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.

How many judgments cite CIT v. UTI Bank Ltd.?

131 judgments on BharatTax cite CIT v. UTI Bank Ltd. (32 Taxmann.com 370), spanning 2016 to 2026.

Which sections of the Income Tax Act does CIT v. UTI Bank Ltd. come up under?

It is most often cited in judgments turning on Section 143(3), Section 14A, Section 1961, Section 36(1)(iii), Section 10(34) of Income Tax Act, Section 10(38).

CIT v. UTI Bank Ltd. (32 Taxmann.com 370)

DCIT, Chennai vs. Auro Mira Energy Company Pvt Ltd., Chennai

In the result, the appeal of the revenue is dismissed

ITA 1960/CHNY/2016[2011-12]Status: DisposedITAT Chennai18 Jan 2018AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri, M. Balaganesh

For Appellant: None

Section 14A

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी एम बाला गणेश, लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI, M. BALAGANESH ACCOUNTANT MEMBER आयकर अपील सं./I.T.A.No.1960/Mds./2016 "नधा"रण वष" /Assessment year :2011-12 The Deputy Commissioner of Vs. M/s.Auro Mira Energy company Pvt Income Tax, Ltd., Corporate circle -1(1), Room No.25,First floor, Chennai 600 034. Doran Complex, 37, Damodharan Street, T.Nagar, Chennai 600 017. [PAN AAFCA 4760 M ] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Mr.AR.V.Sreeni…

K.Badal Bai L/H of Late Sri A.Kewalchand, Gudiyatham vs. ACIT, Vellore

In the result, the assessee’s appeal is allowed/ treated as allowed

ITA 1688/CHNY/2016[2011-12]Status: DisposedITAT Chennai10 Jan 2018AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: Mrs. Ann Mary Baby, JCIT

Section 14ASection 40A(3)

…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"ी एस जयरामन, लेखा सद"य केसम$ BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 1688/Mds/2016 "नधा"रण वष"/Assessment Year : 2011-12 K. BadalBai, The Assistant Commissioner of L/H of Late Shri A. Kewalchand, Vs. Income Tax, No. 89, Santhapet, Gudiyattam, Circle 1, Chennai – 632602. Vellore – 632 001. [PAN: AJZPK 2435K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. H. Padamchand, CA अपीलाथ&क'ओरसे/Appellant by : Mrs. Ann Mary…

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

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

ITA 6021/DEL/2012[2008-09]Status: DisposedITAT Delhi09 Nov 2017AY 2008-09

Bench: Shri N.K. Saini & Shri K.N. Charry

Section 143(3)Section 144CSection 144C(5)Section 14ASection 35DSection 43BSection 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘I’ NEW DELHI BEFORE SHRI N.K. SAINI, ACCOUNTANT MEMBER & SHRI K.N. CHARRY, JUDICIAL MEMBER ITA No.-6021/Del/2012 (Assessment Year: 2008-09) Maruti Suzuki India Ltd. vs Addl. CIT Plot No. 1, Nelson Mandela Road, Range-6, Vasant Kunj, New Delhi. C.R. Building, PAN-AAACM0829Q New Delhi. (APPELLANT) (RESPONDENT) Assessee by Sh. Ajay Vohra Revenue by Sh. Aprender Kumar Date of Hearing 21.08.2017 Date of Pronouncement 09.11.2017 ORDER PER SHRI K.N. CHARY, JUDICIAL MEMBER This is an appeal challenging the order dated 29.10.2012 passed by the Assessing Officer u/…

ACIT, Nainital vs. M/S. the Nainital Bank Ltd., Nainital

In the result, the appeal of the Revenue is dismissed

ITA 5056/DEL/2015[2012-13]Status: DisposedITAT Delhi27 Oct 2017AY 2012-13

Bench: Shri Before Shri G.D. Agrawal, Before Shri Before Shri G.D. Agrawal, G.D. Agrawalg.D. Agrawal & And & Shri Sudhanshu Srivastava Shri Sudhanshu Srivastavashri Sudhanshu Srivastava Shri Sudhanshu Srivastava

