DCIT v. Gulsan Company Ltd.

86 DTR 262Reported decision2013#10777 most cited

What is DCIT v. Gulsan Company Ltd. authority for?

Disallowance under Rule 8D(2)(iii) is incorrect when the assessee's own funds significantly exceed the value of shares and securities held as stock-in-trade.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2018 to 2018.

Also referred to as

DCIT v. Gulsan Company Ltd. · 86 DTR 262 · Rule 8D(2)(iii) · disallowance · stock-in-trade · shares · securities · own funds · interest expenditure

Judgments citing DCIT v. Gulsan Company Ltd.

Rajasthan State Industrial Development & Investment Corp. Ltd., Jaipur vs. ACIT, Jaipur

In the result, both set of cross appeals for the respective assessment years are disposed off with above directions

ITA 380/JPR/2017[2013-14]Status: DisposedITAT Jaipur29 Mar 2018AY 2013-14
For Appellant: Shri P C ParwalFor Respondent: Shri Varindar Mehta (CIT) fu/kZkfjrh dh vksj ls@
Section 115JSection 14ASection 80I

…ade as the said provision is rendered unworkable. For this, reliance is placed on following decisions: • PCIT Vs. State Bank Of Patiala (2017) 391 ITR 218 (P&H) • CCI Ltd. Vs DCIT (2012) 206 Taxmann 563 (Kar): • DCIT Vs. Gulshan Investment Company Ltd. (2013) 86 DTR 262 (Kol-Trib) In view of above, the disallowance of Rs.71,75,575/- made by AO under Rule 8D(2)(iii) is incorrect and against the provisions of the Act. 5.4 It was further submitted that this issue has been considered by the Hon’ble ITAT in assessee’s own case for AY 2011-12 vide order dated Rajasthan State Industries Development & Investment Corp.…

ACIT, Jaipur vs. Rajasthan State Industrial Development & Investment Corporation Ltd., Jaipur

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

ITA 323/JPR/2016[2009-10]Status: DisposedITAT Jaipur23 Feb 2018AY 2009-10
Section 143(3)

…420/JP/2014 323/JP/2016, CO. No. 07/JP/2016 313& 421/JP/14, 93,207,94& 208/JP/2015 and Haryana High Court in case of PCIT vs State bank of Patiala 391 ITR 218 as well as decision of the Kolkata Benches of the Tribunal in case of DCIT vs. Gulsan Company Ltd. 86 DTR 262. 40. On the other hand, ld. DR has relied upon the order of the Assessing Officer. 41. We have considered the rival submissions as well as relevant material on record. The assessee provides long term finance to the industries by way of loan and equity participation. The shares held by the assessee under the equity participation as well as other…

Rajasthan State Industrial Development & Investment Corp. Ltd., Jaipur vs. ACIT, Jaipur

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

ITA 94/JPR/2015[2012-13]Status: DisposedITAT Jaipur23 Feb 2018AY 2012-13
Section 143(3)

…420/JP/2014 323/JP/2016, CO. No. 07/JP/2016 313& 421/JP/14, 93,207,94& 208/JP/2015 and Haryana High Court in case of PCIT vs State bank of Patiala 391 ITR 218 as well as decision of the Kolkata Benches of the Tribunal in case of DCIT vs. Gulsan Company Ltd. 86 DTR 262. 40. On the other hand, ld. DR has relied upon the order of the Assessing Officer. 41. We have considered the rival submissions as well as relevant material on record. The assessee provides long term finance to the industries by way of loan and equity participation. The shares held by the assessee under the equity participation as well as other…

Rajasthan State Industrial Development & Investment Corp. Ltd., Jaipur vs. ACIT, Jaipur

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

ITA 93/JPR/2015[2011-12]Status: DisposedITAT Jaipur23 Feb 2018AY 2011-12
Section 143(3)

…420/JP/2014 323/JP/2016, CO. No. 07/JP/2016 313& 421/JP/14, 93,207,94& 208/JP/2015 and Haryana High Court in case of PCIT vs State bank of Patiala 391 ITR 218 as well as decision of the Kolkata Benches of the Tribunal in case of DCIT vs. Gulsan Company Ltd. 86 DTR 262. 40. On the other hand, ld. DR has relied upon the order of the Assessing Officer. 41. We have considered the rival submissions as well as relevant material on record. The assessee provides long term finance to the industries by way of loan and equity participation. The shares held by the assessee under the equity participation as well as other…

DCIT, Jaipur vs. Rajasthan State Industrial Development & Investment Corportation Ltd., Jaipur

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

ITA 208/JPR/2015[2012-13]Status: DisposedITAT Jaipur23 Feb 2018AY 2012-13
Section 143(3)

