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 366,470 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 14ASection 143(3)Section 250Section 263Section 115JBSection 132(1)Section 139(1)Section 139(5)

Issues it is cited on

written down valuedisallowance under section 14arule of consistencydisallowance u/s 14asection 14asection 36section 37double taxationprevious yearsection 80transfercompany

Judgments citing CIT v. Torrent Power Ltd.

Orissa Air Products Pvt. Ltd., Dhenkanal vs. ACIT, Circle-1(2), Bhubaneswar

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

ITA 6/CTK/2017[2012-13]Status: DisposedITAT Cuttack18 May 2017AY 2012-13

Bench: Shri N.S Sainiassessment Year : 2012-2013

For Appellant: Shri T.K.Agarwal, ARFor Respondent: Shri D.K.Pradhan, DR
Section 139(1)Section 2(24)(x)Section 28Section 36(1)(va)Section 43B

…the interest free loans and advances was out of interest free funds of the assessee and hence, no disallowance of interest was warranted. For this, he placed reliance on the decision of Hon’ble Gujarat High Court in the case of CIT vs. Torrent Power Ltd.. 363 ITR 474 (Guj.) , wherein, it was held that the assessee had sufficient funds for making investments and it has not used borrowed funds for such purposes and, therefore, no disallowance of interest expenditure was warranted. He also relied on the decision of Hon’ble Supreme Court in the case of Munjal Sales Corporation vs CIT, 298 ITR 298 (SC), wherein,…

ACIT, New Delhi vs. M/S A.K. Services Pvt. Ltd., New Delhi

In the result, the appeals of the assessee are allowed whereas the appeal of the department is dismissed

ITA 5616/DEL/2013[2008-09]Status: DisposedITAT Delhi20 Mar 2017AY 2008-09

Bench: Sh. N. K. Saini, Am & Sh. Sudhanshu Srivastava, Jm Ita No. 4987/Del/2013 : Asstt. Year : 2006-07 Ita No. 4988/Del/2013 : Asstt. Year : 2007-08 Ita No. 4989/Del/2013 : Asstt. Year : 2008-09 A. K. Services Pvt. Ltd., Vs Deputy Commissioner Of Income Flat No. N, Sagar Apartment, 6, Tax, Central Circle-20, Tilak Marg, New Delhi-110001 New Delhi (Appellant) (Respondent) Pan No. Aabca1591L Ita No. 5616/Del/2013 : Asstt. Year : 2008-09 Deputy Commissioner Of Income Vs A. K. Services Pvt. Ltd., Tax, Central Circle-20, Flat No. N, Sagar Apartment, 6, New Delhi Tilak Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabca1591L Assessee By : Sh. Ved Jain, Adv., Sh. Ashish Chadha & Sh. Ashish Goel, Ca Revenue By : Sh. Ravi Jain, Cit Dr Date Of Hearing : 10.02.2017 Date Of Pronouncement : 20.03.2017 Order Per N. K. Saini, Am:

For Appellant: Sh. Ved Jain, Adv., Sh. Ashish Chadha &For Respondent: Sh. Ravi Jain, CIT DR
Section 132Section 133ASection 14ASection 153ASection 271(1)(c)Section 48

…take a different view in this assessment year 2006-07. The reliance was placed on the following case laws: " Maxopp Investments Ltd. Vs CIT 347 ITR 272 (Del.) " CIT Vs Taikisha Engineering India Ltd. (2015) 370 ITR 338 (Del) " CIT Vs Suzion Energy Ltd. (2013) 354 ITR 630 (Guj.) " CIT Vs Winsome Textile Industries Ltd. 319 ITR 204 (P&H) " CIT Vs Reliance Utilities & Power Ltd. 313 ITR 340 (Bom.) " CIT Vs Torrent Power Ltd. (2014) 363 ITR 474 (Guj.) " CIT Vs Kalthia Engineering and Construction Ltd. in ITA No. 11 of 2015 dated 13.01.2015 of Hon’ble Guj. H.C. " CIT Vs Gujarat Apollo Industries Ltd. in ITA No. 928 of…

