CIT v. Walfort Share & Stock Brokers (P.) Ltd.

326 ITR 1Supreme Court of India2010#116 most cited

What is CIT v. Walfort Share & Stock Brokers (P.) Ltd. authority for?

For attracting Section 14A disallowance, there must be a proximate cause relating the expenditure to actual tax-exempt income, and such disallowance is not automatic but requires positive material. Additionally, Section 94(7) on dividend stripping only ignores losses to the extent of dividend received for assessment years post-April 1, 2002, allowing the remaining loss.

543

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2011 to 2026.

Also referred to as

CIT v. Walfort Share & Stock Brokers P. Ltd. · 326 ITR 1 · Section 14A disallowance · proximate cause exempt income · not automatic disallowance · actual exempt income · Section 94(7) · dividend stripping · loss ignored to extent of dividend · tax-exempt income expenditure

Also reported as

192 Taxmann 21141 DTR 233

Sections most often in play

Section 14ASection 143(3)Section 94(7)Section 10(35)Section 133ASection 148Section 148ASection 48
Read the full judgment

Issues it is cited on

section 14a(1)strategic investmentsection 14a(2)section 10(34)disallowance under section 14adisallowance u/s 14asection 14asection 80iamercantile system of accountingsection 115jbsection 115jrevenue expenditure

Judgments citing CIT v. Walfort Share & Stock Brokers (P.) Ltd.

The DCIT, 2(1), Indore vs. M/S. Treasure World Developers Pvt. Ltd., Indore

In the result both the Cross Appeals are dismissed

ITA 439/IND/2014[2009-10]Status: DisposedITAT Indore27 Jun 2024AY 2009-10

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanim/S. Treasure World Acit 4(1), बनाम/ Developers Pvt. Ltd, Indore Vs. Through Office Of The Official Liquidator, High Court Of Bombay, Bank Of India Building, 5Th Floor, M.G. Road, Indore (Pan: Abopb0352F ) (Assessee/Appellant) (Revenue/Respondent) Acit 4(1), M/S. Treasure World बनाम/ Indore Developers Pvt. Ltd, Vs. Through Office Of The Official Liquidator, High Court Of Bombay, Bank Of India Building, 5Th Floor, M.G. Road, Indore (Pan: Abopb0352F ) (Revenue/Appellant) (Assessee/Respondent)

Section 14ASection 178

…rrowed funds used to earn dividend income and interest income is either business income or income from other sources, which does not in any way fall under provisions of section 14A. 12. Even Apex Court in case of Walfort Share and Stock Brokers P. Ltd. [2010] 326 ITR 1 (SC) has held that basic principle of taxation is to tax net income. This principle applies even for the purpose of section 14A and expenses towards non-taxability income must be excluded. Once a proximate cause of disallowance is established which is the relationship M/s Treasure World Developers Pvt. Ltd of the expenditure with income which does…

M/S. Treasure World Developers Pvt. Ltd., Indore vs. The ACIT 2(1), Indore

In the result both the Cross Appeals are dismissed

ITA 398/IND/2014[2009-10]Status: DisposedITAT Indore27 Jun 2024AY 2009-10

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanim/S. Treasure World Acit 4(1), बनाम/ Developers Pvt. Ltd, Indore Vs. Through Office Of The Official Liquidator, High Court Of Bombay, Bank Of India Building, 5Th Floor, M.G. Road, Indore (Pan: Abopb0352F ) (Assessee/Appellant) (Revenue/Respondent) Acit 4(1), M/S. Treasure World बनाम/ Indore Developers Pvt. Ltd, Vs. Through Office Of The Official Liquidator, High Court Of Bombay, Bank Of India Building, 5Th Floor, M.G. Road, Indore (Pan: Abopb0352F ) (Revenue/Appellant) (Assessee/Respondent)

Section 14ASection 178

…rrowed funds used to earn dividend income and interest income is either business income or income from other sources, which does not in any way fall under provisions of section 14A. 12. Even Apex Court in case of Walfort Share and Stock Brokers P. Ltd. [2010] 326 ITR 1 (SC) has held that basic principle of taxation is to tax net income. This principle applies even for the purpose of section 14A and expenses towards non-taxability income must be excluded. Once a proximate cause of disallowance is established which is the relationship M/s Treasure World Developers Pvt. Ltd of the expenditure with income which does…

Tata Industries Limited, Mumbai vs. Addl.C.I.T., Range-2(3), Mumbai

ITA 3676/MUM/2009[2005-06]Status: DisposedITAT Mumbai07 Jun 2024AY 2005-06
For Respondent: Shri P.C Chhottary
Section 115JSection 143(3)Section 143(3)(ii)Section 14A

