How many judgments cite CIT v. Smt. Leena Ramachandran?

44 judgments on BharatTax cite CIT v. Smt. Leena Ramachandran (339 ITR 296), spanning 2015 to 2025.

Which sections of the Income Tax Act does CIT v. Smt. Leena Ramachandran come up under?

It is most often cited in judgments turning on Section 14A, Section 10(34), Section 115JB, Section 234D, Section 250, Section 36(1)(viii).

CIT v. Smt. Leena Ramachandran

339 ITR 296High Court2011#2710 most cited

What is CIT v. Smt. Leena Ramachandran authority for?

The assessee is entitled to a deduction of interest under Section 36(1)(iii) on borrowed funds utilized for acquiring shares, provided the shares are held as stock-in-trade as part of a share trading business.

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2025.

Also referred to as

CIT v. Smt. Leena Ramachandran · Section 36(1)(iii) · Section 14A · interest deduction · borrowed funds for shares · acquisition of shares · shares as stock-in-trade · share trading business · disallowance of expenditure

Also reported as

10 Taxmann.com 109235 CTR 512

Sections most often in play

Section 14A Section 10(34)Section 115JB Section 234D Section 250 Section 36(1)(viii)Section 129 Section 2(17)

Issues it is cited on

section 36(1)(iii)disallowance u/s 14a section 36(1)section 14a section 36 section 23 section 10 previous year company section 14 total income interest

Judgments citing CIT v. Smt. Leena Ramachandran

UNITED BANK OF INDIA,KOLKATA vs. DCIT, LTU, CIRCLE - 1, KOLKATA, KOLKATA

In the result, the Revenue’s appeal is dismissed (ITA No

ITA 428/KOL/2018[2013-14]Status: DisposedITAT Kolkata23 Jul 2025AY 2013-14

Bench: the ITAT. The grounds may be extracted for reference:

Section 115JSection 14ASection 15JSection 211Section 250Section 36(1)(viii)

…rofit and loss account are the business expenses relating to trading of the shares and not additional expense whatsoever made. 9. Further reliance is placed on the decision of the Hon'ble Kerala High Court in the case of CIT vs. Smt. Leena Ramachandran (2010) 235 CTR 512 (Ker.) for the principle that the assessee would be entitled to deduction of interest under section 36(1)(iii) of the Act on borrowed funds utilized for the acquisition of shares, when the shares held as stock-in-trade which arise if the assessee is engaged in the trading of shares. 10. In fact, this question had fallen for consideration in the c…

DCIT/ACIT, LTU - 1, KOLKATA, KOLKATA vs. M/S. UNITED BANK OF INDIA, KOLKATA

In the result, the Revenue’s appeal is dismissed (ITA No

ITA 215/KOL/2018[2013-14]Status: DisposedITAT Kolkata23 Jul 2025AY 2013-14

Bench: the ITAT. The grounds may be extracted for reference:

Section 115JSection 14ASection 15JSection 211Section 250Section 36(1)(viii)

DY. COMMISSIONER OF INCOME-TAX , MUMBAI vs. PALCHIN REAL ESTATE PVT LTD, MUMBAI

In the result, the appeal of Revenue is dismissed

ITA 2553/MUM/2023[2018-19]Status: DisposedITAT Mumbai29 Feb 2024AY 2018-19

Bench: SHRI ABY T. VARKEY (Judicial Member), SHRI S RIFAUR RAHMAN (Accountant Member)

For Appellant: Shri K. Shivram & Rahul HakaniFor Respondent: Shri Solgy Jose t. Kottaram (CIT

Section 14ASection 270A

…ese case laws are not applicable to the Assessee’s case, further the rulings of the courts in the following cases are applicable to the Assessee’s case 1. LLOYDS Steel Industries Limited v/s. ACIT (ITAT-Mumbai) 20 SOT 40. 2. CIT v/s. Leena Ramachandran (Ker) 339 ITR 296. 3. Cheminvest Limited v/s. ITO (ITAT, SB-DEL) 121 ITD 318. 4. Pradeep Kar v/s. ACIT (Kar) 319 ITR 416. Thus, after duly considering all the submissions made on behalf of the Assessee as also the case laws relied upon, the contention of the Assessee that the deductions under 14-A are not applicable in its case, 4 A.Y. 2018-19 M/s. Palchin Real E…

