment is reproduced hereinbelow:- This is a digitally signed Judgement. NEUTRAL CITATION NO: 2022/DHC/004191 ITA 390/2022 Page 3 of 3 “32…Thus, the income on whi…

THE PR. COMMISSIONER OF INCOME TAX -CENTRAL -1 vs. IFFCO LTD.

Accordingly, the same is dismissed

ITA - 390 / 2022HC Delhi11 Oct 2022
Section 14ASection 14A(1)Section 2(45)Section 5Section 80ASection 90(2)

…with Article 25 of the Indo Oman, DTAA and thus, the dividend earned can be said to be in the nature of excluded income and, therefore, the provisions of Section 14A would not be attracted in this case. 4. This Court in the case of CIT vs. M/s Kribhco [2012] 349 ITR 618 (Delhi) has held that provisions of Section 14A are inapplicable as far as deductions, which are permissible and allowed under Chapter VIA are concerned. The relevant extract of the judgment is reproduced hereinbelow:- 2022:DHC:4191-DB ITA 390/2022 Page 3 of 3 “32…Thus, the income on which the deduction is allowed forms a part of the total inco…

THE ACIT 2(3), MUMBAI vs. M/S. TATA SONSLTD, MUMBAI

Appeal stand allowed to that extent

ITA 4041/MUM/2007[2003-2004]Status: DisposedITAT Mumbai05 May 2021AY 2003-2004

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील िं./ I.T.A. No.4041/Mum/2007 (धििाारण वर्ा / Assessment Year: 2003-04) Acit-2(3) M/S. Tata Sons Ltd. बिाम/ Room No.555 Bombay House Aaykar Bhavan 24, Homi Modi Street Vs. Mumbai – 400 020. Fort, Mumbai – 400 001. स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaact-4060-A (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & आयकरअपील िं./ I.T.A. No.3664/Mum/2007 (धििाारण वर्ा / Assessment Year: 2003-04) M/S. Tata Sons Ltd. Acit-2(3) बिाम/ Bombay House Room No.555 24, Homi Modi Street Aaykar Bhavan Vs. Fort, Mumbai – 400 001. Mumbai – 400 020. स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaact-4060-A (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Ms. Aarti Vissanji -Ld.Ar Revenue By : Shri Sanjay Singh-Ld.Cit-Dr ुनवाई की तारीख/ : 23/03/2021 Date Of Hearing घोषणा की तारीख / : 05/05/2021 Date Of Pronouncement Assessment Year 2003-04

For Appellant: Ms. Aarti Vissanji -Ld.ARFor Respondent: Shri Sanjay Singh-Ld.CIT-DR
Section 10ASection 10BSection 14ASection 36(1)(iii)Section 80MSection 90

…1 ITA Nos. 3664 & 4041/Mum/2007 M/s Tata Sons Limited Assessment Year 2003-04 आयकर अपीलीय अधिकरण “जे” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI माननीय श्री महावीर स िंह, उपाध्यक्ष एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा दस्य के मक्ष। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील िं./ I.T.A. No.4041/Mum/2007 (धििाारण वर्ा / Assessment Year: 2003-04) ACIT-2(3) M/s. Tata Sons Ltd. बिाम/ Room No.555 Bombay House Aaykar Bhavan 24, Homi Modi Street Vs. Mumbai – 400 020. Fort, Mumbai – 400 001. स्थायीलेखा िं./ जीआइआर िं./ PAN/GIR No. AAACT-4…

ACIT, CIRCLE- 31(1), NEW DELHI vs. IFFCO LTD., NEW DELHI

In the result, the appeal of the Revenue is dismissed

ITA 7367/DEL/2017[2007-08]Status: DisposedITAT Delhi06 Jan 2021AY 2007-08

Bench: Shri Amit Shukla & Shri O.P. Kant[Through Video Conferencing]