M/S A.K. Services Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessee are allowed whereas the appeal of the department is dismissed

ITA 4987/DEL/2013[2006-07]Status: DisposedITAT Delhi20 Mar 2017AY 2006-07

Bench: Sh. N. K. Saini, Am & Sh. Sudhanshu Srivastava, Jm Ita No. 4987/Del/2013 : Asstt. Year : 2006-07 Ita No. 4988/Del/2013 : Asstt. Year : 2007-08 Ita No. 4989/Del/2013 : Asstt. Year : 2008-09 A. K. Services Pvt. Ltd., Vs Deputy Commissioner Of Income Flat No. N, Sagar Apartment, 6, Tax, Central Circle-20, Tilak Marg, New Delhi-110001 New Delhi (Appellant) (Respondent) Pan No. Aabca1591L Ita No. 5616/Del/2013 : Asstt. Year : 2008-09 Deputy Commissioner Of Income Vs A. K. Services Pvt. Ltd., Tax, Central Circle-20, Flat No. N, Sagar Apartment, 6, New Delhi Tilak Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabca1591L Assessee By : Sh. Ved Jain, Adv., Sh. Ashish Chadha & Sh. Ashish Goel, Ca Revenue By : Sh. Ravi Jain, Cit Dr Date Of Hearing : 10.02.2017 Date Of Pronouncement : 20.03.2017 Order Per N. K. Saini, Am:

For Appellant: Sh. Ved Jain, Adv., Sh. Ashish Chadha &For Respondent: Sh. Ravi Jain, CIT DR
Section 132Section 133ASection 14ASection 153ASection 271(1)(c)Section 48

…take a different view in this assessment year 2006-07. The reliance was placed on the following case laws: " Maxopp Investments Ltd. Vs CIT 347 ITR 272 (Del.) " CIT Vs Taikisha Engineering India Ltd. (2015) 370 ITR 338 (Del) " CIT Vs Suzion Energy Ltd. (2013) 354 ITR 630 (Guj.) " CIT Vs Winsome Textile Industries Ltd. 319 ITR 204 (P&H) " CIT Vs Reliance Utilities & Power Ltd. 313 ITR 340 (Bom.) " CIT Vs Torrent Power Ltd. (2014) 363 ITR 474 (Guj.) " CIT Vs Kalthia Engineering and Construction Ltd. in ITA No. 11 of 2015 dated 13.01.2015 of Hon’ble Guj. H.C. " CIT Vs Gujarat Apollo Industries Ltd. in ITA No. 928 of…

I.T.O WD - 8(4), Kolkata vs. M/S Spml Infra Ltd, Kolkata

In the result, to sum up

ITA 2286/KOL/2013[2005-06]Status: DisposedITAT Kolkata08 Mar 2017AY 2005-06

Bench: Shri M. Balaganesh, Am & Shri Partha Sarathi Chaudhury, Jm]

For Appellant: Shri Ravi Tulsiyan, FCAFor Respondent: Shri Arup Kr. Sinha, CIT
Section 143(3)Section 80I

…es. Reliance in this regard is placed on the following decisions :- (a) CIT vs Reliance Utilities and Power Ltd reported in (2009) 313 ITR 340 (Bom) (b) CIT vs HDFC Bank Ltd reported in (2014) 366 ITR 305 (Bom) (c ) CIT vs Torrent Power Ltd reported in (2014) 363 ITR 474 (Guj) (d) Kolkata Tribunal in the case of Hindustan Motors Ltd vs DCIT in ITA No. 171/Kol/2012 71 ITA Nos.2286-2289/K/2013 & 2035-2036/K/2013 M/s. SPML Infra Ltd. With regard to the other aspect of invoking disallowance contemplated under Rule 8D(2)(iii) of the Rules, we find lot of force in the arguments of the ld AR that only investments that…

M/S Smpl Infra Ltd ( Eastwhile M/S Subhas Projects & Marketing Ltd), Kolkata vs. D.C.I.T CC - Xxviii, Kolkata

