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.

DCIT, Sonepat vs. M/S Atlas Cycles (Haryana) Ltd., Sonepat

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 2491/DEL/2011[2004-05]Status: DisposedITAT Delhi29 Jul 2016AY 2004-05

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘A’ NEW DELHI BEFORE SHRI G.D. AGRAWAL, HON’BLE VICE PRESIDENT & SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER ITA No.-784/Del/2010 (Assessment Year: 2006-07) Atlas Cycles (Haryana) Ltd. vs ACIT Atlas Road, Industrial Area Sonepat Circle Sonepat. Haryana AABCA8412C ITA No.- 913/Del/2010 (Assessment Year: 2006-07) ACIT vs Atlas Cycles (Haryana) Ltd. Circle Atlas Road, Industrial Area Sonepat Sonepat. AABCA8412C ITA Nos.-2490 & 2491/Del/2011 (Assessment Year: 2003-04) DCIT vs Atlas Cycle (Haryana) Ltd. Sonepat Circle Sonepat Sonepat AABCA8412C ITA No.-2489/Del/2011…

DCIT, Sonepat vs. M/S Atlas Cycles (Haryana) Ltd., Sonepat

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 2490/DEL/2011[2003-04]Status: DisposedITAT Delhi29 Jul 2016AY 2003-04

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘A’ NEW DELHI BEFORE SHRI G.D. AGRAWAL, HON’BLE VICE PRESIDENT & SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER ITA No.-784/Del/2010 (Assessment Year: 2006-07) Atlas Cycles (Haryana) Ltd. vs ACIT Atlas Road, Industrial Area Sonepat Circle Sonepat. Haryana AABCA8412C ITA No.- 913/Del/2010 (Assessment Year: 2006-07) ACIT vs Atlas Cycles (Haryana) Ltd. Circle Atlas Road, Industrial Area Sonepat Sonepat. AABCA8412C ITA Nos.-2490 & 2491/Del/2011 (Assessment Year: 2003-04) DCIT vs Atlas Cycle (Haryana) Ltd. Sonepat Circle Sonepat Sonepat AABCA8412C ITA No.-2489/Del/2011…

DCIT, Sonepat vs. M/S Atlas Cycles (Haryana) Ltd., Sonepat

In the result ITA Nos. 2489/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 2489/DEL/2011[2006-07]Status: DisposedITAT Delhi29 Jul 2016AY 2006-07

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘A’ NEW DELHI BEFORE SHRI G.D. AGRAWAL, HON’BLE VICE PRESIDENT & SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER ITA No.-784/Del/2010 (Assessment Year: 2006-07) Atlas Cycles (Haryana) Ltd. vs ACIT Atlas Road, Industrial Area Sonepat Circle Sonepat. Haryana AABCA8412C ITA No.- 913/Del/2010 (Assessment Year: 2006-07) ACIT vs Atlas Cycles (Haryana) Ltd. Circle Atlas Road, Industrial Area Sonepat Sonepat. AABCA8412C ITA Nos.-2490 & 2491/Del/2011 (Assessment Year: 2003-04) DCIT vs Atlas Cycle (Haryana) Ltd. Sonepat Circle Sonepat Sonepat AABCA8412C ITA No.-2489/Del/2011…

DCIT, Sonepat vs. Shri Atlas Cycles Haryana Ltd., Sonepat

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 10/DEL/2011[2007-08]Status: DisposedITAT Delhi29 Jul 2016AY 2007-08

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘A’ NEW DELHI BEFORE SHRI G.D. AGRAWAL, HON’BLE VICE PRESIDENT & SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER ITA No.-784/Del/2010 (Assessment Year: 2006-07) Atlas Cycles (Haryana) Ltd. vs ACIT Atlas Road, Industrial Area Sonepat Circle Sonepat. Haryana AABCA8412C ITA No.- 913/Del/2010 (Assessment Year: 2006-07) ACIT vs Atlas Cycles (Haryana) Ltd. Circle Atlas Road, Industrial Area Sonepat Sonepat. AABCA8412C ITA Nos.-2490 & 2491/Del/2011 (Assessment Year: 2003-04) DCIT vs Atlas Cycle (Haryana) Ltd. Sonepat Circle Sonepat Sonepat AABCA8412C ITA No.-2489/Del/2011…

ACIT, Sonepat vs. M/S. Atlas Cycles (Haryana) Ltd., Sonepat

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 913/DEL/2010[2006-07]Status: DisposedITAT Delhi29 Jul 2016AY 2006-07

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘A’ NEW DELHI BEFORE SHRI G.D. AGRAWAL, HON’BLE VICE PRESIDENT & SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER ITA No.-784/Del/2010 (Assessment Year: 2006-07) Atlas Cycles (Haryana) Ltd. vs ACIT Atlas Road, Industrial Area Sonepat Circle Sonepat. Haryana AABCA8412C ITA No.- 913/Del/2010 (Assessment Year: 2006-07) ACIT vs Atlas Cycles (Haryana) Ltd. Circle Atlas Road, Industrial Area Sonepat Sonepat. AABCA8412C ITA Nos.-2490 & 2491/Del/2011 (Assessment Year: 2003-04) DCIT vs Atlas Cycle (Haryana) Ltd. Sonepat Circle Sonepat Sonepat AABCA8412C ITA No.-2489/Del/2011…

M/S. Atlas Cycles (Haryana) Ltd., Sonepat vs. ACIT, Haryana

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 784/DEL/2010[2006-07]Status: DisposedITAT Delhi29 Jul 2016AY 2006-07

