What is CIT v. Reliance Utilities & Power Ltd. authority for?

Where an assessee claims that investments were made out of own funds, interest disallowance under Section 14A read with Rule 8D may not apply if the assessee demonstrates the availability of sufficient interest-free funds to cover such investments.

How many judgments cite CIT v. Reliance Utilities & Power Ltd.?

2,118 judgments on BharatTax cite CIT v. Reliance Utilities & Power Ltd. (313 ITR 340), spanning 2013 to 2026.

Which sections of the Income Tax Act does CIT v. Reliance Utilities & Power Ltd. come up under?

It is most often cited in judgments turning on Section 14A, Section 36(1)(iii), Section 143(3), Section 115JB, Section 8D, Section 10(34).

CIT v. Reliance Utilities & Power Ltd. (313 ITR 340)

ACIT Cen Cir-8, Mumbai vs. M/S. Jindal Drugs Ltd, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

ITA 4342/MUM/2008[2005-2006]Status: DisposedITAT Mumbai29 Oct 2015AY 2005-2006

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

Section 143(3)Section 14ASection 36(1)(iii)Section 80Section 80I

…ion of own funds was furnished before the lower authorities. From the same, it can be seen that assessee had enough own funds from which it has utilized the funds for purchase of shares. Hon’ble Bombay High Court in the case of Reliance Utilities & Power Ltd. 313 ITR 340, wherein it has been held that where the assessee has both own funds as well as borrowed funds and the own funds are sufficient as compared to the amounts of investments, then it is to be presumed that investments have been made out of own funds. The Co- ordinate Bench of Tribunal in the case of Tata Projects Ltd. (ITA No. 5862/Mum/2006, after co…

Jindal Drugs Ltd, Mumbai vs. M/S. ACIT Cen Cir-8, Mumbai

In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed

ITA 2592/MUM/2008[2005-2006]Status: DisposedITAT Mumbai29 Oct 2015AY 2005-2006

Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent

Section 143(3)Section 14ASection 36(1)(iii)Section 80Section 80I

…ion of own funds was furnished before the lower authorities. From the same, it can be seen that assessee had enough own funds from which it has utilized the funds for purchase of shares. Hon’ble Bombay High Court in the case of Reliance Utilities & Power Ltd. 313 ITR 340, wherein it has been held that where the assessee has both own funds as well as borrowed funds and the own funds are sufficient as compared to the amounts of investments, then it is to be presumed that investments have been made out of own funds. The Co- ordinate Bench of Tribunal in the case of Tata Projects Ltd. (ITA No. 5862/Mum/2006, after co…

Devkant Syntehetics (India) P.Ltd, Mumbai vs. ITO 3(1)(2), Mumbai

In the result, the appeal filed for AY 2009-10 is allowed and the appeals filed for AY 2010-11 and 2011-12 are partly allowed

ITA 2665/MUM/2015[2011-12]Status: DisposedITAT Mumbai28 Oct 2015AY 2011-12

Bench: S/Shri B.R.Baskaran,Am & Lalit Kumar, Jm आमकय अऩीर सं./I.T.A. No.2663, 2664 & 2665/Mum/2015 (ननधधायण वषा / Assessment Years: 2009-10, 2010-11 & 2011-12) बनाम/ Devkant Synthetics (India) Income Tax Officer 3(1)(2), Pvt.Ltd., Mumbai. Vs. 1006, Raheja Centre, 10Th Floor, Nariman Point, Mumbai-400021 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. स्थधमी रेखध सं./जीआइआय सं./Pan : Aaacd2102K अऩीरधथी ओय से / Appellant By Shri Rajiv Khandelwal प्रत्मथी की ओय से/Rspondent By Ms.Anu Aggarwal सुनवधई की तधयीख / Date Of Hearing : 19.8.2015 घोषणध की तधयीख /Date Of Pronouncement: 28.10.2015 आदेश / O R D E R Per B.R.Baskaran:

Section 36(1)(iii)

