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 367,154 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.

Ashok Leyland Limited, Chennai vs. ACIT, Chennai

ITA 2330/CHNY/2019[2015-16]Status: DisposedITAT Chennai07 Jul 2025AY 2015-16

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.2330/Chny/2019 निर्धारण वर्ष/Assessment Year: 2015-16 M/S. Ashok Leyland Ltd., 1, Sardar Patel Road, Guindy, Chennai-600 032. [Pan: Aaaca 4651 L] (अपीलार्थी/Appellant) V. The Acit, Large Taxpayer Unit-2, Chennai. (प्रत्यर्थी/Respondent) आयकर अपील सं./Ita No.2618/Chny/2019 निर्धारण वर्ष/Assessment Year: 2015-16 The Acit, Large Taxpayer Unit-2, Chennai. V. M/S. Ashok Leyland Ltd., 1, Sardar Patel Road, Guindy, Chennai-600 032. [Pan: Aaaca 4651 L] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Assessee By : Mr.R. Vijayaraghavan, Adv. & Mr.Vikram Vijayaraghavan, Adv. Department By : Mr.A. Sasikumar, Cit सुनवाईकीतारीख/Date Of Hearing : 02.05.2025 घोषणाकीतारीख /Date Of Pronouncement : 07.07.2025

For Appellant: Mr.R. Vijayaraghavan, AdvFor Respondent: Mr.A. Sasikumar, CIT
Section 115JSection 143(3)Section 14A

…ing Officer disallowing a part of interest payments under section 14A of the Act read with rule 8D(2)(ii) of I.T Rules, 1962 needs to be set aside". We also note that the Hon'ble Bombay High Court in the case of CIT v. Reliance Utilities and Power Ltd. (2009) 313 ITR 340 has laid the proposition of law that, when there are both interest free funds and interest bearing funds, the presumption is that interest free funds were utilized for interest free investment and advances. Such a proposition of law has been upheld by the Hon'ble Supreme Court in the case of CIT v. Reliance Industries Ltd., reported in [2019] 410…

M/S. Thiruvalluvar Textiles (P) Ltd., Rasipuram vs. ACIT, Circle-1(1), Chennai

In the result, appeals filed by the assessee are allowed

ITA 857/CHNY/2025[2011-12]Status: DisposedITAT Chennai04 Jul 2025AY 2011-12

Bench: Shri Aby T. Varkey & Shri Jagadish

For Appellant: Mr.Y. Sridhar, FCAFor Respondent: Ms. Gauthami Manivasagam
Section 143(1)Section 143(3)Section 264

…raises presumption that its own funds were utilized for making interest-free advance or investment in its subsidiary M/s.TNMPL . For such a preposition, we rely on the following Hon’ble High Courts decisions: • CIT v. Reliance Utilities and Power Ltd. (2009) 313 ITR 340 (Bom) • CIT v. Hotel Savera (1999) 239 ITR 795 (Mad) • CIT v. TIN. Box Co. (2003) 260 ITR 637 (Del) 11. The ratio laid by the Hon’ble High Courts (supra) been concurred by the Hon’ble Apex Court in CIT (LTU) v. Reliance Industries Ltd., reported in 410 ITR 466 (SC) wherein it was held by their Lordships ‘ …… when interest-free funds was availa…

M/S. Thruvalluvar Textiles (P) Ltd., Rasipuram vs. ACIT, Circle-1(1), Chennai

In the result, appeals filed by the assessee are allowed

ITA 856/CHNY/2025[2010-11]Status: DisposedITAT Chennai04 Jul 2025AY 2010-11

Bench: Shri Aby T. Varkey & Shri Jagadish

For Appellant: Mr.Y. Sridhar, FCAFor Respondent: Ms. Gauthami Manivasagam
Section 143(1)Section 143(3)Section 264

…raises presumption that its own funds were utilized for making interest-free advance or investment in its subsidiary M/s.TNMPL . For such a preposition, we rely on the following Hon’ble High Courts decisions: • CIT v. Reliance Utilities and Power Ltd. (2009) 313 ITR 340 (Bom) • CIT v. Hotel Savera (1999) 239 ITR 795 (Mad) • CIT v. TIN. Box Co. (2003) 260 ITR 637 (Del) 11. The ratio laid by the Hon’ble High Courts (supra) been concurred by the Hon’ble Apex Court in CIT (LTU) v. Reliance Industries Ltd., reported in 410 ITR 466 (SC) wherein it was held by their Lordships ‘ …… when interest-free funds was availa…