…t of the expenditure was applicable and the expenditure apportioned to the 'exempt' income or income not exigible to tax, was not allowable as a deduction. XX XX 16. As observed by the Supreme Court in the case of CIT v. Walfort Share and Stock Brokers P Ltd: 326 ITR 1 (SC), the insertion of section 14 A with retrospective effect reflects the serious attempt on the part of Parliament not to allow deduction in respect of any expenditure incurred by the assessee in relation to income, which does not form part of the total income under the said act against the taxable income. The Supreme Court further observed as un…

Thrrill Park Limited, Mumbai vs. Commissioner of Income Tax -Appeals, Delhi

ITA 316/MUM/2024[2018-2019]Status: DisposedITAT Mumbai27 May 2024AY 2018-2019
Section 10(35)Section 143(3)Section 14A

…it does not account for the concept of ‘real income'. It does not note that under Section 5 of the Act, the question of taxation of ‘notional income' does not arise. As explained in Commissioner of Income Tax v. Walfort Share and Stock Brokers Pvt. Ltd [2010] 326 ITR 1 (SC), the mandate of Section 14A of the Act is to curb the practice of claiming deduction of expenses incurred in relation to exempt income being taxable income and at the same time avail of the tax incentives by way of exemption of exempt income without making any apportionment of expenses incurred in relation to exempt income. Consequently, the C…

Pradipta Kumar Parida DCIT321, Mumbai vs. Kail Limited, Mumbai

ITA 4669/MUM/2023[2014-15]Status: DisposedITAT Mumbai22 May 2024AY 2014-15
Section 143(3)Section 14A

…it does not account for the concept of ‘real income'. It does not note that under Section 5 of the Act, the question of taxation of ‘notional income' does not arise. As explained in Commissioner of Income Tax v. Walfort Share and Stock Brokers Pvt. Ltd [2010] 326 ITR 1 (SC), the mandate of Section 14A of the Act is to curb the practice of claiming deduction of expenses incurred in relation to exempt income being taxable income and at the same time avail of the tax incentives by way of exemption of exempt income without making any apportionment of expenses incurred in relation to exempt income. Consequently, the C…

DCIT, Circle-8(1), Kolkata vs. Itc Limited, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1223/KOL/2017[2011-12]Status: DisposedITAT Kolkata10 May 2024AY 2011-12

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “सी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date o…

DCIT, Circle-8(1), Kolkata vs. Itc Limited, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1222/KOL/2017[2010-11]Status: DisposedITAT Kolkata10 May 2024AY 2010-11

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “ए’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date of…

Itc Limited, Kolkata vs. ACIT, Range-8, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1166/KOL/2017[2011-12]Status: DisposedITAT Kolkata10 May 2024AY 2011-12

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “सी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date o…

Itc Limited, Kolkata vs. ACIT, Range-8, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1068/KOL/2017[2010-11]Status: DisposedITAT Kolkata10 May 2024AY 2010-11

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “सी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date o…

ACIT - 2(2)(2), Mumbai vs. Yes Bank Limited, Mumbai

ITA 3017/MUM/2019[2015-16]Status: DisposedITAT Mumbai05 Feb 2024AY 2015-16

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Acit-2(2)(2), Room No. 545, 5Th Floor, Aayakar Bhavan, Mumbai-400020. Appellant Yes Bank Ltd., 15Th Floor, Yes Bank Tower, Ifc 2, Senapati Bapat Marg, Elphistone (West), Mumbai-400013. Pan No. Aaacy 2068 D Appellant Assessee By Revenue By Date Of Hearing Date Of Pronouncement

Section 14ASection 251Section 35DSection 8D(2)

…t of expenditure in earning exempt income from shares held as stock in trade. The Hon "ble High Court after placing reliance on the decision of Hon'ble Apex Court in the case of Commissioner of Income Tax Vs. Walfort Share & Stock Brokers (P) Ltd. reported as 326 ITR 1 held that that no disallowance u/s. 14A is to be made where the shares are held as stock in trade. For the sake of completeness relevant extract of the judgment is reproduced here-in-below : "26. What is of vital importance in the above judgment are the observations emphasised by us. Each of them expressly states that what is disallowed is expendit…

D.C.I.T., Circle-6(1), Kolkata vs. M/S Birla Corporation Ltd., Kolkata

In the result, the appeal of the revenue as well as cross-objection of the assessee are partly allowed

