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 366,470 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.

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

…r. The ld. AR submitted that when the investment is made out of own funds and surplus funds, then no disallowance can be made u/s 14A of the Act and for this proposition he placed reliance on the following case laws: 1. CIT vs. Winsome Textile Industries Ltd. 319 ITR 204 (P&H); 2. CIT vs. Metal Man Auto Pvt. Ltd. 336 ITR 434 (P&H); 3. CIT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del…

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

…r. The ld. AR submitted that when the investment is made out of own funds and surplus funds, then no disallowance can be made u/s 14A of the Act and for this proposition he placed reliance on the following case laws: 1. CIT vs. Winsome Textile Industries Ltd. 319 ITR 204 (P&H); 2. CIT vs. Metal Man Auto Pvt. Ltd. 336 ITR 434 (P&H); 3. CIT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del…

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

…r. The ld. AR submitted that when the investment is made out of own funds and surplus funds, then no disallowance can be made u/s 14A of the Act and for this proposition he placed reliance on the following case laws: 1. CIT vs. Winsome Textile Industries Ltd. 319 ITR 204 (P&H); 2. CIT vs. Metal Man Auto Pvt. Ltd. 336 ITR 434 (P&H); 3. CIT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del…

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

…r. The ld. AR submitted that when the investment is made out of own funds and surplus funds, then no disallowance can be made u/s 14A of the Act and for this proposition he placed reliance on the following case laws: 1. CIT vs. Winsome Textile Industries Ltd. 319 ITR 204 (P&H); 2. CIT vs. Metal Man Auto Pvt. Ltd. 336 ITR 434 (P&H); 3. CIT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del…

DCIT 3(2), Mumbai vs. Indiabulls Wholesale Services Ltd, Mumbai

In the result the appeals of the revenue stand dismissed and the appeal of the assessee is allowed

ITA 6081/MUM/2014[2010-11]Status: DisposedITAT Mumbai30 Jun 2016AY 2010-11

Bench: Shri Shailendra Kumar Yadav, Jm & Shri Rajesh Kumar, Am आयकर अपीऱ सं./I.T.A. No.1165/Mum/2014 (ननधधारण वषा / Assessment Year : 2008-09) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Retail Service Ltd, Tax-7(1), Room No.622, (Formerly Knows As Pyramid Vs. Aayakar Bhavan, Retails Ltd, Now Known As M K Road, M/S Store One Retails India Mumbai-400020 (Ltd),11Th Floor, Indiabulls Finance Centre, Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aadcp5164C आयकर अपीऱ सं./I.T.A. No.5732/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) बनधम/ M/S Indiabulls Wholesale Dy.Commissioner Of Income Tax- 3(2), Services Ltd, Vs. Aayakar Bhavan, M-62 & 63, 1St Floor, M K Road, Connaught Place, Mumbai-400020 New Delhi-110001 आयकर अपीऱ सं./I.T.A. No.6081/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Wholesale Tax-3(2), Services Ltd, Vs. Room No.674, 6Th Floor, 14Th Floor, Aayakar Bhavan, Indiabulls Finance Centre, M K Road, Tower No.1, Plot No.612-613, Mumbai-400020 Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aabci7129N अपीऱार्थी ओर से / Revenue By Shri Javed Akhatar प्रत्यर्थी की ओर से/ Assessee By S/Shri Jitendra Sangvi & Amit Khatiwalla

Section 143(1)Section 143(2)Section 143(3)Section 14ASection 56Section 57

…der section 14A could not be made - Held, yes [Para 10] [In favour of assessee]” 27 1165/Mum/2014 and others two appeals In the case of ACIT V/s Mr.M.Baskaran the Tribunal has held as under : “11. In the case of CIT v. Winsome Textiler Industries Ltd. [2009] 319 ITR 204, the Hon'ble Punjab & Haryana High Court held that when there is no claim for exemption of income in such situation section 14A has no application. Respectfully following the above decisions, we delete the disallowance made under section 14A as the assessee has not earned / received for exempt income during the previous year relevant to the asses…