For Appellant: Shri F.R. Meena, Senior DRFor Respondent: Shri K.R. Rastogi, CA

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL DELHI DELHI BENCH DELHI DELHI BENCH BENCH ’B’: NEW DELHI BENCH : NEW DELHI : NEW DELHI : NEW DELHI BEFORE SHRI BEFORE SHRI G.D. AGRAWAL, BEFORE SHRI BEFORE SHRI G.D. AGRAWAL, G.D. AGRAWAL, PRESIDENT G.D. AGRAWAL, PRESIDENT PRESIDENT AND PRESIDENT AND AND AND , JUDICIAL MEMBER SHRI SUDHANSHU SRIVASTAVA SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER SHRI SUDHANSHU SRIVASTAVA SHRI SUDHANSHU SRIVASTAVA , JUDICIAL MEMBER , JUDICIAL MEMBER ITA No 5056/Del/2015 ITA ITA No No 50…

Hemmo Pharmaceutical P.Ltd, Mumbai vs. DCIT 4(2), Mumbai

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

ITA 5292/MUM/2015[2011-12]Status: DisposedITAT Mumbai13 Sept 2017AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunathan, Hon'Blem/S. Hemmo Pharmaceuticals Pvt Ltd V. Dcit- 4(2) 113-115-Turf Estate, Aaykar Bhawan Shakti Mills Lane Mumbai Off. D.E. Mosses Road Mahalaxmi Mumbai 400011

For Appellant: Shri Jayesh D Dadia, CAFor Respondent: Shri Omi Nineghen

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI G. MANJUNATHAN, HON'BLE ACCOUNTANT MEMBER M/s. Hemmo Pharmaceuticals Pvt Ltd v. DCIT- 4(2) 113-115-Turf Estate, Aaykar Bhawan Shakti Mills Lane Mumbai Off. D.E. Mosses Road Mahalaxmi Mumbai 400011 PAN : AAACJ 0958 M (Appellant) (Respondent) Assessee by : Shri Jayesh D Dadia, CA Department by : Shri Omi Nineghen Date of Hearing : 09.08.2017 Date of Pronouncement : 13.09.2017 O R D E R PER C.N. PRASAD (JM) 1. This appeal is filed by the assessee against the order of the Commissioner of Inco…

Bharat Bijlee Ltd, Mumbai vs. Addl CIT RG 6(1), Mumbai

In the result, these appeals filed by the assessee stand allowed for statistical purposes

ITA 383/MUM/2015[2011-12]Status: DisposedITAT Mumbai07 Aug 2017AY 2011-12

Bench: Shri Shamim Yahya, Am & Shri Ravish Sood, Jm

For Appellant: Shri Ronak DoshiFor Respondent: Ms.Arju Garodia

Section 14ASection 234C

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ ‘J’, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “J”, MUMBAI Before Shri Shamim Yahya, AM & Shri Ravish Sood, JM ITA Nos.382 & 383/Mum/2015 : A.Ys 2010-2011 & 2011-2012 M/s.Bharat BIjlee Limited Dy.Commissioner of Income-tax बनाम/ Electric Mansion, 6th Floor Circle 6(1) Appasaheb Marathe Marg Mumbai. Vs. Prabhadevi, Mumbai – 400 025. PAN : AAACB2900K. (अपीलाथ" /Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से /Appellant by : Shri Ronak Doshi ""यथ" क" ओर से /Respondent by : Ms.Arju Garodia सुनवाई क" तार"ख / घोषणा क" तार"ख / Date of Hearing : 21.06.2017 Date of Pronou…

Bharat Bijlee Ltd, Mumbai vs. DCIT Cir 6(1), Mumbai

In the result, these appeals filed by the assessee stand allowed for statistical purposes