…e its order dated 20-12-2013 passed in ITA No.720/M/2013, restored the matter to the file of Ld CIT(A). In the set aside proceedings, the Ld CIT(A) held that the decision rendered by the Hon’ble Bombay High Court in the case of Reliance Utilities & Power Ltd (313 ITR 340) is not applicable to the facts of the instant case and accordingly confirmed the addition again. 4. We heard the parties on this issue and perused the record. At the time of hearing, the Ld A.R invited our attention to pages 102 to 106 of the paper book wherein the details of utilization of loans taken by the assessee are given. The Ld A.R subm…

Devkant Syntehetics (India) P.Ltd, Mumbai vs. ITO 3(1)(2), Mumbai

In the result, the appeal filed for AY 2009-10 is allowed and the appeals filed for AY 2010-11 and 2011-12 are partly allowed

ITA 2664/MUM/2015[2010-11]Status: DisposedITAT Mumbai28 Oct 2015AY 2010-11

Bench: S/Shri B.R.Baskaran,Am & Lalit Kumar, Jm आमकय अऩीर सं./I.T.A. No.2663, 2664 & 2665/Mum/2015 (ननधधायण वषा / Assessment Years: 2009-10, 2010-11 & 2011-12) बनाम/ Devkant Synthetics (India) Income Tax Officer 3(1)(2), Pvt.Ltd., Mumbai. Vs. 1006, Raheja Centre, 10Th Floor, Nariman Point, Mumbai-400021 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. स्थधमी रेखध सं./जीआइआय सं./Pan : Aaacd2102K अऩीरधथी ओय से / Appellant By Shri Rajiv Khandelwal प्रत्मथी की ओय से/Rspondent By Ms.Anu Aggarwal सुनवधई की तधयीख / Date Of Hearing : 19.8.2015 घोषणध की तधयीख /Date Of Pronouncement: 28.10.2015 आदेश / O R D E R Per B.R.Baskaran:

Section 36(1)(iii)

…e its order dated 20-12-2013 passed in ITA No.720/M/2013, restored the matter to the file of Ld CIT(A). In the set aside proceedings, the Ld CIT(A) held that the decision rendered by the Hon’ble Bombay High Court in the case of Reliance Utilities & Power Ltd (313 ITR 340) is not applicable to the facts of the instant case and accordingly confirmed the addition again. 4. We heard the parties on this issue and perused the record. At the time of hearing, the Ld A.R invited our attention to pages 102 to 106 of the paper book wherein the details of utilization of loans taken by the assessee are given. The Ld A.R subm…

Devkant Syntehetics (India) P.Ltd, Mumbai vs. ITO 3(1)(2), Mumbai

In the result, the appeal filed for AY 2009-10 is allowed and the appeals filed for AY 2010-11 and 2011-12 are partly allowed

ITA 2663/MUM/2015[2009-10]Status: DisposedITAT Mumbai28 Oct 2015AY 2009-10

Bench: S/Shri B.R.Baskaran,Am & Lalit Kumar, Jm आमकय अऩीर सं./I.T.A. No.2663, 2664 & 2665/Mum/2015 (ननधधायण वषा / Assessment Years: 2009-10, 2010-11 & 2011-12) बनाम/ Devkant Synthetics (India) Income Tax Officer 3(1)(2), Pvt.Ltd., Mumbai. Vs. 1006, Raheja Centre, 10Th Floor, Nariman Point, Mumbai-400021 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. स्थधमी रेखध सं./जीआइआय सं./Pan : Aaacd2102K अऩीरधथी ओय से / Appellant By Shri Rajiv Khandelwal प्रत्मथी की ओय से/Rspondent By Ms.Anu Aggarwal सुनवधई की तधयीख / Date Of Hearing : 19.8.2015 घोषणध की तधयीख /Date Of Pronouncement: 28.10.2015 आदेश / O R D E R Per B.R.Baskaran:

Section 36(1)(iii)

…e its order dated 20-12-2013 passed in ITA No.720/M/2013, restored the matter to the file of Ld CIT(A). In the set aside proceedings, the Ld CIT(A) held that the decision rendered by the Hon’ble Bombay High Court in the case of Reliance Utilities & Power Ltd (313 ITR 340) is not applicable to the facts of the instant case and accordingly confirmed the addition again. 4. We heard the parties on this issue and perused the record. At the time of hearing, the Ld A.R invited our attention to pages 102 to 106 of the paper book wherein the details of utilization of loans taken by the assessee are given. The Ld A.R subm…

