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.

M/S Global Tech Park Private Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-3(1)(2), Bangalore

In the result ITA No.2287/BANG/2018 is partly allowed

ITA 2287/BANG/2018[2014-15]Status: DisposedITAT Bangalore06 Mar 2020AY 2014-15

Bench: Shri N.V. Vasudevan & Shri Pradip Kumar Kedia

For Appellant: Shri Hariprasad Nayak, CAFor Respondent: Smt R. Premi, JCIT(DR)(ITAT), Bangalore
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…

M/S Global Tech Park Private Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-3(1)(2), Bangalore

In the result ITA No.2287/BANG/2018 is partly allowed

ITA 2286/BANG/2018[2015-16]Status: DisposedITAT Bangalore06 Mar 2020AY 2015-16

Bench: Shri N.V. Vasudevan & Shri Pradip Kumar Kedia

For Appellant: Shri Hariprasad Nayak, CAFor Respondent: Smt R. Premi, JCIT(DR)(ITAT), Bangalore
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…

DCIT, New Delhi vs. M/S. Innus Infrastructure Pvt. Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 1516/DEL/2017[2012-13]Status: DisposedITAT Delhi06 Mar 2020AY 2012-13

Bench: Smt. Diva Singhdr. B. R. R. Kumarita No. 1516/Del/2017 : Asstt. Year : 2012-13 Dcit, Vs M/S Innus Infrastructure Pvt. Ltd., Circle-11(1), M-62 & 63, First Floor, Connaught New Delhi Palace, New Delhi (Appellantt (Respondent) Pan No. Aacci1776N Assessee By : Ms. Neha Gupta, Ca Revenue By : Sh. S. N. Meena, Sr. Dr Date Of Hearing: 03.03.2020 Date Of Pronouncement: 06.03.2020

For Appellant: Ms. Neha Gupta, CAFor Respondent: Sh. S. N. Meena, Sr. DR
Section 14A

…nc. [2014] 226 Taxman 45/49 taxmann.com 257 of the High Court of Punjab and Haryana which in turn referred to two earlier decisions of the same Court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518/189 Taxman 50 and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204. The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxman 130/45 taxmann.com 116 and the third of the Allahabad High Court in CIT v. Shivam Motors (P.) Ltd. [2015] 230 Taxman 63/55 taxmann.com 262. Further, in the case of Joint Investment Pvt. Ltd. Vs CIT 59 Taxmann 295, the Hon’ble Jurisdictional High Court…

Shri Shravankumar Gisulal Jain, Vadodara vs. The Income Tax Officer, Ward-1(2)(5), Vadodara

In the result, appeal of the assessee is allowed

ITA 1658/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad27 Feb 2020AY 2012-13

Bench: Shri Sandeep Gosain & Shri Amarjit Singhआयकर अपील सं./I.T.A. No. 1658/Ahd/2018 ("नधा"रण वष" / Assessment Year : 2012-13)

For Appellant: Shri Ankit Chokshi, ARFor Respondent: Shri G.c. Daxini, Sr.DR
Section 10Section 14A

…the case of CIT v. Corrtech Energy (P.) Ltd. [2014] 45 taxmann.com 116 and 372 ITR 97, (Guj), the Hon'ble Gujarat High Court following the decision of division bench of Punjab and Haryana High Court in the case of CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 held that Section 14A(1) provides that for the purpose of computing total income under chapter IV, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under the Act. In the instant case, the Tribunal has recorded the finding of fact that the assessee d…

DCIT (Ltu), New Delhi vs. M/S. Hero Motors Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 249/DEL/2017[2012-13]Status: DisposedITAT Delhi26 Feb 2020AY 2012-13

Bench: Sh. H. S. Sidhudr. B. R. R. Kumar

For Appellant: Sh. Satish Bansal, CAFor Respondent: Sh. S. N. Meena, Sr. DR
Section 14A