M/S. Thiruvalluvar Textiles (P) Ltd., Rasipuram vs. ACIT, Circle-1(1), Salem

In the result, appeals filed by the assessee are allowed

ITA 855/CHNY/2025[2009-10]Status: DisposedITAT Chennai04 Jul 2025AY 2009-10

Bench: Shri Aby T. Varkey & Shri Jagadish

For Appellant: Mr.Y. Sridhar, FCAFor Respondent: Ms. Gauthami Manivasagam
Section 143(1)Section 143(3)Section 264

…raises presumption that its own funds were utilized for making interest-free advance or investment in its subsidiary M/s.TNMPL . For such a preposition, we rely on the following Hon’ble High Courts decisions: • CIT v. Reliance Utilities and Power Ltd. (2009) 313 ITR 340 (Bom) • CIT v. Hotel Savera (1999) 239 ITR 795 (Mad) • CIT v. TIN. Box Co. (2003) 260 ITR 637 (Del) 11. The ratio laid by the Hon’ble High Courts (supra) been concurred by the Hon’ble Apex Court in CIT (LTU) v. Reliance Industries Ltd., reported in 410 ITR 466 (SC) wherein it was held by their Lordships ‘ …… when interest-free funds was availa…

M/S. Thiruvalluvar Textiles (P) Ltd., Rasipuram vs. ACIT, Circle-1(1), Salem

In the result, appeals filed by the assessee are allowed

ITA 854/CHNY/2025[2008-09]Status: DisposedITAT Chennai04 Jul 2025AY 2008-09

Bench: Shri Aby T. Varkey & Shri Jagadish

For Appellant: Mr.Y. Sridhar, FCAFor Respondent: Ms. Gauthami Manivasagam
Section 143(1)Section 143(3)Section 264

…raises presumption that its own funds were utilized for making interest-free advance or investment in its subsidiary M/s.TNMPL . For such a preposition, we rely on the following Hon’ble High Courts decisions: • CIT v. Reliance Utilities and Power Ltd. (2009) 313 ITR 340 (Bom) • CIT v. Hotel Savera (1999) 239 ITR 795 (Mad) • CIT v. TIN. Box Co. (2003) 260 ITR 637 (Del) 11. The ratio laid by the Hon’ble High Courts (supra) been concurred by the Hon’ble Apex Court in CIT (LTU) v. Reliance Industries Ltd., reported in 410 ITR 466 (SC) wherein it was held by their Lordships ‘ …… when interest-free funds was availa…

United Phosphorus Ltd, Mumbai vs. DCIT Cen Cir 38, Mumbai

ITA 6950/MUM/2013[2004-05]Status: DisposedITAT Mumbai27 Jun 2025AY 2004-05

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Ms. Vasanti Patel, Advocate and Ms. Saisudha Multani, CAFor Respondent: Shri Abhishek Tharwal, Sr. DR
Section 2(24)(x)Section 36(1)Section 36(1)(va)Section 80

…and surplus. Hence, no disallowance towards interest expense is warranted. Assessee placed reliance on the decision of CIT vs. Reliance Industries Ltd. 86 taxmann.com 24 (SC), CIT vs. HDFC Bank Ltd. 366 ITR 505 (Bom), CIT vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) to fortify the submissions made. Further, reliance was placed on the decisions of Co-ordinate Bench in assessee's own case for AY 1999-2000 in ITA No. 4695/Mum/2005, for AY 2000-01 ITA No. 3456/Mum/2004 and for AY 2001-02 in ITA No. 2990/Mum/2005 wherein disallowance made on similar fact pattern was deleted. 5. 2. Per contra, ld. CIT DR cl…

United Phosphorus Ltd ( Formelry Known As Search Chem Industries Ltd), Mumbai vs. DCIT Cen Cir 38, Mumbai

ITA 5344/MUM/2013[2007-08]Status: DisposedITAT Mumbai27 Jun 2025AY 2007-08

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Abhishek Tharwal, Sr. DR
Section 2(24)(x)Section 36(1)Section 36(1)(va)Section 80

