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 367,735 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.

ACIT/DCIT, Circle - 6(2), Kolkata vs. M/S. Usha Martin Ventures Limited, Kolkata

ITA 199/KOL/2018[2010-11]Status: DisposedITAT Kolkata10 May 2019AY 2010-11

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2010-11 Acit/Dcit, Circle-6(2) V/S. M/S Usha Martin Ventures Aayakar Bhawan, 6Thfloor, Ltd., 24, R.N. Mukherjee Room No.6/15, P-7, Road, Kolkata-700001 Chowringhee Square, [Pan No.Aaacu 3843 J] Kolkat-700069 .. अपीलाथ" /Appellant ""यथ"/Respondent

Section 143(3)

…ree investments. This tribunal’s decision in REI Agro Ltd. vs. DCIT [20113] 35 taxmann.com 404 (Kolkata-Trib.) as upheld in hon'ble jurisdictional high court’s as well as hon'ble Bombay high court’s decision in CIT vs. Reliance Utilities and Power Ltd. (2009) 313 ITR 340 (Bom) holds that necessary presumption that arises in such a case is of deployment of interest free investments funds only in exempt income yielding investments. We do not find any merit in Revenue’s former argument regarding Rule 8D(2)(ii) of the Income Tax Rules, 1962 proportionate interest issue therefore 8. Coming to last head in former asse…

Piramal Healthcare Ltd, Mumbai vs. DCIT 7(1), Mumbai

The appeal of the revenue is partly allowed for statistical purposes in terms of our aforesaid observations

ITA 1257/MUM/2014[2009-10]Status: DisposedITAT Mumbai07 May 2019AY 2009-10

Bench: Shri G.S.Pannu & Shri Ravish Soodpiramal Healthcare Limited Deputy Commissioner Of Income (Now Known As Piramal Enterprises Ltd.) Tax- 7(1) Piramal Tower, Room No. 622, Aayakar Bhavan, Ganpatrao Kadam Marg, Vs. M.K. Road Lower Parel, Mumbai- 400 020 Mumbai – 400 013

For Appellant: Sh. J.D, Mistry, Senior Advocate &For Respondent: S/sh. Bhupendra Kumar Singh &
Section 143(3)Section 35

…ontention the ld. A.R relied on the judgments of the Hon‟ble High Court of Bombay in the case of (i) HDFC Bank Ltd Vs. DCIT (2016) 383 ITR 529 (Bom); (ii) CIT Vs. HDFC Bank Ltd (2014) 366 ITR 505 (Bom); and (iii) CIT Vs. Reliance Utilities & Power Ltd. (2009) 313 ITR 340 (Bom). In sum and substance, it was the contention of the ld. A.R that as the assessee had sufficient interest free funds which would explain the source of the investments in the exempt income yielding assets, thus no disallowance of any part of the interest expenditure could have been made u/Rule 8D (2)(ii). In order to fortify his contention th…

M/S. Nagaur Automobiles Pvt. Ltd., Nagaur vs. DCIT, Circle, Nagaur

In the result, appeal of assessee is allowed

ITA 437/JODH/2018[2012-13]Status: DisposedITAT Jodhpur06 May 2019AY 2012-13

Bench: Shri N.K.Saini & Shri A. T. Varkeym/S. Nagaur Automobiles Vs Deputy Commissioner Of Pvt. Ltd.,Mundawa Income-Tax, Circle- Nagpur Road,Nagaur. Pan: Aabcn3622M

Section 36(1)(iii)

…give it as a hand loan/advance for few days for which no notional interest income could have been computed by the AO at the first place. For this proposition of law, we rely on the Hon’ble Bombay High Court decision in Reliance Utilities & Power Ltd. Vs. CIT 313 ITR 340 wherein their lordships held that where the assessee is possessed of mixed funds which includes its own funds in sufficient quantity, a presumption that its own funds were utilized for advance is to be drawn. This proposition of law has been confirmed by the Hon’ble Supreme Court in CIT Vs. Reliance Industries Ltd. Reported in 410 ITR 466 by orde…

