CIT v. Reliance Industries Ltd.

410 ITR 466Supreme Court of India2019#137 most cited

What is CIT v. Reliance Industries Ltd. authority for?

When mixed funds are available, interest-free advances are presumed to be made from the assessee's own interest-free funds, preventing disallowance of interest expenditure under section 36(1)(iii). This principle also applies to section 14A disallowance, where interest expenditure is not disallowed if surplus funds are available and no direct nexus is established with borrowed funds for investments earning exempt income.

501

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. Reliance Industries Ltd. · 410 ITR 466 · section 36(1)(iii) · section 14A · interest free advances · disallowance of interest expenditure · mixed funds presumption · interest free funds · commercial expediency · disallowance for exempt income

Also reported as

102 Taxmann.com 52307 CTR 121261 Taxmann 165175 DTR 1

Sections most often in play

Section 36(1)(iii)Section 14ASection 143(3)Section 1961Section 40(a)(ia)Section 1962Section 143(2)Section 8D

Issues it is cited on

interest free advancessection 36(1)(iii)disallowance of interest expenditureweighted deductionsection 35(2ab)commercial expediencysection 14a(2)disallowance under section 14adisallowance u/s 14abusiness expediencyput to usesection 36(1)

Judgments citing CIT v. Reliance Industries Ltd.

Southern Petrochemical Industries Corporation Ltd., Chennai vs. ITO, Chennai

Appeal stands dismissed

ITA 205/CHNY/2023[2004-05]Status: DisposedITAT Chennai10 Jan 2024AY 2004-05

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1.आयकरअपील सं./ Ita No.204/Chny/2023 (िनधा*रण वष* / Assessment Year: 2004-05) & 2.आयकरअपील सं./ Ita No.205/Chny/2023 (िनधा*रण वष* / Assessment Year: 2004-05) M/S. Southern Petrochemical Acit / Ito बनाम Industries Corporation Limited Corporate Circle-6(2) / 88, Spic House, Mount Road, Guindy, Corporate Ward-3(1) / Vs. Chennai-600 032. Chennai-600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 115JSection 143(3)Section 194CSection 41(1)Section 43B

…ted the disallowance. 5.3 The appellant reliance on among other decisions: CIT vs. Bharti Televenture Ltd 331 ITR 502 Del. Reliance Utility and Power Ltd. vs. CIT 313 ITR 340 (Born.) CIT vs. Hotel Savera 239 ITR 795 (Mad) CIT (LTU) Vs. Reliance Industries Ltd 307 CTR 121 SC PCIT v Sintex Industries 403 ITR 418 Guj confirmed by 93 Taxman.com 24 SC. 6. The CIT(A) erred in deleting the interest of Rs. 105. 73 crores excluded in the memo which represents interest income of AY 2001-02 Rs.57.26 Crores & AY 2002-03, Rs.48.46 Crores which were offered to tax in those two years. The amount was adjusted against investment…

Southern Petrochemical Industries Corporation Ltd., Chennai vs. ITO, Chennai

Appeal stands dismissed

ITA 204/CHNY/2023[2004-05]Status: DisposedITAT Chennai10 Jan 2024AY 2004-05

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1.आयकरअपील सं./ Ita No.204/Chny/2023 (िनधा*रण वष* / Assessment Year: 2004-05) & 2.आयकरअपील सं./ Ita No.205/Chny/2023 (िनधा*रण वष* / Assessment Year: 2004-05) M/S. Southern Petrochemical Acit / Ito बनाम Industries Corporation Limited Corporate Circle-6(2) / 88, Spic House, Mount Road, Guindy, Corporate Ward-3(1) / Vs. Chennai-600 032. Chennai-600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 115JSection 143(3)Section 194CSection 41(1)Section 43B