…420/JP/2014 323/JP/2016, CO. No. 07/JP/2016 313& 421/JP/14, 93,207,94& 208/JP/2015 and Haryana High Court in case of PCIT vs State bank of Patiala 391 ITR 218 as well as decision of the Kolkata Benches of the Tribunal in case of DCIT vs. Gulsan Company Ltd. 86 DTR 262. 40. On the other hand, ld. DR has relied upon the order of the Assessing Officer. 41. We have considered the rival submissions as well as relevant material on record. The assessee provides long term finance to the industries by way of loan and equity participation. The shares held by the assessee under the equity participation as well as other…

DCIT, Jaipur vs. Rajasthan State Industrial Development & Investment Corportation Ltd., Jaipur

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

ITA 207/JPR/2015[2011-12]Status: DisposedITAT Jaipur23 Feb 2018AY 2011-12
Section 143(3)

…420/JP/2014 323/JP/2016, CO. No. 07/JP/2016 313& 421/JP/14, 93,207,94& 208/JP/2015 and Haryana High Court in case of PCIT vs State bank of Patiala 391 ITR 218 as well as decision of the Kolkata Benches of the Tribunal in case of DCIT vs. Gulsan Company Ltd. 86 DTR 262. 40. On the other hand, ld. DR has relied upon the order of the Assessing Officer. 41. We have considered the rival submissions as well as relevant material on record. The assessee provides long term finance to the industries by way of loan and equity participation. The shares held by the assessee under the equity participation as well as other…

ACIT, Jaipur vs. Rajasthan State Industrial Development & Investment Corp., Jaipur

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

ITA 421/JPR/2014[2010-11]Status: DisposedITAT Jaipur23 Feb 2018AY 2010-11
Section 143(3)

…420/JP/2014 323/JP/2016, CO. No. 07/JP/2016 313& 421/JP/14, 93,207,94& 208/JP/2015 and Haryana High Court in case of PCIT vs State bank of Patiala 391 ITR 218 as well as decision of the Kolkata Benches of the Tribunal in case of DCIT vs. Gulsan Company Ltd. 86 DTR 262. 40. On the other hand, ld. DR has relied upon the order of the Assessing Officer. 41. We have considered the rival submissions as well as relevant material on record. The assessee provides long term finance to the industries by way of loan and equity participation. The shares held by the assessee under the equity participation as well as other…

ACIT, Jaipur vs. Rajasthan State Industrial Development & Investment Corp., Jaipur

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

ITA 420/JPR/2014[2009-10]Status: DisposedITAT Jaipur23 Feb 2018AY 2009-10
Section 143(3)

…420/JP/2014 323/JP/2016, CO. No. 07/JP/2016 313& 421/JP/14, 93,207,94& 208/JP/2015 and Haryana High Court in case of PCIT vs State bank of Patiala 391 ITR 218 as well as decision of the Kolkata Benches of the Tribunal in case of DCIT vs. Gulsan Company Ltd. 86 DTR 262. 40. On the other hand, ld. DR has relied upon the order of the Assessing Officer. 41. We have considered the rival submissions as well as relevant material on record. The assessee provides long term finance to the industries by way of loan and equity participation. The shares held by the assessee under the equity participation as well as other…

Rajasthan State Industrial Development & Investment Corp. Ltd., Jaipur vs. ACIT, Jaipur

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

ITA 313/JPR/2014[2010-11]Status: DisposedITAT Jaipur23 Feb 2018AY 2010-11
Section 143(3)

…420/JP/2014 323/JP/2016, CO. No. 07/JP/2016 313& 421/JP/14, 93,207,94& 208/JP/2015 and Haryana High Court in case of PCIT vs State bank of Patiala 391 ITR 218 as well as decision of the Kolkata Benches of the Tribunal in case of DCIT vs. Gulsan Company Ltd. 86 DTR 262. 40. On the other hand, ld. DR has relied upon the order of the Assessing Officer. 41. We have considered the rival submissions as well as relevant material on record. The assessee provides long term finance to the industries by way of loan and equity participation. The shares held by the assessee under the equity participation as well as other…

Rajasthan State Industrial Development & Investment Corp. Ltd., Jaipur vs. DCIT, Jaipur

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

ITA 311/JPR/2014[2009-10]Status: DisposedITAT Jaipur23 Feb 2018AY 2009-10
Section 143(3)

…420/JP/2014 323/JP/2016, CO. No. 07/JP/2016 313& 421/JP/14, 93,207,94& 208/JP/2015 and Haryana High Court in case of PCIT vs State bank of Patiala 391 ITR 218 as well as decision of the Kolkata Benches of the Tribunal in case of DCIT vs. Gulsan Company Ltd. 86 DTR 262. 40. On the other hand, ld. DR has relied upon the order of the Assessing Officer. 41. We have considered the rival submissions as well as relevant material on record. The assessee provides long term finance to the industries by way of loan and equity participation. The shares held by the assessee under the equity participation as well as other…

DCIT v. Gulsan Company Ltd. (86 DTR 262) — Cited in 10 Judgments | BharatTax