Dhanalakshmi Bank Ltd. v. ACIT

12 SOT 625Income Tax Appellate Tribunal2007#9350 most cited
11

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2020.

Judgments citing Dhanalakshmi Bank Ltd. v. ACIT

THE DCIT, COCHIN vs. M/S.ASPINWALL & CO. LTD, COCHIN

In the result,the appeal of the Revenue in ITA No

ITA 133/COCH/2017[2012-13]Status: DisposedITAT Cochin19 May 2020AY 2012-13

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

Section 14A

…f sub-section (2) and (3) of section 14A, as the same were not applicable for the year in question. For this proposition, the relied on the following judgments: i) Vidyut Investments Ltd. vs.ITO (10 SOT 284) (Delhi Trib.) ii) Dhanalakshmi Bank Ltd. vs. ACIT (12 SOT 625) (Cochin Trib.) 5.1 Further, the Ld. AR submitted that section 14A was introduced with the intent to disallow those expenses which have nexus to tax free/exempt income. The Ld. AR submitted that for the purpose of application of provisions of section 14A of the Act, nexus between the expense and the income is the first and foremost condition to…

M/S ASPINWALL & CO.,LTD,COCHIN vs. THE ACIT, COCHIN

In the result,the appeal of the Revenue in ITA No

ITA 128/COCH/2017[2012-13]Status: DisposedITAT Cochin19 May 2020AY 2012-13

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

Section 14A

…f sub-section (2) and (3) of section 14A, as the same were not applicable for the year in question. For this proposition, the relied on the following judgments: i) Vidyut Investments Ltd. vs.ITO (10 SOT 284) (Delhi Trib.) ii) Dhanalakshmi Bank Ltd. vs. ACIT (12 SOT 625) (Cochin Trib.) 5.1 Further, the Ld. AR submitted that section 14A was introduced with the intent to disallow those expenses which have nexus to tax free/exempt income. The Ld. AR submitted that for the purpose of application of provisions of section 14A of the Act, nexus between the expense and the income is the first and foremost condition to…

ASPINWALL & COMPANY LTD,COCHIN vs. THE ACIT, COCHIN

In the result,the appeal of the Revenue in ITA No

ITA 61/COCH/2015[2006-07]Status: DisposedITAT Cochin19 May 2020AY 2006-07

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

Section 14A

…f sub-section (2) and (3) of section 14A, as the same were not applicable for the year in question. For this proposition, the relied on the following judgments: i) Vidyut Investments Ltd. vs.ITO (10 SOT 284) (Delhi Trib.) ii) Dhanalakshmi Bank Ltd. vs. ACIT (12 SOT 625) (Cochin Trib.) 5.1 Further, the Ld. AR submitted that section 14A was introduced with the intent to disallow those expenses which have nexus to tax free/exempt income. The Ld. AR submitted that for the purpose of application of provisions of section 14A of the Act, nexus between the expense and the income is the first and foremost condition to…

ASPINWALL & COMPANY LTD,COCHIN vs. THE ACIT, COCHIN

In the result,the appeal of the Revenue in ITA No

ITA 60/COCH/2015[2006-07]Status: DisposedITAT Cochin19 May 2020AY 2006-07

Bench: S/Shri Chandra Poojari, Am&George George K., Jm

Section 14A

…f sub-section (2) and (3) of section 14A, as the same were not applicable for the year in question. For this proposition, the relied on the following judgments: i) Vidyut Investments Ltd. vs.ITO (10 SOT 284) (Delhi Trib.) ii) Dhanalakshmi Bank Ltd. vs. ACIT (12 SOT 625) (Cochin Trib.) 5.1 Further, the Ld. AR submitted that section 14A was introduced with the intent to disallow those expenses which have nexus to tax free/exempt income. The Ld. AR submitted that for the purpose of application of provisions of section 14A of the Act, nexus between the expense and the income is the first and foremost condition to…

