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.

Asstt. CIT (OSD) - CC -7 (3), Mumbai vs. M/S. Macrotech Developers Ltd. (Earlier Known As M/S Lodha Developers Ltd.), Mumbai

In the result the appeal filed by the assessee is allowed for statistical purposes

ITA 68/MUM/2019[2015-16]Status: DisposedITAT Mumbai25 Mar 2022AY 2015-16

Bench: S Shri Rifaur Rahamn & Pavan Kumar Gadaledcit – Cc-7(3) Vs. Macrotech Developers Room No. 655, 6Th Ltd (Successor To Floor, Aayakar Bhavan, Bellissimo Crown Mk Road, Mumbai – Buildmart Pvt Ltd) 400020. (Earlier Known As Lodha Crown Build Mart Ltd) 412, 17-G, Vardhaman Chambers, Cp Road, Horniman Circle Fort, Mumbai – 400001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacl1490J Appellant .. Respondent Macrotech Developers Vs. Dcit – Cc-7(3) Ltd (Successor To Room No. 655, 6Th Bellissimo Crown Floor, Aayakar Bhavan, Buildmart Pvt Ltd) Mk Road, Mumbai – (Earlier Known As 400020. Lodha Crown Build Mart Ltd) 412, 17-G, Vardhaman Chambers, Cp Road, Horniman Circle Fort, Mumbai – 400001. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacl1490J Appellant .. Respondent

Section 143(2)Section 14ASection 36(1)(iii)

…ned order of the tribunal placed reliance upon the decisions of Gujrat high Court in the case of CIT vs Corrtech Energy (P) Ltd. (2014) 223 Taxman 130145 2014-TIOL-661-HC-AHM-1L and Punjab & Haryana in the case of CIT vs Winsome Textile Industries Ltd. (2009) 319 ITR 204 (Punjab & Haryana), to hold that no disallowance under Section 14A can be made in the absence of the Assessee claiming any income to be exempt in the subject Assessment year. ITA.no.2387,2336,131&68/Mum/2019 Macrotech Developers Ltd, Mumbai. The aforesaid finding by the Tribunal has been accepted by the Revenue. Therefore, it is not a subject ma…

M/S.Goldman Sachs Services Private Limited, Bangalore vs. Asst. Commissioner of Income Tax, Bangalore

In the result, appeal by the assesse is partly allowed

ITA 474/BANG/2017[2012-13]Status: DisposedITAT Bangalore11 Mar 2022AY 2012-13

Bench: Shri N. V. Vasudevan & Shri B. R. Baskaranit(Tp)A No.474/Bang/2017 Assessment Year : 2012-13 Goldman Sachs Services Pvt. Ltd., Acit, Vs. Crystal Downs, Embassy Golf Links Business Circle – 3(1)(2), Park, Off Intermediate Ring Road, Bengaluru. Bengaluru-560 071. Pan : Aaccg 2435 N Assessee Respondent Assessee By : Shri. Madhur Agarwal, Advocate Revenue By : Shri. Sumer Singh Meena, Cit(Dr)(Itat), Bengaluru Date Of Hearing : 07.03.2022 Date Of Pronouncement : 11.03.2022 O R D E R Per N V Vasudevan

For Appellant: Shri. Madhur Agarwal, AdvocateFor Respondent: Shri. Sumer Singh Meena, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 14A

…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 1TR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in T.A. No. 88 of ITA No.1 1071Bang12016 2014). These three decisions reiterated the position that when…

Deputy Commissioner of Income Tax Circle-1(1)(2), Bangalore vs. M/S Bharath Energy Venture Pvt Ltd, Bangalore

In the result, both the appeals are dismissed

ITA 2418/BANG/2018[2013-14]Status: DisposedITAT Bangalore23 Feb 2022AY 2013-14

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaran

For Appellant: NoneFor Respondent: Shri. Sankar Ganesh K, JCIT(DR)(ITAT), Bengaluru
Section 28Section 29Section 3

