Daga 4 Mrs. Anahaita Nalin Shah v. ACIT Capital Management Pvt. Ltd.

26 SOT 603Income Tax Appellate Tribunal2008#4334 most cited

What is Daga 4 Mrs. Anahaita Nalin Shah v. ACIT Capital Management Pvt. Ltd. authority for?

Disallowance of expenditure under section 14A must be computed strictly as per Rule 8D. When calculating disallowance under Rule 8D, the AO must consider the average value of stock and investments, not just the net value of assets.

27

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2026.

Also referred to as

Daga Capital Management · section 14A · Rule 8D · disallowance · exempt income · average value of stock · average value of investments · ITAT Mumbai

Sections most often in play

Section 142(1)Section 143(2)Section 143(3)Section 14ASection 2(24)(x)Section 250Section 36(1)(va)

Judgments citing Daga 4 Mrs. Anahaita Nalin Shah v. ACIT Capital Management Pvt. Ltd.

HCL TECHNOLOGIES LTD.,NEW DELHI vs. ACIT, NEW DELHI

The appeal is allowed as indicated above

ITA 5465/DEL/2011[2007-08]Status: DisposedITAT Delhi15 Apr 2026AY 2007-08

Bench: Shri Vikas Awasthy & Shri Brajesh Kumar Singh

Section 10ASection 143Section 144Section 144C(13)

…ad with Rule 8D of the I.T. Rules. This objection of the assessee is rejected in view of the fact that the AO has computed the disallowance by application of Rule 8D as upheld by this Special Bench of the ITAT in the cases of Daga Capital Management (P) Ltd., 26 SOT 603 (MUM) (SB) and Cheminvest Ltd.” 9.3 The assessee filed a written submission and the relevant extract of the same are reproduced as under: The appellant has in the relevant previous year earned the following income from treasury operations, i.e., from investments made in securities: Particular Amount Taxable Interest Income 94,64,311 Tax-free I…

HCL TECHNOLOGIES LTD,NEW DELHI vs. ACIT, NEW DELHI

The appeal is allowed as indicated above

ITA 5624/DEL/2010[2006-07]Status: DisposedITAT Delhi15 Apr 2026AY 2006-07

Bench: Shri Vikas Awasthy & Shri Brajesh Kumar Singh

Section 10ASection 143Section 144Section 144C(13)

…ad with Rule 8D of the I.T. Rules. This objection of the assessee is rejected in view of the fact that the AO has computed the disallowance by application of Rule 8D as upheld by this Special Bench of the ITAT in the cases of Daga Capital Management (P) Ltd., 26 SOT 603 (MUM) (SB) and Cheminvest Ltd.” 9.3 The assessee filed a written submission and the relevant extract of the same are reproduced as under: The appellant has in the relevant previous year earned the following income from treasury operations, i.e., from investments made in securities: Particular Amount Taxable Interest Income 94,64,311 Tax-free I…

CHNHB HEALTH INSURANCE CO. LTD.,,KOLKATA vs. ACIT, CIRCLE 6(1), , KOLKATA

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

ITA 511/KOL/2025[2017-18]Status: DisposedITAT Kolkata08 Apr 2026AY 2017-18

Bench: Shri George Mathan & Shri Rakesh Mishra

Section 142(1)Section 143(2)Section 14ASection 250

…Boyce Mfg Co. Ltd v DCIT 328 ITR 81 where it was held that Disallowance under section 14A has to be made in accordance with the principle laid down by the Hon'ble Bombay High Court in the present case. The Mumbai Tribunal in Daga Capital Management Pvt. Ltd. 26 SOT 603 held that all disallowances u/s 14A ought to be strictly computed as per Rule 8D. 4.1.3 It is seen from the assessment order that the AO proceeded to compute disallowable expenditure in accordance with the method prescribed only after recording his dissatisfaction that he is not satisfied with the claim of the assessee made in respect of disallowa…

