CIT v. Winsome Textile Industries Ltd.

319 ITR 204High Court2009#196 most cited

What is CIT v. Winsome Textile Industries Ltd. authority for?

Section 14A of the Income-tax Act, 1961, which disallows expenditure incurred in relation to exempt income, is not applicable if the assessee has not earned any exempt income in the relevant assessment year.

378

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2013 to 2026.

Also referred to as

CIT v. Winsome Textile Industries Ltd. · 319 ITR 204 · Section 14A · disallowance · exempt income · no exempt income · Rule 8D · assessment year · business expenditure · Income Tax Act

Sections most often in play

Section 14ASection 143(3)Section 142(2A)Section 147Section 2(22)(e)Section 40(a)(ia)Section 40A(2)(b)Section 40A(3)

Issues it is cited on

section 14a(2)disallowance of interest expenditurebusiness expediencysection 36(1)(vii)disallowance under section 14arule of consistencydisallowance u/s 14asection 14acommercial expediencysection 36(1)section 36section 40(a)(ia)

Judgments citing CIT v. Winsome Textile Industries Ltd.

Ideal Toll & Infrastructure P.Ltd, Mumbai vs. DCIT 6(1), Mumbai

In the result, the appeal of the assessee is treated as allowed

ITA 7758/MUM/2014[2010-11]Status: DisposedITAT Mumbai25 May 2018AY 2010-11

Bench: Shri B.R. Baskaran (Am)& Shri Pawan Singh (Jm)

Section 14ASection 36(1)(iii)

…dated 2nd April 2014 of the High Court of Punjab and Haryana in ITA No. 970/2008) which in turn referred toITA No. 6079/Del/2014 two earlier decisions of the same in CIT v. Hero Cycles Limited[2010] 323 ITR 518 and CIT v. Winsome Textile Industries Ltd.[2009] 319 ITR 204. The second was of the Gujarat High Court in Commissioner of Income Tax-I v. Corrtech Energy (P) Ltd. [2014] 223 Taxmann 130 (Guj.) and the third of the Allahabad High Court in Commissioner of Income Tax, Kanpur v. Shivam Motors (P) Ltd. (decision dated 5th May 2014 in ITA No. 88/2014). These three decisions reiterated the position that when an A…

Anjani Portland Cement Limited, Hyderabad vs. Addl.CIT, Range-1, Hyderabad

In the result, appeal of the revenue in ITA No

ITA 1493/HYD/2014[2009-10]Status: DisposedITAT Hyderabad11 May 2018AY 2009-10

Bench: Smt P. Madhavi Devi & Shri S. Rifaur Rahman

For Appellant: Shri K.C. DevdasFor Respondent: Ms. Geetindar Mann
Section 14ASection 32(1)(ii)

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “A”, HYDERABAD BEFORE SMT P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER ITA No. 1305/Hyd/2014 & C.O. No. 13/Hyd/2016 Assessment Year: 2008-09 Dy. Commissioner of Income- vs. M/s Anjani Portland Cement tax, Circle – 1(1), Hyderabad. Ltd., Hyderabad. PAN – AACA 8115 F (Appellant) (Respondent/Cross Objector) Assessment Year: 2009-10 M/s Anjani Portland Cement vs. Dy. Commissioner of Income- Ltd., Hyderabad. tax, Circle – 1(1), Hyderabad. PAN – AACA 8115 F (Appellant) (Respondent) Revenue by : Ms. Geetindar Mann Assessee by :…

Dy.CIT, Circle-1(1), Hyderabad vs. M/S Anjani Portland Cement Ltd., Hyderabad

In the result, appeal of the revenue in ITA No

ITA 1305/HYD/2014[2008-09]Status: DisposedITAT Hyderabad11 May 2018AY 2008-09

Bench: Smt P. Madhavi Devi & Shri S. Rifaur Rahman

For Appellant: Shri K.C. DevdasFor Respondent: Ms. Geetindar Mann
Section 14ASection 32(1)(ii)

