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.

Spc Life Sciences Private Limited, Vadodara vs. DCIT Circle 2(1) (1), Vadodara

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

ITA 1578/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad25 Jul 2019AY 2012-13

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy1. आयकर अपील सं./Ita No.1578/Ahd/2018 2. आयकर अपील सं./Ita No.1628/Ahd/2017 ("नधा"रण वष"/Assessment Years : 2012-13 & 2013-14)

For Appellant: Shri Surendra Modiani, ARFor Respondent: Shri Mudit Nagpal, Sr.DR
Section 143(3)Section 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL “ B ” BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And Ms. MADHUMITA ROY, JUDICIAL MEMBER 1. आयकर अपील सं./ITA No.1578/Ahd/2018 2. आयकर अपील सं./ITA No.1628/Ahd/2017 ("नधा"रण वष"/Assessment Years : 2012-13 & 2013-14) SPC Life Sciences Pvt.Ltd. Dy. CIT बनाम/ 284/1,2,3 GIDC Estate Circle-2(1)(1) Vs. Makarpura – 390 010 Vadodara "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAJCS 0610 G .. (अपीलाथ"/Appellant) (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant by : Shri Surendra Modiani, AR ""यथ" क" ओर से/Respondent by: Shri Mudit Nagpal, Sr.DR सुनवाई क" तार"ख/ Date of…

Spc Lifesciences Private Limited, Vadodara vs. DCIT Circle 2(1) (1), Vadodara

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

ITA 1628/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad25 Jul 2019AY 2013-14

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy1. आयकर अपील सं./Ita No.1578/Ahd/2018 2. आयकर अपील सं./Ita No.1628/Ahd/2017 ("नधा"रण वष"/Assessment Years : 2012-13 & 2013-14)

For Appellant: Shri Surendra Modiani, ARFor Respondent: Shri Mudit Nagpal, Sr.DR
Section 143(3)Section 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL “ B ” BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And Ms. MADHUMITA ROY, JUDICIAL MEMBER 1. आयकर अपील सं./ITA No.1578/Ahd/2018 2. आयकर अपील सं./ITA No.1628/Ahd/2017 ("नधा"रण वष"/Assessment Years : 2012-13 & 2013-14) SPC Life Sciences Pvt.Ltd. Dy. CIT बनाम/ 284/1,2,3 GIDC Estate Circle-2(1)(1) Vs. Makarpura – 390 010 Vadodara "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAJCS 0610 G .. (अपीलाथ"/Appellant) (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant by : Shri Surendra Modiani, AR ""यथ" क" ओर से/Respondent by: Shri Mudit Nagpal, Sr.DR सुनवाई क" तार"ख/ Date of…

M/S the Spunpipe & Construction Co. (Baroda) Pvt. Ltd., Baroda vs. DCIT, Circle-2(1) (1), Baroda

In the result, appeal of the assessee in ITA No

ITA 2594/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad09 Jul 2019AY 2013-14

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediaआयकर अपील सं./I.T.A. Nos. 2594 & 2612/Ahd/2017 ("नधा"रण वष" / Assessment Years : 2013-14 & 2014-15)

For Appellant: Shri A. C. Shah, A.R
Section 14ASection 36(1)(va)

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘A’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER & SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. Nos. 2594 & 2612/Ahd/2017 ("नधा"रण वष" / Assessment Years : 2013-14 & 2014-15) The Spunpipe & The D.C.I.T. बनाम/ Construction Co. Circle- 2(1)(1), Vs. (Baroda) Pvt. Ltd. Aayakar Bhavan, Race A/505-506, Alkapuri Course Circle, Baroda Arcade, 5th Floor, Opp. Hotel Welcome Group, R. C. Dutt Road, Baroda - 390007 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACT6738R .. (अपीलाथ" /Appellant) (""यथ" / Re…

Aditya Medisales Limited, Vadodara vs. The Deputy Commissioner of Income Tax, Circle-1(1)(1), Vadodara

In the result, appeal filed by Revenue is dismissed

ITA 1989/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad09 Jul 2019AY 2013-14

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediaआयकर अपील सं./I.T.A. No. 1989/Ahd/2017 ("नधा"रण वष" / Assessment Year : 2013-14)

For Respondent: Smt. Aparna Agrawal
Section 14ASection 234DSection 37(1)

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘A’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER & SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 1989/Ahd/2017 ("नधा"रण वष" / Assessment Year : 2013-14) Aditya Medisales Limited Deputy Commissoner of बनाम/ 402, 4th Floor, R. K. Income Tax Vs. Center, Fatehgunj, Cricle-1(1)(1), Vadodara - Vadodara - 390002 390007 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AABCA9317J (Appellant) .. (Respondent) & आयकर अपील सं./I.T.A. No. 2026/Ahd/2017 ("नधा"रण वष" / Assessment Year : 2013-14) The Asst. CI…

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

In the result, ITA No. 517/Ahd/2017 is also partly allowed in the terms indicated above

