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

166 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 630High Court2013#589 most cited

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.

166

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2014 to 2026.

Also referred to as

CIT v. Torrent Power Ltd. · 354 ITR 630 · Section 14A · disallowance under Section 14A · interest expenditure · exempt income · sufficient own funds · interest-free funds · presumption of funds · nexus with borrowed funds · mixed funds · Gujarat High Court

Also reported as

44 Taxmann.com 441

Sections most often in play

Section 14A Section 143(3)Section 250 Section 263 Section 115JB Section 132(1)Section 139(1)Section 139(5)

Issues it is cited on

written down value disallowance under section 14a rule of consistency disallowance u/s 14a section 14a section 36 section 37 double taxation previous year section 80 transfer company

Judgments citing CIT v. Torrent Power Ltd.

Brite Infrastructure Pvt. Ltd., New Delhi vs. ACIT, Circle - 5(1), New Delhi

In the result, the appeal of the assessee is allowed

ITA 3508/DEL/2019[2015-16]Status: DisposedITAT Delhi23 Nov 2020AY 2015-16

Bench: Sh. Bhavnesh Saini & Sh. Anil Chaturvedi(Through Video Conferencing) Ita No.3508/Del/2019 For A.Y. 2015-16 M/S. Brite Infrastructure Vs. Acit, Pvt. Ltd., Circle-5(1), 29, 3Rd Floor, New Delhi Shivaji Marg, New Delhi-110015 Pan-Aaace0664R (Appellant) (Respondent) Assessee By Sh. Raj Kumar, Ca & Sh. Sumit Goel, Ca Revenue By Sh. Bhopal Singh, Sr. Dr Date Of Hearing: 18/11/2020 Date Of Pronouncement: 23/11/2020 Order Per Anil Chaturvedi, Am: The Present Appeal Filed By The Assessee Is Directed Against The Order Dated 14.03.2019 Of The Commissioner Of Income Tax (A)-12, New Delhi Relating To Assessment Year 2015-16. Ita No.3508 /Del/12019

Section 14Section 143(3)Section 14A

…r earning exempt income. He submitted that in the absence of identification of such expenses, no disallowance can be made and for this proposition he relied on the decisions in the case of CIT vs. Hero Cycles Ltd., 233 CTR PH 74 and CIT vs. Torent Power Ltd., 363 ITR 474 Gujarat. He thereafter submitted that calculation made by the AO for working out the disallowance under section 14A was also wrong in view of the fact that the AO considered all the investments whether such investments earned exempt income or not and also the shares of unlisted companies which did not declared any dividend at all. He submitted th…

ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Company Pvt. Ltd, Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1194/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2013-14

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and

Section 10ASection 143(2)Section 143(3)Section 2Section 263

…r more than the investment, and no interest expenditure could be disallowed. The ld.CIT(A) has made reference to the decision of Hon’ble Gujarat High Court in the case of CIT Vs. Gujarat State Fertilizers Ltd, 358 ITR 323 (Guj) and CIT Vs. Torrent Power Ltd., 363 ITR 474 (Guj). Further, the facts of the case in the ITA No1080 & 1081 and 1193 & 1194 /Ahd/2018 17 Asstt.Year 2013-14 are also identical, and therefore, we do not find any merit in the grounds raised by the Revenue in both the years. Accordingly, ground no.5 and 6 in the Asstt.Year 2012-13 and ground no.5 2014-15 of the Revenue’s appeal are dismissed.…

ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Company Pvt. Ltd, Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1193/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2012-13

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and

Section 10ASection 143(2)Section 143(3)Section 2Section 263

M/S. Zaveri & Co. Pvt. Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax, Circle-4(1)(2), Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1081/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2013-14

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and

Section 10ASection 143(2)Section 143(3)Section 2Section 263

The Dy. CIT, Circle-1(2), Ahmedabad vs. M/S. Artex Apparels, Ahmedabad

Accordingly, the said ground of appeal is also allowed

ITA 1450/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad05 Mar 2020AY 2012-13

Bench: Shri Rajpal Yadav & Shri T. S. Kapoorआयकर अपील सं./I.T.A. No. 1450/Ahd/2017 With Cross Objection No.24/Ahd/2019 ("नधा"रण वष" / Assessment Years : 2012-13)