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “A”, HYDERABAD BEFORE SMT P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER ITA No. 1305/Hyd/2014 & C.O. No. 13/Hyd/2016 Assessment Year: 2008-09 Dy. Commissioner of Income- vs. M/s Anjani Portland Cement tax, Circle – 1(1), Hyderabad. Ltd., Hyderabad. PAN – AACA 8115 F (Appellant) (Respondent/Cross Objector) Assessment Year: 2009-10 M/s Anjani Portland Cement vs. Dy. Commissioner of Income- Ltd., Hyderabad. tax, Circle – 1(1), Hyderabad. PAN – AACA 8115 F (Appellant) (Respondent) Revenue by : Ms. Geetindar Mann Assessee by :…

Dciat 14(3)(2), Mumbai vs. Sundaram Multipap Ltd, Mumbai

In the result, the appeal of the revenue is dismissed and the cross objection filed by the assessee is allowed

ITA 5327/MUM/2015[2012-13]Status: DisposedITAT Mumbai20 Apr 2018AY 2012-13

Bench: Shri B.R. Baskaran (Am)& Shri Pawan Singh (Jm)

Section 14A

…)] 4. CIT v. Shivam Motors (P) Ltd. [272 CTR 277 (All)] 5. CIT v. Corrtech Energy (P) Ltd. [272 CTR 262 (Guj)] 6. CIT v. Lakhani Marketing Incl. [272 CTR 265 (P&H)] 7. CIT v. Holcim India (P) Ltd, [272 CTR 282 (Del)] 8. CIT v. Winsome Textile Industries Ltd. (319 ITR 204 P&H) 9. CIT v. Delite Enterprises [ITA No. 110 of 2009 (Bombay High Court)] 13. He submitted that an identical issue was considered by Hon'ble Hon'ble Jurisdictional Bombay High Court in the case of Principal CIT Vs. Ballarpur Industries Limited (supra), wherein Hon'ble Bombay High Court noticed that the Tribunal has followed the decision render…

M/S. Delhi International Airport Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, appealsof the assessee are partly allowed

ITA 636/BANG/2017[2011-12]Status: DisposedITAT Bangalore19 Apr 2018AY 2011-12

Bench: Shri Sunil Kumar Yadavand Shri. Jason P Boaz

For Appellant: Shri. Sunil Jain, CAFor Respondent: Smt. Vandana Sagar
Section 143(3)Section 14ASection 153ASection 194HSection 32Section 40

…unjab and Haryana in I. T. A. No. 970 of 2008)—since reported in [2015] 4 ITR-OL 246 (P&H)— which in turn referred to two earlier decisions of the same court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H). The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj) ; [2015] 372 ITR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in I. T. A. No. 88 of 2014). These three decisions reiterated the position that when an assessee had no…

M/S. Delhi International Airport Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, appealsof the assessee are partly allowed

ITA 622/BANG/2017[2012-13]Status: DisposedITAT Bangalore19 Apr 2018AY 2012-13

Bench: Shri Sunil Kumar Yadavand Shri. Jason P Boaz

For Appellant: Shri. Sunil Jain, CAFor Respondent: Smt. Vandana Sagar
Section 143(3)Section 14ASection 153ASection 194HSection 32Section 40

…unjab and Haryana in I. T. A. No. 970 of 2008)—since reported in [2015] 4 ITR-OL 246 (P&H)— which in turn referred to two earlier decisions of the same court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H). The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj) ; [2015] 372 ITR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in I. T. A. No. 88 of 2014). These three decisions reiterated the position that when an assessee had no…

M/S. Delhi International Airport Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, appealsof the assessee are partly allowed

ITA 596/BANG/2017[2013-14]Status: DisposedITAT Bangalore19 Apr 2018AY 2013-14

Bench: Shri Sunil Kumar Yadavand Shri. Jason P Boaz

For Appellant: Shri. Sunil Jain, CAFor Respondent: Smt. Vandana Sagar
Section 143(3)Section 14ASection 153ASection 194HSection 32Section 40

