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 367,181 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.

M/S. Dbs Financial Services P. Ltd, Mumbai vs. The Dy CIT Cir 3(1)

In the result, both the appeals of the assessee are treated as partly allowed for statistical purposes

ITA 3542/MUM/2004[1998-1999]Status: DisposedITAT Mumbai07 Dec 2016AY 1998-1999

Bench: Shri B.R.Baskaran & Shri Ravish Sood

For Appellant: Shri Niraj SethFor Respondent: Shri G.Nantha Kumar

Section 234B

…n- related party and it was given out of commercial considerations. He submitted that the assessee has got own funds more than the amount of loan and hence the decision rendered by the jurisdictional High Court in the case of Reliance Utilities and Power Ltd (313 ITR 340) would apply to the facts of the present case. Accordingly he submitted that the disallowance made by the AO under this head needs to be deleted. 15. We heard ld D.R on this issue. However, we find merit in the contentions of the assessee, since it is taking support from the decision rendered by the jurisdictional Bombay High Court (referred sup…

DCIT, CC-Xix, Kolkata vs. M/S International Conveyors Pvt. Ltd., Kolkata

In the result, appeals filed by the revenue in IT(SS)A No

ITA 1366/KOL/2014[2008-2009]Status: DisposedITAT Kolkata05 Dec 2016AY 2008-2009

Bench: Dr. A.L.Saini, Am & Shri K. Narasimha Chary, Jm It(Ss)A No.131/Kol/2014 ("नधा"रण वष" / Assessment Year :2008-2009) Dcit, Cc-Xix, Kolkata Vs. M/S.International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) It(Ss)A No.90/Kol/2014 ("नधा"रण वष" / Assessment Year :2009-2010) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K (अपीलाथ" /Appellant) .. (""यथ" / Respondent) It(Ss)A No.91/Kol/2014 ("नधा"रण वष" / Assessment Year :2010-2011) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) It(Ss)A No.92/Kol/2014 ("नधा"रण वष" / Assessment Year :2011-2012) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri A.K.Tibrewal, FCAFor Respondent: Shri Niraj Kumar, CIT DR

Section 14ASection 153Section 153ASection 43BSection 80

…IN THE INCOME TAX APPELLATE TRIBUNAL “B”, BENCH KOLKATA BEFORE DR. A.L.SAINI, AM & SHRI K. NARASIMHA CHARY, JM IT(SS)A No.131/Kol/2014 ("नधा"रण वष" / Assessment Year :2008-2009) DCIT, CC-XIX, Kolkata Vs. M/s.International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACI 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) DCIT, CC-XIX, Kolkata Vs. M/s International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACI 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) IT(SS)A No.90/Kol/2014 ("नधा"रण वष" / Assessment Yea…

Mohit Diamonds P.Ltd, Mumbai vs. DCIT 5(2), Mumbai

The appeal of the assessee is allowed for statistical purposes

ITA 2998/MUM/2013[2007-08]Status: DisposedITAT Mumbai02 Dec 2016AY 2007-08

Bench: Shri D. Karunakara Rao, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No. 2998/Mum/2013 ("नधा"रण वष" / Assessment Year: 2007-08,) M/S. Mohit Diamonds Pvt. Ltd. Acit 5(1), Aayakar Bhavan, Bc-7011, Bharat Diamond Bourse, M.K. Road, बनाम/ G-Bolck, Bandra Kurla Complex, Mumbai – 400 020 Vs. Bandra (East), Mumbai – 400 051 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacm2843A (अपीलाथ" /Appellant) (""यथ" / Respondent) :

For Appellant: Shri B.V. JhaveriFor Respondent: Miss. Anupama Singh

Section 14ASection 271(1)(c)Section 36(1)(iii)

