CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT v. UTI Bank Ltd.

154 ITD 306Income Tax Appellate Tribunal#6867 most cited

What is CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT v. UTI Bank Ltd. authority for?

Interest expenditure cannot be disallowed under Section 14A if investments are made for business purposes, such as maintaining liquid funds for large government orders.

16

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2016 to 2024.

Also referred to as

CIT vs. Gujarat Narmada Valley Fertilizers Company · Section 14A · interest expenditure · business purpose · liquid funds · government orders

Judgments citing CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT v. UTI Bank Ltd.

ACIT, Circle-13(1), New Delhi vs. Living Media India Ltd, New Delhi

ITA 1091/DEL/2023[2018-19]Status: DisposedITAT Delhi27 Jun 2024AY 2018-19

Bench: Sh. G.S. Pannu & Sh. Anubhav Sharmaassessment Year: 2018-19 Acit Vs. Living Media India Ltd. Circle – 13 (1) K-9, Connaught Place, New Delhi New Delhi-110001 Pan No.Aaacl0087H (Appellant) (Respondent)

Section 14Section 143(3)Section 14A

…n be made out of the interest expenditure. This has been the view of the e Bombay High Court in Reliance Utilities and Power Ltd. (313 ITR 340) and HDFC Bank Ltd. (366 ITR 505). It has most recently been followed by the Delhi Bench of ITAT in the Motors LTD. (154 ITD 306). Accordingly in my view no disallowance of case of T&T interest expenditure u/s 14A read with rule 8D(2)(ii) is warranted. 8.2.2 Coming to the issue of disallowance of administrative expenses, the AR has pointed out that, despite offering a sum of Rs. 42,00,450/- in the return of income on this account, in view of the fresh case laws, the amoun…

Living Media India Ltd., New Delhi vs. DCIT, New Delhi

In the result appeal of the Assessee is partly allowed whereas the appeal of the Revenue is allowed for statistical purposes

ITA 648/DEL/2016[2011-12]Status: DisposedITAT Delhi12 Mar 2019AY 2011-12

Bench: Shri Kuldip Singh & Dr. B. R. R. Kumarliving Media India Ltd. Vs Dcit 9K- Block, Connaught Circle – 15 (2) Circus New Delhi New Delhi - 110005 Pan No.Aaacl0087H

…out of the interest expenditure. This has been the view of the Bombay High Court in Reliance Utilities and Power Ltd. (313 ITR 340) and HDFC Bank Ltd. (366 ITR 505). It has most recently been followed by the Delhi Bench of ITAT in the case of T&T Motors LTD. (154 ITD 306). Accordingly in my view no disallowance of interest expenditure u/s 14A read with rule 8D(2)(ii) is warranted. 8.2.2 Coming to the issue of disallowance of administrative expenses, the AR has pointed out that, despite offering a sum of Rs. 42,00,450/- in the return of income on this account, in view of the fresh case laws, the amount may be rev…

ACIT, New Delhi vs. M/S. Living Media India Ltd., New Delhi

In the result appeal of the Assessee is partly allowed whereas the appeal of the Revenue is allowed for statistical purposes

ITA 1034/DEL/2016[2011-12]Status: DisposedITAT Delhi12 Mar 2019AY 2011-12

Bench: Shri Kuldip Singh & Dr. B. R. R. Kumarliving Media India Ltd. Vs Dcit 9K- Block, Connaught Circle – 15 (2) Circus New Delhi New Delhi - 110005 Pan No.Aaacl0087H

…out of the interest expenditure. This has been the view of the Bombay High Court in Reliance Utilities and Power Ltd. (313 ITR 340) and HDFC Bank Ltd. (366 ITR 505). It has most recently been followed by the Delhi Bench of ITAT in the case of T&T Motors LTD. (154 ITD 306). Accordingly in my view no disallowance of interest expenditure u/s 14A read with rule 8D(2)(ii) is warranted. 8.2.2 Coming to the issue of disallowance of administrative expenses, the AR has pointed out that, despite offering a sum of Rs. 42,00,450/- in the return of income on this account, in view of the fresh case laws, the amount may be rev…

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal of the assessee is partly allowed for statistical purpose

ITA 467/DEL/2014[2009-10]Status: DisposedITAT Delhi17 Oct 2018AY 2009-10

Bench: Shri R. K. Panda & Ms Suchitra Kamblei.T.A .No. 467/Del/2014 (A.Y 2009-10)