Indiabulls Wholesale Services Ltd, New Delhi vs. DCIT Cir 3(2), Mumbai

In the result the appeals of the revenue stand dismissed and the appeal of the assessee is allowed

ITA 5732/MUM/2014[2010-11]Status: DisposedITAT Mumbai30 Jun 2016AY 2010-11

Bench: Shri Shailendra Kumar Yadav, Jm & Shri Rajesh Kumar, Am आयकर अपीऱ सं./I.T.A. No.1165/Mum/2014 (ननधधारण वषा / Assessment Year : 2008-09) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Retail Service Ltd, Tax-7(1), Room No.622, (Formerly Knows As Pyramid Vs. Aayakar Bhavan, Retails Ltd, Now Known As M K Road, M/S Store One Retails India Mumbai-400020 (Ltd),11Th Floor, Indiabulls Finance Centre, Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aadcp5164C आयकर अपीऱ सं./I.T.A. No.5732/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) बनधम/ M/S Indiabulls Wholesale Dy.Commissioner Of Income Tax- 3(2), Services Ltd, Vs. Aayakar Bhavan, M-62 & 63, 1St Floor, M K Road, Connaught Place, Mumbai-400020 New Delhi-110001 आयकर अपीऱ सं./I.T.A. No.6081/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Wholesale Tax-3(2), Services Ltd, Vs. Room No.674, 6Th Floor, 14Th Floor, Aayakar Bhavan, Indiabulls Finance Centre, M K Road, Tower No.1, Plot No.612-613, Mumbai-400020 Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aabci7129N अपीऱार्थी ओर से / Revenue By Shri Javed Akhatar प्रत्यर्थी की ओर से/ Assessee By S/Shri Jitendra Sangvi & Amit Khatiwalla

Section 143(1)Section 143(2)Section 143(3)Section 14ASection 56Section 57

…der section 14A could not be made - Held, yes [Para 10] [In favour of assessee]” 27 1165/Mum/2014 and others two appeals In the case of ACIT V/s Mr.M.Baskaran the Tribunal has held as under : “11. In the case of CIT v. Winsome Textiler Industries Ltd. [2009] 319 ITR 204, the Hon'ble Punjab & Haryana High Court held that when there is no claim for exemption of income in such situation section 14A has no application. Respectfully following the above decisions, we delete the disallowance made under section 14A as the assessee has not earned / received for exempt income during the previous year relevant to the asses…

DCIT Cir 7(1), Mumbai vs. Indiabulls Retail Service Ltd, Mumbai

In the result the appeals of the revenue stand dismissed and the appeal of the assessee is allowed

ITA 1165/MUM/2014[2008-09]Status: DisposedITAT Mumbai30 Jun 2016AY 2008-09

Bench: Shri Shailendra Kumar Yadav, Jm & Shri Rajesh Kumar, Am आयकर अपीऱ सं./I.T.A. No.1165/Mum/2014 (ननधधारण वषा / Assessment Year : 2008-09) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Retail Service Ltd, Tax-7(1), Room No.622, (Formerly Knows As Pyramid Vs. Aayakar Bhavan, Retails Ltd, Now Known As M K Road, M/S Store One Retails India Mumbai-400020 (Ltd),11Th Floor, Indiabulls Finance Centre, Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aadcp5164C आयकर अपीऱ सं./I.T.A. No.5732/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) बनधम/ M/S Indiabulls Wholesale Dy.Commissioner Of Income Tax- 3(2), Services Ltd, Vs. Aayakar Bhavan, M-62 & 63, 1St Floor, M K Road, Connaught Place, Mumbai-400020 New Delhi-110001 आयकर अपीऱ सं./I.T.A. No.6081/Mum/2014 (ननधधारण वषा / Assessment Year : 2010-11) Dy.Commissioner Of Income बनधम/ M/S Indiabulls Wholesale Tax-3(2), Services Ltd, Vs. Room No.674, 6Th Floor, 14Th Floor, Aayakar Bhavan, Indiabulls Finance Centre, M K Road, Tower No.1, Plot No.612-613, Mumbai-400020 Elibhinstone Road (W), Mumbai-400013 स्थधयी ऱेखध सं./ Pan : Aabci7129N अपीऱार्थी ओर से / Revenue By Shri Javed Akhatar प्रत्यर्थी की ओर से/ Assessee By S/Shri Jitendra Sangvi & Amit Khatiwalla