ITA 382/MUM/2015[2010-11]Status: DisposedITAT Mumbai07 Aug 2017AY 2010-11

Bench: Shri Shamim Yahya, Am & Shri Ravish Sood, Jm

For Appellant: Shri Ronak DoshiFor Respondent: Ms.Arju Garodia

Section 14ASection 234C

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ ‘J’, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “J”, MUMBAI Before Shri Shamim Yahya, AM & Shri Ravish Sood, JM ITA Nos.382 & 383/Mum/2015 : A.Ys 2010-2011 & 2011-2012 M/s.Bharat BIjlee Limited Dy.Commissioner of Income-tax बनाम/ Electric Mansion, 6th Floor Circle 6(1) Appasaheb Marathe Marg Mumbai. Vs. Prabhadevi, Mumbai – 400 025. PAN : AAACB2900K. (अपीलाथ" /Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से /Appellant by : Shri Ronak Doshi ""यथ" क" ओर से /Respondent by : Ms.Arju Garodia सुनवाई क" तार"ख / घोषणा क" तार"ख / Date of Hearing : 21.06.2017 Date of Pronou…

D.C.I.T., Circle-4, Kolkata vs. M/S. Rossell India Ltd., Kolkata

In the result, Revenue’s appeal stands dismissed

ITA 2774/KOL/2013[2009-2010]Status: DisposedITAT Kolkata15 Mar 2017AY 2009-2010

Bench: Shri Aby.T Varkey & Shri Waseem Ahmedassessment Year:2009-10 Dcit, Circle-4, Kolkata V/S. M/S Rossell India Ltd. P-7, Chowringhee 21/1A/3, Darga Road, Square, Kolkata-69 Jindal Towers, Block B, 4Th Floor, Park Circus, Kolkta-700 017 [Pan Noaabcr 3736 J] .. अपीलाथ" /Appellant ""यथ"/Respondent

Section 10(34)Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “A” KOLKATA Before Shri Aby.T Varkey, Judicial Member and Shri Waseem Ahmed, Accountant Member Assessment Year:2009-10 DCIT, Circle-4, Kolkata V/s. M/s Rossell India Ltd. P-7, Chowringhee 21/1A/3, Darga Road, Square, Kolkata-69 Jindal Towers, Block B, 4th Floor, Park Circus, Kolkta-700 017 [PAN NoAABCR 3736 J] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Subhro Das, JCIT-SR-DR अपीलाथ" क" ओर से/By Appellant Manish Sheth, AR ""यथ" क" ओर से/By Respondent 09-01-2017 सुनवाई क" तार"ख/Date of Hearing 15-03-2017 घोषणा क" तार"ख/Date of Pronouncement आदेश /O R D E R P…

Allahabad Bank, Kolkata vs. D.C.I.T Cir - 6, Kolkata.

In the result, Revenue’s appeal stands partly allowed for statistical purpose

ITA 306/KOL/2013[2009-10]Status: DisposedITAT Kolkata08 Feb 2017AY 2009-10

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

Section 143(3)Section 14ASection 14A(2)Section 36(1)(viia)Section 40

…he proposition that overall availability of interest free funds have to be seen before making disallowance u/s.14A of the Act read with Rule 8D(2)(ii) of the rules. (i) CIT Vs. Reliance Utilities and Power Ltd. 313 ITR 340 (Born); (ii) CIT Vs. UTI Bank (2013) 32 Taxmann.com 370 and (iii) CIT Vs. Gujarat Power Corporation 352 ITR 583 (Guj.) laying down identical proposition. In the light of the aforesaid decisions, we are of the view that the disallowance of interest expenses under rule 80(2)(ii) of the Rules of Rs.50,29,36,092 cannot be sustained and the same is directed to be deleted. The conclusions to the cont…

