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 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 367,518 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 14A Section 36(1)(iii)Section 143(3)Section 115JB Section 8D Section 10(34)Section 143(2)Section 37(1)

Issues it is cited on

interest free advances disallowance of interest expenditure section 36(1)(iii)disallowance under section 14a commercial expediency disallowance u/s 14a section 14a book profits section 115j section 36(1)section 36 section 115jb

Judgments citing CIT v. Reliance Utilities & Power Ltd.

The Hongkong & Shanghai Banking Corporation Ltd, Navi Mumbai vs. ADIT (It) RG-3(1), Mumbai

In the result, appeal filed by the assessee is partly allowed and appeal filed by the revenue is dismissed

ITA 3996/MUM/2009[2003-04]Status: DisposedITAT Mumbai27 Nov 2019AY 2003-04

Bench: Shri M.Balaganesh, Am & Shri Ravish Sood, Jm & Adit (It) 3(1) Vs. The Hongkong & Scindia House, Shanghai Banking R.No.132, 1St Floor Corporation Ltd N.M.Road, 52/60, Mahatma Gandhi Mumbai – 38 Road Mumbai – 400 001 Pan/Gir No. Aaact2786P (Appellant) .. (Respondent) & The Hongkong & Vs. Adit (It) 3(1) Shanghai Banking Scindia House, R.No.132, 1St Floor Corporation Ltd 52/60, Mahatma Gandhi N.M.Road, Road Mumbai – 38 Mumbai – 400 001 Pan/Gir No. Aaact2786P (Appellant) .. (Respondent)

Section 143(3)Section 192Section 37Section 44C

…s much more than the investment made in the securities and bonds of the assessee which had yielded exempt income. Hence, by placing reliance on the decision of the Hon’ble Jurisdictional High Court in the case of Reliance Utilities and Power Ltd., reported in 313 ITR 340 and HDFC Bank Ltd. reported in 366 ITR 505, there cannot be any disallowance on account of interest on borrowed funds u/s.14A of M/s. Hongkong and Sanghai Banking Corporation Ltd. the Act. However, certain administrative expenses certainly need to be disallowed u/s.14A of the Act as the law has been amended with retrospective amendment from 01/0…

D.C.I.T., Circle - 6(1), Kolkata vs. M/S. Universal Cables Limited, Kolkata

ITA 1055/KOL/2018[2012-13]Status: DisposedITAT Kolkata22 Nov 2019AY 2012-13

Bench: Shri P. M. Jagtap, V.P & Shri S. S. Godara, Jm आयकर अपीलसं./I.T.A No.1055& C.O. No.73/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13) Dcit, Circle-6(1), Kolkata Vs. M/S. Universal Cables Ltd. 9/1, R.N. Mukherjee Road, Kol-1. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaacu3547P (Appellant/Revenue) .. (Respondent/ Cross-Objector)

For Respondent: Smt. Supriyo Pal, JCIT, Sr. DR

Section 143(3)Section 31(1)Section 32(1)Section 32(1)(ii)Section 32(1)(iia)

…nvestments as per its chartered accountant’s certificate (supra). Necessary presumption in such case is I.T.A No.1055/Kol/2018 & C.O. No.73/Kol/2018 M/s. Universal Cables Ltd. Assessment Year: 2012-13 of deployment of interest free funds only as per case law 313 ITR 340 (Bom) CIT vs. Reliance Utilities and Power. The assessee already appears to have succeeded on the very issue in earlier Assessment Years 2008-09 to 2011-12 (supra) regarding proportionate interest expenses disallowance. We therefore adopt judicial consistency to affirm the CIT(A)’s action to this count. Coming to administrative expenditure aspect…

Addarsh Management P. Ltd., Hooghly vs. ITO, WD-1(4), Kolkata

Appeal is partly allowed in above terms

ITA 1359/KOL/2016[2011-12]Status: DisposedITAT Kolkata22 Nov 2019AY 2011-12

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2011-12 Addarsh Management Pvt. V/S. Income Tax Officer, Ltd. C/O S.N. Ghosh & Ward-1(4), Aaykar Associates, Advocates Bhawan, P-7, “Seven Brothers’ Lodge”, Chowringhee Square, P.O. Buroshibtala, P.S. Kolkata-700 069 Chinsurah, Dist. Hooghly [Pan No.Aacca 1789 K] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Somnath Ghosh, Advocate अपीलाथ" क" ओर से/By Appellant Shri C.J. Singh, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 03-09-2019 सुनवाई क" तार"ख/Date Of Hearing 22 -11-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal For Assessment Year 2011-12 Arises Against The Commissioner Of Income Tax (Appeals)-9 Kolkata’S Order Dated 22.03.2016 Passed In Case No.223/Cit(A)-9/Wd-1(4)/2015-16/Kol, Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused.

