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 Central Circle-31, New Delhi vs. Bhilwara Energy Ltd., New Delhi

In the result, all the above captioned appeals of the Revenue are dismissed

ITA 5938/DEL/2019[2017-18]Status: DisposedITAT Delhi02 Aug 2022AY 2017-18

Bench: Shri Challa Nagendra Prasad & Shri Pradip Kumar Kedia

For Appellant: Shri P.K. Jain, CAFor Respondent: Shri Amaresh Singh, CIT-DR
Section 14ASection 153A

…ncome Tax, Faridabad Vs. M/s. Lakhani Marketing Incl, IT A 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 1TR 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…

DCIT Central Circle-31, New Delhi vs. Bhilwara Energy Ltd., New Delhi

In the result, all the above captioned appeals of the Revenue are dismissed

ITA 5937/DEL/2019[2016-17]Status: DisposedITAT Delhi02 Aug 2022AY 2016-17

Bench: Shri Challa Nagendra Prasad & Shri Pradip Kumar Kedia

For Appellant: Shri P.K. Jain, CAFor Respondent: Shri Amaresh Singh, CIT-DR
Section 14ASection 153A

…ncome Tax, Faridabad Vs. M/s. Lakhani Marketing Incl, IT A 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 1TR 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…

DCIT Central Circle-31, New Delhi vs. Bhilwara Energy Ltd., New Delhi

In the result, all the above captioned appeals of the Revenue are dismissed

ITA 5936/DEL/2019[2015-16]Status: DisposedITAT Delhi02 Aug 2022AY 2015-16

Bench: Shri Challa Nagendra Prasad & Shri Pradip Kumar Kedia

For Appellant: Shri P.K. Jain, CAFor Respondent: Shri Amaresh Singh, CIT-DR
Section 14ASection 153A

…ncome Tax, Faridabad Vs. M/s. Lakhani Marketing Incl, IT A 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 1TR 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…

DCIT Central Circle-31, New Delhi vs. Bhilwara Energy Ltd., New Delhi

In the result, all the above captioned appeals of the Revenue are dismissed

ITA 5935/DEL/2019[2014-15]Status: DisposedITAT Delhi02 Aug 2022AY 2014-15

Bench: Shri Challa Nagendra Prasad & Shri Pradip Kumar Kedia

For Appellant: Shri P.K. Jain, CAFor Respondent: Shri Amaresh Singh, CIT-DR
Section 14ASection 153A

…ncome Tax, Faridabad Vs. M/s. Lakhani Marketing Incl, IT A 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 1TR 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/S. Atria Convergence Technologies Limited, Bangalore vs. Assistant Commissioner of Income Tax, Special Range- 1, Bangalore

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

ITA 2475/BANG/2019[2011-12]Status: DisposedITAT Bangalore18 Jul 2022AY 2011-12

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy Sassessment Year : 2011-12

For Appellant: Shri Aliasger Rampurwala, CAFor Respondent: Shri T. Roumuan Paite, CIT(DR)(ITAT), Bengaluru
Section 143(2)Section 14ASection 194JSection 40

…Income Tax, Faridabad v. 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 v. 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 v. 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, v. M/…

JCIT (OSD) Circle- 12(2), New Delhi vs. International Hospital Ltd. (Before Amalgamation M/S Escorts Hospital and Research Centre Ltd), New Delhi

Accordingly, the grounds raised are not sustainable; the appeal of Revenue is dismissed

ITA 5232/DEL/2019[2013-14]Status: DisposedITAT Delhi12 Jul 2022AY 2013-14

Bench: Sh. Shamim Yahya & Sh. Anubhav Sharmajcit (Osd), Vs. M/S. International Hospital Ltd. Circle-12(2) (Before Amalgamation Known As New Delhi M/S. Escorts Hospital & Research Centre Ltd.) Okhla Road, Pan : Aaaci9792A New Delhi-110025 (Appellant) (Respondent)

Section 143(3)Section 14ASection 36Section 36(1)(iii)

…/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. ITA 725-2018 Page 6 of 12 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…