For Appellant: Shri Parimal S. Parmar, A.RFor Respondent: Shri T. Shankar, Sr.D.R

Section 10ASection 234ASection 271(1)(c)Section 36(1)(va)Section 40A(2)(b)

…ued that learned CIT(A) had rightly allowed relief to the assessee. Reliance in this respect was placed on the following: > CIT vs. Reliance Industries Ltd. - 410 ITR 466 (SC); > CIT vs. Torrent Power Ltd. - 363 ITR 474 (Guj.); > CIT vs. Suzlon Energy Ltd. - 354 ITR 630 (Guj); > CIT vs. Gujarat Power Corporation Ltd. - 352 ITR 583 (Guj); > CIT vs. Reliance Utilities & Power Ltd. - 313 ITR 340 (Bom); ITA No. 1450/Ahd/17 with CO No.24/Ahd/19 [M/s. Artex Apparels] A.Y. 2012-13 - 7 - > Munjal Sales Corporation vs. CIT - 298 ITR 298 (SC); > CIT vs. Hitachi Home & Life Solutions (I). Ltd. - (2014) 41 taxmann.com 540…

Kiri Industries Ltd., Ahmedabad vs. The ACIT., Circle-4, Ahmedabad

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

ITA 3085/AHD/2013[2009-10]Status: DisposedITAT Ahmedabad04 Dec 2019AY 2009-10

For Appellant: Shri T.P. HemaniFor Respondent: Shri Santosh Karnani, Sr. D.R

Section 143(2)Section 143(3)Section 14ASection 234BSection 271(1)

…see had sufficient interest free funds to cover the investment. The ld. counsel has also placed reliance on the following decisions:- " CIT vs. Reliance Industries Ltd. 410 ITR 466. " CIT vs. Torrent Power Ltd. -363 ITR 474 (GUJ) " CIT vs. Suzlan Energy Ltd. -354 ITR 630 (GUJ) " CIT vs. Reliance Utilities & Power Ltd. 313 ITR 340 (Bom) " CIT vs. Munjal Sales Corporation 298 ITR 298 (SC) On the other hand, the ld. departmental representative has supported the order of ld. CIT(A). 5. Heard both the sides and perused the material on record. It is noticed that as per balance sheet of the assessee as on 31st March,…

Ashok Leyland Limited, Chennai vs. DCIT Company Circle 1 (1), Chennai

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

ITA 748/CHNY/2018[2011-12]Status: DisposedITAT Chennai04 Nov 2019AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri Inturi Rama Raoआयकर अपील सं./Ita No.748/Chny/2018 "नधा"रण वष" /Assessment Year : 2011-12

For Appellant: Sh. R. Vijayaraghavan, AdvocateFor Respondent: Shri V.M. Mahidar, JCIT

Section 41Section 41(1)Section 43B

…आयकर अपील"य अ"धकरण, ‘बी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी इंटूर" रामा राव, लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.748/Chny/2018 "नधा"रण वष" /Assessment Year : 2011-12 M/s Ashok Leyland Limited, (Since Ashok Leyland Project Services Limited merged with The Deputy Commissioner of Ashley Services Limited which v. Income Tax, subsequently merged with Ashok Company Circle – 1(1), Leyland Limited), Chennai - 600 034. 1, Sardar Patel Road, Guindy, Chennai -…

Aquagel Chemicals(Bhavnagar)P. Ltd., Bhavnagar vs. DCIT, Circle-1, Bhavanagar

In the result, appeal of the assessee in ITA No

ITA 424/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad01 Oct 2019AY 2014-15

Bench: Shri Kul Bharat & Shri Waseem Ahmedaquagel Chemicals Vs. Dcit, (Bhavnagar) Pvt. Ltd., Circle – 1, 251, Navagam, Kardej, Bhavnagar. Dist. Bhavnagar – 364 060. [Pan No. Aakca 9462 B] (Appellant) (Respondent) ..

