CIT v. Reliance Utilities & Power Ltd.

313 ITR 340High Court2009#10 most cited

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.

2,118

judgments rely on this decision, according to BharatTax’s citation analysis of 367,302 Indian tax judgments — from 2013 to 2026.

Also referred to as

CIT v. Reliance Utilities and Power Ltd. · Section 14A · Rule 8D · interest free advances · disallowance of interest expenditure · own funds · interest-free funds

Also reported as

178 Taxmann 13513 DTR 237178 Taxmann.com 135284 CTR 414

Sections most often in play

Section 14ASection 36(1)(iii)Section 143(3)Section 115JBSection 8DSection 10(34)Section 143(2)Section 37(1)

Issues it is cited on

interest free advancesdisallowance of interest expendituresection 36(1)(iii)disallowance under section 14acommercial expediencydisallowance u/s 14asection 14abook profitssection 115jsection 36(1)section 36section 115jb

Judgments citing CIT v. Reliance Utilities & Power Ltd.

Castamet Works Private Limited, Kharwa vs. Principle Commissioner of Income Tax, Udaipur

ITA 187/JPR/2022[2017-18]Status: DisposedITAT Jaipur04 Oct 2022AY 2017-18
For Appellant: Sh. Prakul Khurana (Adv.) &For Respondent: Sh. Sanjay Dhariwal (CIT)
Section 143(1)Section 143(3)Section 14ASection 263Section 36(1)(va)

…unal at the time of hearing nor in the remand report of the Assessing Officer. The Tribunal in its impugned order also placed reliance upon the decision of this 62 Castamet Works Private Limited vs. PCIT Court in CIT v. Reliance Utilities & Power Ltd. [2009] 313 ITR 340/178 Taxman 135 (Bom.) to hold that where interest-freefunds available with an Assessee are sufficient to meet its investment then it shall be presumed that the investments have been made from interest-freefunds available and not out of borrowed funds. Thus, holding that disallowance of partial interest paid on loan taken by the Respondent-Assesse…

Ashokkumar Bhanwarlal Chhajer, Sanpada vs. Pr. CIT - (Central), Pune

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

ITA 1361/MUM/2022[2017-18]Status: DisposedITAT Mumbai30 Sept 2022AY 2017-18
Section 142(1)Section 143(3)Section 263Section 263(1)

…ssee. Accordingly he submitted that the interest free loan should be considered as given out of own capital availabile with the assessee as per the decision rendered by Hon'ble Jurisdictional Bombay High Court in the case of Reliance Utilities and Power Ltd. (313 ITR 340). In view of the binding decision of the jurisdictional High Court, there is no scope for making any disallowance out of interest expenditure. Since the impugned revision order has been passed by the learned PCIT without considering the binding decision of Hon'ble Bombay High Court, the same is liable to be quashed. 4 Ashokkumar Bhanwarlal Chhaj…

ACIT Cent. Cir 3(3), Mumbai vs. M/S. Aym Syntex Ltd, Mumbai

ITA 2550/MUM/2021[2014-15]Status: DisposedITAT Mumbai29 Sept 2022AY 2014-15

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…and therefore, as per funds to make the said exempt investments and therefore, as per the ratio of decisions of the jurisd the ratio of decisions of the jurisdictional High Court in the cases ictional High Court in the cases of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank (ITA No 330/2012), no disallowance out of interest can be made (ITA No 330/2012), no disallowance out of interest can be made (ITA No 330/2012), no disallowance out of interest can be made by invoking rule 8D(…

ACIT- CC -3, Mumbai vs. Aym Syntex Ltd., Mumbai

ITA 2549/MUM/2021[2015-16]Status: DisposedITAT Mumbai29 Sept 2022AY 2015-16

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…and therefore, as per funds to make the said exempt investments and therefore, as per the ratio of decisions of the jurisd the ratio of decisions of the jurisdictional High Court in the cases ictional High Court in the cases of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank (ITA No 330/2012), no disallowance out of interest can be made (ITA No 330/2012), no disallowance out of interest can be made (ITA No 330/2012), no disallowance out of interest can be made by invoking rule 8D(…

Aym Syntex Ltd. (Formerly Known As M/S. Welspun Syntex Ltd.), Mumbai vs. DCIT- CC- 3(4), Mumbai