…ted the disallowance. 5.3 The appellant reliance on among other decisions: CIT vs. Bharti Televenture Ltd 331 ITR 502 Del. Reliance Utility and Power Ltd. vs. CIT 313 ITR 340 (Born.) CIT vs. Hotel Savera 239 ITR 795 (Mad) CIT (LTU) Vs. Reliance Industries Ltd 307 CTR 121 SC PCIT v Sintex Industries 403 ITR 418 Guj confirmed by 93 Taxman.com 24 SC. 6. The CIT(A) erred in deleting the interest of Rs. 105. 73 crores excluded in the memo which represents interest income of AY 2001-02 Rs.57.26 Crores & AY 2002-03, Rs.48.46 Crores which were offered to tax in those two years. The amount was adjusted against investment…

Southern Petrochemical Industries Corporation Ltd., Chennai vs. ITO, Corporate Ward-3(1), Chennai

In the result, the appeal stands partly allowed in terms of our above order

ITA 170/CHNY/2023[2003-04]Status: DisposedITAT Chennai09 Jan 2024AY 2003-04

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.170/Chny/2023 (िनधा)रण वष) / Assessment Year: 2003-04) M/S. Southern Petrochemical Income Tax Officer बनाम Industries Corporation Limited Corporate Ward-3(1) 88, Spic House, Mount Road, Guindy, Chennai-600 034. / Vs. Chennai-600 032. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 09-01-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 143(3)

…e ratio of decision of Hon’ble High Court of Madras in the case of CIT vs. Hotel Savera (239 ITR 795) would apply wherein it has been held that when the mixed funds are used, no interest disallowance is called for. In the decision of Reliance Industries Ltd. (102 Taxmann.com 52), Hon’ble Apex Court has held that in case interest free funds as available with the assessee are sufficient to meet the investment made in subsidiaries, the deduction of interest expenditure would be allowed to the assessee. Respectfully following the same, the impugned disallowance of Rs.129.94 Lacs stand deleted. 5.6 Regarding the secon…

Bestech India P.Ltd, New Delhi vs. DCIT, Central Circle-1, Faridabad

In the result, the appeals of the assessee in ITA Nos

ITA 2059/DEL/2022[2017-18]Status: DisposedITAT Delhi27 Dec 2023AY 2017-18

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

For Appellant: Shri R.S. Ahuja, CAFor Respondent: Shri Kanv Bali, Sr. DR
Section 14ASection 32(1)

…from Customers Note 8 7,38,90,26,775/- Total Interest free funds (B) 7,86,08,49,908/- Total Interest free funds available 11,63,25,31,471/- (A+B) 26. On the above facts, the ratio laid down by the Hon'ble Supreme Court in the case of Reliance Industries Ltd 410 ITR 466 squarely applies wherein the Hon'ble court has held that: “Where there is finding of fact that interest free funds are available to the assessee were sufficient to meet its investment, it will be presumed that investments were made from such interest free funds.” 27. In light of the above, the Assessing Officer is directed to delete the impu…

Bestech India P.Ltd, New Delhi vs. DCIT, Central Circle 1, Faridabad

In the result, the appeals of the assessee in ITA Nos

ITA 2058/DEL/2022[2016-17]Status: DisposedITAT Delhi27 Dec 2023AY 2016-17

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

For Appellant: Shri R.S. Ahuja, CAFor Respondent: Shri Kanv Bali, Sr. DR
Section 14ASection 32(1)

…from Customers Note 8 7,38,90,26,775/- Total Interest free funds (B) 7,86,08,49,908/- Total Interest free funds available 11,63,25,31,471/- (A+B) 26. On the above facts, the ratio laid down by the Hon'ble Supreme Court in the case of Reliance Industries Ltd 410 ITR 466 squarely applies wherein the Hon'ble court has held that: “Where there is finding of fact that interest free funds are available to the assessee were sufficient to meet its investment, it will be presumed that investments were made from such interest free funds.” 27. In light of the above, the Assessing Officer is directed to delete the impu…