ACIT 16(1), Mumbai vs. Tips Industries Ltd, Mumbai

In the result, the appeal filed by revenue in ITA no

ITA 6291/MUM/2017[2012-13]Status: DisposedITAT Mumbai03 May 2019AY 2012-13

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6194 To 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 & 2013-14) बिाम/ M/S. Tips Industries Ltd., Acit 11(1) 601, Durga Chambers, Room No. 439, 6T H Floor, Linking Road, Aayakar Bhawan V. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ Pan : Aaact5284A

For Appellant: Shri. Deepak TralshawalaFor Respondent: Shri. O.P Meena (DR)
Section 143(3)Section 36(1)(iii)

…आयकर अपीऱीय अधिकरण “E” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.6194 to 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 and 2013-14) बिाम/ M/s. Tips Industries Ltd., ACIT 11(1) 601, Durga Chambers, Room No. 439, 6t h Floor, Linking Road, Aayakar Bhawan v. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ PAN : AAACT5284A आयकर अपीऱ सं./ I.T.A. No. 6291/Mum/2017 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ ACIT 16(1) M/s. Tips Industries Lt…

Tips Industries Ltd, Mumbai vs. ACIT 16(1), Mumbai

In the result, the appeal filed by revenue in ITA no

ITA 6196/MUM/2017[2013-14]Status: DisposedITAT Mumbai03 May 2019AY 2013-14

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6194 To 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 & 2013-14) बिाम/ M/S. Tips Industries Ltd., Acit 11(1) 601, Durga Chambers, Room No. 439, 6T H Floor, Linking Road, Aayakar Bhawan V. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ Pan : Aaact5284A

For Appellant: Shri. Deepak TralshawalaFor Respondent: Shri. O.P Meena (DR)
Section 143(3)Section 36(1)(iii)

…आयकर अपीऱीय अधिकरण “E” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.6194 to 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 and 2013-14) बिाम/ M/s. Tips Industries Ltd., ACIT 11(1) 601, Durga Chambers, Room No. 439, 6t h Floor, Linking Road, Aayakar Bhawan v. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ PAN : AAACT5284A आयकर अपीऱ सं./ I.T.A. No. 6291/Mum/2017 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ ACIT 16(1) M/s. Tips Industries Lt…

Tips Industries Ltd, Mumbai vs. ACIT 16(1), Mumbai

In the result, the appeal filed by revenue in ITA no

ITA 6195/MUM/2017[2012-13]Status: DisposedITAT Mumbai03 May 2019AY 2012-13

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6194 To 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 & 2013-14) बिाम/ M/S. Tips Industries Ltd., Acit 11(1) 601, Durga Chambers, Room No. 439, 6T H Floor, Linking Road, Aayakar Bhawan V. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ Pan : Aaact5284A

For Appellant: Shri. Deepak TralshawalaFor Respondent: Shri. O.P Meena (DR)
Section 143(3)Section 36(1)(iii)

…आयकर अपीऱीय अधिकरण “E” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.6194 to 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 and 2013-14) बिाम/ M/s. Tips Industries Ltd., ACIT 11(1) 601, Durga Chambers, Room No. 439, 6t h Floor, Linking Road, Aayakar Bhawan v. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ PAN : AAACT5284A आयकर अपीऱ सं./ I.T.A. No. 6291/Mum/2017 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ ACIT 16(1) M/s. Tips Industries Lt…

Tips Industries Ltd, Mumbai vs. ACIT 11(1), Mumbai

In the result, the appeal filed by revenue in ITA no

ITA 6194/MUM/2017[2011-12]Status: DisposedITAT Mumbai03 May 2019AY 2011-12

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6194 To 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 & 2013-14) बिाम/ M/S. Tips Industries Ltd., Acit 11(1) 601, Durga Chambers, Room No. 439, 6T H Floor, Linking Road, Aayakar Bhawan V. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ Pan : Aaact5284A

For Appellant: Shri. Deepak TralshawalaFor Respondent: Shri. O.P Meena (DR)
Section 143(3)Section 36(1)(iii)