In the result, to sum up

ITA 2035/KOL/2013[2008-09]Status: DisposedITAT Kolkata08 Mar 2017AY 2008-09

Bench: Shri M. Balaganesh, Am & Shri Partha Sarathi Chaudhury, Jm]

For Appellant: Shri Ravi Tulsiyan, FCAFor Respondent: Shri Arup Kr. Sinha, CIT
Section 143(3)Section 80I

…es. Reliance in this regard is placed on the following decisions :- (a) CIT vs Reliance Utilities and Power Ltd reported in (2009) 313 ITR 340 (Bom) (b) CIT vs HDFC Bank Ltd reported in (2014) 366 ITR 305 (Bom) (c ) CIT vs Torrent Power Ltd reported in (2014) 363 ITR 474 (Guj) (d) Kolkata Tribunal in the case of Hindustan Motors Ltd vs DCIT in ITA No. 171/Kol/2012 71 ITA Nos.2286-2289/K/2013 & 2035-2036/K/2013 M/s. SPML Infra Ltd. With regard to the other aspect of invoking disallowance contemplated under Rule 8D(2)(iii) of the Rules, we find lot of force in the arguments of the ld AR that only investments that…

Sunstone Engineering, Jaipur vs. ITO, Jaipur

In the result, the appeals of the assessee in ITA No

ITA 1018/JPR/2016[2012-13]Status: DisposedITAT Jaipur07 Mar 2017AY 2012-13
For Appellant: Shri Amit Kothari, CAFor Respondent: Shri R.A. Verma, Addl. CIT - DR
Section 14A

…ments made. Reliance is placed on following decisions. (a) DCIT vs. Cosmos International Ltd. (2014) 41 CCH 32 (b) Bharat Shantilal Kadakia vs. ITO (2013) 35 CCH 352 © CIT vs. Gujarat Power Corporation (2013) 352 ITR 583 (d) CIT vs. Suzlon Energy Ltd. (2013) 354 ITR 630 (Guj) (e) CIT vs. Deepak Mittal (2013) 361 ITR 131 (P&H)’’ 7.3 The ld. DR relied on the orders of the authorities below. 7.4 I have heard the rival contentions and perused the materials available on record. The AO during the course of assessment proceedings observed that the assessee had earned dividend income of Rs. 1,73,404/- while an exp…

Shapoorji Pallanji and Company P.Ltd, Mumbai vs. Addl CIT RG 3(3), Mumbai

The appeal of the assessee is partly allowed

ITA 3053/MUM/2015[2011-12]Status: DisposedITAT Mumbai03 Mar 2017AY 2011-12

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2011-12 M/S Shapoorji Pallonji & Co. Dcit, Ltd. Circle-3(3), बनाम/ Shapporji Pallonji Centre, Room No.609, 6Th Floor, Vs. 41/44 Minoo Desai Marg, Aayakar Bhavan, M.K.Road, Colaba Mumbai-400020 Mumbai-400005 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aaacs6994C

Section 143(3)Section 14A

…t in various decisions which will be discussed in later part of this order, like Reliance Utilities and Power Ltd. (2009) 313 ITR 340 (Bom.) and East India Pharmaceutical Works Ltd. vs CIT (224 ITR 624)(SC) and Gujarat High Court in CIT vs Suzlon Energy Ltd. (354 ITR 630)(Guj.) and also by Hon'ble Delhi High Court in COMMISSIONER OF INCOME TAX vs. TAIKISHA ENGINEERING INDIA LTD.(2015) 275 CTR 0316 (Del) : (2015) 114 DTR 0316 (Del) : (2015) 370 ITR 0338 (Delhi) : (2015) 229 TAXMAN 0143 (Delhi), the relevant portion of the order is reproduced hereunder for ready reference and analysis:- “8. The Income Tax Appellat…

