CIT v. Smt. Leena Ramachandran

339 ITR 296High Court2011#2678 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.

44

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 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 14ASection 10(34)Section 115JBSection 234DSection 250Section 36(1)(viii)Section 129Section 2(17)

Issues it is cited on

section 36(1)(iii)disallowance u/s 14asection 36(1)section 14asection 36section 23section 10previous yearcompanysection 14total incomeinterest

Judgments citing CIT v. Smt. Leena Ramachandran

DCIT 9(2), Mumbai vs. Kismae Exports & Investments P.Ltd, Mumbai

In the result appeals are disposed off as under:

ITA 1766/MUM/2013[2009-10]Status: DisposedITAT Mumbai03 May 2017AY 2009-10

Bench: Shri Shamim Yahya & Shri Ravish Sood

For Appellant: Shri. Prakash JotwaniFor Respondent: Shri. Rajesh Kumar Yadav
Section 14ASection 14a

…deal in shares as is held in the decisions of:- DCIT vs. Gulshan Investment Co. Ltd (ITAT Kolkatta)-14.03.2013 DCIT vs. India Advantage Securities Ltd. (ITAT Mumbai)-12.10.2012 Yatish Trading Co. Ltd vs. ACIT (129 ITD 237(Mum) CIT vs. Smt. Leena Ramachandran (339 ITR 296 (Ker. HC) 3. Prior Period expences: The Ld. CIT(A) erred in confirming the addition in respect of interest on delayed payment of Rs.1,46,712/- which is although pertaining to previous year, was crystallized only during the year under consideration. The Appellant craves leave to add, alter or amend the Grounds of Appeal at or before the hearing of…

ITO, WD-3(3), Kolkata vs. M/S Sri Sudhir Jain, Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 1427/KOL/2014[2009-2010]Status: DisposedITAT Kolkata05 Apr 2017AY 2009-2010

Bench: Shri N. V. Vasudevan & Shri M. Balaganesh, I.T.A. No. 1427/Kol/2014 Assessment Year – 2009-10 I.T.O. Ward-(3)(3), Kolkata. M/S Sri Sudhir Jain -Vs- 13,B. B. Ganguly Street, Room No.-205, [Pan]: Aeupj6167K] Kolkata-12 (Appellant) (Respondent)

Section 143(3)Section 14ASection 2

…inate bench of this Tribunal in the case of REI Agro Ltd. Vs DCIT (supra), is rightly pointed out by the Ld. CIT(A). The Ld. CIT(A) also place reliance on the decision of the Hon’ble Kerala High Court in the case of CIT vs. Smt. Leena Ramachandran reported in 339 ITR 296 (Kerala), which held that the assessee would be entitled for deduction of interest u/s 36(1)(iii) of the Act on borrowed funds utilized for the acquisition of shares if those shares are held as stock in trade and if the assessee is engaged in trading of shares. Facts of the said case and the ratio laid down thereon, is squarely applicable to the…

Bank of Baroda, Mumbai vs. ACIT Cir 2(1), Mumbai

In the result of appeal by the assessee is partly allowed for the statistical purposes and the appeal of the revenue stands allowed

ITA 2480/MUM/2015[2009-10]Status: DisposedITAT Mumbai17 Feb 2017AY 2009-10

Bench: Shri Shamim Yahya & Shri Ravish Sood

For Appellant: Shri. C. NareshFor Respondent: Shri. Jasbir chauhan
Section 91

…IN THE INCOME TAX APPELLATE TRIBUNAL “L” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI RAVISH SOOD, JUDICIAL MEMBER ITA no.2480 & 3081/Mum./2015 (Assessment Year : 2009–10) ACIT-2(1)(1), Room No. 581, 5th Floor, Aayakar Bhavan ……………. Appellant M.K. Road Mumbai 400 020 v/s Bank of Baroda, C-26, G-Block, Baroda Corporate, Centre, Bandra Kurla Complex, ……………. Respondent Bandra (E), Mumbai 400 051 PAN AAACB1534F Assessee by : Shri. C. Naresh Revenue by : Shri. Jasbir chauhan Date of Hearing –09.02.2017 Date of Order – 17.02.2017 O R D E R PER: SHAMIM YAHYA These are c roos-appeals by the r…