Ganesh Gupta, Wani vs. Principal Commissioner of Income Tax-2, Nagpur

Appeal of the assessee is allowed

ITA 54/NAG/2021[2016-17]Status: DisposedITAT Nagpur28 Nov 2023AY 2016-17

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Appellant: Shri Mahavir Atal, C.AFor Respondent: Shri Kailash Kanojiya, Sr. DR CIT
Section 142Section 143(3)Section 263Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH : NAGPUR THROUGH VIRTUAL HEARING At ITAT :Pune Bench BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER ITA No.54/NAG./2021 Assessment Year 2016-2017 Shri Ganesh Gupta, The Principal Commissioner of Income Tax, Nagpur-2, Saraf Rudhra Sales, Chikhalgain, Chambers, Sadar, Nagpur. Wani – 445 304 vs Maharashtra. State of Maharashtra. PIN 440 001 PAN ABGPG6048Q Appellant Respondent For Assessee : Shri Mahavir Atal, C.A. For Revenue : Shri Kailash Kanojiya, Sr. DR CIT Date of Hearing : 22.09.2023 Date of Pronouncement : 28.11.20…

Titagarh Capital Management Services(P)Ltd, Kolkata vs. ITO, Kolkata

In the result, the appeal of the assessee stands allowed

ITA 382/KOL/2023[2013-14]Status: DisposedITAT Kolkata21 Nov 2023AY 2013-14

Bench: Shri Sanjay Garg & Shri Girish Agrawal

Section 14ASection 250

…offered the said amount as disallowance u/s 14A of the Act. 3.1 The ld. Counsel for the assessee, in this respect, has relied upon the decision of the Hon’ble Supreme Court in the case of Commissioner Of Income Tax-LTU vs Reliance Industries Ltd reported in 410 ITR 466. The ld. counsel has further made the following submissions: 1. Ld. AO failed to consider the claim of appellant and in such respect it is submitted that :- a) Article 265 of the Constitution of India reads that No tax shall be levied or collected except by the authority of law." In terms of the Article 265 of the Constitution, tax can be levied…

Skp Securities Ltd., Kolkata vs. DCIT, C.C-2(2), Kol, Kolkata

In the result, the appeal of the assessee stands allowed

ITA 611/KOL/2023[2014-15]Status: DisposedITAT Kolkata16 Nov 2023AY 2014-15

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A No.611/Kol/2023 Assessment Year: 2014-15 Skp Securities Ltd……………...................................................……Appellant 33A, J L Nehru Road, Park Street, Kolkata. [Pan: Aaecs3847A] Vs. Dcit, C.C-2(2), Kolkata................................……........……...…..…..Respondent Appearances By: Shri Akshay Ringasia, Ar, Appeared On Behalf Of The Appellant. Shri B. K. Singh, Jcit- Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : September 04, 2023 Date Of Pronouncing The Order : November 16, 2023 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 22.03.2023 Of The National Faceless Appeal Centre (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Assessee In This Appeal Has Taken The Following Grounds Of Appeal: “1. That The Ld. Lower Authorities Erred In Law & In Fact By Making An Addition Of Inr 1,00,270 Under Section 14A When The Assessee Had Sufficient Fund To Make Investment Out Of Own Funds. 2. That The Ld. Lower Authorities Erred In Law & In Fact By Making An Addition Of Inr 1,00,270 Under Section 14A When The Assessee Did Not Earn Any Exempted Income In The First Place.

Section 14ASection 250

…ity instruments were at Rs.2 crores, the excess own funds of the assessee, therefore, at Rs.21.11 crores. 5. The issue is covered by the decision of the Hon’ble Supreme Court in the case of Commissioner Of Income Tax-LTU vs Reliance Industries Ltd reported in 410 ITR 466, wherein, the Hon’ble Supreme Court confirmed the proposition of law that if the own funds/interest free funds are available with the assessee to meet the investment, presumption will be that the assessee has used own interest free funds for the said investment. 6. The ld. AR of the assessee has further submitted that since the assessee did not e…

Tata Chemicals Ltd, Mumbai vs. Addl Ciat 2(3), Mumbai

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

ITA 120/MUM/2013[2008-09]Status: DisposedITAT Mumbai10 Nov 2023AY 2008-09

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 144C(5)Section 14ASection 43BSection 80