Radhe Renewable Energy Development Pvt Ltd, Rajkot vs. The PCIT, Rajkot-1, Rajkot

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

ITA 110/RJT/2022[2017-18]Status: HeardITAT Rajkot08 Jul 2022AY 2017-18

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

For Appellant: Shri Sanjeev Jain, CIT. D.RFor Respondent: Shri Mehul Ranpura, A.R
Section 143(3)Section 263

…as on this basis that the tribunal held that disallowance under section 14A of the Act could not be made. In the process tribunal relied on the decision of Division Bench of Punjab and Haryana High Court in case of CIT v Winsome Textile Industries Ltd. [2009] 319 ITR 204 in which also the Court had observed as under : "7. We do not find any merit in this submission. The judgement of this court in Abhishek Industries Ltd (2006) 286 ITR 1 was on the issue of allowability of interest paid on loans given to sister concerns, without interest. It was held that deduction for interest was permissible when loan was taken…

The Deputy Commr. Income Tax, Circle-1(2), Rajkot vs. M/S Radhe Renewable Energy Development Pvt. Ltd., Rajkot

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

ITA 322/RJT/2017[2012-13]Status: HeardITAT Rajkot08 Jul 2022AY 2012-13

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

For Appellant: Shri Sanjeev Jain, CIT. D.RFor Respondent: Shri Mehul Ranpura, A.R
Section 143(3)Section 263

…as on this basis that the tribunal held that disallowance under section 14A of the Act could not be made. In the process tribunal relied on the decision of Division Bench of Punjab and Haryana High Court in case of CIT v Winsome Textile Industries Ltd. [2009] 319 ITR 204 in which also the Court had observed as under : "7. We do not find any merit in this submission. The judgement of this court in Abhishek Industries Ltd (2006) 286 ITR 1 was on the issue of allowability of interest paid on loans given to sister concerns, without interest. It was held that deduction for interest was permissible when loan was taken…

The Dy. Commr. of Income Tax, Circle-1(1), Rajkot-Gujarat vs. M/S. Radhe Renewable Energy Developement Pvt. Ltd., Rajkot-Gujarat

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

ITA 156/RJT/2015[2011-12]Status: DisposedITAT Rajkot08 Jul 2022AY 2011-12

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

For Appellant: Shri Sanjeev Jain, CIT. D.RFor Respondent: Shri Mehul Ranpura, A.R
Section 143(3)Section 263

…as on this basis that the tribunal held that disallowance under section 14A of the Act could not be made. In the process tribunal relied on the decision of Division Bench of Punjab and Haryana High Court in case of CIT v Winsome Textile Industries Ltd. [2009] 319 ITR 204 in which also the Court had observed as under : "7. We do not find any merit in this submission. The judgement of this court in Abhishek Industries Ltd (2006) 286 ITR 1 was on the issue of allowability of interest paid on loans given to sister concerns, without interest. It was held that deduction for interest was permissible when loan was taken…

M/S Radhe Renewable Energy Development Pvt. Ltd., Rajkot-Gujarat vs. The Asstt. Commr. Income Tax, Circle-5, Rajkot-Gujarat

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

ITA 139/RJT/2015[2011-12]Status: DisposedITAT Rajkot08 Jul 2022AY 2011-12

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

For Appellant: Shri Sanjeev Jain, CIT. D.RFor Respondent: Shri Mehul Ranpura, A.R
Section 143(3)Section 263

…as on this basis that the tribunal held that disallowance under section 14A of the Act could not be made. In the process tribunal relied on the decision of Division Bench of Punjab and Haryana High Court in case of CIT v Winsome Textile Industries Ltd. [2009] 319 ITR 204 in which also the Court had observed as under : "7. We do not find any merit in this submission. The judgement of this court in Abhishek Industries Ltd (2006) 286 ITR 1 was on the issue of allowability of interest paid on loans given to sister concerns, without interest. It was held that deduction for interest was permissible when loan was taken…

M/S. First Light Properties P. Ltd.(Earstwhile Known As M/S. Sumer Builders P. Ltd.), Mumbai vs. The DCIT, CC, 5(3), Mumbai