DCIT (Ltu), New Delhi vs. M/S. Exl Service.Com (India) Pvt. Ltd., New Delhi

In the result, the appeal by the assessee as well as ofthe department are partly allowed for statistical purposes

ITA 615/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Jan 2017AY 2010-11

Bench: Sh. N. K. Saini, Am & Sh. Kuldip Singh, Jm Ita No. 302/Del/2015 : Asstt. Year : 2010-11 Exl Service.Com (India) Pvt. Ltd., Vs Deputy Commissioner Of Income 414, 4Th Floor, Dlf Jasola, Tax, Large Tax Payer Unit, Tower-B, Plot No. 10 & 11, Dda New Delhi District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Ita No. 615/Del/2015 : Asstt. Year : 2010-11 Deputy Commissioner Of Income Vs Exl Service.Com (India) Pvt. Ltd., 414, 4Th Floor, Dlf Jasola, Tower- Tax, Circle-1 (Ltu), New Delhi-110017 B, Plot No. 10 & 11, Dda District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Pan No. Aaace5174C Assessee By : Sh. Ajay Vohra, Adv. Sh. Abhishek Agarwal, Adv. Revenue By : Sh. Piyush Jain, Cit Dr Date Of Hearing : 07.10.2017 Date Of Pronouncement : 03.01.2017 Order Per N. K. Saini, Am:

For Appellant: Sh. Ajay Vohra, AdvFor Respondent: Sh. Piyush Jain, CIT DR
Section 143(3)Section 92D

…8 ITR 81 (Bom.) " Chemical & Metallurgical Design Co. Ltd. in ITA No. 803/2008 (Del.) " CIT Vs Ms. Sushma Kapoor 319 ITR 299 (Del) " CIT Vs Metalman Auto P. Ltd. 336 ITR 434 (P&H) " CIT Vs Reliance Industries Ltd. 339 ITR 632 (Bom) " CIT Vs Torrent Power Ltd. 363 ITR 474 (Guj.) " Maxpax Investment Ltd. Vs ACIT 104 TTJ 881 (Del. Trib.) " ACIT Vs Eicher Ltd. 101 TTJ 369 (Del.) " Maruti Udyog Ltd. Vs DCIT 92 ITD 119 (Del.) " Wimco Seedlings Ltd. Vs DCIT 107 ITD 267 (Del.) ™ " DLF Ltd. Vs CIT 27 SOT 22 (Del.) " ACIT Vs Jindal Saw Pipes Ltd. 118 TTJ 228 (Del.) " Impulse ((India) (P) Ltd. Vs ACIT 22 SOT 368 (Del.) " AC…

Exl Service.Com (India) Pvt. Ltd., New Delhi vs. DCIT (Ltu), New Delhi

In the result, the appeal by the assessee as well as ofthe department are partly allowed for statistical purposes

ITA 302/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Jan 2017AY 2010-11

Bench: Sh. N. K. Saini, Am & Sh. Kuldip Singh, Jm Ita No. 302/Del/2015 : Asstt. Year : 2010-11 Exl Service.Com (India) Pvt. Ltd., Vs Deputy Commissioner Of Income 414, 4Th Floor, Dlf Jasola, Tax, Large Tax Payer Unit, Tower-B, Plot No. 10 & 11, Dda New Delhi District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Ita No. 615/Del/2015 : Asstt. Year : 2010-11 Deputy Commissioner Of Income Vs Exl Service.Com (India) Pvt. Ltd., 414, 4Th Floor, Dlf Jasola, Tower- Tax, Circle-1 (Ltu), New Delhi-110017 B, Plot No. 10 & 11, Dda District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Pan No. Aaace5174C Assessee By : Sh. Ajay Vohra, Adv. Sh. Abhishek Agarwal, Adv. Revenue By : Sh. Piyush Jain, Cit Dr Date Of Hearing : 07.10.2017 Date Of Pronouncement : 03.01.2017 Order Per N. K. Saini, Am:

For Appellant: Sh. Ajay Vohra, AdvFor Respondent: Sh. Piyush Jain, CIT DR
Section 143(3)Section 92D