…sition of law of the Bombay High Court would now be appreciated in the following discussion. 18. In the above context, it would be apposite to refer to a similar decision in Commissioner of Income Tax (Large Tax Payer Unit) Vs. Reliance Industries Ltd. (2019) 410 ITR 466 SC/ (2019) 20 SCC 478, where a Division Bench of this Court expressly held that where there is finding of fact that interest free funds available to assessee ITA.NO. 120/MUM/2013 (A.Y: 2008-09) Tata Chemicals Ltd were sufficient to meet its investment it will be presumed that investments were made from such interest free funds. 19. In HDFC Bank L…

DCIT Central 2(1), Chennai vs. M/S Agni Estates&Foundation Pvt.Ltd, Chennai

The appeals stand dismissed

ITA 356/CHNY/2023[2014-15]Status: DisposedITAT Chennai20 Oct 2023AY 2014-15

Bench: Hon’Ble Shri V. Durga Rao, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.355/Chny/2023 (िनधा"रण वष" / Assessment Year: 2013-14) & आयकरअपील सं./ Ita No.356/Chny/2023 (िनधा"रण वष" / Assessment Year: 2014-15) Dcit M/S. Agni Estates & Foundations Pvt.Ltd, बनाम/ Central Circle-2(1) 76, Temple Towers, North Mada Street, Vs. Chennai-34. Mylapore, Chennai-600 004. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaca-7990-C (अपीलाथ"/Appellant) : (!"थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri D. Hema Bhupal (Jcit)- Ld. Dr !"थ"कीओरसे/Respondent By : Shri R. Vijayaraghavan (Advocate)-Ld.Ar सुनवाईकीतारीख/Date Of Hearing : 11-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 20-10-2023 आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aforesaid Appeals By Revenue For Assessment Years (Ay) 2013-14 & 2014-15 Arises Out Of Common Order Passed By Learned Commissioner Of Income Tax (Appeals)-19, Chennai, [Cit(A)] On 31.01.2023 In The Matter Of Separate Assessments Framed By The Ld. Assessing Officer [Ao] U/S 143(3) Of The Act. The Facts As Well As Issues Are Common. The Grounds Raised By Revenue In Ay 2013-14 Read As Under:-

For Appellant: Shri D. Hema Bhupal (JCIT)- Ld. DRFor Respondent: Shri R. Vijayaraghavan (Advocate)-Ld.AR
Section 143(3)Section 36(1)(iii)Section 37(1)

…o make the investments and therefore, a presumption could be drawn that investments were out of interest free funds available with the assessee. Reliance has been placed on the decision of Hon'ble Supreme Court in the case of CIT Vs. Reliance Industries Ltd. (102 Taxmann.com 52). The Ld. AR further submitted that expenditure u/s.37(1) was incurred for business promotion of the assessee and therefore, the same are allowable expenditure. Having heard rival submissions and upon perusal of case records, our adjudication would as under. Assessment Proceedings 3. Interest disallowance u/s 36(1)(iii) 3.1 This disallowan…

DCIT Central 2(1), Chennai vs. M/S Agni Estates&Foundation Pvt.Ltd, Chennai

The appeals stand dismissed

ITA 355/CHNY/2023[2013-14]Status: DisposedITAT Chennai20 Oct 2023AY 2013-14

Bench: Hon’Ble Shri V. Durga Rao, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.355/Chny/2023 (िनधा"रण वष" / Assessment Year: 2013-14) & आयकरअपील सं./ Ita No.356/Chny/2023 (िनधा"रण वष" / Assessment Year: 2014-15) Dcit M/S. Agni Estates & Foundations Pvt.Ltd, बनाम/ Central Circle-2(1) 76, Temple Towers, North Mada Street, Vs. Chennai-34. Mylapore, Chennai-600 004. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaca-7990-C (अपीलाथ"/Appellant) : (!"थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri D. Hema Bhupal (Jcit)- Ld. Dr !"थ"कीओरसे/Respondent By : Shri R. Vijayaraghavan (Advocate)-Ld.Ar सुनवाईकीतारीख/Date Of Hearing : 11-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 20-10-2023 आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aforesaid Appeals By Revenue For Assessment Years (Ay) 2013-14 & 2014-15 Arises Out Of Common Order Passed By Learned Commissioner Of Income Tax (Appeals)-19, Chennai, [Cit(A)] On 31.01.2023 In The Matter Of Separate Assessments Framed By The Ld. Assessing Officer [Ao] U/S 143(3) Of The Act. The Facts As Well As Issues Are Common. The Grounds Raised By Revenue In Ay 2013-14 Read As Under:-

