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 367,514 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.

M/S. Jmc Automotive Components Pvt. Ltd., Faridabad vs. ITO, Faridabad

ITA 1310/DEL/2016[2012-13]Status: DisposedITAT Delhi13 Aug 2021AY 2012-13

Bench: Shri Anil Chaturvedi & Shri Kuldip Singh

For Appellant: Shri Rajiv Ahuja, AdvocateFor Respondent: Shri Prakash Dubey, Senior DR
Section 194ASection 36(1)(iii)Section 40

…ddition in question was not given during the year. The presumption is that interest-free funds were utilised for giving interest-free loans/advances, as held by the Honourable Mumbai High Court in the case of CIT vs Reliance Utilities & power Ltd. reported in 313 ITR 340 (Mum). 4.2. Applying the propositions laid down by the Hon'ble Bombay High Court in the case of Reliance Utilities and Power Ltd.(supra) to the facts of this case we have to necessarily hold that the A.O. should presume that interest free funds have been utilized for giving interest free advances. The assessee has demonstrated that it has suffici…

ITO, New Delhi vs. M/S. Malibu Estate Pvt. Ltd., New Delhi

In the result, appeals of the Revenue are dismissed and the appeals of the assessee are allowed

ITA 3299/DEL/2013[2008-09]Status: DisposedITAT Delhi12 Aug 2021AY 2008-09

Bench: Shri O.P. Kant & Shri K. Narasimha Charyassessment Year:2008-09

For Appellant: Sh. Anil Kumar Chopra, AdvFor Respondent: Ms. Paramita M. Biswas, CIT/DR

…e advances to the sister concern, there is no scope to make any addition, though the assessee was maintaining a bank account with mixed common funds, in which all deposits and withdrawals were made. Similar view was taken in Reliance Utilities & Power Limited 313 ITR 340 (P&H). 13. We, therefore, by respectfully following the above decisions of Hon’ble jurisdictional High Court, conclude that inasmuch as the assessee is having its own funds far exceeding the investments made in subsidiaries in the relevant assessment years, adding of deemed interest does not arise and we, accordingly, direct the ld. Assessing Of…

M/S Malubu Estate Pvt. Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, appeals of the Revenue are dismissed and the appeals of the assessee are allowed

ITA 3295/DEL/2013[2008-09]Status: DisposedITAT Delhi12 Aug 2021AY 2008-09

Bench: Shri O.P. Kant & Shri K. Narasimha Charyassessment Year:2008-09

For Appellant: Sh. Anil Kumar Chopra, AdvFor Respondent: Ms. Paramita M. Biswas, CIT/DR

…e advances to the sister concern, there is no scope to make any addition, though the assessee was maintaining a bank account with mixed common funds, in which all deposits and withdrawals were made. Similar view was taken in Reliance Utilities & Power Limited 313 ITR 340 (P&H). 13. We, therefore, by respectfully following the above decisions of Hon’ble jurisdictional High Court, conclude that inasmuch as the assessee is having its own funds far exceeding the investments made in subsidiaries in the relevant assessment years, adding of deemed interest does not arise and we, accordingly, direct the ld. Assessing Of…

ACIT, Circle - I (1), Chennai vs. M/S. Tcp Limited, Chennai

In the result, appeal filed by the Revenue is dismissed

ITA 3358/CHNY/2019[2005-06]Status: DisposedITAT Chennai09 Aug 2021AY 2005-06

Bench: Shri Mahavir Singh, Vice- & Shri G.Manjunatha

For Appellant: Mrs.S.Vidya, C.A ""For Respondent: 06.07.2021
Section 115JSection 143(3)

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘A’ BENCH, CHENNAI "ी महावीर "संह, उपा"य" एवं "ी जी. मंजुनाथ, लेखा सद%य के सम" BEFORE SHRI MAHAVIR SINGH, VICE-PRESIDENT AND SHRI G.MANJUNATHA, ACCOUNTANT MEMBER आयकरअपीलसं./I.T.A.No.3358/Chny/2019 ("नधा"रणवष" / Assessment Year: 2005-06) The Assistant Commissioner of Income Vs M/s. TCP Ltd. Tax, 10, TCP SapthagiriBhavan Circle-I(1) Karpagambal Nagar, Chennai-34. Mylapore, Chennai-600 004. PAN: AAACT 3615K (अपीलाथ"/Appellant) (""यथ"/Respondent) Mr. G.Johnson, Addl.CIT : अपीलाथ"क"ओरसे/ Appellant by : Mrs.S.Vidya, C.A ""यथ"क"ओरसे/Respo…