Section 143(3)Section 24Section 36(1)(iii)

…l/2016 A.Y. 2011-12 Addarsh Managemetn P. Ltd. Vs. ITO Wd-1(4) Kol. Page 4 investments of ₹200,02,348/- only. The necessary presumption in such a case as per hon'ble Bombay high court in the case of CIT vs. Reliance Utilities and Power Ltd. reported in (2009) 313 ITR 340 (Bom) is that of deployment of interest free funds in exempt investments only. We accordingly delete the former disallowance of proportionate interest expenditure amounting to ₹10,25,497/-. 8. Coming to administrative expenditure disallowance amounting to ₹1,17,148/-, it emerges that neither of the lower authority has taken into consideration on…

Assistant Commissioner of Income-Tax vs. Kirloskar Oil Engines Ltd., Pune

In the result, the appeal of Revenue in ITA No

ITA 79/PUN/2015[2010-11]Status: DisposedITAT Pune21 Nov 2019AY 2010-11

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri C.H. NaniwadekarFor Respondent: Shri S.B. Prasad

Section 14ASection 40A(2)

…of assessee comprising of Share Capital and Reserve and Surplus are to the tune of Rs.680 crores as against investment of Rs.200 crores. The Hon‟ble Bombay High Court in the case of Commissioner of Income Tax Vs. Reliance Utilities and Power Ltd. reported as 313 ITR 340 has held that where the assessee is having both interest bearing funds and interest free funds, it is presumed that the investment are made by utilizing interest free funds. In the light of the facts and decision of Hon‟ble Jurisdictional High Court in the case of Commissioner of Income 10 ITA Nos. 61, 406 & 79/PUN/2015, A.Y. 2010-11 Tax Vs. Re…

Kirloskar Oil Engines Ltd., Pune vs. Joint Commissioner of Income-Tax

In the result, the appeal of Revenue in ITA No

ITA 61/PUN/2015[2010-11]Status: DisposedITAT Pune21 Nov 2019AY 2010-11

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri C.H. NaniwadekarFor Respondent: Shri S.B. Prasad

Section 14ASection 40A(2)

Kirloskar Oil Engines Ltd., Pune vs. Joint Commissioner of Income-Tax, Pune

In the result, the appeal of Revenue in ITA No

ITA 406/PUN/2015[2010-11]Status: DisposedITAT Pune21 Nov 2019AY 2010-11

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri C.H. NaniwadekarFor Respondent: Shri S.B. Prasad

Section 14ASection 40A(2)

Jt. CIT (OSD), Circle- 7(2)(1), Mumbai vs. Mahindra Cie Automotive Ltd., Mumbai

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

ITA 3121/MUM/2018[2014-15]Status: DisposedITAT Mumbai21 Nov 2019AY 2014-15

Bench: Shri Rajesh Kumar & Shri Amarjit Singhआयकर अपील सं/ I.Ta No.3121/Mum/2018 (िनधा"रण िनधा"रण वष" वष" / / / / Assessment Year:2014-15 िनधा"रण िनधा"रण वष" वष"

For Appellant: Shri Rahul Raman CIT DRFor Respondent: Shri H P Mahajani

Section 14ASection 36(1)(iii)

…ce of interest amounting to Rs.1,77,00,000 and addition of the same to the work in progress is directed to be deleted. Reliance in this regard is placed on the decisions of the Hon'ble jurisdictional High Court in CIT Vs. Reliance utilities & Power Ltd (2009) 313 ITR 340 (Bom) and in the case of CIT Vs.HDFC Bank Ltd (IT Appeal No.330 of 2012) and also Hon'ble Supreme Court decision in the case of Munjal Sales Corporation Vs. Another (2008) 298 ITR 298(SC), ITAT Mumbai in the case of Shrenuj & Co. Ltd A.Y. 2006-07 (In ITA No.8189/Mum/2010 and A.Y. 2007-08 (in ITA No.7948/Mum/2011) and ITAT, Delhi in the case of La…

Nik-San Engineering Co. Ltd., Mumbai vs. The Dy. CIT, Circle - 2(1)(1), Baroda

In the result, appeal of the assessee in ITA No

ITA 2787/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad20 Nov 2019AY 2014-15