SBI CAPITAL MARKETS LTD,MUMBAI vs. ASST CIT LTU, MUMBAI

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

ITA 7271/MUM/2014[2006-07]Status: DisposedITAT Mumbai04 Feb 2019AY 2006-07

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm Sbi Capital Markets Limited Asst. Cit, Ltu, 29Th Floor Centre-I, 202, Maker Tower E, Cuff Parade, Mumbai-400 005 Vs. World Trade Centre, Cuffe Parade, Mumbai-400 005

For Appellant: Shri Nitesh JoshiFor Respondent: Shri Chaitanya Anjaria
Section 143(3)Section 147Section 14ASection 154Section 234C

…net and not gross value of assets as reduced by Current Liabilities and had not considered the average of stock of shares and securities which also has a direct bearing on the exempted incomes as held in the case of JTO vs. Daga Capital Mgmt. Pvt. Ltd. (2008) 26 SOT 603 (Mum). Accordingly the disallowance under this rule further works out to Rs. 43,058/- as follows: Rs. 65,697/- X 3,52,636/- 53,76,197/- (iii) Under Rule 8D(2)(iii) Accordingly the further disallowance while considering the averages of the stock in trade along with investment is worked out at Rs. 1,76,18,180/- being 0.5% of the average value of…

MOTILAL OSWAL FINANCIAL SERVICES LTD,MUMBAI vs. DCIT 3(2), MUMBAI

ITA 64/MUM/2011[2007-08]Status: DisposedITAT Mumbai27 Jun 2018AY 2007-08

Bench: S/Sh.Rajendra & Amarjit Singhिनधा"रण वष" वष" /Assessment Year: 2007-08 आयकर अपील सं./I.T.A./64/Mum/2011, िनधा"रण िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./7045/Mum/2011,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./5609/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2010-11 िनधा"रण िनधा"रण वष" वष" M/S.Motilal Oswal Financial Services Addl. Cit-Range-3(2) Ltd. Aayakar Bhavan, M.K. Road 2Nd Floor, Palm Spring Centre Mumbai-400 020. Vs. New Link Road, Malad (W) Mumbai-400 064. Pan:Aaecm 2876 P (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri Suman Kumar -Dr अपीलाथ" क" ओर से /Assessee By: Shri Vijay Mehta सुनवाई क" तारीख / Date Of Hearing: 28/03/2018 घोषणा क" तारीख / Date Of Pronouncement: 27/06/2018 आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act)

For Appellant: Shri Vijay MehtaFor Respondent: Shri Suman Kumar -DR
Section 14ASection 254(1)

…आयकर अपीलीय अपीलीय अिधकरण अिधकरण, मुंबई मुंबई “बी बी” खंडपीठ खंडपीठ मेमेमेमे आयकर आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण मुंबई मुंबई बी बी खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“B”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member िनधा"रण वष" वष" /Assessment Year: 2007-08 आयकर अपील सं./I.T.A./64/Mum/2011, िनधा"रण िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./7045/Mum/2011,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./5609/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year:…