ITA 1964/KOL/2019[2015-16]Status: DisposedITAT Kolkata16 Jan 2024AY 2015-16

Bench: Shri Sanjay Garg & Shri Girish Agrawali.T.A. No.1964/Kol/2019 Assessment Year: 2015-16 Dcit, Circle-6(1), Kolkata…………….......................…...……………....Appellant Vs. M/S Birla Corporation Ltd…………...........…..........................…..…..... Respondent Birla Building, 9/1, R.N. Mukherjee Road, Kolkata – 700001. [Pan: Aabcb2075J] C.O. 39/Kol/2019 (A/O I.T.A. No.1964/Kol/2019) Assessment Year: 2015-16 M/S Birla Corporation Ltd…………...........….....................…..…..... Cross-Objector Birla Building, 9/1, R.N. Mukherjee Road, Kolkata – 700001. [Pan: Aabcb2075J] Vs Dcit, Circle-6(1), Kolkata…………….......................…...……………....Respondent Appearances By: Shri Abhijit Kundu, Cit-Dr, Advocate, Appeared On Behalf Of The Department. Shri J. P. Khaitan, Sr. Counsel, Appeared On Behalf Of The Assessee. Date Of Concluding The Hearing : October 18, 2023 Date Of Pronouncing The Order : January 16, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal By The Revenue & The Corresponding Cross Objections By The Assessee Have Been Preferred Against The Order Dated 30.05.2019 Of The Commissioner Of Income Tax (Appeals)-22, Kolkata [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). First, We Take Up Revenue’S Appeal Ita No.1964/Kol/2019. I.T.A. No.1964/Kol/2019 & C.O. 39/Kol/2019 M/S Birla Corporation Ltd

Section 115JSection 14ASection 250Section 80I

…e exempt, the common expenses incurred in respect of such employees and infrastructure have to be necessarily apportioned between the taxable and exempt activities. As held by the Hon’ble Supreme Court in CIT v. Walfort Share and Stock Brokers P. Ltd., (2010) 326 ITR 1(SC) and in Maxopp’s case (supra), the principle of apportionment of expenses comes into play as that is the principle which is incorporated in section 14A of the Act. The assessee adopted a reasonable basis for such apportionment. The ld. AO did not find anything to dispute the assessee’s computation except for saying that it is not as I.T.A. No.19…

M/S. Prime Property Development Corporation Ltd, Mumbai vs. ACIT C 10 (3) (2), Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 3291/MUM/2023[2016-17]Status: DisposedITAT Mumbai03 Jan 2024AY 2016-17

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

Section 115JSection 14Section 14A

…tion shall be allowable in respect of expenditure incurred in relation to the earning of income exempt from taxation. As observed by the Supreme Court in the judgment in the case of Commissioner of Income Tax vs. Walfort Share and Stock Brokers (P) Ltd (2010) 326 ITR 1 '.... The mandate of s.14A is clear. It desires to curb the practice to claim deduction of expenses 5 M/s. Prime Property Development Corporation Ltd. incurred in relation to exempt income against taxable income and at the same time avail of the tax incentive by way of an exemption of exempt income without making any apportionment of expenses inc…

B4S Solution P.Ltd, Ghaziabad vs. ACIT, Circle-4(2), New Delhi

In the result, appeal of the assessee is allowed

ITA 2188/DEL/2022[2017-18]Status: DisposedITAT Delhi13 Sept 2023AY 2017-18

Bench: Shri Shamim Yahya & Ms. Astha Chandraasstt. Year 2017-18

For Appellant: Shri Ankit Kumar, AdvocateFor Respondent: Shri Amit Katoch, Sr. DR
Section 10(34)Section 143(3)Section 14A

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “H”: NEW DELHI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND MS. ASTHA CHANDRA, JUDICIAL MEMBER Asstt. Year 2017-18 M/s. B4S Solution P. Ltd. Vs. ACIT, Ch. No. 206-207, Circle-4(2) Ansal Satyam RDC, New Delhi. Raj Nagar, Ghaziabad Uttar Pradesh 201002. PAN AABCB4705D (Appellant) (Respondent) Assessee by: Shri Ankit Kumar, Advocate Department by: Shri Amit Katoch, Sr. DR Date of Hearing: 13.09.2023 Date of 13.09.2023 pronouncement: O R D E R PER ASTHA CHANDRA, JM The appeal filed by the assessee is directed against the order dated 19.07.2022 of the Ld. Commissioner…

M/S Eternal Heart Care Centre & Research Institute Pvt. Ltd., 3A, Jagatpura Road, Near Jawahar Circle, Jaipur vs. PCIT, Jaipur-2, Jaipur