Hero Motocorp Limited, New Delhi vs. JCIT, New Delhi

In the result appeal of the assessee in ITA No

ITA 1545/DEL/2015[2010-11]Status: DisposedITAT Delhi24 Oct 2016AY 2010-11

Bench: Sh. I. C. Sudhir & Shri Prashant Maharishihero Motocorp Limited, Jcit, 34, Basant Lok, Vasant Range-1, New Delhi Vs. Vihar, New Delhi Pan: Aaach0812J (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community Vs. New Delhi Centre, Basant Lok, Vasant Vihar, New Delhi-110057 (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. NC Sawain, CIT DR

Section 143Section 143(3)Section 144CSection 92C

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ―I-2‖: NEW DELHI BEFORE SH. I. C. SUDHIR, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Hero MotoCorp Limited, JCIT, 34, Basant Lok, Vasant Range-1, New Delhi Vs. Vihar, New Delhi PAN: AAACH0812J (Appellant) (Respondent) DCIT, M/s. Hero Moto Corp. Circle-11(1), Ltd., 34, Community Vs. New Delhi Centre, Basant Lok, Vasant Vihar, New Delhi-110057 (Appellant) (Respondent) DCIT, M/s. Hero Moto Corp. Circle-11(1), Ltd., 34, Community Page 2 of 484 New Delhi Vs. Centre, Basant Lok, Vasant Vihar, New Delhi-110057 (Appellant) (Respondent) M/s. Hero Moto Corp. D…

Mantor Capital Ltd, Mumbai vs. Asst CIT Cen Cir 22, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

ITA 196/MUM/2015[2011-12]Status: DisposedITAT Mumbai03 Aug 2016AY 2011-12

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

For Appellant: Mr. N. R. Suresh, ARFor Respondent: Shri N.P. Singh, CIT DR

Section 133Section 133ASection 143(3)Section 14ASection 3

…estments yielding exempt income is settled by the jurisdictional High Court decisions in the case of HDFC Bank 49 taxmann.com 335 and 67 Taxmann.com 42 and Reliance Utilities 313 ITR 340 and by the decision of the Gujarat High Court in CIT Vs UTI Bank (2013), 32 Taxmann.com 370 etc. 36. The assessee had suo moto disallowed interest u/s.14A of the Act in the computation of income out of abundant caution. The assessee during the proceedings u/s.143(3) had made a claim before the AO that own funds being more than tax free investments, the disallowance u/s.14A be deleted. Under these circumstances the AO is bound to…

Mantor Capital Ltd, Mumbai vs. Asst CIT Cen Cir 22, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

ITA 195/MUM/2015[2009-10]Status: DisposedITAT Mumbai03 Aug 2016AY 2009-10

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

For Appellant: Mr. N. R. Suresh, ARFor Respondent: Shri N.P. Singh, CIT DR

Section 133Section 133ASection 143(3)Section 14ASection 3

…estments yielding exempt income is settled by the jurisdictional High Court decisions in the case of HDFC Bank 49 taxmann.com 335 and 67 Taxmann.com 42 and Reliance Utilities 313 ITR 340 and by the decision of the Gujarat High Court in CIT Vs UTI Bank (2013), 32 Taxmann.com 370 etc. 36. The assessee had suo moto disallowed interest u/s.14A of the Act in the computation of income out of abundant caution. The assessee during the proceedings u/s.143(3) had made a claim before the AO that own funds being more than tax free investments, the disallowance u/s.14A be deleted. Under these circumstances the AO is bound to…

Mantor Capital Ltd, Mumbai vs. Asst CIT Cen Cir 22, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

ITA 194/MUM/2015[2008-09]Status: DisposedITAT Mumbai03 Aug 2016AY 2008-09

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

For Appellant: Mr. N. R. Suresh, ARFor Respondent: Shri N.P. Singh, CIT DR

Section 133Section 133ASection 143(3)Section 14ASection 3

…estments yielding exempt income is settled by the jurisdictional High Court decisions in the case of HDFC Bank 49 taxmann.com 335 and 67 Taxmann.com 42 and Reliance Utilities 313 ITR 340 and by the decision of the Gujarat High Court in CIT Vs UTI Bank (2013), 32 Taxmann.com 370 etc. 36. The assessee had suo moto disallowed interest u/s.14A of the Act in the computation of income out of abundant caution. The assessee during the proceedings u/s.143(3) had made a claim before the AO that own funds being more than tax free investments, the disallowance u/s.14A be deleted. Under these circumstances the AO is bound to…