ASST. COMMISSIONER OF INCOME TAX, CIRCLE-10(1), HYDERABAD vs. VERTEX PROJECTS LLP (FORMERLY M/S VERTEX PROJECTS LTD) , HYDERABAD

In the result, the appeal of Revenue is partly allowed for statistical purposes

ITA 1187/HYD/2018[2014-15]Status: DisposedITAT Hyderabad28 Apr 2023AY 2014-15

Bench: Shri Rama Kanta Panda & Shri Laliet Kumarassessment Year: 2014-15 Acit,Circle-10(1) Vs. Vertex Projects Llp Room No.515, 5Th Floor, (Formerly M/S.Vertex A-Block, I.T.Towers, Projects Ltd.) A.C.Guards, #156-159, Paigah House Hyderabad. S.P.Road, Next To Pg College. Secunderabad-500 026. Pan : Aanfv0232C (Appellant) (Respondent) Assessee By: Shri Sriram Seshadri, Ca Revenue By: Shri Rajendra Kumar,Cit-Dr Date Of Hearing: 15.03.2023 Date Of Pronouncement: 28.04.2023 O R D E R Per Shri Laliet Kumar, J.M. This Is An Appeal Filed By The Revenue, Feeling Aggrieved By The Order Passed By The Learned Commissioner Of Income Tax (Appeals)-5, Dated 16.03.2018 For The Ay 2014-15, On The Following Grounds :

For Appellant: Shri Sriram Seshadri, CAFor Respondent: Shri Rajendra Kumar,CIT-DR

Section 115JSection 142(1)Section 143(2)Section 14ASection 14A(3)Section 47Section 56Section 56(2)(viia)Section 56(2)(viiia)

…IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad Before Shri Rama Kanta Panda, Accountant Member AND Shri Laliet Kumar, Judicial Member Assessment Year: 2014-15 ACIT,Circle-10(1) Vs. Vertex Projects LLP Room No.515, 5th Floor, (formerly M/s.Vertex A-Block, I.T.Towers, Projects Ltd.) A.C.Guards, #156-159, Paigah House Hyderabad. S.P.Road, Next to PG College. Secunderabad-500 026. PAN : AANFV0232C (Appellant) (Respondent) Assessee by: Shri Sriram Seshadri, CA Revenue by: Shri Rajendra Kumar,CIT-DR Date of hearing: 15.03.2023 Date of pronouncement: 28.04.2023 O R D E R Per Shri Laliet Kumar, J.…

SUMAN P KHURANA,MUMBAI vs. ACIT CENTRAL CIRCLE-3(2), MUMBAI

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

ITA 2415/MUM/2019[2012-13]Status: DisposedITAT Mumbai18 Apr 2022AY 2012-13

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No. 2415/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2012-13) Suman P. Khurana बिधम/ Acit, Central Circle-3(2) Room No.402, 4Th Floor, 501, Raheja Centre, Free Press Vs. Journal Marg, Nariman Point, Aayakar Bhawan, Maharshi Mumbai-400021. Karve Road, Churchgate, Mumbai-400020.S स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aahpk0190Q (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri Shekhar Gupta Revenue By: Shri Hoshang B. Irani सुनवाई की तारीख / Date Of Hearing: 24/01/2022 घोषणा की तारीख /Date Of Pronouncement: 18/04/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 21.02.2019 Passed By The Commissioner Of Income Tax (Appeals) -51, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2012- 13. 2. The Assessee Has Raised The Following Grounds: - “1. The Learned Cit(A) Has Erred In Law & On The Facts Of The Case In Estimating The Annual Value Of The Property At Maker Chambers Iv, Nariman Point, Mumbai At Rs.82,86,301/- As Against Nil Declared By The Assessee & Denying The Exemption Claimed U/S 23(1)(C) By The Assessee. A.Y. 2012-13 2. The Learned Cit(A) Has Erred In Law & On The Facts Of The Case In Estimating The Value Of The Property At Gujranwala Town, Delhi At Rs.6,60,000/- As Against Nil Declared By The Assessee & Denying The Exemption Claimed U/S 23(1)(C) By The Assessee.