…आयकर अपीऱीय अधिकरण “E” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.6194 to 6196/Mum/2017 (नििाारण वर्ा / Assessment Year: 2011-12, 2012-13 and 2013-14) बिाम/ M/s. Tips Industries Ltd., ACIT 11(1) 601, Durga Chambers, Room No. 439, 6t h Floor, Linking Road, Aayakar Bhawan v. Khar West, M.K.Marg Mumbai 400054 Mumbai-400020 स्थायी ऱेखा सं./ PAN : AAACT5284A आयकर अपीऱ सं./ I.T.A. No. 6291/Mum/2017 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ ACIT 16(1) M/s. Tips Industries Lt…

The DCIT., Circle-1(1)(1), Ahmedabad vs. Amjay Medi-Max India Pvt.Ltd., Ahmedabad

In the result, revenue’s appeal is dismissed

ITA 2695/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad30 Apr 2019AY 2014-15

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

For Appellant: Shri Mudit Nagpal, Sr. D.RFor Respondent: Shri A. L. Thakkar, A.R
Section 143(1)Section 143(2)Section 143(3)Section 14ASection 36(1)(iii)

…not arise. Accordingly, there cannot be any disallowance on account of interest expenses as made by the AO. 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.…

Aegis Limited, Mumbai vs. Deputy Commissioner of Income Tax Circle-6(1)(1), Mumbai

In the result, appeal is partly allowed

ITA 125/MUM/2019[2014-15]Status: DisposedITAT Mumbai30 Apr 2019AY 2014-15

Bench: Shri Saktijit Dey & Shri N.K. Pradhan

For Appellant: Shri Rajan R. VoraFor Respondent: Shri Anand Mohan
Section 143(3)Section 144C(13)Section 92B

…s. Thus, he submitted, since the interest free loan was advanced out of own fund, no disallowance under section 36(1)(iii) of the Act can be made as per the decision of the Hon'ble Jurisdictional High Court in CIT v/s Reliance Utilities And Power Ltd., [2009] 313 ITR 340 (Bom.). Further, he submitted, similar disallowance made in the assessment year 2009–10 by the Assessing Officer was deleted by the Tribunal and the said decision of the Tribunal was upheld by the Hon'ble Jurisdictional High Court. He submitted, the same view was reiterated by the Tribunal while 8 Aegis Limited deciding the issue in assessee’s o…

Joint Commissioner of Income Tax (OSD) 4(1)(1), Mumbai vs. Fortune Financial Services (India) Limited, Mumbai

In the result, the appeal is partly allowed

ITA 1974/MUM/2018[2013-14]Status: DisposedITAT Mumbai30 Apr 2019AY 2013-14

Bench: Shri Sandeep Gosain () & Shri N.K. Pradhan () Assessment Year: 2013-14 Jt. Commissioner Of Fortune Financial Income Tax-(Osd) Vs. Services(India) Ltd., 2Nd Floor, 4(1)(1), Room No. 640, 6Th Kk Chambers, Sir Pt Marg, Floor, Aayakar Bhavan, Fort, Mumbai-400001. M.K. Rd. Mumbai-400020. Pan No. Aacfs0610 Appellant Respondent

For Appellant: Mr. Anuj Kisnadwala, ARFor Respondent: Mr. Rajeev K. Gubgotra, DR
Section 10(34)Section 143(3)Section 14A

…f Rs.8,648.93 lacs) are more than its investment of Rs.9,349.75 lacs. Since, interest free funds are sufficient to meet the investment; no disallowance can be made on account of interest u/s 14A in view of the decision in CIT vs. Reliance Utilies & Power Ltd. 313 ITR 340(Bom.) and CIT vs. HDFC Bank Ltd. (ITA 330 of 2012, Bombay High Court). In view of Fortune Financial Services (India) Ltd. ITA No. 1974/MUM/2018 Page 4 of 5 the above facts, we delete the disallowance of Rs.37,00,084/- made by the AO under rule 8D(2)(ii). As regards, the disallowance of Rs.43,61,127/- made by the AO under rule 8D(2)(iii), we fin…

DCIT Cir. 7(3)(2), Mumbai vs. Gujarat Glass Ltd. (Now Known As M/S. Piramal Glass Ltd.), Mumbai

