CIT v. UTI Bank Ltd.

32 Taxmann.com 370High Court2013#784 most cited

What is CIT v. UTI Bank Ltd. authority for?

If an assessee possesses sufficient interest-free funds, it is presumed that investments yielding exempt income were made from these funds, therefore disallowance of interest expenditure under Section 14A is not justified.

131

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. UTI Bank Ltd. · Section 14A · disallowance under section 14A · interest expenditure · exempt income · interest free funds · presumption · own funds · Rule 8D(2)(ii) · Gujarat High Court

Also reported as

215 Taxmann 8

Sections most often in play

Section 143(3)Section 14ASection 1961Section 36(1)(iii)Section 10(34) of Income Tax ActSection 10(38)Section 144BSection 145
Read the full judgment

Issues it is cited on

section 36(1)(viia)disallowance of interest expendituresection 36(1)(vii)disallowance under section 14apermanent establishmentmost appropriate methodsection 14atransfer pricing adjustmentdisallowance u/s 14asection 40(a)tnmmsection 36(1)

Judgments citing CIT v. UTI Bank Ltd.

M/S. Srf Limited, Gurgaon vs. DCIT, New Delhi

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

ITA 2064/DEL/2014[2007-08]Status: DisposedITAT Delhi06 Apr 2021AY 2007-08

Bench: Shri Amit Shukla & Shri O.P. Kantassessment Year: 2007-08

For Appellant: S/Shri Pradeep Dinodia &For Respondent: Shri Surender Pal, CIT DR
Section 143(3)Section 14ASection 14A(1)Section 37Section 9C

…- INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “I-1” NEW DELHI” BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2007-08 SRF Limited, DCIT, Block-C, Unitech Crest, Circle 9(1), Vs. Greenwood City, Sector-45, New Delhi. Gurgaon – 122 003 PAN AAACS0206P (Appellant) (Respondent) Assessee by: S/Shri Pradeep Dinodia & R.K. Kapoor, CA Department by : Shri Surender Pal, CIT DR Date of Hearing 20/01/2021 Date of 06/04/2021 pronouncement O R D E R PER AMIT SHUKLA, J.M. The aforesaid appeal has been filed by the assessee against order dated 23.01.2014 passed by Ld. Commissio…

ACIT, Central Circle, Bikaner vs. Smt. Alpana Gupta, Sriganganagar

In the result, this appeal of the Revenue is dismissed

ITA 45/JODH/2020[2017-18]Status: DisposedITAT Jodhpur01 Feb 2021AY 2017-18

Bench: Shri Sandeep Gosain & Shri Manoj Kumar Aggarwala.C.I.T. Vs. Smt. Alpana Gupta, 4-A-15, Central Circle, Jawahar Nagar, Bikaner. Sriganganagar. Pan No. Aiepg 8893 R

Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL, JODHPUR BENCH, JODHPUR BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL ACCOUNTANT MEMBER A.C.I.T. Vs. Smt. Alpana Gupta, 4-A-15, Central Circle, Jawahar Nagar, Bikaner. Sriganganagar. PAN No. AIEPG 8893 R Revenue by Shri K.C. Badhok, CIT DR Assessee by Shri P.C. Parwal, CA Date of Hearing 02.11.2020 Date of Pronouncement 01/02/2021 O R D E R PER BENCH The present appeal has been filed by the Revenue against the order of the ld. CIT(A)-4, Jaipur dated 02/12/2019 for A.Y. 2017-18, wherein the Revenue has raised following grounds of appeal: “1. The l…

Kanchan Pharma Pvt. Ltd., Ahmedabad vs. The Asst. CIT, Circle-2(1)(2), Ahmedabad

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

ITA 1854/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad07 Oct 2020AY 2013-14
For Appellant: Shri Tushar Hemani &For Respondent: Shri L.P. Jain, Sr. D.R
Section 115JSection 143(2)Section 143(3)Section 14ASection 234ASection 36Section 36(1)(va)Section 40A(2)(b)