In the result ground of appeal raised by assessee is dismissed and stand of AO is confirmed

ITA 1768/MUM/2020[2016-17]Status: DisposedITAT Mumbai21 Jun 2022AY 2016-17

Bench: Shri Vijay Pal Rao & Shri Gagan Goyalm/S First Light Properties Pvt. Ltd. (Erstwhile Known As M/S Sumer Builders Pvt. Ltd.) 205, Commerce House, 140, Nagindas Master Road, For, Mumbai-400023 Pan: Aaacs7947P ...... Appellant Vs. Dcit, Cc-5(3), Room No. 1906, 19Th Floor, Air India Building, Nariman Point, Mumbai-400021. ..... Respondent Appellant By : Sh. Nishit Gandhi Respondent By : Sh. Sandip Raj, Cit-Dr Date Of Hearing : 29/03/2022 Date Of Pronouncement : 21/06/2022 Order Per Gagan Goyal, A.M:

For Appellant: Sh. Nishit GandhiFor Respondent: Sh. Sandip Raj, CIT-DR
Section 14A

…14A of the Act is not tenable. The assessee placed reliance on following judicial pronouncements: 1) Cheminvest Ltd vs CIT 378 ITR 33 (Delhi) 2) CIT vs Lakhani Marketing Inc-(2014) 272 CTR 265 (Punjab & Haryana) 3) CIT vs Winsome Textile Industries Ltd-(2009) 319 ITR 204 (Punjab & Haryana) 4) CIT vs Corrtech Energy (P) Ltd-(2014) 272 CTR 262 (Gujarat) 5) CIT vs Shivam Motors (P) Ltd (2015) 272 CTR 277 (Allahabad) 6) Pr. CIT vs M/s Ballarpur Industries Ltd-ITA No. 51 of 2016 (Bombay) Further the assessee stated that the assessee is having own funds and other non- interest bearing funds exceeding the investments in…

Deputy Commissioner of Income Tax Circle-5(1)(2), Bangalore vs. M/S Pace Power Systems Pvt Ltd, Bangalore

In the result, the appeal of the revenue is partly allowed

ITA 1963/BANG/2018[2014-15]Status: DisposedITAT Bangalore08 Jun 2022AY 2014-15

Bench: Shri George George K. & Ms. Padmavathy Sassessment Year : 2014-15

For Appellant: Shri Manjunath Karkihalli, CIT(DR)(ITAT), BengaluruFor Respondent: Shri Naginchand Khincha, H., CA
Section 143(3)Section 14ASection 37Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND Ms. PADMAVATHY S, ACCOUNTANT MEMBER Assessment year : 2014-15 The Deputy Commissioner Vs. Pace Digitek Infra Pvt. Ltd. of Income Tax, [formerly Pace Power Circle 5(1)(2), Systems Pvt. Ltd.], Bengaluru. Plot No.12, Industrial Estate, No.V-12, Industrial Estate, Kumbalgodu, Bengaluru – 560074. PAN: AAECP 2697K APPELLANT RESPONDENT Appellant by : Shri Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru. Respondent by : Shri Naginchand Khincha, H., CA Date of hearing : 30.05.2022 Date of Pronouncement : 08.06.2…

M/S. Chambal Fertilizers and Chemicals Limited, Kota vs. Assistant Commissioner of Income Tax, Circle-2, Kota

In the result, appeal of the revenue is dismissed

ITA 744/JPR/2018[2014-15]Status: DisposedITAT Jaipur13 May 2022AY 2014-15
For Appellant: Shri Percy PardiwallaFor Respondent: Shri Sanjay Dhariwal (CIT)
Section 40A(2)(b)

…also placed on the following decisions laying down the similar position that where no exempt income is earned there can be no disallowance under section 14A of the Act. • CIT v. Hero Cycles Limited (323 ITR 518)(P&H) • CIT v. Winsome Textile Industries Ltd (319 ITR 204) • CIT v. Corrtech Energy (P.) Ltd 223 Taxman 130 (Guj) • CIT v. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (Del) • CIT v. Holcim India P. Ltd. (2014) 90 CCH 81 (Del) A similar issue had come up for adjudication in the appellant’s appeals in the earlier years as under:- AY 2009-10 The AO had disallowed proportionate interest of Rs. 78.47 lakhs…