ITA 2342/MUM/2021[2015-16]Status: DisposedITAT Mumbai29 Sept 2022AY 2015-16

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…and therefore, as per funds to make the said exempt investments and therefore, as per the ratio of decisions of the jurisd the ratio of decisions of the jurisdictional High Court in the cases ictional High Court in the cases of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank (ITA No 330/2012), no disallowance out of interest can be made (ITA No 330/2012), no disallowance out of interest can be made (ITA No 330/2012), no disallowance out of interest can be made by invoking rule 8D(…

M/S. Aym Syntex Ltd (Formerly Known As M/S. Welspun Syntex Ltd, Mumbai vs. DCIT -Cent Cir-3(4), Mumbai

ITA 2341/MUM/2021[2014-15]Status: DisposedITAT Mumbai29 Sept 2022AY 2014-15

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…and therefore, as per funds to make the said exempt investments and therefore, as per the ratio of decisions of the jurisd the ratio of decisions of the jurisdictional High Court in the cases ictional High Court in the cases of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank (ITA No 330/2012), no disallowance out of interest can be made (ITA No 330/2012), no disallowance out of interest can be made (ITA No 330/2012), no disallowance out of interest can be made by invoking rule 8D(…

Aym Syntex Ltd.(Formerly Known As M/S. Welspun Syntex Ltd.), Mumbai vs. DCIT- CC- 3(3), Mumbai

ITA 2340/MUM/2021[2013-14]Status: DisposedITAT Mumbai29 Sept 2022AY 2013-14

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…and therefore, as per funds to make the said exempt investments and therefore, as per the ratio of decisions of the jurisd the ratio of decisions of the jurisdictional High Court in the cases ictional High Court in the cases of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank of Reliance Utilities & Power Ltd (313 ITR 340) and HDFC Bank (ITA No 330/2012), no disallowance out of interest can be made (ITA No 330/2012), no disallowance out of interest can be made (ITA No 330/2012), no disallowance out of interest can be made by invoking rule 8D(…

Kumar Urban Development P Ltd (Pune Mumbai Realty P Ltd Merged With River View Properties Pvt.Ltd. Merged With Kumar Urban Development P Ltd), Pune vs. Deputy Commissioner of Income-Tax, Circle - 4, Pune

In the result, the appeal of the assessee in ITA

ITA 357/PUN/2018[2013-14]Status: HeardITAT Pune28 Sept 2022AY 2013-14

Bench: Shri S. S. Godara & Shri Inturi Rama Raoआयकर अपील सं. / Ita Nos.1323 & 357/Pun/2018 िनधा"रण वष" / Assessment Years: 2012-13 & 2013-14 Kumar Urban Development Vs. Dcit, Circle-4, Pune. Pvt. Ltd., (Pune Mumbai Reality Private Limited Merged With River View Properties Pvt. Ltd. & River View Properties Pvt. Ltd. Merged With Kumar Urban Development Pvt. Ltd.) 10Th Floor, Kumar Business Center, Cts No.29, Bund Garden Road, Pune-411001. Pan : Aadcp8622M Appellant Respondent Assessee By : Shri Nikhil Pathak Revenue By : Shri B. Koteswararao Date Of Hearing : 08.09.2022 Date Of Pronouncement : 28.09.2022 आदेश / Order Per Inturi Rama Rao, Am: These Are The Appeals Filed By The Assessee Directed Against The Different Orders Of Ld. Commissioner Of Income Tax (Appeals)-2 & 3, Pune [‘The Cit(A)’] Dated 15.05.2017 & 08.11.2017 For The Assessment Years 2012-13 & 2013-14 Respectively. 2. First, We Shall Take Up The Appeal In Ita No.1323/Pun/2018 For A.Y. 2012-13 For Adjudication.

