CIT v. Rajendra Prasad Moody

115 ITR 519Supreme Court of India1978#191 most cited

What is CIT v. Rajendra Prasad Moody authority for?

For deductions under Section 57(iii) relating to "Income from Other Sources," an expenditure is allowable if it is laid out wholly and exclusively for the purpose of making or earning such income, even if no income is actually earned in that previous year.

386

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2009 to 2026.

Also referred to as

CIT v. Rajendra Prasad Moody · Rajendra Prasad Moody · 115 ITR 519 · Section 57(iii) · Income from Other Sources · deductibility of expenditure · expenses without income · wholly and exclusively · purpose of making income · Section 14A distinction · disallowance of expenses

Sections most often in play

Section 143(3)Section 57(iii)Section 1961Section 14ASection 37(1)Section 68Section 36(1)(iii)Section 143(2)

Issues it is cited on

section 57(iii)section 57disallowance u/s 14adisallowance under section 14asection 14acapital expendituresection 37(1)income from other sourcessection 37salaryprevious yearsection 10

Judgments citing CIT v. Rajendra Prasad Moody

Mseb Holding Co. Ltd, Mumbai vs. DCIT Cir 10(1), Mumbai

In the result, appeal of the assessee as well as the Revenue are dismissed

ITA 3999/MUM/2016[2011-12]Status: DisposedITAT Mumbai22 Jun 2018AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Blem/S. Mseb Holding Co. Ltd V. The Dy.Cit, Circle – 10(1) Hongkong Bank Building Aayakar Bhavan, M.K. Road, M.G. Road, Mumbai – 400 001 Mumbai-400 020

For Appellant: Shri K.K. VedFor Respondent: Shri Rajesh Yadav
Section 36(1)(iii)Section 37(1)Section 72A(4)(b)

…ly accepted that it was also not necessary that profits should be earned by each and every expenditure. Reliance was placed on the following decisions: - 4 ITA NO.3999 & 3492/MUM/2016 (A.Y: 2011-12) M/s. MSEB Holding Co. Ltd (i) CIT v. Rajendra Prasad Moody [115 ITR 419 (SC.)] (ii) R.B. Bansilal Abirchand Spg. & Wvg. Mills v. CIT [81 ITR 34 (Bom.) (FB)] (iii) F. E. Dinshaw Ltd. v. CIT [36 ITR 114 (Bom.)] (iv) Delhi Cloth & General Mills Co. Ltd. v. CIT [85 ITR (Delhi)] (v) CIT v. Dalmia Cement Ltd. [254 ITR 377] (vi) CIT v. Navsari Cotton and Silk Mills Ltd. [135 ITR 546] (vii) Ravi Marketing (P) Ltd. v. CIT [28…

ACIT 1(2)2, Mumbai vs. Mseeb Holding Company Ltd, Mumbai

In the result, appeal of the assessee as well as the Revenue are dismissed

ITA 3492/MUM/2016[2011-12]Status: DisposedITAT Mumbai22 Jun 2018AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Blem/S. Mseb Holding Co. Ltd V. The Dy.Cit, Circle – 10(1) Hongkong Bank Building Aayakar Bhavan, M.K. Road, M.G. Road, Mumbai – 400 001 Mumbai-400 020

For Appellant: Shri K.K. VedFor Respondent: Shri Rajesh Yadav
Section 36(1)(iii)Section 37(1)Section 72A(4)(b)

…ly accepted that it was also not necessary that profits should be earned by each and every expenditure. Reliance was placed on the following decisions: - 4 ITA NO.3999 & 3492/MUM/2016 (A.Y: 2011-12) M/s. MSEB Holding Co. Ltd (i) CIT v. Rajendra Prasad Moody [115 ITR 419 (SC.)] (ii) R.B. Bansilal Abirchand Spg. & Wvg. Mills v. CIT [81 ITR 34 (Bom.) (FB)] (iii) F. E. Dinshaw Ltd. v. CIT [36 ITR 114 (Bom.)] (iv) Delhi Cloth & General Mills Co. Ltd. v. CIT [85 ITR (Delhi)] (v) CIT v. Dalmia Cement Ltd. [254 ITR 377] (vi) CIT v. Navsari Cotton and Silk Mills Ltd. [135 ITR 546] (vii) Ravi Marketing (P) Ltd. v. CIT [28…