…unjab and Haryana in I. T. A. No. 970 of 2008)—since reported in [2015] 4 ITR-OL 246 (P&H)— which in turn referred to two earlier decisions of the same court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H). The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj) ; [2015] 372 ITR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in I. T. A. No. 88 of 2014). These three decisions reiterated the position that when an assessee had no…

M/S Delhi International Airport Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, appealsof the assessee are partly allowed

ITA 581/BANG/2017[2007-08]Status: DisposedITAT Bangalore19 Apr 2018AY 2007-08

Bench: Shri Sunil Kumar Yadavand Shri. Jason P Boaz

For Appellant: Shri. Sunil Jain, CAFor Respondent: Smt. Vandana Sagar
Section 143(3)Section 14ASection 153ASection 194HSection 32Section 40

…unjab and Haryana in I. T. A. No. 970 of 2008)—since reported in [2015] 4 ITR-OL 246 (P&H)— which in turn referred to two earlier decisions of the same court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H). The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj) ; [2015] 372 ITR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in I. T. A. No. 88 of 2014). These three decisions reiterated the position that when an assessee had no…

ACIT, C-5(1), Chandigarh vs. M/S Indrason Precision Engineering (P) Ltd., Chandigarh

ITA 1653/CHANDI/2017[2014-15]Status: DisposedITAT Chandigarh18 Apr 2018AY 2014-15

Bench: Shri Sanjay Garg & Ms. Annapurna Gupta

For Appellant: Shri K.S. Bains, Addl CITFor Respondent: Sh. Tej Mohan Singh, Advocate
Section 14A

…s issue. The Ld. counsel has further submitted that the issue is now squarely covered by the numerous decisions of the various High Courts including that of the Jurisdictional High Court of Punjab and Haryana in the case of ‘CIT Vs. Winsome Textiles’ (2009) 319 ITR 204 (P&H), Hon'ble Delhi High Court in the case of ‘Cheminvest Ltd Vs. ITO’ (2015) 378 ITR 33 (Delhi) and of the Hon'ble Gujarat High Court in the case of ‘Corrtech Energy P. Ltd. (2014) 45 Taxman.com 116’ and further of the Hon'ble Allahabad High Court in the case of ‘CIT Vs. M/s Shivam Motors (P) Ltd’ (2014) 272 CTR (All) 277 and various other c…

ACIT, C-5(1), Chandigarh vs. M/S Indrason Precision Engineering (P) Ltd., Chandigarh

ITA 1652/CHANDI/2017[2013-14]Status: DisposedITAT Chandigarh18 Apr 2018AY 2013-14

Bench: Shri Sanjay Garg & Ms. Annapurna Gupta

For Appellant: Shri K.S. Bains, Addl CITFor Respondent: Sh. Tej Mohan Singh, Advocate
Section 14A

…s issue. The Ld. counsel has further submitted that the issue is now squarely covered by the numerous decisions of the various High Courts including that of the Jurisdictional High Court of Punjab and Haryana in the case of ‘CIT Vs. Winsome Textiles’ (2009) 319 ITR 204 (P&H), Hon'ble Delhi High Court in the case of ‘Cheminvest Ltd Vs. ITO’ (2015) 378 ITR 33 (Delhi) and of the Hon'ble Gujarat High Court in the case of ‘Corrtech Energy P. Ltd. (2014) 45 Taxman.com 116’ and further of the Hon'ble Allahabad High Court in the case of ‘CIT Vs. M/s Shivam Motors (P) Ltd’ (2014) 272 CTR (All) 277 and various other c…

DCIT 2(3)(1), Mumbai vs. Tariff Advisory Committee General Insurance, Mumbai

ITA 5342/MUM/2015[2011-12]Status: DisposedITAT Mumbai04 Apr 2018AY 2011-12
For Appellant: NoneFor Respondent: Shri V. Justin -DR
Section 10Section 143(3)Section 14ASection 254(1)

…आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण मुंबई “ई” ” ” ” खंडपीठ खंडपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई खंडपीठ खंडपीठ Income-tax Appellate Tribunal “E”Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"", लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं पवन "सह एवं पवन "सह पवन "सह, "याियक पवन "सह "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Sh. Rajendra,Accountant Member & Pawan Singh, Judicial Member आयकर अपील आयकर अपील संसंसंसं./I.T.A./5342/Mum/2015, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2011-12 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" DCIT-2(3)(1) M/s. Tarif…

DCIT-2(3)(2), Mumbai vs. Kotak Mahindra Bank Ltd., Mumbai

The appeal of the Revenue is dismissed and that of the assessee is allowed

ITA 2817/MUM/2016[2012-13]Status: DisposedITAT Mumbai28 Feb 2018AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri Manoj Kumar Aggarwal, Am The Dy. Commissioner Of Kotak Mahindra Bank Ltd. Income Tax, Circle 2(3)(2), 27 Bkc, G Block, Bandra Mumbai R. No. 552, 5Th Floor, Kurla Complex, Bandra Vs. Aayakar Bhavan, M.K. Road, (East), Mumbai-400 023 Mumbai-400 020 Appellant .. Respondent Pan No. Aaack4409J

For Appellant: Farrokh V. Irani, ARFor Respondent: B. Sriniwas, DR
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SRI MAHAVIR SINGH, JM AND SRI MANOJ KUMAR AGGARWAL, AM The Dy. Commissioner of Kotak Mahindra Bank Ltd. Income Tax, Circle 2(3)(2), 27 BKC, G Block, Bandra Mumbai R. No. 552, 5th Floor, Kurla Complex, Bandra Vs. Aayakar Bhavan, M.K. Road, (East), Mumbai-400 023 Mumbai-400 020 Appellant .. Respondent PAN No. AAACK4409J Cross Objection No. 38/Mum/2018 (Arising in ITA No. 2817/Mum/2016 for A.Y. 2012-13) Kotak Mahindra Bank Ltd. The Dy. Commissioner of 27 BKC, G Block, Bandra Income Tax, Circle 2(3)(2), Mumbai R. No. 552, 5 th Kurla Complex, Bandra Vs. (…

Applicomp (India) Ltd, Mumbai vs. DCIT RG 3(1), Mumbai

In the result, the appeal of the Assessee is hereby allowed

ITA 3516/MUM/2012[2008-09]Status: DisposedITAT Mumbai09 Feb 2018AY 2008-09

Bench: Shri G.S. Pannu, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.3516/Mum/2012 (निर्धारण वर्ा / Assessment Year: 2008-09) M/S Applicomp (India) Ltd., बिधम/ Dcit Range-3(1), 171-C, Mittal Court, Mumbai Vs. Nariman Point, Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacca9547R (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent)

For Appellant: Shri Mayank Chauhan (AR)For Respondent: Shri Rajesh Kumar Yadav (DR)
Section 115JSection 142(1)Section 143(2)Section 14ASection 14A(2)

…), JCIT Vs. Holland Equipment Co. B.V. (3 SOT 810) (Mumbai ITAT), CIT Vs. M/s. Lakhani Marketing Inc. (49 taxmann.com 257) (Punjab High Court), CIT Vs. Corretech Energy (P.) Ltd. (2014) 223 Taxmann 130 Guj. High Court & CIT Vs. Winsome Textile Industries Ltd. 319 ITR 204 Punjab High Court. However, on the other hand, the Ld. Representative of the revenue has placed reliance upon the order passed in CIT(A) in question. After hearing the argument advanced by the Ld. Representative of the parties and perusing the record. We noticed that the assessee did not earn exempt income in the relevant assessment year. The ass…

M/S. Chengmari Tea Co. Ltd, Kolkata vs. Dy./ACIT, Circle - 4(1), Kolkata

In the result the appeal by the assessee is partly allowed

ITA 1932/KOL/2017[2010-11]Status: DisposedITAT Kolkata03 Jan 2018AY 2010-11

Bench: Hon’Ble Sri N.V.Vasudevan, Jm] I.T.A No. 1932/Kol/2017 Assessment Year : 2010-11