…nc. [2014] 226 Taxman 45/49 taxmann.com 257 of the High Court of Punjab and Haryana which in turn referred to two earlier decisions of the same Court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518/189 Taxman 50 and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204. The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxman 130/45 taxmann.com 116 and the third of the Allahabad High Court in CIT v. Shivam Motors (P.) Ltd. [2015] 230 Taxman 63/55 taxmann.com 262. These three decisions reiterated the position that when an assessee had not earned any taxable income in the rel…

ITO, New Delhi vs. M/S Hero Management Services Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 125/DEL/2017[2011-12]Status: DisposedITAT Delhi26 Feb 2020AY 2011-12

Bench: Sh. H. S. Sidhudr. B. R. R. Kumarita No. 125/Del/2017 : Asstt. Year : 2011-12 Income Tax Officer, Vs M/S Hero Management Services Ltd. Ward-11 (2) E-1, Qutab Hotel Complex, Shaheed New Delhi Jeet Singh Marg, New Delhi (Appellantt (Respondent) Pan No. Aabch4681C Assessee By : Sh. Satish Bansal, Ca Revenue By : Sh. S. N. Meena, Sr. Dr Date Of Hearing:25.02.2020 Date Of Pronouncement: 26.02.2020

For Appellant: Sh. Satish Bansal, CAFor Respondent: Sh. S. N. Meena, Sr. DR
Section 14A

…ann.com 257 of 3 Hero Management Services Ltd. the High Court of Punjab and Haryana which in turn referred to two earlier decisions of the same Court in CIT v. Hero Cycles Ltd. [2010] 323 ITR 518/189 Taxman 50 and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204. The second was of the Gujarat High Court in CIT v. Corrtech Energy (P.) Ltd. [2014] 223 Taxman 130/45 taxmann.com 116 and the third of the Allahabad High Court in CIT v. Shivam Motors (P.) Ltd. [2015] 230 Taxman 63/55 taxmann.com 262. These three decisions reiterated the position that when an assessee had not earned any taxable income in the rel…

The JCIT(OSD), Circle-1(1)(2), Ahmedabad vs. Adani Logistics Ltd., Ahmedabad

In the result, Revenue’s appeal is dismissed

ITA 1608/AHD/2018[2015-16]Status: DisposedITAT Ahmedabad31 Jan 2020AY 2015-16

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri Satish Solanki, Sr. D.RFor Respondent: Shri Varthik Chokshi & Biren V. Shah
Section 115JSection 143(3)Section 14ASection 35D

…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 allowably of interest paid on loans given to sister concerns, without interest. It was held that deduction for interest was permissible when loan was taken for…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2107/DEL/2017[2013-14]Status: DisposedITAT Delhi29 Jan 2020AY 2013-14

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, Sr. DR
Section 14A

…Income Tax, Faridabad vs. MIs. 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…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2106/DEL/2017[2012-13]Status: DisposedITAT Delhi29 Jan 2020AY 2012-13

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, Sr. DR
Section 14A

…Income Tax, Faridabad vs. MIs. 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…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2105/DEL/2017[2011-12]Status: DisposedITAT Delhi29 Jan 2020AY 2011-12

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, Sr. DR
Section 14A

…Income Tax, Faridabad vs. MIs. 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…

Vic Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, we hereby hold that (a) No disallowance on the interest is required when the assessee has got sufficient own funds at their disposal to lend/advance

ITA 2104/DEL/2017[2010-11]Status: DisposedITAT Delhi29 Jan 2020AY 2010-11

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 2104/Del/2017 : Asstt. Year : 2010-11 Ita No. 2105/Del/2017 : Asstt. Year : 2011-12 Ita No. 2106/Del/2017 : Asstt. Year : 2012-13 Ita No. 2107/Del/2017 : Asstt. Year : 2013-14 Vic Enterprises Pvt. Ltd., Vs Deputy Commissioner Of 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), Rouse Avenue, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi Revenue By : Ms. Ashima Neb, Sr. Dr Date Of Hearing: 21.01.2020 Date Of Pronouncement: 29.01.2020

For Appellant: Sh. M. P. RastogiFor Respondent: Ms. Ashima Neb, Sr. DR
Section 14A

