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 367,368 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.

Asst CIT 18(1), Mumbai vs. Anand Keshav Shejwal, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 5516/MUM/2015[2012-13]Status: DisposedITAT Mumbai12 Aug 2022AY 2012-13

Bench: Shri G.S. Pannu & Shri Vikas Awasthy: A.Y : 2012-13 Asst. Commissioner Of Income Vs. Anand Keshav Shejwal Tax-18(1), Mumbai. (Appellant) 33/35, Ground Floor, Matru Vatsalya, 2Nd Fofal Wadi, Bhuleshwar, Mumbai 400 002. Pan : Aaatc7307E (Respondent)

For Appellant: Shri Mehul JainFor Respondent: Shri Vipul Joshi
Section 36(1)(iii)

…more than interest free advance given to the company. Hence, no disallowance under Section 36(1)(iii) is warranted. The ld. AR placed reliance on the decision in the case of CIT vs Hotel Savera, 239 ITR 795 (Madras) and CIT vs Reliance Utilities & Power Ltd., 313 ITR 340 (Bom). 4.1 On the issue of bad debts, the ld. AR supporting the findings of CIT(A) submitted that during assessment proceedings, the assessee had specifically informed the Assessing Officer that in the Notes to the Accounts, clause (d) was inadvertently recorded as a result of copy-paste from the preceding financial year. The assessee has, in fa…

Forbes Marshall Pvt.Ltd, Pune vs. Assistant Commissioner of Income-Tax, Circle - 9, Pune

The appeal of the assessee is partly allowed

ITA 274/PUN/2018[2013-14]Status: DisposedITAT Pune10 Aug 2022AY 2013-14
For Appellant: Shri Kishor PhadkeFor Respondent: Shri Arvind Desai
Section 14ASection 35

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, PUNE SHRI PARTHA SARATHI CHAUDHURY, JM AND DR. DIPAK P. RIPOTE, AM ITA No. 274/PUN/2018 : Assessment Year : 2013-14 Forbes Marshall Pvt. Ltd. A-34/35 „H‟ Block, MIDC, Pimpri, PUNE – 411 018 PAN; AACCS 7603 J :Appellant Vs. The Asstt. C.I.T. Cir. 9, Pune. : Respondent Appellant by : Shri Kishor Phadke Respondent by : Shri Arvind Desai Date of Hearing : 27-07-2022 Date of Pronouncement : 10-08-2022 ORDER PER PARTHA SARATHI CHAUDHURY, JM : This appeal preferred by the assessee emanates from the order of the ld. CIT(A)-6, Pune dated 16-11-2017 for A.Y. 2013-14 as p…

M/S. Onmobile Global Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle- 5(1)(2), Bengaluru

In the result, both these appeals are partly allowed

ITA 2560/BANG/2019[2015-16]Status: DisposedITAT Bangalore10 Aug 2022AY 2015-16

Bench: Shri George George K. & Ms. Padmavathy S

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 14ASection 234BSection 244ASection 32

…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 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., ITA No.330 of…

M/S Onmobile Global Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-5(1)(2), Bangalore

In the result, both these appeals are partly allowed

ITA 139/BANG/2019[2014-15]Status: DisposedITAT Bangalore10 Aug 2022AY 2014-15

Bench: Shri George George K. & Ms. Padmavathy S

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 14ASection 234BSection 244ASection 32

…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 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., ITA No.330 of…

Allen Career Institute, Kota vs. JCIT, Jaipur

In the result, the Grounds No

ITA 54/JPR/2017[2012-12]Status: DisposedITAT Jaipur04 Aug 2022AY 2012-12
For Appellant: Shri Mahendra Gargieya, Advocate &For Respondent: Shri A.S. Nehra, Addl. CIT
Section 143(3)Section 234ASection 244ASection 36Section 36(1)(iii)Section 37(1)

…are out of interest-bearing advances if non-interest- bearing funds are more. Reliance is placed on the decision of the Hon’ble Bombay High Court in the case of CIT vs. Reliance Utilities & Power Ltd. (2009) 221 CTR (Bom) 435 : (2009) 18 DTR (Bom) 1 : (2009) 313 ITR 340 (Bom) and Hon’ble Delhi High Court in the case of CIT vs. Bharti Televenture Ltd. (2011) 51 DTR (Del) 98 : 2010- TIOL-51-HC-Del. There is no provision in the Act which may compel an assessee to earn income. 10 ALLEN CAREER INSTITUTE VS JCIT, RANGE-2, KOTA 11.1 x--------------x--------------x--------------x--------------x-------------- x--------…