…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 1TR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in T.A. No. 88 of ITA No.1 1071Bang12016 2014). These three decisions reiterated the position that when…

Deputy Commissioner of Income Tax Circle-1(1)(2), Bangalore vs. M/S Bharath Energy Venture Pvt Ltd, Bangalore

In the result, both the appeals are dismissed

ITA 2417/BANG/2018[2012-13]Status: DisposedITAT Bangalore23 Feb 2022AY 2012-13

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaran

For Appellant: NoneFor Respondent: Shri. Sankar Ganesh K, JCIT(DR)(ITAT), Bengaluru
Section 28Section 29Section 3

…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 1TR 97 (Guj) and the third of the Allahabad High Court in CIT v. Shivam Motors (P) Ltd. (decision dated 5th May, 2014, in T.A. No. 88 of ITA No.1 1071Bang12016 2014). These three decisions reiterated the position that when…

Gopal Das Estates & Housing Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is partly allowed for

ITA 2576/DEL/2015[2011-12]Status: DisposedITAT Delhi04 Feb 2022AY 2011-12

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

Section 143(3)Section 14ASection 23

…that Section 14A can be invoked only if there is some exempt income. In the absence of any exempt income Section 14A has no play. The decisions are in: • CIT vs. Lakhani Marketing Incl. (2014) 272 CTR 265 (P&H) • ClT vs. Winsome Textile Industries Ltd. (2009) 319 ITR 204 (P&H) • CIT vs. Holcim India Pvt. Ltd. (2014) 272 ITR 282 (Del) • JCIT Vs. Holland Equipment Co. (2005) 3 SOT 810 (Mum); • CIT Vs. Hero Cycles Ltd. (2010) 323 ITR 518 (P&H); • ClT Vs. Metalman Auto P. Ltd. (2011) 336 ITR 434 (P&H); • Godrej & Boyce Mfg. Co. Ltd. vs. DClT (2010) 328 lTR 81 (Bom); • CIT vs. Walfort Share & Stock Brokers (P) Ltd. (2…

The DCIT, Circle-1(1)(1), Ahmedabad vs. Astral Polytechnik Ltd., Ahmedabad

In the result, we do not find any merit in the appeal of Revenue

ITA 1966/AHD/2018[2015-16]Status: DisposedITAT Ahmedabad27 Jan 2022AY 2015-16
For Appellant: Shri Vartik Chokshi, A.R. & Shri BirenFor Respondent: Shri S. S. Shukla,Sr. DR
Section 14ASection 250

…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 take…

Kalyani Steels Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 14, Pune

The appeal of the assesse is allowed in terms of our aforesaid observations

ITA 1403/PUN/2018[2015-16]Status: DisposedITAT Pune05 Jan 2022AY 2015-16

Bench: Shri Inturi Rama Rao() & Shri Ravish Sood () Assessment Year: 2015-16 Kalyani Steels Ltd. Dy. Commissioner Of Income-Tax, Mundhwa, Vs. Income-Tax Circle-14, Pune – 411 036 Aaykarsadan, Bodhi Tower, 548/2B, Salisbury Park, Gultekdi, Pune – 411 037. Pan No. Aaack7315D (Appellant) (Respondent)

For Appellant: Shri. Nikhil Pathak, A.RFor Respondent: Shri. M.G Jasnani, D.R
Section 115JSection 143(3)Section 14A