For Appellant: Shri Nikhil PathakFor Respondent: Shri B. Koteswararao
Section 143(3)Section 36(1)(iii)Section 41(1)Section 41(1)(a)

…ntention, he placed reliance on the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT, 130 taxmann.com 178 (SC) and the decision of the Hon’ble Jurisdictional High Court in the case of CIT vs. Reliance Utilities & Power Ltd., 313 ITR 340 (Bom.). 11. On the other hand, ld. CIT-DR submits that in the absence of nexus between the interest free funds available with the assessee and loans & advances given to the sister concerns, the submission of the appellant cannot be accepted. 12. We heard the rival submissions and perused the material on record. The issue in the ground of appeal n…

Kumar Urban Development P Ltd (Pune Mumbai Realty P Ltd Merged With River View Properties Pvt. Ltd Merged With Kumar Urban Development P Ltd), Pune vs. Deputy Commissioner of Income-Tax, Circle - 4, Pune

In the result, the appeal of the assessee in ITA

ITA 1323/PUN/2018[2012-13]Status: HeardITAT Pune28 Sept 2022AY 2012-13

Bench: Shri S. S. Godara & Shri Inturi Rama Raoआयकर अपील सं. / Ita Nos.1323 & 357/Pun/2018 िनधा"रण वष" / Assessment Years: 2012-13 & 2013-14 Kumar Urban Development Vs. Dcit, Circle-4, Pune. Pvt. Ltd., (Pune Mumbai Reality Private Limited Merged With River View Properties Pvt. Ltd. & River View Properties Pvt. Ltd. Merged With Kumar Urban Development Pvt. Ltd.) 10Th Floor, Kumar Business Center, Cts No.29, Bund Garden Road, Pune-411001. Pan : Aadcp8622M Appellant Respondent Assessee By : Shri Nikhil Pathak Revenue By : Shri B. Koteswararao Date Of Hearing : 08.09.2022 Date Of Pronouncement : 28.09.2022 आदेश / Order Per Inturi Rama Rao, Am: These Are The Appeals Filed By The Assessee Directed Against The Different Orders Of Ld. Commissioner Of Income Tax (Appeals)-2 & 3, Pune [‘The Cit(A)’] Dated 15.05.2017 & 08.11.2017 For The Assessment Years 2012-13 & 2013-14 Respectively. 2. First, We Shall Take Up The Appeal In Ita No.1323/Pun/2018 For A.Y. 2012-13 For Adjudication.

For Appellant: Shri Nikhil PathakFor Respondent: Shri B. Koteswararao
Section 143(3)Section 36(1)(iii)Section 41(1)Section 41(1)(a)

…ntention, he placed reliance on the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT, 130 taxmann.com 178 (SC) and the decision of the Hon’ble Jurisdictional High Court in the case of CIT vs. Reliance Utilities & Power Ltd., 313 ITR 340 (Bom.). 11. On the other hand, ld. CIT-DR submits that in the absence of nexus between the interest free funds available with the assessee and loans & advances given to the sister concerns, the submission of the appellant cannot be accepted. 12. We heard the rival submissions and perused the material on record. The issue in the ground of appeal n…

Geetanjali Hotels & Promoters Pvt Ltd, Jaipur vs. ACIT, Jaipur

In the result, the appeals of the assessee in ITA No

ITA 299/JPR/2017[2013-14]Status: DisposedITAT Jaipur26 Sept 2022AY 2013-14
For Appellant: Shri Mahendra Gargieya ( Adv.) &For Respondent: Ms. Runi Pal (Addl.CIT)a
Section 143(3)Section 14ASection 251(2)Section 36(1)(iii)

…view and on facts, then, there is no perversity when nothing contrary to the factual material was brought on record by the Revenue—No substantial question of law arises from such a view of the Tribunal” 6.3.2 CIT vs Reliance Utilities and Power Limited (2009) 313 ITR 340 (Mum)/ (2009) 178 Taxmann 135 (Bom)-(DPB 34-35) In this case the appellant company claimed the availability of interest free funds in the form of Share Capital (Rs.180 Crores), Reserves and Surplus (Rs.120.80 Crores) Depreciation Reserve (95.39 Crores), hence total availability of Rs.398 Crores was claimed. The Hon'ble High Court decided the matt…

Geetanjali Hotels & Promoters Pvt Ltd, Jaipur vs. ACIT, Jaipur

In the result, the appeals of the assessee in ITA No

ITA 298/JPR/2017[2012-13]Status: DisposedITAT Jaipur26 Sept 2022AY 2012-13
For Appellant: Shri Mahendra Gargieya ( Adv.) &For Respondent: Ms. Runi Pal (Addl.CIT)a
Section 143(3)Section 14ASection 251(2)Section 36(1)(iii)

