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.

ACIT, C-4(1), Chandigarh vs. M/S Winsome Textile Industries Ltd., Chandigarh

In the result, the appeal of the Revenue is dismissed

ITA 373/CHANDI/2018[2014-15]Status: DisposedITAT Chandigarh27 Aug 2021AY 2014-15

Bench: Shri N.K. Saini & Shri R.L Negi

For Appellant: Shri Tej Mohan Singh, AdvocateFor Respondent: Sh. Ashok Khanna Addl. CIT
Section 14Section 143(3)Section 195Section 36Section 36(1)Section 40Section 43

…facts and circumstances of the case, the Ld. CIT(A) has not erred in law in following the decision of Hon'ble High Court in Lakhani Marketing decided following decisions in the case of Hero Cycles Ltd., 323 ITR 204 and CIT vs. Winsome Textile Industries Ltd., 319 ITR 204 whose facts were distinguishable from the taxpayers, ignoring the principal laid down by Hon'ble Supreme Court decision in CIT vs. Walford Share and stock Brokers P Ltd: 326 ITR 1 (SC). vi) Whether on the facts and circumstances of the case, the Ld. CIT(A) has not erred in law and fact in ignoring legislative intent to uphold which the Department…

M/S TDS Management Consultants P. Ltd., Mohali vs. DCIT, Mohali

In the result, appeal of the Assessee is partly allowed

ITA 17/CHANDI/2017[2013-14]Status: DisposedITAT Chandigarh02 Aug 2021AY 2013-14
For Appellant: Shri Arvind Badoni, CAFor Respondent: Shri Ashok Kumar, Addl. CIT
Section 143(1)Section 14A

…e could have been made to that extent only. The reliance was placed on the following case laws: • Joint Investments Pvt. Ltd. Vs. CIT [2015] 372 ITR 694 (Del) • Cheminvest Ltd. Vs. CIT(2015) 378 ITR 33 (Del) • CIT Vs. Winsome Textile Industries Ltd. [2009] 319 ITR 204 (P&H) • Order of the ITAT Chandigarh Bench in case of M/s Highway Industries Ltd. Vs. The ACIT in ITA No. 515/Chd/2015 dt. 16/06/2016. 8. In his rival submissions the Ld. DR strongly supported the impugned order passed by the Ld. CIT(A) and reiterated the observations made in the said order as well as in the assessment order dt. 30/11/2015 passe…

Dhanuka Labs Ltd., New Delhi vs. DCIT, New Delhi

In the result, miscellaneous application as well as the appeal of the assessee is allowed

ITA 3898/DEL/2014[2009-10]Status: DisposedITAT Delhi23 Jul 2021AY 2009-10

Bench: Shri R.K. Panda & Shri K. Narasimha Chary

For Respondent: Ms. Aman Preet, Sr. DR
Section 14ASection 14A(2)Section 14A(3)

…of an artificial method of computation on notional and assumed income. We believe thus would be carrying the artifice too far.” 21. The decisions in CIT v. M/s Lakhani Marketing Inc. 2014 SCC Online P&H 20357, CIT v. Winsome Textile Industries Limited [2009] 319 ITR 204 (P&H), CIT v. Shivam Motors (P) Ltd. (2014) 272 CTR (All) 277 have all taken a similar view. The decision in Taikisha Engineering India Pvt. Ltd. (supra) does not specifically deal with this issue. 22. It was suggested by Mr. Hossain that, in the context of Section 57(iii), the Supreme Court in Commissioner Of Income Tax, West v. Rajendra Prasad…

Pragati Glass Pvt. Ltd., Bharuch vs. Assistant Commissioner of Income Tax, Circle-1, Bharuch

In the result, ground No. 4 is allowed

ITA 504/SRT/2018[2013-14]Status: DisposedITAT Surat02 Jul 2021AY 2013-14

Bench: Shri Pawan Singh () & Dr. Arjun Lal Saini () Assessment Year: 2013-14 Pragati Glass Private Limited, Asst. Commissioner Of Income Tax, Kharach, Kosamba (R.S), District Vs. Cir. 1, Bharuch-394120 Station Road, Bharuch-392001. Pan No. Aabcp 7377 H Appellant Respondent

For Appellant: Mr. Surandra Modiani, ARFor Respondent: Ms. Anupama Singla, Sr. DR
Section 115JSection 143(3)Section 14ASection 36(1)(va)