STATE BANK OF INDIA,MUMBAI vs. ADDL CIT RG 2(2), MUMBAI

In the result, the appeal filed by the assessee is partly allowed and appeal filed by the revenue is dismissed

ITA 6482/MUM/2010[2000-01]Status: DisposedITAT Mumbai06 Mar 2020AY 2000-01

Bench: Shri Rajesh Kumar, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.6482 /Mum/2010 (निर्धारण वर्ा / Assessment Year: 2000-01) State Bank Of India बिधम/ Acit Range-2(2) Mumbai. Financial Reporting, Vs. Compliance & Taxation Dept. Mumbai-400021. Ita. No. 6822/Mum/2010 (निर्धारण वर्ा / Assessment Year: 2000-01) Acit Range-2(2) बिधम/ State Bank Of India Mumbai. Financial Reporting, Vs. Compliance & Taxation Dept. Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs8577K (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Girish Dave/Urvi Mehta Revenue By: Shri Awungshi Gimson (Dr) सुनवाई की तारीख / Date Of Hearing: 12/12/2019 घोषणा की तारीख /Date Of Pronouncement: 06/03/2020 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue As Well As Assessee Have Filed The Above Mentioned Appeals Against The Order Dated 21.07.2010 Passed By The Commissioner Of Income Tax (Appeals)-5, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2000-01. Ita. No.6482/M/2010 6822/M/2010 A.Y. 2000-01 2. The Assessee Has Filed The Present Appeal Against The Order Dated 21.07.2010 Passed By The Commissioner Of Income Tax (Appeals)-05, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2000- 01. 3. The Assessee Has Raised The Following Grounds: -

For Appellant: Shri Girish Dave/Urvi MehtaFor Respondent: Shri Awungshi Gimson (DR)
Section 14ASection 43D

…lly incurred and there are numerous judicial decision in favour of assessee‟s Bank viz. CIT vs. Central Bank of India 264 ITR 522(Bom), CIT vs. General Insurance Corpn. Of India 254 ITR 203(Bom), Eicher Ltd. (101 TTJ 369) (Del), Dhanlakshmi Bank Ltd. vs. ACIT 12 SOT 625 (Cochin), CIT vs. Hero Cycles Ltd. 323 ITR 518) (Punjab & Haryana High Court). The ld. AR further argued that as per guidelines laid down by Reserve Bank of India, the bank has to invest interest free securities to maintain Statutory Liquidity Ratio (SLR). The rate of return on tax free deployment of funds lower in view of the tax exemption availa…

STATE BANK OF INDIA,MUMBAI vs. ACIT CIR 2(2),

In the result, appeal of the revenue is dismissed

ITA 4736/MUM/2010[1999-2000]Status: DisposedITAT Mumbai31 Jan 2018AY 1999-2000

Bench: Shri G.S. Pannu & Shri Pawan Singhstate Bank Of India Acit Circle (2)(2), Financial Reporting, Compliance & Mumbai. Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent) Acit Circle (2)(2), State Bank Of India Mumbai. Financial Reporting, Compliance & Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent)

For Respondent: Shri R.P. Meena (CIT-DR)
Section 14ASection 195Section 253Section 254(1)Section 36(1)(viia)Section 40Section 43D

…incurred and there are numerous judicial decision in favour of assessee’s Bank viz. CIT vs. Central Bank of India 264 ITR 522(Bom), CIT vs. General Insurance Corpn. Of India 254 ITR 203(Bom), Eicher Ltd. (101 TTJ 369) (Del), Dhanlakshmi Bank Ltd. vs. ACIT 12 SOT 625 (Cochin), CIT vs. Hero Cycles Ltd. 323 ITR 518) (Punjab & Haryana High Court). The ld. AR further argued that as per guidelines laid down by Reserve Bank of India, the bank has to invest interest free securities to maintain Statutory Liquidity Ratio (SLR). The rate of return on tax free deployment of funds lower in view of the tax exemption a…