…Income Tax, Faridabad vs. MIs. 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…

Pony Infrastructure and Contractors Limited, Mumbai vs. Income Tax Officer Ward-13(1)(4), Mumbai

Appeal is dismissed with no order as to costs

ITA 6969/MUM/2018[2014-15]Status: DisposedITAT Mumbai22 Jan 2020AY 2014-15

Bench: Shri Saktijit Dey, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 6969/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2014-15)

For Appellant: Shri K. G. Bohra, ARFor Respondent: Shri Kumar Padmapani
Section 143(1)Section 143(2)Section 143(3)Section 14A

…l. (decision dated 2nd April 2014 of the High Court of Punjab and Haryana in ITA No. 970/2008) which in turn referred to two earlier decisions of the same Court in CIT v. Hero Cycles Limited [2010] 323 ITR 518 and CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204. The second was of the Gujarat High Court in Commissioner of 5 I.T.A. No. 6969/Mum/2018 Pony Infrastructure & Contractors Ltd. Income Tax-I v. Corrtech Energy (P) Ltd. [2014] 223 Taxmann 130 (Guj.) and the third of the Allahabad High Court in Commissioner of Income Tax, Kanpur v. Shivam Motors (P) Ltd. (decision dated 5th May 2014 in ITA No. 88/…

The Dy. CIT, Circle-1(1)(1), Ahmedabad vs. Adani Properties Pvt. Ltd., Ahmedabad

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

ITA 2806/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad06 Jan 2020AY 2013-14

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed1. आयकर अपील सं./Ita No. 2617/Ahd/2017 2. आयकर अपील सं./Ita No. 2806/Ahd/2017 ("नधा"रण वष"/Assessment Year : 2013-14) 1. Adani Properties Pvt.Ltd. 1.The Dcit बनाम/ (Also Known As Adani Agro Circle-1(1)(1) Vs. Private Limited) Ahmedabad 8Th Floor, Shikhar Nr.Mithakhali Six Roads Navrangpura Ahmedabad 380 009 2. The Dcit 2.Adani Properties Circle-1(1)(1) Pvt.Ltd., Ahmedabad Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabca 3182 H .. (अपीलाथ"/Appellants) (""यथ" / Respondents) Assessee By : Shri Vartik Chokshi & Shri Biren Shah, Ars Revenue By : Shri Alok Singh, Cit-Dr

For Appellant: Shri Vartik Chokshi &For Respondent: Shri Alok Singh, CIT-DR
Section 14A

…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.” 6.1. We also find support and guidance from the judgment of the Hon’ble Supreme Court in the case of PCIT Vs. State Bank of Patiala and ITA No.2806/Ahd/2017 (By Revenue) Adani Properties Pvt.Ltd. vs. DCIT (c…

Adani Properties Pvt. Ltd.(Also Known As Adani Agro Private Limited), Ahmedabad vs. The Dy. Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad

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

ITA 2617/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad06 Jan 2020AY 2013-14

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed1. आयकर अपील सं./Ita No. 2617/Ahd/2017 2. आयकर अपील सं./Ita No. 2806/Ahd/2017 ("नधा"रण वष"/Assessment Year : 2013-14) 1. Adani Properties Pvt.Ltd. 1.The Dcit बनाम/ (Also Known As Adani Agro Circle-1(1)(1) Vs. Private Limited) Ahmedabad 8Th Floor, Shikhar Nr.Mithakhali Six Roads Navrangpura Ahmedabad 380 009 2. The Dcit 2.Adani Properties Circle-1(1)(1) Pvt.Ltd., Ahmedabad Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabca 3182 H .. (अपीलाथ"/Appellants) (""यथ" / Respondents) Assessee By : Shri Vartik Chokshi & Shri Biren Shah, Ars Revenue By : Shri Alok Singh, Cit-Dr

For Appellant: Shri Vartik Chokshi &For Respondent: Shri Alok Singh, CIT-DR
Section 14A