Section 143(1)Section 143(2)Section 143(3)Section 14ASection 56Section 57

…der section 14A could not be made - Held, yes [Para 10] [In favour of assessee]” 27 1165/Mum/2014 and others two appeals In the case of ACIT V/s Mr.M.Baskaran the Tribunal has held as under : “11. In the case of CIT v. Winsome Textiler Industries Ltd. [2009] 319 ITR 204, the Hon'ble Punjab & Haryana High Court held that when there is no claim for exemption of income in such situation section 14A has no application. Respectfully following the above decisions, we delete the disallowance made under section 14A as the assessee has not earned / received for exempt income during the previous year relevant to the asses…

Texmo Industries, Coimbatore vs. ACIT, Coimbatore

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

ITA 320/CHNY/2016[2010-2011]Status: DisposedITAT Chennai14 Jun 2016AY 2010-2011

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri. A. Dhananjayan, C.AFor Respondent: Shri. P. Radhakrishnan, IRS, JCIT
Section 143(2)Section 143(3)Section 14ASection 154Section 80I

….03.2010 being "132.77 and filed copy of Audited Balance sheet and relied on the judicial decisions:- ITA No. 320/16. :- 4 -: (i) CIT vs. L and T Infrastructure Development Projects Ltd (2013) 357 ITR 763 (Mad). (ii) CIT vs. Winsome Textile Industries Ltd 319 ITR 204 (P& H) (iii) Director of Income Tax (IT)-II vs. BNP Paribas SA- 32 Taxmann.com 276 (Bombay) (iv) Munjal Sales Corporation vs. CIT (2008) 168 Taxman 43 (SC). (v) Asst. CIT vs Keshav Shares & Stocks Ltd in ITA No.4394/Del/2011, decided on 26.04.2013. The ld. Authorised Representative further argued that the assessee has used borrowed funds for reg…

Shri Suresh Verma, Delhi vs. ACIT, New Delhi

In the result, the appeal of the assessee is allowed

ITA 1152/DEL/2013[2010-11]Status: DisposedITAT Delhi14 Jun 2016AY 2010-11
Section 132Section 133ASection 143Section 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. 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…

Saurashtra Fuels P.Ltd, Mumbai vs. DCIT Cir 3(3), Mumbai

In the result, assessee appeal in ITA No 7274/Mum/2012 for assessment year 2009-10 is partly allowed

ITA 7273/MUM/2012[2007-08]Status: DisposedITAT Mumbai06 Jun 2016AY 2007-08

Bench: Shri Saktijit Dey & Shri Ramit Kochar

For Respondent: Shri Ritesh Mishra(D.R.)
Section 143(2)Section 143(3)Section 14ASection 80M

…in support of its contentions: a) DCIT v. Maharashtra Seamless Limited 138 TTJ 244(Del) b) Yatish Trading Company Private Limited v. ACIT 129 ITD 237(Mum.) c) G.D.Metsteel Private Limited v. ACIT 47 SOT 62(Mum.) d) CIT v. Winsome Textiles Industries Limited 319 ITR 204(P&H HC) e) CIT v. Hero Cycles 323 ITR 518(P&H) f) Voltas Limited v. JCIT 125 TTJ 601(Mum.) g) K.J.Arora v. DCIT 180 Taxman 131(Del.) h) Dishman Pharmaceuticals & Chemicals Limited v. DCIT 45 SOT 37(Ahd.) i) ACIT v. Delite Enterprises Private Limited 135 TTJ 663(Mum.) j) Godrej and Boyce Manufacturing Company Limited 328 ITR 81 (Bom.) The assesse…

