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.

Assistant Commissioner of Income Tax, Circle-1, Kota vs. Sudha Hospital & Medical Research Centre, Kota

In the result, appeal of the revenue stands dismissed

ITA 671/JPR/2017[2014-15]Status: DisposedITAT Jaipur09 Oct 2017AY 2014-15
For Appellant: Shri P.C. Parwal (CA)For Respondent: Shri R.A. Verma (Addl.CIT) fu/kZkfjrh dh vksj ls@
Section 14A

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh Hkkxpan] ys[kk lnL; ,oa Jh dqy Hkkjr] U;kf;d lnL; ds le{k BEFORE: SHRI BHAGCHAND, AM & SHRI KUL BHARAT, JM vk;dj vihy la-@ITA No. 671/JP/2017 fu/kZkj.k o"kZ@Assessment Year : 2014-15 cuke Assistant Commissioner of Sudha Hospital and Vs. Income Tax, Medical Research Centre Circle-1, Kota Pvt. Ltd., 11-A, Talwandi, Kota. PAN No.: AAGCS 2221 N vihykFkhZ@Appellant izR;FkhZ@Respondent jktLo dh vksj ls@ Revenue by : Shri R.A. Verma (Addl.CIT) fu/kZkfjrh dh vksj ls@ Assessee by : Shri P.C. Parwal (CA) lquokbZ dh rkj…

Assistant Commissioner of Income Tax, Circle-1, Kota vs. M/S Naresh Kumar Manoj Kumar, Kota

In the result, appeal of the revenue stands dismissed

ITA 670/JPR/2017[2013-14]Status: DisposedITAT Jaipur09 Oct 2017AY 2013-14
For Appellant: Shri P.C. Parwal (CA)For Respondent: Smt. Poonam Roy (DCIT) fu/kZkfjrh dh vksj ls@
Section 145(3)Section 14A

…c. [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 ITA 670/JP/2017 6 ACIT Vs. M/s Naresh Kumar Manoj Kumar 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. Shivam Motors (P.) Ltd . [2015] 230 Taxman 63/55 taxmann.com 262. These three decisions reiterated the position that wh…

DCIT, New Delhi vs. M/S. Rattan India Infrastructure Ltd., New Delhi

In the result, the appeal of the department is dismissed

ITA 1181/DEL/2016[2012-13]Status: DisposedITAT Delhi28 Sept 2017AY 2012-13

Bench: Sh. N. K. Saini, Am & Sh. K. N. Chary, Jm Ita No. 1181/Del/2016 : Asstt. Year : 2012-13 Dy. Commissioner Of Income Vs M/S Rattan India Infrastructure Ltd., Tax, Circle-21(1), (Formerly Known As India Bulls New Delhi Infrastructure & Power Ltd.), M-62 & 63, 1St Floor, Connaught Place, New Delhi-110001 (Appellant) (Respondent) Pan No. Aacci4485N Assessee By : None Revenue By : Sh. S. P. Gupta, Sr. Dr Date Of Hearing : 14.09.2017 Date Of Pronouncement : 28.09.2017 Order Per N. K. Saini, Am: This Is An Appeal By The Department Against The Order Dated 22.12.2015 Of Ld. Cit(A)-4, New Delhi.

For Appellant: NoneFor Respondent: Sh. S. P. Gupta, Sr. DR
Section 143(3)Section 14ASection 234BSection 271(1)(c)

…THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI Before Sh. N. K. Saini, AM and Sh. K. N. Chary, JM ITA No. 1181/Del/2016 : Asstt. Year : 2012-13 Dy. Commissioner of Income Vs M/s Rattan India Infrastructure Ltd., Tax, Circle-21(1), (Formerly known as India Bulls New Delhi Infrastructure and Power Ltd.), M-62 & 63, 1st Floor, Connaught Place, New Delhi-110001 (APPELLANT) (RESPONDENT) PAN No. AACCI4485N Assessee by : None Revenue by : Sh. S. P. Gupta, Sr. DR Date of Hearing : 14.09.2017 Date of Pronouncement : 28.09.2017 ORDER Per N. K. Saini, AM: This is an appeal by the department against the or…

Ayurvardhan Project Consultants P.Ltd, Mumbai vs. ITO 12(1)(2), Mumbai

In the result, appeal of the assessee is allowed

ITA 757/MUM/2016[2012-13]Status: DisposedITAT Mumbai27 Sept 2017AY 2012-13

Bench: Shri R.C.Sharma, Am M/S. Ayuvardhan Project Vs. Ito 12(1)(2), Consultants Pvt. Ltd., Mumbai – 400 020 C-202, Acme Enclave Near Nirankari Garden Vasari Hill, Malad (W) Mumbai – 400 064 Pan/Gir No. Aafca5449P Appellant) Respondent) ..