…8 ITR 81 (Bom.) " Chemical & Metallurgical Design Co. Ltd. in ITA No. 803/2008 (Del.) " CIT Vs Ms. Sushma Kapoor 319 ITR 299 (Del) " CIT Vs Metalman Auto P. Ltd. 336 ITR 434 (P&H) " CIT Vs Reliance Industries Ltd. 339 ITR 632 (Bom) " CIT Vs Torrent Power Ltd. 363 ITR 474 (Guj.) " Maxpax Investment Ltd. Vs ACIT 104 TTJ 881 (Del. Trib.) " ACIT Vs Eicher Ltd. 101 TTJ 369 (Del.) " Maruti Udyog Ltd. Vs DCIT 92 ITD 119 (Del.) " Wimco Seedlings Ltd. Vs DCIT 107 ITD 267 (Del.) ™ " DLF Ltd. Vs CIT 27 SOT 22 (Del.) " ACIT Vs Jindal Saw Pipes Ltd. 118 TTJ 228 (Del.) " Impulse ((India) (P) Ltd. Vs ACIT 22 SOT 368 (Del.) " AC…

M/S Indian Farmers Fertiliser Cooperative Ltd., New Delhi vs. Pr CIT, New Delhi

In the result, the Appeal filed by the Assessee stands allowed

ITA 2487/DEL/2016[2010-11]Status: DisposedITAT Delhi19 Sept 2016AY 2010-11

Bench: Shri H.S. Sidhu & Shri J.S. Reddy

For Appellant: Sh. Vijay Ranjan, Adv. Sh. Vartik RFor Respondent: Sh. A.K. Saroha, CIT(DR)
Section 263Section 36(1)(iii)

…ption rightly had not been sustained by the Tribunal. The deletion of addition was justified.” CIT vs. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) (para 10) CIT vs. Sintex Industries Ltd. [2014] 2 ITR-OL 364 (Guj.) (para-11) CIT vs. Suzlon Energy Ltd. [2013] 354 ITR 630 (Guj) (para 9) CIT vs. UTI Bank Ltd. [2014] 2 ITR-OL 366 (Guj) (para 10) Godrej and Boyce Mfg. Co. Ltd. v. DCIT [2010] 328 ITR 81 (Bom)(para 11) ITO v. Daga Capital Management P. Ltd. [2009] 312 ITR (AT)1 (Mum) [SB] (para 5) Maxopp Investment Ltd. v. CIT [2012] 347 ITR 272 (Del.)(Para 6)” 68 (viii) CIT vs. Gujarat Foils Ltd., 377 ITR 324 (Guj…

ITO 10(2)(1), Mumbai vs. Jpa Solutions P.Ltd, Mumbai

The appeal of the Revenue is dismissed

ITA 4640/MUM/2015[2011-12]Status: DisposedITAT Mumbai01 Sept 2016AY 2011-12

Bench: Shri Joginder Singh, Assessment Year:2011-12 Income Tax Officer-10(2)(1), M/S Jpa Solutions Pvt. Ltd. Room No.408, 4Th Floor, 102, Man Gouse, S.V. Road, बनाम/ Aayakar Bhavan, Vile Parle (West), Vs. M.K. Marg, Mumbai-400056 Mumbai-400020 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aabcj7151K

Section 14A

…re is uncontroverted finding by the Ld. Commissioner of Income Tax (Appeal) that the assessee proved the sufficiency of own funds for making the investment, thus, the decision in CIT vs HDFC Bank Ltd. (2014) 366 ITR 505 (Bom.), CIT vs Torent Power Ltd. (2014) 363 ITR 474 (Guj.), DIT vs BNP Parias SA (2013) 214 taxman 548 (Bom.) supports the case of the assessee. Considering the totality of facts, factual finding recorded by the First Appellate Authority and in the absence of any contrary material brought on record by the Revenue and in the light of foregoing discussion and the judicial pronouncement, I find no in…