For Appellant: Shri Parimal B. Parmar, A.RFor Respondent: Shri Satish Solanki, Sr. D.R

Section 143(3)Section 14ASection 234A

…e fund of its own per contra the Learned DR opposed the submission. Learned Counsel placed reliance in the following cases: " CIT vs. Reliance Industries Ltd. - 410 ITR 466 (SC); " CIT vs. Torrent Power Ltd. - 363 ITR 474 (Guj); " CIT vs. Suzlon Energy Ltd. - 354 ITR 630 (Guj); " CIT vs. Gujarat Power Corporation Ltd. - 352 ITR 583 (Guj); " CIT vs. Hitachi Home & Life Solutions (I). Ltd. - (2014) 41 taxmann.com 540 (Guj); " CIT vs. Reliance Utilities & Power Ltd. - 313 ITR 340 (Bom); " Munjal Sales Corporation vs. CIT - 298 ITR 298 (SC); In rejoinder, Learned Counsel for the assessee placed reliance working made…

ACIT, New Delhi vs. M/S. Resurgere Mines and Minerals India Ltd., Mumbai

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

ITA 1531/DEL/2017[2008-09]Status: DisposedITAT Delhi18 Jul 2019AY 2008-09

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

For Appellant: Shri Ved Jain, CA and Shri Ashish Jain, CAFor Respondent: Shri Surender Pal, Sr. DR

Section 143(3)Section 14ASection 271(1)(c)

…ITA No.- 1531/Del/2017. M/s Resurgere Mines and Minerals India Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: ‘F’: NEW DELHI) BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No:- 1531/Del/2017 (Assessment Year: 2008-09) Assistant Commissioner of M/s Resurgere Mines and Income Tax, Vs. Minerals India Ltd., Circle- 21(2), 15, Morvi House, 28/30, New Delhi. Goa Street Ballard Estate, Mumbai - 400038 PAN No: AAACE0111B APPELLANT RESPONDENT Revenue by : Shri Surender Pal, Sr. DR Assessee by : Shri Ved Jain, CA and Shri Ashish Jain, CA ORDER PER ANADEE NA…

M/S. Khyati Realities Ltd., Ahmedabad vs. ACIT, Circle-2(1)(2), Ahmedabad

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

ITA 552/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad14 Jun 2019AY 2013-14

For Appellant: Shri Tushar Hemani, A.RFor Respondent: Shri M. Anand Kumar, Sr. D.R

Section 115JSection 143(2)Section 143(3)Section 14A

…interest free funds, disallowance u/s. 14A is unwarranted. The judicial pronouncements referred by the ld. counsel are placed below. CIT vs. Reliance Industries Ltd. -410 ITR 466 (SC) CIT vs. Torrent Power Ltd. - 363 ITR 474 (Guj) CIT vs. Suzlan Energy Ltd. – 354 ITR 630 (Guj) CIT vs. Gujarat Power Corporation Ltd. – 352 ITR 583 (Guj) CIT vs. Hitachi Home & Life Solutions (I). Ltd. – (2014) 41 taxmann.com 540 (Guj) CIT vs. Reliance Utilities & Power Ltd. -313 ITR 340 (Bom) Munjal Sales Corporation vs. CIT- 298 ITR 298 (SC) The ld. counsel has also placed reliance on the decision of Wadhwa Residence Pvt. Ltd. vs.…

The Dy. CIT, Circle-1(1)(2), Ahmedabad vs. M/S. Chiripal Industries Ltd., Ahmedabad

ITA 2743/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad06 Jun 2019AY 2013-14

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

For Appellant: Ms. Aparna Agarwal, CIT-D.RFor Respondent: Shri Gaurav Nahata, A.R

Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 14ASection 36(1)(iii)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, AHMEDABAD BEFORE SHRI PRAMOD KUMAR, VICE PRESIDENT & Ms. MADHUMITA ROY, JUDICIAL MEMBER I.T.A. No.2743/Ahd/2017 (Assessment Year : 2013-14) DCIT, Vs. M/s. Chiripal Industries Ltd., Circle – 1(1)(2), Survey No.199/200/1, 2 Ahmedabad. Saijpur Gopalpur Pirana Road Piplirj Ahmedabad – 382 405. [PAN No. AAACC 8513 B] (Appellant) .. (Respondent) Appellant by : Ms. Aparna Agarwal, CIT-D.R. Respondent by : Shri Gaurav Nahata, A.R. 13.03.2019 Date of Hearing Date of Pronouncement 06.06.2019 O R D E R PER Ms. MADHUMITA ROY - JM: The instant appeal filed by the…