Sumeet Developers, Mumbai vs. Income Tax Officer 28(3)(3), Mumbai

In the result, this appeal is allowed

ITA 5097/MUM/2019[2014-15]Status: DisposedITAT Mumbai04 Aug 2021AY 2014-15
Section 143(3)Section 36

…unds available to the assessee are far in excess of interest free loans extended by the assessee, and, as such, presumption has to be, in the light of Hon’ble jurisdictional High Court’s judgement in the case of CIT vs Reliance Utilities & Power Ltd., [(2009) 313 ITR 340 (Bom)], that the loans were extended out of interest free funds. As such, in my considered view, no part of interest on borrowings could be disallowed for non business use. I, therefore, delete the impugned disallowance of Rs. 11,67,167/-. In the result, this appeal is allowed. Pronounced in the open court today on the 04th 5. day of August 2021…

Tamilnadu Mercantile Bank Ltd., Tuticorin vs. ACIT, Tuticorin

In the result, the appeal of the Assessee in I

ITA 864/CHNY/2019[2012-13]Status: DisposedITAT Chennai30 Jul 2021AY 2012-13

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A No.864/Chny/2019 Assessment Year: 2012 – 2013 M/S. Tamilnad Mercantile Bank Ltd., The Assistant Commissioner Of No.57, V.E. Road, Income Tax, Tuticorin – 628 002. Vs. Circle – 1, Tuticorin – 628 001. [Pan: Aaact 5558K] (अपीलार्थी/Appellant) (प्रत्यथी/Respondent) Mr. S. Sridhar, Advocate अपीलाथी की ओर से/ Appellant By : प्रत्यथी की ओर से /Respondent By : Mr. Suresh Periasamy, Jcit सुनवाई की तारीख/Date Of Hearing : 15.07.2021 घोषणा की तारीख /Date Of Pronouncement : 30.07.2021 आदेश / O R D E R Per V. Durga Rao:

For Respondent: Mr. Suresh Periasamy, JCIT
Section 143(2)Section 143(3)Section 148Section 14A

…Assessing Officer with a direction to re-compute the disallowance u/s.14A r.w.R.8D of the Income-Tax Rules, 1961, in the light of the decision of the Hon’ble Bombay High Court in the case of Commissioner of Income Tax Vs. Reliance Utilities and Power Limited 313 ITR 340, wherein the Bombay High Court has held in respect of the interest disallowance that “if there are funds available both, interest-free and overdraft and/or loans are taken, then a presumption would arise that investments would be out of the interest-free fund generated or available with the company, if the interest-free funds are sufficient to me…

M/S. Alliance Infrastructure Projects Private Limited, Bengaluru vs. The Assistant Commissioner of Income Tax, Central Circle- 2(4), Bangalore

In the result, the appeals filed by th assessee are partly allowed

ITA 2467/BANG/2019[2016-17]Status: DisposedITAT Bangalore30 Jul 2021AY 2016-17

Bench: Shri George George K. & Shri B.R. Baskaran

For Appellant: Smt. Suman Lunkar, A.RFor Respondent: Shri Pradeep Kumar, D.R
Section 14A

…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. Alliance Infrastructure Projects Private Limited, Bengaluru vs. The Assistant Commissioner of Income Tax, Central Circle- 2(4), Bangalore

In the result, the appeals filed by th assessee are partly allowed

ITA 2466/BANG/2019[2015-16]Status: DisposedITAT Bangalore30 Jul 2021AY 2015-16

Bench: Shri George George K. & Shri B.R. Baskaran

For Appellant: Smt. Suman Lunkar, A.RFor Respondent: Shri Pradeep Kumar, D.R
Section 14A