…ment made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A." 24. Similarly, we also find support from the judgment of Hon'ble Gujarat High Court in the case of UTI Bank Ltd. reported in 32 Taxmann.com 370 where the head note reads as under: If there are sufficient interest free funds to meet tax free investments, they are presumed to be made from interest free funds and not loaned funds and no disallowance can be made under section 14A ". 25. In view of the above proposition, we hold that no disallowance of interest expense claimed by the a…

Manoj Kamleshkumar Sukhlani, (Prop. M/S. Manoj Automotive), Ahmedabad vs. DCIT, Circle-3(3), Ahmedabad

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

ITA 834/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad24 Jul 2020AY 2014-15
For Appellant: Shri Tushar Hemani, with Shri P.B. Parmar, A.RsFor Respondent: Shri Deelip Kumar, Sr. D.R
Section 234ASection 36

…ment made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 5.3 Similarly, we also draw support from the judgment of Hon’ble Gujarat High Court in the case of UTI Bank Ltd. reported in 32 Taxmann.com 370 where the headnote reads as under : Page 4 of 5 Asstt. Year 2014-15 “If there are sufficient interest free funds to meet tax free investments, they are presumed to be made from interest free funds and not loaned funds and no disallowance can be made under section 14A”. 5.4 A question may also arise whether the interest free borrowing by…

The DCIT, Circle-1(1)(1), Ahmedabad vs. Arvind Smartspaces Ltd., Ahmedabad

In the result, the appeal filed by the Revenue and CO filed by the assessee is dismissed

ITA 1507/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad09 Mar 2020AY 2014-15

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No.1507/Ahd/2018 With C.O. 79/Ahd/2019 "नधा"रण वष"/Asstt. Year: 2014-2015 D.C.I.T, Arvind Smartspaces Ltd., Circle-1(1)(1), Vs. 24, Government Sevant’S Society, Ahmedabad. Nr. Municpal Market, Off. C.G. Road, Navrangpura, Ahmedabad-380009. Pan: Aahca5001H

For Appellant: Shri Vartik Chokshi, A.R
Section 14ASection 199Section 36(1)(iii)

…tment made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 6.2 Similarly, we also find support from the judgment of Hon’ble Gujarat High Court in the case of UTI Bank Ltd. reported in 32 Taxmann.com 370 where the headnote reads as under : “If there are sufficient interest free funds to meet tax free investments, they are presumed to be made from interest free funds and not loaned funds and no disallowance can be made under section 14A”. In view of the above proposition, we hold that no disallowance of interest expense claimed by the asses…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, the appeal filed by the assessee is partly allowed and appeal filed by the revenue is dismissed

ITA 6482/MUM/2010[2000-01]Status: DisposedITAT Mumbai06 Mar 2020AY 2000-01

Bench: Shri Rajesh Kumar, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.6482 /Mum/2010 (निर्धारण वर्ा / Assessment Year: 2000-01) State Bank Of India बिधम/ Acit Range-2(2) Mumbai. Financial Reporting, Vs. Compliance & Taxation Dept. Mumbai-400021. Ita. No. 6822/Mum/2010 (निर्धारण वर्ा / Assessment Year: 2000-01) Acit Range-2(2) बिधम/ State Bank Of India Mumbai. Financial Reporting, Vs. Compliance & Taxation Dept. Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs8577K (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Girish Dave/Urvi Mehta Revenue By: Shri Awungshi Gimson (Dr) सुनवाई की तारीख / Date Of Hearing: 12/12/2019 घोषणा की तारीख /Date Of Pronouncement: 06/03/2020 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue As Well As Assessee Have Filed The Above Mentioned Appeals Against The Order Dated 21.07.2010 Passed By The Commissioner Of Income Tax (Appeals)-5, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2000-01. Ita. No.6482/M/2010 6822/M/2010 A.Y. 2000-01 2. The Assessee Has Filed The Present Appeal Against The Order Dated 21.07.2010 Passed By The Commissioner Of Income Tax (Appeals)-05, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2000- 01. 3. The Assessee Has Raised The Following Grounds: -