Red Chillies Entertainment P.Ltd, Mumbai vs. ACIT Cen Cir 29, Mumbai

In the result, assessee’s appeal for A

ITA 5271/MUM/2013[2010-11]Status: DisposedITAT Mumbai31 May 2016AY 2010-11

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

For Appellant: Shri Hiru RaiFor Respondent: Shri B.S. Bist

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER ITA no.5271/Mum./2013 (Assessment Year : 2010–11) Red Chillies Entertainment Pvt. Ltd. Plot no.612, Junction of Ram Krishna Mission Road & 15th Cross Road ……………. Appellant Santacruz (W), Mumbai 400 054 PAN – AACCR2518P v/s Asstt. Commissioner of Income Tax Central Circle–29, Aayakar Bhawan ……………. Respondent 101, M.K. Road, Mumbai 400 020 ITA no.1577/Mum./2013 (Assessment Year : 2009–10) Red Chillies Entertainment Pvt. Ltd. Plot no.612, Junction of Ram Krishna Mission Road &…

Gvn Fuels Limited, Howrah vs. D.C.I.T., Circle - I, Kolkata

In the result, the grounds of appeal of assessee are partly allowed for statistical purposes

ITA 2278/KOL/2013[]Status: DisposedITAT Kolkata25 May 2016

Bench: Shri N. V. Vasudevan, Jm & Shri M. Balaganesh, Am]

For Appellant: Shri Sunil Surana, FCAFor Respondent: Md. Ghayas Uddin Ansari, JCIT, Sr. DR
Section 143(1)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…

Premier Finance & Trading Co. Ltd, Mumbai vs. ACIT Cir 7(1), Mumbai

ITA 2862/MUM/2013[2008-09]Status: DisposedITAT Mumbai25 May 2016AY 2008-09
For Appellant: S/Shri Sandeep Jhanwar and Hitendra Bhandari –AR.sFor Respondent: Shri Sanjay Bare-DR
Section 254(1)Section 36Section 36(1)(iii)Section 37(1)

…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) 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 aforesaid decision from Hon’ble Delhi High Court and in…

PAN India Network Infravest P.Ltd, Mumbai vs. DCIT Cir 7(1), Mumbai

The appeal of the assessee stands allowed

ITA 4170/MUM/2013[2009-10]Status: DisposedITAT Mumbai11 May 2016AY 2009-10
For Appellant: Shri Niraj Seth-ARFor Respondent: Shri Love Kumar-DR
Section 143(3)Section 14ASection 254(1)

…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) 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 aforesaid decision from Hon’ble Delhi High Court and in…

DCIT 7(1), Mumbai vs. PAN India Network Infravest P.Ltd, Mumbai

The appeal of the assessee stands allowed

ITA 3378/MUM/2013[2009-10]Status: DisposedITAT Mumbai11 May 2016AY 2009-10
For Appellant: Shri Niraj Seth-ARFor Respondent: Shri Love Kumar-DR
Section 143(3)Section 14ASection 254(1)

…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) 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 aforesaid decision from Hon’ble Delhi High Court and in…

DCIT, Chennai vs. Cholamandalam Investment and Finance Company Limited, Chennai

In the result, the appeal of the Revenue in ITA

ITA 1431/CHNY/2014[2001-02]Status: DisposedITAT Chennai28 Apr 2016AY 2001-02

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri. Milind S. Kothari, C.AFor Respondent: Shri. Madhukar Bhusari, CIT
Section 139Section 139(5)Section 143(1)Section 143(2)Section 143(3)Section 147Section 148

…in investment pattern. The ld. Counsel argued that the income from investments which yield taxable income and offered to tax shall be excluded for the purpose and relied on the following judicial decisions. (i) CIT vs. Winsometextile Industries Ltd (2009)319 ITR 204 (P & H) (ii) DCIT vs. Maharashtra Seamless Ltd (2011) 48 SOT 160 (Del) ITA No. 1180, 1181 & others :- 42 -: and ld. Authorised Representative drew attention to the Schedule XIV of profit and loss account at page 14 of Annual Report wereas as per schedule the assessee has received dividend income of "4.12 lakhs whereas disallowance made by…