ACIT (Cir.) - 6(1)(2), Mumbai vs. Bhandar Power Ltd., Mumbai

In the result, both the appeals of the Revenue are dismissed

ITA 6061/MUM/2016[2010-11]Status: DisposedITAT Mumbai31 May 2019AY 2010-11

Bench: Shri Mahavir Singh & Shri Rajesh Kumar

For Appellant: Shri Anuj Kisnadwala, A.RFor Respondent: Shri Chaudhary Arunkumar Singh, D.R

Section 143(1)Section 143(2)Section 80I

…vital information and had not been considered by the authorities below, the matter was to be restored to the file of the Assessing Officer. 2.7 The appellant-company further relies on the Hon'ble Gujarat High Court in the case of CIT vs. Suzlon Energy Ltd., 354 ITR 630 and the relevant part of this judgement is reproduced below from pages 632 and 633 of the Report:- "2.1 Question (1) pertains to an amount of Rs. 9.34 crores (rounded off) paid by the assessee towards sales commission. The____Assessing____Officer, however, made an addition of the said amount primarily on the ground that the assessee failed to es…

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)

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, AHMEDABAD BEFORE SHRI PRAMOD KUMAR, VICE PRESIDENT & Ms. MADHUMITA ROY, JUDICIAL MEMBER I.T.A. No.2695/Ahd/2017 (Assessment Year : 2014-15) DCIT, Vs. Amjay Medimax India Pvt. Ltd., Max House, 4th Floor Circle – 1(1)(1), Ahmedabad. Opp. Karnavati Hospital, Ellisbridge, Ahmedabad – 380 006. [PAN No. AABCA 8241 R] (Appellant) (Respondent) .. Appellant by : Shri Mudit Nagpal, Sr. D.R. Respondent by : Shri A. L. Thakkar, A.R. Date of Hearing 14.03.2019 Date of Pronouncement 30.04.2019 O R D E R PER Ms. MADHUMITA ROY - JM: The instant appeal filed by the re…

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

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘E’ : NEW DELHI) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER ITA No.4754/Del./2015 (ASSESSMENT YEAR : 2005-06) M/s. NTPC Limited, vs. DCIT, Circle 13 (1), Core – 7, SCOPE Complex, New Delhi. 7, Institutional Area, Lodhi Road, New Delhi – 110 003. (PAN : AAACN0255D) ITA No.4183/Del./2015 (ASSESSMENT YEAR : 2005-06) DCIT, Circle 13 (1), vs. M/s. NTPC Limited, New Delhi. Core – 7, SCOPE Complex, 7, Institutional Area, Lodhi Road, New Delhi – 110 003. (PAN : AAACN0255D) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Ved Jain, Advoca…

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

Dy. Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad vs. M/S. Atul Ltd., Ahmedabad

In the result, appeal of the Revenue is dismissed, whereas the appeal of the assessee is partly allowed

ITA 286/AHD/2017[2008-09]Status: DisposedITAT Ahmedabad08 Apr 2019AY 2008-09

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./ Ita No. 137/Ahd/2017 "नधा"रण वष"/Assessment Year: 2008-2009

For Appellant: Shri S.N. Soparkar, Sr.AR with Shri Parin Shah, ARFor Respondent: Shri G.C.Daxini, Sr.DR

Section 143(3)

…Rs.4.29 crores as dividend income. The assessee has made investment of Rs.9.14 crores. It has interest free funds of Rs.433.13 crores. The ld.CIT(A) by putting reliance upon the judgment of Hon’ble Gujarat High Court in the case of CIT Vs. Suzlon Energy Ltd., 354 ITR 630 and CIT Vs. Torrent Power Ltd., 363 ITR 474 (Guj) has held that when the assessee has more interest free funds, then it is to be construed that investment was made out of interest free funds and no disallowance is to be made on account of interest expenditure. 9. Other two components are administrative expenses. The ld.AO has worked out administ…