For Appellant: Shri Shekhar GuptaFor Respondent: Shri Hoshang B. Irani

Section 143(2)Section 14ASection 23(1)(a)Section 23(1)(c)

…siness expenses relating to trading of the shares and not additional expense whatsoever made. 9. Further reliance is placed on the decision of the Hon'ble Kerala High Court in the case of CIT v. Smt. Leena Ramachandran [2011] 10 taxmann.com 109/199 Taxman 122/339 ITR 296 for the principle that the assessee would be entitled to deduction of interest under section 36(1)(iii) of the Act on borrowed funds utilized for the acquisition of shares, when the shares held as stock-in-trade which arise if the assessee is engaged in the trading of shares. 10. In fact, this question had fallen for consideration in the case of…

RAVI GOENKA,MUMBAI vs. ACIT 17(3), MUMBAI

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

ITA 5132/MUM/2018[2013-14]Status: DisposedITAT Mumbai05 Oct 2021AY 2013-14

Bench: Shri Mahavir Singh () & Shri S. Rifaur Rahman () Assessment Year: 2013-14 Mr. Ravi Goenka, Asst. Commissioner Of Income Tax, 15, Shirin Chambers, 348/50, Vs. Circle 17(3), Samuel Street, Vadgadi, Room No. 137, 1St Floor, Mumbai-400 003. Aayakar Bhavan, M.K. Road, Mumbai-400020. Pan No. Aacpg 9107 E Appellant Respondent

For Appellant: Mr. Shekhar Gupta, ARFor Respondent: Mr. Bharat Andhale, DR

Section 10Section 143(1)Section 143(2)Section 143(3)

…en upheld by Bombay High Court in the case of Godrej and Boyce. Also, there have been number of judicial pronouncements upholding the applicability of section 14A in respect of dividend income. Few of them are quoted below-  Smt. Leena Ramachandran [(2011) 339 ITR 296 (Ker)]  Technopack Advisors P Ltd [(2012) 50 SOT 31 (Delhi)(URO)]  Relaxo Footwear Ltd [ (2012) 50 SOT 102 (Delhi)]  Cheminvest Ltd {121 ITD 318 2009 (DEL)]  Yogesh J Shah [(2010)(46 SOT 183) (Mum) (URO] Therefore, in the light of the above discussion the undersigned is satisfied as per section 14A (3) that the expenditure in relation to the…

ACIT, CIRCLE-2(1)(1), MUMBAI vs. M/S BANK OF BARODA, MUMBAI

In the result, appeal of the Revenue is dismissed

ITA 5619/MUM/2019[2009-10]Status: DisposedITAT Mumbai08 Mar 2021AY 2009-10

Section 10(15)(iv)Section 143(3)Section 14A

…he Rules, by placing reliance on the decision of this Tribunal in case of DCIT vs. India Advantage Securities Ltd., in ITA No.6711/Mum/2011 dated 14/09/2012 ; the decision of Hon’ble Kerala High Court in the case of CIT vs. Smt. Leena Ramachandran reported in 339 ITR 296 and also on the decision of the Hon’ble Jurisdictional High Court in the case of CIT vs. India Advantage Securities Ltd., in ITA No.1131 of 2013 dated 17/03/2015. We find that this issue was the subject matter of adjudication by this Tribunal in the case of Central Bank of India vs. DCIT in ITA No.3739/Mum/2018 & 3763/Mum/2018 for A.Y.2012-13 dat…

ACIT, LTU - 1, , KOLKATA vs. M/S. UNITED BANK OF INDIA, KOLKATA

In the result, the appeal of the revenue is dismissed

ITA 1528/KOL/2019[2014-15]Status: DisposedITAT Kolkata28 Feb 2020AY 2014-15

Section 143(3)Section 14A

…ar: 2014-15 M/s. United Bank of India expenses relating to trading of the shares and not additional expense whatsoever made. 9. Further reliance is placed on the decision of the Hon’ble Kerala High Court in the case of CIT vs. Smt. Leena Ramachandran (2010) 235 CTR 512 (Ker.) for the principle that the assessee would be entitled to deduction of interest under section 36(1)(iii) of the Act on borrowed funds utilized for the acquisition of shares, when the shares held as stock-in-trade which arise if the assessee is engaged in the trading of shares. 10. In fact, this question had fallen for consideration in the…