Allen Career Institute, Jaipur vs. JCIT, Kota

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

ITA 620/JPR/2016[2011-12]Status: DisposedITAT Jaipur04 Aug 2022AY 2011-12
For Appellant: Shri Mahendra Gargieya, Advocate &For Respondent: Shri A.S. Nehra, Addl. CIT
Section 143(3)Section 36Section 36(1)(iii)Section 37(1)

…are out of interest-bearing advances if non-interest- bearing funds are more. Reliance is placed on the decision of the Hon’ble Bombay High Court in the case of CIT vs. Reliance Utilities & Power Ltd. (2009) 221 CTR (Bom) 435 : (2009) 18 DTR (Bom) 1 : (2009) 313 ITR 340 (Bom) and Hon’ble Delhi High Court in the case of CIT vs. Bharti Televenture Ltd. (2011) 51 DTR (Del) 98 : 2010- TIOL-51-HC-Del. There is no provision in the Act which may compel an assessee to earn income. 12 ALLEEN CAREER INSTITUTE VS JCIT, RANGE-2, KOTA 11.1 x--------------x--------------x--------------x--------------x-------------- x------…

Allen Career Institute, Jaipur vs. JCIT, Kota

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

ITA 246/JPR/2015[2010-11]Status: DisposedITAT Jaipur04 Aug 2022AY 2010-11
For Appellant: Shri Mahendra Gargieya, Advocate &For Respondent: Shri A.S. Nehra, Addl. CIT
Section 143(3)Section 234ASection 244ASection 36(1)(iii)

…are out of interest-bearing advances if non-interest- bearing funds are more. Reliance is placed on the decision of the Hon’ble Bombay High Court in the case of CIT vs. Reliance Utilities & Power Ltd. (2009) 221 CTR (Bom) 435 : (2009) 18 DTR (Bom) 1 : (2009) 313 ITR 340 (Bom) and Hon’ble Delhi High Court in the case of CIT vs. Bharti Televenture Ltd. (2011) 51 DTR (Del) 98 : 2010- TIOL-51-HC-Del. There is no provision in the Act which may compel an assessee to earn income. 11.1 x--------------x--------------x--------------x--------------x-------------- x--------------x 11.2 After considering the facts as above,…

M/S P.M. Diesels Pvt. Ltd., Rajkot-Gujarat vs. The Asstt. Commr. Income Tax, Circle-2(1), Rajkot-Gujarat

In the result, appeal of the assessee is allowed

ITA 66/RJT/2020[2014-15]Status: HeardITAT Rajkot26 Jul 2022AY 2014-15
For Appellant: Shri Deepak Rindani, A.RFor Respondent: Shri B.D. Gupta, Sr. D.R
Section 250Section 36(1)(iii)Section 40A

…IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT Before: Shri Waseem Ahmed, Accountant Member And Shri Siddhartha Nautiyal, Judicial Member ITA No. 66 /Rjt/2020 Assessment Year 2014-15 M/s. P.M. Diesels Pvt. The ACIT, Ltd., Rajkot Circle-2(1), PAN: AABCN5691G Vs Rajkot (Appellant) (Respondent) Assessee by: Shri Deepak Rindani, A.R. Revenue by: Shri B.D. Gupta, Sr. D.R. Date of hearing : 29-06-2022 Date of pronouncement : 27-07-2022 आदेश/ORDER PER BENCH:- This assessee’s appeal for A.Y. 2014-15, arises from the order of the CIT(A), Rajkot-2 dated 17-01-2020, in proceedings under section 25…

M/S Meera Metal Industries, Mumbai vs. The ITO - 27(2)(3), Mumbai

In the result, appeal of the assessee is allowed

ITA 133/MUM/2021[2012-13]Status: DisposedITAT Mumbai26 Jul 2022AY 2012-13
Section 143(3)Section 36(1)(iii)

…ient interest free funds to make interest free advances to the aforesaid two parties, hence, by placing reliance on the decision of the Hon’ble 3 M/s. Meera Metal Industries Jurisdictional High Court in the case of Reliance Power Utilities Ltd., reported in 313 ITR 340 and HDFC Bank Ltd reported in 366 ITR 505. We direct the ld. AO to delete the disallowance of interest u/s.36(1)(iii) made in the instant case. Accordingly, the grounds raised by the assessee are allowed. 4. In the result, appeal of the assessee is allowed. Order pronounced in open Court on 26/07/2022 (RAHUL CHAUDHARY) ACCOUNTANT MEMBER Mumbai;…