Section 143(3)Section 14A

…exempt from tax and, therefore, the provisions of Section 14A would not be attracted in this case also. As far as the dividend earned on investments made in cooperatives is concerned, it is seen that the Hon’ble Delhi High Court in the case of CIT vs. KRIBHCO 349 ITR 618 has held that disallowance u/s 14A could be made only in respect of those exempt income falling under chapter III and could not be applied in the situation where the income though included in the computation of income was excluded because of other deductions contained in other 8 ITA No.7367/Del./2017 provisions of the Act. The Hon’ble Delhi Hig…

MUFG BANK LTD,NEW DELHI vs. ACIT (INTERNATIONAL TAXATION) CIRCLE-2(2)(1), NEW DELHI

In the result appeal of the assessee is partly allowed

ITA 7895/DEL/2019[2015-16]Status: DisposedITAT Delhi16 Oct 2020AY 2015-16

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing) Mufg Bank Ltd, Vs. Acit (International Taxation), 5Th Floor, Worldmark 2, Asset 8, Circle-2(2)(1), Aerocity, Nh-8, New Delhi New Delhi Pan: Aabct3880D (Appellant) (Respondent)

For Appellant: Shri Nishant Thakkar, AdvFor Respondent: Shr Surender Pal, CIT DR
Section 143(3)Section 14ASection 244ASection 37(1)Section 44C

…been defined u/s 2(45) to mean total income of the income referred to in Section five and computed in the manner laid down Under the provisions of the income tax act. He further relied upon the decision of the honourable Delhi High Court in CIT versus Kribhco 349 ITR 618. Therefore he submitted that the deduction u/s 44C of the act shall be granted after considering the interest taxed under article 11 (2) of the double taxation avoidance agreement and u/s 194LC of the act. 23. The learned departmental representative vehemently supported the order of the learned assessing officer and stated that the above income h…

M/S PUNJAB STATE COOP MILK PRODUCERS FEDERATION LTD.,CHANDIGARH vs. ACIT, C-4(1), CHANDIGARH

In the result, the appeal of the assessee is dismissed

ITA 716/CHANDI/2019[2015-16]Status: DisposedITAT Chandigarh05 Jun 2020AY 2015-16

Bench: Shri N.K. Saini & Shri Sanjay Gargआयकर अपील सं./ Ita No. 716/Chd/2019 "नधा"रण वष" / Assessment Year : 2015-16 The Punjab State Coop Milk The Acit, बनाम Producers Federation Ltd Circle 4(1), Sco 153-55, Sector 34—A, Chandigarh Chandigarh "थायी लेखा सं./Pan No: Aaaap1208Q अपीलाथ"/Appellant ""यथ"/Respondent

For Appellant: Shri Amitaoz Singh Kamboj, CAFor Respondent: Dr. G.S. Phani Kishore, CIT
Section 14Section 14ASection 158ASection 80P(2)(d)

…re applicable with respect to the Income entitled to deduction under the provision of section 80P(2)(d) to the appellant being a co-operative society in view of the decision of the Hon'ble Delhi High Court in the case of Commissioner of Income Tax vs. Kribhco 349 ITR 618 as upheld by the Hon'ble Supreme Court of India is bad in law. 3. That the order of the Ld. AO holding Rs. 9,58,95,326/- as expenses attributable to the income not entitled to deduction under section 80P(2)(d) as per rule 8D is bad in law and on facts as the methods adopted and calculations done are not in line with the financial statements of th…

M/S. AXIS AEROSPACE & TECHNOLOGIES P LTD.,,BANGALORE vs. COMMISSIONER OF INCOME TAX, BANGALORE

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

ITA 766/BANG/2017[2009-10]Status: DisposedITAT Bangalore20 Sept 2019AY 2009-10

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadaleassessment Year : 2009-10 M/S. Axis Aerospace & The Commissioner Of Technologies Pvt. Ltd., Income Tax 54, Richmond Road, Vs. (Appeals) – 14, Bangalore – 560 025. Bangalore. Pan: Aaccb1728K Appellant Respondent

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Smt. R. Premi, JCIT (DR)
Section 14A