For Appellant: Shri Sunil Surana, AdvocateFor Respondent: Shri Snehangshu Biswas, Addl.CIT
Section 14A

…ncome Tax, Faridabad Vs. M/s. Lakhani Marketing Incl., ITA No. 970/2008, decided on 02.04.2014, made reference to two earlier decisions of the same Court in CIT Vs. Hero Cycles Limited, [2010] 323 ITR 518 and CIT Vs. Winsome Textile Industries Limited, [2009] 319 ITR 204 to hold that Section 14A cannot be invoked when no exempt income was earned. The second decision is of the Gujarat High Court in Commissioner of Income Tax-I Vs. Corrtecb Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj .). The third decision is of the AlIahabad High Court in Income Tax Appeal No. 88 of 2014, Commissioner of Income Tax (Ii) Kanpur, V…

ACIT 18(1), Mumbai vs. Cig Realty Fund, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1197/MUM/2016[2011-12]Status: DisposedITAT Mumbai02 Jan 2018AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Blethe Assistant Commissioner V. M/S. Cig Realty Fund Of Income –Tax – 18(1) C/O D.M. Harish & Co., Room No. 202, 2Nd Floor 305-309, Nilkanth Earnest House, Nariman Point 98, Marine Lines, Mumbai 400 002 Mumbai – 400 021 Pan : Aaatc 7307 E (Appellant) (Respondent) Assessee By : Ms. Mrugakshi K. Joshi Department By : Shri Saurabh Despande

For Appellant: Ms. Mrugakshi K. JoshiFor Respondent: Shri Saurabh Despande
Section 14A

…milar view has been taken by the Hon'ble Allahabad High Court in the case of CIT v. Shivam Motors (P) Ltd. [2015] 230 Taxman 63 / 55 taxmann.com 262 (All.) and that of Hon'ble Punjab & Haryana High Court in the case of CIT v. Winsome Textile Industries [2009] 319 ITR 204.” 6. Respectfully following the said decisions, we uphold the order of the Ld.CIT(A) in deleting the disallowance made u/s. 14A r.w. Rule 8D of the I.T. Rules. 7. In the result, appeal of the Revenue is dismissed. Order pronounced in the open court on the 02nd January, 2018. (MANOJ KUMAR AGGARWAL) JUDICIAL MEMBER Mumbai / Dated 02/01/2018 Girid…

Assistant Commissioner of Income Tax, Circle-1, Kota vs. M/S Jainco Enterprises Pvt. Ltd., Kota

In the result, the appeal of the revenue stands dismissed

ITA 755/JPR/2017[2014-15]Status: DisposedITAT Jaipur26 Dec 2017AY 2014-15
For Appellant: NoneFor Respondent: Shri R.A. Verma (Addl.CIT) fu/kZkfjrh dh vksj ls@
Section 143(3)Section 145(3)Section 14ASection 2(24)(x)

…. [2014] 226 Taxman 45/49 taxmann.com 257 of the High Court of Punjab and Haryana which in turn referred to two earlier decisions of the same Court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518/189 Taxman 50 and CIT v. Winsome Textile Industries Ltd . [2009] 319 ITR 204. The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxman 130/ 45 taxmann.com 116 and the third of the Allahabad High Court in CIT v. ITA 755/JP/2017_ 9 Shivam Motors (P.) Ltd. [2015] 230 Taxman 63/55 taxmann.com 262. These three decisions reiterated the position that when an Assessee had not earned any tax…

M/S Ub Infrastructure Projects Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal of the assessee is dismissed

ITA 2098/BANG/2016[2012-13]Status: DisposedITAT Bangalore22 Dec 2017AY 2012-13

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Raoassessment Year : 2012-13

For Appellant: Miss. Girija G. P, CAFor Respondent: Smt. Padma Meenakshi, JCIT
Section 14ASection 234B