For Appellant: Shri Girish Dave/Urvi MehtaFor Respondent: Shri Awungshi Gimson (DR)
Section 14ASection 43D

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI RAJESH KUMAR, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.6482 /Mum/2010 (निर्धारण वर्ा / Assessment Year: 2000-01) State Bank of India बिधम/ ACIT Range-2(2) Mumbai. Financial Reporting, Vs. Compliance & Taxation Dept. Mumbai-400021. ITA. No. 6822/Mum/2010 (निर्धारण वर्ा / Assessment Year: 2000-01) ACIT Range-2(2) बिधम/ State Bank of India Mumbai. Financial Reporting, Vs. Compliance & Taxation Dept. Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACS8577K (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee by: Shri Girish…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed, as indicated above

ITA 3644/MUM/2016[2008-09]Status: DisposedITAT Mumbai03 Feb 2020AY 2008-09

Bench: Sri Mahavir Singh, Vp & Sri G Manjunatha, Am आयकर अपील सुं./ Ita No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank Of India The Dy. Commissioner Of 3Rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacs8577K

For Appellant: Shri P.J. Pardiwalla &For Respondent: Shri Anadi Varma, CIT-DR&
Section 143(3)Section 147

…आयकर अपीलीय अधिकरण “A” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI श्री महावीर स िंह, उपाध्यक्ष एविं श्री जी. मिंजुनाथ लेखा दस्य के मक्ष । BEFORE SRI MAHAVIR SINGH, VP AND SRI G MANJUNATHA, AM आयकर अपील सुं./ ITA No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank of India The Dy. Commissioner of 3rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./PAN No. AAACS8577K आयकर अपील सुं./ ITA No. 4563/Mum/2016 (ननर्ाारण वर्ा / Assessmen…

ACIT, Circle-3, Nainital vs. The Nainital Bank Ltd, Nainital

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

ITA 5018/DEL/2017[2011-12]Status: DisposedITAT Delhi31 Jan 2020AY 2011-12

Bench: Ms Sushma Chowla & Shri R.K. Pandaassessment Year: 2011-12 Acit, Vs. The Nainital Bank Ltd., Circle-3, Sevan Oakas, Nainital. Mallital, Nainital, Uttarakhand. Pan: Aaact5714D (Respondent) (Appellant) Assessee By : Shri K.R. Rastogi, Ca Deptt. By : Shri Saras Kumar, Sr. Dr Date Of Hearing : 28.11.2019 Date Of Pronouncement : 31.01.2020 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against The Order Dated 16Th May, 2017 Of The Cit(A), Haldwani, Relating To The Assessment Year 2011-12. 2. The Grounds Raised By The Revenue Read As Under:- “1. That Ld. Cit(A) Has Erred In Law As Well As In Facts Of The Case, In Deleting The Addition Made U/S 14A Of The I. T. Act, 1961 Read With Rule 8D Of The I. T. Rules, 1962, Being Expenses Relatable To Income Not Includible In Total Income. 2. That Ld. Cit(A) Has Erred In Law As Well As In Facts Of The Case, In Not Considering That Investment Was Made By The Assessee In Tax Free Securities/Funds, Mostly Out Of Its Tax Bearing Fund. 3. That Ld. Cit(A) Has Erred In Law As Well As In Facts Of The Case, In Not Considering That The Assessee Failed To Establish The Quantum Of Its Tax Bearing Fund As Well As Tax Free Fund, Which Were Invested In Tax Free Securities/Funds.”

