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 367,714 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.

Bharat Petroleum Corporation Ltd, Mumbai vs. DCIT (DCIT) RG 2(1), Mumbai

In the result, the appeals of the assessee are partly allowed and that of the Revenue in AY 2011-12 is dismissed

ITA 7606/MUM/2014[2010-11]Status: DisposedITAT Mumbai07 Aug 2019AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am

For Appellant: Shri Jehangir D.J. Mistri, Sr. AdvocateFor Respondent: Shri N.S. Jang Pangi, CIT DR
Section 143(3)Section 14A

…utilized its self owned funds for the purpose of investing in the tax free securities, therefore, no expenditure was liable to be disallowed in view of the judgment of the Hon’ble High Court of Bombay in the case of CIT Vs. Reliance Utility Powers Ltd. (2009) 313 ITR 340) (Bom). The ld. A.R further submitted that the assessee company had not incurred any expenditure for earning of the exempt income, therefore no disallowance u/s. 14A was called for in its hands. The ld. A.R. submitted that a similar adhoc disallowance involving identical facts had been looked into by the ITAT „B‟ bench, Mumbai in the case of the…

S.P. Corporation, Mumbai vs. Asst CIT RG 11(1), Mumbai

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

ITA 5564/MUM/2014[2010-11]Status: DisposedITAT Mumbai31 Jul 2019AY 2010-11

Bench: Shri Pawan Singh, Jm & Shri G. Manjunatha, Am S.P. Corporation Vs. Acit, Range-11(1) 65, Sterling Theatre Basement Aayakar Bhavan Murzaban Road, Fort Munbai-400 020 Mumbai-400 001 Pan/Gir No.Aaafs1086L Appellant) .. Respondent)

Section 143(3)Section 14ASection 36

…ial on record, we find that in so far as disallowance of interest expenditure under Rule 8D(2)(ii), the Tribunal has recorded categorical finding in light of the decision of Honb’le Bombay High Court in the case of CIT vs. Reliance utility and power limited 313 ITR 340 and CIT vs HDFC Bank 363 ITR 505 that the assessee is having sufficient own funds in form of share capital and reserves in excess of investments in shares and securities which yield exempt income and hence, question of disallowance of interest expenditure does not arise. This year, the assessee has made out a case with necessary details that i…

Ascent Finechem Pvt. Ltd., Ahmedabad vs. The DCIT., Circle-1(1)(1), Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 440/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad30 Jul 2019AY 2014-15

Bench: Shri Waseem Ahmed & Ms. Madhumita Roysl. Ita No(S) Asset. Appeal(S) By No Year(S) Appellant Vs. Respondent (S) Appellant Respondent 1-2 438-439/Ahd/2018 2008-09 Ascent Finechem Pvt. A.C.I.T, Circle- & Ltd., 1(1)(2), 2009-10 11, Ground Floor, Ahmedabad. Suryarath, B/H. Whilte House, Panchawati, Ahmedabad-380015. Pan No.Aabca6349Q

For Appellant: Shri P.F. Jain, A.RFor Respondent: Shri S.K. Dev, Dr. D.R
Section 10B

…the assessee out of its own fund. In this regard we ITA NOS.438-439/Ahd/2018 & others For A.Ys 2008-09- 2009-10 & others 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.…

Ascent Finechem Pvt. Ltd., Ahmedabad vs. The ACIT., Circle-1, Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 439/AHD/2018[2009-10]Status: DisposedITAT Ahmedabad30 Jul 2019AY 2009-10

Bench: Shri Waseem Ahmed & Ms. Madhumita Roysl. Ita No(S) Asset. Appeal(S) By No Year(S) Appellant Vs. Respondent (S) Appellant Respondent 1-2 438-439/Ahd/2018 2008-09 Ascent Finechem Pvt. A.C.I.T, Circle- & Ltd., 1(1)(2), 2009-10 11, Ground Floor, Ahmedabad. Suryarath, B/H. Whilte House, Panchawati, Ahmedabad-380015. Pan No.Aabca6349Q

For Appellant: Shri P.F. Jain, A.RFor Respondent: Shri S.K. Dev, Dr. D.R
Section 10B

…the assessee out of its own fund. In this regard we ITA NOS.438-439/Ahd/2018 & others For A.Ys 2008-09- 2009-10 & others 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.…