M/S Jamna Auto Industries Ltd., Yamunanagar vs. ITO, Yamunanagar

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is partly allowed

ITA 856/CHANDI/2017[2009-10]Status: DisposedITAT Chandigarh19 Jun 2018AY 2009-10

Bench: Ms. Diva Singh & Ms. Annapurna Guptaassessment Year: 2009-10 The Dcit, Vs. Jamna Auto Industries Ltd., Yamuna Nagar Circle, Jai Spring Road, Yamuna Nagar. Industrial Area, Yamuna Nagar. Pan No. : Aaacj3929N & Assessment Year: 2009-10 Jamna Auto Industries Ltd., Vs The Ito, Jai Spring Road, Ward – 4, Industrial Area, Yamuna Nagar, Yamuna Nagar. Pan No. : Aaacj3929N (Appellant) (Respondent)

For Appellant: Shri Sandeep Sapra &For Respondent: Shri Ashish Gupta, CIT-DR

…td. (Delhi High Court), copy attached as Annexure-I which relied on the following judgments (kindly refer to pages 20-25 of such judgment): • 20 ITR 1, Eastern Investment Ltd. Vs. CIT (Supreme Court) • 65 ITR 381, CIT Vs. Walchand & Co. etc. (Supreme Court) • 115 ITR 519, CIT Vs. Rajendra Prasad Moody (Supreme Court) 12. The Ld. DR argued that while the turnover is increased by 67% the rebates and discounts have increased by 330% hence the disallowance which is in excess to the turnover needs to be disallowed. 13. We have gone through the record placed before us and submissions of both the representatives. 14. Th…

DCIT, Yamunanagar vs. M/S Jamna Auto Industries Ltd., Yamunanagar

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is partly allowed

ITA 836/CHANDI/2017[2009-10]Status: DisposedITAT Chandigarh19 Jun 2018AY 2009-10

Bench: Ms. Diva Singh & Ms. Annapurna Guptaassessment Year: 2009-10 The Dcit, Vs. Jamna Auto Industries Ltd., Yamuna Nagar Circle, Jai Spring Road, Yamuna Nagar. Industrial Area, Yamuna Nagar. Pan No. : Aaacj3929N & Assessment Year: 2009-10 Jamna Auto Industries Ltd., Vs The Ito, Jai Spring Road, Ward – 4, Industrial Area, Yamuna Nagar, Yamuna Nagar. Pan No. : Aaacj3929N (Appellant) (Respondent)

For Appellant: Shri Sandeep Sapra &For Respondent: Shri Ashish Gupta, CIT-DR

…td. (Delhi High Court), copy attached as Annexure-I which relied on the following judgments (kindly refer to pages 20-25 of such judgment): • 20 ITR 1, Eastern Investment Ltd. Vs. CIT (Supreme Court) • 65 ITR 381, CIT Vs. Walchand & Co. etc. (Supreme Court) • 115 ITR 519, CIT Vs. Rajendra Prasad Moody (Supreme Court) 12. The Ld. DR argued that while the turnover is increased by 67% the rebates and discounts have increased by 330% hence the disallowance which is in excess to the turnover needs to be disallowed. 13. We have gone through the record placed before us and submissions of both the representatives. 14. Th…

Matrix Enport Holdings Private Limited, Secunderabad, Hyderabad vs. ACIT, Circle-16(2), Hyderabad

In the result, appeal of assessee is allowed

ITA 15/HYD/2017[2012-13]Status: DisposedITAT Hyderabad08 Jun 2018AY 2012-13

Bench: Smt P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2012-13 Matrix Enport Holdings Pvt. Vs. Asst. Commissioner Of Ltd., Secunderabad Income-Tax, Circle – 16(2), Hyderabad. Pan – Aafcm 4926R

For Appellant: Shri K.A. Sai PrasadFor Respondent: Shri M. Naveen
Section 143(1)Section 143(2)Section 143(3)Section 14A

…) 277 have all taken a similar view. The decision in Taikisha Engineering India Pvt. Ltd (supra) does not specifically deal with this issue. 22. It was suggested by Mr. Hossain that, in the context of Section 57(iii), the Supreme Court in Prasad Moody {1978] 115 ITR 519 (SC) explained that deduction is allowable even where income was not actually earned in the A Y in question. This aspect of the matter was dealt with by this Court in Mis Cheminvest Ltd (supra) where it reversed the decision of the Special Bench of the IT AT by observing as under: "20. Since the Special Bench has relied upon the decision of the…