…is warranted against the assessee. To support his submission, the Ld. AR of the assessee relied upon the decisions :  CIT v. Corretch Energy P. Ltd. 45 taxmannc.om 116  CIT v. Hero Cycles Limited 323 ITR 518 (P&H HC)  CIT v. Winsome Textile Industries Ltd. 319 ITR 204  Everest Kanto Cylinder Ltd. v. ACIT, ITA No. 7073/Mum/2012 dated 25.09.2014 ITA No. 504/SRT/2018 8  Manugraph India Pvt. Ltd. v. DCIT, ITA No. 476/Mum/2012 dated 29.03.2015  CIT v. UTI Bank Ltd. 32 taxmann.com 370 (Gujarat High Court)  CIT v. Reliance Utilities & Power Ltd. 313 ITR 340 (Bombay High Court)  Gujarat Industrial Development C…

Dy. CIT-1(1), Indore vs. M/S. Brilliant Estate Ltd., Indore

In the result Ground No.1 of the revenue stands dismissed”

ITA 652/IND/2019[2014-15]Status: DisposedITAT Indore29 Jun 2021AY 2014-15

Bench: Hon’Ble Rajpal Yadav & Shri Manish Boradvirtual Hearing Assessment Year 2014-15

Section 142(1)Section 143(2)Section 143(3)Section 14A

…0/2008) 4. Copy of order of the Hon'ble Punjab and Haryana High Court in the case of Hero Cycles Limited vs. CIT (2010) 323 ITR 518. 5. Copy of order of the Hon'ble Punjab and Haryana High Court in the case of Winsome Textile Industries Limited vs. CIT (2009) 319 ITR 204. 6. Copy of order of Hon'ble ITAT Indore Bench in the case of DCIT-1(1), Indore vs. M/ s Brilliant Estate Pvt. Ltd in Departmental Appeal ITA No. 393/Ind/2017 for AY 2013-2014. 7. Copy of the decision of Hon'ble IT AT Delhi Bench in the case of Amar Packaging Pvt. Ltd. vs. CIT (ITANo.6291/Del/2013 9. We have heard rival contentions and perused th…

The ACIT, Circle-2(1)(2), Ahmedabad vs. Lambda Therapeutic Research Ltd., Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 2114/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad12 Apr 2021AY 2013-14

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Tushar P. HemaniSr. Advocate withShriParimalSinhParmar, A.RFor Respondent: Shri Mohd Usman, CIT. D.R with Shri Lalit P. Jain. Sr. D.R
Section 115JSection 234ASection 271(1)(c)

…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. 69.1 As there is no income to the assessee by way of dividend in the year under consideration, there cannot be any disallowance of expenses under section 14A ITA No.3492/Ahd/2015 and 5 others A.Y. 2010-11 45…

Lambda Therapeutic Research Ltd., Ahmedabad vs. DCIT Circle-2(1) (2), Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 1751/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad12 Apr 2021AY 2013-14

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Tushar P. HemaniSr. Advocate withShriParimalSinhParmar, A.RFor Respondent: Shri Mohd Usman, CIT. D.R with Shri Lalit P. Jain. Sr. D.R
Section 115JSection 234ASection 271(1)(c)

…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. 69.1 As there is no income to the assessee by way of dividend in the year under consideration, there cannot be any disallowance of expenses under section 14A ITA No.3492/Ahd/2015 and 5 others A.Y. 2010-11 45…

The DCIT, Circle-2(1)(2), Ahmedabad vs. M/S. Lambda Therapeutic Research Ltd., Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 2293/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad12 Apr 2021AY 2011-12

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Tushar P. HemaniSr. Advocate withShriParimalSinhParmar, A.RFor Respondent: Shri Mohd Usman, CIT. D.R with Shri Lalit P. Jain. Sr. D.R
Section 115JSection 234ASection 271(1)(c)

…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. 69.1 As there is no income to the assessee by way of dividend in the year under consideration, there cannot be any disallowance of expenses under section 14A ITA No.3492/Ahd/2015 and 5 others A.Y. 2010-11 45…

Lambda Therapeutic Research Limited, Ahmedabad vs. The Jt. CIT, Range-4, Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 3492/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad12 Apr 2021AY 2010-11

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Tushar P. HemaniSr. Advocate withShriParimalSinhParmar, A.RFor Respondent: Shri Mohd Usman, CIT. D.R with Shri Lalit P. Jain. Sr. D.R
Section 115JSection 234ASection 271(1)(c)

…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. 69.1 As there is no income to the assessee by way of dividend in the year under consideration, there cannot be any disallowance of expenses under section 14A ITA No.3492/Ahd/2015 and 5 others A.Y. 2010-11 45…

Dy.Commissioner of Income Tax, Circle-2(1)(2), Ahmedabad vs. M/S. Lamda Therapeutic Research Ltd., Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 3470/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad12 Apr 2021AY 2010-11