…and surplus. Hence, no disallowance towards interest expense is warranted. Assessee placed reliance on the decision of CIT vs. Reliance Industries Ltd. 86 taxmann.com 24 (SC), CIT vs. HDFC Bank Ltd. 366 ITR 505 (Bom), CIT vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) to fortify the submissions made. Further, reliance was placed on the decisions of Co- ordinate Bench in assessee's own case for AY 1999-2000 in ITA No. 4695/Mum/2005, for AY 2000-01 ITA No. 3456/Mum/2004 and for AY 2001-02 in ITA No. 2990/Mum/2005 wherein disallowance made on similar fact pattern was deleted. 5. 2. Per contra, ld. CIT DR c…

United Phosphorus Ltd ( Formerly Known As Search Chem Industries Ltd), Mumbai vs. DCIT Cen Cir 38, Mumbai

ITA 7028/MUM/2010[2005-06]Status: DisposedITAT Mumbai27 Jun 2025AY 2005-06

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Abhishek Tharwal, Sr. DR
Section 2(24)(x)Section 36(1)Section 36(1)(va)Section 80

…and surplus. Hence, no disallowance towards interest expense is warranted. Assessee placed reliance on the decision of CIT vs. Reliance Industries Ltd. 86 taxmann.com 24 (SC), CIT vs. HDFC Bank Ltd. 366 ITR 505 (Bom), CIT vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) to fortify the submissions made. Further, reliance was placed on the decisions of Co- ordinate Bench in assessee's own case for AY 1999-2000 in ITA No. 4695/Mum/2005, for AY 2000-01 ITA No. 3456/Mum/2004 and for AY 2001-02 in ITA No. 2990/Mum/2005 wherein disallowance made on similar fact pattern was deleted. 5. 2. Per contra, ld. CIT DR…

United Phosphorus Ltd ( Formerly Known As Search Chem Industries Ltd), Mumbai vs. DCIT Cen Cir 38, Mumbai

ITA 7027/MUM/2010[2004-05]Status: DisposedITAT Mumbai27 Jun 2025AY 2004-05

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Abhishek Tharwal, Sr. DR
Section 2(24)(x)Section 36(1)Section 36(1)(va)Section 80

…and surplus. Hence, no disallowance towards interest expense is warranted. Assessee placed reliance on the decision of CIT vs. Reliance Industries Ltd. 86 taxmann.com 24 (SC), CIT vs. HDFC Bank Ltd. 366 ITR 505 (Bom), CIT vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) to fortify the submissions made. Further, reliance was placed on the decisions of Co- ordinate Bench in assessee's own case for AY 1999-2000 in ITA No. 4695/Mum/2005, for AY 2000-01 ITA No. 3456/Mum/2004 and for AY 2001-02 in ITA No. 2990/Mum/2005 wherein disallowance made on similar fact pattern was deleted. 5. 2. Per contra, ld. CIT DR…

DCIT CC-38, Mumbai vs. United Phophourus Ltd ( Formerly Knwon As Search Chem Indl. Ltd), Mumbai

ITA 6807/MUM/2010[2004-05]Status: DisposedITAT Mumbai27 Jun 2025AY 2004-05

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Abhishek Tharwal, Sr. DR
Section 2(24)(x)Section 36(1)(va)Section 80

…and surplus. Hence, no disallowance towards interest expense is warranted. Assessee placed reliance on the decision of CIT vs. Reliance Industries Ltd. 86 taxmann.com 24 (SC), CIT vs. HDFC Bank Ltd. 366 ITR 505 (Bom), CIT vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) to fortify the submissions made. Further, reliance was placed on the decisions of Co- ordinate Bench in assessee's own case for AY 1999-2000 in ITA No. 4695/Mum/2005, for AY 2000-01 ITA No. 3456/Mum/2004 and for AY 2001-02 in ITA No. 2990/Mum/2005 wherein disallowance made on similar fact pattern was deleted. 5. 2. Per contra, ld. CIT DR c…

DCIT CC-38, Mumbai vs. United Phosphorus Ltd ( Formerly Known As Search Chem Indl.L Td), Mumbai

ITA 6709/MUM/2010[2005-06]Status: DisposedITAT Mumbai27 Jun 2025AY 2005-06

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Abhishek Tharwal, Sr. DR
Section 2(24)(x)Section 36(1)Section 36(1)(va)Section 80