ACIT CIR 2(2), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

In the result, appeal of the revenue is dismissed

ITA 4598/MUM/2010[1999-00]Status: DisposedITAT Mumbai31 Jan 2018AY 1999-00

Bench: Shri G.S. Pannu & Shri Pawan Singhstate Bank Of India Acit Circle (2)(2), Financial Reporting, Compliance & Mumbai. Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent) Acit Circle (2)(2), State Bank Of India Mumbai. Financial Reporting, Compliance & Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent)

For Respondent: Shri R.P. Meena (CIT-DR)
Section 14ASection 195Section 253Section 254(1)Section 36(1)(viia)Section 40Section 43D

…incurred and there are numerous judicial decision in favour of assessee’s Bank viz. CIT vs. Central Bank of India 264 ITR 522(Bom), CIT vs. General Insurance Corpn. Of India 254 ITR 203(Bom), Eicher Ltd. (101 TTJ 369) (Del), Dhanlakshmi Bank Ltd. vs. ACIT 12 SOT 625 (Cochin), CIT vs. Hero Cycles Ltd. 323 ITR 518) (Punjab & Haryana High Court). The ld. AR further argued that as per guidelines laid down by Reserve Bank of India, the bank has to invest interest free securities to maintain Statutory Liquidity Ratio (SLR). The rate of return on tax free deployment of funds lower in view of the tax exemption a…

DY. C.I.T. 1(2), RAIPUR (CG) vs. M/S HIRA FERRO ALLOYS LTD.,, RAIPUR

In the result, appeal filed for assessment year 2010-11 is dismissed

ITA 360/BIL/2014[2011-12]Status: DisposedITAT Raipur18 Jan 2018AY 2011-12

Bench: S/Shri N.S Saini & Pavan Kumar Gadale

For Appellant: NoneFor Respondent: Shri P.K.Mishra, CIT DR
Section 14ASection 801ASection 80ISection 8Q

…(1991) 188 ITR 402 (SC), c. Wimco Seedlings Ltd. & State of Maharashtra Vs DCIT (2007) 107 ITD 267 (Del. ITAT), d. C1T Vs Hero Cycle Ltd. (2010) 323 ITR518 (P&H HC), e. ACIT Vs Eicher Ltd. (2006) 103 TTJ 369 (Del TAT). f. Dhanlakshmi Bank Ltd. Vs ACIT (2007) 12 SOT 625 (Coch –ITAT) g. Birla Group Holdings Ltd. Vs DCIT (2007)13 SOT 642 (Mum-ITAT) h. Auchte] Products Ltd. Vs ACIT (2012) 52 SOT 39 (Mum-ITAT) i. Balarampur Chini Mills Ltd. Vs DCJT (2011)140 TTJ 73 (Kol-ITAT) j. ACIT VS' Mohan Exports P. Ltd. (2012) 138 ITD 108 (Delhi-ITAT) k. Bio Science P. Ltd. Vs ACIT (2012)51 SOT 16 (Mum-ITAT) l. ACIT Vs Sil Inve…

DY. C.I.T. 1(2), RAIPUR (CG) vs. M/S HIRA FERRO ALLOYS LTD.,, RAIPUR

In the result, appeal filed for assessment year 2010-11 is dismissed

ITA 359/BIL/2014[2010-11]Status: DisposedITAT Raipur18 Jan 2018AY 2010-11

Bench: S/Shri N.S Saini & Pavan Kumar Gadale

For Appellant: NoneFor Respondent: Shri P.K.Mishra, CIT DR
Section 14ASection 801ASection 80ISection 8Q