…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. Alliance Infrastructure Projects Private Limited, Bengaluru vs. The Assistant Commissioner of Income Tax, Central Circle- 2(4), Bangalore

In the result, the appeals filed by th assessee are partly allowed

ITA 2465/BANG/2019[2014-15]Status: DisposedITAT Bangalore30 Jul 2021AY 2014-15

Bench: Shri George George K. & Shri B.R. Baskaran

For Appellant: Smt. Suman Lunkar, A.RFor Respondent: Shri Pradeep Kumar, D.R
Section 14A

…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. Alliance Infrastructure Projects Private Limited, Bengalore vs. The Assistant Commissioner of Income Tax, Central Circle- 2(4), Bangalore

In the result, the appeals filed by th assessee are partly allowed

ITA 2464/BANG/2019[2013-14]Status: DisposedITAT Bangalore30 Jul 2021AY 2013-14

Bench: Shri George George K. & Shri B.R. Baskaran

For Appellant: Smt. Suman Lunkar, A.RFor Respondent: Shri Pradeep Kumar, D.R
Section 14A

…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…

DCIT, Central Circle, Noida vs. International Cylinders P. Ltd., New Delhi

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

ITA 3765/DEL/2018[2013-14]Status: DisposedITAT Delhi29 Jul 2021AY 2013-14

Bench: Sh. N. K. Billaiya & Shri K.Narasimha Chary(Through Video Conferencing) Assessment Year: 2013-14

Section 14ASection 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘C’, NEW DELHI BEFORE SH. N. K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI K.NARASIMHA CHARY, JUDICIAL MEMBER (THROUGH VIDEO CONFERENCING) Assessment Year: 2013-14 DCIT International Cylinders P. Sector-33 Vs Ltd. E-14, Preet Vihar, New Noida Delhi-110092 PAN No. AAACI7605J (RESPONDENT) Appellant by Ms. Anima Barnwal, SR. DR Respondent by Sh.Nipun Mittal, CA Date of hearing: 29/07/2021 Date of Pronouncement: 29/07/2021 ORDER PER N. K. BILLAIYA, AM: This appeal by the revenue is preferred against the order of the CIT(A)-4, Delhi dated 15.01.2018 pertaining to A.…

Manali Petrochemicals Ltd., Chennai vs. DCIT Ltu-1, Chennai

In the result, appeal filed by the assessee is treated as

ITA 2824/CHNY/2019[2015-16]Status: DisposedITAT Chennai28 Jul 2021AY 2015-16

Bench: Shri V.Durga Rao & Shri G.Manjunathaआयकर अपील सं./I.T.A.No.2824/Chny/2019 ("नधा"रणवष" / Assessment Year: 2015-16) M/S. Manali Petro Chemicals Ltd. Vs The Deputy Commissioner Of Spic House, 88 Mount Road, Income Tax, Guindy, Chennai -600 032. Large Tax Payer Unit-1 Chennai. Pan: Aaacm 3404D (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 115JSection 143(3)Section 14A

…vour of the assessee that investments made in shares and securities is out of own funds. This principle is supported by the decision of the Hon'ble Supreme Court in the case of CIT Vs. Reliance Industries Ltd., 307 CTR 121 (SC) . The Hon’ble Bombay High (313 ITR 340) has taken a similar view. In this case, it was claim of assessee that it has sufficient own funds, which is in excess of investments made in shares and securities, which yield exempt income. If the assessee is able to establish availability of sufficient own funds in excess of investments, then question of disallowance of interest expenses doe…

Puja Trades & Investments Pvt Ltd., Mumbai vs. Dy CIT 3 (2)92), Mumbai

ITA 7442/MUM/2019[2013-14]Status: DisposedITAT Mumbai26 Jul 2021AY 2013-14

Bench: Shri Rajesh Kumar () & Shri Ravish Sood () M/S Puja Traders & Investments Deputy Commissioner Of Private Limited, 16Th Floor, Vs. Income Tax -3(2)(2) Atlanta, 209, Jamnalal Bajaj Aayakar Bhavan, M.K. Road, Marg, Nariman Point, Mumbai – 400 020 Mumbai – 400 021 Pan No. Aabcp1659A (Assessee) (Revenue) Assessee By : Shri Sunil Nahata, A.R Revenue By : Ms. Shreekala Pardeshi, D.R Date Of Hearing : 22/07/2021 Date Of Pronouncement : 26/07/2021