ITO, WARD-10(2), KOLKATA, KOLKATA vs. M/S ACCORD CAPITAL MARKETS LIMITED, KOLKATA

In the result, appeal filed by Revenue is dismissed

ITA 2076/KOL/2016[2010-11]Status: DisposedITAT Kolkata16 Mar 2018AY 2010-11

Bench: Shri Aby T. Varkeyand Dr.A.L. Sainiassessment Year :2010-11 Income Tax Officer, V/S. M/S Accord Capital Markets Ward-10(2), P-7, Ltd., 13, Mahendra Road, Chowringhee Square, Kolkatka-26 3Rdfloor,Kolkata-69 [Pan No. Aacca 5695 G] अपीलाथ" /Appellant ""यथ"/Respondent .. अपीलाथ" क" ओर से/By Appellant Shri Arindam Bhattacherjee, Addl. Cit-Dr ""यथ" क" ओर से/By Respondent Shri Subash Agarwal, Advocate सुनवाई क" तार"ख/Date Of Hearing 07-03-2018 घोषणा क" तार"ख/Date Of Pronouncement 16-03-2018 आदेश/O R D E R Per Dr. A.L. Saini, Accountantmember: This Captioned Appeal Filed By The Revenue, Pertaining To Assessment Year 2010-11, Is Directed Against An Order Passed By The Ld. Commissioner Of Income Tax (Appeals)-18, Kolkata, In Appealno.452/Cit(A)-18/2010-11/Wd-10(2)/Kol,Dated 04.08.2016, Which In Turn Arises Out Of An Assessment Order Passed By The Assessing Officer U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’), Dated 22.03.2013. 2.The Revenue Has Raised The Following Grounds:- “1) Whether The Ld. Cit(A) Was Correct In Restricting In The Addition Of Rs.14,53,513/- Being The Amount Of Exempt

Section 10(34)Section 143(3)Section 14A

…r an identical amount without applying the provision of Rule 8D read with section 14A of the IT Act? 2) Whether the Ld. CIT(A) was correct in not following the decision of Special Bench of ITAT, Mumbai in the case of ITO Vs. Daga Capital Management Pvt. Ltd. (26 SOT 603) that permitted inclusion of stock in trade in the verge value of investment required to be worked out under Rule 8D? 3) That the appellant craves to add, delete or modify any of the grounds of appeal before or at the time of hearing.” 3. The solitary grievance of the Revenue in this appeal is that the Ld. CIT(A) was not correct in restricting the…

SHREE MADHUR FOOD PRODUCTS PVT. LTD.,,DHULE vs. JOINT COMMISSIONER OF INCOME-TAX,,

In the result, the appeal of assessee is allowed

ITA 1530/PUN/2015[2010-11]Status: DisposedITAT Pune28 Feb 2018AY 2010-11

Bench: Shri Anil Chaturvedi, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri M.R. ShirudeFor Respondent: Shri Ajay Modi, JCIT
Section 143(3)Section 14A

…the case is against the assessees. Respectfully following the decisions as cited by the CIT(A), we have no reason to disturb the findings of the CIT(A), which we uphold." 5.6.2 The Hon'ble Special Bench of ITAT Mumbai in M/s. Daga Capital Management (P) Ltd. 26 SOT 603(Mum.) has held as under: • Section 14A is wide enough to cover all types of expense direct as well as indirect. • The word ‘ in relation to’ used in Section 14A are very broad expression • Section 14A applies to even incidental exempt income. • Section 14A would be applicable even if there is no direct and proximate connection between the exempt i…

MULTIMODEL STORAGE SOLUTIONS P.LTD,MUMBAI vs. ACIT 7(2), MUMBAI

ITA 1298/MUM/2013[2008-09]Status: DisposedITAT Mumbai28 Feb 2018AY 2008-09

Bench: Shri G. S. Pannu, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 1298/Mum/2013 (निर्धारणवर्ा / Assessment Year: 2008-09)

For Appellant: Shri Satish JainFor Respondent: Shri Suman Kumar
Section 10(38)Section 143(3)Section 14ASection 54E

…passed by revenue authorities and documents placed on record, judgment cited by the the parties, we find that Ld. CIT(A) while deciding these grounds had relied upon the decision of Hon’ble Spl. Bench in the case of Daga Capital Management reported in (2008) 26 SOT 603 (Mum) while making disallowance by taking ‘value of investment’ and not the share held as investment. Therefore, the revenue authorities have considered the shares held as stock-in-trade for the purpose of 7 I.T.A. No. 1298/Mum/2013 M/s Multimodel Storage Solutions Pvt. Ltd. disallowance. Whereas on the contrary, as per the facts of the present ca…