In the result, appeal filed by the assessee is allowed

ITA 263/JPR/2023[2018-19]Status: DisposedITAT Jaipur06 Sept 2023AY 2018-19

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Yogesh Parwal, CA &For Respondent: Shri James Kurian, CIT-DR
Section 142(1)Section 143(2)Section 143(3)Section 14ASection 263Section 271A

…it does not account for the concept of ‘real income’. It does not note that under Section 5 of the Act, the question of taxation of ‘notional income’ does not arise. As explained in Commissioner of Income Tax v. Walfort Share and Stock Brokers Pvt. Ltd [2010] 326 ITR 1 (SC), the mandate of Section 14A of the Act is to curb the practice of claiming deduction of expenses incurred in relation to exempt income being taxable income and at the same time avail of the tax incentives by way of exemption of exempt income without making any apportionment of expenses incurred in relation to exempt income. Consequently, the C…

Girnar Software Private Limited, 6Th Floor, Jaipur Textile Market, B-2, Near Model Town, Malviya Nagar, Jaipur vs. PCIT – 2, Jaipur, New Central Revenue Building

In the result, the appeal of the assessee is allowed

ITA 330/JPR/2023[2018-19]Status: DisposedITAT Jaipur28 Aug 2023AY 2018-19

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri PC Parwal, CAFor Respondent: Shri Arvind Kumar (CIT)
Section 142(1)Section 143(2)Section 14ASection 263

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A” JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ,oa Jh jkBkSM+ deys'k t;arHkkbZ] ys[kk lnL; ds le{k BEFORE: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA No. 330/JP/2023 fu/kZkj.k o"kZ@Assessment Year : 2018-19. cuke Girnar Software Pvt. Ltd., The PCIT-2, 6th Floor, Jaipur Textile Market, Vs. Jaipur. B-2, Near Model Town, Malviya Nagar, Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No. AACCG 7277 J vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Sh…

ACIT Cir-1, Dhanbad vs. M/S Bharat Cooking Coal Ltd, Dhanbad

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

ITA 304/RAN/2017[14-15]Status: DisposedITAT Ranchi18 Aug 2023

Bench: Sri Rajesh Kumar & Sonjoy Sarma

Section 143(3)

…to reach the said conclusion namely, in the cases of CIT Vs. HDFC Bank Ltd. reported in [2014] 366 ITR 505 (Bombay), CIT Vs. Hero Cycles Ltd. reported in [2010] 323 ITR 518 (Punjab & Haryana), CIT Vs. Walfort Share & Stock Brokers (P.) Ltd. reported in [2010] 326 ITR 1 (SC) and CIT Vs. Reliance Utilities & Power Ltd. reported in [2009] 313 ITR 340 (Bombay). Considering these facts and the ratio laid down Page 7 of 9 I.T.A. Nos.: 303 & 304/RAN/2017 C.O. Nos.: 12 & 13/RAN/2018 Assessment Years: 2013-14 & 2014-15 M/s. Bharat Coking Coal Limited. in the various decisions, we are inclined to uphold the order of Ld.…

ACIT Cir-1, Dhanbad vs. M/S Bharat Cooking Coal Ltd, Dhanbad

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

ITA 303/RAN/2017[13=14]Status: PendingITAT Ranchi18 Aug 2023

Bench: Sri Rajesh Kumar & Sonjoy Sarma

Section 143(3)

…to reach the said conclusion namely, in the cases of CIT Vs. HDFC Bank Ltd. reported in [2014] 366 ITR 505 (Bombay), CIT Vs. Hero Cycles Ltd. reported in [2010] 323 ITR 518 (Punjab & Haryana), CIT Vs. Walfort Share & Stock Brokers (P.) Ltd. reported in [2010] 326 ITR 1 (SC) and CIT Vs. Reliance Utilities & Power Ltd. reported in [2009] 313 ITR 340 (Bombay). Considering these facts and the ratio laid down Page 7 of 9 I.T.A. Nos.: 303 & 304/RAN/2017 C.O. Nos.: 12 & 13/RAN/2018 Assessment Years: 2013-14 & 2014-15 M/s. Bharat Coking Coal Limited. in the various decisions, we are inclined to uphold the order of Ld.…

Elara Capital (India) Private Limited, Mumbai vs. ACIT- Circle 6(2)(2), Mumbai

In the result, the appeal of the assessee is allowed

ITA 1569/MUM/2023[2017-18]Status: DisposedITAT Mumbai31 Jul 2023AY 2017-18

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2017-18 Elara Capital (India) Pvt. Ltd., The Acit-Circle 6(2)(2), Tower 3, 21St Floor, One Room No. 506, 5Th Floor, Vs. International Center, Senapati Aayakar Bhavan, Maharshi Bapat Marg, Elphinstone Karve Road, Mumbai- Road (West), Mumbai-400013. 400020. Pan No. Aabce 6487 B Appellant Respondent

