What is CIT v. Torrent Power Ltd. authority for?

If an assessee possesses sufficient interest-free own funds to cover investments yielding exempt income, it is presumed that such investments are made from these own funds, precluding any disallowance of interest expenditure under Section 14A, even when borrowed funds are also available.

How many judgments cite CIT v. Torrent Power Ltd.?

160 judgments on BharatTax cite CIT v. Torrent Power Ltd. (354 ITR 630), spanning 2014 to 2026.

Which sections of the Income Tax Act does CIT v. Torrent Power Ltd. come up under?

It is most often cited in judgments turning on Section 14A, Section 143(3), Section 250, Section 263, Section 115JB, Section 132(1).

CIT v. Torrent Power Ltd. (354 ITR 630)

JOINT COMMISIONER OF INCOME TAX(OSD) CIRCLE 3(1)(1) AHMEDABAD, AHMEDABAD vs. NIRMA CHEMICAL WORKS PRIVATE LIMITED, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

ITA 164/AHD/2026[2020-21]Status: DisposedITAT Ahmedabad26 Feb 2026AY 2020-21

Bench: Dr. B.R.R. Kumar, Vice-Shri T.R. Senthil Kumar

Section 143(3)Section 14ASection 250

…d. CIT(A). The Ld. CIT(A), following various decisions of the Hon’ble Gujarat High Court, including in the case UTI Bank Ltd. (32 taxmann.com 370)(Guj.), CIT Vs. Gujarat State Fertilizers & Chemicals Ltd. (217 Taxman 229)(Guj. HC), CIT Vs. Suzlon Energy Ltd. (354 ITR 630) (Guj. HC), CIT Vs. Gujarat Power Corporation Ltd. (325 ITR 583) (Guj. HC), as also relying on his predecessor’s orders in assessee’s own case for preceding assessment years i.e. AY 2015-16, 2017-18, 2018-19, deleted the disallowance holding that no nexus with borrowed funds was established and no exempt income was earned. 5. Aggrieved by the or…

GUJARAT STATE PETRONET LIMITED,GANDHINAGAR vs. DCIT, GANDHINAGAR CIRCLE, GANDHINAGAR, GANDHINAGAR

The appeal of the assessee is partly allowed

ITA 992/AHD/2025[2016-17]Status: DisposedITAT Ahmedabad07 Oct 2025AY 2016-17

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinhaassessment Year: 2016-17

Section 143(3)Section 144Section 14ASection 14A(2)Section 250

…s.52,602.09 Lacs and Rs.65,610.45 lacs respectively. There is no ambiguity, that the own fund of the assessee exceeds the investments. In this regard we refer the judgment of The Hon'ble Gujarat High Court in the case of CIT vs. Torrent Power Ltd. reported in 363 ITR 474 where it was held as under: It was noted from records that the assessee was having share holding funds to the extent of 2607.18 Crores and the investment made by it was to the extent of Rs.195.10 Crores. In other words, the assessee had sufficient funds for making the investments and it had not used the borrowed funds for such purpose. This aspec…

BAN LABS PRIVATE LIMITED,RAJKOT vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX-1, RAJKOT, RAJKOT

In the result, appeal filed by the assessee is allowed

ITA 202/RJT/2024[2018-19]Status: DisposedITAT Rajkot19 Aug 2025AY 2018-19

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita No.202/Rjt/2024 ("नधा"रण वष" / Assessment Year: 2018-19) Ban Labs Pvt. Ltd., Vs. Principal Commissioner Of Ban House, Dr. Vikram Sarabhai Income Tax-1, Nagar, Gondal Road (South), Rajkot Rajkot-360004 (Gujarat) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaacb8999C (Appellant) (Respondent)

For Appellant: Shri D.M. Rindani, ARFor Respondent: Shri Sanjay Punglia, CIT DR

Section 143(1)Section 143(3)Section 144BSection 14ASection 263

…IN THE INCOME TAX APPELLATE TRIBUNAL, RAJKOT BENCH, RAJKOT BEFORE DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER AND SHRI DINESH MOHAN SINHA, JUDICIAL MEMBER आयकर अपील सं./ITA No.202/RJT/2024 ("नधा"रण वष" / Assessment Year: 2018-19) Ban Labs Pvt. Ltd., Vs. Principal Commissioner of Ban House, Dr. Vikram Sarabhai Income Tax-1, Nagar, Gondal Road (South), Rajkot Rajkot-360004 (Gujarat) "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAACB8999C (Appellant) (Respondent) Appellant by : Shri D.M. Rindani, AR Respondent by : Shri Sanjay Punglia, CIT DR Date of Hearing : 04/06/2025 Date of Pronouncement : 19/08/2025 आदेश / O R D E R Per,…