ACIT Cir 3(3), Mumbai vs. Remi Finance *& Investment P.Ltd, Mumbai

In the result, the appeal filed by the Revenue is allowed for statistical purpose

ITA 5364/MUM/2012[2009-10]Status: DisposedITAT Mumbai28 Oct 2015AY 2009-10

Bench: Shri N.K. Billaiya & Shri Amarjit Singhआयकर अपील सं/ I.Ta No. 5364/Mum/2012 ("नधा"रण वष" / Assessment Year: 2009-10 The Acit, M/S. Remi Finance & बनाम/ Çircle-3(3) Investments Pvt. Ltd., Vs. Mumbai Plot No. 11, Cama Industrial Estate, Goregaon (E), Mumbai-400 063 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacr 0400Q .. (अपीलाथ" /Appellant) (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant By: Shri K. Ravi Ramchandran ""यथ" क" ओर से/Respondent By: Shri Taher Yusuf

For Appellant: Shri K. RaviFor Respondent: Shri Taher Yusuf

Section 14A

…e Ld. CIT(A) and strongly submitted that it has paid up capital and reserves far in excess of the investments made in the shares and therefore the ratio laid down by the Hon’ble Jurisdictional High Court in the case of CIT Vs Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) squarely apply. The Ld. CIT(A) found force in the contention of the assessee and drawing support from the decision of the Hon’ble High Court of Bombay (supra), the Ld. CIT(A) directed the AO to restrict the disallowance to the extent of 0.5% of average value of investment deleting the proportionate interest of Rs. 22,52,123/-. 5. Aggrieved…

M/S Cornell Overseas Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result appeal of the assessee is allowed

ITA 5488/DEL/2013[2009-10]Status: DisposedITAT Delhi21 Oct 2015AY 2009-10

Bench: Sh. A.T.Varkey, Jm & Sh. Prashant Maharishi, Am Ita No. 5488/Del/2013 : Asstt. Year : 2009-10

For Appellant: Ms. Vandana Bhandari,CAFor Respondent: Sh. Hemant Gupta, Sr. DR

Section 36(1)(iii)

…ing funds available with it then the amount of alleged advances given to sister concern, the presumption of diverting the interest bearing funds used for giving this advances is not correct. Hon’ble Bombay High Court in case of CIT vs. Reliance utilities Ltd. 313 ITR 340 has held that the principle for disallowance u/s 36(1)(iii) Page 4 of 10 would be that if there are funds available both interest free and loans taken, then a presumption would arise that investment would be out of interest free fund generated or available with the company, if the interest free funds were sufficient to meet the investments . In…

Centrum Direct Ltd( Formerly Known As Fch Centrum Direct Ltd), Mumbai vs. DCIT Cir 2(1), Mumbai

In the result, appeal of the assessee stands partly allowed

ITA 5595/MUM/2011[2008-09]Status: DisposedITAT Mumbai15 Oct 2015AY 2008-09

Bench: Shri D. Karunakara Rao & Shri Amit Shukla

For Respondent: Shri Udaya Bhaskar Jakke

Section 143(3)Section 14A

…urely incurred for the business purpose. However, the Ld. CIT(A) confirmed the said addition on the ground that nexus between the surplus funds and investments made have not been given and the decision of Reliance Utilities and Power Ltd of Bombay High Court (313 ITR 340) is inapplicable on the impugned facts of the case. 4. Before us Ld. Senior Counsel, Shri J D Mistry, submitted that the assessee had a share capital of Rs. 5.90 crores and reserves and surplus of more than Rs. 93.80 crores. As compared to this, the investment in mutual funds were Rs.69.50 crores. Therefore, the presumption is that the investment…

Velcord Textiles, Mumbai vs. Asst CIT Cen Cir 19(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 7048/MUM/2011[2001-02]Status: DisposedITAT Mumbai14 Oct 2015AY 2001-02