….2019 (Bom) (iv) M/s Holcim India Pvt. Ltd. Vs. CIT-IV (2015) 57 taxmann.com 28 (Delhi) (v) CIT Vs. M/s Lakhani Marketing Inc.(2014) 226 Taxman 45 (P&H) (vi) CIT Vs.Hero Cycle Ltd. (2010) 323 ITR 518 (P&H) (vii) CIT Vs. Winsome Textiles Industries Ltd. (2009) 319 ITR 204 (P & H) (viii) CIT Vs. Corrtech Energy (P) Ltd. (2014) 223 taxman.com 130 (Guj) (ix) CIT Vs. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All) (x). Pr. Commissioner of Income-tax-10 Vs. HSBC Invest Direct (India) Ltd., ITA No. 1672 of 2016; dated 04.02.2019 (Bom) We, thus, finding favor with the claim of the ld. A.R that the disallowance u/s 14A…

The ACIT, Circle2(1)(2), Ahmedabad vs. Kalthia Engineering & Construction Ltd., Ahmedabad

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

ITA 2127/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad22 Dec 2021AY 2014-15

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 2127/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2014-2015 A.C.I.T., Kalthia Engineering & Construction Ltd., Circle-2(1)(2), Vs. 193, Kalthia House, Ahmedabad. Thaltej, Ahmedabad.

For Appellant: Shri Manish Shah, A.RFor Respondent: Shri D.B Gohil, Sr. D.R
Section 106Section 14ASection 36(1)(iii)Section 80I

…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. 8.1 In view of the above, we hold that there cannot be any disallowance under the provisions of section 14A read with rule 8D of Income Tax Rule. Accordingly, we do not find any infirmity in the order of learn…

M/S Karnataka State Beverages Corporation Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, the appeal of the assessee is dismissed

ITA 973/BANG/2018[2012-13]Status: DisposedITAT Bangalore09 Dec 2021AY 2012-13

Bench: Shri Chandra Poojari & Shri George George K.Assessment Year : 2012-13

For Appellant: Shri S.V. Ravishankar, AdvocateFor Respondent: Shri Chetan R., Addl. CIT(DR)(ITAT), Bengaluru
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI GEORGE GEORGE K., JUDICIAL MEMBER Assessment year : 2012-13 M/s. Karnataka State Beverages Vs. The Deputy Commissioner Corporation Lt., of Income Tax, 4th Floor, TTMC Building, ‘A’ Block, Circle 4(1)(1), BMTC, Shanthinagar, Bangalore. Bangalore – 560 027. PAN: AACCK 1421A APPELLANT RESPONDENT Appellant by : Shri S.V. Ravishankar, Advocate Respondent by : Shri Chetan R., Addl. CIT(DR)(ITAT), Bengaluru. Date of hearing : 30.11.2021 Date of Pronouncement : 09.12.2021 O R D E R Per Chandra Poojari, A…

Torrent Power Ltd., Ahmedabad vs. The ACIT., Range-8, Ahmedabad

In the result cross objection filed by the assessee is partly allowed for statistical purposes

ITA 776/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad08 Dec 2021AY 2008-09

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. AdvocateFor Respondent: Shri Vinod Tanwani, CIT.D.R
Section 143(3)Section 254

…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. 210.1 In view of the above, there is no dispute to the fact that the assessee was not supposed to make any disallowance in the return of income under the provisions of section 14A read with section rule 8D of…

DCIT, New Delhi vs. M/S. Dabur India Ltd., New Delhi

The appeal of the assessee is partly allowed for statistical purposes and appeal of the revenue is dismissed

ITA 3790/DEL/2015[2009-10]Status: DisposedITAT Delhi24 Nov 2021AY 2009-10

Bench: Shri N. K. Billaiya & Ms Suchitra Kamblei.T.A. No. 3423/Del/2015 (A.Y 2009-10) (Through Video Conferencing) M/S Dabur India Ltd. Vs Addl. Commissioner Of Income 8/3, Asaf Ali Road, Tax, New Delhi Range-10 (Appellant) New Delhi (Respondent)