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM M/s. Ayuvardhan Project Vs. ITO 12(1)(2), Consultants Pvt. Ltd., Mumbai – 400 020 C-202, Acme Enclave Near Nirankari Garden Vasari Hill, Malad (W) Mumbai – 400 064 PAN/GIR No. AAFCA5449P Appellant) Respondent) .. Assessee by Shri R.C.Jain Revenue by Shri Ram Tiwari Date of Hearing 25/09/2017 Date of Pronouncement 27/09/2017 आदेश / O R D E R PER R.C.SHARMA (A.M): This is an appeal filed by assessee against the order of CIT(A)-20, Mumbai dated 19/11/2016 for A.Y.2012-13 in the matter of order passed u/s.143(3) of the IT Act. 2.…

DCIT, New Delhi vs. M/S. Manpower Group Services India Pvt. Ltd., New Delhi

In the result, both the appeals of the Revenue are dismissed

ITA 5148/DEL/2015[2011-12]Status: DisposedITAT Delhi19 Sept 2017AY 2011-12

Bench: Shri B.P. Jain & Shri Kuldip Singh.

For Appellant: NoneFor Respondent: Shri Arun Kumar Yadav, Sr.DR
Section 14A

…Income Tax, Faridabad Vs. M/s. Lakhani Marketing Inch, 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. Corrtech Energy (P) Ltd. [2014] 223 Taxmann 130 (Guj). The third decision is of the Allahabad High Court in Income Tax Appeal No.88 of 2014, Commissioner of Income Tax (ii) Kanpur, Vs. M…

DCIT, New Delhi vs. M/S. Manpower Group Services India Pvt. Ltd., New Delhi

In the result, both the appeals of the Revenue are dismissed

ITA 5147/DEL/2015[2010-11]Status: DisposedITAT Delhi19 Sept 2017AY 2010-11

Bench: Shri B.P. Jain & Shri Kuldip Singh.

For Appellant: NoneFor Respondent: Shri Arun Kumar Yadav, Sr.DR
Section 14A

…Income Tax, Faridabad Vs. M/s. Lakhani Marketing Inch, 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. Corrtech Energy (P) Ltd. [2014] 223 Taxmann 130 (Guj). The third decision is of the Allahabad High Court in Income Tax Appeal No.88 of 2014, Commissioner of Income Tax (ii) Kanpur, Vs. M…

Pr. Commissioner of Income Tax-04 vs. M/S Il & Fs Energy Development Company Ltd

ITA/520/2017HC Delhi16 Aug 2017

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MS. JUSTICE PRATHIBA M. SINGH

Section 115JSection 14ASection 260

…ITA No. 520/2017 Page 1 of 11 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI 2 + ITA No. 520/2017 PR. COMMISSIONER OF INCOME TAX-04 ..... Appellant Through: Mr. Zoheb Hossain, Senior Standing Counsel with Mr. Rajender Dangwal, Advocate versus IL & FS ENERGY DEVELOPMENT COMPANY LTD .... Respondent Through: None. CORAM: JUSTICE S. MURALIDHAR JUSTICE PRATHIBA M. SINGH O R D E R % 16.…

Reliance Infrastructure Ltd, Mumbai vs. Addl CIT RG 10(1) Now DCIT Cir 14(3)(1), Mumbai

In the result, the appeal of the Revenue is dismissed and that of the assessee is allowed for statistical purposes

ITA 1480/MUM/2015[2010-11]Status: DisposedITAT Mumbai02 Jun 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dy. Commissioner Of Income Tax M/S Reliance Infrastructure 14(3)(1), 453, 4Th Floor, Aayakar Ltd. Bhavan, Mumbai-20 Reliance Energy Centre Vs. Santacruz East, Mumbai- 400055 Pan No. Aaccr7445Q Appellant .. Respondent M/S Reliance Infrastructure Ltd. Dy. Commissioner Of Income Tax Reliance Energy Centre 14(3)(1), 453, 4Th Floor, Aayakar Santacruz East, Mumbai- Vs. Bhavan, Mumbai-20 400055 Pan No. Aaccr7445Q Appellant .. Respondent