Ascent Finechem Pvt. Ltd., Ahmedabad vs. The ACIT., Circle-1(1)(2), Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 438/AHD/2018[2008-09]Status: DisposedITAT Ahmedabad30 Jul 2019AY 2008-09

Bench: Shri Waseem Ahmed & Ms. Madhumita Roysl. Ita No(S) Asset. Appeal(S) By No Year(S) Appellant Vs. Respondent (S) Appellant Respondent 1-2 438-439/Ahd/2018 2008-09 Ascent Finechem Pvt. A.C.I.T, Circle- & Ltd., 1(1)(2), 2009-10 11, Ground Floor, Ahmedabad. Suryarath, B/H. Whilte House, Panchawati, Ahmedabad-380015. Pan No.Aabca6349Q

For Appellant: Shri P.F. Jain, A.RFor Respondent: Shri S.K. Dev, Dr. D.R
Section 10B

…the assessee out of its own fund. In this regard we ITA NOS.438-439/Ahd/2018 & others For A.Ys 2008-09- 2009-10 & others 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.…

Dcb Bank Limited, Mumbai vs. Assistant Commissioner of Income Tax 2(3)(1), Mumbai

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

ITA 785/MUM/2018[2014-15]Status: DisposedITAT Mumbai29 Jul 2019AY 2014-15

Bench: Shri Ravish Sood () & Shri N.K. Pradhan () Assessment Year: 2014-15 Acit-2(3)(1), R.No. 552, 5Th M/S Dcb Bank Ltd. Floor, Aayakar Bhavan, M.K. Vs. (Formerly Development Road, Mumbai-400020. Credit Card Ltd.) 6Th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai-400013. Pan No. Aaacd1461F Appellant Respondent Assessment Year: 2014-15 M/S Dcb Bank Ltd. Acit-2(3)(1), R.No. 552, (Formerly Development Vs. 5Th Floor, Aayakar Bhavan, Credit Card Ltd.) 6Th Floor, M.K. Road, Mumbai- Tower A, Peninsula 400020. Business Park, Senapati Bapat Marg, Lower Parel, Mumbai-400013 Pan No. Aaacd1461F Appellant Respondent

For Appellant: Mr. Satish Mody, ARFor Respondent: Mr. Rajesh Ojha, DR
Section 143(3)Section 28

…made out of the interest-free funds. Thus, it is stated that the assessee-bank has own funds of Rs.1153.95 crores whereas tax-free investments are Rs.164.39 crores as on 31.03.2014. Relying on the decision in the case of CIT v. Reliance Utilities & Power Ltd. 313 ITR 340 (Bom) and CIT v. HDFC Bank Ltd. 366 ITR 505 (Bom), it is stated that no disallowance under Rule 8D(2)(ii) of the Income Tax Rules, 1962 (the Rules) is called for. Further, it was stated before the AO that if the tax-free investments are as stock-in-trade, then no disallowance could be made u/s 14A. In this regard, reliance was placed on the decis…

Assistant Commissioner of Income Tax 2(3)(1), Mumbai vs. Dcb Bank Limited (Formerly Development Credit Bank Limited), Mumbai

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

ITA 707/MUM/2018[2014-15]Status: DisposedITAT Mumbai29 Jul 2019AY 2014-15

Bench: Shri Ravish Sood () & Shri N.K. Pradhan () Assessment Year: 2014-15 Acit-2(3)(1), R.No. 552, 5Th M/S Dcb Bank Ltd. Floor, Aayakar Bhavan, M.K. Vs. (Formerly Development Road, Mumbai-400020. Credit Card Ltd.) 6Th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai-400013. Pan No. Aaacd1461F Appellant Respondent Assessment Year: 2014-15 M/S Dcb Bank Ltd. Acit-2(3)(1), R.No. 552, (Formerly Development Vs. 5Th Floor, Aayakar Bhavan, Credit Card Ltd.) 6Th Floor, M.K. Road, Mumbai- Tower A, Peninsula 400020. Business Park, Senapati Bapat Marg, Lower Parel, Mumbai-400013 Pan No. Aaacd1461F Appellant Respondent