Ultra Tech Cement Ltd., Mumbai vs. Dy CIT-CC--1(4), Mumbai

In the result, all the appeals filed by the assessee are allowed for statistical purposes

ITA 251/MUM/2021[2010-11]Status: DisposedITAT Mumbai25 Jul 2022AY 2010-11

Bench: Shri Aby T Varkey & Shri Amarjit Singh

For Appellant: Shri Manish Kant, A.RFor Respondent: Shri Prabhat Kumar Gupta, D.R
Section 139Section 143(3)Section 14ASection 153C

…vide order dated 28.02.2014. 4.1 Regarding disallowance of interest expenses of Rs.3,33,33,824/- under section 14A read with rule 8D(2)(ii) after following the decision of jurisdictional High Court in the case of CIT vs. Reliance Utilities & Power Ltd. (2009) 313 ITR 340 (Bom.) the ITAT directed the AO for limited verification of cash flow statement with direction that no disallowance is warranted in case the investment in the instrument generating tax free incomes are made out of own funds. 4.2 Regarding disallowance of Rs.1,20,21,635/- section 14A read with rule 8D(2)(iii) the ITAT has restricted the disallowa…

Ultra Tech Cement Ltd., Mumbai vs. Dy CIT-CC--1(4), Mumbai

In the result, all the appeals filed by the assessee are allowed for statistical purposes

ITA 250/MUM/2021[2010-11]Status: DisposedITAT Mumbai25 Jul 2022AY 2010-11

Bench: Shri Aby T Varkey & Shri Amarjit Singh

For Appellant: Shri Manish Kant, A.RFor Respondent: Shri Prabhat Kumar Gupta, D.R
Section 139Section 143(3)Section 14ASection 153C

…vide order dated 28.02.2014. 4.1 Regarding disallowance of interest expenses of Rs.3,33,33,824/- under section 14A read with rule 8D(2)(ii) after following the decision of jurisdictional High Court in the case of CIT vs. Reliance Utilities & Power Ltd. (2009) 313 ITR 340 (Bom.) the ITAT directed the AO for limited verification of cash flow statement with direction that no disallowance is warranted in case the investment in the instrument generating tax free incomes are made out of own funds. 4.2 Regarding disallowance of Rs.1,20,21,635/- section 14A read with rule 8D(2)(iii) the ITAT has restricted the disallowa…

Ultra Tech Cement Ltd., Mumbai vs. Dy CIT-CC--1(4), Mumbai

In the result, all the appeals filed by the assessee are allowed for statistical purposes

ITA 249/MUM/2021[2009-10]Status: DisposedITAT Mumbai25 Jul 2022AY 2009-10

Bench: Shri Aby T Varkey & Shri Amarjit Singh

For Appellant: Shri Manish Kant, A.RFor Respondent: Shri Prabhat Kumar Gupta, D.R
Section 139Section 143(3)Section 14ASection 153C

…vide order dated 28.02.2014. 4.1 Regarding disallowance of interest expenses of Rs.3,33,33,824/- under section 14A read with rule 8D(2)(ii) after following the decision of jurisdictional High Court in the case of CIT vs. Reliance Utilities & Power Ltd. (2009) 313 ITR 340 (Bom.) the ITAT directed the AO for limited verification of cash flow statement with direction that no disallowance is warranted in case the investment in the instrument generating tax free incomes are made out of own funds. 4.2 Regarding disallowance of Rs.1,20,21,635/- section 14A read with rule 8D(2)(iii) the ITAT has restricted the disallowa…

Ultra Tech Cement Ltd., Mumbai vs. Dy CIT-CC--1(4), Mumbai

In the result, all the appeals filed by the assessee are allowed for statistical purposes

ITA 248/MUM/2021[2008-09]Status: DisposedITAT Mumbai25 Jul 2022AY 2008-09

Bench: Shri Aby T Varkey & Shri Amarjit Singh

For Appellant: Shri Manish Kant, A.RFor Respondent: Shri Prabhat Kumar Gupta, D.R
Section 139Section 143(3)Section 14ASection 153C