In the result, Revenue’s appeal is dismissed

ITA 4777/MUM/2016[2005-06]Status: DisposedITAT Mumbai30 Apr 2019AY 2005-06

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

…ent surplus funds to make the investment, no disallowance under section 36(1)(iii) of the Act can be made. In support of such contention, he relied upon the decision of the Hon'ble Jurisdictional High Court in CIT v/s Reliance Utilities And Power Ltd., [2009] 313 ITR 340 (Bom.). 14. We have considered rival submissions and perused material on record. As could be seen, the Assessing Officer has disallowed a part of interest expenditure on the reasoning that investments made by the assessee in sister concerns are not for the purpose of business. However, it is noticed that while deciding dispute arising out of sim…

Jindal Steel & Power Ltd., New Delhi vs. ACIT, Hisar

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

ITA 893/DEL/2014[2009-10]Status: DisposedITAT Delhi29 Apr 2019AY 2009-10

Bench: Sh. Bhavnesh Saini & Sh. N. S. Sainiita No. 893/Del/2014 : Asstt. Year : 2009-10 Jindal Steel & Power Ltd., Vs Asstt. Commissioner Of Jindal Centre, 12, Bhikaji Cama Income Tax, Hisar Circle, Place, New Delhi-110066 Hisar (Appellant) (Respondent) Pan No. Aaacj7079D Assessee By : Sh. Salil Kapoor, Adv., Sh. Sumit Lal Chandani, Adv., Ms. Ananya Kapoor, Adv. & Ms. Pallavi Saigal, Adv. Revenue By : Sh. Sanjay I. Bara, Cit Dr Date Of Hearing :05.03.2019 Date Of Pronouncement : 29.04.2019 Order Per N. S. Saini: This Is An Appeal Filed By The Assessee Against The Order Of Assessing Officer U/S 143(3)/144C(13) Of The Income Tax Act, 1961 Dated 29.10.2018 For Assessment Years 2013-14

For Appellant: Sh. Salil Kapoor, AdvFor Respondent: Sh. Sanjay I. Bara, CIT DR
Section 143(3)Section 144CSection 80Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHE ‘I-1’, NEW DELHI Before Sh. Bhavnesh Saini, Judicial Member And Sh. N. S. Saini, Accountant Member ITA No. 893/Del/2014 : Asstt. Year : 2009-10 Jindal Steel & Power Ltd., Vs Asstt. Commissioner of Jindal Centre, 12, Bhikaji Cama Income Tax, Hisar Circle, Place, New Delhi-110066 Hisar (APPELLANT) (RESPONDENT) PAN No. AAACJ7079D Assessee by : Sh. Salil Kapoor, Adv., Sh. Sumit Lal Chandani, Adv., Ms. Ananya Kapoor, Adv. & Ms. Pallavi Saigal, Adv. Revenue by : Sh. Sanjay I. Bara, CIT DR Date of Hearing :05.03.2019 Date of Pronouncement : 29.04.2019 ORDER Per N.…

M/S. Umiya Automobiles, Mehsana vs. The Deputy Commissioner of Income Tax, Mehsana Circle, Mehsana

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

ITA 1252/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad26 Apr 2019AY 2014-15

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad)

For Appellant: Shri Mehul Thakkar, ARFor Respondent: Ms. Somogyan Pal, Sr. D.R
Section 36(1)(va)

…e view that the assessee has sufficient interest free funds available, out of which it could be assumed that these advances were given to Shri Chandrakant Tulsibhai Patel. Hon'ble Bombay High Court in the case of CIT Vs. Reliance Utilities P. Ltd. reported in 313 ITR 340 has considered almost similar situation and held that if an assessee demonstrates availability of sufficient interest free funds which can take care of alleged advancement of interest free loans, then it is to be assumed that such advances were given out of interest free funds. Considering the above details, we are of the view that no disallowanc…

M/S. Patel D.J. Tobacco Products Pvt. Ltd., Ahmedabad vs. The ACIT, Circle-5, Ahmedabad

In the result, the appeal of the Assessee is allowed

ITA 453/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad26 Apr 2019AY 2011-12

Bench: Shri Waseem Ahmed & Shri Ms. Madhumita Royआयकर अपील सं./Ita No. 453/Ahd/2015 "नधा"रण वष"/Asstt. Year: 2011-2012