Pallavi Manoj Desai, Mumbai vs. Addl CIT 22(1)(4), Mumbai

In the result, the appeal filed by the Revenue is dismissed

ITA 3473/MUM/2016[2010-11]Status: DisposedITAT Mumbai19 Jan 2017AY 2010-11

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am Smt.Pallai Manoj Desai, Income-Tax-Officer-22(1)(4), 204/206, Sahyadri, Vashi Railway Station फनधभ/ Neelkanth Valley, 7Th Road, Complex, Rajawadi, Vashi, Vs. Ghatkopar (E), Navi Mumbai-400703 Mumbai-400077

For Appellant: Shri Kirit SanghviFor Respondent: Ms.Anupama Singh
Section 143(2)Section 14ASection 36(1)(iii)Section 57

…l followed the decision of the Special Bench of the Tribunal in the case of ITO vs. Daga Capital Management Pvt. Ltd. (supra). The assessee in that case had relied on the judgment of Hon’ble High Court of Kerala in the case of CIT vs. Smt. Leena Ramachandran (339 ITR 296) to argue that the disallowance could not be made in relation to the dividend received from trading shares. TheTribunal had however, distinguished the said judgment of Hon’ble High Court of Kerala on the ground that in that case the acquisition of shares with the borrowed funds was for the purpose of controlling the company. Therefore, even thoug…

Gandhi Securities & Investments P.Ltd, Mumbai vs. DCIT 4(1), Mumbai

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

ITA 3781/MUM/2014[2011-12]Status: DisposedITAT Mumbai21 Dec 2016AY 2011-12

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm M/S. Gandhi Securities & Vs. Dcit, Tax-4(1)Mumbai – Investments Pvt. Ltd., 400 020 9, Haji Kasam Building, 2Nd Floor, Tamarind Lane, Fort, Mumbai – 400 001 Pan/Gir No. Aaacg2133P Appellant) .. Respondent) Assessee By Shri Rahul Kapadia Revenue By Shri Premanand J

Section 14A

…ties below. We find that the Tribunal in the case of "DCIT vs. India Advantage Securities Ltd." in ITA No.6711/M/2011 vide order dated 14.09.2012 while relying upon the decision of the Hon'ble Kerala High Court in the case of "CIT vs. Smt. Leena Ramachandran (339 ITR 296) and further on the decision of the Hon'ble High Court of Karnataka in the case of "CCI Ltd. vs. JCIT" 250 CTR 291 has held that disallowance under section 14A in relation to dividend received from trading shares cannot be made. The said finding of the Tribunal has been upheld by the Hon'ble Jurisdictional Bombay High Court in the case of "CIT vs…

S vs. Securities P. Ltd, Mumbai

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

ITA 7442/MUM/2013[2010-11]Status: DisposedITAT Mumbai26 Oct 2016AY 2010-11

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No. 7442/Mum/2013 ("नधा"रण वष" / Assessment Year: 2010-11 M/S. Svs Securities Pvt. The Acit, Range-4(2), बनाम/ Ltd., Aayakar Bhavan, Vs. 32-B, Khatau Bldg., Mumbai-400 020 Alkesh Dinesh Modi Marg, Fort, Mumbai-400 023 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabcs 5982K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Shri Virag M. Shah अपीलाथ" ओर से/ Appellant By: ""यथ" क" ओर से/Respondent By: Shri R.K. Shah

For Respondent: Shri R.K. Shah
Section 14A

…e case of "DCIT vs. India Advantage Securities Ltd." in ITA No.6711/M/2011 vide order dated 14.09.2012 while relying upon the decision of the Hon'ble Kerala High Court in the case of "CIT vs. Smt. Leena M/s. Fiduciary Euromax Global Markets Ltd. Ramachandran (339 ITR 296) and further on the decision of the Hon'ble High Court of Karnataka in the case of "CCI Ltd. vs. JCIT" 250 CTR 291 has held that disallowance under section 14A in relation to dividend received from trading shares cannot be made. The said finding of the Tribunal has been upheld by the Hon'ble Jurisdictional Bombay High Court in the case of "CIT vs…