…ee, coupled with the surplus/profit generated during the year under consideration, it was categorically submitted by the assessee that in light of the judgement of the Hon’ble Bombay High Court in the case of CIT VS Reliance Utilities and Power Limited (2009) 313 ITR 340 (Bom), wherein the Hon’ble 4 M/s. Mohit Diamonds Pvt. Ltd. High Court had held that if there are interest free funds available with the assessee, which are found to be sufficient to meet the investments, then it could safely be presumed that the investment was made from the interest free funds generated or available with the assessee. (iv) Alter…

DCIT Cen Cir 8(3), Mumbai vs. Jsw Energy Ltd, Mumbai

In the result, both the appeals of the Revenue and the assessee are allowed in part in terms indicated hereinabove

ITA 797/MUM/2015[2007-08]Status: DisposedITAT Mumbai30 Nov 2016AY 2007-08

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

For Appellant: Shri Rakesh JoshiFor Respondent: Shri Alok Johri

Section 115JSection 143(3)Section 14ASection 153ASection 80I

…e disallowance of interest. We further direct the A.O. to verify the interest free funds available with the assessee for making investment. As per the verdict of Hon'ble jurisdictional High Court in the case of CIT vs. Reliance Utilities and Power Ltd. [2009] 313 ITR 340 (Bom), CIT vs. HDFC Bank 366 ITR 505 (Bom) and decision of Mumbai Tribunal in the case of ACIT Vs Prakash I Shah (ITA No. 6349/Mum/2011), no disallowance of interest is warranted when assessee is having sufficient own funds for making investment. The A.O. is directed to verify the availability of interest free funds with the assessee for investme…

Jsw Energy Ltd, Mumbai vs. ACIT Cen Cir 46, Mumbai

In the result, both the appeals of the Revenue and the assessee are allowed in part in terms indicated hereinabove

ITA 390/MUM/2015[2007-08]Status: DisposedITAT Mumbai30 Nov 2016AY 2007-08

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

For Appellant: Shri Rakesh JoshiFor Respondent: Shri Alok Johri

Section 115JSection 143(3)Section 14ASection 153ASection 80I

Indage Engineering P.Ltd, Mumbai vs. ITO 6(1)(3), Mumbai

In the result, the appeal filed by the assessee is hereby Allowed

ITA 1659/MUM/2014[2009-10]Status: DisposedITAT Mumbai30 Nov 2016AY 2009-10

Bench: Shri Rajendra, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1659/Mum/2014 (िनधा"रण वष" / Assessment Year: 2009-10) M/S. Indage Engineering बनाम/ Income Tax Officer 6(1)(3) Pvt. Ltd. Aayakar Bhavan, M.K.Road, Vs. 82, Indage House, Mumbai - 400020 Dr.A.B.Road, Worli, Mumbai - 400018 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaci0965P (अपीलाथ" /Appellant) .. (""थ" / Respondent) Assessee By: None Department By: Shri G. K. Mishra सुनवाई की तारीख / Date Of Hearing: 07.11.2016 घोषणा की तारीख /Date Of Pronouncement: 30.11.2016 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 23.12.2013 Passed By The Commissioner Of Income Tax (Appeals) 14, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2009-10. 2. The Assessee Has Raised The Following Grounds:- A.Y. 2009-10

For Appellant: NoneFor Respondent: Shri G. K. Mishra

Section 142(1)Section 143(1)Section 143(2)Section 14A

…आयकर अपीलीय अिधकरण, मुंबई "ायपीठ ‘आई ’ मुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI "ी राजे", लेखा सद", एवं "ी अमरजीत िसंह, "ाियक सद", के सम" BEFORE SHRI RAJENDRA, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.1659/Mum/2014 (िनधा"रण वष" / Assessment Year: 2009-10) M/s. Indage Engineering बनाम/ Income Tax Officer 6(1)(3) Pvt. Ltd. Aayakar Bhavan, M.K.Road, Vs. 82, Indage House, Mumbai - 400020 Dr.A.B.Road, Worli, Mumbai - 400018 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACI0965P (अपीलाथ" /Appellant) .. (""थ" / Respondent) Assessee by: None Department by: Shri G. K. Mishra सुनवाई की तारीख…