For Appellant: Shri U.S Bhati & AbhimanyuFor Respondent: Shri Santosh Karnani, Sr. D.R
Section 10Section 143(3)Section 36(1)(iii)

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’ D ’’ BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And SHRI Ms. MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA No. 453/AHD/2015 "नधा"रण वष"/Asstt. Year: 2011-2012 M/s Patel D.J. Tobacco The Assistant Commissioner Products Pvt. Ltd., Vs of Income Tax, 203, Shilp-3, Sindhu Bhawan Circle-5, Road, Bodakdev, Ahmedabad Ahmedabad-380054. PAN: AADCP8564G (Applicant) (Respondent) Assessee by : Shri U.S Bhati & Abhimanyu Bhati, A.Rs Revenue by : Shri Santosh Karnani, Sr. D.R सुनवाई क" तार"ख/Date of Hearing : 20/02/2019 घोषणा क…

The Dcitanand Circle, Anand vs. Elecon Engineering Co.Ltd., Anand

In the result, the appeal of the Revenue is dismissed

ITA 1656/AHD/2013[2009-10]Status: DisposedITAT Ahmedabad25 Apr 2019AY 2009-10

Bench: Shri Waseem Ahmed & Shri Ms. Madhumita Roysr.No.

Section 143(3)Section 145ASection 147Section 148

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’ D ’’ BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER AND SHRI Ms. MADHUMITA ROY, JUDICIAL MEMBER Sr.NO. ITA No. and Asstt.Year Appellant Respondent 1. ITA No. Elecon Engineering ACIT, Anand 1385/AHD/2013 Co. Ltd., Circle, Anand. 2006-2007 Anand Sojitra Road, Vallabh Vidyanagar- 388120. PAN: AAACE4644D 2. No.1316/Ahd/2013 D.C.I.T. Anand Elecon A.Y. 2006-07 Circle. Anand Engineering Co. Ltd. 3-4. No.2641/AHD/2010 Elecon Engineering -DCIT, Anand A.Y 2007-08 Co. Ltd. Cir., Anand AND 2253/Ahd/2013 A.Y.2008-09 5-6 No.1656/Ahd/20…

The Dcitanand Circle, Anand vs. Elecon Engineering Co.Ltd., Anand

In the result, the appeal of the Revenue is dismissed

ITA 1316/AHD/2013[2006-07]Status: DisposedITAT Ahmedabad25 Apr 2019AY 2006-07

Bench: Shri Waseem Ahmed & Shri Ms. Madhumita Roysr.No.

Section 143(3)Section 145ASection 147Section 148

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’ D ’’ BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER AND SHRI Ms. MADHUMITA ROY, JUDICIAL MEMBER Sr.NO. ITA No. and Asstt.Year Appellant Respondent 1. ITA No. Elecon Engineering ACIT, Anand 1385/AHD/2013 Co. Ltd., Circle, Anand. 2006-2007 Anand Sojitra Road, Vallabh Vidyanagar- 388120. PAN: AAACE4644D 2. No.1316/Ahd/2013 D.C.I.T. Anand Elecon A.Y. 2006-07 Circle. Anand Engineering Co. Ltd. 3-4. No.2641/AHD/2010 Elecon Engineering -DCIT, Anand A.Y 2007-08 Co. Ltd. Cir., Anand AND 2253/Ahd/2013 A.Y.2008-09 5-6 No.1656/Ahd/20…

Ntpc Ltd., New Delhi vs. DCIT, New Delhi

Appeal is allowed

ITA 4754/DEL/2015[2005-06]Status: DisposedITAT Delhi25 Apr 2019AY 2005-06

Bench: Shri R.K. Panda & Shri Kuldip Singh

For Appellant: Shri Ved Jain, AdvocateFor Respondent: Ms. Pramita M. Biswas, CIT DR
Section 14ASection 37(1)Section 80I