…(1991) 188 ITR 402 (SC), c. Wimco Seedlings Ltd. & State of Maharashtra Vs DCIT (2007) 107 ITD 267 (Del. ITAT), d. C1T Vs Hero Cycle Ltd. (2010) 323 ITR518 (P&H HC), e. ACIT Vs Eicher Ltd. (2006) 103 TTJ 369 (Del TAT). f. Dhanlakshmi Bank Ltd. Vs ACIT (2007) 12 SOT 625 (Coch –ITAT) g. Birla Group Holdings Ltd. Vs DCIT (2007)13 SOT 642 (Mum-ITAT) h. Auchte] Products Ltd. Vs ACIT (2012) 52 SOT 39 (Mum-ITAT) i. Balarampur Chini Mills Ltd. Vs DCJT (2011)140 TTJ 73 (Kol-ITAT) j. ACIT VS' Mohan Exports P. Ltd. (2012) 138 ITD 108 (Delhi-ITAT) k. Bio Science P. Ltd. Vs ACIT (2012)51 SOT 16 (Mum-ITAT) l. ACIT Vs Sil Inve…

DY. C.I.T. 1(2), RAIPUR (CG) vs. M/S HIRA FERRO ALLOYS LTD.,, RAIPUR

In the result, appeal filed for assessment year 2010-11 is dismissed

ITA 358/BIL/2014[2009-10]Status: DisposedITAT Raipur18 Jan 2018AY 2009-10

Bench: S/Shri N.S Saini & Pavan Kumar Gadale

For Appellant: NoneFor Respondent: Shri P.K.Mishra, CIT DR
Section 14ASection 801ASection 80ISection 8Q

…(1991) 188 ITR 402 (SC), c. Wimco Seedlings Ltd. & State of Maharashtra Vs DCIT (2007) 107 ITD 267 (Del. ITAT), d. C1T Vs Hero Cycle Ltd. (2010) 323 ITR518 (P&H HC), e. ACIT Vs Eicher Ltd. (2006) 103 TTJ 369 (Del TAT). f. Dhanlakshmi Bank Ltd. Vs ACIT (2007) 12 SOT 625 (Coch –ITAT) g. Birla Group Holdings Ltd. Vs DCIT (2007)13 SOT 642 (Mum-ITAT) h. Auchte] Products Ltd. Vs ACIT (2012) 52 SOT 39 (Mum-ITAT) i. Balarampur Chini Mills Ltd. Vs DCJT (2011)140 TTJ 73 (Kol-ITAT) j. ACIT VS' Mohan Exports P. Ltd. (2012) 138 ITD 108 (Delhi-ITAT) k. Bio Science P. Ltd. Vs ACIT (2012)51 SOT 16 (Mum-ITAT) l. ACIT Vs Sil Inve…

M/S. TATA INDUSTRIES LTD,MUMBAI vs. THE ITO 2(3)(3), MUMBAI

In the result, appeal of the assessee is treated as partly allowed

ITA 4894/MUM/2008[2004-2005]Status: DisposedITAT Mumbai20 Jul 2016AY 2004-2005

Bench: Shri G. S. Pannu, Accoutant Member & Shri Sanjay Gargtata Industries Ltd., Vs. The Income Tax Officer, Ward- Bombay House,24,Homi 2 (3) (3), Room No.555, Mody Street, Fort, Mumbai Aayakar Bhavan, Maharshi 400 001 Karve Road, Mumbai 400 020 Pan: Aaact 4058 L Appellant .. Respondent Appellant By Shri Dinesh Vyas, Ar Respondent By Shri Alok Johri, Dr Date Of Hearing 22-06-2016 Date Of Pronouncement 20-07-2016

Section 10ASection 115JSection 14ASection 36

…relation to the earning of tax free income. iii. The amendment brought to sec,14A by the Finance Act 2006 w.e.f 1.4.2007 conferred such disallowances for the first time from 1.4.2007. iv. The ratio of ITAT Cochin in the case of Dhanlaxmi Bank Ltd. V/s. ACIT -12 SOT 625 does not permit such disallowances in the absence of any method which was subsequently provided by sec.40A (2) of the Act. v. The assessee vide its letter dt.18.2.2008 submitted before the LD.CIT(A) about complete detail of head office expenditure of Rs.93.39 crs. expendituresuo-moto disallowed by the assessee in the return of income by Rs.5.67 cr…

Dhanalakshmi Bank Ltd. v. ACIT (12 SOT 625) — Cited in 11 Judgments | BharatTax