…vide order dated 28.02.2014. 4.1 Regarding disallowance of interest expenses of Rs.3,33,33,824/- under section 14A read with rule 8D(2)(ii) after following the decision of jurisdictional High Court in the case of CIT vs. Reliance Utilities & Power Ltd. (2009) 313 ITR 340 (Bom.) the ITAT directed the AO for limited verification of cash flow statement with direction that no disallowance is warranted in case the investment in the instrument generating tax free incomes are made out of own funds. 4.2 Regarding disallowance of Rs.1,20,21,635/- section 14A read with rule 8D(2)(iii) the ITAT has restricted the disallowa…

DCIT - 3(3)(2), Mumbai vs. V. Hotels Ltd.(Formerly Known As Tulip Hospitality Services Ltd), Mumbai

In the result, all the appeals filed by the revenue are dismissed

ITA 5664/MUM/2018[2013-14]Status: DisposedITAT Mumbai20 Jul 2022AY 2013-14
Section 32(1)(ii)

…s given to other related parties. Under identical set of facts, the co-ordinate bench has deleted the disallowance of interest expenses in AY 2010-11 following the decision rendered by Hon’ble Bombay High Court in the case of Reliance Utilities and Power Ltd (313 ITR 340)(Bom). Accordingly, following the above said decision, we confirm the orders passed by Ld CIT(A) in deleting the disallowance in all the years. 17. Now, we shall take individual issues urged by the assessee in certain years. The individual issue urged in AY 2012-13 relates to the disallowance made out of travelling expenses. The AO noticed that…

DCIT - 3(3)(2), Mumbai vs. V. Hotels Ltd.(Formerly Known As Tulip Hospitality Services Ltd), Mumbai

In the result, all the appeals filed by the revenue are dismissed

ITA 5663/MUM/2018[2013-14]Status: DisposedITAT Mumbai20 Jul 2022AY 2013-14
Section 32(1)(ii)

…s given to other related parties. Under identical set of facts, the co-ordinate bench has deleted the disallowance of interest expenses in AY 2010-11 following the decision rendered by Hon’ble Bombay High Court in the case of Reliance Utilities and Power Ltd (313 ITR 340)(Bom). Accordingly, following the above said decision, we confirm the orders passed by Ld CIT(A) in deleting the disallowance in all the years. 17. Now, we shall take individual issues urged by the assessee in certain years. The individual issue urged in AY 2012-13 relates to the disallowance made out of travelling expenses. The AO noticed that…

DCIT - 3(3)(2), Mumbai vs. V. Hotels Ltd.(Formerly Known As Tulip Hospitality Services Ltd), Mumbai

In the result, all the appeals filed by the revenue are dismissed

ITA 5662/MUM/2018[2012-13]Status: DisposedITAT Mumbai20 Jul 2022AY 2012-13
Section 32(1)(ii)

…s given to other related parties. Under identical set of facts, the co-ordinate bench has deleted the disallowance of interest expenses in AY 2010-11 following the decision rendered by Hon’ble Bombay High Court in the case of Reliance Utilities and Power Ltd (313 ITR 340)(Bom). Accordingly, following the above said decision, we confirm the orders passed by Ld CIT(A) in deleting the disallowance in all the years. 17. Now, we shall take individual issues urged by the assessee in certain years. The individual issue urged in AY 2012-13 relates to the disallowance made out of travelling expenses. The AO noticed that…

Alkyl Amines Chemicals Ltd, Navi Mumbai vs. Dy CIT (OSD) 10(3), Mumbai

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

ITA 1019/MUM/2020[2011-12]Status: DisposedITAT Mumbai14 Jul 2022AY 2011-12

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Alkyl Amines Chemicals Ld., V. Dcit (Osd)-10(3) 401-407, Nirman Vyapar Kendra Room No. 517, 4Th Floor Plot No. 10, Sector – 17 Aayakar Bhavan, M.K. Road Vashi, Navi Mumbai – 400703 Mumbai - 400020 Pan: Aaaca6783F (Appellant) (Respondent) Assessee By : Ms. Shruti Agarwal Department By : Shri Mehul Jain

For Appellant: Ms. Shruti AgarwalFor Respondent: Shri Mehul Jain
Section 10Section 143(1)Section 143(2)Section 14ASection 195Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, HON'BLE JUDICIAL MEMBER M/s. Alkyl Amines Chemicals Ld., v. DCIT (OSD)-10(3) 401-407, Nirman Vyapar Kendra Room No. 517, 4th Floor Plot No. 10, Sector – 17 Aayakar Bhavan, M.K. Road Vashi, Navi Mumbai – 400703 Mumbai - 400020 PAN: AAACA6783F (Appellant) (Respondent) Assessee by : Ms. Shruti Agarwal Department by : Shri Mehul Jain Date of Hearing : 07.06.2022 Date of Pronouncement : 14.07.2022 O R D E R PER S. RIFAUR RAHMAN (AM) 1. This appeal is filed by the assessee ag…