For Appellant: Shri D. Hema Bhupal (JCIT)- Ld. DRFor Respondent: Shri R. Vijayaraghavan (Advocate)-Ld.AR
Section 143(3)Section 36(1)(iii)Section 37(1)

…o make the investments and therefore, a presumption could be drawn that investments were out of interest free funds available with the assessee. Reliance has been placed on the decision of Hon'ble Supreme Court in the case of CIT Vs. Reliance Industries Ltd. (102 Taxmann.com 52). The Ld. AR further submitted that expenditure u/s.37(1) was incurred for business promotion of the assessee and therefore, the same are allowable expenditure. Having heard rival submissions and upon perusal of case records, our adjudication would as under. Assessment Proceedings 3. Interest disallowance u/s 36(1)(iii) 3.1 This disallowan…

Mg Finvest Pvt Ltd, New Delhi vs. ITO Ward - 16(1), New Delhi

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

ITA 1773/DEL/2020[2015-16]Status: DisposedITAT Delhi20 Oct 2023AY 2015-16

Bench: SHRI M. BALAGANESH (Accountant Member), SHRI ANUBHAV SHARMA (Judicial Member)

Section 143(3)

…e is no usage of borrowed funds for making interest free advances. Accordingly, there cannot be any disallowance of interest. Our view is further fortified by the decision of Hon’ble Supreme Court in the case of CIT vs. Reliance Industries Ltd. reported in 410 ITR 466 (SC). The Ld. DR placed on record a decision of Hon’ble Jurisdictional High Court in the case of Punjab Stainless Steel Industries v. CIT, reported in 324 ITR 396 (Delhi) in support of the argument of the Revenue. We have gone through the said decision and in that case there was a categorical finding that interest free advances were extended out…

Rajesh Agrawal, Raipur vs. Deputy Commissioner of Income Tax, Raipur-1(1), Raipur

In the result, the appeal of the assessee is allowed in terms of our aforesaid observations

ITA 249/RPR/2022[2010-11]Status: DisposedITAT Raipur19 Oct 2023AY 2010-11

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.249/Rpr/2022 "नधा"रण वष" / Assessment Year : 2010-11 Rajesh Agrawal C/O. M/S. Chhattisgarh Steel Traders, 15/343, Main Road, Jawahar Nagar, Raipur (C.G.)-492 001. Pan : Acppa2905F .......अपीलाथ" / Appellant बनाम / V/S. The Deputy Commissioner Of Income Tax, Raipur-1(1), Raipur (C.G.) ……""यथ" / Respondent

For Appellant: Shri Ravi Agrawal, CAFor Respondent: Shri Satya Prakash Sharma, Sr. DR
Section 143(2)Section 143(3)Section 36(1)(iii)

…आयकर अपील"य अ"धकरण "यायपीठ रायपुर म"। IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR BEFORE SHRI RAVISH SOOD, JUDICIAL MEMBER AND SHRI ARUN KHODPIA, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.249/RPR/2022 "नधा"रण वष" / Assessment Year : 2010-11 Rajesh Agrawal C/o. M/s. Chhattisgarh Steel Traders, 15/343, Main Road, Jawahar Nagar, Raipur (C.G.)-492 001. PAN : ACPPA2905F .......अपीलाथ" / Appellant बनाम / V/s. The Deputy Commissioner of Income Tax, Raipur-1(1), Raipur (C.G.) ……""यथ" / Respondent Assessee by : Shri Ravi Agrawal, CA Revenue by : Shri Satya Prakash Sharma, Sr. DR सुनवाई क" तार"ख / Date of…

Joint Commissioner of Income Tax (OSD) Circle-4(1)(1), Bangalore vs. M/S Kingfisher Finvest India Limited, Bangalore

In the result, all the appeals filed by revenue and assessee stands allowed for statistical purposes