Padamshi Madan Shah, Mumbai vs. DCIT 8(2), Mumbai

In the result, the appeal is allowed for statistical purposes

ITA 3999/MUM/2015[2011-12]Status: DisposedITAT Mumbai30 May 2018AY 2011-12

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2011-12 Vipul Padamshi Shah Deputy Commissioner Of B-42, Swapnashilp, Income Tax, 8(2), Mumbai Vs. Mahant Road, Vile Parle- 209, 2Nd Floor, Aayakar East, Mumbai-400057 Bhavan, M.K. Road, New Marine Lines, Mumbai-400020. Pan No. Aakps5721L (Appellant) (Respondent) Assessment Year: 2011-12 Padamshi Madan Shah Deputy Commissioner Of B-42, Swapnashilp, Income Tax, 8(2), Mumbai Vs. Mahant Road, Vile Parle- 209, 2Nd Floor, Aayakar East, Mumbai-400057 Bhavan, M.K. Road, New Marine Lines, Mumbai-400020. Pan No. Alqps5159R (Appellant) (Respondent)

For Appellant: Mr. Vishwas V. Mehendale, ARFor Respondent: Mr. V. Justin, DR
Section 143(3)Section 57

…e than interest-free funds. And in Padanshi, the interest-free funds are more than interest-free advances. Reliance is placed by him on the decision in CIT v. Rockman Cycle Industries (P.) Ltd. (2011) 331 ITR 401 (P&H) and CIT v. Rajendra Prasad Moody (1978) 115 ITR 519 (SC). The Ld. counsel further submits that there is no such in section 57(iii) that interest claimed can be restricted to the extent of interest received. The only condition is whether the interest paid is genuine or not. No finding as to whether the interest claimed of Rs.8,11,868/- is a non-genuine claim is given by the AO. Thus it is stated t…

Vipul Padamshi Shah, Mumbai vs. DCIT 8(2), Mumbai

In the result, the appeal is allowed for statistical purposes

ITA 3998/MUM/2015[2011-12]Status: DisposedITAT Mumbai30 May 2018AY 2011-12

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2011-12 Vipul Padamshi Shah Deputy Commissioner Of B-42, Swapnashilp, Income Tax, 8(2), Mumbai Vs. Mahant Road, Vile Parle- 209, 2Nd Floor, Aayakar East, Mumbai-400057 Bhavan, M.K. Road, New Marine Lines, Mumbai-400020. Pan No. Aakps5721L (Appellant) (Respondent) Assessment Year: 2011-12 Padamshi Madan Shah Deputy Commissioner Of B-42, Swapnashilp, Income Tax, 8(2), Mumbai Vs. Mahant Road, Vile Parle- 209, 2Nd Floor, Aayakar East, Mumbai-400057 Bhavan, M.K. Road, New Marine Lines, Mumbai-400020. Pan No. Alqps5159R (Appellant) (Respondent)

For Appellant: Mr. Vishwas V. Mehendale, ARFor Respondent: Mr. V. Justin, DR
Section 143(3)Section 57

…e than interest-free funds. And in Padanshi, the interest-free funds are more than interest-free advances. Reliance is placed by him on the decision in CIT v. Rockman Cycle Industries (P.) Ltd. (2011) 331 ITR 401 (P&H) and CIT v. Rajendra Prasad Moody (1978) 115 ITR 519 (SC). The Ld. counsel further submits that there is no such in section 57(iii) that interest claimed can be restricted to the extent of interest received. The only condition is whether the interest paid is genuine or not. No finding as to whether the interest claimed of Rs.8,11,868/- is a non-genuine claim is given by the AO. Thus it is stated t…