Section 143Section 92C

…urt in ITA No. 456 of 2016  A CIT vs. Bharat Hotels Ltd..: ITA No.4959/Del/2012 & 5401/Del/2013 (Del.)  CIT v. Corrtech Energy Pvt. Ltd.: 372 ITR 97 (Guj.)  PCIT v. Vardhman Chemtech (P.) Ltd.: 261 Taxman 233 (P&H)  CIT v. Winsome Textile Industries Ltd.: 319 ITR 204 (P&H) The Ld. AR further submitted that the issue is now covered in favour of the assessee by the decision of the Tribunal in assessee’s own case for A.Ys. 2008- 09. 22. We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that the identical issue of disallowance under Section 14A of t…

Dabur India Ltd., New Delhi vs. Addl. CIT, New Delhi

The appeal of the assessee is partly allowed for statistical purposes and appeal of the revenue is dismissed

ITA 3423/DEL/2015[2009-10]Status: DisposedITAT Delhi24 Nov 2021AY 2009-10

Bench: Shri N. K. Billaiya & Ms Suchitra Kamblei.T.A. No. 3423/Del/2015 (A.Y 2009-10) (Through Video Conferencing) M/S Dabur India Ltd. Vs Addl. Commissioner Of Income 8/3, Asaf Ali Road, Tax, New Delhi Range-10 (Appellant) New Delhi (Respondent)

Section 143Section 92C

…urt in ITA No. 456 of 2016  A CIT vs. Bharat Hotels Ltd..: ITA No.4959/Del/2012 & 5401/Del/2013 (Del.)  CIT v. Corrtech Energy Pvt. Ltd.: 372 ITR 97 (Guj.)  PCIT v. Vardhman Chemtech (P.) Ltd.: 261 Taxman 233 (P&H)  CIT v. Winsome Textile Industries Ltd.: 319 ITR 204 (P&H) The Ld. AR further submitted that the issue is now covered in favour of the assessee by the decision of the Tribunal in assessee’s own case for A.Ys. 2008- 09. 22. We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that the identical issue of disallowance under Section 14A of t…

Jpm Tools Ltd., New Delhi vs. ACIT, Central Circle- 13, New Delhi

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

ITA 5232/DEL/2018[2015-16]Status: DisposedITAT Delhi09 Nov 2021AY 2015-16

Bench: Shri G.S.Pannu & Shri Kul Bharat[Assessment Year : 2015-16] Jpm Tools Ltd., Vs Acit, Sanjay Satpal & Assocaites, F-11, Central Circle-13, Green Park Extension, New Delhi. New Delhi. Pan-Aaacj3128K Appellant Respondent Appellant By Sh. Madhur Aggarwal, Adv. Respondent By Sh. Umesh Takyar, Sr.Dr Date Of Hearing 01.11.2021 Date Of Pronouncement 09.11.2021

Section 143(3)Section 14A

…f 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 v. Winsome Textile Industries Limited, [2009] 319 ITR 204 to hold that Section 4A cannot be invoked when no exempt income was earned. [Assessment Year : 2015-16] 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 o…

DCIT, Circle- 3(1)(1), Mumbai vs. Siroya Developers Pvt. Ltd., Mumbai

In the result, the Revenue’s appeal is partly allowed

ITA 6227/MUM/2019[2011-12]Status: DisposedITAT Mumbai29 Oct 2021AY 2011-12

Bench: The Sales Tax Department That They Had Not Supplied Any Material For Which The Assessee Has Claimed Expenses?

Section 14A

…when there is no exempt income. The decisions are listed below: (i) Cheminvest Ltd. v. ITO [2009] 378ITR 33 (Delhi HC). (ii) CIT vs Corrtech energy private limited (Tax Appeal No. 239 of 2014) (Gujarat High Court) (iii) CIT Vs Winsome Textile Industries Ltd (319 ITR 204) (P & H) (iv) CIT Vs Holcim India P Ltd (ITA No. 486/2014 & ITA No. 299/2014), Delhi High Court (v) CIT Vs Shvam Motors P Ltd (ITA No. 88 of 2014), Allahabad High Court. (vi) PCIT Vs Ballarpur Industries Ltd (ITA No. 51/2016) (Bombay HC, Nagpur bench). 4.4.4 The above mentioned view has also been endorsed by the Supreme Court in the case of CIT(C…