For Appellant: Mr. Milind DattaniFor Respondent: Mr. P.D. Chogule (Addl. CIT)
Section 14A

…Section 5 of the Act, the question of taxation of 'notional Section 5 of the Act, the question of taxation of 'notional income' does not arise. As explained in CIT v As explained in CIT v. Walfort income' does not arise Share & Stock Brokers (P.) Ltd. [2010] 326 ITR 1 326 ITR 1/192 Share & Stock Brokers Taxman 211 (SC), the mandate of Section 14A of the Taxman 211 , the mandate of Section 14A of the Act is to curb the practice of claiming deduction of Act is to curb the practice of claiming deduction of Act is to curb the practice of claiming deduction of expenses incurred in relation to exempt income being expe…

ACIT, Circle- 17(1), New Delhi vs. Modi Rubber Ltd., New Delhi

In the result the appeal of the Revenue is dismissed

ITA 4864/DEL/2018[2011-12]Status: DisposedITAT Delhi26 Jul 2023AY 2011-12

Bench: Shri G.S. Pannu, Hon’Ble & Shri Amit Shuklaasstt. Year: 2011-12

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Dr. Maninder Kaur, Sr. Dr
Section 143(3)Section 14ASection 37(1)

…ditional upon the earning of the income as upheld by Hon’ble Supreme Court in the case of CIT Vs. Rajendra Prasad Moody [1978] 115 ITR 519 and without considering ratio decidendi as upheld in the cases of CIT vs. Walfort Share and Stock Brokers P. Ltd, [2010] 326 ITR 1 (SC) and Maxopp Investment Vs. CIT [2012] 347 ITR 272 (Delhi) on application of provisions of sectionl4A of the Act? 4. Whether on the facts and circumstances of the case, the Ld. CIT(A) is legally justified in allowing relief to the assessee on the basis of its earlier order in the assessee’s own case ignoring the fact that principle of res-judic…

Kpr Agrochem Limited, Balabhadrapuram vs. DCIT Circle-1, Kakinada

In the result, appeals filed by the revenue in I

ITA 223/VIZ/2022[2015-16]Status: DisposedITAT Visakhapatnam15 Jun 2023AY 2015-16

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A.No.80/Viz/2021 & 81/Viz/2021 (ननधधारण वर्ा / Assessment Year : 2016-17 & 2017-18) Dy.Commissioner Of Income Tax Vs. M/S K.P.R.Agrochem Ltd Circle-1 D.No.8-256, Tata Nagar Kakinada Balabhadrapuram East Godavari [Pan : Aadck0257B] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No.221/Viz/2022 To 223/Viz/2022 (ननधधारण वर्ा / Assessment Year : 2013-14, 2014-15 & 2015-16) M/S K.P.R.Agrochem Ltd Vs. Dy.Commissioner Of D.No.8-256, Tata Nagar Income Tax Balabhadrapuram Circle-1 East Godavari Kakinada [Pan : Aadck0257B] अपीलधथी की ओर से/ Appellant By : Shri G.V.N.Hari, Ar Shri A.Chakradhar, Ar प्रत्यधथी की ओर से / Respondent By : Shri On Hari Prasada Rao, Dr सुनवधई की तधरीख / Date Of Hearing : 20.03.2023 घोर्णध की तधरीख/Date Of Pronouncement : 15.06.2023 आदेश /O R D E R Per Shri Duvvuru Rl Reddy:

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri ON Hari Prasada Rao, DR
Section 143(2)Section 14ASection 80I

…आयकरअपीलीयअधिकरण, धिशाखापटणम पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM श्री दुव्वूरु आर एल रेड्डी, न्याधयक सदस्य एिं श्री एस बालाकृष्णन, लेखा सदस्य के समक्ष BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER & SHRI S BALAKRISHNAN, HON’BLE ACCOUNTANT MEMBER आयकर अपील सं./I.T.A.No.80/Viz/2021 & 81/Viz/2021 (ननधधारण वर्ा / Assessment Year : 2016-17 & 2017-18) Dy.Commissioner of Income Tax Vs. M/s K.P.R.Agrochem Ltd Circle-1 D.No.8-256, Tata Nagar Kakinada Balabhadrapuram East Godavari [PAN : AADCK0257B] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.…