Chambal Fertilisers and Chemicals Limited, Kota vs. ACIT, Kota

In the result, appeal of the revenue is dismissed

ITA 291/JPR/2017[2013-14]Status: DisposedITAT Jaipur13 May 2022AY 2013-14
For Appellant: Shri Percy PardiwallaFor Respondent: Shri Sanjay Dhariwal (CIT)
Section 40A(2)(b)

…also placed on the following decisions laying down the similar position that where no exempt income is earned there can be no disallowance under section 14A of the Act. • CIT v. Hero Cycles Limited (323 ITR 518)(P&H) • CIT v. Winsome Textile Industries Ltd (319 ITR 204) • CIT v. Corrtech Energy (P.) Ltd 223 Taxman 130 (Guj) • CIT v. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (Del) • CIT v. Holcim India P. Ltd. (2014) 90 CCH 81 (Del) A similar issue had come up for adjudication in the appellant’s appeals in the earlier years as under:- AY 2009-10 The AO had disallowed proportionate interest of Rs. 78.47 lakhs…

Chambal Fertilisers and Chemicals Limited, Kota vs. DCIT, Kota

In the result, appeal of the revenue is dismissed

ITA 201/JPR/2017[2012-13]Status: DisposedITAT Jaipur13 May 2022AY 2012-13
For Appellant: Shri Percy PardiwallaFor Respondent: Shri Sanjay Dhariwal (CIT)
Section 40A(2)(b)

…also placed on the following decisions laying down the similar position that where no exempt income is earned there can be no disallowance under section 14A of the Act. • CIT v. Hero Cycles Limited (323 ITR 518)(P&H) • CIT v. Winsome Textile Industries Ltd (319 ITR 204) • CIT v. Corrtech Energy (P.) Ltd 223 Taxman 130 (Guj) • CIT v. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (Del) • CIT v. Holcim India P. Ltd. (2014) 90 CCH 81 (Del) A similar issue had come up for adjudication in the appellant’s appeals in the earlier years as under:- AY 2009-10 The AO had disallowed proportionate interest of Rs. 78.47 lakhs…

DCIT, New Delhi vs. M/S. Genesis Colors Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 3731/DEL/2017[2011-12]Status: DisposedITAT Delhi29 Apr 2022AY 2011-12

Bench: Shri G.S.Pannu & Shri Kul Bharat

Section 143(3)Section 14ASection 36(1)(iii)Section 40A(3)Section 40aSection 80G

…the appellant company had no exempt income during the impugned assessment year, the rule 8D was not applicable. The Ld AR relied on the following case laws:- i) M/s Cheminvest Ltd vs CIT (2015) 378 ITR 33 Delhi ii) CIT vs Willson Textile Industries Ltd (2009) 319 ITR 204 iii) CIT vs M/s Lakhani Marketing Inc. 272 CTR 265 (2008) (P&H) Considering the submission of the appellant and judicial consensus in favour of the appellant that if there is no exempt income, disallowance u/s 14A cannot be made. I am of the opinion that the disallowance u/s 14A r.w. Rule 8D by the Assessing Officer was not warranted. The same is…

M/S Genesis Color Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 3472/DEL/2017[2011-12]Status: DisposedITAT Delhi29 Apr 2022AY 2011-12

Bench: Shri G.S.Pannu & Shri Kul Bharat

Section 143(3)Section 14ASection 36(1)(iii)Section 40A(3)Section 40aSection 80G

…the appellant company had no exempt income during the impugned assessment year, the rule 8D was not applicable. The Ld AR relied on the following case laws:- i) M/s Cheminvest Ltd vs CIT (2015) 378 ITR 33 Delhi ii) CIT vs Willson Textile Industries Ltd (2009) 319 ITR 204 iii) CIT vs M/s Lakhani Marketing Inc. 272 CTR 265 (2008) (P&H) Considering the submission of the appellant and judicial consensus in favour of the appellant that if there is no exempt income, disallowance u/s 14A cannot be made. I am of the opinion that the disallowance u/s 14A r.w. Rule 8D by the Assessing Officer was not warranted. The same is…