Carborundum Universal Ltd., Chennai vs. DCIT, Chennai

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

ITA 1739/CHNY/2014[2008-09]Status: DisposedITAT Chennai13 Jul 2022AY 2008-09

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri D. Hema Bhupal, JCIT
Section 143(3)Section 14A

…es & Surplus. This view is as support of Hon’ble High Court of Bombay in the case of HDFC Bank Ltd., supra, wherein the Hon’ble Bombay High Court following another decision of Hon’ble Bombay High Court in the case of CIT vs. Reliance Utilities and Power Ltd., 313 ITR 340 discussed this issue as under:- “We find that the facts of the present case are squarely covered by the judgment in the case of Reliance Utilities and Power Ltd. (supra). The finding of fact given by the ITAT in the present case is that the Assessee's own funds and other non-interest bearing funds were more than the investment in the tax-free sec…

Telstar Travels Private Limited, Mumbai vs. ACIT Cir-1 (3) (2), Mumbai

In the result, the assessee succeeds on ground No

ITA 5795/MUM/2019[2010-11]Status: DisposedITAT Mumbai07 Jul 2022AY 2010-11

Bench: Shri Vikas Awasthy & Shri M. Balaganeshआअसं. 5795/मुं/2019 ("न.व. 2010-11) M/S. Telestar Travels Pvt. Ltd., 208, Mistry Court, Dinshaw Wacha Road, Mumbai 400 020. Pan: Aabct-3101-D ...... अपीलाथ" /Appellant बनाम Vs. Asstt. Commissioner Of Income Tax, Circle-1(3)(2), Room No.540, 5Th Floor, Aaykar Bhavan, M.K.Road, Mumbai 400 020. ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri P.P.Bhandari ""तवाद" "वारा/Respondent By : Shri Pitta Samuel सुनवाई क" "त"थ/ Date Of Hearing : 07/07/2022 घोषणा क" "त"थ/ Date Of Pronouncement : 07/07/2022 आदेश/ Order Per Vikas Awasthy, Jm: This Appeal By The Assessee Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-3, Mumbai ( In Short ‘The Cit(A) ’) Dated 02/08/2019 For The Assessment Year 2010-11. 2. The Assessee In Appeal Has Raised Two Grounds. In Ground No.1 Of Appeal, The Assessee Has Challenged Reopening Of Assessment. The Ld.

For Appellant: Shri P.P.BhandariFor Respondent: Shri Pitta Samuel
Section 36(1)(iii)

…, no disallowance of interest u/s. 36(1)(iii) is warranted. In support of his submissions the ld. Authorized Representative for the assessee placed reliance on the decision of Hon'ble Bombay High Court in the case of CIT vs. Reliance Utilities and Power Ltd., 313 ITR 340 and on the decision of Hon'ble Supreme Court of India in the case of CIT vs. Reliance Industries Ltd., 410 ITR 466. 3 4. Per contra, Shri Pitta Samuel representing the Department vehemently defended the impugned order and prayed for dismissing appeal of the assessee. 5. Both sides heard, orders of the authorities below examined. The short issue…

ACIT, Circle-10(2), Kolkata vs. M/S Philips Carbon Black Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 2628/KOL/2019[2013-14]Status: DisposedITAT Kolkata05 Jul 2022AY 2013-14

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

…erned by holding that the assessee has sufficient own interest free funds available and therefore came to the conclusion that the investment in share and securities were made out of own interest free by relying the decision of Reliance Utilities & Power Ltd. (313 ITR 340), CIT vs. HDFC Bank Ltd. (383 ITR 529)(Bom-HC), CIT vs. UTI Bank Ltd. (32 taxmann.com 270) (Guj-HC) and CIT vs. Max India Ltd. (388 ITR 81) and assessee’s own case in ITA Nos. 1273 &1274/Kol/2015 for AYs. 2009-10 & 2010-11. So far as the disallowance under rule 8D(2)(iii) was concerned, the Ld. CIT(A) allowed the appeal of the assessee by holding…