Section 143(3)

…hence, no disallowance is required for interest u/s.14A r.w. Rule 8D (2)(i) in view of Bombay High Court decisions in the cases of Reliance Utilities and Power Ltd. 178 Taxman 135, CIT vs. HDFC Bank Ltd. ITA No.330 of 2012 and Winsome Textile Industries Ltd. 319 ITR 204 (P&H). However, the A.O. is directed to disallow 0.5% of the average investment for administrative expense. During appellate proceedings the appellant had filed additional ground stating that disallowance u/s. 14A as per Rule SD should be made considering only those investment on which is tax free income is received during the year. On this issu…

DCIT 14(3)(1), Mumbai vs. Reliance Infrstructure Ltd, Mumbai

In the result, the appeal of the Revenue is dismissed and that of the assessee is allowed for statistical purposes

ITA 1422/MUM/2015[2010-11]Status: DisposedITAT Mumbai02 Jun 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dy. Commissioner Of Income Tax M/S Reliance Infrastructure 14(3)(1), 453, 4Th Floor, Aayakar Ltd. Bhavan, Mumbai-20 Reliance Energy Centre Vs. Santacruz East, Mumbai- 400055 Pan No. Aaccr7445Q Appellant .. Respondent M/S Reliance Infrastructure Ltd. Dy. Commissioner Of Income Tax Reliance Energy Centre 14(3)(1), 453, 4Th Floor, Aayakar Santacruz East, Mumbai- Vs. Bhavan, Mumbai-20 400055 Pan No. Aaccr7445Q Appellant .. Respondent

Section 143(3)

…hence, no disallowance is required for interest u/s.14A r.w. Rule 8D (2)(i) in view of Bombay High Court decisions in the cases of Reliance Utilities and Power Ltd. 178 Taxman 135, CIT vs. HDFC Bank Ltd. ITA No.330 of 2012 and Winsome Textile Industries Ltd. 319 ITR 204 (P&H). However, the A.O. is directed to disallow 0.5% of the average investment for administrative expense. During appellate proceedings the appellant had filed additional ground stating that disallowance u/s. 14A as per Rule SD should be made considering only those investment on which is tax free income is received during the year. On this issu…

DCIT, Faridabad vs. M/S. Richa Holdings Ltd., Faridabad

In the result departmental appeal is dismissed

ITA 555/DEL/2014[2009-10]Status: DisposedITAT Delhi25 May 2017AY 2009-10

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi Assessment Year : 2009-10

For Appellant: Department byFor Respondent: Shri Vijay Kumar Singla, CA
Section 14ASection 8D

…Where it was found that for earning exempted income no expenditure has been incurred , disallowance u/s 14A could not stand. Ld. CIT (A) also relied upon decision of the Punjab & Haryana High Court in the case of CIT vs Winsome Textile Industries Pvt. Ltd. 319 ITR 204 in which it was held as under : “Therefore, it is to ascertained as to whether the assessee has made the investment in purchase of shares out of borrowed funds or invested its own funds. If the assessee has invested its own money in the purchase of shares then there is no question of any disallowance in respect of interest on borrowed funds unde…

Kotak Mahindra Bank Ltd, Mumbai vs. Addl CIT RG 3(2), Mumbai

The appeals of the AO are dismissed

ITA 1929/MUM/2012[2008-09]Status: DisposedITAT Mumbai18 Apr 2017AY 2008-09
For Appellant: F.V. IraniFor Respondent: R P Meena
Section 143(3)Section 254(1)Section 36

…akhani Marketing Incl. [2015] 4 ITR-OL 246 (P&H) (para 15) viii. CIT v. Rajendra Prasad Moody [1978] 115 ITR 519 (SC) (para 10) ix.CIT v.Shivam Motors (P.) Ltd. (ITA No. 88 of 2014 decided on 5-5-2014) (para 15) x. IT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H) (para 15) , xi. Eicher Goodearth Ltd. vs. CIT [2015] 378 ITR 28 (Delhi) (para 14) 5 1929/M/12-Kotak Mahindra Bank Ltd. (+7Appls) xii. Harish Krishnakant Bhatt v. ITA [2005] 278 ITR (AT) 1 (Ahd) (para 10) " xiii. Maxopp Investment Ltd. v. CIT [2012] 347 ITR 272 (Delhi) (para 12) 3.1. In view of the factual matrix and following the aforesa…