UNITED BANK OF INDIA,KOLKATA vs. ACIT, LTU - 1, KOLKATA, KOLKATA

Appeal is partly allowed in above terms

ITA 75/KOL/2018[2012-13]Status: DisposedITAT Kolkata28 Feb 2020AY 2012-13

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकर अपीलसं/I.T.A No.75/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13) United Bank Of India Vs. Acit, Ltu-1, Kolkata. 16, Old Court House Street, Kol-1. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaacu5624P (Appellant) .. (Respondent) Appellant By : Shri Soumitra Choudhury, Advocate Respondent By : Shri Vijay Shankar, Cit सुनवाई क" तार"ख/ Date Of Hearing : 24/02/2020 घोषणा क" तार"ख/Date Of Pronouncement : 28/02/2020 आदेश / O R D E R Per Shri S. S. Godara: This Assessee’S Appeal For Assessment Year 2012-13 Arises Against The Commissioner Of Income Tax - 23, Kolkata’S Order Dated 08.06.2017 Passed In Case No.06/Cit(A)-23/L.T.U-1/16-17 Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961 (In Short ‘The Act’). Heard Shri Soumitra Choudhury, Learned Authorized Representative For Assessee & Shri Vijay Shankar, Cit-Dr Appearing At The Revenue’S Behest. 2. The Assessee’S First Substantive Grievance Challenges Correctness Of Both The Lower Authorities’ Action Disallowing Club Entrance Fees Of Rs.97,794/- In The Course Of Assessment Affirmed In The Lower In The Lower Appellate Proceedings. The Assessee Herein Is Admittedly A Bank Which Claimed The Impugned Expenditure As An Allowable Deduction Under Revenue Head. The Assessing Officer’S Assessment Order Dated 25.02.2015 Held The Same To Be Capital Expenditure Than Revenue In Nature. The Cit(A) Has Confirmed The Impugned Disallowance.

For Appellant: Shri Soumitra Choudhury, AdvocateFor Respondent: Shri Vijay Shankar, CIT

Section 143(3)Section 35DSection 35D(1)(ii)Section 35D(2)(c)

…ofit and loss account are the business expenses relating to trading of the shares and not additional expense whatsoever made. 9. Further reliance is placed on the decision of the Hon’ble Kerala High Court in the case of CIT vs. Smt. Leena Ramachandran (2010) 235 CTR 512 (Ker.) for the principle that the I.T.A No.75/Kol/2018 United Bank of India assessee would be entitled to deduction of interest under section 36(1)(iii) of the Act on borrowed funds utilized for the acquisition of shares, when the shares held as stock-in-trade which arise if the assessee is engaged in the trading of shares. 10. In fact, this qu…

UNITED BANK OF INDIA,KOLKATA vs. ACIT, LTU - 1, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

ITA 74/KOL/2018[2010-11]Status: DisposedITAT Kolkata19 Feb 2020AY 2010-11

Bench: Shri A.T. Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.74/Kol/2018 (िनधा"रणवष" / Assessment Year: 2010-11) United Bank Of India Vs. Acit, Ltu-1, Kolkata

For Appellant: Shri Soumitra Choudhury, AdvocateFor Respondent: Dr. P. K. Srihari, CIT D.R

Section 143(3)Section 14ASection 234DSection 40

…ofit and loss account are the business expenses relating to trading of the shares and not additional expense whatsoever made. 9. Further reliance is placed on the decision of the Hon’ble Kerala High Court in the case of CIT vs. Smt. Leena Ramachandran (2010) 235 CTR 512 (Ker.) for the principle that the assessee would be entitled to deduction of interest under section 36(1)(iii) of the Act on borrowed funds utilized for the acquisition of shares, when the shares held as stock-in-trade which arise if the assessee is engaged in the trading of shares. 10. In fact, this question had fallen for consideration in the…

KHAMBATTA FAMILY TRUST,AHMEDABAD vs. THE DY. CIT, CIRCLE-5(2),, AHMEDABAD

In the result, appeal of the assessee is allowed

ITA 2071/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad03 Jul 2019AY 2013-14