…view and on facts, then, there is no perversity when nothing contrary to the factual material was brought on record by the Revenue—No substantial question of law arises from such a view of the Tribunal” 6.3.2 CIT vs Reliance Utilities and Power Limited (2009) 313 ITR 340 (Mum)/ (2009) 178 Taxmann 135 (Bom)-(DPB 34-35) In this case the appellant company claimed the availability of interest free funds in the form of Share Capital (Rs.180 Crores), Reserves and Surplus (Rs.120.80 Crores) Depreciation Reserve (95.39 Crores), hence total availability of Rs.398 Crores was claimed. The Hon'ble High Court decided the matt…

Asit C. Mehta Investment Intermediates Limited, Mumbai vs. DCIT 4(1)(1), Mumbai

In the result, the appeal filed by the Appellant for the Assessment Year 2012-13 (ITA No

ITA 3550/MUM/2016[2012-13]Status: DisposedITAT Mumbai26 Sept 2022AY 2012-13
For Appellant: Shri Yogesh Thar/For Respondent: Shri Achal Sharma
Section 143(3)Section 14ASection 154Section 37

…The Ld. Authorised Representative for the Appellant submitted that sufficient owned/interest-free funds were available to make the deposits. Relying upon the judgment of Hon‟ble Bombay High Court in the case of CIT vs. Reliance Utilities & Power Ltd.: (2009) 313 ITR 340 (Bom) he submitted that it should be presumed that deposits were made out of the aforesaid funds and therefore no disallowance was warranted under Section 36(1)(iii) of the Act. Per contra, the Ld. Departmental Representative submitted that the deposits wer not made by the Appellant on account of commercial expediency but for the purpose of shift…

Prashant Chhajer, Raipur vs. Income Tax Officer, Ward 3(2), Raipur

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

ITA 218/RPR/2018[2014-15]Status: DisposedITAT Raipur21 Sept 2022AY 2014-15

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita No.218/Rpr/2018 (ननधाारण वषा / Assessment Year :2014-2015) Prashant Chhajer, Vs Ito-3(2), Raipur Apas & Co., Nalghar Chowk, Raipur Pan No. : Aczpc 6072 F (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri Praveen Khandelwal & ShriFor Respondent: Shri G.N.Singh, Sr. DR
Section 36(1)(iii)

…आयकर अऩीऱीय अधधकरण, रायऩुर न्यायऩीठ, रायऩुर IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR श्री रविश सूद, न्याययक सदस्य एवं श्री अरुण खोड़वऩया, ऱेखा सदस्य के समक्ष । BEFORE SHRI RAVISH SOOD, JM & SHRI ARUN KHODPIA, AM आयकर अऩीऱ सं./ITA No.218/RPR/2018 (ननधाारण वषा / Assessment Year :2014-2015) Prashant Chhajer, Vs ITO-3(2), Raipur APAS & Co., Nalghar Chowk, Raipur PAN No. : ACZPC 6072 F (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee by : Shri Praveen Khandelwal & Shri Praveen Goyal, CAs राजस्व की ओर से /Revenue by : Shri G.N.Singh, Sr. DR सुनिाई की तारीख / Date of Hearing…

K. Uttamlal & Company, Mumbai vs. Asstt CIT-13(2), Mumbai

In the result, the appeal of the assessee is partly allowed

ITA 712/MUM/2022[2010-11]Status: DisposedITAT Mumbai19 Sept 2022AY 2010-11

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singhk. Uttamlal & Company Vs. Acit-13(2) 1St Floor, Bhagwan Maharshi Karve Road, Bhuvan, 196-198 New Marine Lines, Samuel Street, Churchgate - 400020 Musjid Bunder, Maharashtra – 400009 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aaifk9976H Appellant .. Respondent

For Appellant: Vijay MehtaFor Respondent: Tejinder Pal Singh Anand
Section 143(2)Section 144

…information obtained from the Sales Tax Department would not be itself suffice to treat the purchases as bogus. The ld. Counsel also placed reliance on the decision of Hon’ble jurisdictional High Court in the case of Pr.CIT Vs. Sapoorji Palonji & Company Ltd, 423 ITR 220, wherein it is held that A.O ITA No.712/Mum/2022 A.Y. 2010-11 7 K. Uttamlal & Company Vs. ACIT-13(2) ought not to have made the addition without carrying out independent inquiry and without affording due opportunity to the assessee to controvert the statement made by the sellers before the other authority. He also placed reliance on the decision…