ITA 517/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad01 Jul 2019AY 2013-14
Section 143(3)Section 2(24)

…nt 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 th…

Akash Fashion Prints Pvt. Ltd., Ahmedabad vs. The Income Tax Officer, Ward-1(1)(3), Ahmedabad

In the result, ITA No. 517/Ahd/2017 is also partly allowed in the terms indicated above

ITA 516/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad01 Jul 2019AY 2012-13
Section 143(3)Section 2(24)

…nt 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 th…

M/S. Krishna Developers, Jamnagar vs. The Dy. Commr. of Income Tax, Cen. Cir.2, Rajkot-Gujarat

In the result the appeal of the assessee is partly allowed

ITA 459/RJT/2015[2012-13]Status: DisposedITAT Rajkot25 Jun 2019AY 2012-13

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita Nos.458-459/Rjt/2015 िनधा"रण वष"/Asstt. Years: 2011-2012 & 2012-2013 M/S. Krishna Developers, D.C.I.T, 402, 4Th Floor, Oscar Apartment, Vs. Central Circle-2, Limda Lane, Rajkot. Jamnagar.

For Appellant: Shri M.J. Ranpura, A.RFor Respondent: Shri B.B. Rajendra Prasad, CIT. DR
Section 153C

…ment made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 7.3 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, we reverse the order of the authorities below and direct the AO to delete the ad…

M/S. Krishna Developers, Jamnagar vs. The Dy. Commr. of Income Tax, Cen. Cir.2, Rajkot-Gujarat

In the result the appeal of the assessee is partly allowed

ITA 458/RJT/2015[2011-12]Status: DisposedITAT Rajkot25 Jun 2019AY 2011-12

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita Nos.458-459/Rjt/2015 िनधा"रण वष"/Asstt. Years: 2011-2012 & 2012-2013 M/S. Krishna Developers, D.C.I.T, 402, 4Th Floor, Oscar Apartment, Vs. Central Circle-2, Limda Lane, Rajkot. Jamnagar.

For Appellant: Shri M.J. Ranpura, A.RFor Respondent: Shri B.B. Rajendra Prasad, CIT. DR
Section 153C

…ment made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 7.3 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, we reverse the order of the authorities below and direct the AO to delete the ad…

Heaven Associates, C/O.Akshat Heaven, Gandhinagar vs. ITO Ward-2, Gandhinagar

In the result, the appeal of the assessee is allowed

ITA 1588/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad27 May 2019AY 2014-15

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 1588/Ahd/2017 ("नधा"रण वष"/Assessment Year : 2014-15) Heaven Associates The Ito बनाम/ C/O.Akshat Heaven Ward-2 Vs. Opp.Sahjanand City, Kudasan Gandhinagar Gandhinagar-382 421 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagfh 8119 R .. (अपीलाथ"/Appellant) (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant By : Shri Praveen Kumar, Sanu, Ar ""यथ" क" ओर से/Respondent By: Shri O.P. Pathak, Sr.Dr

For Appellant: Shri Praveen Kumar, Sanu, ARFor Respondent: Shri O.P. Pathak, Sr.DR
Section 154

…IN THE INCOME TAX APPELLATE TRIBUNAL “ SMC” BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER And SHRI WASEEM AHMED, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 1588/Ahd/2017 ("नधा"रण वष"/Assessment Year : 2014-15) Heaven Associates The ITO बनाम/ C/o.Akshat Heaven Ward-2 Vs. Opp.Sahjanand City, Kudasan Gandhinagar Gandhinagar-382 421 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAGFH 8119 R .. (अपीलाथ"/Appellant) (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant by : Shri Praveen Kumar, Sanu, AR ""यथ" क" ओर से/Respondent by: Shri O.P. Pathak, Sr.DR 28/03/2019 सुनवाई क" तार"ख/ Date of Hearing घोषणा क" तार"ख /Date…

The DCIT, Circle-3(1)(1), Ahmedabad vs. M/S. P.G. Foils Ltd., Ahmedabad

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

ITA 2466/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad27 May 2019AY 2012-13

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.2466/Ahd/2016 "नधा"रण वष"/Asstt. Year: 2012-2013

For Appellant: Shri Gaurav Nahata, A.R
Section 14ASection 36Section 80

…ment 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”. 6.3 In view of the above proposition, we hold that no interest expense claimed by the assessee can be…

Sanghvi Forging & Engg.Ltd., Baroda vs. The DCIT, Circle-2(1)(1), Baroda

In the result the appeal of the assessee is allowed

ITA 2307/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad23 May 2019AY 2013-14
For Appellant: Ms. Urvashi Shodhan, A.RFor Respondent: Smt. Smiti Samant, Sr.DR
Section 2(24)(x)Section 234ASection 271(1)Section 36Section 36(1)(va)

…vestment made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 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…

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)

…tment 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”. In view of the above proposition, we hold that no disallowance of interest expense claimed by the asses…