Gagan Goyal, New Delhi vs. JCIT, New Delhi

In the result, the Appeal filed by the Assessee stands allowed

ITA 1514/DEL/2015[2011-12]Status: DisposedITAT Delhi02 Aug 2016AY 2011-12

Bench: Shri H.S. Sidhu

For Appellant: Sh. Ved Jain, Adv. & Sh. AnkitFor Respondent: Sh. A. Sreenivasa Rao, Sr. DR
Section 143(2)Section 143(3)Section 14A

…ons. - CIT vs. Taikisha Engineering Ltd. (Delhi High Court) ITA No. 115/2014 & 119/2014 dated 25.11.2014. - CIT, Mumbai Versus HDFC Bank Ltd. (Bombay High Court) ITA No. 330 of 2012 dated 23.7.2014. - CIT vs. Suzlon Energy Ltd. (Gujarat High Court) (2013) 354 ITR 630. - CIT vs. Winsome Textile Industries Ltd. 319 ITR 204 (P&H High Court). As regards disallowing an amount of Rs. 1,50,763/- being 1/6th of 5.1 the following expenses : Particulars Amount (Rs.) Car repairs and maintenance 3,13,549/- Interest on car loan 49,014/- Insurance on car 18,952/- Telephone expenses 1,52,613/- Travelling expenses 3…

Haldia Petrochemicals Limited, Kolkata vs. ITO, Ward - 12(4), Kolkata

In the result, the appeals of the assessee for A

ITA 2114/KOL/2009[2006-07]Status: DisposedITAT Kolkata29 Jul 2016AY 2006-07

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

Section 115JSection 32

…ction 14A do not apply at all. Assessee has relied on citation of the following cases: 1.CIT vs. Hero Cycles Ltd [ 323 ITR 518]- P&H High Court 2. Maxopp Investment Limited vs. CIT [(2012)347 ITR 272 (Delhi High Court)] 3. CIT vs. Torrent Power Ltd. [2014] 363 ITR 474 (Gujarat High Court) It was held that Rule 8D was not applicable in the AY 2005-06 to 2007- 08.Rule 8D came into existence from 24.03.2008 and hence it was not applicable for the assessment year under consideration. In this support Ld.AR has relied on the judgement of Bombay High Court in case of Godrej & Boyce Mfg. Co. Ltd., Mumbai Vs. DCIT [(2…

Citicorp Finance P.Ltd, Mumbai vs. Addl CIT RG 10(1), Mumbai

ITA 5731/MUM/2012[2004-05]Status: DisposedITAT Mumbai13 Jul 2016AY 2004-05
Section 254(1)

…owance should be restricted to 1% of the exempt income.He referred to the cases of HDFC Bank Ltd. (Writ Petition 1753 of 2016), HDFC Bank Ltd.(ITA/374/Mum/2012),HDFC Bank Limited(366 ITR 505),Reliance Utilities and Power Ltd.(313 ITR 340), Suzlon Energy Ltd. (354 ITR 630),Hero Cycles Ltd.(323 ITR 518),Catholic Syrian Bank Ltd. & Ors.(237CTR 164),Videocon Industries Ltd.(ITA/ 6145/ Mum/2012,1728/Mum/2014 & 1729/Mum/2014 order dt.06.02.2015),Shoppers Stop (ITA /1448 & 4475/Mum/2010 order dated 30.08.2011) in support of his argument that if the assessee had sufficient own funds from which investment had been made no…

Addl CIT 10-(1), Mumbai vs. Citicorp Finance (I) Ltd, Mumbai

ITA 5149/MUM/2012[2004-05]Status: DisposedITAT Mumbai13 Jul 2016AY 2004-05
Section 254(1)