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed1. आयकर अपील सं./Ita No.2786/Ahd/2017 2. आयकर अपील सं./Ita No.2787/Ahd/2017 ("नधा"रण वष"/Assessment Years : 2013-14 & 2014-15 Res Pe Ctiv Ely) 1-2. Nik-San Engineering 1-2. The Dcit बनाम/ Co.Ltd. Cicle-2(1)(1) Vs. 201, 204, Vikas Chambers Aayakar Bhavan Jn. Of Link & Marve Road Baroda Malad West, Mumbai "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcn 8963 D .. (अपीलाथ"/Appellant) (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant By : Written Submission ""यथ" क" ओर से/Respondent By: Shri L.P. Jain, Sr.Dr

For Appellant: Written submissionFor Respondent: Shri L.P. Jain, Sr.DR

Section 139(1)

…end. These interest free funds could easily take care of interest free advances amounting to Rs.3.42 cores. In order to fortify ourselves, we make reference to the decision of Hon'ble Bombay high Court in the case of CIT Vs. Reliance utilities and Power Ltd., 313 ITR 340 (Bom) and CIT Vs. Reghuvir Synthetics ltd., 354 ITR 222 (Guj). Therefore, we allow this ground of appeal and delete addition of Rs.24,48,592/-. 5. In ground no.2, the assessee has challenged confirmation of addition of Rs.74,177/-, but the Id.counsel for the assessee did not press this ground of appeal, hence, it is rejected. 6. In the result, th…

Deputy Commissioner of Income Tax 9(3)(2), Mumbai vs. Gemini Engi-Fab Limited, Mumbai

In the result, the Revenue’s appeal is partly allowed for statistical purpose

ITA 937/MUM/2018[2014-15]Status: DisposedITAT Mumbai20 Nov 2019AY 2014-15

Bench: Shri Pramod Kumar, Vp & Shri Saktijit Dey, Jm Dcit-9(3)(2) M/S. Gemini Engi-Fab Ltd. 418, 4Th Floor, Aaykar Bhavan, 501, Palm Spring, Next To Dmart, Vs. Mumbai-400 020 Above Crome, Malad Link Road, Malad (W), Mumbai-400 064 Pan/Gir No. Aaacg 7948 N (Appellant) : (Respondent)

For Appellant: Shri V. Vinod Kumar

Section 115J

…t the assessee had sufficient surplus funds available with it which is much more than the investment in the capital work in progress. Accordingly, following the decision of Hon'ble Jurisdictional High Court in case of Reliance Utilities and Power Ltd. (2009) 313 ITR 340 (Bom HC), he deleted the addition made by the A.O. 3 DCIT vs. M/s. Gemini Engi-Fab Ltd. 6. We have considered rival submissions and perused the material on record. As could be seen, the A.O. merely presuming that a part of the borrowed fund has been utilized in WIP, has attributed a part of the interest expenditure to work in progress and capit…

ACIT - Circle- 6 (2)(1), Mumbai vs. Esjay International Pvt. Ltd., Mumbai

In the result, appeal of the revenue is dismissed

ITA 5776/MUM/2018[2014-15]Status: DisposedITAT Mumbai06 Nov 2019AY 2014-15

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am Assistant Commissioner Of Vs. M/S. Esjay International Income Tax Pvt. Ltd., Gala No.48, 4Th Floor Cir 6(2)(1) Mumbai Laxmi Industrial Estate Room No.504, 5Th Floor Hanuman Gally, Aayakar Bhavan Lower Parel M.K.Road, Mumbai – 400 020 Mumbai – 400 013 Pan/Gir No. Aaace1066B (Appellant) .. (Respondent)

Section 143(3)Section 14A

…A) had categorically observed that assessee is having sufficient own funds for making investments which had yielded exempt income and by placing reliance on the decisions of the Hon’ble High Courts in the case of Reliance Utilities and Power Ltd., reported in 313 ITR 340 and HDFC Bank Ltd. reported in 366 ITR 505, had directed the ld. AO to delete the disallowance of interest under second limb of Rule 8D(2) of the Rules. This factual finding of the ld. CIT(A) of availability of own funds with the assessee for making investments had not been controverted by the revenue before us. Hence, we do not deem it fit to in…