Bench: S/Shri B.R.Baskaran,Am & Amarjit Singh, Jm आमकय अऩीर सं./I.T.A. No. 7048/Mum/2011 (ननधधायण वषा / Assessment Years: 2001-02) M/S. Velcord Textiles, बनाम/ Asstt.Commissioner Of Income Tax, Central Circle- 19(1), Kudrat Building Vs. 7Th Floor, 15Th Road, Mumbai. Khar, Mumbai 400 052 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

Section 143Section 143(3)Section 147Section 148

…aving sufficient own capital funds about Rs.2.88 crores. In support of this contention, the ld. Counsel for the assessee has placed reliance on the law laid down by the Hon’ble Bombay High Court in the case of CIT V/s Reliance Utilities Power Ltd. reported in 313 ITR 340 (Bom). 6. On the other hand, the ld. DR has refuted the said contentions and argued that the assessee is claiming the deduction of interest against the loan which he had taken but not recovering the interest on the loan which he has advanced and, therefore, under the said circumstances, the AO has rightly added the interest to the tune of Rs.8,4…

Creative Textile Mills Pvt Ltd (Prevously Known As Creative Portico (India) P. Ltd, Mumbai vs. DCIT Cir 6(2), Mumbai

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

ITA 7043/MUM/2014[2010-11]Status: DisposedITAT Mumbai13 Oct 2015AY 2010-11

Bench: Shri D. Karunakara Rao

For Appellant: Shri Sunil HirawatFor Respondent: Ms Neelima V Nadkarni, DR

Section 115JSection 14A

…o appreciate that no amount of interest is disallowable u/s 14A as the own funds were in excess of investments as on 31.3.2009 and earlier years and in view of the ratio laid down by the Hon‟ble Bombay High Court in the case of Reliance Utilities & Power ltd (313 ITR 340) no disallowance should be upheld u/s 14A out of interest paid. 4. On the facts and in law, the Ld CIT (A) ought to have directed the Ld AO to restrict the disallowance u/s 14A of 2% of the exempt income as claimed by the appellant based on the order of Hon‟ble ITAT in appellant‟s own case in AY 2004-05. 5. On the facts and in law, the Ld CIT (A)…

Vikram Khandelwal, Mumbai vs. ACIT Cen Cir 33, Mumbai

The appeals of the assessee are allowed for statistical purposes

ITA 5037/MUM/2009[2005-06]Status: DisposedITAT Mumbai09 Oct 2015AY 2005-06

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kochar

For Appellant: Shri S M BandiFor Respondent: Shri G M Doss

Section 132Section 139Section 153ASection 234ASection 271(1)(c)

…granted interest free loans of Rs.14,86,000/- from these own funds and hence no disallowance of interest expenditure is called for. The assessee has placed reliance on the decision of Hon’ble Bombay High Court in the case of Reliance Utilities and Power Ltd 313 ITR 340(Bom.HC) . The assessee also contended that as capital of Rs.12,62,000/- as per balance sheet of the assessee firm as at 31st March 2005 is also available, so the total interest free own funds available with the assessee are to the tune of Rs.37,14,300/- and there is a presumption that assessee has granted interest free loans of Rs.14,86,000/- ou…

Rajat Indulal Doshi, Mumbai vs. A.C.I.T. Circle 16(1), Mumbai

In the result, both the appeals filed by the assessee are treated as allowed for statistical purposes

ITA 7243/MUM/2011[2008-09]Status: DisposedITAT Mumbai07 Oct 2015AY 2008-09

Bench: S/Shri B.R.Baskaran, Am & Amarjit Singh, Jm आमकय अऩीर सं./I.T.A. No.7242 & 7243/Mum/2011 (ननधधायण वषा / Assessment Years: 2007-08 & 2008-09) बनाम/ Mr.Rajat Indulal Doshi, The Asstt. Commissioner Of Income Tax, Circle No.16(1), 1-E, 1St Floor, Dil Pazir Vs. Matru Mandir, Bhulabhai Desai Road, Mumbai-400007. Warden Road, Mumbai-400026 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