…owance should be restricted to 1% of the exempt income.He referred to the cases of HDFC Bank Ltd. (Writ Petition 1753 of 2016), HDFC Bank Ltd.(ITA/374/Mum/2012),HDFC Bank Limited(366 ITR 505),Reliance Utilities and Power Ltd.(313 ITR 340), Suzlon Energy Ltd. (354 ITR 630),Hero Cycles Ltd.(323 ITR 518),Catholic Syrian Bank Ltd. & Ors.(237CTR 164),Videocon Industries Ltd.(ITA/ 6145/ Mum/2012,1728/Mum/2014 & 1729/Mum/2014 order dt.06.02.2015),Shoppers Stop (ITA /1448 & 4475/Mum/2010 order dated 30.08.2011) in support of his argument that if the assessee had sufficient own funds from which investment had been made no…

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal is allowed

ITA 5720/DEL/2011[2007-08]Status: DisposedITAT Delhi12 Jul 2016AY 2007-08

Bench: Shri I.C. Sudhir & Shri L.P. Sahu Assessment Year: 2007-08 Assessment Year: 2007-08 Maruti Suzuki India Ltd., Vs. Additional Cit, Plot No.1, Nelson Mandela Road, Range-6, Vasant Road, New Delhi. New Delhi. (Pan: Aaacm0829Q) (Appellant) (Respondent) Assessee By: S/Shri Ajay Vohra, Sr. Adv. Neeraj Jain, Rohit Jain, Adv. Romit Katyal & Ms. Tejasvi Jain, Cas Department By:Shri Amrendra Kumar, Cit(Dr)

For Appellant: S/Shri Ajay Vohra, Sr. Adv. NeerajFor Respondent: Shri Amrendra Kumar, CIT(DR)

…of borrowed funds with investments: 70 Gujarat State Fertilizers and Chemicals Ltd : Tax Appeal No. 82 of 2013 (Guj HC) Lubi Submersibles Ltd.: ITA No.868 of 2010 (Guj.) CIT v. Gujarat Power Corporation Ltd. : 352 ITR 583 (Guj) CIT v. Torrent Power Ltd.: 363 ITR 474 (Guj) CIT vs. Suzlon Energy Ltd.: 215 Taxman 272 (Guj) CIT v. K. Raheja Corporation Pvt. Ltd: ITA No.1260 of 2009 (Bom.) Hero Honda Finlease Ltd v. ACIT: ITA No. 3726/Del/2012 (Del) DCIT v. Maharashtra Seamless Ltd.: 48 SOT 160 (Del)(URO) Eimco Elecon (India) Ltd. v. Addl. CIT: 142 ITD 52 (Ahd.) M/s. Godrej Agrovet Ltd. v. ACIT: ITA No. 162…

Crescent Organics P.Ltd, Mumbai vs. Asst CIT 10(1), Mumbai

ITA 6428/MUM/2014[2010-11]Status: DisposedITAT Mumbai30 May 2016AY 2010-11

Bench: S/Shjoginder Singh & Rajendraआयकर आयकर अपील अपील संसंसंसं./I.T.A./6428/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2010-11 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Crescent Organics Pvt. Ltd. Dcit-10(1) Windsor, 2Nd Floor, Cst Road Mumbai. Kalina, Santacruz (E) Vs. Mumbai-400 098. Pan:Aaacc 1690 D (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Dr. Darsi Suman Ratham-Dr Assessee By: Shri Piyush Chhajed-Ar’S सुनवाई क" तारीख / Date Of Hearing: 30.05.2016 घोषणा क" तारीख / Date Of Pronouncement: 30.05.2016 आयकर आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग" अ"तग"त आदेश आदेश आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग" अ"तग" 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 Order Dt.8.7.2014 Of Cit(A)-21,Mumbai, The Assessee Has Filed The Present Appeal.Assessee-Company, Engaged In The Business Of Trading & Indenting Of Chemicals, Filed Its Return Of Income 27.09.2010, Declaring Total Income At Rs.17.37 Crores. A Revised Return Was Filed On 10.8.2011 Wherein The Income Was Revised At Rs.17.45 Crores .The Assessing Officer (Ao) Completed The Assessment U/S.143(3) Of The Act,Determining The Total Income Of The Assessee At Rs.17.62 Crores.