ACIT, New Delhi vs. M/S A.K. Services Pvt. Ltd., New Delhi

In the result, the appeals of the assessee are allowed whereas the appeal of the department is dismissed

ITA 5616/DEL/2013[2008-09]Status: DisposedITAT Delhi20 Mar 2017AY 2008-09

Bench: Sh. N. K. Saini, Am & Sh. Sudhanshu Srivastava, Jm Ita No. 4987/Del/2013 : Asstt. Year : 2006-07 Ita No. 4988/Del/2013 : Asstt. Year : 2007-08 Ita No. 4989/Del/2013 : Asstt. Year : 2008-09 A. K. Services Pvt. Ltd., Vs Deputy Commissioner Of Income Flat No. N, Sagar Apartment, 6, Tax, Central Circle-20, Tilak Marg, New Delhi-110001 New Delhi (Appellant) (Respondent) Pan No. Aabca1591L Ita No. 5616/Del/2013 : Asstt. Year : 2008-09 Deputy Commissioner Of Income Vs A. K. Services Pvt. Ltd., Tax, Central Circle-20, Flat No. N, Sagar Apartment, 6, New Delhi Tilak Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabca1591L Assessee By : Sh. Ved Jain, Adv., Sh. Ashish Chadha & Sh. Ashish Goel, Ca Revenue By : Sh. Ravi Jain, Cit Dr Date Of Hearing : 10.02.2017 Date Of Pronouncement : 20.03.2017 Order Per N. K. Saini, Am:

For Appellant: Sh. Ved Jain, Adv., Sh. Ashish Chadha &For Respondent: Sh. Ravi Jain, CIT DR
Section 132Section 133ASection 14ASection 153ASection 271(1)(c)Section 48

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’, NEW DELHI Before Sh. N. K. Saini, AM and Sh. Sudhanshu Srivastava, JM ITA No. 4987/Del/2013 : Asstt. Year : 2006-07 ITA No. 4988/Del/2013 : Asstt. Year : 2007-08 ITA No. 4989/Del/2013 : Asstt. Year : 2008-09 A. K. Services Pvt. Ltd., Vs Deputy Commissioner of Income Flat No. N, Sagar Apartment, 6, Tax, Central Circle-20, Tilak Marg, New Delhi-110001 New Delhi (APPELLANT) (RESPONDENT) PAN No. AABCA1591L ITA No. 5616/Del/2013 : Asstt. Year : 2008-09 Deputy Commissioner of Income Vs A. K. Services Pvt. Ltd., Tax, Central Circle-20, Flat No. N, Sagar Apartment…

M/S A.K. Services Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessee are allowed whereas the appeal of the department is dismissed

ITA 4987/DEL/2013[2006-07]Status: DisposedITAT Delhi20 Mar 2017AY 2006-07

Bench: Sh. N. K. Saini, Am & Sh. Sudhanshu Srivastava, Jm Ita No. 4987/Del/2013 : Asstt. Year : 2006-07 Ita No. 4988/Del/2013 : Asstt. Year : 2007-08 Ita No. 4989/Del/2013 : Asstt. Year : 2008-09 A. K. Services Pvt. Ltd., Vs Deputy Commissioner Of Income Flat No. N, Sagar Apartment, 6, Tax, Central Circle-20, Tilak Marg, New Delhi-110001 New Delhi (Appellant) (Respondent) Pan No. Aabca1591L Ita No. 5616/Del/2013 : Asstt. Year : 2008-09 Deputy Commissioner Of Income Vs A. K. Services Pvt. Ltd., Tax, Central Circle-20, Flat No. N, Sagar Apartment, 6, New Delhi Tilak Marg, New Delhi-110001 (Appellant) (Respondent) Pan No. Aabca1591L Assessee By : Sh. Ved Jain, Adv., Sh. Ashish Chadha & Sh. Ashish Goel, Ca Revenue By : Sh. Ravi Jain, Cit Dr Date Of Hearing : 10.02.2017 Date Of Pronouncement : 20.03.2017 Order Per N. K. Saini, Am:

For Appellant: Sh. Ved Jain, Adv., Sh. Ashish Chadha &For Respondent: Sh. Ravi Jain, CIT DR
Section 132Section 133ASection 14ASection 153ASection 271(1)(c)Section 48