For Appellant: Shri Sunil Nahata, A.RFor Respondent: Ms. Shreekala Pardeshi, D.R
Section 143(2)Section 143(3)Section 14A

…ITA No.7442/Mum/2019 A.Y.2013-14 1 M/s Puja Traders & Investments Pvt. Ltd. Vs. DCIT-3(2)(2) IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C” MUMBAI BEFORE SHRI RAJESH KUMAR (ACCOUNTANT MEMBER) AND SHRI RAVISH SOOD (JUDICIAL MEMBER) M/s Puja Traders & Investments Deputy Commissioner of Private Limited, 16th Floor, Vs. Income Tax -3(2)(2) Atlanta, 209, Jamnalal Bajaj Aayakar Bhavan, M.K. Road, Marg, Nariman Point, Mumbai – 400 020 Mumbai – 400 021 PAN No. AABCP1659A (Assessee) (Revenue) Assessee by : Shri Sunil Nahata, A.R Revenue by : Ms. Shreekala Pardeshi, D.R Date of Hearing : 22/07/2021 Date of pr…

Hdfc Bank Ltd, Mumbai vs. DCIT 2(3)(1), Mumbai

In the result, appeal of the revenue is dismissed

ITA 5672/MUM/2017[2012-13]Status: DisposedITAT Mumbai16 Jul 2021AY 2012-13

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () M/S Hdfc Bank Limited Acit-2(3)(1) Hdfc Bank House Vs. Aayakar Bhavan, Senapati Bapat Marg, Mumbai Lower Parel, Mumbai – 400 013

For Appellant: Shri J.D. Mistry, A.RFor Respondent: Shri Manoj Mishra, D.R
Section 143(1)Section 143(2)Section 143(3)Section 14ASection 36(1)(viia)

…mpany provided such funds were sufficient to meet the investments. It was averred by the ld. A.R that the aforesaid issue was squarely covered by the judgments of the Hon‟ble High Court of Bombay in the case of CIT Vs. Reliance Utility & Powers Limited (2009) 313 ITR 340 (Bom) and those passed in the assessee‟s own case i.e CIT Vs. HDFC Bank Limited (2014) 366 ITR 505 (Bom) and HDFC Bank Limited Vs. PCIT-2(3), Mumbai (2016) 383 ITR 529 (Bom). Adverting to the judgment of the Hon‟ble High Court of Bombay in the case of Reliance Utility and Power Limited (supra), it was submitted by the ld. A.R that there was a cle…

Kumar Agro Products Pvt.Ltd, Pune vs. Income-Tax Officer, Ward - 14(4), Pune

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

ITA 556/PUN/2018[2014-15]Status: DisposedITAT Pune12 Jul 2021AY 2014-15

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm िनधा"रण वष" / Assessment Year : िनधा"रण वष" िनधा"रण वष" िनधा"रण वष"

For Appellant: Shri Rajan Vora / Shri Rajendra AgiwalFor Respondent: Shri Mahadevan A.M. Krishnan
Section 143(3)Section 36(1)(iii)

…ke PCIT Vs. Shapoorji Pallonji and Co., Ltd reported in 423 ITR 220 of Hon’ble Bombay High Court, CIT Vs. HDFC Bank Ltd reported in 366 ITR 105 (Bom) etc. 13. The decision of Hon’ble Bombay High Court in the case of CIT Vs. Reliance Utilities reported in 313 ITR 340 was confirmed by the Hon’ble Supreme Court in the case of CIT Vs Reliance Industries Limited reported in 410 ITR 466 (SC) and similar is the decision of Munjal Sales Corporation Vs. CIT reported in 298 ITR 298 (SC). Therefore, no disallowance u/s 36(1)(iii) is called for in the light of the above legal settled position of law and facts of the…