Starwar Comtrade P.Ltd, Mumbai vs. Asst CIT Cir 3(3), Mumbai

ITA 7291/MUM/2014[2010-11]Status: DisposedITAT Mumbai27 Jul 2016AY 2010-11

Bench: S/Sh.Rajendra & C.N. Prasadआयकर अपील आयकर अपील संसंसंसं./Ita.S./7291-92/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Ay.S.2010-11 & 2011-12 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Starwar Comtrade P. Ltd. Acit, Range- 3(3) 11,12 1St Floor, Palm Spring Aayakar Bhavan, 6Th Floor Hastikar Marg, Prabhadevi Vs. Mumbai-400 020. Mumbai-400 025. Pan:Aafcs 6880 A (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri J. Saravanan -Dr Assessee By: Shri Dharmesh Shah सुनवाई क" तारीख / Date Of Hearing: 07.07.2016 घोषणा क" तारीख / Date Of Pronouncement: 27.07.2016 आयकर आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार Per Rajendra, Am- अनुसार Challenging The Orders,Dated 30/10/2014 Of The Cit (A)-7,Mumbai The Assessee Has Filed The Appeals For The Above-Mentioned Assessment Years(Ay.S.).Issue Involved In All The Appeals Is About Disallowance Made U/S.14A Of The Act.So,We Are Adjudicating Both The Appeals By Single Order. The Details Of Dates Of Filing Of Returns,Returned Incomes & Assessed Income Etc. Can Be Summarised As Under In The Tabular Form: A.Y. Roi Filed Assessed Returned Income(Rs.) Assessment Dt. On Income(Rs.) 2010-11 20.09.2010 (-)Rs.2.28 Crores 28.12.2012 (-)7,04,116/- 2011-12 16.09.2011 Nil - 2,61,14,570/-

For Appellant: Shri Dharmesh ShahFor Respondent: Shri J. Saravanan -DR
Section 14Section 14ASection 254(1)

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण ” मुंबई मुंबई मुंबई मुंबई , , , , खंडपीठ खंडपीठ खंडपीठ खंडपीठ “ “ “ “ ई Income-tax Appellate Tribunal -“E”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं सी .एन ."साद,"याियक सद"य Before S/Sh.Rajendra,Accountant Member and C.N. Prasad,Judicial Member आयकर अपील आयकर अपील संसंसंसं./ITA.s./7291-92/Mum/2014,िनधा"रण िनधा"रण वष" वष" /AY.s.2010-11 & 2011-12 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/s. Starwar Comtrade P. Ltd. ACIT, Range- 3(3) 11,12 1st Floor, Palm Spring Aayakar Bhavan, 6th Floor Hastikar Marg, Prabhadevi Vs. Mumbai-400 020. Mu…

Fiduciary Euromax Global Markets Ltd, Mumbai vs. DCIT 8(1), Mumbai

In the result, this appeal of the assessee is allowed

ITA 955/MUM/2014[2010-11]Status: DisposedITAT Mumbai29 Jun 2016AY 2010-11

Bench: Shri G.S. Pannu & Shri Sanjay Garg

For Appellant: Shri V.C. Shah, A.RFor Respondent: Shri S. Senthil Kumaran, D.R
Section 14ASection 73

…ecurities Ltd.” in ITA No.6711/M/2011 vide order dated 14.09.2012 while relying upon the decision of the Hon’ble Kerala High Court in the case of “CIT vs. Smt. Leena ITA Nos.1349/M/2012 & 955/M/2014 17 M/s. Fiduciary Euromax Global Markets Ltd. Ramachandran (339 ITR 296) and further on the decision of the Hon’ble High Court of Karnataka in the case of “CCI Ltd. vs. JCIT” 250 CTR 291 has held that disallowance under section 14A in relation to dividend received from trading shares cannot be made. The said finding of the Tribunal has been upheld by the Hon’ble Jurisdictional Bombay High Court in the case of “CIT vs…

Fiduciary Euromax Global Markets Ltd, Mumbai vs. DCIT 8(1), Mumbai

In the result, this appeal of the assessee is allowed

ITA 1349/MUM/2012[2009-10]Status: DisposedITAT Mumbai29 Jun 2016AY 2009-10

Bench: Shri G.S. Pannu & Shri Sanjay Garg

For Appellant: Shri V.C. Shah, A.RFor Respondent: Shri S. Senthil Kumaran, D.R
Section 14ASection 73