…, held that no disallowance should made under the said provision. The reasoning of the ld.CIT(A) is supported by the following decisions: i. CIT vs. Hero Cycles Ltd. (323 ITR 518) ii. CIT vs. Gujarat Industries Ltd. (218 Taxman 742); and iii. CIT vs. Kribhco (349 ITR 618) and iv. Reliance Utility and Power Ltd. (313 ITR 340) In the abovementioned cases, it has been held that it should be presumed that the assessee used own funds for making investments where assessee had both own funds as well as borrowed funds. The Id.CIT(A), on the same parity of reasoning, directed the AO to delete the addition of Rs.75,67,905/…

BARODA DIST. CO.OP. MILK PRODUCERS UNION LTD.,,BARODA vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-1(2),, BARODA

In the result assessee’s appeal in ITA No

ITA 3283/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad30 Apr 2019AY 2013-14

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri Manish Shah, A.RFor Respondent: Shri Santosh Karnani, Sr. D.R
Section 143(2)Section 143(3)Section 80Section 80PSection 80P(2)(iv)

…3 3 1/2% of Average Investment 677 Further, Section 14A is applicable for the expenditure incurred to earned Exempt income and not to the income deductible under chapter Vi-A of the Act. The said has also been supported by the case laws CIT vs. Kribhco (2012) 349 ITR 618/75 DTR 265/209 Taxman 252/252 CTR 374(Delhi) (HC) In the light of the above, your appellant therefore prays that in the interest of justice, the above disallowance of Rs. 798033/- u/s 14A of the IT Act, 1961, be deleted." Ultimately, the Learned CIT(A) confirmed the order passed by the Learned AO with the following observation: “7.3 I have caref…

BARODA DIST. CO.OP. MILK PRODUCERS UNION LTD.,,BARODA vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-1(2),, BARODA

In the result assessee’s appeal in ITA No

ITA 3282/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad30 Apr 2019AY 2012-13

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri Manish Shah, A.RFor Respondent: Shri Santosh Karnani, Sr. D.R
Section 143(2)Section 143(3)Section 80Section 80PSection 80P(2)(iv)

…3 3 1/2% of Average Investment 677 Further, Section 14A is applicable for the expenditure incurred to earned Exempt income and not to the income deductible under chapter Vi-A of the Act. The said has also been supported by the case laws CIT vs. Kribhco (2012) 349 ITR 618/75 DTR 265/209 Taxman 252/252 CTR 374(Delhi) (HC) In the light of the above, your appellant therefore prays that in the interest of justice, the above disallowance of Rs. 798033/- u/s 14A of the IT Act, 1961, be deleted." Ultimately, the Learned CIT(A) confirmed the order passed by the Learned AO with the following observation: “7.3 I have caref…

GOPALAN ENTERPRISES (P) LTD. vs. ADDL C.I.T.,

In the result, the appeal of the revenue is partly allowed for statistical

ITA 158/BANG/2014[2010-11]Status: DisposedITAT Bangalore05 May 2017AY 2010-11

Bench: Shri A. K. Garodia & Shri Vijay Pal Rao

For Appellant: Shri K. R. Pradeep, C. AFor Respondent: Smt. Neera Malhotra, CIT DR
Section 14ASection 23

…ference and therefore, this tribunal order does not lay down a binding precedence for this reason also. The third judgment followed by the tribunal in this case is the judgment of Hon’ble Delhi High Court rendered in the case of CIT vs. Kribhco as reported in 349 ITR 618. When we go through this judgment of Hon’ble Delhi High Court, we find that the assessment year in that case is A. Y. 2006 – 07 and the same is also prior to Rule 8D was made applicable. The next tribunal order on 9 IT(TP)A Nos.49 & 97/B/2014 which reliance has been placed is rendered in the case of M/s John Distilleries Ltd. vs. DCIT (Supra).…