For Appellant: Shri K.R. Rastogi, CA
Section 143(3)Section 14ASection 263

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : A : NEW DELHI BEFORE MS SUSHMA CHOWLA, VICE PRESIDENT AND SHRI R.K. PANDA, ACCOUNTANT MEMBER Assessment Year: 2011-12 ACIT, Vs. The Nainital Bank Ltd., Circle-3, Sevan Oakas, Nainital. Mallital, Nainital, Uttarakhand. PAN: AAACT5714D (Respondent) (Appellant) Assessee by : Shri K.R. Rastogi, CA Deptt. By : Shri Saras Kumar, Sr. DR Date of Hearing : 28.11.2019 Date of Pronouncement : 31.01.2020 ORDER PER R.K. PANDA, AM: This appeal filed by the Revenue is directed against the order dated 16th May, 2017 of the CIT(A), Haldwani, relating to the assessment year 2…

Niit Technologies Ltd., New Delhi vs. ACIT, New Delhi

In the result, both the appeals of the assessee are partly allowed and the appeal of Revenue for assessment year 2007-08

ITA 5525/DEL/2013[2008-09]Status: DisposedITAT Delhi28 Jan 2020AY 2008-09

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

For Appellant: 1. That the Commissioner of Income-Tax (Appeals) erred on facts and in law in up
Section 14ASection 35D

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’, NEW DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER ITA Nos. 5491 & 5492/Del/2013 Assessment Year: 2007-08 & 2008-09 ACIT, Vs. M/s. NIIT Technologies Ltd., Circle-13(1), 8, Balaji Estate, 1st Floor, New Delhi Guru Ravi Das Marg, Kalkaji, New Delhi PAN :AAACN0332P (Appellant) (Respondent) And ITA No.5524 & 5525/Del/2013 Assessment Year: 2007-08 & 2008-09 M/s. NIIT Technologies Ltd., Vs. ACIT, 8, Balaji Estate, 1st Floor, Circle-13(1), Guru Ravi Das Marg, Kalkaji, New Delhi New Delhi PAN :AAACN0332P (Appellant) (Resp…

Niit Technologies Ltd., New Delhi vs. ACIT, New Delhi

In the result, both the appeals of the assessee are partly allowed and the appeal of Revenue for assessment year 2007-08

ITA 5524/DEL/2013[2007-08]Status: DisposedITAT Delhi28 Jan 2020AY 2007-08

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

For Appellant: 1. That the Commissioner of Income-Tax (Appeals) erred on facts and in law in up
Section 14ASection 35D

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’, NEW DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER ITA Nos. 5491 & 5492/Del/2013 Assessment Year: 2007-08 & 2008-09 ACIT, Vs. M/s. NIIT Technologies Ltd., Circle-13(1), 8, Balaji Estate, 1st Floor, New Delhi Guru Ravi Das Marg, Kalkaji, New Delhi PAN :AAACN0332P (Appellant) (Respondent) And ITA No.5524 & 5525/Del/2013 Assessment Year: 2007-08 & 2008-09 M/s. NIIT Technologies Ltd., Vs. ACIT, 8, Balaji Estate, 1st Floor, Circle-13(1), Guru Ravi Das Marg, Kalkaji, New Delhi New Delhi PAN :AAACN0332P (Appellant) (Resp…

ACIT, New Delhi vs. M/S Niit Technologies Ltd., New Delhi

In the result, both the appeals of the assessee are partly allowed and the appeal of Revenue for assessment year 2007-08

ITA 5492/DEL/2013[2008-09]Status: DisposedITAT Delhi28 Jan 2020AY 2008-09

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

For Appellant: 1. That the Commissioner of Income-Tax (Appeals) erred on facts and in law in up
Section 14ASection 35D

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’, NEW DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER ITA Nos. 5491 & 5492/Del/2013 Assessment Year: 2007-08 & 2008-09 ACIT, Vs. M/s. NIIT Technologies Ltd., Circle-13(1), 8, Balaji Estate, 1st Floor, New Delhi Guru Ravi Das Marg, Kalkaji, New Delhi PAN :AAACN0332P (Appellant) (Respondent) And ITA No.5524 & 5525/Del/2013 Assessment Year: 2007-08 & 2008-09 M/s. NIIT Technologies Ltd., Vs. ACIT, 8, Balaji Estate, 1st Floor, Circle-13(1), Guru Ravi Das Marg, Kalkaji, New Delhi New Delhi PAN :AAACN0332P (Appellant) (Resp…