…and surplus. Hence, no disallowance towards interest expense is warranted. Assessee placed reliance on the decision of CIT vs. Reliance Industries Ltd. 86 taxmann.com 24 (SC), CIT vs. HDFC Bank Ltd. 366 ITR 505 (Bom), CIT vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) to fortify the submissions made. Further, reliance was placed on the decisions of Co- ordinate Bench in assessee's own case for AY 1999-2000 in ITA No. 4695/Mum/2005, for AY 2000-01 ITA No. 3456/Mum/2004 and for AY 2001-02 in ITA No. 2990/Mum/2005 wherein disallowance made on similar fact pattern was deleted. 5. 2. Per contra, ld. CIT DR…

Laffans Petrochemicals Ltd, Mumbai vs. Asstt. Commissioner of Income Tax Circle 10(2)(1), Mumbai

In the result, the appeal is allowed for statistical purposes

ITA 5292/MUM/2024[2009-10]Status: DisposedITAT Mumbai25 Jun 2025AY 2009-10

Bench: Shri Sandeep Gosain & Shri Prabhash Shankarlaffans Petrochemicals V/S. Assistant Commissioner Of Ltd. Gujral House, 601, 6Th बनाम Income Tax, Circle – 10(2)(1), Floor, 167 Cst Road, Next To Room No. 209, 2Nd Floor, Axis Bank, Kalina, Santacruz Aayakar Bhawan, Maharishi East, Mumbai 400 098, Karve Road, Mumbai 400020, Maharashtra Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacl0645D .. Appellant/अपीलार्थी Respondent/प्रतिवादी

For Appellant: Ms Aarti Sathe & Ms Aasavari Kadam,ARsFor Respondent: Shri Aditya Rai, (Sr. DR)
Section 143(3)Section 36(1)(iii)

…09. The Tribunal after considering the submissions of the parties remitted the issue back to the file of the AO for deciding afresh in terms of the principle laid down by the Hon’ble jurisdictional High Court in case of CIT vs. Reliance utility and Power Ltd. 313 ITR 340. There being no material difference in fact in the impugned A Y, respectfully following the aforesaid decision of the co- ordinate Bench, we restore the matter back to the file of the AO with P a g e | 5 A.Y. 2009-10 Laffans Petrochemicals Ltd., Mumbai similar direction. Needless to mention the AO must afford reasonable opportunity of being hear…

The ACIT, Circle-2(1)(1), Ahmedabad vs. M/S. Intas Pharmaceuticals Ltd., Ahmedabad

Accordingly, this ground raised by the Revenue is dismissed

ITA 281/AHD/2021[2015-16]Status: DisposedITAT Ahmedabad21 May 2025AY 2015-16

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 144CSection 14ASection 35Section 36(1)(iii)Section 37Section 92C

…the books as per consistent accounting policy, and the entire interest was claimed as revenue expenditure, having nexus with the business. The assessee placed reliance on several judicial precedents including: • CIT v. Reliance Utilities & Power Ltd. [(2009) 313 ITR 340 (Bom.)] • CIT v. Torrent Leasing & Finance Pvt. Ltd. [Gujarat HC] • CIT v. Raghubeer Synthetics Ltd. [(2013) 354 ITR 222 (Guj.)] • CIT v. Amod Stamping Pvt. Ltd. [(2014) 45 taxmann.com 427 (Guj.)] 81. The CIT(A), after considering the submissions and following consistent orders in assessee’s own case for earlier years (A.Ys. 2011–12 to 2014–15),…

Intas Pharmaceuticals Ltd., Ahmedabad vs. The DCIT, Circle-2(1)(1), Ahmedabad

Accordingly, this ground raised by the Revenue is dismissed

ITA 222/AHD/2021[2015-16]Status: DisposedITAT Ahmedabad21 May 2025AY 2015-16

Bench: S/Shri T.R. Senthil Kumar & Makarand V.Mahadeokarasstt.Year : 2015-16 Acit, Cir.2(1)(1) M/S.Intas Pharmaceuticals Ltd Vejalpur Vs Corporate House Ahmedabad. S.G. Highway Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L Asstt.Year : 2015-16 M/S.Intas Pharmaceuticals Ltd Acit, Cir.2(1)(1) Corporate House Vs Vejalpur S.G. Highway Ahmedabad. Nr.Sola Bridge, Thaltej Ahmedabad 380 054. Pan : Aaaci 5120 L (Applicant) (Responent) : Assessee By Shri S.N. Soparkar, Sr.Advocae & Shri Parin Shah, Ar : Shri Ragnesh Das, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 28/04/2025 घोषणा क" तारीख /Date Of Pronouncement: 21/05/2025 आदेश आदेश/O R D E R आदेश आदेश