Divyarth Leasing & Finance P.Ltd, New Delhi vs. Prcit, Central Circle-3, New Delhi

In the result, all the appeals of the assessee are allowed

ITA 1184/DEL/2018[2011-12]Status: DisposedITAT Delhi18 Oct 2021AY 2011-12

Bench: Ms. Suchitra Kambledr. B. R. R. Kumar(Through Video Conferencing) Ita No. 1179/Del/2018 : Asstt. Year : 2009-10

For Appellant: Sh. Bipin Ram, AR &For Respondent: Sh. Javed Akhtar, CIT DR
Section 143(3)Section 14ASection 153ASection 263

…empt income in the relevant year. 10. Reference is also invited to the decision of the Hon’ble Punjab & Haryana High Court in the case of CIT vs. M/s. Lakhani Marketing Inc., CIT Vs. Hero Cycles Limited, (323 ITR 518), CIT Vs. Winsome Textile Industries Ltd (319 ITR 204), decision of Hon’ble Gujarat High Court in the case of CIT vs. Corrtech Energy (P.) Ltd. (223 Taxmann 130) and the decision of Hon’ble Allahabad High Court in CIT vs. Shivam Motors (P) ITA Nos. 1179, 1183 & 1184/Del/2018 6 Divyarth Leasing & Finance Pvt. Ltd. Ltd. wherein it was held that Section 14A cannot be invoked when no exempt income was…

Divyarth Leasing & Finance P.Ltd, New Delhi vs. Prcit, Central Circle-3, New Delhi

In the result, all the appeals of the assessee are allowed

ITA 1183/DEL/2018[2010-11]Status: DisposedITAT Delhi18 Oct 2021AY 2010-11

Bench: Ms. Suchitra Kambledr. B. R. R. Kumar(Through Video Conferencing) Ita No. 1179/Del/2018 : Asstt. Year : 2009-10

For Appellant: Sh. Bipin Ram, AR &For Respondent: Sh. Javed Akhtar, CIT DR
Section 143(3)Section 14ASection 153ASection 263

…empt income in the relevant year. 10. Reference is also invited to the decision of the Hon’ble Punjab & Haryana High Court in the case of CIT vs. M/s. Lakhani Marketing Inc., CIT Vs. Hero Cycles Limited, (323 ITR 518), CIT Vs. Winsome Textile Industries Ltd (319 ITR 204), decision of Hon’ble Gujarat High Court in the case of CIT vs. Corrtech Energy (P.) Ltd. (223 Taxmann 130) and the decision of Hon’ble Allahabad High Court in CIT vs. Shivam Motors (P) ITA Nos. 1179, 1183 & 1184/Del/2018 6 Divyarth Leasing & Finance Pvt. Ltd. Ltd. wherein it was held that Section 14A cannot be invoked when no exempt income was…

Divyarth Leasing & Finance P.Ltd, New Delhi vs. Prcit, Central Circle-3, New Delhi

In the result, all the appeals of the assessee are allowed

ITA 1179/DEL/2018[2009-10]Status: DisposedITAT Delhi18 Oct 2021AY 2009-10

Bench: Ms. Suchitra Kambledr. B. R. R. Kumar(Through Video Conferencing) Ita No. 1179/Del/2018 : Asstt. Year : 2009-10

For Appellant: Sh. Bipin Ram, AR &For Respondent: Sh. Javed Akhtar, CIT DR
Section 143(3)Section 14ASection 153ASection 263