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kediaआयकर अपील सं./ Ita No.2071/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2013-14

For Appellant: Shri P.F. Jain, ARFor Respondent: Shri S.K. Dev, Sr.DR

Section 10(34)Section 143(2)Section 14A

…-आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ - अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD – BENCH ‘A’ BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI PRADIPKUMAR KEDIA, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No.2071/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2013-14 Khambatta Family Trust Vs. DCIT, Cir.5(2) Pioma Industries Ahmedabad. B/h. Ellisbridge Gymkhana Ellisbridge Ahmedabad 380 006. PAN : AAAAK 0428 P (Applicant) (Respondent) Assessee by : Shri P.F. Jain, AR Revenue by : Shri S.K. Dev, Sr.DR सुनवाई क" तार"ख/Date of Hearing : 01/07/2019 घोषणा क" तार"ख /Date of Pronouncement: 03/07/2019 आदेश/O R D E…

GUJARAT URJA VIKAS NIGAM LTD.,,BARODA vs. THE DY.CIT, CIRCLE-1(1),, BARODA

In the result, appeal I.T

ITA 3437/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad26 Apr 2019AY 2008-09

For Appellant: Shri J.P. Shah, A.RFor Respondent: Shri/Ms. Rita Dokania, Sr. D.R

Section 115JSection 143(3)Section 147Section 148Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH Before: Shri Rajpal Yadav, Judicial Member And Shri Amarjit Singh, Accountant Member ITA Nos. 3358, 1988, 3359 & 3360 /Ahd/2015 A. Y. 2008-09, 2010-11, 2011-12 & 2012-13 The DCIT, Gujarat Urja Vikas Circle-1(1)(1), Nigam Ltd. Sardar Vadodara Vs Patel Vidyut Bhavan (Appellant) Race Course Circle, Baroda-390007 PAN: AACCG2861L (Respondent) ITA Nos. 3437, 2014, 3438 & 3439/Ahd/ 2015 A. Y. 2008-09, 2010-11, 2011-12 & 2012-13 Gujarat Urja Vikas Nigam The DCIT, Ltd. Sardar Patel Vidyut Circle-1(1)(1), Bhavan Race Course Vs Vadodara Circle, Baroda-390007…

THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1)(1),, VADODARA vs. GUJARAT URJA VIKAS NIGAM LTD.,, BARODA

In the result, appeal I.T

ITA 3358/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad26 Apr 2019AY 2008-09

For Appellant: Shri J.P. Shah, A.RFor Respondent: Shri/Ms. Rita Dokania, Sr. D.R

Section 115JSection 143(3)Section 147Section 148Section 40

DCIT, CIRCLE - 8(1), KOLKATA, KOLKATA vs. M/S. ASHIANA HOUSING LIMITED , KOLKATA

In the result, the appeal filed by the Revenue stands dismissed and the appeal filed by the assessee stands partly allowed for statistical purposes

ITA 2271/KOL/2017[2012-13]Status: DisposedITAT Kolkata05 Oct 2018AY 2012-13

Bench: The Cit-A. The Cit-A By Placing His Reliance On An Order Of Kolkata Bench (Itat, Kolkata) In The Case Of Rei Agro Ltd Reported In (2013) 144 Itd 141 (Kolkata-Trib) Directed The Ao To Verify The Details Of Investment Filed Before Him & To Compute The Expenditure Accordingly In Terms Of Investment, Which Yielded Exempt Income.

For Appellant: Shri A. Bhattacharya, Addl. CIT, ld. Sr.DRFor Respondent: S/Shri Arvind Agarwal, Advocate &

Section 14ASection 14A(1)

…of time without taking benefit of any loan. The assessee having not shown such availability of funds, the disallowance was liable to be upheld. 4.1 He also relied upon the decision of the Hon'ble Kerala High Court in the case of Leena Ramchandran reported in 339 ITR 296. It was a submission that the order of the ld. CIT(A) was liable to be reversed to the extent that he has reduced the disallowance. 5. In reply, the ld. A.R. submitted that as per the provisions of section 14A(2), the AO was to determine the amount of expenditure incurred in relation to such income which does not form part of the total income, i…