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’, NEW DELHI Before Sh. N. K. Saini, AM and Sh. Sudhanshu Srivastava, JM ITA No. 4987/Del/2013 : Asstt. Year : 2006-07 ITA No. 4988/Del/2013 : Asstt. Year : 2007-08 ITA No. 4989/Del/2013 : Asstt. Year : 2008-09 A. K. Services Pvt. Ltd., Vs Deputy Commissioner of Income Flat No. N, Sagar Apartment, 6, Tax, Central Circle-20, Tilak Marg, New Delhi-110001 New Delhi (APPELLANT) (RESPONDENT) PAN No. AABCA1591L ITA No. 5616/Del/2013 : Asstt. Year : 2008-09 Deputy Commissioner of Income Vs A. K. Services Pvt. Ltd., Tax, Central Circle-20, Flat No. N, Sagar Apartment…

M/S Kalyani Barter (P) Ltd., Kolkata vs. The ITO, WD-2(3), Kolkata

In the result the assessee’s appeal is dismissed and the revenue’s appeal is partly allowed

ITA 681/KOL/2015[2010-2011]Status: DisposedITAT Kolkata03 Mar 2017AY 2010-2011

Bench: Hon’Ble Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

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

…e exempt dividend income which is earned on shares held as stock-in-trade and not investment. The ld. counsel for the assessee also cited the decision of the Hon’ble Punjab & Haryana High Court in the case of CIT v. Winsom Textile Industries Ltd. reported in 319 ITR 204 wherein it was held that section 14A of the Act could not apply when the assessee had not made any claim for exemption of divided income in its income tax return. Without prejudice to his main argument and as an alternative, the ld. counsel for the assessee contended that the disallowance under section 14A has been wrongly worked out by the Asse…

Videocon Industries Ltd, Mumbai vs. DCIT RG 3(3)(2), Mumbai

In the result assessee’s appeal is partly allowed

ITA 1310/MUM/2016[2011-12]Status: DisposedITAT Mumbai24 Feb 2017AY 2011-12

Bench: Shri R.C. Sharma & Shri Amit Shuklaassessment Year: 2011-12

For Appellant: Shri Arvind Sonde, A.RFor Respondent: Shri N.K. Chand, D.R
Section 115JSection 143(3)Section 144C(5)Section 14ASection 234BSection 271(1)(c)

…vs. Corrtech Energy Pvt. Ltd 223 Taxman 130 (Gujarat HC); iv) CIT (11) Kanpur vs. M/s. Shivam Motors (P) Ltd. 272 CTR 277 (Allahabad HC); v) CIT v. Lakhani Marketing lnc. [2014] 272 CTR 265 (Punjab and Haryana HC); vi.) CIT vs. Winsome Textile Industries Ltd. 319 ITR 204 (Punjab and Haryana HC); vii) CIT-IV vs. Holcim India Private Limited ITA No. 486/2014 & ITA No. 299/2014] (Mumbai ITAT) viii) Avshesh Mercantile P. Ltd. vs. ACIT [ITA No. 5779/Mum/2006] 148 TTJ 607 ix) Jindal Steel & Alloys Ltd. vs. ACIT [ITA No. 9611Mum/2009] Mumbai ITAT) 15 M/s. Videcon Industries Ltd. x) ACIT vs. Lafarge India Holdings Pvt.…

Priya Ltd., Mumbai vs. DCIT (OSD), Cir 2(3), Mumbai

The appeal of the assessee is disposed off in terms indicated hereinabove and the appeal of the Revenue is dismissed

ITA 3231/MUM/2015[2010-11]Status: DisposedITAT Mumbai21 Feb 2017AY 2010-11

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2010-11 Priya Ltd. Dcit(Osd), Circle-2(3), 209-210, Kimatraj Building बनाम/ R. No. 552, 5Th Floor, 02 Floor, 77/79 Vs. Aayakar Bhavan, M.K.Road, M.K. Road, Mumbai-400020 Mumbai-400002 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacp2210Q Assessment Year: 2010-11 Dcit(Osd), Priya Ltd. 209-210, Kimatraj Building Circle-2(3), बनाम/ 02 Floor, 77/79 R. No. 552, 5Th Floor, Vs. M.K. Road, Aayakar Bhavan, M.K.Road, Mumbai-400002 Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aaacp2210Q

Section 10(33)Section 143(3)Section 14ASection 260A

…l. (decision dated 2nd April 2014 of the High Court of Punjab and Haryana in ITA No. 970/2008) which in turn referred to two earlier decisions of the same Court 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…