…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.” 6.1. We also find support and guidance from the judgment of the Hon’ble Supreme Court in the case of PCIT Vs. State Bank of Patiala and ITA No.2806/Ahd/2017 (By Revenue) Adani Properties Pvt.Ltd. vs. DCIT (c…

M/S. Religare Securities Ltd., New Delhi vs. ACIT, New Delhi

The appeal of the assessee stands allowed in terms of our directions contained in the preceding

ITA 2282/DEL/2013[2008-09]Status: DisposedITAT Delhi13 Dec 2019AY 2008-09

Bench: Shri N.K. Billaiya & Shri Sudhanshu Srivastavaasstt. Year: 2008-09

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Smt. Sulekha Verma, CIT(DR)
Section 143(1)Section 14ASection 28Section 36Section 36(1)(ii)Section 37(1)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER Asstt. Year: 2008-09 M/s. Religare Securities Ltd., Vs. ACIT D3, P3B, District Centre, Saket Circle-15(1), New Delhi. New Delhi. (Appellant) (Respondent) Assessee by: Shri Rohit Jain, Advocate Ms. Tejasvi Jain, Advocate Ms. Somya Jain, CA Department by : Smt. Sulekha Verma, CIT(DR) Date of Hearing 18/09/2019 Date of 13/12/2019 pronouncement O R D E R PER SUDHANSHU SRIVASTAVA, JM: This appeal by the assessee pertains to assessment year 2008-09 and challenges…

Smt. Kavita Dipesh Shah, Surat vs. The Pr. CIT-2, Surat

In the result, the appeal of the assessee is allowed

ITA 219/SRT/2019[2014-15]Status: DisposedITAT Surat10 Dec 2019AY 2014-15

Bench: Shri Amarjit Singh & Shri O.P.Meenaआ.अ.सं./I.T.A No.219/Srt/2019 "नधा"रणवष"/Assessment Year: 2014-15 Shri Kavita Dipesh Shah, Vs. Principal Commissioner Of 1, Vishal House, Next To Gautam Income-Tax- 2, Surat Market, Kamela Darwaja, Ring Road, Surat. [Pan: Anhps 4998 R] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Rasesh Shah, Ca राज"वक"ओरसे /Revenue By Shri O.P. Singh, Cit(D.R.)

Section 143Section 143(3)Section 14ASection 263Section 57Section 8D

…be made. In the process tribunal relied on the decision of Division Bench of Punjab And Haryana High Court in the case of CIT v. Winsome Kavita Dipesh Shah v. Pr. CIT-2 Surat /ITA No.219/SRT/2019 for A.Y. 2014-15 Page 11 of 16 Textile Industries Ltd. [2009] 319 ITR 204 in which also the Court had had observed that where the assessee did not make any claim for exemption, section 14A could have no application. Similar findings was given by the Hon`ble Supreme Court in the case of Maxopp Investment Ltd. v. CIT [2018] 91 taxmann.com 154(SC) holding that only expenses proportionate to earning exempt income could be…

Shri Dipesh L. Shah, Surat vs. Pr. CIT-2, Surat

In the result, the appeal of the assessee is allowed

ITA 218/SRT/2019[2014-15]Status: DisposedITAT Surat10 Dec 2019AY 2014-15

Bench: Shri Amarjit Singh & Shri O.P.Meenaआ.अ.सं./I.T.A No.218/Srt/2019 "नधा"रणवष"/Assessment Year: 2014-15 Shri Dipesh L Shah, Vs. Principal Commissioner Of 1, Vishal House, Next To Gautam Income-Tax- 2, Surat Market, Kamela Darwaja, Ring Road Surat [Pan: Afsps 3839J] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Rasesh Shah, Ca राज"वक"ओरसे /Revenue By Shri Prasenjit Singh, Cit(D.R.)