M/S. BODAL CHEMICALS LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-1, AHMEDABAD

In the result, the appeals being IT(SS)A No

ITA 318/AHD/2022[2009-10]Status: DisposedITAT Ahmedabad31 Jul 2025AY 2009-10

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

For Appellant: Shri S.S. Nagar, ARFor Respondent: Shri Kamlesh Makwana, CIT-DR and Shri B.P. Srivastava, Sr.DR

Section 115JSection 132(1)Section 139(1)Section 139(5)Section 142(1)Section 143(2)Section 143(3)Section 153ASection 153A(1)(a)Section 153A(1)(b)

…आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ ‘A’ अहमदाबाद। अहमदाबाद। आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, AHMEDABAD ] ] BEFORE Ms. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER IT(SS)A No.27 TO 30/Ahd/2021 Assessment Year : 2006-07 TO 2009-10 IT(SS)A No.14/Ahd/2022 Asstt.Year : 2010-11 The Dy.CIT M/s.Bodal Chemicals Ltd. Cent.Cir.1(1) Vs Plot No.123-124 Ahmedabad. Phase-1, GIDC Vatva, Ahmedabad. PAN : AAACD 5352 M Asstt.Year : 2009-10 IT(SS)A No.…

M/S.KERALA CARS P.LTD,COCHIN vs. ACIT CORPORATE CIRCLE 1(2), COCHIN

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

ITA 63/COCH/2023[2014-15]Status: DisposedITAT Cochin21 Oct 2024AY 2014-15

Bench: Shri Waseem Ahmed & Shri Soundararajan K.Kerala Cars Pvt. Ltd. Asst. Cit, Corporate Circle-1(2) 508-A, Illakkattu Building Kochi Edappally, Kunamthai Vs. Kochi 682024 [Pan: Aabck4746M] (Appellant) (Respondent)

For Appellant: Smt. Parvathy Ammal, CAFor Respondent: Ms. Leena Lal, Sr. D.R

Section 14A

…he High Court in regard to the first question. Accordingly, the appeals are dismissed in regard to the first question. 12.1 We also draw support and guidance from the judgment of Hon’ble Gujarat High court in the case of CIT vs. Torrent Power Ltd reported in 363 ITR 474 where it was held as under: It was noted from records that the assessee was having shareholding funds to the extent of 2607.18 crores and the investment made by it was to the extent of`Rs.195.10 crores. In other words, the assessee had sufficient funds for making the investments and it had not used the borrowed funds for such purpose. This aspect…

NLC INDIA LIMITED,CUDDALORE vs. DCIT, NON CORP. CIRCLE 8(1), CHENNAI

In the result, the appeals of the assessee are allowed

ITA 271/CHNY/2024[2020-21]Status: DisposedITAT Chennai15 Oct 2024AY 2020-21

Bench: SHRI MANU KUMAR GIRI (Judicial Member), SHRI S.R. RAGHUNATHA (Accountant Member)

For Appellant: Shri Raghavan Ramabadran, AdvFor Respondent: Shri R. Clement Ramesh Kumar, IRS, CIT

Section 115JSection 142(1)Section 143(2)Section 144CSection 14A

…आयकर अपील"य अ"धकरण, सी, "यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, CHENNAI माननीय "ी मनु कुमार "ग"र, "या"यक सद"य एवं माननीय "ी एस.आर. रघुनाथा, लेखा सद"य के सम" BEFORE HON’BLE SHRI MANU KUMAR GIRI, JUDICIAL MEMBER AND HON’BLE SHRI S.R. RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.270 & 271/CHNY/2024 िनधा"रण वष"/Assessment Years: 2018-2019 & 2020-2021 NLC India Limited, The Deputy Commissioner of Block 1, Corporate Office Neyveli, Vs. Income Tax, Cuddalore 607 801. Non Corporate Circle 8(1) Chennai. PAN: AAACN1121C (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant by : S…

NLC INDIA LIMITED,CUDDALORE vs. DCIT, NON CORP. CIRCLE 8(1), CHENNAI, CHENNAI

In the result, the appeals of the assessee are allowed

ITA 270/CHNY/2024[2018-19]Status: DisposedITAT Chennai15 Oct 2024AY 2018-19

Bench: HON’BLE SHRI MANU KUMAR GIRI, JUDICIAL MEMBER AND HON’BLE SHRI S.R. RAGHUNATHA (Accountant Member)

For Appellant: Shri Raghavan Ramabadran, AdvFor Respondent: Shri R. Clement Ramesh Kumar, IRS, CIT