Atul Limited, Ahmedabad vs. The Dy. Commissioner of Income Tax, Circle-1(1)(2), Ahmedabad

In the result, appeal of the Revenue is dismissed, whereas the appeal of the assessee is partly allowed

ITA 137/AHD/2017[2008-09]Status: DisposedITAT Ahmedabad08 Apr 2019AY 2008-09

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./ Ita No. 137/Ahd/2017 "नधा"रण वष"/Assessment Year: 2008-2009

For Appellant: Shri S.N. Soparkar, Sr.AR with Shri Parin Shah, ARFor Respondent: Shri G.C.Daxini, Sr.DR

Section 143(3)

Bga Tradelink Private Limited, Ahmedabad vs. The Dy. CIT, Circle-1(1)(1), Ahmedabad

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

ITA 2558/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad27 Mar 2019AY 2014-15

For Appellant: Shri S.N. Soparkar and Shri Parin Shah, ARsFor Respondent: Shri James Kurian, Sr. D.R

Section 143(2)Section 14A

…fficer and ld. CIT(A) during the course of assessment and appellate proceedings. He has also placed reliance on the following decisions. (i) 409 ITR 401 CIT vs. Shreno Ltd. (2018) (Guj)(HC) (ii) 376 ITR 553 Pr. CIT vs. India Gelatine and Chemical Ltd. (iii) 354 ITR 630 CIT-IV vs. Suzlan Energy Ltd. (Guj) (HC) He has also placed reliance on the decision of HDFC Bank Ltd. Vs. Dy. CIT of Mumbai High Court Writ Petition No. 1753 of 2016 dated 25th Feb, 2016. He has further contended that assessee has made investment from its own fund therefore ld. CIT(A) has erred in confirming the addition made by assessing offic…

The DCIT, Circle-1(1)(1), Ahmedabad vs. M/S. Amjay Medimza (India) Pvt. Ltd., Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 289/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad04 Mar 2019AY 2012-13

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 289/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 The D.C.I.T, M/S Amjay Medimax(India) Pvt. Circle-1(1)(1), Vs. Ltd. Ahmedabad 4Th Floor, Max House, Opp. Karnavati Hospital, Ellisbridge, Ahmedabad-380 006 Pan : Aabca8241R

For Appellant: Shri Aseem Thakkar, A.RFor Respondent: Shri Rajesh Meena, Sr. DR

Section 14ASection 36(1)Section 36(1)(iii)Section 41(1)

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’ D ’’ BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV JUDICIAL MEMBER And SHRI WASEEM AHMED, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 289/AHD/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 The D.C.I.T, M/s Amjay Medimax(India) Pvt. Circle-1(1)(1), Vs. Ltd. Ahmedabad 4th Floor, Max House, Opp. Karnavati Hospital, Ellisbridge, Ahmedabad-380 006 PAN : AABCA8241R (Applicant) (Respondent) Revenue by : Shri Rajesh Meena, Sr. DR Assessee by : Shri Aseem Thakkar, A.R. सुनवाई क" तार"ख/Date of Hearing : 22/01/2019 घोषणा क" तार"ख /Date of Pronouncement: 04/03/2…

DCIT, Central Circle - 4(4), Kolkata vs. M/S. Electrosteel Castings Limited., Kolkata

ITA 192/KOL/2018[2013-14]Status: DisposedITAT Kolkata28 Feb 2019AY 2013-14

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Dr. P. K. Srihari, CIT-DR & Robin Choudhury, Addl.CIT(DR)

Section 115JSection 143(3)Section 14A

…vited to the following judgments:  The Bombay High Court in case of CIT Vs. Reliance Utilities and Power Ltd. [313 ITR 340]  The Bombay High Court in case of CITVs. HDFC Bank Ltd. [366 ITR 505]  The Gujarat High Court in case of CIT Vs, Torrent Power Ltd, [363 ITR 474]  ITAT (Kolkata) in case of Hindustan Motors Ltd. (order enclosed) 2.3.3 Following the aforesaid decisions the ITAT(Kolkata) in assessee's own case (for AY 2008-09, 2009-10, 2010-11) at para 143 held that " We are of the view the submission made with regard to availability of own funds in the light of overall funds position without insisting on…