For Appellant: Mr. Satish Mody, ARFor Respondent: Mr. Rajesh Ojha, DR
Section 143(3)Section 28

…made out of the interest-free funds. Thus, it is stated that the assessee-bank has own funds of Rs.1153.95 crores whereas tax-free investments are Rs.164.39 crores as on 31.03.2014. Relying on the decision in the case of CIT v. Reliance Utilities & Power Ltd. 313 ITR 340 (Bom) and CIT v. HDFC Bank Ltd. 366 ITR 505 (Bom), it is stated that no disallowance under Rule 8D(2)(ii) of the Income Tax Rules, 1962 (the Rules) is called for. Further, it was stated before the AO that if the tax-free investments are as stock-in-trade, then no disallowance could be made u/s 14A. In this regard, reliance was placed on the decis…

Alok Industries Ltd., Mumbai vs. DCIT Cent. Cir. 6(2), Mumbai

In the result, assessee’s appeal is partly allowed

ITA 7243/MUM/2017[2013-14]Status: DisposedITAT Mumbai26 Jul 2019AY 2013-14

Bench: Shri Saktijit Deyand Shri N.K. Pradhan

For Appellant: Shri Dharan V. GandhiFor Respondent: Shri Anand Mohan
Section 143(3)Section 144C(13)Section 92B

…ade in securities and advances to the sister concern put together. If the aforesaid submissions of the assessee is factually correct, then as per the ratio laid down by the Hon'ble Jurisdictional High Court in CIT v/s Reliance Utilities And Power Ltd., [2009] 313 ITR 340 (Bom.), no disallowance of interest expenditure can be made, as, the presumption would be, the loans and advances to the sister concern was out of interest free surplus fund available with the assessee. In fact, applying the aforesaid principle, the Tribunal in assessee’s own case in assessment year 2012–13, vide ITA no.1017/Mum./2017, dated 10th…

Icici Securities Ltd ( Earlier Known As Icici Brokerage Services Ltd), Mumbai vs. Addl CIT RG 4(1), Mumbai

Appeal of the assessee is allowed and that of department is dismissed, as above

ITA 5789/MUM/2010[2006-07]Status: DisposedITAT Mumbai26 Jul 2019AY 2006-07

Bench: Shri G.S. Pannu & Shri Ram Lal Negi: A.Y : 2006-07

For Appellant: Ms. Aarti VissanjiFor Respondent: Shri Neil Philip
Section 10(34)Section 143(3)Section 14ASection 234BSection 40A(2)(b)

…,93,567/-. As such, it was having sufficient own funds and no disallowance of interest expenditure was warranted under Section 14A r.w.r.8D of the Rules. The ld. Representative for the assessee further relied on the decision of Reliance utilities & Power Ltd. 331 ITR 340 (Bom.) to state that when assessee has sufficient own funds to cover the investments, no disallowance of interest expenditure was warranted. 23. On the other hand, the ld. DR appearing for the Revenue has defended the stand of the lower authorities by reiterating the reasoning contained in the respective orders. 24. In this regard, we find that…

Spc Life Sciences Private Limited, Vadodara vs. DCIT Circle 2(1) (1), Vadodara

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

ITA 1578/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad25 Jul 2019AY 2012-13

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy1. आयकर अपील सं./Ita No.1578/Ahd/2018 2. आयकर अपील सं./Ita No.1628/Ahd/2017 ("नधा"रण वष"/Assessment Years : 2012-13 & 2013-14)

For Appellant: Shri Surendra Modiani, ARFor Respondent: Shri Mudit Nagpal, Sr.DR
Section 143(3)Section 271(1)(c)Section 274

…nce of interest expenses on account of the diversion of the fund as alleged by the authorities below. In this regard, we also draw 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.…

Spc Lifesciences Private Limited, Vadodara vs. DCIT Circle 2(1) (1), Vadodara

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

ITA 1628/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad25 Jul 2019AY 2013-14

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy1. आयकर अपील सं./Ita No.1578/Ahd/2018 2. आयकर अपील सं./Ita No.1628/Ahd/2017 ("नधा"रण वष"/Assessment Years : 2012-13 & 2013-14)

For Appellant: Shri Surendra Modiani, ARFor Respondent: Shri Mudit Nagpal, Sr.DR
Section 143(3)Section 271(1)(c)Section 274