Section 143(3)Section 144CSection 144C(5)Section 43Section 43B

…vs. Suzlon Energy Ltd.: 215 Taxman 272 (Guj) • M/s Gogrej Agrovet Ltd. v. AC1T: ITA No. 1629/Mum/09 (Mum.) • Dy. CIT v. Eimco Elecon (India) Ltd.: 142 ITD 52 (Ahd) • Dy. CIT v. Jammu & Kashmir Bank Ltd.: 142 ITD 553(Asr.) • T and T Motors Ltd. v. Addl. CIT : 154 ITD 306 (Delhi) Hero Honda Finlease Ltd vs. ACIT: ITA No. 3726/Del/2012 (Del) • • ACIT vs. Champion Commercial Co Ltd: 152 TTJ 241 (Kol) • TML Drive Lines Ltd vs. ACIT : ITA No. 6064/Mum/2010 (Mum) • Kulgam Holdings Pvt. Ltd. vs. ACIT : ITA No. 1259/Ahd/2006 (Ahd) The aforesaid decisions are squarely applicable in the facts of the present case inasmuch a…

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal of the assessee is allowed in part for statistical purposes

ITA 6021/DEL/2012[2008-09]Status: DisposedITAT Delhi09 Nov 2017AY 2008-09

Bench: Shri N.K. Saini & Shri K.N. Charry

Section 143(3)Section 144CSection 144C(5)Section 14ASection 35DSection 43BSection 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘I’ NEW DELHI BEFORE SHRI N.K. SAINI, ACCOUNTANT MEMBER & SHRI K.N. CHARRY, JUDICIAL MEMBER ITA No.-6021/Del/2012 (Assessment Year: 2008-09) Maruti Suzuki India Ltd. vs Addl. CIT Plot No. 1, Nelson Mandela Road, Range-6, Vasant Kunj, New Delhi. C.R. Building, PAN-AAACM0829Q New Delhi. (APPELLANT) (RESPONDENT) Assessee by Sh. Ajay Vohra Revenue by Sh. Aprender Kumar Date of Hearing 21.08.2017 Date of Pronouncement 09.11.2017 ORDER PER SHRI K.N. CHARY, JUDICIAL MEMBER This is an appeal challenging the order dated 29.10.2012 passed by the Assessing Officer u/…

ACIT, Sonepat vs. M/S. Atlas Cycles (Haryana) Ltd., Sonepat

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 4049/DEL/2013[2008-09]Status: DisposedITAT Delhi29 Jul 2016AY 2008-09

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del.); 8. CIT vs. Reliance Utilities 313 ITR 340 (Mum.). 5.7.2 The ld. AR also submitted that the purpose of keeping such investment was to keep liquid money for huge Govt. orders and that no interest expenditure can be assumed for disallowance u/s 14A if such investments were made for business purposes. Reliance was placed on the judgment…

ACIT, Sonepat vs. M/S Atlas Cycles (Haryana) Ltd., Sonepat

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 4000/DEL/2013[2010-11]Status: DisposedITAT Delhi29 Jul 2016AY 2010-11

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del.); 8. CIT vs. Reliance Utilities 313 ITR 340 (Mum.). 5.7.2 The ld. AR also submitted that the purpose of keeping such investment was to keep liquid money for huge Govt. orders and that no interest expenditure can be assumed for disallowance u/s 14A if such investments were made for business purposes. Reliance was placed on the judgment…

ACIT, Sonepat vs. M/S. Atlas Cycles (Haryana) Ltd., Sonepat

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 2132/DEL/2012[2009-10]Status: DisposedITAT Delhi29 Jul 2016AY 2009-10

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del.); 8. CIT vs. Reliance Utilities 313 ITR 340 (Mum.). 5.7.2 The ld. AR also submitted that the purpose of keeping such investment was to keep liquid money for huge Govt. orders and that no interest expenditure can be assumed for disallowance u/s 14A if such investments were made for business purposes. Reliance was placed on the judgment…

Addl. CIT, Sonepat vs. M/S Atlas Cycles Haryana Ltd., Sonepat

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 3473/DEL/2011[2008-09]Status: DisposedITAT Delhi29 Jul 2016AY 2008-09

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del.); 8. CIT vs. Reliance Utilities 313 ITR 340 (Mum.). 5.7.2 The ld. AR also submitted that the purpose of keeping such investment was to keep liquid money for huge Govt. orders and that no interest expenditure can be assumed for disallowance u/s 14A if such investments were made for business purposes. Reliance was placed on the judgment…