…jab and Haryana in I. T. A. No. 970 of 2008)--since reported in [2015] 4 ITR-OL 246 (P&H)-- which in turn referred to two earlier decisions of the same court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H). The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj) ; [2015] 372 ITR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in I . T. A. No. 88 of ITA No.1107/Bang/2016 2014). These three decisions reiterated the position that…

M/S Value Point Systems Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result Ground.7 of the assessee is dismissed

ITA 376/BANG/2017[2011-12]Status: DisposedITAT Bangalore15 Dec 2017AY 2011-12

Bench: Shri. A. K. Garodia & Shri. Lalit Kumari.T.A No.376/Bang/2017 (Assessment Year : 2011-12)

For Appellant: Shri. B. T. Shetty, CAFor Respondent: Shri. M. K. Biju, JCIT
Section 143(3)Section 14A

…ITA.376/Bang/2017 Page - 1 IN THE INCOME TAX APPELLATE TRIBUNAL BENGALURU BENCH 'C', BENGALURU BEFORE SHRI. A. K. GARODIA, ACCOUNTANT MEMBER AND SHRI. LALIT KUMAR, JUDICIAL MEMBER I.T.A No.376/Bang/2017 (Assessment Year : 2011-12) M/s. Value Point Systems P. Ltd, No.66, 4th cross (Opp. Oracle Lexington), Kaveri Layout, Tavarekere Main Road, Bengaluru 560 029 .. Appellant PAN : AAACV4796R v. Deputy Commissioner of Income-tax, New Circle 7(1)(2), Bengaluru .. Respondent Assessee by : Shri. B. T. Shetty, CA Revenue by : Shri. M. K. Biju, JCIT Heard on : 16.10.2017 Pronounced on : 15.12.2017 O R D E R PER LAL…

Deputy Commissioner of Income Tax Circle-4(1)(1), Bangalore vs. M/S Kesar Marble and Granite Limited, Bangalore

In the result, the appeal of the revenue is dismissed

ITA 1392/BANG/2017[2012-13]Status: DisposedITAT Bangalore15 Dec 2017AY 2012-13

Bench: Shri Sunil Kumar Yadavassessment Year : 2012-13

For Appellant: Shri Vikas Suryawanshi, AdvocateFor Respondent: Shri C. Ramesh, CA
Section 10Section 14A

…unjab and Haryana in I. T. A. No. 970 of 2008)—since reported in [2015] 4 ITR-OL 246 (P&H)— which in turn referred to two earlier decisions of the same court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518 (P&H) and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H). The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxmann 130 (Guj) ; [2015] 372 ITR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in I. T. A. No. 88 of 2014). These three decisions reiterated the position that when an assessee had no…

ITO, WD-12(1), Kolkata vs. M/S J. K. M. Investment Pvt. Ltd., Kolkata

In the result both the appeals by the revenue are dismissed

ITA 1462/KOL/2015[2011-2012]Status: DisposedITAT Kolkata08 Dec 2017AY 2011-2012

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am] I.T.A Nos.1461 & 1462 /Kol/2015 Assessment Years : 2008-09 & 2011-12 I.T.O. Ward – 12 (1) Vs.- M/S J.K.M.Investment (P)Ltd. Kolkata Kolkata. [Pan : Aabcj 2724 L] (Respondent) (Appellant) For The Appellant : Shri S.Dasgupta, Addl. Cit(Dr) For The Respondent : Shri Ankit Jalan, A.R.

For Appellant: Shri S.Dasgupta, Addl. CIT(DR)For Respondent: Shri Ankit Jalan, A.R
Section 2(22)Section 2(22)(e)

…dividend income and in this regard pointed out that no interest expenses has been claimed in the profit and loss account. Secondly, the assessee pointed out that the Hon’ble Punjab and Haryana High Court in the case of CIT vs Winsome Textiles Industries Ltd. 319 ITR 204 (P&H) has taken the view that when the assessee does not claim exemption section 14A will not have any application. 12. CIT(A) deleted the addition made by the AO accepting the contention of the assessee. The following are the relevant observations : “6.2. I have carefully considered the submission of the appellant in the light of the AO's actio…