Mustang Trading & Investments P Ltd., Chennai vs. ACIT, Chennai

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 114/CHNY/2016[2010-11]Status: DisposedITAT Chennai23 Nov 2016AY 2010-11

Bench: Shri N.R.S. Ganesan & Shri D. S. Sunder Singhआयकर अपील सं./I.T.A.No.114/Mds/2016 "नधा"रण वष" /Assessment Year: 2010-11

For Appellant: Shri R.Vijayraghavan, AdvocateFor Respondent: Shri A.V.Sreekanth, JCIT

Section 14A

…(Appeals) considered the submissions of the assessee and dismissed the assessee’s appeal, placing reliance on the judgment of Bombay High Court in the case of Godrej and Boyce Mfg. Co. Ltd., (328 ITR 81) (Bom), CIT v. Reliance Utilities & Poser Ltd. [2009] 313 ITR 340 / 178 Taxman 135 (Bom.) and Third Member decision of the Hon’ble ITAT, Mumbai D Bench in the case of D.H. Securities (P) Ltd. Vs. DCIT [146 ITD 1]. 4. Aggrieved by the order of the Ld. CIT(A), the assessee filed appeal before this Tribunal and argued that the aseesee has own funds from which it has made the investments and the assessee is als…

Reliance Ports and Terminals Ltd ( Engineering & Construction Division) (Erstwhile Reliance Engg. Associates P.Ltd), Mumbai vs. Addl CIT RG 3(3), Mumbai

In the result, appeal of the Revenue is dismissed whereas appeal of the assessee is allowed in terms indicate hereinabove

ITA 5151/MUM/2012[2008-09]Status: DisposedITAT Mumbai23 Nov 2016AY 2008-09

Bench: Shri R.C. Sharma() & Shri Amit Shukla () Assessment Year: 2008-09

For Appellant: Shri. Arvind SondeFor Respondent: Shri. Satyapal Kumar

Section 115JSection 14Section 143Section 14ASection 36(1)(iii)

…in case of availability of interest free funds in the form of capital and reserve more than the investment made for earning exempt income, no disallowance is warranted in view of the decision of Jurisdictional High Court in case of CIT Vs. Reliance Utilities [313 ITR 340 (Bom)] and in case of HDFC Bank Ltd. [366 ITR 505(Bom)] . Similar view has been taken by coordinate bench in case of Alchemic Financial Services Vs. Addl. CIT(ITA No. 6349/Mum/2011) and in case of Paresh K. Shah Vs. Dy. CIT (I.T. Act No. 8214/Mum/2011). 8. It was also argued by the Ld. AR that strategic investment is required to be reduced from t…

DCIT Cir - 3(3), Mumbai vs. Saurashtra Fuels Pvt. Ltd., Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1659/MUM/2015[2011-12]Status: DisposedITAT Mumbai18 Nov 2016AY 2011-12

Bench: Shri D. Karunakara Rao & Shri C.N. Prasad

For Appellant: Shri Brijmohan P. AgarwalFor Respondent: Shri B.V. Jhaveri

Section 14ASection 36(1)(iii)

…t account deposits are higher than the cost of tax free investments, it would have to be presumed that the said investments made by the assessee would be out of interest free funds. Also it has been held in the case of CIT vs. Reliance Utilities and Power Ltd 313 ITR 340 (Bom) that if there are funds available both interest free and interest bearing, then a presumption would arise that the investments made are out of interest free funds generated or available with the company and if the interest free funds are sufficient to meet the investment then there is no need for disallowing any interest. In view of the abo…

DCIT 20(2), Mumbai vs. Parul L. Shah, Mumbai

In the result the appeal filed by revenue is dismissed with the observation made hereinabove

ITA 7359/MUM/2014[2010-11]Status: DisposedITAT Mumbai18 Nov 2016AY 2010-11

Bench: Shri B.R. Baskaran & Shri Pawan Singh

Section 143Section 253Section 254(1)