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Tushar P. HemaniSr. Advocate withShriParimalSinhParmar, A.RFor Respondent: Shri Mohd Usman, CIT. D.R with Shri Lalit P. Jain. Sr. D.R
Section 115JSection 234ASection 271(1)(c)

…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. 69.1 As there is no income to the assessee by way of dividend in the year under consideration, there cannot be any disallowance of expenses under section 14A ITA No.3492/Ahd/2015 and 5 others A.Y. 2010-11 45…

Lambda Therapeutic Research Limited, Ahmedabad vs. The Dy. Commissioner of Income Tax, Circle-2(1)(2), Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 2276/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad12 Apr 2021AY 2011-12

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Tushar P. HemaniSr. Advocate withShriParimalSinhParmar, A.RFor Respondent: Shri Mohd Usman, CIT. D.R with Shri Lalit P. Jain. Sr. D.R
Section 115JSection 234ASection 271(1)(c)

…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. 69.1 As there is no income to the assessee by way of dividend in the year under consideration, there cannot be any disallowance of expenses under section 14A ITA No.3492/Ahd/2015 and 5 others A.Y. 2010-11 45…

ACIT-3(2)(1), Mumbai vs. M/S I.B. Holdings Pvt Ltd., Mumbai

In the result, the appeal filed by the revenue is hereby dismissed

ITA 4432/MUM/2019[2012-13]Status: DisposedITAT Mumbai07 Apr 2021AY 2012-13
For Appellant: NoneFor Respondent: Ms. Smita Verma (DR)
Section 10Section 143(2)Section 14A

…hen there is no exempt income. The decisions are listed below: (i) Cheminvest Ltd. v. ITO [2009] 378 ITR 33 (Delhi 11C). (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. Shivam 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). 4.6 Further in the appellant own case for A.Y 2011-12, the then CH(A) vide Order No. CIT(A)-…

ACIT-Circle-2(1), Chandigarh vs. M/S Fastway Transmissions Pvt.Ltd., Chandigarh

In the result, appeals filed by the Revenue and Cross objections filed by

ITA 316/CHANDI/2020[2017-18]Status: DisposedITAT Chandigarh25 Mar 2021AY 2017-18

Bench: Shri N.K. Saini & Shri R.L Negiआयकर अपील सं./Ita Nos. 315 & 316/Chd/2020 िनधा"रण वष" / Assessment Years : 2016-17 & 2017-18 The Acit, M/S Fastway Transmissions Pvt. Ltd., बनाम Circle-2(1), Plot No.17, Industrial Area-1, Chandigarh Chandigarh

For Appellant: Shri Ashwani Kumar, CA &For Respondent: Smt. C.Chandrakanta, CIT
Section 143(3)Section 14A

…isallowance u/s 14A was warranted. 1. We find that the issue is now squarely covered by the various decisions of the High Courts in favour of the assessee viz.‘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 th…

ACIT, Circle-2(1), Chandigarh vs. M/S Fastway Transmissions Pvt.Ltd., Chandigarh

In the result, appeals filed by the Revenue and Cross objections filed by

ITA 315/CHANDI/2020[2016-17]Status: DisposedITAT Chandigarh25 Mar 2021AY 2016-17

Bench: Shri N.K. Saini & Shri R.L Negiआयकर अपील सं./Ita Nos. 315 & 316/Chd/2020 िनधा"रण वष" / Assessment Years : 2016-17 & 2017-18 The Acit, M/S Fastway Transmissions Pvt. Ltd., बनाम Circle-2(1), Plot No.17, Industrial Area-1, Chandigarh Chandigarh

For Appellant: Shri Ashwani Kumar, CA &For Respondent: Smt. C.Chandrakanta, CIT
Section 143(3)Section 14A

…isallowance u/s 14A was warranted. 1. We find that the issue is now squarely covered by the various decisions of the High Courts in favour of the assessee viz.‘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 th…

ACIT, Central Circle- 17, New Delhi vs. Era Infrastructure (India) Ltd., New Delhi

In the result, appeals of the Revenue are dismissed

ITA 798/DEL/2018[2013-14]Status: DisposedITAT Delhi10 Mar 2021AY 2013-14

Bench: Shri Prashant Maharishi & Shri K. Narasimha Chary

For Appellant: Sh. Rajesh Kumar, Sr. DRFor Respondent: None
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’: NEW DELHI (Through Video Conferencing) BEFORE SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER AND SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER ITA No.797 & 798/Del/2018 Assessment Year : 2014-15 & 2013-14 ACIT, Central Circle-17, Vs. M/s Era Infrastructure (India) New Delhi Ltd., 1107, Indraprastha Building 21, Barakhamba Road, New Delhi- 110001 PAN-AACCE0291J (Appellant) (Respondent) Appellant by : Sh. Rajesh Kumar, Sr. DR Respondent by : None Date of hearing : 10.03.2021 Date of pronouncement : 10.03.2021 ORDER PER SHRI PRASHANT MAHARISHI, AM: Aggrieved by the orde…