S.P. Corporation, Mumbai vs. A.C.I.T. RG. 11(1), Mumbai

In the result, appeal of the assessee for the Assessment Years

ITA 6298/MUM/2012[2009-10]Status: DisposedITAT Mumbai16 May 2018AY 2009-10

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…xpenditure and lower rental is not a ground for disallowance. Reliance is placed on the decisions of CIT v. Rajendra 29 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Prasad Moody. [115 ITR 519 (SC)] and Eastern Investments Ltd. v. CIT [20 ITR 1 (SC)]. 30. We have heard the rival submissions and perused the orders of the Authorities below. On a perusal of the Assessment Order, we find that the Assessing Officer disallowed boat hire charges for the reason that the expenditure incurred is more and the assessee has received less rentals f…

S.P. Corporation, Mumbai vs. A.C.I.T.RG.11(1), Mumbai

In the result, appeal of the assessee for the Assessment Years

ITA 2626/MUM/2012[2008-09]Status: DisposedITAT Mumbai16 May 2018AY 2008-09

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…xpenditure and lower rental is not a ground for disallowance. Reliance is placed on the decisions of CIT v. Rajendra 29 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Prasad Moody. [115 ITR 519 (SC)] and Eastern Investments Ltd. v. CIT [20 ITR 1 (SC)]. 30. We have heard the rival submissions and perused the orders of the Authorities below. On a perusal of the Assessment Order, we find that the Assessing Officer disallowed boat hire charges for the reason that the expenditure incurred is more and the assessee has received less rentals f…

S.P. Corporation, Mumbai vs. Asst CIT RG 11(1), Mumbai

In the result, appeal of the assessee for the Assessment Years

ITA 6857/MUM/2011[2007-08]Status: DisposedITAT Mumbai16 May 2018AY 2007-08

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…xpenditure and lower rental is not a ground for disallowance. Reliance is placed on the decisions of CIT v. Rajendra 29 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Prasad Moody. [115 ITR 519 (SC)] and Eastern Investments Ltd. v. CIT [20 ITR 1 (SC)]. 30. We have heard the rival submissions and perused the orders of the Authorities below. On a perusal of the Assessment Order, we find that the Assessing Officer disallowed boat hire charges for the reason that the expenditure incurred is more and the assessee has received less rentals f…

ACIT 11(1), Mumbai vs. S.P. Corporation, Mumbai

In the result, appeal of the assessee for the Assessment Years

ITA 2747/MUM/2011[2004-05]Status: DisposedITAT Mumbai16 May 2018AY 2004-05

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…xpenditure and lower rental is not a ground for disallowance. Reliance is placed on the decisions of CIT v. Rajendra 29 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Prasad Moody. [115 ITR 519 (SC)] and Eastern Investments Ltd. v. CIT [20 ITR 1 (SC)]. 30. We have heard the rival submissions and perused the orders of the Authorities below. On a perusal of the Assessment Order, we find that the Assessing Officer disallowed boat hire charges for the reason that the expenditure incurred is more and the assessee has received less rentals f…

S.P Corporation, Mumbai vs. ACIT RG 11(1), Mumbai

In the result, appeal of the assessee for the Assessment Years

ITA 2596/MUM/2011[2006-07]Status: DisposedITAT Mumbai16 May 2018AY 2006-07

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…xpenditure and lower rental is not a ground for disallowance. Reliance is placed on the decisions of CIT v. Rajendra 29 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Prasad Moody. [115 ITR 519 (SC)] and Eastern Investments Ltd. v. CIT [20 ITR 1 (SC)]. 30. We have heard the rival submissions and perused the orders of the Authorities below. On a perusal of the Assessment Order, we find that the Assessing Officer disallowed boat hire charges for the reason that the expenditure incurred is more and the assessee has received less rentals f…

S.P Corporation, Mumbai vs. ACIT RG 11(1), Mumbai

In the result, appeal of the assessee for the Assessment Years

ITA 2595/MUM/2011[2004-05]Status: DisposedITAT Mumbai16 May 2018AY 2004-05

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…xpenditure and lower rental is not a ground for disallowance. Reliance is placed on the decisions of CIT v. Rajendra 29 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Prasad Moody. [115 ITR 519 (SC)] and Eastern Investments Ltd. v. CIT [20 ITR 1 (SC)]. 30. We have heard the rival submissions and perused the orders of the Authorities below. On a perusal of the Assessment Order, we find that the Assessing Officer disallowed boat hire charges for the reason that the expenditure incurred is more and the assessee has received less rentals f…

