CIT v. Micro Labs Ltds

383 ITR 90Reported decision#24772 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 348,631 Indian tax judgments — from 2022 to 2022.

Issues it is cited on

section 40a(2)(a)fresh tangible materialvaluation of sharessection 40a(2)(b)share capital and share premiumsection 40a(2)disallowance of interest expenditurekelvinatoramalgamationsection 36(1)(iii)commercial expediencydisallowance under section 14a

Judgments citing CIT v. Micro Labs Ltds

DCIT, Bangalore vs. M/S Jupiter Capital Pvt. Ltd., Bangalore

Accordingly, appeal of the Revenue as well as the assessee are dismissed

ITA 1219/BANG/2016[2011-12]Status: DisposedITAT Bangalore30 May 2022AY 2011-12

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

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Shri. Sumer Singh Meena, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 14ASection 36(1)(iii)Section 40A(2)

…e purpose of making investments that would yield tax free income. In this scenario, we find that in the light of the principles laid down by the Hon’ble ITA Nos.1563, 1601/Bang/2014, Page 8 of 29 Karnataka High Court in the case of CIT Vs. Micro Labs Ltds., 383 ITR 90 (Karn.), wherein it was held that when investments are made out of common pool of funds and when the non-interest bearing funds or interest free funds that were available with the assessee were more than the investments that would yield exempt income, the presumption is that investments that would yield exempt income were made out of own funds tha…

Jupiter Capital P. Ltd., Bangalore vs. CIT, Bangalore

Accordingly, appeal of the Revenue as well as the assessee are dismissed

ITA 1601/BANG/2014[2007-08]Status: DisposedITAT Bangalore30 May 2022AY 2007-08

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

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Shri. Sumer Singh Meena, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 14ASection 36(1)(iii)Section 40A(2)

…e purpose of making investments that would yield tax free income. In this scenario, we find that in the light of the principles laid down by the Hon’ble ITA Nos.1563, 1601/Bang/2014, Page 8 of 29 Karnataka High Court in the case of CIT Vs. Micro Labs Ltds., 383 ITR 90 (Karn.), wherein it was held that when investments are made out of common pool of funds and when the non-interest bearing funds or interest free funds that were available with the assessee were more than the investments that would yield exempt income, the presumption is that investments that would yield exempt income were made out of own funds tha…

DCIT, Bangalore vs. M/S Jupiter Capital Pvt. Ltd., Bangalore

Accordingly, appeal of the Revenue as well as the assessee are dismissed

ITA 1563/BANG/2014[2007-08]Status: DisposedITAT Bangalore30 May 2022AY 2007-08

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

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Shri. Sumer Singh Meena, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 14ASection 36(1)(iii)Section 40A(2)

…e purpose of making investments that would yield tax free income. In this scenario, we find that in the light of the principles laid down by the Hon’ble ITA Nos.1563, 1601/Bang/2014, Page 8 of 29 Karnataka High Court in the case of CIT Vs. Micro Labs Ltds., 383 ITR 90 (Karn.), wherein it was held that when investments are made out of common pool of funds and when the non-interest bearing funds or interest free funds that were available with the assessee were more than the investments that would yield exempt income, the presumption is that investments that would yield exempt income were made out of own funds tha…

CIT v. Micro Labs Ltds (383 ITR 90) — Cited in 3 Judgments | BharatTax