ACIT, New Delhi vs. M/S Niit Technologies Ltd., New Delhi

In the result, both the appeals of the assessee are partly allowed and the appeal of Revenue for assessment year 2007-08

ITA 5491/DEL/2013[2007-08]Status: DisposedITAT Delhi28 Jan 2020AY 2007-08

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

For Appellant: 1. That the Commissioner of Income-Tax (Appeals) erred on facts and in law in up
Section 14ASection 35D

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’, NEW DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER ITA Nos. 5491 & 5492/Del/2013 Assessment Year: 2007-08 & 2008-09 ACIT, Vs. M/s. NIIT Technologies Ltd., Circle-13(1), 8, Balaji Estate, 1st Floor, New Delhi Guru Ravi Das Marg, Kalkaji, New Delhi PAN :AAACN0332P (Appellant) (Respondent) And ITA No.5524 & 5525/Del/2013 Assessment Year: 2007-08 & 2008-09 M/s. NIIT Technologies Ltd., Vs. ACIT, 8, Balaji Estate, 1st Floor, Circle-13(1), Guru Ravi Das Marg, Kalkaji, New Delhi New Delhi PAN :AAACN0332P (Appellant) (Resp…

K.B.Mehta Construction Pvt.Ltd., Ahmedabad vs. Dy.Commissioner of Income Tax, (OSD)-1, Circle-4, Ahmedabad

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

ITA 928/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad20 Jan 2020AY 2011-12

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Tushar P.HemaniFor Respondent: Shri L.P. Jain, Sr.DR
Section 115JSection 14ASection 234ASection 271(1)(c)Section 36(1)(iii)

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER And SHRI WASEEM AHMED, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 928/Ahd/2016 ("नधा"रण वष"/Assessment Year : 2011-12) K.B. Mehta Construction बनाम/ The DCIT (OSD)-I Pvt.Ltd. Circle-4 Vs. 509, Milestone Ahmedabad Opp.TV Tower Thaltej, Ahmedabad "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AABCK 6922 H (अपीलाथ"/Appellant) .. (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant by : Shri Tushar P.Hemani, Shri P.B. Parmar, ARs ""यथ" क" ओर से/Respondent by: Shri L.P. Jain, Sr.DR…

M/S. Bcc Enterprises (India) Ltd., Indore vs. The ITO-1(4), Indore

In the result, appeal of the assessee is partly allowed

ITA 279/IND/2017[2013-14]Status: DisposedITAT Indore09 Dec 2019AY 2013-14

Bench: Hon’Ble Kul Bharat & Hon’Ble Manish Boradassessment Year 2013-14

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

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE HON’BLE KUL BHARAT, JUDICIAL MEMBER AND HON’BLE MANISH BORAD, ACCOUNTANT MEMBER Assessment Year 2013-14 M/s BCC Enterprises (India) Income Tax Officer-1(4), Ltd, Vs. Indore 8/5, Manoramaganj, BCC House, Navratan Bagh Main Road, Indore (Appellant) (Respondent ) PAN No.AAACB6748D Revenue by Shri K.G. Goel, Sr. DR Assessee by Shri Thribhuvan Sachdeva, CA Date of Hearing 18.11.2019 Date of Pronouncement 09.12.2019 O R D E R PER MANISH BORAD, AM The above captioned appeal filed at the instance of the assesse…

M/S. Akash Fashion Prints Pvt. Ltd., Ahmedabad vs. The Income Tax Officer, Ward-1(1)(4), Ahmedabad

In the result, the ground of appeal of the assessee is allowed for statistical purpose

ITA 255/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad24 Oct 2019AY 2014-15