…nce of interest expenses on account of the diversion of the fund as alleged by the authorities below. In this regard, we also draw 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.…

ACIT 1(1), Mumbai vs. Forbes & Co.Ltd, Mumbai

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

ITA 5536/MUM/2011[2007-08]Status: DisposedITAT Mumbai25 Jul 2019AY 2007-08

Bench: Shri G S Pannu, Vice-And Shri Pawan Singh

For Appellant: Shri Girish Dave (AR)For Respondent: Shri S C Tiwari (CIT-DR)
Section 143(3)Section 14ASection 3Section 37(1)Section 40

…ilable with it at the beginning of the year as well as the closing of the year are enough to cover the investments which have yielded the exempt income and, therefore, following the ratio of Hon’ble Bombay High Court in the case of CIT vs. Reliance Utilities 313 ITR 340, no interest expenditure can be attributable to such investments. 10 ITA No. 5536 & 5540 Mum 2011-Forbes & Co. Ltd. 9. On this aspect, the learned CIT-DR appearing for the Revenue contended that the language by which the Assessing Officer is required to record the satisfaction mandated u/s. 14A of the Act is not prescribed under the statute a…

Smt. Deepti Agarwal, New Delhi vs. ACIT, New Delhi

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

ITA 4944/DEL/2016[2011-12]Status: DisposedITAT Delhi25 Jul 2019AY 2011-12

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2011-12 Deepti Agarwal, Vs Acit, C/O M/S Pra Taxindia, Circle-53(1), D-28, South Extension, Part-I, New Delhi. New Delhi. Pan: Aampa0573C (Appellant) (Respondent) Assessee By : Shri Rakesh Gupta & Shri Somil Aggarwal, Advocates Revenue By : Ms Ashima Neb, Sr. Dr Date Of Hearing : 17.07.2019 Date Of Pronouncement : 25.07.2019 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 18Th July, 2016 Of The Cit(A)-18, New Delhi, Relating To Assessment Year 2011-12. 2. The Grounds Of Appeal No.1 & 2 Raised By The Assessee Read As Under:-

For Appellant: Shri Rakesh Gupta &For Respondent: Ms Ashima Neb, Sr. DR
Section 36Section 36(1)(iii)

…on of Mumbai Bench of the Tribunal in the case of Pranik Shipping & Services Ltd. vs. ACIT, 19 taxmann.com 107 (Mum), he submitted that the Tribunal, following the decision of Hon'ble Bombay High Court in the case of CIT vs. Reliance Utilities and Power Ltd., 313 ITR 340 (Bom), has held that where the assessee has interest free funds as well as interest bearing funds, then, presumption would be that investments were made from interest free funds. Where interest free funds available at the disposal of the assessee were far in excess of interest free loan, no disallowance could be made u/s 36(1)(iii) of the Act…

M/S. Unitech Ltd., New Delhi vs. DCIT, New Delhi

In the result, all the 3 appeals of the assessee are allowed and the 2 appeals preferred by the Revenue are dismissed

ITA 1907/DEL/2017[2013-14]Status: DisposedITAT Delhi24 Jul 2019AY 2013-14

Bench: Shri O.P.Kant & Shri K. Narsimha Chary

For Appellant: Sh. Rohit TiwariFor Respondent: Sh. S.S.Rana, CIT DR
Section 142Section 2

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’ NEW DLEHI BEFORE SHRI O.P.KANT, ACCOUNTANT MEMBER AND SHRI K. NARSIMHA CHARY, JUDICIAL MEMBER ITA.Nos.1905, 1906 &1907/Del/2017 Assessment Years: 2007-08, 2012-13, 2013-14 M/s Unitech Limited, vs DCIT, C/o-Luthra & Luthra, Circle-27(1), Law Offices, 103, New Delhi. Ashoka Estate, Barakhamba Road, New Delhi. PAN –AAACU1482H (Applicant) (Respondent) ITA Nos. 6437 & 4781/Del/2017 Assessment Years-2012-13 & 2013-14 ACIT, vs M/s. Unitech Ltd., Circle-27(1), Room No.193, 6, Community Centre, Saket, New Delhi-110017. C.R.Building, New Delhi. PAN –AAACU1482H (App…