…nds available at their disposal to advance money at lower rate of interest @ 6% as compared to the interest paid or charged from other parties. The ld CIT(A) relied upon the decision of Hon’ble Bombay High Court in CIT versus Reliance Utilities and Power Ltd (313 ITR 340) and deleted the disallowance. Considering the peculiarity of the facts of the present case when the assessee has sufficient surplus fund available with them at their disposal to lend to its sister concern at lower rate of interest compared to the other nonrelated parties no disallowance was warranted. Hence, we do not find any infirmity or illeg…

DCIT Cir 3(3)(1), Mumbai vs. Rishiroop Rubber International Ltd, Mumbai

In the result, the appeal of Revenue and that of the assessee, both are dismissed

ITA 1725/MUM/2015[2011-12]Status: DisposedITAT Mumbai15 Nov 2016AY 2011-12

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dy. Commissioner Of Income Tax M/S Rishiroop Rubber International Ltd. Circle-3(3)(1), Room No.609, 6Th Floor, 65, Atlanta, Nariman Point, Vs. Mumbai-400021 Aayakar Bhavan, M.K. Road, Mumbai-400021 Pan: Aaacr1789G Appellant .. Respondent M/S Rishiroop Rubber International Ltd. Dy. Commissioner Of Income Tax Circle-3(3)(1), Room No.609, 6Th Floor, 65, Atlanta, Nariman Point, Vs. Mumbai-400021 Aayakar Bhavan, M.K. Road, Mumbai-400021 Pan: Aaacr1789G Appellant .. Respondent Revenue By .. Shri B.S. Bist, Sr. Dr Assessee By .. Shri Jayesh Dedia, Ar Date Of Hearing .. 15-11-2016 Date Of Pronouncement .. 15-11-2016 O R D E R Per Mahavir Singh, Jm:

Section 143(3)Section 14A

…t account deposits are higher than the cost of tax free investments, it would have to be presumed that the said investments made by the assessee would be out of interest free funds. Also it has been held in the case of CIT v. Reliance Utilities and Power Ltd. 313 ITR 340 (Bom) that if there are fund available both interest free and interest bearing, then a presumption would arise that the investments made are out of interest free funds generated or available with the company and if the interest free funds are sufficient as meet the investment then there is no need for disallowing any interest. I find that the app…

DCIT Cen Cir 13, Mumbai vs. Parinee Realty P. Ltd, Mumbai

In the result, both the appeals of the Revenue and Cross Objections are dismissed

ITA 6215/MUM/2014[2010-11]Status: DisposedITAT Mumbai09 Nov 2016AY 2010-11

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm

Section 143(3)

…the appellant, the average rate of interest on loan taken is 11.28% as compared with the average rate of interest on loan given at 11.20%. The appellant has also relied upon the judgment in the following cases:  CIT vs Reliance Utilities and Power Ltd (2009) 313 ITR 340  Woolcombens of India Ltd Vs. CIT(1982) 134 ITR 209(Cal)  East India Pharmaceutical. Works Ltd vs. CIT (1997) 224 ITR 627  S.A.Builders vs. CIT(A) (2007) 288 ITR 1 (SC)  CIT vs Banswara Fabrics Ltd (2004) 267 ITR 398 (Raj)  UCO Bank vs CIT (1999) 237 ITR 889 (SC)  CIT vs Asian Hotels Ltd (2010) 323 ITR 490 (Delhi) 5.3.2. I find merit in the…

DCIT Cen Cir 13, Mumbai vs. Parinee Realty P. Ltd, Mumbai

In the result, both the appeals of the Revenue and Cross Objections are dismissed

ITA 6214/MUM/2014[2010-11]Status: DisposedITAT Mumbai09 Nov 2016AY 2010-11

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm

Section 143(3)