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 144CSection 14ASection 35Section 36(1)(iii)Section 37Section 92C

…the books as per consistent accounting policy, and the entire interest was claimed as revenue expenditure, having nexus with the business. The assessee placed reliance on several judicial precedents including: • CIT v. Reliance Utilities & Power Ltd. [(2009) 313 ITR 340 (Bom.)] • CIT v. Torrent Leasing & Finance Pvt. Ltd. [Gujarat HC] • CIT v. Raghubeer Synthetics Ltd. [(2013) 354 ITR 222 (Guj.)] • CIT v. Amod Stamping Pvt. Ltd. [(2014) 45 taxmann.com 427 (Guj.)] 81. The CIT(A), after considering the submissions and following consistent orders in assessee’s own case for earlier years (A.Ys. 2011–12 to 2014–15),…

Asst. Commissioner of Income Tax 8(2)(1) Mumbai, Mumbai vs. Ms. Piramal Enterprises Limited, Mumbai

In the result, all the three appeals of the assessee are partly allowed and appeal of the Revenue is dismissed

ITA 2589/MUM/2024[2008-09]Status: DisposedITAT Mumbai21 May 2025AY 2008-09

Bench: Smt. Beena Pillai & Shri Girish Agrawal

For Appellant: Shri Ronak Doshi, CAFor Respondent: Shri R.A. Dhyani, CIT DR
Section 115JSection 143(3)Section 14ASection 80Section 80I

…e Rules. Assessee also relied upon the decision in the case of South Indian Bank Ltd. vs. CIT (438 ITR 1)(SC). Godrej & Boyce Mfg. Co. Ltd. vs. DCIT (328 ITR 81) (Bom HC), HDFC Bank Ltd. vs. CIT (366 ITR 505) (Bom HC), CIT vs. Reliance Utilities & Power Ltd. (313 ITR 340) (Bom HC) and other decisions. Thus, assessee submitted that no disallowance u/s 14A r.w.r. 8D(2)(ii) should be made. 7.3. Tribunal had set aside the issue to the file of ld. Assessing Officer for limited purpose of verifying the availability of sufficient interest free funds to make investment in assets which yielded exempt income. Before the l…

Piramal Enterprises Limited, Mumbai vs. The Assistant Commissioner of Income Tax Circle 7(3)(2), Mumbai

In the result, all the three appeals of the assessee are partly allowed and appeal of the Revenue is dismissed

ITA 2588/MUM/2024[2008-09]Status: DisposedITAT Mumbai21 May 2025AY 2008-09

Bench: Smt. Beena Pillai & Shri Girish Agrawal

For Appellant: Shri Ronak Doshi, CAFor Respondent: Shri R.A. Dhyani, CIT DR
Section 115JSection 143(3)Section 14ASection 80Section 80I

…e Rules. Assessee also relied upon the decision in the case of South Indian Bank Ltd. vs. CIT (438 ITR 1)(SC). Godrej & Boyce Mfg. Co. Ltd. vs. DCIT (328 ITR 81) (Bom HC), HDFC Bank Ltd. vs. CIT (366 ITR 505) (Bom HC), CIT vs. Reliance Utilities & Power Ltd. (313 ITR 340) (Bom HC) and other decisions. Thus, assessee submitted that no disallowance u/s 14A r.w.r. 8D(2)(ii) should be made. 7.3. Tribunal had set aside the issue to the file of ld. Assessing Officer for limited purpose of verifying the availability of sufficient interest free funds to make investment in assets which yielded exempt income. Before the l…

Piramal Enterprises Limited, Mumbai vs. The Deputy Commissioner of Income Tax, Circle 8(2)(1), Mumbai

In the result, all the three appeals of the assessee are partly allowed and appeal of the Revenue is dismissed

ITA 2584/MUM/2024[2009-10]Status: DisposedITAT Mumbai21 May 2025AY 2009-10

Bench: Smt. Beena Pillai & Shri Girish Agrawal

For Appellant: Shri Ronak Doshi, CAFor Respondent: Shri R.A. Dhyani, CIT DR
Section 115JSection 143(3)Section 14ASection 80Section 80I