Section 14A

…sufficient interest free funds to cover the investments and hence there is no requirement to make any disallowance out of interest expenditure as per the decision of the Hon’ble jurisdictional Mumbai High Court in the case of Reliance Utilities and power ltd (331 ITR 340). The Ld A.R also placed reliance on the decision rendered in the case of Hero Cycles (323 ITR 518). 5. On the contrary, the Ld D.R submitted that the assessee has not established one to one nexus between the interest bearing funds and the investments made. 6. We have heard rival contentions and perused the record. There is no dispute with regard…

Rajat Indulal Doshi, Mumbai vs. A.C.I.T. Circle 16(1), Mumbai

In the result, both the appeals filed by the assessee are treated as allowed for statistical purposes

ITA 7242/MUM/2011[2007-08]Status: DisposedITAT Mumbai07 Oct 2015AY 2007-08

Bench: S/Shri B.R.Baskaran, Am & Amarjit Singh, Jm आमकय अऩीर सं./I.T.A. No.7242 & 7243/Mum/2011 (ननधधायण वषा / Assessment Years: 2007-08 & 2008-09) बनाम/ Mr.Rajat Indulal Doshi, The Asstt. Commissioner Of Income Tax, Circle No.16(1), 1-E, 1St Floor, Dil Pazir Vs. Matru Mandir, Bhulabhai Desai Road, Mumbai-400007. Warden Road, Mumbai-400026 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

Section 14A

…sufficient interest free funds to cover the investments and hence there is no requirement to make any disallowance out of interest expenditure as per the decision of the Hon’ble jurisdictional Mumbai High Court in the case of Reliance Utilities and power ltd (331 ITR 340). The Ld A.R also placed reliance on the decision rendered in the case of Hero Cycles (323 ITR 518). 5. On the contrary, the Ld D.R submitted that the assessee has not established one to one nexus between the interest bearing funds and the investments made. 6. We have heard rival contentions and perused the record. There is no dispute with regard…

Karp Impex Ltd, Mumbai vs. Addl CIT 5(2), Mumbai

The appeal of the AO is dismissed

ITA 6419/MUM/2011[2007-08]Status: DisposedITAT Mumbai07 Oct 2015AY 2007-08

Bench: S/Sh. Rajendra & Sanjay Gargअपील सं/.Ita No.6346/Mum/2011,िनधा"रण वष"/Assessment Year-2007-08 Acit-Circle -5(2) Karp Impex Ltd. 1411, 14Th Floor,Prasad Chambers Room No.571, Aayakar Bhavan, Vs M.K. Road, Tata Road, Opera House Mumbai-400 020. Mumbai-400 004. Pan:Aabck 1823 F अपील सं/.Ita No.6419/Mum/2011,िनधा"रण वष"/Assessment Year-2007-08 Karp Impex Ltd. Acit-Circle -5(2) Mumbai-400 004. Vs Mumbai-400 020 (अपीलाथ" /Appellant) (""थ" / Respondent) िनधा"रती ओर से/Assessee By :Shri B.V. Jhaveri राज" की ओर से/ Revenue By :Shri Raghuveer Madnappa सुनवाई की तारीख / Date Of Hearing : 10- 09 -2015 घोषणा की तारीख / Date Of Pronouncement : 07-10-2015 आयकर अिधिनयम,1961 1961 की धारा 254 254(1)के अ"ग"त आदेश 1961 1961 254 254 Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद" राजे" के अनुसार Per Rajendra, Am- Challenging The Order Dated 01.06.2011Of Cit(A)-,Mumbai,The Assessing Officer(Ao)And The Assessee Have Filed Cross Appeals,Raising Following Grounds Of Appeal

For Appellant: Shri B.V. JhaveriFor Respondent: Shri Raghuveer Madnappa

Section 143(3)Section 14ASection 2Section 254(1)Section 36Section 36(1)(iii)

…e assessee(ITA/4500/Mum/2010 dated 21.01.2015).DR left the issue to the discretion of the Bench.We find that the Tribunal has dealt the issue as under “7. Relying on the decision of the Bombay High Court in the case of IT vs. Reliance Utilities & Powers Ltd. (313 ITR 340), wherein it was held that if there were funds available both interest-free and overdraft and/or loans taken, then a presumption would arise that investment would be out of the interest free funds generated or available with the company, if the interest-free funds were sufficient to meet the investments. 8. In the present case the investment in o…