ITA 1910/BANG/2018[2011-12]Status: DisposedITAT Bangalore21 Sept 2023AY 2011-12

Bench: Shri Chandra Poojari & Ms. Madhumita Royassessment Appeal No. Appellant Respondent Year The Deputy M/S. Commissioner Kingfisher

For Appellant: Ms. Girija, AdvocateFor Respondent: Shri D.K. Mishra, CIT DR
Section 143(3)Section 14ASection 36(1)(iii)

…assessee is more than the value of the investment then, it is presumed that the assessee has used interest free funds for making investments. Ratio of this aspect has been laid down by the Hon’ble Apex Court in the case of Reliance Industries Ltd. reported in 410 ITR 466. Further that the loans on which the interest expenditure has been incurred has not been utilised for making investment and in that view of the matter, no interest disallowance is called for under Rule 8D(2)(ii). So far as the disallowance made u/s. 8D(2)(iii) is concerned, the Ld.AO has considered all the investments for computation whereas the…

Joint Commissioner of Income Tax (OSD) Circle-4(1)(1), Bangalore vs. M/S Kingfisher Finvest India Limited, Bangalore

In the result, all the appeals filed by revenue and assessee stands allowed for statistical purposes

ITA 1909/BANG/2018[2010-11]Status: DisposedITAT Bangalore21 Sept 2023AY 2010-11

Bench: Shri Chandra Poojari & Ms. Madhumita Royassessment Appeal No. Appellant Respondent Year The Deputy M/S. Commissioner Kingfisher

For Appellant: Ms. Girija, AdvocateFor Respondent: Shri D.K. Mishra, CIT DR
Section 143(3)Section 14ASection 36(1)(iii)

…assessee is more than the value of the investment then, it is presumed that the assessee has used interest free funds for making investments. Ratio of this aspect has been laid down by the Hon’ble Apex Court in the case of Reliance Industries Ltd. reported in 410 ITR 466. Further that the loans on which the interest expenditure has been incurred has not been utilised for making investment and in that view of the matter, no interest disallowance is called for under Rule 8D(2)(ii). So far as the disallowance made u/s. 8D(2)(iii) is concerned, the Ld.AO has considered all the investments for computation whereas the…

M/S Kingfisher Finvest India Limited, Bangalore vs. The Deputy Commissioner of Incoe Tax Circle-11(5), Bangalore

In the result, all the appeals filed by revenue and assessee stands allowed for statistical purposes

ITA 1672/BANG/2018[2011-12]Status: DisposedITAT Bangalore21 Sept 2023AY 2011-12

Bench: Shri Chandra Poojari & Ms. Madhumita Royassessment Appeal No. Appellant Respondent Year The Deputy M/S. Commissioner Kingfisher

For Appellant: Ms. Girija, AdvocateFor Respondent: Shri D.K. Mishra, CIT DR
Section 143(3)Section 14ASection 36(1)(iii)

…assessee is more than the value of the investment then, it is presumed that the assessee has used interest free funds for making investments. Ratio of this aspect has been laid down by the Hon’ble Apex Court in the case of Reliance Industries Ltd. reported in 410 ITR 466. Further that the loans on which the interest expenditure has been incurred has not been utilised for making investment and in that view of the matter, no interest disallowance is called for under Rule 8D(2)(ii). So far as the disallowance made u/s. 8D(2)(iii) is concerned, the Ld.AO has considered all the investments for computation whereas the…

M/S Kingfisher Finvest India Limited, Bangalore vs. The Deputy Commissioner of Incoe Tax Circle-11(5), Bangalore

In the result, all the appeals filed by revenue and assessee stands allowed for statistical purposes

ITA 1671/BANG/2018[2010-11]Status: DisposedITAT Bangalore21 Sept 2023AY 2010-11

Bench: Shri Chandra Poojari & Ms. Madhumita Royassessment Appeal No. Appellant Respondent Year The Deputy M/S. Commissioner Kingfisher

For Appellant: Ms. Girija, AdvocateFor Respondent: Shri D.K. Mishra, CIT DR
Section 143(3)Section 14ASection 36(1)(iii)