THE ITO, WARD-5(2),, AHMEDABAD vs. PARRY ENGINNERING & ELECTRONICS PVT.LTD.,, AHMEDABAD

In the result, appeals of the revenue are dismissed

ITA 1034/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad06 Jun 2018AY 2011-12

Bench: Shri Pramod Kumar & Shri Rajpal Yadavसव"ी Izeksn Dqekj Izeksn Dqekj Izeksn Dqekj लेखा सद"य, एवं राजपाल यादव "या"यक सद"य के सम"। Izeksn Dqekj आयकर अपील सं./ Ita Nos. 1033 & 1034/Ahd/2015 "नधा"रण वष"/Assessment Years: 2010-11 & 2011-12 Income Tax Officer, Parry Engineering & Ward-3(1)(2), Vs Electronics Pvt. Ltd. Ahmedabad. B-608, Nirman Complex, Opp. Havmore Restaurant, Navrangpura, Ahmedabad. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacp 6747 J अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Revenue By : Shri Saurabh Singh, Sr.D.R. Assessee By : Shri G. C. Pipara, A.R.

For Appellant: Shri G. C. Pipara, A.RFor Respondent: Shri Saurabh Singh, Sr.D.R

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

…licable to the interest paid on borrowings used for business related investments. Even though earning of dividend income is only incidental. Reliance is also placed on the decision of Hon'ble Kerala High Court in the case of Smt. Leena Ramchandran reported in 339 ITR 296 and decision of Hon'ble Cochin Bench of ITAT in the case of State Bank of Travancore reported in 124 ITD 332. Honable ITAT CHD [2014] 51 taxmann.com 98 (Chandigarh - Trib.)/[2014] 66 SOT 132 (Chandigarh -Trib.)(URO) in its decision dt 8/08/2014 has held - Held, yes - Whether in case of mixed funds, disallowance has to be made under section 14A, r…

THE ACIT, CIRCLE-5,, AHMEDABAD vs. PARRY ENGINNERING & ELECTRONICS PVT.LTD.,, AHMEDABAD

In the result, appeals of the revenue are dismissed

ITA 1033/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad06 Jun 2018AY 2010-11

For Appellant: Shri G. C. Pipara, A.RFor Respondent: Shri Saurabh Singh, Sr.D.R

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

ITO, NEW DELHI vs. M/S. MOHAIR INVESTMENT & TRADING CO. PVT. LTD., NEW DELHI

In the result the appeal of the assessee is allowed

ITA 126/DEL/2015[2002-03]Status: DisposedITAT Delhi27 Feb 2018AY 2002-03

Bench: Shri N. K. Saini & Ms Suchitra Kambleito Vs Mohair Investment & Trading Ward-17(1) Co. Pvt. Ltd. New Delhi 15, Aurangzeb Marg New Delhi Aaacm0345D (Appellant) (Respondent)

Section 143(1)Section 143(3)Section 14ASection 261(1)(C)Section 271Section 271(1)(c)Section 274

…ng cases have decided the aforesaid issue in favour of the assessee and held that section 14A cannot be invoked where shares are held as stock-in-trade: • CCI Ltd. v. JCIT: 250 CTR (Kar.) [Refer pg. 90 to 92 of Case Laws PB1 • CIT vs. Smt. Leena Ramachandran: 339 ITR 296 (Ker.) [Refer pg 94-96 of Case Laws PBI • DCIT v. M/s. India Advantage: ITA No. 671/Mum/ 2011 (Mum. Trib.)- • Subsequently affirmed by the Bombay High Court in ITA No. 1131 of 2013 [Copy of the decisions attached herewith) • Prescient Securities Pvt. Ltd. vs. ACIT: ITA No. 8361/Mum/2011 (Mum Trib.) [Refer Page 97-101 of Case Laws PBI • Yatish Tr…