Gabriel India Ltd, Mumbai vs. Addl CIT RG 5(1), Mumbai

In the result, appeal of the assessee is allowed in part

ITA 2325/MUM/2014[2009-10]Status: DisposedITAT Mumbai09 Nov 2016AY 2009-10

Bench: Shri R.C.Sharma, Am & Shri Ramlal Negi, Jm M/S. Gabriel India Ltd., Vs. Acit- 5(1), Mumbai 10, Prasad Chambers Opera House, Mumbai Pan/Gir No. Aaacg1994N Appellant) .. Respondent)

Section 143(3)Section 145ASection 14ASection 250Section 37(1)Section 80I

…. As of 31 st March 2008, these are stated at INR 13,264.7 lacs and Investment of INR.1333.10 lakhs is only 10.08 % of the Net Worth. As per the decision of Jurisdictional High Courts in case of HDFC Bank Ltd., 366 ITR 505 and Reliance Utilities & Power Ltd., 313 ITR 340, if assessee is having sufficient own funds, no disallowance of interest is warranted. We also found that against the exempt income of Rs.1.66 lakhs the assessee suo- moto worked out the disallowance as per Rule 8D at INR 49,66,962 as against the disallowance of INR 62,87,173 worked out by the AO. Accordingly, we direct the AO to restrict disallo…

Paresh B. Shah, Mumbai vs. Asst CIT 4(2), Mumbai

In the result, appeal filed by the Revenue is dismissed and appeal filed by the assessee is treated as allowed for statistical purposes

ITA 7436/MUM/2013[2010-11]Status: DisposedITAT Mumbai09 Nov 2016AY 2010-11

Bench: Shri B.R. Baskaran (Am) & Shri Pawan Singh (Jm)

Section 14A

…. Accordingly he submitted that there is no necessity to disallow a portion of expenditure also. In support of his contention learned AR placed reliance on the decision rendered by Hon'ble Bombay High Court in the case of Reliance Utilities & Power Pvt. Ltd. (313 ITR 340). On the contrary learned Departmental Representative supported the order passed by the learned CIT(A). 7. Having heard the rival contention, we are of the view that there is merit in the contentions of the assessee. A perusal of the Balance Sheet furnished by the assessee would show that the assessee is having capital balance of ` 12.46 crores.…

Bhupendra C. Dalal, Mumbai vs. DCIT (OSD II) Cen RG 7, Mumbai

In the results, the appeals of the assessee for A

ITA 1350/MUM/2011[1987-88]Status: DisposedITAT Mumbai09 Nov 2016AY 1987-88

Bench: Shri B.R. Baskaran (Am) & Shri Sandeep Gosain (Jm)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” Bench, Mumbai Before Shri B.R. Baskaran (AM) & Shri Sandeep Gosain (JM) I.T.A. No. 1350/Mum/2011 (Assessment Year 1987-88) I.T.A. No. 1351/Mum/2011 (Assessment Year 1988-89) I.T.A. No. 1352/Mum/2011 (Assessment Year 1989-90) Shri Bhupendra C. Dalal DCIT OSD II/CR 7 4th Floor Bhupen Chambers Vs. Ground Floor Aayakar Bhavan Dalal Street, Fort M.K. Road Mumbai-400 001. Mumbai-400 020. (Appellant) (Respondent) I.T.A. No. 1625/Mum/2011 (Assessment Year 1988-89) I.T.A. No. 1627/Mum/2011 (Assessment Year 1989-90) DCIT OSD II/CR 7 Shri Bhupendra C. Dalal 4th Floor Vs. Bhup…

Ambhe Ferro Metal Processors P.Ltd, Mumbai vs. DCIT Cir 6(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 5566/MUM/2014[2010-11]Status: DisposedITAT Mumbai04 Nov 2016AY 2010-11

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm Ambhe Ferro Metal Proc. Vs. Dcit- 6(1), Mumbai Pvt. Ltd., A-204, Zest Business Space, M.G.Road, Ghatkopar (E), Mumbai – 400 077 Pan/Gir No. Aaaca3873E Appellant) .. Respondent)

Section 143(3)