ACIT, Central Circle- 17, New Delhi vs. Era Infrastructure (India) Ltd., New Delhi

In the result, appeals of the Revenue are dismissed

ITA 797/DEL/2018[2014-15]Status: DisposedITAT Delhi10 Mar 2021AY 2014-15

Bench: Shri Prashant Maharishi & Shri K. Narasimha Chary

For Appellant: Sh. Rajesh Kumar, Sr. DRFor Respondent: None
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’: NEW DELHI (Through Video Conferencing) BEFORE SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER AND SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER ITA No.797 & 798/Del/2018 Assessment Year : 2014-15 & 2013-14 ACIT, Central Circle-17, Vs. M/s Era Infrastructure (India) New Delhi Ltd., 1107, Indraprastha Building 21, Barakhamba Road, New Delhi- 110001 PAN-AACCE0291J (Appellant) (Respondent) Appellant by : Sh. Rajesh Kumar, Sr. DR Respondent by : None Date of hearing : 10.03.2021 Date of pronouncement : 10.03.2021 ORDER PER SHRI PRASHANT MAHARISHI, AM: Aggrieved by the orde…

ACIT, Circle- 7(2), Delhi vs. Ds Group Hospitality Pvt. Ltd., Gurgaon

In the result, appeal of the Revenue is dismissed

ITA 5483/DEL/2018[2015-16]Status: DisposedITAT Delhi10 Mar 2021AY 2015-16

Bench: Shri Prashant Maharishi & Shri K. Narasimha Charyassessment Year : 2015-16 Acit, Circle-7(2), Delhi Vs. M/S Ds Group Hospitality Pvt. Ltd., 3Rd Floor, Sco No. 310, Ansari Road, Daryaganj, New Delhi-110002 Pan-Aaecd7010Q (Appellant) (Respondent) Appellant By : Sh. Rajesh Kumar, Sr. Dr Respondent By : Sh. Satyajeet Goel, Ca Date Of Hearing : 10.03.2021 Date Of Pronouncement : 10.03.2021 Order Per K. Narasimha Chary, Jm: Aggrieved By The Orders Dated 1/6/2018 In Appeal Numbers 128/2017-18 Passed By The Learned Commissioner Of Income

For Appellant: Sh. Rajesh Kumar, Sr. DRFor Respondent: Sh. Satyajeet Goel, CA
Section 115Section 14Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’: NEW DELHI (Through Video Conferencing) BEFORE SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER AND SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER Assessment Year : 2015-16 ACIT, Circle-7(2), Delhi Vs. M/s DS Group Hospitality Pvt. Ltd., 3rd Floor, SCO No. 310, Ansari Road, Daryaganj, New Delhi-110002 PAN-AAECD7010Q (Appellant) (Respondent) Appellant by : Sh. Rajesh Kumar, Sr. DR Respondent by : Sh. Satyajeet Goel, CA Date of hearing : 10.03.2021 Date of pronouncement : 10.03.2021 ORDER PER K. NARASIMHA CHARY, JM: Aggrieved by the orders dated 1/6/2018 in Appeal Numbers…

M/S Haryana State Industrial & Infrastructure Development Corpn., Panchkula vs. ACIT, Panchkula

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

ITA 275/CHANDI/2020[2006-07]Status: DisposedITAT Chandigarh04 Mar 2021AY 2006-07

Bench: The Itat. That In The First Round The Itat Had Held The Provisions Of Section 14A Of The Act, For The Purposes Of Disallowing Expenses Relating To Exempt Income, Applicable In The Facts Of The Present Cases On Noting That The Assessee Had Earned Exempt Income In The Form

For Appellant: Shri A.K. Jindal, CAFor Respondent: Smt.Meenakshi Vohra, Addl.CIT
Section 14ASection 250(6)

…nce can be made u/s 14A read with Rule 8D. For this reliance is placed on the following:- The Hon’ble Punjab and Haryana High Court in the case of CIT vs. Max India Ltd., ITA No.186 of 2013 (O&M) dated 6.9.2016,……….. CIT vs. Winsome Textile Industries Limited 319 ITR 204 (P&H)………. Principal Commissioner Of Income Tax vs. India Gelatine And Chemicals Ltd.(2015)93 CCH 253 GUJHC……. Further it has been settled by the Apex Court that no disallowance on account of interest expense if borrowed funds have not been used for investments…….. Thus, the AO has erred in making disallowance on account of interest as per the pro…