…the earlier years; that case of the assessee is covered by its own case rendered by the Tribunal for AY 2004-05 [2017] 79 taxmann.com 366 (Hon’ble High Court of Delhi); (ii) Hon’ble Bombay High Court in the case of CIT Vs Reliance Utilities and Power Ltd. 313 ITR 340 (SLP filed in this case by the Department has been dismissed by the Hon'ble Supreme Court in civil appeal no 11 of 2019); (iii) Hon’ble Gujarat High 18 ITA No.4183/Del./2015 ITA No.4754/Del./2015 Court in the case of CIT Vs Suzlon Energy Ltd. (2013) 354 ITR 630; (iv) Hon’ble Punjab & Haryana High Court in the case of CIT vs Winsome Textile Ind…

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

Appeal is allowed

ITA 4183/DEL/2015[2005-06]Status: DisposedITAT Delhi25 Apr 2019AY 2005-06

Bench: Shri R.K. Panda & Shri Kuldip Singh

For Appellant: Shri Ved Jain, AdvocateFor Respondent: Ms. Pramita M. Biswas, CIT DR
Section 14ASection 37(1)Section 80I

…the earlier years; that case of the assessee is covered by its own case rendered by the Tribunal for AY 2004-05 [2017] 79 taxmann.com 366 (Hon’ble High Court of Delhi); (ii) Hon’ble Bombay High Court in the case of CIT Vs Reliance Utilities and Power Ltd. 313 ITR 340 (SLP filed in this case by the Department has been dismissed by the Hon'ble Supreme Court in civil appeal no 11 of 2019); (iii) Hon’ble Gujarat High 18 ITA No.4183/Del./2015 ITA No.4754/Del./2015 Court in the case of CIT Vs Suzlon Energy Ltd. (2013) 354 ITR 630; (iv) Hon’ble Punjab & Haryana High Court in the case of CIT vs Winsome Textile Ind…

The Peerless General Finance & Investment Co. Ltd., Kolkata vs. DCIT, Circle - 3(1), Kolkata

In the result, appeal of the assessee in ITA No

ITA 938/KOL/2018[2010-11]Status: DisposedITAT Kolkata24 Apr 2019AY 2010-11

Bench: Shri A.T. Varkey, J.M. & Dr.A.L.Saini, A.M.)

For Appellant: Shri S.K. Tulsiyan, Advocate, ld.ARFor Respondent: Shri A.K. Singh, CIT, ld. DR
Section 143(3)Section 14ASection 37(1)Section 40A(2)(b)Section 48

…Peerless General Finance & Investment Co.Ltd 7 activities, a presumption is drawn that the said investment is made out of own funds. To buttress this plea, we rely on the judgment of Bombay High Court in the case of CIT v. Reliance Utilities and Power Ltd. (313 ITR 340), wherein it was held as follows: “The assessee claimed deduction of interest on borrowed capital. The Assessing Officer recorded a finding that the sum of Rs.213 crores was invested out of its own funds and Rs. 147 crores was invested out of borrowed funds. Accordingly, he disallowed interest amounting to Rs.4.40 crores calculated at 12 per cent…

The Peerless General Finance & Investment Co. Ltd., Kolkata vs. DCIT, Circle - 3(1), Kolkata

In the result, appeal of the assessee in ITA No

ITA 937/KOL/2018[2010-11]Status: DisposedITAT Kolkata24 Apr 2019AY 2010-11

Bench: Shri A.T. Varkey, J.M. & Dr.A.L.Saini, A.M.)

For Appellant: Shri S.K. Tulsiyan, Advocate, ld.ARFor Respondent: Shri A.K. Singh, CIT, ld. DR
Section 143(3)Section 14ASection 37(1)Section 40A(2)(b)Section 48

…Peerless General Finance & Investment Co.Ltd 7 activities, a presumption is drawn that the said investment is made out of own funds. To buttress this plea, we rely on the judgment of Bombay High Court in the case of CIT v. Reliance Utilities and Power Ltd. (313 ITR 340), wherein it was held as follows: “The assessee claimed deduction of interest on borrowed capital. The Assessing Officer recorded a finding that the sum of Rs.213 crores was invested out of its own funds and Rs. 147 crores was invested out of borrowed funds. Accordingly, he disallowed interest amounting to Rs.4.40 crores calculated at 12 per cent…