…ecurities Ltd.” in ITA No.6711/M/2011 vide order dated 14.09.2012 while relying upon the decision of the Hon’ble Kerala High Court in the case of “CIT vs. Smt. Leena ITA Nos.1349/M/2012 & 955/M/2014 17 M/s. Fiduciary Euromax Global Markets Ltd. Ramachandran (339 ITR 296) and further on the decision of the Hon’ble High Court of Karnataka in the case of “CCI Ltd. vs. JCIT” 250 CTR 291 has held that disallowance under section 14A in relation to dividend received from trading shares cannot be made. The said finding of the Tribunal has been upheld by the Hon’ble Jurisdictional Bombay High Court in the case of “CIT vs…

Mstc Limited, Kolkata vs. JCIT(OSD) CIT - I, Kolkata

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

ITA 1536/KOL/2013[2009-10]Status: DisposedITAT Kolkata08 Jun 2016AY 2009-10

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

…nal have already been considered and rejected by the ld. CIT(Appeals) while computing the disallowance made by the Assessing Officer under section 14A. He also relied on the decision of the Hon’ble Calcutta High Court in the case of Dhanuka & Sons reported in 339 ITR 296 in support of the Revenue’s case on this issue. 18. We have considered the rival submissions and also perused the relevant material available on record. It is observed that the disallowance made by the Assessing Officer under section 14A has been confirmed by the ld. CIT(Appeals) by his impugned order by relying, inter alia, on the decision of t…

D.C.I.T Cir - 1, Kolkata vs. M/S Teenlok Advisory Services Pvt Ltd, Mumbai

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

ITA 1351/KOL/2013[2009-10]Status: DisposedITAT Kolkata08 Jun 2016AY 2009-10

Bench: Shri P.M. Jagtap & Shri N.V. Vasudevan

Section 14ASection 36(1)(iii)

…curred in acquiring the shares can be apportioned to the extent of dividend income and that can be disallowed under section 14A. The ld. AR has also relied on the decision of the Hon’ble Kerala High Court in the case of CIT –vs.- Smt. Leena Ramchandran [2011] 339 ITR 296 (Ker.). The Hon’ble Kerala High Court has held that the assessee would be eligible for deduction u/s 36(1)(iii) on borrowed fund utilized for acquisition of shares only if shares are held as stock-in-trade which arises only if the assessee is engaged in trading in shares. As regards the acquisition of shares in the form of investment, the Hon’ble…

DCIT, Circle - 8, Kolkata vs. M/S. Newdeal Finance & Investment Limited, Kolkata

In the result, Revenue’s appeal is allowed for statistical purpose

ITA 1558/KOL/2011[2007-08]Status: DisposedITAT Kolkata11 Mar 2016AY 2007-08

Bench: Shri Mahavir Singh & Shri Waseem Ahmedassessment Year :2007-08

Section 143(2)Section 143(3)Section 14ASection 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “C” KOLKATA Before Shri Mahavir Singh, Judicial Member and Shri Waseem Ahmed, Accountant Member Assessment Year :2007-08 DCIT, Circle-8, V/s. M/s Newdeal Finance Aayakar Bhawan, & Investment Ltd., 5th Floor, P7, 37, J.L.Nehru Road, Chowringhee Square, Kolkata-700 069 Kolkata-700 069 [PAN No.AAACN 2378 P] . .. अपीलाथ" /Appellant ""यथ"/Respondent Md. Ghyas Uddin, JCIT-DR अपीलाथ" क" ओर से/By Appellant Shri K.R. Vasudevan, Advocate ""यथ" क" ओर से/By Respondent 18-02-2016 सुनवाई क" तार"ख/Date of Hearing 11-03-2016 घोषणा क" तार"ख/Date of Pronouncement आदेश /O R…

Arj Shares & Stock Brokers Pvt. Ltd., Mumbai vs. D.C.I.T. RG. 4(3), Mumbai

In the result, the assessee’s appeal is partly allowed

ITA 1473/MUM/2012[2008-09]Status: DisposedITAT Mumbai24 Feb 2016AY 2008-09

Bench: Shri R.C. Sharma, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./ I.T.A. No. 1473/Mum/2012 ("नधा"रण वष" / Assessment Year: 2008-09)