M/S. Patel D.J. Tobacco Products Pvt. Ltd., Ahmedabad vs. The ACIT, Circle-5, Ahmedabad

In the result, the appeal of the Assessee is allowed

ITA 453/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad26 Apr 2019AY 2011-12

Bench: Shri Waseem Ahmed & Shri Ms. Madhumita Royआयकर अपील सं./Ita No. 453/Ahd/2015 "नधा"रण वष"/Asstt. Year: 2011-2012

For Appellant: Shri U.S Bhati & AbhimanyuFor Respondent: Shri Santosh Karnani, Sr. D.R
Section 10Section 143(3)Section 36(1)(iii)

…ent made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 10.3 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”. 10.4 In view of the above proposition, we hold that no disallowance of interest expense claimed by the…

The Dcitanand Circle, Anand vs. Elecon Engineering Co.Ltd., Anand

In the result, the appeal of the Revenue is dismissed

ITA 1656/AHD/2013[2009-10]Status: DisposedITAT Ahmedabad25 Apr 2019AY 2009-10

Bench: Shri Waseem Ahmed & Shri Ms. Madhumita Roysr.No.

Section 143(3)Section 145ASection 147Section 148

…ent made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 20.3 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…

The Dcitanand Circle, Anand vs. Elecon Engineering Co.Ltd., Anand

In the result, the appeal of the Revenue is dismissed

ITA 1316/AHD/2013[2006-07]Status: DisposedITAT Ahmedabad25 Apr 2019AY 2006-07

Bench: Shri Waseem Ahmed & Shri Ms. Madhumita Roysr.No.

Section 143(3)Section 145ASection 147Section 148

…ent made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 20.3 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…

Crystal Quinone Pvt. Ltd., Ahmedabad vs. The Dy. CIT, Circle-1(1)(2), Ahmedabad

In the result, the assessee’s appeal stands allowed

ITA 1420/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad29 Mar 2019AY 2011-12

Bench: Shri Waseem Ahmed & M/S. Madhumita Royआयकर अपील सं./I.T.A. No. 1420/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2011-12) बनाम/ Crystal Quinone Pvt. Ltd. Dcit, Cir-1(1)(2), Opp. Old Excise Chawky, Vs. Ahmedabad S.M. Road, Ahmedabad

For Appellant: Bandish Soparkar, ARFor Respondent: Santosh Karnani, Sr. DR
Section 145ASection 14ASection 194CSection 40

…ent made by the Assessee would be out of the interest- free funds available with Assessee and no disallowance was warranted u/s 14A.” 24.2 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…

Rushil Industries Ltd., Bhavnagar vs. The ACIT, Circle-1, Bhavnagar

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

ITA 3285/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad05 Mar 2019AY 2010-11

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 3285/Ahd/2014 "नधा"रण वष"/Asstt. Year: 2010-2011 M/S Rushil Industries Ltd., The A.C.I.T, D-202, Sarthik Complex, Vs. Circle-1, Bhavnagar. Atabhai Chowk, Bhavnagar.

Section 40Section 40A(2)(b)

…ent made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 25.2 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 : Asstt. Year 2010-11 11 “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 exp…

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)

…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”. ITA ns.289/AHD/2017 Asstt. Year 2012-13 6 In view of the above proposition, we hold that no disallowa…

Gold Finch Jewellery Ltd., Ahmedabad vs. The DCIT, Circle-2(1)(1), Ahmedabad

In the result the appeal of the assessee is allowed

ITA 1075/AHD/2016[2009-10]Status: DisposedITAT Ahmedabad01 Mar 2019AY 2009-10

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita Nos.1075-1076/Ahd/2016 "नधा"रण वष"/Asstt. Years: 2009-2010 & 2012-2013 D.C.I.T. Gold Finch Jewellery Ltd., Circle-2(1)(1), G-5,Pariseema Complex, Vs. Ahmedabad-380015 Nr. Swagat Cross Roads, C.G. Road, Ahmedabad-380006. Pan: Aaacg6992L

For Respondent: Shri VinodTanwani, Sr.DR
Section 143(3)

…ent made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 31.2 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…

The Dy. CIT, Circle-1(1)(1), Ahmedabad vs. M/S. Ahmedabad Strips Pvt. Ltd., Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 3454/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad28 Feb 2019AY 2012-13

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No.3454/Ahd/2016 "नधा"रण वष"/Asstt. Year: 2012-2013 D.C.I.T, Ahmedabad Strips Pvt. Ltd., Circle-1(1)(1), 604, Sarap Complex, 6Th Floor, Vs. Ahmedabad Navjivan Press Road, B/H. Gujarat Vidhyapith, Off Ashram Road, Ahmedabad-380014. Pan: Aabca8222A

For Appellant: Shri Bhavesh Shah, A.R
Section 36(1)(iii)Section 40A(2)(b)

…ent made by the Assessee would be out of the interest-free funds available with Assessee and no disallowance was warranted u/s 14A.” 28.2 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…