Kalamkari Designs Pvt. Ltd., Gurgaon Haryana vs. DCIT Circle 11(1), Kolkata

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

ITA 1739/DEL/2021[2012-2013]Status: DisposedITAT Delhi19 Sept 2022AY 2012-2013
For Appellant: NoneFor Respondent: Ms. Anjula Jain, CIT DR
Section 14ASection 2(24)(x)Section 36(1)(va)

…o borrowed funds were used to make the investment. Authorities below have rejected the same on the ground that assessee should have maintained separate books. However, as held by Hon’ble Bombay High Court in the case of CIT vs. Reliance Utilities & Power Ltd. 313 ITR 340 and in CIT vs. HDFC Bank Ltd. 366 ITR 505 (Bom) when assessee has sufficient interest free funds no disallowance u/s 14A is required to be done for interest. It is well settled that right of attribution lies with the assessee. In the present case, it is not the case of the Revenue that assessee has not own funds to make those investments on whic…

Chem Colour (India) Limited, Kota vs. ACIT Circle -2, Kota

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

ITA 166/JPR/2021[2015-16]Status: DisposedITAT Jaipur15 Sept 2022AY 2015-16
For Appellant: Shri Vijay Goyal, CAFor Respondent: Smt. Manisha Choudhary, JCIT
Section 142(1)Section 143(2)Section 14ASection 36(1)(iii)Section 37(1)Section 92C

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”SMC’’ JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ds le{k BEFORE: Hon’ble SHRI SANDEEP GOSAIN, JUDICIAL MEMBER vk;dj vihy la-@ITA No. 166/JP/2021 fu/kZkj.k o"kZ@Assessment Year : 2015-16 cuke M/s. Chem Colour (India) Ltd. The ACIT G-209 (E), I.P.I.A Vs. Circle-2 Kota – 324 005 (Raj) Kota LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAACC9610 J vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Vijay Goyal, CA jktLo dh vksj ls@ Revenue by: Smt. Manisha Choudhary, JCIT lquokbZ dh rkjh[k@ Date of…

M/S Bosch Limited, Bangalore vs. Assistant Commissioner of Income Tax Ltu Circle-1, Bangalore

In the result, appeal of the assessee is partly allowed

ITA 1629/BANG/2018[2013-14]Status: DisposedITAT Bangalore13 Sept 2022AY 2013-14

Bench: Shri N.V. Vasudevan & Ms. Padmavathy Sassessment Year : 2013-14 Bosch Limited, Vs. The Assistant Commissioner Hosur Road, Adugodi, Of Income Tax, Ltu, Bangalore – 560 030. Circle 1, Pan: Aaacm 9840P Bangalore. Appellant Respondent Appellant By : Shri Percy Pardiwala, Advocate Respondent By : Shri V S Chakrapani, Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 01.09.2022 Date Of Pronouncement : 13.09.2022 O R D E R Per Padmavathy S.2. This Appeal Is Against The Order Of The Cit(Appeals), Bangalore-9, Bangalore Dated 31.3.2018 For The Assessment Year 2013- 14. 3. The Assessee Raised Grounds Pertaining To The Following Issues:- Deduction U/S. 35(2Ab) Computed On Net Expenditure As Opposed To Gross Expenditure Disallowance Of Provision For Bad & Doubtful Debts I) Disallowance Of Provision For Long Term Service Award Disallowance Of Expenditure U/S. 14A Of The Act Ii) Page 2 Of 67

For Appellant: Shri Percy Pardiwala, AdvocateFor Respondent: Shri V S Chakrapani, CIT(DR)(ITAT), Bengaluru
Section 14ASection 35Section 37Section 43BSection 80J

…is clear from the said statement that the availability of profit, share capital and reserves & surplus was much more than investments made by the assessee which could yield tax free income. 41. The Hon'ble Bombay High Court in Reliance Utilities & Power Ltd. 313 ITR 340 (Bom) has held that where the interest free funds far exceed the value of investments, it should be Page 21 of 67 considered that investments have been made out of interest free funds and no disallowance u/s. 14A towards any interest expenditure can be made. This view was again confirmed by the Hon'ble Bombay High Court in CIT v. HDFC Bank Ltd.,…

