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.

DCIT vs. M/S United Spirits Ltd

In the result, the assessee’s appeals for assessment years 2007-08, 2008-09 and 2009-10 are treated as allowed for statistical purposes

ITA 653/BANG/2013[2009-10]Status: DisposedITAT Bangalore31 Mar 2015AY 2009-10

Bench: Smt. P. Madhavi Devi & Shri Abraham P George & Ita Nos.424 & 605(Bang)/2013 (Assessment Years: 2008-09 & 2009-10)

For Appellant: Shri K.R.Pradeep, CAFor Respondent: Shri C.H.Sundar Rao, CIT(DR)
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: BANGALORE BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER and SHRI ABRAHAM P GEORGE, ACCOUNTANT MEMBER AND ITA Nos.424 & 605(Bang)/2013 (Assessment years: 2008-09 & 2009-10) M/s.United Spirits Ltd., 6th floor, UB Towers, UB City, 24, Vittal Mallya Road, Bangalore-560001. … Appellant PAN: AACCM8043J Vs. Asst. Commissioner of Income-tax/ Deputy Commissioner of Income-tax, Central Circle- 2(3), Bangalore. … Respondent AND ITA Nos.652 & 653(Bang)/2013 (Assessment years: 2008-09 & 2009-10) Deputy Commissioner of Income-tax, Central Circle- 2(3), Bangalore. … Appellant…

DCIT vs. M/S United Spirits Ltd

In the result, the assessee’s appeals for assessment years 2007-08, 2008-09 and 2009-10 are treated as allowed for statistical purposes

ITA 652/BANG/2013[2008-09]Status: DisposedITAT Bangalore31 Mar 2015AY 2008-09

Bench: Smt. P. Madhavi Devi & Shri Abraham P George & Ita Nos.424 & 605(Bang)/2013 (Assessment Years: 2008-09 & 2009-10)

For Appellant: Shri K.R.Pradeep, CAFor Respondent: Shri C.H.Sundar Rao, CIT(DR)
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: BANGALORE BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER and SHRI ABRAHAM P GEORGE, ACCOUNTANT MEMBER AND ITA Nos.424 & 605(Bang)/2013 (Assessment years: 2008-09 & 2009-10) M/s.United Spirits Ltd., 6th floor, UB Towers, UB City, 24, Vittal Mallya Road, Bangalore-560001. … Appellant PAN: AACCM8043J Vs. Asst. Commissioner of Income-tax/ Deputy Commissioner of Income-tax, Central Circle- 2(3), Bangalore. … Respondent AND ITA Nos.652 & 653(Bang)/2013 (Assessment years: 2008-09 & 2009-10) Deputy Commissioner of Income-tax, Central Circle- 2(3), Bangalore. … Appellant…

United Spirits Ltd vs. ACIT

In the result, the assessee’s appeals for assessment years 2007-08, 2008-09 and 2009-10 are treated as allowed for statistical purposes

ITA 605/BANG/2013[2009-10]Status: DisposedITAT Bangalore31 Mar 2015AY 2009-10

Bench: Smt. P. Madhavi Devi & Shri Abraham P George & Ita Nos.424 & 605(Bang)/2013 (Assessment Years: 2008-09 & 2009-10)

For Appellant: Shri K.R.Pradeep, CAFor Respondent: Shri C.H.Sundar Rao, CIT(DR)
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: BANGALORE BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER and SHRI ABRAHAM P GEORGE, ACCOUNTANT MEMBER AND ITA Nos.424 & 605(Bang)/2013 (Assessment years: 2008-09 & 2009-10) M/s.United Spirits Ltd., 6th floor, UB Towers, UB City, 24, Vittal Mallya Road, Bangalore-560001. … Appellant PAN: AACCM8043J Vs. Asst. Commissioner of Income-tax/ Deputy Commissioner of Income-tax, Central Circle- 2(3), Bangalore. … Respondent AND ITA Nos.652 & 653(Bang)/2013 (Assessment years: 2008-09 & 2009-10) Deputy Commissioner of Income-tax, Central Circle- 2(3), Bangalore. … Appellant…

United Spirtis Limited vs. ACIT

In the result, the assessee’s appeals for assessment years 2007-08, 2008-09 and 2009-10 are treated as allowed for statistical purposes

ITA 424/BANG/2013[2008-09]Status: DisposedITAT Bangalore31 Mar 2015AY 2008-09

Bench: Smt. P. Madhavi Devi & Shri Abraham P George & Ita Nos.424 & 605(Bang)/2013 (Assessment Years: 2008-09 & 2009-10)

For Appellant: Shri K.R.Pradeep, CAFor Respondent: Shri C.H.Sundar Rao, CIT(DR)
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: BANGALORE BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER and SHRI ABRAHAM P GEORGE, ACCOUNTANT MEMBER AND ITA Nos.424 & 605(Bang)/2013 (Assessment years: 2008-09 & 2009-10) M/s.United Spirits Ltd., 6th floor, UB Towers, UB City, 24, Vittal Mallya Road, Bangalore-560001. … Appellant PAN: AACCM8043J Vs. Asst. Commissioner of Income-tax/ Deputy Commissioner of Income-tax, Central Circle- 2(3), Bangalore. … Respondent AND ITA Nos.652 & 653(Bang)/2013 (Assessment years: 2008-09 & 2009-10) Deputy Commissioner of Income-tax, Central Circle- 2(3), Bangalore. … Appellant…

M/S. United Spirits Ltd., Bangalore vs. ACIT, Bangalore

In the result, the assessee’s appeals for assessment years 2007-08, 2008-09 and 2009-10 are treated as allowed for statistical purposes

ITA 1277/BANG/2010[2007-08]Status: DisposedITAT Bangalore31 Mar 2015AY 2007-08

Bench: Smt. P. Madhavi Devi & Shri Abraham P George & Ita Nos.424 & 605(Bang)/2013 (Assessment Years: 2008-09 & 2009-10)

For Appellant: Shri K.R.Pradeep, CAFor Respondent: Shri C.H.Sundar Rao, CIT(DR)
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: BANGALORE BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER and SHRI ABRAHAM P GEORGE, ACCOUNTANT MEMBER AND ITA Nos.424 & 605(Bang)/2013 (Assessment years: 2008-09 & 2009-10) M/s.United Spirits Ltd., 6th floor, UB Towers, UB City, 24, Vittal Mallya Road, Bangalore-560001. … Appellant PAN: AACCM8043J Vs. Asst. Commissioner of Income-tax/ Deputy Commissioner of Income-tax, Central Circle- 2(3), Bangalore. … Respondent AND ITA Nos.652 & 653(Bang)/2013 (Assessment years: 2008-09 & 2009-10) Deputy Commissioner of Income-tax, Central Circle- 2(3), Bangalore. … Appellant…

Commissioner of Income Tax-VI vs. Taikisha Engineering India Ltd

ITA/115/2014HC Delhi25 Nov 2014
Section 14ASection 260A

…ITA 115/2014 & 119/2014 Page 1 of 20 $~20 & 21 * IN THE HIGH COURT OF DELHI AT NEW DELHI Date of Decision: 25th November, 2014 + ITA 115/2014 & 119/2014 COMMISSIONER OF INCOME TAX-VI ..... Appellant Through Ms. Suruchi Aggarwal, Sr. Standing Counsel versus TAIKISHA ENGINEERING INDIA LTD ..... Respondent Through Mr. K.R.Manjani, Advocate CORAM: HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTICE V. KAMESWAR RAO SANJIV KHANNA, J. (Oral) These two appeals by the Revenue under Section 260A of the Income Tax Act, 1961 (…