…empt income in the relevant year. 10. Reference is also invited to the decision of the Hon’ble Punjab & Haryana High Court in the case of CIT vs. M/s. Lakhani Marketing Inc., CIT Vs. Hero Cycles Limited, (323 ITR 518), CIT Vs. Winsome Textile Industries Ltd (319 ITR 204), decision of Hon’ble Gujarat High Court in the case of CIT vs. Corrtech Energy (P.) Ltd. (223 Taxmann 130) and the decision of Hon’ble Allahabad High Court in CIT vs. Shivam Motors (P) ITA Nos. 1179, 1183 & 1184/Del/2018 6 Divyarth Leasing & Finance Pvt. Ltd. Ltd. wherein it was held that Section 14A cannot be invoked when no exempt income was…

M/S Kanade Aqua Farms Pvt Ltd, Mumbai vs. ITO 6 (3)(3), Mumbai

Accordingly, the Ground of appeal No. 1 is dismissed

ITA 151/MUM/2020[2014-15]Status: DisposedITAT Mumbai20 Sept 2021AY 2014-15

Bench: Shri Shamim Yahya () & Shri Ravish Sood () M/S Kanade Aqua Farms Income Tax Officer- Pvt. Ltd., 3/21, Poddar Vs. 6(3)(3), Building No. 2, Dr. Room No. 524, 5Th Floor, Maisheri Road, Near Aaykar Bhavan, Sandhurst Road Railway M.K. Marg, Station, Mumbai– 400009 Mumbai - 400020 Pan No. Aaack0421C (Assessee) (Revenue) Assessee By : Ms.Vinita Shah, A.R Revenue By : Shri Neeraj Kumar, D.R Date Of Hearing : 08/09/2021 Date Of Pronouncement : 20/09/2021 Order Per Ravish Sood, J.M: The Present Appeal Filed By The Assessee Is Directed Against The Order Passed By The Commissioner Of Income Tax (Appeals)-12, Mumbai (For Short „Cit(A)‟), Dated 03.10.2019, Which In Turn Arises From The Order Passed By The A.O. U/S 143(3) Of The Income Tax Act, 1961 (For Short „Act‟) Dated 13.11.2016 . 2. The Assessee Has Assailed The Impugned Order On The Following Grounds Of Appeal Before Us: 1. “On The Facts & Circumstances Of The Case As Well As In Law, The Learned Cit(A) Has Erred In Confirming The Action Of Learned Assessing Officer In Disallowing The Clearing Expenses Of Rs.

For Appellant: Ms.Vinita Shah, A.RFor Respondent: Shri Neeraj Kumar, D.R
Section 143(2)Section 143(3)Section 14ASection 194CSection 40

…ITA No. 151/Mum/2020 A.Y. 2014-15 5 M/s Kanade Aqua Farms Pvt. Ltd. Vs. ITO 6(3)(3) (v) CIT Vs. M/s Lakhani Marketing Inc.(2014) 226 Taxman 45 (P&H) (vi) CIT Vs.Hero Cycle Ltd. (2010) 323 ITR 518 (P&H) (vii) CIT Vs. Winsome Textiles Industries Ltd. (2009) 319 ITR 204 (P & H) (viii) CIT Vs. Corrtech Energy (P) Ltd. (2014) 223 taxman.com 130 (Guj) (ix) CIT Vs. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All) (x). Pr. Commissioner of Income-tax-10 Vs. HSBC Invest Direct (India) Ltd., ITA No. 1672 of 2016; dated 04.02.2019 (Bom) As the assessee company during the year under consideration had not earned any exemp…

International Cargo Terminals and Infrastructure Pvt Ltd, Mumbai vs. Dy CIT CC 6(4), Mumbai

Accordingly, in terms of our aforesaid observations, the appeal filed by the revenue is dismissed