M/S. Unitech Ltd., New Delhi vs. DCIT, New Delhi

In the result, all the 3 appeals of the assessee are allowed and the 2 appeals preferred by the Revenue are dismissed

ITA 1906/DEL/2017[2012-13]Status: DisposedITAT Delhi24 Jul 2019AY 2012-13

Bench: Shri O.P.Kant & Shri K. Narsimha Chary

For Appellant: Sh. Rohit TiwariFor Respondent: Sh. S.S.Rana, CIT DR
Section 142Section 2

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’ NEW DLEHI BEFORE SHRI O.P.KANT, ACCOUNTANT MEMBER AND SHRI K. NARSIMHA CHARY, JUDICIAL MEMBER ITA.Nos.1905, 1906 &1907/Del/2017 Assessment Years: 2007-08, 2012-13, 2013-14 M/s Unitech Limited, vs DCIT, C/o-Luthra & Luthra, Circle-27(1), Law Offices, 103, New Delhi. Ashoka Estate, Barakhamba Road, New Delhi. PAN –AAACU1482H (Applicant) (Respondent) ITA Nos. 6437 & 4781/Del/2017 Assessment Years-2012-13 & 2013-14 ACIT, vs M/s. Unitech Ltd., Circle-27(1), Room No.193, 6, Community Centre, Saket, New Delhi-110017. C.R.Building, New Delhi. PAN –AAACU1482H (App…

M/S. Unitech Ltd., New Delhi vs. DCIT, New Delhi

In the result, all the 3 appeals of the assessee are allowed and the 2 appeals preferred by the Revenue are dismissed

ITA 1905/DEL/2017[2007-08]Status: DisposedITAT Delhi24 Jul 2019AY 2007-08

Bench: Shri O.P.Kant & Shri K. Narsimha Chary

For Appellant: Sh. Rohit TiwariFor Respondent: Sh. S.S.Rana, CIT DR
Section 142Section 2

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’ NEW DLEHI BEFORE SHRI O.P.KANT, ACCOUNTANT MEMBER AND SHRI K. NARSIMHA CHARY, JUDICIAL MEMBER ITA.Nos.1905, 1906 &1907/Del/2017 Assessment Years: 2007-08, 2012-13, 2013-14 M/s Unitech Limited, vs DCIT, C/o-Luthra & Luthra, Circle-27(1), Law Offices, 103, New Delhi. Ashoka Estate, Barakhamba Road, New Delhi. PAN –AAACU1482H (Applicant) (Respondent) ITA Nos. 6437 & 4781/Del/2017 Assessment Years-2012-13 & 2013-14 ACIT, vs M/s. Unitech Ltd., Circle-27(1), Room No.193, 6, Community Centre, Saket, New Delhi-110017. C.R.Building, New Delhi. PAN –AAACU1482H (App…

ACIT, Circle- 27(1), New Delhi vs. Unitech Ltd., New Delhi

In the result, all the 3 appeals of the assessee are allowed and the 2 appeals preferred by the Revenue are dismissed

ITA 6437/DEL/2017[2012-13]Status: DisposedITAT Delhi24 Jul 2019AY 2012-13

Bench: Shri O.P.Kant & Shri K. Narsimha Chary

For Appellant: Sh. Rohit TiwariFor Respondent: Sh. S.S.Rana, CIT DR
Section 142Section 2

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’ NEW DLEHI BEFORE SHRI O.P.KANT, ACCOUNTANT MEMBER AND SHRI K. NARSIMHA CHARY, JUDICIAL MEMBER ITA.Nos.1905, 1906 &1907/Del/2017 Assessment Years: 2007-08, 2012-13, 2013-14 M/s Unitech Limited, vs DCIT, C/o-Luthra & Luthra, Circle-27(1), Law Offices, 103, New Delhi. Ashoka Estate, Barakhamba Road, New Delhi. PAN –AAACU1482H (Applicant) (Respondent) ITA Nos. 6437 & 4781/Del/2017 Assessment Years-2012-13 & 2013-14 ACIT, vs M/s. Unitech Ltd., Circle-27(1), Room No.193, 6, Community Centre, Saket, New Delhi-110017. C.R.Building, New Delhi. PAN –AAACU1482H (App…