DCIT 14(3)(1), Mumbai vs. Reliance Infrastructure Ltd, Navi Mumbai

In the result the appeal of the Revenue for the A

ITA 1839/MUM/2018[2013-14]Status: DisposedITAT Mumbai06 Nov 2019AY 2013-14

Bench: Shri M Balaganesh & Shri Ramlal Negi

…he Ld CIT(A) observed that the assessee’s own interest free funds were in far excess of total investments made. Accordingly by placing reliance on the decisions of Hon’ble Jurisdictional High Court in the case of Reliance Utilities and Power Ltd., reported in 313 ITR 340 and in the case of HDFC bank, reported in 366 ITR 505, the Ld. CIT(A) deleted the interest disallowance made by the Ld. A.O under Rule 8D(2)(ii) of the Rules. We find that the factual findings given by the ld CITA on the availability of interest free funds with the assessee company remain uncontroverted by the revenue before us and hence do not f…

Lustre Merchants Pvt. Ltd., Delhi vs. DCIT, New Delhi

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

ITA 6396/DEL/2015[2008-09]Status: DisposedITAT Delhi30 Oct 2019AY 2008-09

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2008-09 Lustre Merchants Pvt. Ltd., Vs Dcit, C/O Kapil Goel, Advocate, Circle 4(1), A-1/25, Sector-15, New Delhi. Rohini, Delhi. Pan: Aaacl2457D (Appellant) (Respondent) Assessee By : Shri Kapil Goel, Advocate, Revenue By : Ms Ashima Neb, Sr. Dr Date Of Hearing : 29.08.2019 Date Of Pronouncement : 30.10.2019 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 21St September, 2015 Of The Cit(A)-5, New Delhi, Relating To Assessment Year 2008-09. 2. This Is The Second Round Of Litigation Before The Tribunal.

For Appellant: Shri Kapil Goel, AdvocateFor Respondent: Ms Ashima Neb, Sr. DR

Section 143(3)

…ppellant were sufficient to cover the interest free advances made by it of Rs.10.29 crores to its sister company. We are entirely in agreement with the judgment of the Bombay High Court in Commissioner of Income Tax vs. Reliance Utilities & Power Ltd., (2009) 313 ITR 340, para- 10, that if there are interest free funds available 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 investment. 17. The Assessing Officer's view that the advance was not for business purposes as the appellant had…

M/S. Akash Fashion Prints Pvt. Ltd., Ahmedabad vs. The Income Tax Officer, Ward-1(1)(4), Ahmedabad

In the result, the ground of appeal of the assessee is allowed for statistical purpose

ITA 255/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad24 Oct 2019AY 2014-15

Bench: Hon’Ble Mr. Justice P.P. Bhatt & Shri Amarjit Singhआयकर अपील सं./I.T.A. No. 255/Ahd/2018 ("नधा"रण वष" / Assessment Year: 2014-15) बनाम/ M/S. Akash Fashion Prints The Ito, Pvt. Ltd. 238 Saijpur Ward-1(1)(4), Vs. Gopalpur, Shahwadi Ahmedabad-380015 Octrionaka, Narol Ahmedabad-382405 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabca8319C (अपीलाथ"/Appellant) (""यथ" / Respondent) .. अपीलाथ" ओर से/Appellant By : Shri Sanjay R. Shah, A.R ""यथ"क"ओरसे / Respondent By: Shri Mudit Nagpal, Sr.Dr सुनवाईक"तार"ख/Date Of Hearing 07/10/2019 घोषणाक"तार"ख /Date Of 24/10/2019 Pronouncement

For Appellant: Shri Sanjay R. Shah, A.RFor Respondent: Shri Mudit Nagpal, Sr.DR

Section 143(2)Section 143(3)Section 2Section 2(24)Section 36

…ogress. Therefore, we can presume that the assessee in such capital work-in-progress invested the own fund. In holding so, we find support and guidance from the judgment of Hon'ble Bombay High Court in the case of Reliance Utilities and Power Ltd. reported in 313 ITR 340 wherein it was held as under- "The principle therefore would be that if there are funds available both interest-free and overdraft and/or loans 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 were sufficient to meet the investments. I…

DCIT CC-4(2), Central Range-4, Mumbai vs. Vakrangee Ltd, Mumbai

In the result, appeal of the Revenue is dismissed and cross objection of the assessee is partly allowed as indicated above

ITA 2215/MUM/2018[2014-15]Status: DisposedITAT Mumbai23 Oct 2019AY 2014-15

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Bledy. Commissioner Of Income-Tax V. M/S. Vakrangee Limited Central Circle – 4(2) Vakrangee Corporate House Central Range – 4 Plot No. 93, Road No. 16 R.No. 1918, 19Th Floor Midc, Marol, Andheri (E) Air India Building, Nariman Point Mumbai – 400 093 Mumbai – 400 021 Pan: Aaacv9920D