For Appellant: Shri Piyush Chhajed-AR’sFor Respondent: Dr. Darsi Suman Ratham-DR
Section 143(3)Section 14ASection 254(1)

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई “सी मुंबई सी सी ” ” ” ” खंडपीठ सी खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal “ C ”Bench Mumbai सव"ी जोिग"दर "सह, "याियक सद"य एवं राजे"", लेखा सद"य Before S/ShJoginder Singh,Judicial Member & Rajendra,Accountant Member आयकर आयकर अपील अपील संसंसंसं./I.T.A./6428/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2010-11 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Crescent Organics Pvt. Ltd. DCIT-10(1) Windsor, 2nd Floor, CST Road Mumbai. Kalina, Santacruz (E) Vs. Mumbai-400 098. PAN:AAACC 1690 D (अपीलाथ"…

Klj Resources Ltd., New Delhi vs. ACIT, New Delhi

ITA 199/DEL/2014[2009-10]Status: DisposedITAT Delhi18 Jan 2016AY 2009-10

Bench: Shri S.V.Mehrotra & Smt. Beena A. Pillai

Section 14A

…orted in 274 ITR 272 (Del) iii) CIT vs Hero Cycles Ltd. reported in 323 ITR 74 (P&H) iv) CIT vs. Reliance Industries Ltd., reported in 339 ITR 632 (Bom) v) CIT vs. Metalman Auto P.Ltd., reported in 336 ITR 434 (P&H) vi) CIT vs. Torrent Power Ltd., reported in 363 ITR 474 ( Guj) 5. On the contrary, ld. DR submitted that the Assessing Officer has rightly initiated section 14A of the Act and, after recording the satisfaction, has made the addition to the extent of Rs.1,41,206/-. Learned DR submitted that even where the assessee claimed that no expenditure had been incurred, and that such a claim of the assessee was…

Shriram Capital Limited, Chennai vs. DCIT, Chennai

In the result, the appeals filed by the assessee in ITA Nos

ITA 513/CHNY/2015[2011-2012]Status: DisposedITAT Chennai25 Jun 2015AY 2011-2012

Bench: Shri Chandra Poojari & Shri Challa Nagendra Prasadआयकर अपील सं./ I.T.A. Nos.512 &513 /Mds/2015 ("नधा"रण वष" / Assessment Year : 2010-2011 & 2011- 2012)

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. N. Rengaraj, IRS, CIT
Section 14A

…etc. were required to be incurred irrespective of whether the Company had any income or not and hence, there was towards earning of exempt income. In this connection, reliance is placed on Gujarat High Court judgment in the case of CIT vs. Suzion Energy Ltd. 354 ITR 630, in which the Court confirmed the deleting of disallowance u/s 14A in respect of interest expenses incurred for investments in subsidiaries and administrative expense such as staff salary of corporate office, audit fees, building rent and communication expenses. In view of the above, the cross objection filed by the assessee deserve to be allowed…

Shriram Capital Limited, Chennai vs. DCIT, Chennai

In the result, the appeals filed by the assessee in ITA Nos

ITA 512/CHNY/2015[2010-2011]Status: DisposedITAT Chennai25 Jun 2015AY 2010-2011

Bench: Shri Chandra Poojari & Shri Challa Nagendra Prasadआयकर अपील सं./ I.T.A. Nos.512 &513 /Mds/2015 ("नधा"रण वष" / Assessment Year : 2010-2011 & 2011- 2012)

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. N. Rengaraj, IRS, CIT
Section 14A

…etc. were required to be incurred irrespective of whether the Company had any income or not and hence, there was towards earning of exempt income. In this connection, reliance is placed on Gujarat High Court judgment in the case of CIT vs. Suzion Energy Ltd. 354 ITR 630, in which the Court confirmed the deleting of disallowance u/s 14A in respect of interest expenses incurred for investments in subsidiaries and administrative expense such as staff salary of corporate office, audit fees, building rent and communication expenses. In view of the above, the cross objection filed by the assessee deserve to be allowed…