ITA 6974/MUM/2019[2016-17]Status: DisposedITAT Mumbai07 Sept 2021AY 2016-17

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () The Dcit, Central Circle-6(4), M/S International Cargo Room No. 1925, 19Th Floor, Air Vs. Terminals & Infrastructure India Building, Nariman Point, Private Limited, Unit No.801, Mumbai – 400 021 Godrej Coliseum, C-Wing, Off Somaiya Hospital Road, Sion (East), Mumbai 400 022 Pan No. Aaacu5182C (Revenue) (Assessee) M/S International Cargo The Dcit, Central Circle-6(4), Terminals & Infrastructure Vs. Room No. 1925, 19Th Floor, Air Private Limited, Unit No.801, India Building, Nariman Point, Godrej Coliseum, C-Wing, Mumbai – 400 021 Off Somaiya Hospital Road, Sion (East),Mumbai 400 022

For Appellant: Shri Y.P. Trivedi, A.RFor Respondent: Ms. Shreekala Pardeshi, D.R
Section 143(3)Section 14A

….2019 (Bom) (iv) M/s Holcim India Pvt. Ltd. Vs. CIT-IV (2015) 57 taxmann.com 28 (Delhi) (v) CIT Vs. M/s Lakhani Marketing Inc.(2014) 226 Taxman 45 (P&H) (vi) CIT Vs.Hero Cycle Ltd. (2010) 323 ITR 518 (P&H) (vii) CIT Vs. Winsome Textiles Industries Ltd. (2009) 319 ITR 204 (P & H) (viii) CIT Vs. Corrtech Energy (P) Ltd. (2014) 223 taxman.com 130 (Guj) (ix) CIT Vs. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All) (x). Pr. Commissioner of Income-tax-10 Vs. HSBC Invest Direct (India) Ltd., ITA No. 1672 of 2016; dated 04.02.2019 (Bom) Accordingly, in the backdrop of the aforesaid settled position of law, we find no in…

Dy CIT CC 6 (4), Mumbai vs. M/S International Cargo Terminals & Infrastructure Pvt Ltd., Mumbai

Accordingly, in terms of our aforesaid observations, the appeal filed by the revenue is dismissed

ITA 6892/MUM/2019[2016-17]Status: DisposedITAT Mumbai07 Sept 2021AY 2016-17

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () The Dcit, Central Circle-6(4), M/S International Cargo Room No. 1925, 19Th Floor, Air Vs. Terminals & Infrastructure India Building, Nariman Point, Private Limited, Unit No.801, Mumbai – 400 021 Godrej Coliseum, C-Wing, Off Somaiya Hospital Road, Sion (East), Mumbai 400 022 Pan No. Aaacu5182C (Revenue) (Assessee) M/S International Cargo The Dcit, Central Circle-6(4), Terminals & Infrastructure Vs. Room No. 1925, 19Th Floor, Air Private Limited, Unit No.801, India Building, Nariman Point, Godrej Coliseum, C-Wing, Mumbai – 400 021 Off Somaiya Hospital Road, Sion (East),Mumbai 400 022

For Appellant: Shri Y.P. Trivedi, A.RFor Respondent: Ms. Shreekala Pardeshi, D.R
Section 143(3)Section 14A

….2019 (Bom) (iv) M/s Holcim India Pvt. Ltd. Vs. CIT-IV (2015) 57 taxmann.com 28 (Delhi) (v) CIT Vs. M/s Lakhani Marketing Inc.(2014) 226 Taxman 45 (P&H) (vi) CIT Vs.Hero Cycle Ltd. (2010) 323 ITR 518 (P&H) (vii) CIT Vs. Winsome Textiles Industries Ltd. (2009) 319 ITR 204 (P & H) (viii) CIT Vs. Corrtech Energy (P) Ltd. (2014) 223 taxman.com 130 (Guj) (ix) CIT Vs. Shivam Motors (P) Ltd. (2015) 230 Taxman 63 (All) (x). Pr. Commissioner of Income-tax-10 Vs. HSBC Invest Direct (India) Ltd., ITA No. 1672 of 2016; dated 04.02.2019 (Bom) Accordingly, in the backdrop of the aforesaid settled position of law, we find no in…