For Appellant: Shri Dharmesh ShahFor Respondent: Shri Harkamal Sohi Sandhu

Section 115JSection 14ASection 36(1)(iii)Section 40Section 43B

…e decision of the Mumbai Bench of the Tribunal in the case of ACIT v. M/s. Veto Electropowers India Pvt. Ltd., in ITA.No. 4931/Mum/2017 dated 05.04.2019 and the decision of the Hon'ble Bombay High Court in the case of CIT v. Reliance Utilities and Power Ltd. [313 ITR 340] and the decision of the Hon'ble Supreme Court in the case 6 C.O.No. 158/MUM/2019 M/s. Vakrangee Limited of CIT v. Reliance Industries Limited in Civil Appeal Nos. 10 to 13 of 2019 dated 02.01.2019. 8. Ld. DR vehemently supported the orders of the authorities below. 9. We have heard the rival submissions, perused the orders of the authorities b…

ACIT, New Delhi vs. C 1 India Pvt. Ltd., New Delhi

In the result, all the four appeals filed by the assessee are allowed

ITA 418/DEL/2015[2009-10]Status: DisposedITAT Delhi22 Oct 2019AY 2009-10

Bench: Ms. Sushma Chowla & Dr. B.R.R.Kumarआयकर अपील सं आयकर अपील सं. / Ita Nos. 615 To 618/Del/2013 आयकर अपील सं आयकर अपील सं िनधा"रण वष" / Assessment Years: 2005-06, 2007-08 To 2009-10 िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" C-1 India Pvt.Ltd., D-5, Defence Colony, New Delhi. …...........अपीलाथ"/Appellant Pan-Aabcc4078L Vs Acit, Central Circle-13, …………. ू"यथ" / Respondent New Delhi.

For Appellant: Sh. Ajay Wadhwa, AdvFor Respondent: Ms. Nidhi Srivastava, CIT DR

Section 132Section 143(3)Section 153Section 153CSection 271(1)(c)

…आयकर अपीलीय अिधकरण, "द"ली आयकर अपीलीय अिधकरण "द"ली "यायपीठ "यायपीठ “बी बी”, नई नई "द"ली "द"ली म"म"म"म" आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण "द"ली "द"ली "यायपीठ "यायपीठ बी बी नई नई "द"ली "द"ली IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’, NEW DELHI सुौी सुषमा चावला सुौी सुषमा चावला, , , , "याियक सदःय एवं सुौी सुषमा चावला सुौी सुषमा चावला "याियक सदःय एवं "याियक सदःय एवं "याियक सदःय एवं डॉ डॉडॉ डॉ. बी बी बी. आर बी आर आर. आर आर आर आर. कुमार आर कुमार कुमार, , , , लेखा सदःय के कुमार लेखा सदःय के लेखा सदःय के सम" लेखा सदःय के सम" सम" सम" BEFORE MS. SUSHMA CHOWLA, JUDICIAL MEMBER & DR. B.R.R.KUMAR, ACCOUNTAN…

M/S. C- 1 India Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, all the four appeals filed by the assessee are allowed

ITA 615/DEL/2013[2005-06]Status: DisposedITAT Delhi22 Oct 2019AY 2005-06

For Appellant: Sh. Ajay Wadhwa, AdvFor Respondent: Ms. Nidhi Srivastava, CIT DR

Section 132Section 143(3)Section 153Section 153CSection 271(1)(c)

DCIT, Cir-12(1), Kolkata vs. M/S Bengal Ambuja Housing Development Ltd., Kolkata

In the result, the both appeals of the Revenue are dismissed

ITA 1514/KOL/2015[2010-2011]Status: DisposedITAT Kolkata18 Oct 2019AY 2010-2011

Bench: Shri A. T. Varkey, Jm & Shri A.L.Saini, Am]

Section 80ISection 80i

…AR placed reliance on the judgment of the Jurisdictional Calcutta High Court in the case of CIT vs Rasoi Ltd. (ITA 109 of 2016 dated 15.02.2017) and Hon'ble Bombay High Court in the case of CIT vs HDFC Bank (383 ITR 529) and Reliance Utilities and Power Ltd. (313 ITR 340). 44. We note that the assessee had own funds of Rs. 5982.66 lacs and the investments were only to the tune of Rs. 890.96 lacs at the end of the year. From this figures we find that the assessee had at its disposals sufficient funds to make the investment which yielded exempt income. We further note that in the past years, the department did not…