ACIT, Sonepat vs. M/S. Atlas Cycles Haryana Ltd., Sonepat

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 3472/DEL/2011[2005-06]Status: DisposedITAT Delhi29 Jul 2016AY 2005-06

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del.); 8. CIT vs. Reliance Utilities 313 ITR 340 (Mum.). 5.7.2 The ld. AR also submitted that the purpose of keeping such investment was to keep liquid money for huge Govt. orders and that no interest expenditure can be assumed for disallowance u/s 14A if such investments were made for business purposes. Reliance was placed on the judgment…

DCIT, Sonepat vs. M/S Atlas Cycles (Haryana) Ltd., Sonepat

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 2491/DEL/2011[2004-05]Status: DisposedITAT Delhi29 Jul 2016AY 2004-05

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del.); 8. CIT vs. Reliance Utilities 313 ITR 340 (Mum.). 5.7.2 The ld. AR also submitted that the purpose of keeping such investment was to keep liquid money for huge Govt. orders and that no interest expenditure can be assumed for disallowance u/s 14A if such investments were made for business purposes. Reliance was placed on the judgment…

DCIT, Sonepat vs. M/S Atlas Cycles (Haryana) Ltd., Sonepat

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 2490/DEL/2011[2003-04]Status: DisposedITAT Delhi29 Jul 2016AY 2003-04

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del.); 8. CIT vs. Reliance Utilities 313 ITR 340 (Mum.). 5.7.2 The ld. AR also submitted that the purpose of keeping such investment was to keep liquid money for huge Govt. orders and that no interest expenditure can be assumed for disallowance u/s 14A if such investments were made for business purposes. Reliance was placed on the judgment…

DCIT, Sonepat vs. M/S Atlas Cycles (Haryana) Ltd., Sonepat

In the result ITA Nos. 2489/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 2489/DEL/2011[2006-07]Status: DisposedITAT Delhi29 Jul 2016AY 2006-07

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del.); 8. CIT vs. Reliance Utilities 313 ITR 340 (Mum.). 5.7.2 The ld. AR also submitted that the purpose of keeping such investment was to keep liquid money for huge Govt. orders and that no interest expenditure can be assumed for disallowance u/s 14A if such investments were made for business purposes. Reliance was placed on the judgment…

DCIT, Sonepat vs. Shri Atlas Cycles Haryana Ltd., Sonepat

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 10/DEL/2011[2007-08]Status: DisposedITAT Delhi29 Jul 2016AY 2007-08

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del.); 8. CIT vs. Reliance Utilities 313 ITR 340 (Mum.). 5.7.2 The ld. AR also submitted that the purpose of keeping such investment was to keep liquid money for huge Govt. orders and that no interest expenditure can be assumed for disallowance u/s 14A if such investments were made for business purposes. Reliance was placed on the judgment…

ACIT, Sonepat vs. M/S. Atlas Cycles (Haryana) Ltd., Sonepat

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 913/DEL/2010[2006-07]Status: DisposedITAT Delhi29 Jul 2016AY 2006-07

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del.); 8. CIT vs. Reliance Utilities 313 ITR 340 (Mum.). 5.7.2 The ld. AR also submitted that the purpose of keeping such investment was to keep liquid money for huge Govt. orders and that no interest expenditure can be assumed for disallowance u/s 14A if such investments were made for business purposes. Reliance was placed on the judgment…

M/S. Atlas Cycles (Haryana) Ltd., Sonepat vs. ACIT, Haryana

In the result ITA Nos. 2484/Del/2011 and 4049/Del/2013 preferred by the department are dismissed

ITA 784/DEL/2010[2006-07]Status: DisposedITAT Delhi29 Jul 2016AY 2006-07

Bench: Shri G.D. Agrawal, Hon’Ble & Shri Sudhanshu Srivastava

…IT vs. Hero Cycles Ltd. 323 ITR 518 (P&H); 4. CIT vs. Abhishek Industries Ltd. 231 Taxman 85 (P&H); 5. CIT vs. Gujarat Narmada Valley Fertilizers Company, 42 Taxman.com 270 (Guj.); 6. CIT vs. UTI Bank Ltd. 32 taxman.com 370 (Guj.); 7. TNT Motors Ltd. vs. ACIT 154 ITD 306 (ITAT)(Del.); 8. CIT vs. Reliance Utilities 313 ITR 340 (Mum.). 5.7.2 The ld. AR also submitted that the purpose of keeping such investment was to keep liquid money for huge Govt. orders and that no interest expenditure can be assumed for disallowance u/s 14A if such investments were made for business purposes. Reliance was placed on the judgment…