Section 115JSection 142(1)Section 143(2)Section 144CSection 14A

…आयकर अपील"य अ"धकरण, सी, "यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, CHENNAI माननीय "ी मनु कुमार "ग"र, "या"यक सद"य एवं माननीय "ी एस.आर. रघुनाथा, लेखा सद"य के सम" BEFORE HON’BLE SHRI MANU KUMAR GIRI, JUDICIAL MEMBER AND HON’BLE SHRI S.R. RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.270 & 271/CHNY/2024 िनधा"रण वष"/Assessment Years: 2018-2019 & 2020-2021 NLC India Limited, The Deputy Commissioner of Block 1, Corporate Office Neyveli, Vs. Income Tax, Cuddalore 607 801. Non Corporate Circle 8(1) Chennai. PAN: AAACN1121C (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant by : S…

DCIT 2(2), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

In the result appeal filed by the assessee for assessment year 2006 – 07 and 2007 – 08 is partly allowed

ITA 4952/MUM/2013[2006-07]Status: DisposedITAT Mumbai11 Oct 2024AY 2006-07

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal , Jm A.Y.2006-07 [ By Assessee] &

Section 14Section 143Section 36Section 41

…rities, has come out of interest free funds available with assessee. In such situation section 14A of the Act would not be applicable. Similar views have been expressed by other High Courts in CIT v. Suzlon Energy Ltd. [2013] 33 taxmann.com 157/215 Taxman 272/354 ITR 630 (Guj.), CIT v. Microlabs Ltd. [2017] 79 taxmann.com 365/[2016] 383 ITR 490 ` (Kar.) and CIT v. Max India Ltd. [2016] 75 taxmann.com 268/388 ITR 81 (Punj. & Har.). Mr. S Ganesh the learned Senior Counsel while citing these cases from the High Courts have further pointed out that those judgments have attained finality. On reading of these judgment…

STATE BANK OF INDIA,MUMBAI vs. ADDL CIT CIR 2(2), MUMBAI

In the result appeal filed by the assessee for assessment

ITA 3868/MUM/2013[2006-07]Status: DisposedITAT Mumbai11 Oct 2024AY 2006-07

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal , Jm

Section 14Section 143Section 36Section 41

…es, has come out of interest free funds available with assessee. In such situation section 14A of the Act would not be applicable. Similar views have been expressed by other High Courts in CIT v. Suzlon Energy Ltd. [2013] 33 taxmann.com 157/215 Taxman 272/354 ITR 630 (Guj.), CIT v. Microlabs Ltd. [2017] 79 taxmann.com 365/[2016] 383 ITR 490 Page | 39 (Kar.) and CIT v. Max India Ltd. [2016] 75 taxmann.com 268/388 ITR 81 (Punj. & Har.). Mr. S Ganesh the learned Senior Counsel while citing these cases from the High Courts have further pointed out that those judgments have attained finality. On reading of t…

DCIT CENTRAL CIRCLE-2, BHUBANESWAR vs. M/S. HOTEL SUKHAMAYA PVT. LTD, BHUBANESWAR

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

ITA 206/CTK/2022[2012-13]Status: DisposedITAT Cuttack18 Sept 2024AY 2012-13

Section 132Section 269SSection 271D

…tion was never doubted by the Revenue Authority breach was to be treated as mere technical transactions were reflected in the Books of account of those persons from whom loan war received Citation: CIT vs Maa Kihodiyar Construction, Gujarat High Court (2014) 363 ITR 474 (Guj). (Ref page no. 103 to 107 of Paper Book) Both CIT (A) and tribunal having found that transaction of cash loan and its repayment were genuine and there was no intention to evade tax, no interference was called for with the order deleting penalty under & 271D&E Citation: CIT và Lakshmi Trust company (2008) 303 ITR, High Court of Madras. (Ref…

DCIT CENTRAL CIRCLE-2, BHUBANESWAR vs. M/S. HOTEL SUKHAMAYA PVT. LTD, BHUBANESWAR

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

ITA 205/CTK/2022[2009-10]Status: DisposedITAT Cuttack18 Sept 2024AY 2009-10

Section 132Section 269SSection 271D

…tion was never doubted by the Revenue Authority breach was to be treated as mere technical transactions were reflected in the Books of account of those persons from whom loan war received Citation: CIT vs Maa Kihodiyar Construction, Gujarat High Court (2014) 363 ITR 474 (Guj). (Ref page no. 103 to 107 of Paper Book) Both CIT (A) and tribunal having found that transaction of cash loan and its repayment were genuine and there was no intention to evade tax, no interference was called for with the order deleting penalty under & 271D&E Citation: CIT và Lakshmi Trust company (2008) 303 ITR, High Court of Madras. (Ref…