Cholamandalam Investment and Finance Company Limited, Chennai vs. ACIT, Chennai

In the result, the appeal of the Revenue in ITA

ITA 1180/CHNY/2014[2005-06]Status: DisposedITAT Chennai28 Apr 2016AY 2005-06

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri. Milind S. Kothari, C.AFor Respondent: Shri. Madhukar Bhusari, CIT
Section 139Section 139(5)Section 143(1)Section 143(2)Section 143(3)Section 147Section 148

…in investment pattern. The ld. Counsel argued that the income from investments which yield taxable income and offered to tax shall be excluded for the purpose and relied on the following judicial decisions. (i) CIT vs. Winsometextile Industries Ltd (2009)319 ITR 204 (P & H) (ii) DCIT vs. Maharashtra Seamless Ltd (2011) 48 SOT 160 (Del) ITA No. 1180, 1181 & others :- 42 -: and ld. Authorised Representative drew attention to the Schedule XIV of profit and loss account at page 14 of Annual Report wereas as per schedule the assessee has received dividend income of "4.12 lakhs whereas disallowance made by…

DCIT Cir 3(1), Mumbai vs. Gateway Distriparks Ltd, Mumbai

The appeal of the Revenue is dismissed

ITA 5746/MUM/2013[2010-11]Status: DisposedITAT Mumbai07 Apr 2016AY 2010-11

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2010-11 Dcit, M/S Gateway Distriparks Circle-3(1), Ltd. B 1/3, Emca House बनाम/ Room No.607, 6Th Floor, Sahid Bhagatsingh Marg, Vs. Aayakar Bhavan, Mumbai- Mumbai-400020 Pan No.Aaacg3425C (राज"व /Revenue) (""यथ"/Respondent)

Section 80I

…hani 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) 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) I. T. A. No. 749 of 2014. 3.1. In view of the factual matrix and following the aforesaid decision from Hon’ble…

DCIT Cir 3(3)(1), Mumbai vs. Siro Clinpharm P.Ltd, Mumbai

In the result, appeal of the Assessing Officer is dismissed

ITA 1493/MUM/2015[2010-11]Status: DisposedITAT Mumbai31 Mar 2016AY 2010-11
Section 144Section 14ASection 92C(3)

…e assessee. When there is no income in the hands of the assessee, which is exempt from tax, there cannot be any occasion to make disallowance under section 14A. This was so held by Hon’ble Delhi High Court in the case of CIT vs. Winsome Textile Industries Ltd 319 ITR 204 (P&H), which has been followed by many other Hon’ble High Courts as well, such as Hon’ble Gujarat High Court in the case of CIT Vs Corrtech Energy Pvt Ltd [(2015) 372 ITR 97 (Guj) and by Hon’ble Delhi High Court in the case of Cheminvest Ltd Vs CIT [(2015) 378 ITR 33 (Del)]. Respectfully following the views of Hon’ble Courts above, we uphold the…

Siro Clinpharm P.Ltd, Mumbai vs. DCIT RG 3(3)(1), Mumbai

In the result, appeal of the Assessing Officer is dismissed

ITA 1269/MUM/2015[2010-11]Status: DisposedITAT Mumbai31 Mar 2016AY 2010-11
Section 144Section 14ASection 92C(3)

…e assessee. When there is no income in the hands of the assessee, which is exempt from tax, there cannot be any occasion to make disallowance under section 14A. This was so held by Hon’ble Delhi High Court in the case of CIT vs. Winsome Textile Industries Ltd 319 ITR 204 (P&H), which has been followed by many other Hon’ble High Courts as well, such as Hon’ble Gujarat High Court in the case of CIT Vs Corrtech Energy Pvt Ltd [(2015) 372 ITR 97 (Guj) and by Hon’ble Delhi High Court in the case of Cheminvest Ltd Vs CIT [(2015) 378 ITR 33 (Del)]. Respectfully following the views of Hon’ble Courts above, we uphold the…