S.P Corporation, Mumbai vs. ACIT RG 11(1), Mumbai

In the result, appeal of the assessee for the Assessment Years

ITA 2594/MUM/2011[2003-04]Status: DisposedITAT Mumbai16 May 2018AY 2003-04

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Perci PardiwalaFor Respondent: Shri V. Justin
Section 143(3)

…xpenditure and lower rental is not a ground for disallowance. Reliance is placed on the decisions of CIT v. Rajendra 29 ITA.No. 1865 & 1464 /MUM/2009 ITA.No. 2594 TO 2596, 6857 & 2747/MUM/2011 ITA.No. 6298 & 2626/MUM/2012 M/s. S.P. Corporation Prasad Moody. [115 ITR 519 (SC)] and Eastern Investments Ltd. v. CIT [20 ITR 1 (SC)]. 30. We have heard the rival submissions and perused the orders of the Authorities below. On a perusal of the Assessment Order, we find that the Assessing Officer disallowed boat hire charges for the reason that the expenditure incurred is more and the assessee has received less rentals f…

Mr.M.J Aravind, Bangalore vs. Joint Commissioner of Income-Tax, Bangalore

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

ITA 1991/BANG/2016[2012-13]Status: DisposedITAT Bangalore20 Apr 2018AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Arun Kumar Garodiaassessment Year :2012-13

For Appellant: Shri Shyam Ramadhyani, CAFor Respondent: Shri B.R. Ramesh, JCIT (DR)
Section 14ASection 48Section 57

…to 7 of paper book and he reiterated the same contentions which are raised in these written submissions. In addition to that, reliance was placed by him on the judgment of Hon’ble Apex Court rendered in the case of CIT Vs. Rajendra Prasad Moody as reported in 115 ITR 519. In support of his one more contention that even if no income is earned in present year then also deduction is to be allowed for expenses incurred in respect of such income, reliance was also placed on a Tribunal order rendered in the case of East West Hotels Ltd. Vs. ACIT as reported in 9 SOT 48 (ITAT[Bang]). As against this, the ld. DR of reven…

Lally Motors India Pvt. Ltd, Jalandhar vs. The Principal Commissioner of Income Tax-2, Jalandhar

In the result, the assessee’s appeal is dismissed

ITA 218/ASR/2017[2012-13]Status: DisposedITAT Amritsar12 Apr 2018AY 2012-13

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 218(Asr)/2017 Assessment Year: 2012-13

For Appellant: Sh. Sameer Bhatia (Adv.)For Respondent: Sh. Bhawani Shankar (D. R.)
Section 119Section 143(3)Section 14ASection 263

…ulted in an income, i.e., positive income, which is in any case a matter subsequent, and that the mere fact that expenditure stands incurred for the purpose is sufficient for its admissibility, explained by the Apex Court in CIT v. Rajendra Prasad Mody [1978] 115 ITR 519 (SC). The Apex Court was in that case examining the true interpretation of section 57(iii), which employed the words ‘any expenditure (not being in the nature of capital expenditure) laid out or expended for the purpose of making or earning such income’, the question of law raised before it reading as under: “Whether, on the facts and in the circ…

M/S. Maa Group Holdings Pvt Ltd, Bengaluru vs. Income Tax Officer, Ward-4(1)(3), Bengaluru

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

ITA 2584/BANG/2017[2011-12]Status: DisposedITAT Bangalore06 Apr 2018AY 2011-12

Bench: Shri N.V. Vasudevan & Shri Arun Kumar Garodiaassessment Year :2011-12

For Appellant: Shri R.E. Subramanian, CAFor Respondent: Shri B.R. Ramesh, JCIT (DR)
Section 14ASection 154

…he Tribunal has duly considered the judgment of Hon’ble Delhi High Court rendered in the case of Cheminvest Ltd. Vs. CIT as reported in 378 ITR 33 (Delhi) and also the judgment of Hon’ble Apex Court rendered in the case of Rajendra Prasad Moody as reported in 115 ITR 519 and it was held as per para 11.16 that only those investments are to be considered for computing the average value of investment which yielded exempt income during the year under consideration. Respectfully following this Tribunal order, we direct the AO to recompute the amount of disallowance u/s. 14A by considering only those investments which…