Metal Coatings (India) Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is dismissed

ITA 923/DEL/2017[2012-13]Status: DisposedITAT Delhi16 Oct 2019AY 2012-13

Bench: Shri Bhavnesh Saini & Shri O.P. Kantassessment Year: 2012-13 M/S. Metal Coatings (India) Vs. Dcit, Ltd., Circle-16(2), C.R. Building, 912, Hemkunt Chambers, New Delhi 89, Nehru Place, New Delhi Pan :Aaacm2115M (Appellant) (Respondent)

Section 143(3)Section 14ASection 154

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’, NEW DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2012-13 M/s. Metal Coatings (India) Vs. DCIT, Ltd., Circle-16(2), C.R. Building, 912, Hemkunt Chambers, New Delhi 89, Nehru Place, New Delhi PAN :AAACM2115M (Appellant) (Respondent) Appellant by Shri Ashok Khandewal, CA Respondent by Shri K. Hauthang, Sr.DR Date of hearing 26.09.2019 Date of pronouncement 16.10.2019 ORDER PER O.P. KANT, AM: This appeal by the assessee is directed against order dated 10/01/2016 passed by the learned Commissioner of…

Anushakti Chemicals & Drugs Ltd.(Formerly Aarti Healthcare Ltd Now Merged With Aarti Industries Limited.), Mumbai vs. Assistant Commissioner of Income Tax 15(1)(2), Mumbai

The appeal stands allowed for statistical purposes

ITA 4964/MUM/2017[2012-13]Status: DisposedITAT Mumbai15 Oct 2019AY 2012-13

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.4964/Mum/2017 (िनधा"रण वष" / Assessment Year:2012-13) Anushakti Chemicals & Drugs Ltd. Acit -15(1)(1) [Formerly Aarti Healthcare Ltd. Now Merged Mumbai. बनाम/ With Aarti Industries Ltd.] Vs. 2Nd Floor, Udyog Kshetra, Mulund Goregaon Link Road, Mumbai-400 080. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaca-3517-H (अपीलाथ"/Appellant) (""थ" / Respondent) : अपीलाथ"कीओरसे/ Appellant By : Shri Anuj Kisnadwala-Ld.Ar ""थ"कीओरसे/Respondent By : Shri S. Michael Jerald-Ld.Dr सुनवाईकीतारीख/ : 15/10/2019 Date Of Hearing घोषणाकीतारीख / : 15/10/2019 Date Of Pronouncement आदेश / O R D E R

For Appellant: Shri Anuj Kisnadwala-Ld.ARFor Respondent: Shri S. Michael Jerald-Ld.DR

Section 115JSection 14A

…ree funds available with the assessee as per the cited decision of Hon’ble Supreme 10 M/s Anushakti Chemicals & Drugs Ltd. Assessment Year-2012-13 Court as well as the decision of jurisdictional High Court rendered in CIT Vs. Reliance Utilities & Power Ltd. [313 ITR 340]. This ground also stand allowed for statistical purposes. 8. The appeal stands allowed for statistical purposes. Order pronounced in the open court on 15th October, 2019. (Saktijit Dey) (Manoj Kumar Aggarwal) "ाियक सद" / Judicial Member लेखा सद" / Accountant Member मुंबई Mumbai; िदनांकDated : 15/10/2019 Sr.PS:-Jaisy Varghese आदेश की "ितिलिप अ"ेि…

Allied Digital Services Ltd., Mumbai vs. DCIT, CC- 1(3), Mumbai

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

ITA 4232/MUM/2017[2012-13]Status: DisposedITAT Mumbai11 Oct 2019AY 2012-13

Bench: Shri G. Manjunatha & Shri Ram Lal Negiassessment Year: 2012-13

For Appellant: Shri Rishabh Shah, A.RFor Respondent: Shri Satishchandra Rajore, D.R

Section 115JSection 131Section 133ASection 14A

…which yield exempt income and accordingly, no disallowance can be made in respect of interest disallowances. In this regard, the assessee has relied upon the decision of Hon’ble Bombay High Court in the case of CIT vs. Reliance Utilities and Power Ltd. (2009) 313 ITR 340 (Bom). The assessee has also challenged additions made by the AO to book profit computed under section 115JB in respect of amount disallowed under section 14A of the Income Tax Act, 1961. 5. The Ld. CIT(A) after considering the relevant submissions of the assessee and also by relying upon certain judicial proceedings including the decision of ITA…