…e Rules. Assessee also relied upon the decision in the case of South Indian Bank Ltd. vs. CIT (438 ITR 1)(SC). Godrej & Boyce Mfg. Co. Ltd. vs. DCIT (328 ITR 81) (Bom HC), HDFC Bank Ltd. vs. CIT (366 ITR 505) (Bom HC), CIT vs. Reliance Utilities & Power Ltd. (313 ITR 340) (Bom HC) and other decisions. Thus, assessee submitted that no disallowance u/s 14A r.w.r. 8D(2)(ii) should be made. 7.3. Tribunal had set aside the issue to the file of ld. Assessing Officer for limited purpose of verifying the availability of sufficient interest free funds to make investment in assets which yielded exempt income. Before the l…

Piramal Enterprises Limited, Mumbai vs. The Deputy Commissioner of Income Tax, Circle 8(2)(1), Mumbai

In the result, all the three appeals of the assessee are partly allowed and appeal of the Revenue is dismissed

ITA 2582/MUM/2024[2010-11]Status: DisposedITAT Mumbai21 May 2025AY 2010-11

Bench: Smt. Beena Pillai & Shri Girish Agrawal

For Appellant: Shri Ronak Doshi, CAFor Respondent: Shri R.A. Dhyani, CIT DR
Section 115JSection 143(3)Section 14ASection 80Section 80I

…e Rules. Assessee also relied upon the decision in the case of South Indian Bank Ltd. vs. CIT (438 ITR 1)(SC). Godrej & Boyce Mfg. Co. Ltd. vs. DCIT (328 ITR 81) (Bom HC), HDFC Bank Ltd. vs. CIT (366 ITR 505) (Bom HC), CIT vs. Reliance Utilities & Power Ltd. (313 ITR 340) (Bom HC) and other decisions. Thus, assessee submitted that no disallowance u/s 14A r.w.r. 8D(2)(ii) should be made. 7.3. Tribunal had set aside the issue to the file of ld. Assessing Officer for limited purpose of verifying the availability of sufficient interest free funds to make investment in assets which yielded exempt income. Before the l…

Chimanlal Maneklal Securities Private Limited, Mumbai vs. Income Tax Officer, Aayakar Bhawan, Mumbai

In the result, appeal of the assessee is partly allowed

ITA 127/MUM/2025[2016-17]Status: DisposedITAT Mumbai06 May 2025AY 2016-17

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Om Kandalkar,ARFor Respondent: Shri Kiran Unavekar, (Sr. DR)
Section 10(34)Section 115JSection 143(3)Section 14A

…ummed up the law on the issue after noticing the availability of own funds as per Balance Sheet of the assessee and after digesting all decisions on the subject, the Court noticed the decision of the Hon'ble Bombay High Court in Reliance Utilities & Power Ltd 313 ITR 340 (Bom), which was later confirmed by the Hon'ble Supreme Court in SLP No. 37/2019 vide order dated 02- 01-2019,wherein it was 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 ca…

DCIT Circle- 1, Ltu, New Delhi vs. Mawana Sugar Ltd., New Delhi

Appeal is partly allowed as above and the appeal of the Revenue is dismissed as above

ITA 5984/DEL/2019[2016-17]Status: DisposedITAT Delhi30 Apr 2025AY 2016-17

Bench: Shri Challa Nagendra Prasad & Shri Avdhesh Kumar Mishra

Section 115JSection 14ASection 36(1)(iii)

…wana Sugar Ltd. (ii) Alkali and Chemical Corporation of India Ltd. 161 ITR 820 (Cal) (iii) Hotel Savera 239 ITR 795 799-800 (Mad) (iv) Radico Khaitan Ltd. 274 ITR 354 (All) (v) Britannia Industries Ltd. 280 ITR 525 (Cal) (vi) Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) (vii) East India Pharmaceutical Works Ltd. 224 ITR 627 (SC) (viii) Munjal Sales Corporation 298 ITR 298 (SC) (ix) South Indian Bank Ltd. 438 ITR 1 (SC) 5.3 The Ld. AR contended that the Hon'ble Supreme Court in the cases of East India Pharmaceutical Works Ltd. (supra), Munjal Sales Corporation (supra) and South Indian Bank Ltd. (supra) had…