Mentor Capital Ltd, Mumbai vs. DCIT Cen Cir 22, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

ITA 7512/MUM/2014[2010-11]Status: DisposedITAT Mumbai03 Aug 2016AY 2010-11

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

For Appellant: Mr. N. R. Suresh, ARFor Respondent: Shri N.P. Singh, CIT DR

Section 133Section 133ASection 143(3)Section 14ASection 3

…estments yielding exempt income is settled by the jurisdictional High Court decisions in the case of HDFC Bank 49 taxmann.com 335 and 67 Taxmann.com 42 and Reliance Utilities 313 ITR 340 and by the decision of the Gujarat High Court in CIT Vs UTI Bank (2013), 32 Taxmann.com 370 etc. 36. The assessee had suo moto disallowed interest u/s.14A of the Act in the computation of income out of abundant caution. The assessee during the proceedings u/s.143(3) had made a claim before the AO that own funds being more than tax free investments, the disallowance u/s.14A be deleted. Under these circumstances the AO is bound to…

ACIT CC 3(3) Cen RG 3, Mumbai vs. Mentor Capital Ltd, Mumbai

In the result, appeals of the assessee are allowed in part, in terms indicated hereinabove, whereas appeal of the Revenue is dismissed

ITA 7408/MUM/2014[2010-11]Status: DisposedITAT Mumbai03 Aug 2016AY 2010-11

Bench: Shri R.C. Sharma & Shri Sandeep Gosainआमकय अऩीर सं./Ita Nos.7408/M/2014 (निर्धारण वषा / Assessment Year: 2010-11) Acit Cc 3(3) Vs. Mentor Capital Ltd. 713 Raheja Centre Free Press Mumbai – 4000020 Journal Rd. Nariman Pt. Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./ Ita Nos. 194 To 196/M/2015 & 7512/M/2014 (निर्धारण वषा / Assessment Year: 2008-2009 To 2011-2012) Vs. Acit, Mentor Capital Ltd. 713 Raheja Centre Free Cc -22 Press Journal Rd. Mumbai – 4000020 Nariman Pt. Mumbai- 400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaccp7995G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri N.P. Singh, Cit Dr ननधाारयती की ओर से /Assessee By : Mr. N. R. Suresh, Ar सुनवाई की तायीख / Date Of Hearing : 25/07/2016 घोषणा की तायीख/Date Of Pronouncement 03/08/2016 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue Against The Order Of Cit(A)-Mumbai, For The A.Y.2010-2011 & The Appeals Filed By Assessee For Assessment Years 2008-2009 To 2011-2012, In The Matter Order Passed U/S 143(3)/143(3) R.W.S.147 Of The I.T. Act.

For Appellant: Mr. N. R. Suresh, ARFor Respondent: Shri N.P. Singh, CIT DR

Section 133Section 133ASection 143(3)Section 14ASection 3

…estments yielding exempt income is settled by the jurisdictional High Court decisions in the case of HDFC Bank 49 taxmann.com 335 and 67 Taxmann.com 42 and Reliance Utilities 313 ITR 340 and by the decision of the Gujarat High Court in CIT Vs UTI Bank (2013), 32 Taxmann.com 370 etc. 36. The assessee had suo moto disallowed interest u/s.14A of the Act in the computation of income out of abundant caution. The assessee during the proceedings u/s.143(3) had made a claim before the AO that own funds being more than tax free investments, the disallowance u/s.14A be deleted. Under these circumstances the AO is bound to…