Lakhani Shoee Co. Pvt. Ltd vs. ACIT, Alwar

In the result, appeal of the assessee in ITA No

ITA 854/JPR/2016[2012-13]Status: DisposedITAT Jaipur20 Feb 2017AY 2012-13
For Appellant: Shri S.C. Vasudeva (C.A)For Respondent: Shri S.L. Chandel (Addl.CIT)
Section 143(3)Section 14A

…rcle-I (2) Chennai v. M. Baskaran (2014) 50 taxmann.com 138 (Chennai –Trib.) 5. Cheminvest Ltd. V. Commissioner of Income-tax (2015) 378 ITR 33 (Delhi). 6. CIT IV vs. Holcim India P. Ltd. (57 taxmann.com 28) (Delhi) 7. CIT vs. Winsome Textile Industries Ltd. (319 ITR 204) (P&H) 8. CIT – I vs. Corrtech Energy (P) Ltd. (2014) 45 taxmann.com 116 (Gujarat) 9. CIT vs. Shivam Motors (P) Ltd. (2015) 55 taxmann.com 262 (Allahabad).” 5. Per contra Ld. D/R opposed the submissions, and supported the order of authorities below. 6. We have heard the rival contentions, perused the material available on record and gone throu…

Aishwarya Rai Bachchan, Mumbai vs. DCIT Cen Cir 2, Mumbai

In the result, appeals of the Revenue are dismissed, whereas appeal of assessee is allowed for statistical purposes

ITA 3873/MUM/2013[2004-05]Status: DisposedITAT Mumbai18 Jan 2017AY 2004-05

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm

Section 143(1)Section 143(2)Section 143(3)Section 154Section 220(2)Section 44ASection 80RSection 90Section 94(7)

…ss Ltd. (ITAT Delhi) -In the absence of anything brought by the AO to rebut the assessee's stand that the investment in the tax free bonds had been made out of the own funds, no disallowance u/s.14A could be made. vii. CIT v Winsome Textile Industries Limited 319 ITR 204, the court decided that when shares were acquired by way of own fund and no interest incurred as there was no borrowed fund, then there cannot be any disallowance under section 14A of the Income Tax Act, 1961. viii. Rajasthan State Warehousing Corp. vs. CIT [242 ITR 450 (2000), the Supreme Court reversing the decision of the High Court held that…

DCIT CC 2, Mumbai vs. Aishwarya Rai Bachchan, Mumbai

In the result, appeals of the Revenue are dismissed, whereas appeal of assessee is allowed for statistical purposes

ITA 3816/MUM/2013[2009-10]Status: DisposedITAT Mumbai18 Jan 2017AY 2009-10

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm

Section 143(1)Section 143(2)Section 143(3)Section 154Section 220(2)Section 44ASection 80RSection 90Section 94(7)

…ss Ltd. (ITAT Delhi) -In the absence of anything brought by the AO to rebut the assessee's stand that the investment in the tax free bonds had been made out of the own funds, no disallowance u/s.14A could be made. vii. CIT v Winsome Textile Industries Limited 319 ITR 204, the court decided that when shares were acquired by way of own fund and no interest incurred as there was no borrowed fund, then there cannot be any disallowance under section 14A of the Income Tax Act, 1961. viii. Rajasthan State Warehousing Corp. vs. CIT [242 ITR 450 (2000), the Supreme Court reversing the decision of the High Court held that…

DCIT CC 2, Mumbai vs. Aishwarya Rai Bachchan, Mumbai

In the result, appeals of the Revenue are dismissed, whereas appeal of assessee is allowed for statistical purposes

ITA 3815/MUM/2013[2007-08]Status: DisposedITAT Mumbai18 Jan 2017AY 2007-08

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm

Section 143(1)Section 143(2)Section 143(3)Section 154Section 220(2)Section 44ASection 80RSection 90Section 94(7)

…ss Ltd. (ITAT Delhi) -In the absence of anything brought by the AO to rebut the assessee's stand that the investment in the tax free bonds had been made out of the own funds, no disallowance u/s.14A could be made. vii. CIT v Winsome Textile Industries Limited 319 ITR 204, the court decided that when shares were acquired by way of own fund and no interest incurred as there was no borrowed fund, then there cannot be any disallowance under section 14A of the Income Tax Act, 1961. viii. Rajasthan State Warehousing Corp. vs. CIT [242 ITR 450 (2000), the Supreme Court reversing the decision of the High Court held that…