Addl.CIT., Range-5(2), Mumbai vs. Karp Impex Ltd., Mumbai

The appeal of the AO is dismissed

ITA 6346/MUM/2011[2007-06]Status: DisposedITAT Mumbai07 Oct 2015AY 2007-06

Bench: S/Sh. Rajendra & Sanjay Gargअपील सं/.Ita No.6346/Mum/2011,िनधा"रण वष"/Assessment Year-2007-08 Acit-Circle -5(2) Karp Impex Ltd. 1411, 14Th Floor,Prasad Chambers Room No.571, Aayakar Bhavan, Vs M.K. Road, Tata Road, Opera House Mumbai-400 020. Mumbai-400 004. Pan:Aabck 1823 F अपील सं/.Ita No.6419/Mum/2011,िनधा"रण वष"/Assessment Year-2007-08 Karp Impex Ltd. Acit-Circle -5(2) Mumbai-400 004. Vs Mumbai-400 020 (अपीलाथ" /Appellant) (""थ" / Respondent) िनधा"रती ओर से/Assessee By :Shri B.V. Jhaveri राज" की ओर से/ Revenue By :Shri Raghuveer Madnappa सुनवाई की तारीख / Date Of Hearing : 10- 09 -2015 घोषणा की तारीख / Date Of Pronouncement : 07-10-2015 आयकर अिधिनयम,1961 1961 की धारा 254 254(1)के अ"ग"त आदेश 1961 1961 254 254 Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद" राजे" के अनुसार Per Rajendra, Am- Challenging The Order Dated 01.06.2011Of Cit(A)-,Mumbai,The Assessing Officer(Ao)And The Assessee Have Filed Cross Appeals,Raising Following Grounds Of Appeal

For Appellant: Shri B.V. JhaveriFor Respondent: Shri Raghuveer Madnappa

Section 143(3)Section 14ASection 2Section 254(1)Section 36Section 36(1)(iii)

…e assessee(ITA/4500/Mum/2010 dated 21.01.2015).DR left the issue to the discretion of the Bench.We find that the Tribunal has dealt the issue as under “7. Relying on the decision of the Bombay High Court in the case of IT vs. Reliance Utilities & Powers Ltd. (313 ITR 340), wherein it was held that if there were funds available both interest-free and overdraft and/or loans taken, then a presumption would arise that investment would be out of the interest free funds generated or available with the company, if the interest-free funds were sufficient to meet the investments. 8. In the present case the investment in o…

Lmj Overseas Ltd, Kolkata vs. ITO, Ward - 8(3), Kolkata

In the result, all the appeals of assessee are allowed as indicated above

ITA 88/KOL/2012[2006-07]Status: DisposedITAT Kolkata14 Sept 2015AY 2006-07

Bench: Shri Mahavir Singh, Jm & Shri Waseem Ahmed, Am]

For Appellant: Smt. Arti Debnath, FCA & Shri Manish Bajoria, FCAFor Respondent: Shri Alok Kr. Nag, JCIT, Sr. DR

Section 143(3)Section 145(3)Section 147Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA [Before Shri Mahavir Singh, JM & Shri Waseem Ahmed, AM] I.T.A Nos.540, & 541/Kol/2012 Assessment Years: 2003-04 & 2006-07 & 1699&1700/Kol/2011 Assessment Years: 2004-05 to 2005-06 M/s. LMJ Business Centre (P) Ltd. Vs. Income-tax Officer, Wd-8(3), Kolkata (PAN:AAACL9393C) & ITA Nos. 87 & 88/Kol/2012 Assessment Years: 2004-05 & 2006-07 LMJ Overseas Ltd. Vs. Income-tax Officer, Wd-8(3), Kolkata (AAACL4426A) (Appellant) (Respondent) Date of hearing: 03.09.2015 Date of pronouncement: 14.09.2015 For the Appellant: Smt. Arti Debnath, FCA & Shri Manish Bajoria, F…