ACIT, Circle- 27(1), New Delhi vs. Unitech Ltd., New Delhi

In the result, all the 3 appeals of the assessee are allowed and the 2 appeals preferred by the Revenue are dismissed

ITA 4781/DEL/2017[2013-14]Status: DisposedITAT Delhi24 Jul 2019AY 2013-14

Bench: Shri O.P.Kant & Shri K. Narsimha Chary

For Appellant: Sh. Rohit TiwariFor Respondent: Sh. S.S.Rana, CIT DR
Section 142Section 2

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’ NEW DLEHI BEFORE SHRI O.P.KANT, ACCOUNTANT MEMBER AND SHRI K. NARSIMHA CHARY, JUDICIAL MEMBER ITA.Nos.1905, 1906 &1907/Del/2017 Assessment Years: 2007-08, 2012-13, 2013-14 M/s Unitech Limited, vs DCIT, C/o-Luthra & Luthra, Circle-27(1), Law Offices, 103, New Delhi. Ashoka Estate, Barakhamba Road, New Delhi. PAN –AAACU1482H (Applicant) (Respondent) ITA Nos. 6437 & 4781/Del/2017 Assessment Years-2012-13 & 2013-14 ACIT, vs M/s. Unitech Ltd., Circle-27(1), Room No.193, 6, Community Centre, Saket, New Delhi-110017. C.R.Building, New Delhi. PAN –AAACU1482H (App…

The DCIT, Circle-3(1)(2), Ahmedabad vs. M/S. Ratnabhumi Developers Pvt. Ltd., Ahmedabad

In the result, Revenue’s appeal and assessee’s CO both are dismissed

ITA 792/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad23 Jul 2019AY 2012-13

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri D. K. Parikh, A.RFor Respondent: Shri Mudit Nagpal, Sr. D.R
Section 143(1)Section 143(2)Section 143(3)Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER & Ms. MADHUMITA ROY, JUDICIAL MEMBER I.T.A. No.792/Ahd/2016 (Assessment Year : 2012-13) DCIT, Vs. M/s. Ratnabhumi Developers Circle – 3(1)(2), Pvt. Ltd., Ahmedabad. 207, Turquoise, Panchvati Cross Road, C. G. Road, Ahmedabad – 380 006. And CO No. 74/Ahd/2016 (in ITA No.792/Ahd/2016) (Assessment Year : 2012-13) M/s. Ratnabhumi Vs. DCIT, Developers Pvt. Ltd., Circle – 3(1)(2), 207, Turquoise, Panchvati Ahmedabad. Cross Road, C. G. Road, Ahmedabad – 380 006. [PAN No. AACCN 3637 P] (Appellant) .. (Respondent) A…

Shri Divyakant L Panara, Na

In the result, the appeal of the assessee is allowed

ITA 1583/AHD/2017[2013-14]Status: DisposedITAT Surat18 Jul 2019AY 2013-14

Bench: Shrih. S. Sidhu & Shri O. P. Meenaआ.अ.सं./I.T.A No.1583/Ahd/2017 िनधा"रणवष"/Assessment Year: 2013-14 Shri Divyakant L Panara, V. Income Tax Officer, 308, Old Gidc Colony Street, Ward- 2, Navsari Kabilpore , Navsari, 396 445 Pan: Adwpp 1602 L अपीलाथ" Appellant ""यथ"/Respondent

Section 14ASection 36(1)Section 36(1)(iii)

…to be made. The AO, accordingly, made net disallowance of interest of Rs.5,49,709 i.e. [ 8,53,715- 3,04,006]. 4. Being aggrieved, the assessee filed an appeal before the ld. CIT (A). Where reliance in the case of CIT vs. Reliance Utilities & Power Ltd. (2009)313 ITR 340 (Bom)/178 Taxman 135 (Bom) , Raghuvir Synthetics Ltd. of Gujarat High Court and CIT V. CIT v. Corrtech Energy Pvt. Ltd. [2015] 372 ITR 97 (Guj): [2014]45 taxmann.com 116;223 Taxman 130 (Guj.) was made by the assessee. However, Ld. CIT(A) has confirmed the findings of the AO. 5. Being, aggrieved the assessee filed this appeal before the Tribunal.…