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘A’ NEW DELHI BEFORE SHRI G.D. AGRAWAL, HON’BLE VICE PRESIDENT & SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER ITA No.-784/Del/2010 (Assessment Year: 2006-07) Atlas Cycles (Haryana) Ltd. vs ACIT Atlas Road, Industrial Area Sonepat Circle Sonepat. Haryana AABCA8412C ITA No.- 913/Del/2010 (Assessment Year: 2006-07) ACIT vs Atlas Cycles (Haryana) Ltd. Circle Atlas Road, Industrial Area Sonepat Sonepat. AABCA8412C ITA Nos.-2490 & 2491/Del/2011 (Assessment Year: 2003-04) DCIT vs Atlas Cycle (Haryana) Ltd. Sonepat Circle Sonepat Sonepat AABCA8412C ITA No.-2489/Del/2011…

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)

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH “I-1” NEW DELHI) BEFORE SHRI I.C. SUDHIR AND 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) C O R R I G E N D U M It has come to our notice that there are few typographical mistakes in the Order dated 20.5.2016 of the ITAT, which needs…

D.C.I.T Cir - 6, Kolkata. vs. M/S Uco Bank, Kolkata

In the result, assessee’s appeal is partly allowed and that of Revenue’s appeal stands dismissed

ITA 911/KOL/2013[2009-10]Status: DisposedITAT Kolkata05 Jul 2016AY 2009-10

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 115JSection 143(3)Section 14ASection 212Section 36(1)(viia)Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “A” KOLKATA Before Shri N.V.Vasudevan, Judicial Member and Shri Waseem Ahmed, Accountant Member ITA No.585 & 911/Kol/2013 Assessment Year :2009-10 UCO Bank V/s. DCIT, Circle-6, C/o UCO Bank, 10, Aayakar Bhawan, P-7, B.T.M. Sarani, Chowringhee Square, Kolkata-700 001 Kolkata-700 069 [PAN No.AAACU 3561 B] DCIT, Circle-6, Room No. V/s. M/s UCO Bank 17, 6th Floor, Aayakar 10, BTM Sarani, Bhawan, P-7, Kolkata-700 001 Chowringhee Square, Kolkata-700 069 अपीलाथ" /Appellant .. ""यथ"/Respondent Shri D.S.Damle, FCA आवेदक क" ओर से/By Assessee राज"व क" ओर से/By Responde…

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

In the result, assessee’s appeal is partly allowed and that of Revenue’s appeal stands dismissed

ITA 585/KOL/2013[2009-10]Status: DisposedITAT Kolkata05 Jul 2016AY 2009-10

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 115JSection 143(3)Section 14ASection 212Section 36(1)(viia)Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “A” KOLKATA Before Shri N.V.Vasudevan, Judicial Member and Shri Waseem Ahmed, Accountant Member ITA No.585 & 911/Kol/2013 Assessment Year :2009-10 UCO Bank V/s. DCIT, Circle-6, C/o UCO Bank, 10, Aayakar Bhawan, P-7, B.T.M. Sarani, Chowringhee Square, Kolkata-700 001 Kolkata-700 069 [PAN No.AAACU 3561 B] DCIT, Circle-6, Room No. V/s. M/s UCO Bank 17, 6th Floor, Aayakar 10, BTM Sarani, Bhawan, P-7, Kolkata-700 001 Chowringhee Square, Kolkata-700 069 अपीलाथ" /Appellant .. ""यथ"/Respondent Shri D.S.Damle, FCA आवेदक क" ओर से/By Assessee राज"व क" ओर से/By Responde…

Allahabad Bank, Kolkata vs. Add.CIT, Range-6, Kolkata

In the result the appeal of the revenue is dismissed

ITA 1199/KOL/2012[2008-2009]Status: DisposedITAT Kolkata01 Jun 2016AY 2008-2009

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2008-09

For Appellant: Shri Barun Kumar Ghosh & Shri Piyush Dey, FCAFor Respondent: Shri Rajat Subhra Biswas, CIT(DR)
Section 28Section 36Section 36(1)Section 36(1)(viia)

…the 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 (Bom); (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 8D(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…

Glance Investments India P.Ltd, Mumbai vs. ITO WD 2(1)(4), Mumbai

Appeal of the assessee is allowed

ITA 5792/MUM/2014[2010-11]Status: DisposedITAT Mumbai07 Apr 2016AY 2010-11

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2010-11 Glance Investments (India) Ito, Private Limited, Ward-2(1)(4), बनाम/ Office No.2, Crescent Aayakar Bhavan, Vs. Chambers, 3Rd Floor, 56 M.K.Road, Tamarind Lane, Fort, Mumbai-400020 Mumbai-400023 Pan No.Aabcg5421D (अपीलाथ" /Appellant) (""यथ"/Respondent)

Section 115JSection 143(3)Section 14A

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ “जी”,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “G”, MUMBAI "ी जोिग"दर "सह, "याियक सद"य एवं "ी राजे"", लेखा सद"य, के सम" । Before Shri Joginder Singh, Judicial Member and Shri Rajendra, Accountant Member Assessment Year-2010-11 Glance investments (India) ITO, Private Limited, Ward-2(1)(4), बनाम/ Office No.2, Crescent Aayakar Bhavan, Vs. Chambers, 3rd Floor, 56 M.K.Road, Tamarind Lane, Fort, Mumbai-400020 Mumbai-400023 PAN No.AABCG5421D (अपीलाथ" /Appellant) (""यथ"/Respondent) "नधा"रती क" ओर से / Assessee by Shri Manish V. Shah Mrs. Neelima V. Nadkarni - राज"व क"…