For Appellant: Shri Manoj Kumar
Section 143(2)Section 143(3)Section 14ASection 55(2)(ab)

…l followed the decision of the Special Bench of the Tribunal in the case of ITA vs. Daga Capital Management Pvt. Ltd. (supra). The assessee in that case had relied on the judgment of Hon'ble High Court of Kerala in the case of CIT vs. Smt. Leena Ramachandran (339 ITR 296) to argue that the disallowance could not be made in relation to the dividend received from trading shares. The Tribunal had however, distinguished the said judgment of Hon'ble High Court of Kerala on the ground that in that case the acquisition of shares with the borrowed funds was for the purpose of controlling the company. Therefore, even thou…

Jmp Securities P. Ltd, Mumbai vs. Addl CIT 4(3), Mumbai

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

ITA 5688/MUM/2013[2010-11]Status: DisposedITAT Mumbai19 Feb 2016AY 2010-11

Bench: Shri Sanjay Garg & Shri Ashwani Tanejaassessment Year: 2010-11 M/S. Jmp Securities Pvt. Ltd., Additional Commissioner Of Elite Square, 27, Income Tax, Range – 4(3), Room No.649, 6Th Floor, Parin Nariman Street, Vs. Bazargate, Near Khaugalli, Aayakar Bhavan, M.K. Road, Opp. Parsi Agyari, Fort, Mumbai - 400020 Mumbai – 400 001 Pan: Aaacj 8850C (Appellant) (Respondent) Present For: Assessee By : Shri K. Gopal, A.R. Revenue By : Shri K. Mohandas, D.R. Date Of Hearing : 16.02.2016 Date Of Pronouncement : 19.02.2016 O R D E R

For Appellant: Shri K. Gopal, A.RFor Respondent: Shri K. Mohandas, D.R
Section 14A

…e assessee. We find that the Tribunal in the case of “DCIT vs. India Advantage Securities Ltd.” in ITA No.6711/M/2011 vide order dated 14.09.2012 while relying upon the decision of the Hon’ble Kerala High Court in the case of “CIT vs. Smt. Leena Ramachandran (339 ITR 296) and further on the decision of the Hon’ble High Court of Karnataka in the case of “CCI Ltd. vs. JCIT” 250 CTR 291 has held that disallowance under section 14A in relation to dividend received from trading shares cannot be made. The said finding of the Tribunal has been upheld by the Hon’ble Jurisdictional Bombay High Court in the case of “CIT vs…

ACIT, Chennai vs. Sun Tv Net Work Ltd., Chennai

In the result, all the three appeals of the Revenue are

ITA 1579/CHNY/2015[2011-12]Status: DisposedITAT Chennai19 Feb 2016AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamony

For Appellant: Sh. N. Devanathan, AdvocateFor Respondent: Ms. Jayanthi Krishnan, CIT
Section 37

…आयकर अपील"य अ"धकरण, ‘’डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी ए. मोहन अलंकामणी, लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.1340 & 1341/Mds/2015 "नधा"रण वष" / Assessment Years : 2010-11 & 2011-12 M/s sun TV Network Limited, The Assistant Commissioner of Murasoli Maran Towers, v. Income Tax, 73, MRC Nagar Main Road, Non-Corporate Circle 20(1) MRC Nagar, Chennai - 600 028. (Previously Media Circle II), Chennai - 600 034. PAN : AADCS 4885 K (अपीलाथ"/App…

ACIT, Chennai vs. Sun Tv Net Work Ltd., Chennai

In the result, all the three appeals of the Revenue are

ITA 1578/CHNY/2015[2010-11]Status: DisposedITAT Chennai19 Feb 2016AY 2010-11

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamony

For Appellant: Sh. N. Devanathan, AdvocateFor Respondent: Ms. Jayanthi Krishnan, CIT
Section 37

…आयकर अपील"य अ"धकरण, ‘’डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी ए. मोहन अलंकामणी, लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.1340 & 1341/Mds/2015 "नधा"रण वष" / Assessment Years : 2010-11 & 2011-12 M/s sun TV Network Limited, The Assistant Commissioner of Murasoli Maran Towers, v. Income Tax, 73, MRC Nagar Main Road, Non-Corporate Circle 20(1) MRC Nagar, Chennai - 600 028. (Previously Media Circle II), Chennai - 600 034. PAN : AADCS 4885 K (अपीलाथ"/App…