Bench: Hon’Ble Mr. Justice P.P. Bhatt & Shri Amarjit Singhआयकर अपील सं./I.T.A. No. 255/Ahd/2018 ("नधा"रण वष" / Assessment Year: 2014-15) बनाम/ M/S. Akash Fashion Prints The Ito, Pvt. Ltd. 238 Saijpur Ward-1(1)(4), Vs. Gopalpur, Shahwadi Ahmedabad-380015 Octrionaka, Narol Ahmedabad-382405 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabca8319C (अपीलाथ"/Appellant) (""यथ" / Respondent) .. अपीलाथ" ओर से/Appellant By : Shri Sanjay R. Shah, A.R ""यथ"क"ओरसे / Respondent By: Shri Mudit Nagpal, Sr.Dr सुनवाईक"तार"ख/Date Of Hearing 07/10/2019 घोषणाक"तार"ख /Date Of 24/10/2019 Pronouncement

For Appellant: Shri Sanjay R. Shah, A.RFor Respondent: Shri Mudit Nagpal, Sr.DR
Section 143(2)Section 143(3)Section 2Section 2(24)Section 36

…ent made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A." 22.2. Similarly, we also find support from the judgment of Hon'ble Gujarat High Court in the case of UTI Bank Ltd. reported in 32 Taxmann.com 370 where the headnote reads as under: "If there are sufficient interest free funds to meet tax free investments, they are presumed to be made from interest free funds and not loaned funds and no disallowance can be made under section 14A". 22.3 In view of the above proposition, we hold that no disallowance of interest expense claimed by the a…

Vikas Omprakash Agarwal, Ahmedabad vs. The Dy. CIT, Circle-3(2), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 59/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad03 Oct 2019AY 2014-15

Bench: Shri Kul Bharat & Shri Waseem Ahmedआयकर अपील सं./Ita No. 59/Ahd/2018 "नधा"रण वष"/Asstt. Year: 2014-2015 Vikas Omprakash Agarwal, D.C.I.T., Prop. Pf M/S. Nilin Industries, Vs. Circle-3(2), 5203/3, Phase-Iv, Gidc, Ahmedabad. Vatva, Ahmedabad-382445. Pan: Adqpa4057Q

…ment made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 8.2 Similarly, we also find support from the judgment of Hon’ble Gujarat High Court in the case of UTI Bank Ltd. reported in 32 Taxmann.com 370 where the headnote reads as under : “If there are sufficient interest free funds to meet tax free investments, they are presumed to be made from interest free funds and not loaned funds and no disallowance can be made under section 14A”. Asstt. Year 2014-15 5 In view of the above proposition, we hold that no disallowance of interest expen…

Shri Dinesh Mills Ltd., Baroda vs. The ACIT, Circle -2(1)(1), Baroda

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

ITA 781/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad25 Sept 2019AY 2012-13

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri Bandish Soparkar, ARFor Respondent: Shri N.R. Soni, CIT-DR &
Section 10Section 11Section 115JSection 12Section 14ASection 154ASection 194HSection 40(1)(ia)

…IN THE INCOME TAX APPELLATE TRIBUNAL “ A ” BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And Ms. MADHUMITA ROY, JUDICIAL MEMBER Sl. ITA No(s) Assessment Appeal(s) by Nos. Year (s) Appellant vs. Respondent Appellant Respondent 1. 781/Ahd/2016 2012-13 Shri Dinesh Mills Asst.CIT Ltd. Circle-2(1)(1) PB No.2501 Baroda 390 020 Padra Road Baroda 390 020 PAN: AADCS 3115 Q 2. 1191/Ahd/2013 2012-13 DCIT Assessee Cir 2(1) Baroda 3. 3369/Ahd/2016 2013-14 -do-Revenue Assessee 4. 3180/Ahd/2016 2013-14 Assessee ACIT Cir. 2(1) Baroda Assessee by : Shri Bandish Soparkar, AR Revenue by : Shri N.R. Soni, CIT-DR…