AARTI DRUGS LTD,MUMBAI vs. ADDL CIT RG 6(1), MUMBAI

ITA 6783/MUM/2014[2011-12]Status: DisposedITAT Mumbai10 Feb 2017AY 2011-12

Bench: S/Shri Rajendra, A.M. & Sanjay Garg,J.M. आयकर अपील अपील संसंसंसं./Ita No. 6783-84/Mum/2014,िनधा" रण वष" वष" /Assessment Year: 2010-11 & 2011-12 आयकर िनधा"रण आयकर आयकर अपील अपील िनधा" िनधा" रण रण वष" वष" Aarti Drugs Limited Addl. Cit, Range-6(1) Plot No.109, ‘D’ 3Rd Floor, Mahendra Aayakar Bhavan, Mumbai. Vs. Indl Estate.Sion(E), Mumbai-400 022. Pan: Aaaca 4410 D (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri Rajesh Kumar Yadav Assessee By: Shri Anuj Kisnadwala सुनवाई क" तारीख / Date Of Hearing: 18.01.2017 घोषणा क" तारीख / Date Of Pronouncement: 10 .02.2017 आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act)

For Appellant: Shri Anuj KisnadwalaFor Respondent: Shri Rajesh Kumar Yadav
Section 10Section 14Section 14ASection 254(1)

…आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण “ए” "यायपीठ "यायपीठ मुंबई मुंबई म"। म"। आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण "यायपीठ "यायपीठ मुंबई मुंबई म"। म"। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI सव"ी राजे"", लेखा सद"य एवं संजय गग" ,"याियक सद"य Before S/Shri Rajendra, A.M. and Sanjay Garg,J.M. आयकर अपील अपील संसंसंसं./ITA No. 6783-84/Mum/2014,िनधा" रण वष" वष" /Assessment Year: 2010-11 & 2011-12 आयकर िनधा"रण आयकर आयकर अपील अपील िनधा" िनधा" रण रण वष" वष" Aarti Drugs Limited Addl. CIT, Range-6(1) Plot No.109, ‘D’ 3rd Floor, Mahendra Aayakar Bhavan, Mumbai. Vs. Indl Estate.Sion(E), Mumbai-400 022. PAN: AAA…

N. KUMAR DIAMOND EXPORTS LTD,MUMBAI vs. ITO 5(2)(1), MUMBAI

In the result, the assessee’s appeal for ay 2009-10 is dismissed

ITA 4176/MUM/2012[2009-10]Status: DisposedITAT Mumbai11 Jan 2017AY 2009-10

Bench: Shri Jason P. Boaz & Shri Ram Lal Negin.Kumar Diamond Exports Ltd., 1511, Prasad Chambers, Tata Road, No.2, Opera House, Mumbai 400004 Pan:Aaacn 3449B ... Appellant Vs. The Ito 5(2)(1), 5Th Flr.Aaykar Bhavan, Mk Road, Mumbai 400 020 .... Respondent

For Appellant: NoneFor Respondent: Shri Suman Kumar
Section 143(1)Section 143(3)Section 14A

…f the claim of 5 the appellant in respect of such expenditure as noted by the LAO in para 4. Accordingly, I agree with the LAOs view that in view of the clear cut decision of the Hon'ble Special Bench in the case of Daga Capital Management reported ;n (2008) 26 SOT 603 (Mum) for the purpose of disallowance, the reference in rule 8D(2)(ii) is "Value of Investment" and not the share held as investment. Therefore, even the shares held as stock in trade shall be considered for the purpose of disallowance. It is further held that in the formula prescribed under rule 8D(2)(ii) "a x b/c ". "b" denotes average value of…