Lmj Overseas Ltd, Kolkata vs. ITO, Ward - 8(3), Kolkata

In the result, all the appeals of assessee are allowed as indicated above

ITA 87/KOL/2012[2004-05]Status: DisposedITAT Kolkata14 Sept 2015AY 2004-05

Bench: Shri Mahavir Singh, Jm & Shri Waseem Ahmed, Am]

For Appellant: Smt. Arti Debnath, FCA & Shri Manish Bajoria, FCAFor Respondent: Shri Alok Kr. Nag, JCIT, Sr. DR

Section 143(3)Section 145(3)Section 147Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA [Before Shri Mahavir Singh, JM & Shri Waseem Ahmed, AM] I.T.A Nos.540, & 541/Kol/2012 Assessment Years: 2003-04 & 2006-07 & 1699&1700/Kol/2011 Assessment Years: 2004-05 to 2005-06 M/s. LMJ Business Centre (P) Ltd. Vs. Income-tax Officer, Wd-8(3), Kolkata (PAN:AAACL9393C) & ITA Nos. 87 & 88/Kol/2012 Assessment Years: 2004-05 & 2006-07 LMJ Overseas Ltd. Vs. Income-tax Officer, Wd-8(3), Kolkata (AAACL4426A) (Appellant) (Respondent) Date of hearing: 03.09.2015 Date of pronouncement: 14.09.2015 For the Appellant: Smt. Arti Debnath, FCA & Shri Manish Bajoria, F…

M/S Lmj Business Centre (P) Ltd., Kolkata vs. ITO, Ward-8(3), Kolkata

In the result, all the appeals of assessee are allowed as indicated above

ITA 541/KOL/2012[2006-2007]Status: DisposedITAT Kolkata14 Sept 2015AY 2006-2007

Bench: Shri Mahavir Singh, Jm & Shri Waseem Ahmed, Am]

For Appellant: Smt. Arti Debnath, FCA & Shri Manish Bajoria, FCAFor Respondent: Shri Alok Kr. Nag, JCIT, Sr. DR

Section 143(3)Section 145(3)Section 147Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA [Before Shri Mahavir Singh, JM & Shri Waseem Ahmed, AM] I.T.A Nos.540, & 541/Kol/2012 Assessment Years: 2003-04 & 2006-07 & 1699&1700/Kol/2011 Assessment Years: 2004-05 to 2005-06 M/s. LMJ Business Centre (P) Ltd. Vs. Income-tax Officer, Wd-8(3), Kolkata (PAN:AAACL9393C) & ITA Nos. 87 & 88/Kol/2012 Assessment Years: 2004-05 & 2006-07 LMJ Overseas Ltd. Vs. Income-tax Officer, Wd-8(3), Kolkata (AAACL4426A) (Appellant) (Respondent) Date of hearing: 03.09.2015 Date of pronouncement: 14.09.2015 For the Appellant: Smt. Arti Debnath, FCA & Shri Manish Bajoria, F…

M/S Lmj Business Centre (P) Ltd., Kolkata vs. ITO, Ward-8(3), Kolkata

In the result, all the appeals of assessee are allowed as indicated above

ITA 540/KOL/2012[2003-2004]Status: DisposedITAT Kolkata14 Sept 2015AY 2003-2004

Bench: Shri Mahavir Singh, Jm & Shri Waseem Ahmed, Am]

For Appellant: Smt. Arti Debnath, FCA & Shri Manish Bajoria, FCAFor Respondent: Shri Alok Kr. Nag, JCIT, Sr. DR

Section 143(3)Section 145(3)Section 147Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA [Before Shri Mahavir Singh, JM & Shri Waseem Ahmed, AM] I.T.A Nos.540, & 541/Kol/2012 Assessment Years: 2003-04 & 2006-07 & 1699&1700/Kol/2011 Assessment Years: 2004-05 to 2005-06 M/s. LMJ Business Centre (P) Ltd. Vs. Income-tax Officer, Wd-8(3), Kolkata (PAN:AAACL9393C) & ITA Nos. 87 & 88/Kol/2012 Assessment Years: 2004-05 & 2006-07 LMJ Overseas Ltd. Vs. Income-tax Officer, Wd-8(3), Kolkata (AAACL4426A) (Appellant) (Respondent) Date of hearing: 03.09.2015 Date of pronouncement: 14.09.2015 For the Appellant: Smt. Arti Debnath, FCA & Shri Manish Bajoria, F…