DCIT, Faridabad vs. M/S. Nhpc Ltd., Faridabad

In the result, appeal of the assessee is allowed and appeal of the Revenue is dismissed

ITA 5211/DEL/2016[2013-14]Status: DisposedITAT Delhi17 Feb 2021AY 2013-14

Bench: Sh. Anil Chaturvedi & Sh. Sudhanshu Srivastava(Through Video Conferencing) Assessment Year: 2013-14 Dy. Cit, Vs. M/S. Nhpc Ltd., Circle-Ii, Faridabad. Nhpc Comples, Sector-33, Faridabad. Pan No. Aaacn 0149 C (Appellant) (Respondent) Assessment Year: 2013-14 Sr. Manager(Fin)- Tax, Vs. Acit Nhpc Ltd., Circle – Ii, Nhpc Office Comples, Faridabad 4Th Floor, Finance Division Sector – 33, Faridabad-121003 (Appellant) (Respondent) Appellant By Shri Pramita M. Biswas, Cit-Dr Respondent By Shri Ved Jain, Adv. Shri Ashish Goel, C.A. Date Of Hearing: 08/02/2021 Date Of Pronouncement: 17/02/2021 Order Per Anil Chaturvedi, Am: These Cross Appeals Filed By The Revenue & Assessee Are Directed Against The Order Of The Commissioner Of Income Tax (A)-

Section 115JSection 143(3)Section 14ASection 80

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI BEFORE SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SH. SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER (THROUGH VIDEO CONFERENCING) Assessment Year: 2013-14 Dy. CIT, Vs. M/s. NHPC Ltd., Circle-II, Faridabad. NHPC Comples, Sector-33, Faridabad. PAN No. AAACN 0149 C (APPELLANT) (RESPONDENT) Assessment Year: 2013-14 Sr. Manager(Fin)- Tax, Vs. ACIT NHPC Ltd., Circle – II, NHPC Office Comples, Faridabad 4th Floor, Finance Division Sector – 33, Faridabad-121003 (APPELLANT) (RESPONDENT) Appellant by Shri Pramita M. Biswas, CIT-DR Respondent by Shri Ved Jain, Adv. Sh…

Sr. Manager(Fin)--Tax, Nhpc Ltd., Faridabad vs. ACIT, Faridabad

In the result, appeal of the assessee is allowed and appeal of the Revenue is dismissed

ITA 5106/DEL/2016[2013-14]Status: DisposedITAT Delhi17 Feb 2021AY 2013-14

Bench: Sh. Anil Chaturvedi & Sh. Sudhanshu Srivastava(Through Video Conferencing) Assessment Year: 2013-14 Dy. Cit, Vs. M/S. Nhpc Ltd., Circle-Ii, Faridabad. Nhpc Comples, Sector-33, Faridabad. Pan No. Aaacn 0149 C (Appellant) (Respondent) Assessment Year: 2013-14 Sr. Manager(Fin)- Tax, Vs. Acit Nhpc Ltd., Circle – Ii, Nhpc Office Comples, Faridabad 4Th Floor, Finance Division Sector – 33, Faridabad-121003 (Appellant) (Respondent) Appellant By Shri Pramita M. Biswas, Cit-Dr Respondent By Shri Ved Jain, Adv. Shri Ashish Goel, C.A. Date Of Hearing: 08/02/2021 Date Of Pronouncement: 17/02/2021 Order Per Anil Chaturvedi, Am: These Cross Appeals Filed By The Revenue & Assessee Are Directed Against The Order Of The Commissioner Of Income Tax (A)-

Section 115JSection 143(3)Section 14ASection 80

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI BEFORE SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SH. SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER (THROUGH VIDEO CONFERENCING) Assessment Year: 2013-14 Dy. CIT, Vs. M/s. NHPC Ltd., Circle-II, Faridabad. NHPC Comples, Sector-33, Faridabad. PAN No. AAACN 0149 C (APPELLANT) (RESPONDENT) Assessment Year: 2013-14 Sr. Manager(Fin)- Tax, Vs. ACIT NHPC Ltd., Circle – II, NHPC Office Comples, Faridabad 4th Floor, Finance Division Sector – 33, Faridabad-121003 (APPELLANT) (RESPONDENT) Appellant by Shri Pramita M. Biswas, CIT-DR Respondent by Shri Ved Jain, Adv. Sh…