DCIT 4(1), MUMBAI vs. BRIJMOHAN SAGARMAL CAPITAL SERVICES P.LTD, MUMBAI

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

ITA 6942/MUM/2013[2011-12]Status: DisposedITAT Mumbai27 Oct 2016AY 2011-12

Bench: Shri Mahavir Singh, Jm & Shri Rajesh Kumar, Am आयकर अपीऱ सं./I.T.A. No.6942/Mum/2013 (ननधधारण वषा / Assessment Year : 2011-12) The Dy. Commissioner Of बनधम/ M/S Brijmohan Sangarmal Capital Income Tax -4(1), Services Pvt.Ltd., Vs. Room No.640, 6Th Floor, 412, Stock Exchange Tower, Dalal Street, Aayakar Bhavan, Mumbai-400023 M.K.Road, Mumbai-400020 स्थधयी ऱेखध सं./ Pan :Aaacb7335E अपीऱार्थी ओर से / Revenue By Shri Sachidanand Dube प्रत्यर्थी की ओर से/ Assessee By Shri Pankaj R Toparani सुनवाई की तारीख / Date Of Hearing : 30.5.2016 घोषणा की तारीख /Date Of Pronouncement : 27.10.2016 आदेश / O R D E R Per Rajesh Kumar, Am This Is An Appeal Filed By The Revenue Challenging The Order Of Ld.Cit(A) - 8, Mumbai Dated 17.9.2013 For The Assessment Year 2011-12. 2. Only Issue Raised In Ground No.1 Is Against The Partly Allowing The Appeal Of The Assessee Against The Disallowance Of Rs.2,28,56,550/- Under Section 14A Of The Income Tax Act, 1961 (Hereinafter Called The Act) Comprising Interest

Section 10(34)Section 143(1)Section 143(2)Section 14A

…s. India Advantage Securities Ltd. ITA No.6711/Mum/2011 and CCL Ltd V/s JCIT reported in 250 CTR 291 (Kar). The ld. CIT(A) also discussed the decision of Calcutta Bench of the Tribunal in 6 the case of M/s. Daga Capital Management Pvt. Ltd. (2008) reported in 26 SOT 603. We also find that the ld. CIT(A) already decided the issue in the assessment year 2010-11 by following the said decisions which is correct and as per the law. In view of the above discussions, we do not find any infirmity in the order of the ld. CIT(A) deleting the disallowance u/s 14A r.w.r 8D(2)(ii) of the Rules as made by the AO. The order of…

SPEED TRADE SECURITIES P.LTD,MUMBAI vs. ACIT RG 7(2), MUMBAI

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

ITA 2291/MUM/2013[2008-09]Status: DisposedITAT Mumbai19 Oct 2016AY 2008-09

Bench: Shri B.R. Baskaran (Am)& Ramlal Negi (Jm)

Section 14A

…earned Departmental Representative and perused the record. From the order passed by learned CIT(A), we noticed that the first appellate authority has followed decision rendered by the Special bench of the Tribunal in the case of Daga Capital Investment (2008) 26 SOT 603. We noticed that the assessee has taken plea that it is a trader in shares and dividend was received during the normal course of carrying on the business. We also noticed that the assessee has also placed reliance on certain case laws. We noticed that this contention of the assessee has not been examined by the tax authorities. Under these set of…

DCIT 8(1), MUMBAI vs. APTECH LTD, MUMBAI

The appeal of the revenue is dismissed

ITA 2003/MUM/2014[2009-10]Status: DisposedITAT Mumbai06 Oct 2016AY 2009-10

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.946 & 723/Mum/2013 (ननधधायण वषा / Assessment Year :2007-08 & 2008-09)

For Appellant: Shri S C Tiwari and Rutuja N
Section 14ASection 40

…isions of section 14A read with rule 8D of the Rules by relying on the decision of the Hon’ble Special Bench of ITAT, Delhi in the case of Cheminvest Ltd V/s ITO (2009) 121 ITD 318 (Delhi) (SB) and the M/s. Daga Capital Management Pvt. Ltd. (2008) reported in 26 SOT 603. Finally the AO computed the disallowance at Rs.1,56,27,270/- by applying the ratio laid down on the decision of Special Bench of the Delhi Tribunal on account of interest paid. 30. During the course of appellate proceedings, the ld. CIT(A) directed the AO to recalculate the disallowance by excluding the investment made in the foreign companies on…