Section 143Section 143(3)Section 14ASection 263Section 57Section 8D

…f tax. It was on that basis 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 the case of CIT v. Winsome Textile Industries Ltd. [2009] 319 ITR 204 in which also the Court had had observed that where the assessee did not make any claim for exemption, section 14A could have no application. Similar findings was given by the Hon`ble Supreme Court in the case of Maxopp Investment Ltd. v. CIT [2018] 91 taxmann.com 154(SC) holding that only expenses proportionate to earning exempt income could be…

DCIT Cen Cir 8(3), Mumbai vs. Jsw Energy Ltd, Mumbai

The appeal stands partly allowed in terms of our above order

ITA 2452/MUM/2017[2011-12]Status: DisposedITAT Mumbai07 Nov 2019AY 2011-12

Bench: Hon’Ble Shri Pawan Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: S/Shri Rishabh Shah & Rakesh Joshi- Ld. ARsFor Respondent: Shri Akhtar H.Ansari- Ld.DR
Section 115JSection 14ASection 92C

…Court 81 Taxmann.com 108 5. CIT Vs Lakhani Marketing Inc. Hon’ble Punjab & Haryana High Court 2015 4 ITR-OL 246 6. CIT Vs Hero Cycles Ltd Hon’ble Punjab & Haryana High Court 323 ITR 518 7. CIT Vs. Winsome Textiles Ind. Ltd. Hon’ble Punjab & Haryana High Court 319 ITR 204 8. CIT Vs Corrtech Energy Pvt Ltd Hon’ble Gujarat High Court 223 Taxmann.com 130 The revenue is unable to bring on record any contrary judgment. Further, Tribunal in assessee’s own case for AY 2008-09 vide ITA No. 1334/Mum/2015 order dated 02/06/2017 has deleted the additional disallowance as made by Ld. AO and accepted the suo-moto disallowance…

Infolink Solutions P.Ltd, Mumbai vs. DCIT Cen Cir 09, Mumbai

In the result, appeal filed by the assessee for assessment year 2009-

ITA 572/MUM/2016[2009-10]Status: DisposedITAT Mumbai29 Oct 2019AY 2009-10

Bench: Shri S. Rifaur Rahman (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2009-10 Infolink Solutions Pvt. Ltd., The Deputy Commissioner Of 45/2225, 2Nd Floor, Income Tax, Central Circle-09, Samadhan Chs Ltd. Mumbai Near Mhada Office, Vs. Gandi Nagar, Bandra (East), Mumbai - 400051 Pan: Aaaci9120N (Appellant) (Respondent) Assessee By : Manish Shah/Ms. Miyanta Mehta (Ar) Revenue By : Shri Awungshi Girison (Dr) Date Of Hearing: 09/09/2019 Date Of Pronouncement: 29/10/2019

For Appellant: Manish Shah/Ms. Miyanta Mehta (AR)For Respondent: Shri Awungshi Girison (DR)
Section 132Section 143Section 143(3)Section 148Section 14ASection 153C

…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 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/S. Axis Aerospace & Technologies P Ltd., Bangalore vs. Commissioner of Income Tax, Bangalore

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

ITA 766/BANG/2017[2009-10]Status: DisposedITAT Bangalore20 Sept 2019AY 2009-10

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadaleassessment Year : 2009-10 M/S. Axis Aerospace & The Commissioner Of Technologies Pvt. Ltd., Income Tax 54, Richmond Road, Vs. (Appeals) – 14, Bangalore – 560 025. Bangalore. Pan: Aaccb1728K Appellant Respondent

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Smt. R. Premi, JCIT (DR)
Section 14A

…ply if no exempted income was received or receivable during the relevant previous year. 11. The appellant wishes to rely on the decision of the Punjab and Haryana High Court in the case of CIT v Hero Cycles ltd 323 ITR 518, CIT V Winsom Textile Industries Ltd 319 ITR 204. 12. The appellant also submits for your consideration the findings with respect to rule 8D(2)(iii) The only issue is whether any disallowance is called for under rule 8D(2)(iii) or not. The contention of the assessee that no expenditure was incurred to earn dividend income of Rs. 29,000/- was not accepted by the AO. As held by the Hon'ble Delhi…