The ACIT, Vapi Circle, Vapi vs. M/S. N.R. Agarwal Industries Ltd., Vapi

In the result the ground No

ITA 1526/AHD/2016[2011-12]Status: DisposedITAT Surat05 Jul 2021AY 2011-12

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Virtual Hearing) I.T.(Ss)A’S No.14,15,16/Ahd/2016, Ita’S No.1302,1303& 3032/Ahd/2016 Assessment Years: 2007-08, 09-10, 10-11; 2011-12,12-13& 2013-14 N.R.Agarwal Industries Ltd., Vs The Acit/Dcit, Circle-3, Plot No.169 To 169, Phase No.1, Surat. Gidc, Vapi. [Pan: Aaacn 7721 N] अपीलाथ" / Appellant ""थ"/Respondent

Section 132Section 143(3)Section 153ASection 40Section 80I

…carrying out any investment activity. To buttress his submissions the ld Sr counsel relied on the following decisions;  Hon’ble Gujarat High Court in case of Shreno Ltd. (102 taxmann.com 129),  Bombay High Court in CIT v. Reliance Utilities and Power Ltd. (313 ITR 340),  Gujarat High court in case of CIT v/s UTI Bank Limited [32 taxman.com 370(2013)],  Decision of Ahmedabad ITAT in case of ACIT v/s Sarabhai Holding Pvt. Ltd. [I.T.A. No.2328/Ahd/2012],  Decision of Third Member division of Delhi ITAT in case of Wimco Seedlings Vs. DCIT (109 TTJ 462) and  Decision of Delhi Tribunal in case of Malwa Investmen…

N.R. Agarwal Industries Ltd., Vapi vs. The Asstt. Commissioner of Income Tax, Circle-3, Surat

In the result the ground No

ITA 1302/AHD/2016[2011-12]Status: DisposedITAT Surat05 Jul 2021AY 2011-12

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Virtual Hearing) I.T.(Ss)A’S No.14,15,16/Ahd/2016, Ita’S No.1302,1303& 3032/Ahd/2016 Assessment Years: 2007-08, 09-10, 10-11; 2011-12,12-13& 2013-14 N.R.Agarwal Industries Ltd., Vs The Acit/Dcit, Circle-3, Plot No.169 To 169, Phase No.1, Surat. Gidc, Vapi. [Pan: Aaacn 7721 N] अपीलाथ" / Appellant ""थ"/Respondent

Section 132Section 143(3)Section 153ASection 40Section 80I

…carrying out any investment activity. To buttress his submissions the ld Sr counsel relied on the following decisions;  Hon’ble Gujarat High Court in case of Shreno Ltd. (102 taxmann.com 129),  Bombay High Court in CIT v. Reliance Utilities and Power Ltd. (313 ITR 340),  Gujarat High court in case of CIT v/s UTI Bank Limited [32 taxman.com 370(2013)],  Decision of Ahmedabad ITAT in case of ACIT v/s Sarabhai Holding Pvt. Ltd. [I.T.A. No.2328/Ahd/2012],  Decision of Third Member division of Delhi ITAT in case of Wimco Seedlings Vs. DCIT (109 TTJ 462) and  Decision of Delhi Tribunal in case of Malwa Investmen…

Pragati Glass Pvt. Ltd., Bharuch vs. Assistant Commissioner of Income Tax, Circle-1, Bharuch

In the result, ground No. 4 is allowed

ITA 504/SRT/2018[2013-14]Status: DisposedITAT Surat02 Jul 2021AY 2013-14

Bench: Shri Pawan Singh () & Dr. Arjun Lal Saini () Assessment Year: 2013-14 Pragati Glass Private Limited, Asst. Commissioner Of Income Tax, Kharach, Kosamba (R.S), District Vs. Cir. 1, Bharuch-394120 Station Road, Bharuch-392001. Pan No. Aabcp 7377 H Appellant Respondent

For Appellant: Mr. Surandra Modiani, ARFor Respondent: Ms. Anupama Singla, Sr. DR
Section 115JSection 143(3)Section 14ASection 36(1)(va)