APTECH LTD,MUMBAI vs. DCIT 8(1), MUMBAI

The appeal of the revenue is dismissed

ITA 1271/MUM/2014[2009-10]Status: DisposedITAT Mumbai06 Oct 2016AY 2009-10

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.946 & 723/Mum/2013 (ननधधायण वषा / Assessment Year :2007-08 & 2008-09)

For Appellant: Shri S C Tiwari and Rutuja N
Section 14ASection 40

…isions of section 14A read with rule 8D of the Rules by relying on the decision of the Hon’ble Special Bench of ITAT, Delhi in the case of Cheminvest Ltd V/s ITO (2009) 121 ITD 318 (Delhi) (SB) and the M/s. Daga Capital Management Pvt. Ltd. (2008) reported in 26 SOT 603. Finally the AO computed the disallowance at Rs.1,56,27,270/- by applying the ratio laid down on the decision of Special Bench of the Delhi Tribunal on account of interest paid. 30. During the course of appellate proceedings, the ld. CIT(A) directed the AO to recalculate the disallowance by excluding the investment made in the foreign companies on…

APTECH LTD,MUMBAI vs. DCIT 8(1), MUMBAI

The appeal of the revenue is dismissed

ITA 946/MUM/2013[2007-08]Status: DisposedITAT Mumbai06 Oct 2016AY 2007-08

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.946 & 723/Mum/2013 (ननधधायण वषा / Assessment Year :2007-08 & 2008-09)

For Appellant: Shri S C Tiwari and Rutuja N
Section 14ASection 40

…isions of section 14A read with rule 8D of the Rules by relying on the decision of the Hon’ble Special Bench of ITAT, Delhi in the case of Cheminvest Ltd V/s ITO (2009) 121 ITD 318 (Delhi) (SB) and the M/s. Daga Capital Management Pvt. Ltd. (2008) reported in 26 SOT 603. Finally the AO computed the disallowance at Rs.1,56,27,270/- by applying the ratio laid down on the decision of Special Bench of the Delhi Tribunal on account of interest paid. 30. During the course of appellate proceedings, the ld. CIT(A) directed the AO to recalculate the disallowance by excluding the investment made in the foreign companies on…

APTECH LTD,MUMBAI vs. DCIT 8(1), MUMBAI

The appeal of the revenue is dismissed

ITA 723/MUM/2013[2008--09]Status: DisposedITAT Mumbai06 Oct 2016

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.946 & 723/Mum/2013 (ननधधायण वषा / Assessment Year :2007-08 & 2008-09)

For Appellant: Shri S C Tiwari and Rutuja N
Section 14ASection 40

…isions of section 14A read with rule 8D of the Rules by relying on the decision of the Hon’ble Special Bench of ITAT, Delhi in the case of Cheminvest Ltd V/s ITO (2009) 121 ITD 318 (Delhi) (SB) and the M/s. Daga Capital Management Pvt. Ltd. (2008) reported in 26 SOT 603. Finally the AO computed the disallowance at Rs.1,56,27,270/- by applying the ratio laid down on the decision of Special Bench of the Delhi Tribunal on account of interest paid. 30. During the course of appellate proceedings, the ld. CIT(A) directed the AO to recalculate the disallowance by excluding the investment made in the foreign companies on…

DCIT 8(1), MUMBAI vs. APATECH LTD, MUMBAI

The appeal of the revenue is dismissed

ITA 1228/MUM/2013[2008-09]Status: DisposedITAT Mumbai06 Oct 2016AY 2008-09

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.946 & 723/Mum/2013 (ननधधायण वषा / Assessment Year :2007-08 & 2008-09)

For Appellant: Shri S C Tiwari and Rutuja N
Section 14ASection 40

…isions of section 14A read with rule 8D of the Rules by relying on the decision of the Hon’ble Special Bench of ITAT, Delhi in the case of Cheminvest Ltd V/s ITO (2009) 121 ITD 318 (Delhi) (SB) and the M/s. Daga Capital Management Pvt. Ltd. (2008) reported in 26 SOT 603. Finally the AO computed the disallowance at Rs.1,56,27,270/- by applying the ratio laid down on the decision of Special Bench of the Delhi Tribunal on account of interest paid. 30. During the course of appellate proceedings, the ld. CIT(A) directed the AO to recalculate the disallowance by excluding the investment made in the foreign companies on…