…ssee-company as well as cash income earned by the assessee and it was submitted that in view of the assessee having sufficient interest free funds, no disallowance is warranted in view of the decision of Jurisdictional High Court in case of Reliance Utilities 313 ITR 340. 7. On the other hand, learned DR relied on the order of the lower authorities. 8. We have considered rival contentions and carefully gone through the orders of the lower authorities below. From the audited balance sheet placed on record, we found that assessee was having free resources to the tune of Rs.3,96,89,125/- in addition to the own capit…

M/S Jupiter Entertainment Ventures (P) Ltd vs. ACIT

In the result, the appeal of the revenue is dismissed

ITA 792/BANG/2013[2009-10]Status: DisposedITAT Bangalore03 Nov 2016AY 2009-10

Bench: Shri A.K. Garodia & Smt. Asha Vijayaraghavanassessment Year : 2009-10

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Ms. Neera Malhotra, CIT(DR)

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI A.K. GARODIA, ACCOUNTANT MEMBER AND SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER Assessment year : 2009-10 M/s. Jupiter Entertainment Vs. The Assistant Commissioner of Ventures (P) Ltd., Income Tax, No.54, Richmond Road, Circle 11(5), Bangalore – 560 025. Bangalore. PAN: AABCJ 7071Q APPELLANT RESPONDENT Assessment year : 2009-10 The Deputy Commissioner of Vs. M/s. Jupiter Entertainment Income Tax, Ventures (P) Ltd., Circle 11(5), No.54, Richmond Road, Bangalore. Bangalore – 560 025. PAN: AABCJ 7071Q APPELLANT RESPONDENT Assessee by : Smt. She…

Shreepati Holding & Finance Pvt. Ltd., Mumbai vs. ACIT Range 4(2), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 6577/MUM/2013[2010-11]Status: DisposedITAT Mumbai02 Nov 2016AY 2010-11

Bench: Shri Mahavir Singh & Shri D. Karunakara Rao

For Appellant: Shri Dharmesh ShahFor Respondent: Shri Akhilendra Yadav, DR

Section 143(3)Section 14A

…the said Tribunal‟s order as well as the judgment of the jurisdictional High Court for the AY 2008-2009 and decide the issue afresh. The arguments relating to the applicability of the High Court judgment in the case Reliance Utilities and Power Limited [2009] 313 ITR 340 (Bom) is also remanded to the file of the AO for similar adjudication. AO shall grant a reasonable opportunity of being heard to the assessee as per the set principles of natural justice. Accordingly, grounds raised by the assessee are allowed for statistical purposes.” 5. Further, we find it relevant to extract the relevant para from the said ju…

DCIT OSD 1(1), Mumbai vs. The Saraswat Co-Op Bank P.Ltd, Navi Mumbai

In the result all the six appeals i

ITA 8622/MUM/2010[2007-08]Status: DisposedITAT Mumbai31 Oct 2016AY 2007-08

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 8622/Mum/2010 ("नधा"रण वष" / Assessment Year : 2007-08) The Deputy Commissioner Of The Saraswat Co-Operative बनाम/ Income Tax(Osd),1(1) Bank Limited V. Room No. 540/564, 5 T H Floor Madhushree, Plot No. 85 Aayakar Bhawan, M K Road District Navi Mumbai- New Marine Lines 400 703 Mumbai-400020 "थायी लेखा सं./Pan : Aaact5543L (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

Section 14A

…e in accordance with the principles of natural justice in accordance with law. We would also like to make it clear that the AO shall also be guided by the decision of Hon’ble Bombay High Court in the case of CIT v. Reliance Utilities and Powers Limited (2009) 313 ITR 340 (Bom) and also decision of Hon’ble Bombay High Court in the case of HDFC Bank Limited v. DCIT (2016) 383 ITR 529(Bom.) while computing disallowance of interest expenditure and if the assessee’s own interest- free funds are more than the investments in the securities capable of yielding ITA 8622 & 7738/Mum/2010 , 19 ITA 1140 & 694/Mum/2012 , I…