…er Ltd. v. ACIT, ITA No. 7073/Mum/2012 dated 25.09.2014 ITA No. 504/SRT/2018 8  Manugraph India Pvt. Ltd. v. DCIT, ITA No. 476/Mum/2012 dated 29.03.2015  CIT v. UTI Bank Ltd. 32 taxmann.com 370 (Gujarat High Court)  CIT v. Reliance Utilities & Power Ltd. 313 ITR 340 (Bombay High Court)  Gujarat Industrial Development Corporation Ltd. 37 taxmann.com 254 (Gujarat High Court)  Amod Stamping (P.) Ltd. 45 taxmann.com 427 Gujarat High Court  Torrent Power Ltd. 222 Taxman 367 (Gujarat High Court)  Raghuvir Synthetics Ltd. 394 ITR 222 (Gujarat High Court)  The DCIT v. Gujarat Mineral Development Corporation Ltd…

M/S Arjun Transport Company, Mumbai vs. ITO 12 (1)(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 4984/MUM/2019[2016-17]Status: DisposedITAT Mumbai02 Jul 2021AY 2016-17

Bench: Shri Vikas Awasthyआअसं. 4984/मुं/2019 ("न.व 2016-17) M/S. Arjun Transport Company Private Limited, Flat No.414, Empire Complex, Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Pan: Aabca-5913-E ...... अपीलाथ" /Appellant बनाम Vs. Income Tax Officer-12(1)(2) Aaykar Bhavan, M.K. Road, Mumbai 400 020 ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri Ravikant Pathak ""तवाद" "वारा/Respondent By : Ms. Smita Verma सुनवाई क" "त"थ/ Date Of Hearing : 07/04/2021 घोषणा क" "त"थ/ Date Of Pronouncement : 02/07/2021

For Appellant: Shri Ravikant PathakFor Respondent: Ms. Smita Verma
Section 14ASection 36Section 36(1)(iii)

…Ltd. vs. CIT, 1991 taxmann.com 30 (SC); ii. HDFC Bank Ltd. vs. DCIT, 383 ITR 529 (Bom.); iii. S D Traders vs. CIT, 111 taxmann.com 93 (All.); iv. Gurinder Mohan Singh Nindrajog vs. CIT 18 taxmann.com 176 (Del.); and v. CIT vs. Reliance Utilities & Power Ltd. 313 ITR 340 (Bom.) 6. Submissions made by rival sides heard, orders of authorities below examined and the decisions on which respective sides have placed reliance considered. In ground No.1 of appeal, the limited prayer of the assessee is that while computing disallowance under Rule 8D(2)(iii) only those investments should be considered on which the assesse…

The Sarswat Co-Operative Bank Ltd., Mumbai vs. ITO 1 (3)(1), Mumbai

ITA 6609/MUM/2019[2013-14]Status: DisposedITAT Mumbai28 Jun 2021AY 2013-14

Bench: Shri S. Rifaur Rahman & Shri Ravish Sood

For Appellant: Shri Anil Sathe, A.RFor Respondent: Shri Neehar Pandey, CIT D.R
Section 143(3)Section 14ASection 3Section 36(1)(vii)Section 36(1)(viia)

…ITA Nos. 6609 &6610/Mum/2019 A.Ys. 2013-14 & 2014-15 1 The Saraswat Cooperative Bank Ltd. Vs. ITO-1(3)(1) IN THE INCOME TAX APPELLATE TRIBUNAL “H” Bench, Mumbai Before Shri S. Rifaur Rahman, Accountant Member and Shri Ravish Sood, Judicial Member ITA. No.6609 /Mum/2019 (Assessment Year: 2013-14) The Saraswat Co-operative Bank Ltd. Income tax Officer-1(3)(1) Sarawat Bank Bhavan, Plot No.953, Aayakar Bhavan, M.K. Road, Appasaheb Marathe Marg, Churchgate, Mumbai – 400 020 Vs Prabhadevi, Mumbai – 400 025 PAN – AABAT4497Q (Appellant) (Respondent) ITA. No.6610/Mum/2019 (Assessment Year: 2014-15) The Saraswa…