ACIT 8(1), MUMBAI vs. APATECH LTD, MUMBAI

The appeal of the revenue is dismissed

ITA 1227/MUM/2013[2007-08]Status: DisposedITAT Mumbai06 Oct 2016AY 2007-08

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.946 & 723/Mum/2013 (ननधधायण वषा / Assessment Year :2007-08 & 2008-09)

For Appellant: Shri S C Tiwari and Rutuja N
Section 14ASection 40

…isions of section 14A read with rule 8D of the Rules by relying on the decision of the Hon’ble Special Bench of ITAT, Delhi in the case of Cheminvest Ltd V/s ITO (2009) 121 ITD 318 (Delhi) (SB) and the M/s. Daga Capital Management Pvt. Ltd. (2008) reported in 26 SOT 603. Finally the AO computed the disallowance at Rs.1,56,27,270/- by applying the ratio laid down on the decision of Special Bench of the Delhi Tribunal on account of interest paid. 30. During the course of appellate proceedings, the ld. CIT(A) directed the AO to recalculate the disallowance by excluding the investment made in the foreign companies on…

ANSH MERCHANDISE P.LTD,MUMBAI vs. DCIT 5(2), MUMBAI

ITA 411/MUM/2013[2008-09]Status: DisposedITAT Mumbai19 Sept 2016AY 2008-09

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.411/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-08) Ansh Merchandise Private Dcit – 5(2), बनाम/ Limited, 11, 2Nd Floor, Aayakar Bhavan, V. 84, Appollo House, Mumbai – 400 020. Bombay Samachar Marg, Fort, Mumbai-400 023 "थायी लेखा सं./Pan : Aabcn8176E (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri A. Ramachandran
Section 143(3)

…see in respect of such expenditure incurred in relation to earning of income which does not form part of the taxable income. The learned CIT(A) relied upon the decision of Special Bench of the Tribunal in the case of Daga Capital Management reported in (2008) 26 SOT 603(Mum.) and held that it is the value of investment that is to be considered while calculating disallowance u/r 8D(2)(ii) of Income Tax Rules, 1962 and not the shares held as an investment. Therefore, it was held that the shares held as stock in trade shall also be considered for purposes of disallowance. Thus, the learned CIT(A) confirmed the disal…

ANSH MERCHANDISE P.LTD,MUMBAI vs. ADDL CIT 5(2), MUMBAI

ITA 398/MUM/2013[2009-10]Status: DisposedITAT Mumbai19 Sept 2016AY 2009-10

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.411/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-08) Ansh Merchandise Private Dcit – 5(2), बनाम/ Limited, 11, 2Nd Floor, Aayakar Bhavan, V. 84, Appollo House, Mumbai – 400 020. Bombay Samachar Marg, Fort, Mumbai-400 023 "थायी लेखा सं./Pan : Aabcn8176E (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri A. Ramachandran
Section 143(3)

…see in respect of such expenditure incurred in relation to earning of income which does not form part of the taxable income. The learned CIT(A) relied upon the decision of Special Bench of the Tribunal in the case of Daga Capital Management reported in (2008) 26 SOT 603(Mum.) and held that it is the value of investment that is to be considered while calculating disallowance u/r 8D(2)(ii) of Income Tax Rules, 1962 and not the shares held as an investment. Therefore, it was held that the shares held as stock in trade shall also be considered for purposes of disallowance. Thus, the learned CIT(A) confirmed the disal…

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Daga 4 Mrs. Anahaita Nalin Shah v. ACIT Capital Management Pvt. Ltd. (26 SOT 603) — Cited in 27 Judgments | BharatTax