Rosy Blue (India) Pvt. Ltd., Mumbai vs. DCIT Cent. Cir. 46 (Now DCIT - CC -8(3), Mumbai

In the result, revenues appeal are dismissed and assessee/s appeal are allowed

ITA 6756/MUM/2018[2011-12]Status: DisposedITAT Mumbai12 Sept 2022AY 2011-12

Bench: Shri Amit Shukla, Hon'Ble & Shri M. Balaganesh, Hon'Ble

For Appellant: Shri Nitesh Joshi &For Respondent: Shri T. Shankar
Section 131Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI M. BALAGANESH, HON'BLE ACCOUNTANT MEMBER ITA.NOS.3679, 6756 & 3680/MUM/2018 (A.Ys: 2010-11 TO 2012-13) M/s. Rosy Blue (India) Pvt. Ltd. v. Dy. Commissioner of 1608/09, Prasad Chambers, Income Tax, Central Opera House, Mumbai 400 004. Circle-46, Mumbai. PAN: AACCR2413B (Appellant) (Respondent) ITA.NOS. 4094 & 4096/MUM/2018 (A.Ys: 2010-11 & 2012-13) Dy. Commissioner of Income Tax, v. M/s. Rosy Blue (India) Pvt. Ltd. Central Circle-8(3), 1608/09, Prasad Chambers, Mumbai. Opera House, Mumbai 400 004.…

DCIT Cent. Cir. 8(3) Erstwhile DCIT Cent. Cir. - 46, Mumbai vs. Rosy Blue (India) Pvt. Ltd., Mumbai

In the result, revenues appeal are dismissed and assessee/s appeal are allowed

ITA 4096/MUM/2018[2012-13]Status: DisposedITAT Mumbai12 Sept 2022AY 2012-13

Bench: Shri Amit Shukla, Hon'Ble & Shri M. Balaganesh, Hon'Ble

For Appellant: Shri Nitesh Joshi &For Respondent: Shri T. Shankar
Section 131Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI M. BALAGANESH, HON'BLE ACCOUNTANT MEMBER ITA.NOS.3679, 6756 & 3680/MUM/2018 (A.Ys: 2010-11 TO 2012-13) M/s. Rosy Blue (India) Pvt. Ltd. v. Dy. Commissioner of 1608/09, Prasad Chambers, Income Tax, Central Opera House, Mumbai 400 004. Circle-46, Mumbai. PAN: AACCR2413B (Appellant) (Respondent) ITA.NOS. 4094 & 4096/MUM/2018 (A.Ys: 2010-11 & 2012-13) Dy. Commissioner of Income Tax, v. M/s. Rosy Blue (India) Pvt. Ltd. Central Circle-8(3), 1608/09, Prasad Chambers, Mumbai. Opera House, Mumbai 400 004.…

DCIT Cent. Cir. 8(3) Erstwhile DCIT Cent. Cir. - 46, Mumbai vs. Rosy Blue (India) Pvt. Ltd., Mumbai

In the result, revenues appeal are dismissed and assessee/s appeal are allowed

ITA 4094/MUM/2018[2010-11]Status: DisposedITAT Mumbai12 Sept 2022AY 2010-11

Bench: Shri Amit Shukla, Hon'Ble & Shri M. Balaganesh, Hon'Ble

For Appellant: Shri Nitesh Joshi &For Respondent: Shri T. Shankar
Section 131Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI M. BALAGANESH, HON'BLE ACCOUNTANT MEMBER ITA.NOS.3679, 6756 & 3680/MUM/2018 (A.Ys: 2010-11 TO 2012-13) M/s. Rosy Blue (India) Pvt. Ltd. v. Dy. Commissioner of 1608/09, Prasad Chambers, Income Tax, Central Opera House, Mumbai 400 004. Circle-46, Mumbai. PAN: AACCR2413B (Appellant) (Respondent) ITA.NOS. 4094 & 4096/MUM/2018 (A.Ys: 2010-11 & 2012-13) Dy. Commissioner of Income Tax, v. M/s. Rosy Blue (India) Pvt. Ltd. Central Circle-8(3), 1608/09, Prasad Chambers, Mumbai. Opera House, Mumbai 400 004.…