M/S Genesis Color Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 3471/DEL/2017[2010-11]Status: DisposedITAT Delhi29 Apr 2022AY 2010-11

Bench: Shri G.S.Pannu & Shri Kul Bharat

Section 143(3)Section 14ASection 36(1)(iii)Section 40A(3)Section 40aSection 80G

…the appellant company had no exempt income during the impugned assessment year, the rule 8D was not applicable. The Ld AR relied on the following case laws:- i) M/s Cheminvest Ltd vs CIT (2015) 378 ITR 33 Delhi ii) CIT vs Willson Textile Industries Ltd (2009) 319 ITR 204 iii) CIT vs M/s Lakhani Marketing Inc. 272 CTR 265 (2008) (P&H) Considering the submission of the appellant and judicial consensus in favour of the appellant that if there is no exempt income, disallowance u/s 14A cannot be made. I am of the opinion that the disallowance u/s 14A r.w. Rule 8D by the Assessing Officer was not warranted. The same is…

Sandip V Parikh, Ahmedabad vs. ACIT, Circle-4(2), Ahmedabad

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

ITA 51/AHD/2019[2013-14]Status: DisposedITAT Ahmedabad31 Mar 2022AY 2013-14

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No.51/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2013-14 Sandip V. Parikh, A.C.I.T., 5, Malay Villa Bunglows, Vs. Circle-4(2), Sola Science City Road, Ahmedabad. Sola, Ahmedabad.

For Appellant: Shri Deepak Shah, A.RFor Respondent: Shri D.B. Gohil, Sr.D.R
Section 14ASection 2(47)

…tax. It was on this basis that the Tribunal held that disallowance under section 14A could not be made. In the process tribunal relied on the decision of Division Bench of Punjab and Haryana High Court in case of CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 in which also the Court had observed that where the assessee did not make any claim for exemption, section 14A could have no application. 18.1 In view of the above, there remains no ambiguity to the fact that only those investments which have yielded the income to the assessee shall only be considered for the purpose of making the disallowance u…

M/S Sudhakar Barter Pvt. Ltd.(Now Sudhakar Barter LLP), New Delhi vs. ITO, Ward-1(3), Kolkata

In the result, the appeal of the assessee is allowed

ITA 141/KOL/2021[2015-16]Status: DisposedITAT Kolkata31 Mar 2022AY 2015-16

Bench: Shri Sanjay Garg & Shri Girish Agrawali.T.A. No.141/Kol/2021 Assessment Year: 2015-16 M/S Sudhakar Barter Pvt. Ltd (Now Sudhakar Barter Llp) …….......... .........................................……….……Appellant 2Nd Floor, C-11, Shivalik Colony, Malviya Nagar, New Delhi [Pan: Aakcs5649E] Vs. Ito, Ward-1(3), Kolkata..……….…..…...............……........……...…..…..Respondent Appearances By: None Appeared On Behalf Of The Appellant. Smt. Ranu Biswas, Addl. Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : March 31, 2022 Date Of Pronouncing The Order : March 31, 2022

Section 14ASection 250Section 250(6)

…e has been earned by the assessee on the investments made, no disallowance is to be made u/s 14A. Reliance in this respect can be place on the following case laws: CIT, Faridabad Vs. Lakhani Marketing Inc.' 226 Taxman 45 (P&H); CIT Vs. Winsome Textiles (2009) 319 ITR 204 (P&H) Cheminvest Ltd Vs. ITO' (2015) 378 ITR 33 (Delhi) Corrtech Energy P. Ltd. (2014) 45 Taxman.com 116 (Gujarat High Court) CIT Vs. M/s Shivam Motors (P) Ltd' (2014) 272 CTR (All) 277 In all the above referred to case laws, the Hon'ble High Courts have been unanimous to hold that no disallowance is attracted u/s 14A of the Act in case the asses…