DCIT-2(3)(2), Mumbai vs. Kotak Mahindra Bank Ltd., Mumbai

The appeal of the Revenue is dismissed and that of the assessee is allowed

ITA 2817/MUM/2016[2012-13]Status: DisposedITAT Mumbai28 Feb 2018AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am The Dy. Commissioner Of Kotak Mahindra Bank Ltd. Income Tax, Circle 2(3)(2), 27 Bkc, G Block, Bandra Mumbai R. No. 552, 5Th Floor, Kurla Complex, Bandra Vs. Aayakar Bhavan, M.K. Road, (East), Mumbai-400 023 Mumbai-400 020 Appellant .. Respondent Pan No. Aaack4409J

For Appellant: Farrokh V. Irani, ARFor Respondent: B. Sriniwas, DR
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SRI MAHAVIR SINGH, JM AND SRI MANOJ KUMAR AGGARWAL, AM The Dy. Commissioner of Kotak Mahindra Bank Ltd. Income Tax, Circle 2(3)(2), 27 BKC, G Block, Bandra Mumbai R. No. 552, 5th Floor, Kurla Complex, Bandra Vs. Aayakar Bhavan, M.K. Road, (East), Mumbai-400 023 Mumbai-400 020 Appellant .. Respondent PAN No. AAACK4409J Cross Objection No. 38/Mum/2018 (Arising in ITA No. 2817/Mum/2016 for A.Y. 2012-13) Kotak Mahindra Bank Ltd. The Dy. Commissioner of 27 BKC, G Block, Bandra Income Tax, Circle 2(3)(2), Mumbai R. No. 552, 5 th Kurla Complex, Bandra Vs. (…

DCIT 1(1)(1), Mumbai vs. Gcil Fianance Ltd, Mumbai

The appeal of the revenue is dismissed

ITA 5686/MUM/2015[2010-11]Status: DisposedITAT Mumbai02 Feb 2018AY 2010-11

Bench: Shri Rajendra, Am & Shri Ravish Sood, Jm Dy. Commissioner Of Income M/S Gcil Finance Ltd. बिधम/ Tax-1(1)(2), 579 209-210, Arcadia Bldg, Aayakar Bhavan, 195, Nariman Point, Vs. M.K. Road, Mumbai- 400 021 Mumbai-400 020 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aadcg0600Q (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

For Appellant: Shri R.C. Jain, A.RFor Respondent: Shri Ram Tiwari, D.R
Section 10(35)Section 143(1)Section 143(2)Section 143(3)Section 14A

…ng or receipt of income, such condition cannot be imported when it comes for disallowance of the same expenditure u/s 14A. In coming to this conclusion, the bench relied on the decision of the Hon'ble Supreme Court in the case of CIT Vs. Rajendra Prasad Moody 115 ITR 519 SC. The A.O on the basis of his aforesaid observations concluded that as the assessee was doing no other business other than trading in securities and mutual funds, therefore, the expenditure incurred for earning of the exempt income was clearly liable to be disallowed under Sec. 14A r.w. Rule 8D. The A.O on the basis of his aforesaid view made a…

M/S.Kannan Devan Hills Plantations Co. P. Ltd, Munnar vs. The ACIT, Trivandrum

In the result, the appeals filed by the assessee are allowed and the appeals filed

ITA 91/COCH/2017[2012-13]Status: DisposedITAT Cochin01 Jan 2018AY 2012-13

Bench: S/Shri George George K., Jm & Manjunatha G., Am

Section 80I

…ITA Nos. 77, 78, & 91//C/2017 & 131,163&164/C/2017 IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH KOCHI BEFORE S/SHRI GEORGE GEORGE K., JM & MANJUNATHA G., AM ITA Nos.77, 78 & 91/1Coch/2017 (Asst Years : 2010-11, 2011-12 & 2012-13 ) M/s. Kannan Devan Hills Plantations Co. Vs The Asst. Commr. Of Income tax, Pvt. Ltd. KDHP House, Door No. Circle-1(2), Kochi IX/2226, N.H. 47, Devikulam, Munnar, Idukki-685 612. ( Appellant-Assessee) (Respondent-Revenue) ITA Nos.131, 163 164/Coch/2017 (Asst Years : 2010-11, 2011-12 & 2012-13 ) The Asst. Commr. Of Income tax, Vs M/s. Kannan Devan Hills Plantations Circle-1(2),…