…assessee is more than the value of the investment then, it is presumed that the assessee has used interest free funds for making investments. Ratio of this aspect has been laid down by the Hon’ble Apex Court in the case of Reliance Industries Ltd. reported in 410 ITR 466. Further that the loans on which the interest expenditure has been incurred has not been utilised for making investment and in that view of the matter, no interest disallowance is called for under Rule 8D(2)(ii). So far as the disallowance made u/s. 8D(2)(iii) is concerned, the Ld.AO has considered all the investments for computation whereas the…

M/S Kingfisher Finvest India Limited, Bangalore vs. The Deputy Commissioner of Incoe Tax Circle-11(5), Bangalore

In the result, all the appeals filed by revenue and assessee stands allowed for statistical purposes

ITA 1670/BANG/2018[2008-09]Status: DisposedITAT Bangalore21 Sept 2023AY 2008-09

Bench: Shri Chandra Poojari & Ms. Madhumita Royassessment Appeal No. Appellant Respondent Year The Deputy M/S. Commissioner Kingfisher

For Appellant: Ms. Girija, AdvocateFor Respondent: Shri D.K. Mishra, CIT DR
Section 143(3)Section 14ASection 36(1)(iii)

…assessee is more than the value of the investment then, it is presumed that the assessee has used interest free funds for making investments. Ratio of this aspect has been laid down by the Hon’ble Apex Court in the case of Reliance Industries Ltd. reported in 410 ITR 466. Further that the loans on which the interest expenditure has been incurred has not been utilised for making investment and in that view of the matter, no interest disallowance is called for under Rule 8D(2)(ii). So far as the disallowance made u/s. 8D(2)(iii) is concerned, the Ld.AO has considered all the investments for computation whereas the…

Deputy Commissioner of Income Tax Circle-4(1)(1), Bangalore vs. M/S Kingfisher Finvest India Ltd, Bangalore

In the result, all the appeals filed by revenue and assessee stands allowed for statistical purposes

ITA 886/BANG/2017[2009-10]Status: DisposedITAT Bangalore21 Sept 2023AY 2009-10

Bench: Shri Chandra Poojari & Ms. Madhumita Royassessment Appeal No. Appellant Respondent Year The Deputy M/S. Commissioner Kingfisher

For Appellant: Ms. Girija, AdvocateFor Respondent: Shri D.K. Mishra, CIT DR
Section 143(3)Section 14ASection 36(1)(iii)

…assessee is more than the value of the investment then, it is presumed that the assessee has used interest free funds for making investments. Ratio of this aspect has been laid down by the Hon’ble Apex Court in the case of Reliance Industries Ltd. reported in 410 ITR 466. Further that the loans on which the interest expenditure has been incurred has not been utilised for making investment and in that view of the matter, no interest disallowance is called for under Rule 8D(2)(ii). So far as the disallowance made u/s. 8D(2)(iii) is concerned, the Ld.AO has considered all the investments for computation whereas the…

M/S Kingfisher Finvest India Ltd, Bangalore vs. Assistant Commissioner of Income Tax Circle-11(5), Bangalore

In the result, all the appeals filed by revenue and assessee stands allowed for statistical purposes

ITA 797/BANG/2017[2009-10]Status: DisposedITAT Bangalore21 Sept 2023AY 2009-10

Bench: Shri Chandra Poojari & Ms. Madhumita Royassessment Appeal No. Appellant Respondent Year The Deputy M/S. Commissioner Kingfisher

For Appellant: Ms. Girija, AdvocateFor Respondent: Shri D.K. Mishra, CIT DR
Section 143(3)Section 14ASection 36(1)(iii)

…assessee is more than the value of the investment then, it is presumed that the assessee has used interest free funds for making investments. Ratio of this aspect has been laid down by the Hon’ble Apex Court in the case of Reliance Industries Ltd. reported in 410 ITR 466. Further that the loans on which the interest expenditure has been incurred has not been utilised for making investment and in that view of the matter, no interest disallowance is called for under Rule 8D(2)(ii). So far as the disallowance made u/s. 8D(2)(iii) is concerned, the Ld.AO has considered all the investments for computation whereas the…