DCIT, BANGALORE vs. M/S JOHN DISTILLERIES PVT. LTD.,, BANGALORE

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 1565/BANG/2014[2010-11]Status: DisposedITAT Bangalore24 Feb 2016AY 2010-11

Bench: Shri Vijaypal Rao & Shri Inturi Rama Raom/S.John Distilleries Ltd., No.110, Pantharapaly,A Mysore Road, Bangalore-39. … Appellant Pan:Aaacj 4322 P Vs. Deputy Commissioner Of Income-Tax, Circle 11(5), Bangalore. … Respondent & (By The Revenue) ****** Assessee By : Shri H.V.Gowthama, Ca. Revenue By : Shri T.N.Prakash, Addl.Cit

For Appellant: Shri H.V.Gowthama, CAFor Respondent: Shri T.N.Prakash, Addl.CIT
Section 143(3)Section 14A

…, held that no disallowance should made under the said provision. The reasoning of the ld.CIT(A) is supported by the following decisions: i. CIT vs. Hero Cycles Ltd. (323 ITR 518) ii. CIT vs. Gujarat Industries Ltd. (218 Taxman 142); and iii. CIT vs. Kribhco (349 ITR 618) and iv. Reliance Utility and Power Ltd. (313 ITR 340) In the abovementioned cases, it has been held that it should be presumed that the assessee used own funds for making investments where assessee had both own funds as well as borrowed funds. The ld.CIT(A), on the same parity of reasoning, directed the AO to delete the addition of Rs.75,67,905…

M/S JOHN DISTILLERIES LTD,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX,, BANGALORE

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 1429/BANG/2014[2010-11]Status: DisposedITAT Bangalore24 Feb 2016AY 2010-11

Bench: Shri Vijaypal Rao & Shri Inturi Rama Raom/S.John Distilleries Ltd., No.110, Pantharapaly,A Mysore Road, Bangalore-39. … Appellant Pan:Aaacj 4322 P Vs. Deputy Commissioner Of Income-Tax, Circle 11(5), Bangalore. … Respondent & (By The Revenue) ****** Assessee By : Shri H.V.Gowthama, Ca. Revenue By : Shri T.N.Prakash, Addl.Cit

For Appellant: Shri H.V.Gowthama, CAFor Respondent: Shri T.N.Prakash, Addl.CIT
Section 143(3)Section 14A

…, held that no disallowance should made under the said provision. The reasoning of the ld.CIT(A) is supported by the following decisions: i. CIT vs. Hero Cycles Ltd. (323 ITR 518) ii. CIT vs. Gujarat Industries Ltd. (218 Taxman 142); and iii. CIT vs. Kribhco (349 ITR 618) and iv. Reliance Utility and Power Ltd. (313 ITR 340) In the abovementioned cases, it has been held that it should be presumed that the assessee used own funds for making investments where assessee had both own funds as well as borrowed funds. The ld.CIT(A), on the same parity of reasoning, directed the AO to delete the addition of Rs.75,67,905…

DCIT vs. M/S SUBRAMANYA CONSTRUCTION & DEVELOPERS COMPANY LTD.,,

In the result, the appeal of the revenue is dismissed whereas the

ITA 404/BANG/2013[2009-10]Status: DisposedITAT Bangalore20 Feb 2015AY 2009-10

Bench: Shri Rajpal Yadav & Shri Abraham P George

For Appellant: Shri V. Chandrasekhar, AdvocateFor Respondent: Dr. P.K.Srihari, Addl. CIT
Section 14A

…for the purpose of advancement of the sister concerns, the assessee was held eligible for allowance of the interest. 6. Reference is needed here to the judgment of the Delhi High Court in the case of Commissioner of Income-Tax vs. Kribhco reported in (2012) 349 ITR 618 (Delhi), wherein also similar question was answered in favour of the assessee and against the Revenue. 9 ITA No.404(B)/13 & C.O.No.89(B)/13 7. In view of the discussion made hereinabove, it is to be stated that it is expected of the Department to establish a nexus between the interest bearing funds borrowed and those invested by the assessee re…