Lmj Business Centre Pvt. Ltd., Kolkata vs. ITO, Ward - 8(3), Kolkata

In the result, all the appeals of assessee are allowed as indicated above

ITA 1700/KOL/2011[2005-06]Status: DisposedITAT Kolkata14 Sept 2015AY 2005-06

Bench: Shri Mahavir Singh, Jm & Shri Waseem Ahmed, Am]

For Appellant: Smt. Arti Debnath, FCA & Shri Manish Bajoria, FCAFor Respondent: Shri Alok Kr. Nag, JCIT, Sr. DR

Section 143(3)Section 145(3)Section 147Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA [Before Shri Mahavir Singh, JM & Shri Waseem Ahmed, AM] I.T.A Nos.540, & 541/Kol/2012 Assessment Years: 2003-04 & 2006-07 & 1699&1700/Kol/2011 Assessment Years: 2004-05 to 2005-06 M/s. LMJ Business Centre (P) Ltd. Vs. Income-tax Officer, Wd-8(3), Kolkata (PAN:AAACL9393C) & ITA Nos. 87 & 88/Kol/2012 Assessment Years: 2004-05 & 2006-07 LMJ Overseas Ltd. Vs. Income-tax Officer, Wd-8(3), Kolkata (AAACL4426A) (Appellant) (Respondent) Date of hearing: 03.09.2015 Date of pronouncement: 14.09.2015 For the Appellant: Smt. Arti Debnath, FCA & Shri Manish Bajoria, F…

CIT v. Reliance Utilities & Power Ltd.

What is CIT v. Reliance Utilities & Power Ltd. authority for?

Also referred to as

Also reported as

Sections most often in play

Issues it is cited on

Judgments citing CIT v. Reliance Utilities & Power Ltd.

ACIT Cen Cir-8, Mumbai vs. M/S. Jindal Drugs Ltd, Mumbai

Jindal Drugs Ltd, Mumbai vs. M/S. ACIT Cen Cir-8, Mumbai

Devkant Syntehetics (India) P.Ltd, Mumbai vs. ITO 3(1)(2), Mumbai

Devkant Syntehetics (India) P.Ltd, Mumbai vs. ITO 3(1)(2), Mumbai

Devkant Syntehetics (India) P.Ltd, Mumbai vs. ITO 3(1)(2), Mumbai

ACIT Cir 3(3), Mumbai vs. Remi Finance *& Investment P.Ltd, Mumbai

M/S Cornell Overseas Pvt. Ltd., New Delhi vs. DCIT, New Delhi

Centrum Direct Ltd( Formerly Known As Fch Centrum Direct Ltd), Mumbai vs. DCIT Cir 2(1), Mumbai

Velcord Textiles, Mumbai vs. Asst CIT Cen Cir 19(1), Mumbai

Creative Textile Mills Pvt Ltd (Prevously Known As Creative Portico (India) P. Ltd, Mumbai vs. DCIT Cir 6(2), Mumbai

Vikram Khandelwal, Mumbai vs. ACIT Cen Cir 33, Mumbai

Rajat Indulal Doshi, Mumbai vs. A.C.I.T. Circle 16(1), Mumbai

Rajat Indulal Doshi, Mumbai vs. A.C.I.T. Circle 16(1), Mumbai

Karp Impex Ltd, Mumbai vs. Addl CIT 5(2), Mumbai

Addl.CIT., Range-5(2), Mumbai vs. Karp Impex Ltd., Mumbai

Lmj Overseas Ltd, Kolkata vs. ITO, Ward - 8(3), Kolkata

Lmj Overseas Ltd, Kolkata vs. ITO, Ward - 8(3), Kolkata

M/S Lmj Business Centre (P) Ltd., Kolkata vs. ITO, Ward-8(3), Kolkata

M/S Lmj Business Centre (P) Ltd., Kolkata vs. ITO, Ward-8(3), Kolkata

Lmj Business Centre Pvt. Ltd., Kolkata vs. ITO, Ward - 8(3), Kolkata