ACIT, Chennai vs. Sun Tv Net Work Ltd., Chennai

In the result, all the three appeals of the Revenue are

ITA 1577/CHNY/2015[2005-06]Status: DisposedITAT Chennai19 Feb 2016AY 2005-06

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamony

For Appellant: Sh. N. Devanathan, AdvocateFor Respondent: Ms. Jayanthi Krishnan, CIT
Section 37

…आयकर अपील"य अ"धकरण, ‘’डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी ए. मोहन अलंकामणी, लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.1340 & 1341/Mds/2015 "नधा"रण वष" / Assessment Years : 2010-11 & 2011-12 M/s sun TV Network Limited, The Assistant Commissioner of Murasoli Maran Towers, v. Income Tax, 73, MRC Nagar Main Road, Non-Corporate Circle 20(1) MRC Nagar, Chennai - 600 028. (Previously Media Circle II), Chennai - 600 034. PAN : AADCS 4885 K (अपीलाथ"/App…

Sun Tv Network Limited, Chennai vs. ACIT, Chennai

In the result, all the three appeals of the Revenue are

ITA 1341/CHNY/2015[2011-2012]Status: DisposedITAT Chennai19 Feb 2016AY 2011-2012

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamony

For Appellant: Sh. N. Devanathan, AdvocateFor Respondent: Ms. Jayanthi Krishnan, CIT
Section 37

…आयकर अपील"य अ"धकरण, ‘’डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी ए. मोहन अलंकामणी, लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.1340 & 1341/Mds/2015 "नधा"रण वष" / Assessment Years : 2010-11 & 2011-12 M/s sun TV Network Limited, The Assistant Commissioner of Murasoli Maran Towers, v. Income Tax, 73, MRC Nagar Main Road, Non-Corporate Circle 20(1) MRC Nagar, Chennai - 600 028. (Previously Media Circle II), Chennai - 600 034. PAN : AADCS 4885 K (अपीलाथ"/App…

Sun Tv Network Limited, Chennai vs. ACIT, Chennai

In the result, all the three appeals of the Revenue are

ITA 1340/CHNY/2015[2010-2011]Status: DisposedITAT Chennai19 Feb 2016AY 2010-2011

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamony

For Appellant: Sh. N. Devanathan, AdvocateFor Respondent: Ms. Jayanthi Krishnan, CIT
Section 37

…आयकर अपील"य अ"धकरण, ‘’डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी ए. मोहन अलंकामणी, लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.1340 & 1341/Mds/2015 "नधा"रण वष" / Assessment Years : 2010-11 & 2011-12 M/s sun TV Network Limited, The Assistant Commissioner of Murasoli Maran Towers, v. Income Tax, 73, MRC Nagar Main Road, Non-Corporate Circle 20(1) MRC Nagar, Chennai - 600 028. (Previously Media Circle II), Chennai - 600 034. PAN : AADCS 4885 K (अपीलाथ"/App…

Mohair Investment and Trading Company (P) Ltd., New Delhi vs. DCIT, New Delhi

In the result the appeal of the assessee is allowed

ITA 4677/DEL/2009[2001-02]Status: DisposedITAT Delhi27 Nov 2015AY 2001-02

Bench: Shri A.T. Varkey & Shri O.P. Kant

For Appellant: Shri Gaurav Jain, Advocate and Bhavita Kumar, AdvocateFor Respondent: Shri P. Dam Kanunjna, Senior DR
Section 115Section 143Section 14ASection 271(1)(c)Section 275(1)(a)

…foresaid issue in favour of the 26 ITA No4677 /Del./2009 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 PBl • CIT vs. Smt. Leena Ramachandran: 339 ITR 296 (Ker.) [Refer pg 94-96 of Case Laws PBl • DCIT v. M/s. India Advantage: ITA No. 6711lMuml 2011 (Mum. Trib.)- • Subsequently affirmed by the Bombay High Court in ITA No. 1131 of2013 [Copy of the decisions attached herewith) • Prescient Securities Pvt. Ltd. vs. ACIT: ITA No. 8361/Mum/2011 (Mum Trib.) [Refer Page 97-lOl of Case Laws PBl • Yatish Tra…