Ascent Finechem Pvt. Ltd., Ahmedabad vs. The DCIT., Circle-1(1)(1), Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 440/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad30 Jul 2019AY 2014-15

Bench: Shri Waseem Ahmed & Ms. Madhumita Roysl. Ita No(S) Asset. Appeal(S) By No Year(S) Appellant Vs. Respondent (S) Appellant Respondent 1-2 438-439/Ahd/2018 2008-09 Ascent Finechem Pvt. A.C.I.T, Circle- & Ltd., 1(1)(2), 2009-10 11, Ground Floor, Ahmedabad. Suryarath, B/H. Whilte House, Panchawati, Ahmedabad-380015. Pan No.Aabca6349Q

For Appellant: Shri P.F. Jain, A.RFor Respondent: Shri S.K. Dev, Dr. D.R
Section 10B

…ent made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 16.2 Similarly, we also find support from the judgment of Hon’ble Gujarat High Court in the case of UTI Bank Ltd. reported in 32 Taxmann.com 370 where the headnote reads as under : “If there are sufficient interest free funds to meet tax free investments, they are presumed to be made from interest free funds and not loaned funds and no disallowance can be made under section 14A”. In view of the above proposition, we hold that no disallowance of interest expense claimed by the asse…

Ascent Finechem Pvt. Ltd., Ahmedabad vs. The ACIT., Circle-1, Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 439/AHD/2018[2009-10]Status: DisposedITAT Ahmedabad30 Jul 2019AY 2009-10

Bench: Shri Waseem Ahmed & Ms. Madhumita Roysl. Ita No(S) Asset. Appeal(S) By No Year(S) Appellant Vs. Respondent (S) Appellant Respondent 1-2 438-439/Ahd/2018 2008-09 Ascent Finechem Pvt. A.C.I.T, Circle- & Ltd., 1(1)(2), 2009-10 11, Ground Floor, Ahmedabad. Suryarath, B/H. Whilte House, Panchawati, Ahmedabad-380015. Pan No.Aabca6349Q

For Appellant: Shri P.F. Jain, A.RFor Respondent: Shri S.K. Dev, Dr. D.R
Section 10B

…ent made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 16.2 Similarly, we also find support from the judgment of Hon’ble Gujarat High Court in the case of UTI Bank Ltd. reported in 32 Taxmann.com 370 where the headnote reads as under : “If there are sufficient interest free funds to meet tax free investments, they are presumed to be made from interest free funds and not loaned funds and no disallowance can be made under section 14A”. In view of the above proposition, we hold that no disallowance of interest expense claimed by the asse…

Ascent Finechem Pvt. Ltd., Ahmedabad vs. The ACIT., Circle-1(1)(2), Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 438/AHD/2018[2008-09]Status: DisposedITAT Ahmedabad30 Jul 2019AY 2008-09

Bench: Shri Waseem Ahmed & Ms. Madhumita Roysl. Ita No(S) Asset. Appeal(S) By No Year(S) Appellant Vs. Respondent (S) Appellant Respondent 1-2 438-439/Ahd/2018 2008-09 Ascent Finechem Pvt. A.C.I.T, Circle- & Ltd., 1(1)(2), 2009-10 11, Ground Floor, Ahmedabad. Suryarath, B/H. Whilte House, Panchawati, Ahmedabad-380015. Pan No.Aabca6349Q

For Appellant: Shri P.F. Jain, A.RFor Respondent: Shri S.K. Dev, Dr. D.R
Section 10B

…ent made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 16.2 Similarly, we also find support from the judgment of Hon’ble Gujarat High Court in the case of UTI Bank Ltd. reported in 32 Taxmann.com 370 where the headnote reads as under : “If there are sufficient interest free funds to meet tax free investments, they are presumed to be made from interest free funds and not loaned funds and no disallowance can be made under section 14A”. In view of the above proposition, we hold that no disallowance of interest expense claimed by the asse…