ACIT 3(1)(2), MUMBAI vs. EDELWEISS TRADING & HOLDINGS LTD, MUMBAI

In the result, the appeal filed by the revenue is hereby ordered to be dismissed

ITA 4259/MUM/2016[2011-12]Status: DisposedITAT Mumbai17 Jan 2018AY 2011-12

Bench: Shri Rajendra, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.4259/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2011-12) Acit-3(1)(2) बिधम/ M/S. Edelweiss Trading & Room No. 607, 6Th Floor, Holding Ltd. (Formerly Vs. Aayakar Bhavan, Mumbai- Edelweiss Commodities 400020 Ltd.) 1, Edelweiss House, Off, Cst Road, Kalina, Santacruz (E) Mumbai- 400098 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabce3819M (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Saurabh Deshpande (Dr) Assessee By: Shri Rajan Vora सुनवाई की तारीख / Date Of Hearing: 26.10.2017 घोषणा की तारीख /Date Of Pronouncement: 17. 01.2018 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 16.03.2016 Passed By The Commissioner Of Income Tax (Appeals) - 8, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2011- 12. 2. The Revenue Has Raised The Following Grounds:- “1. "On The Facts & Circumstances Of The Case & In Law, The Ld. Cit{A) Erred In Deleting The Addition Of Rs.12,74,59,362/- Made By Assessing Officer On Account Of Mark To Market Loss A.Y.2011-12

For Appellant: Shri Rajan VoraFor Respondent: Shri Saurabh Deshpande (DR)

Section 10(34)Section 142(1)Section 143(2)Section 14ASection 14A(2)

…711/Mum/2011) (Confirmed by Bombay High Court); • CCl Limited vs JCIT 250 CTR 291 (Kar); • Ganjam Trading Co. P. Ltd. (ITA No.3724/Mum/2005, dated 20 July 2012); • Prakash K. Shah & Securities P. Ltd. v. ACIT (ITA No.3339/Mum/2010); • CIT vs Leena Ramchandran 339 ITR 296 (Kar); and . Ethio Plastics Pvt. Ltd. vs. DCIT (Ahd ITAT) (l.T.A. No.848/Ahd/2012). Devkant Synthetics (India) Pvt Ltd V/s ITO-3(1)(2) in ITA No. 2663,2664 and 2665 of 2015 dated 28.10,2015 Thus, it is very clear that in the instant case where dividend has been received on account of shares held as stock in trade the courts have decided that no…

ASST CIT 33(2), MUMBAI vs. KALPESH C. SHAH, MUMBAI

In the result appeal of the Revenue in ITA No

ITA 1422/MUM/2016[2008-09]Status: DisposedITAT Mumbai24 Oct 2017AY 2008-09

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No. 1422/Mum/2016 (नििाारण वर्ा / Assessment Year : 2008-09)

For Appellant: Sh B V JhaveriFor Respondent: Shri. T A Khan,DR

Section 143(3)Section 14A

…nd earned out of the shares held as stock-in-trade as held by the Hon’bleHigh Court of Karnataka in the case of M/s. CCI Ltd., vs. JCIT (supra). The Hon’ble Kerala High Court judgment in the case of Commissioner of Income-tax Vs Smt. Leena Ramachandran (Ker) (339 ITR 296) was distinguished. However, it is for the assessee to demonstrate that the exempt income earned by him is out of the stocks held for trading purposes. In our opinion, the case of the assessee is covered by the ratio of the judgment of the Hon’ble High Court of Karnataka in the case of M/s. CCI Ltd., vs. JCIT (supra). Nevertheless, for this limit…

ITO, WARD-3(3), KOLKATA, KOLKATA vs. M/S BEEJAY INVESTMENT & FINANCIAL CONSULTANTS PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

ITA 1523/KOL/2014[2009-2010]Status: DisposedITAT Kolkata24 May 2017AY 2009-2010

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

Section 14A

…d securities. It has further been explained that the investment in shares of Rs.17,18,648/- made during the year had been made out of non-interest bearing fund. In view of the decisions in CCI Ltd. vs. JCIT 206 Taxman 563 (Kar) CIT vs, Smt. Leena Ramachandran 339 ITR 296 (Ker) it is seen that the stock in trade is not to be considered for the disallowance under Rule 8D(2)(ii) & (iii).This view has been clearly expressed by the jurisdictional Tribunal in Deputy Commissioner of Income-tax, Circle 6, Kolkata vs Gulshan Investment Co. Ltd [2013] 31 taxmann.com 113 (Kolkata - Trib.) and it has been held by the Hon Tri…

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