GVK Project & Technical Services Ltd (2019), 106 Taxman.com 181 (SC) (vi) Biocon Ltd. v. DCIT (Karn)

431 ITR 326High Court2021#5794 most cited

What is GVK Project & Technical Services Ltd (2019), 106 Taxman.com 181 (SC) (vi) Biocon Ltd. v. DCIT (Karn) authority for?

Disallowance under Section 14A of the Income Tax Act, read with Rule 8D, cannot exceed the amount of exempt income earned by the assessee. If there is no exempt income, no disallowance can be made under Section 14A.

20

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2021 to 2024.

Also referred to as

Biocon Ltd v DCIT · 431 ITR 326 · Section 14A · Rule 8D · exempt income · disallowance · no exempt income

Sections most often in play

Section 14ASection 250Section 37(1)Section 8D

Issues it is cited on

section 14a(3)section 36(i)(iii)section 36(i)(va)section 36(l)(va)section 36(l)(iii)section 36(l)r&d expenditurestatutory duessection 270a(9)mat creditsection 10(2a)weighted deduction

Judgments citing GVK Project & Technical Services Ltd (2019), 106 Taxman.com 181 (SC) (vi) Biocon Ltd. v. DCIT (Karn)

Dy. Commissioner of Income Tax, Aayakar Bhawan vs. Rockman Industries Limited, Focal Point

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

ITA 84/CHANDI/2024[2020-21]Status: DisposedITAT Chandigarh25 Nov 2024AY 2020-21

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

Section 142(1)Section 143(2)Section 143(3)Section 246ASection 250(6)Section 253Section 263

…414 ITR 122 (Del) (iii) PCIT v/s Mcdonald India P Ltd, [2019] 101 Taxman.com 86 (Del) (iv) PCIT v/s Vardhman Chemtech P Ltd, 261 Taxman 233 (P&H) (v) PCIT v/s GVK Project & Technical Services Ltd (2019), 106 Taxman.com 181 (SC) (vi) Biocon Ltd v DCIT (Karn), 431 ITR 326 Even no satisfaction has been recorded by the Ld. A.O. in establishing the 14. nexus borrowing and investment, as held by Hon'ble Apex Court in the of Maxopp Investment Ltd. Based on the above facts decision of Hon'ble ITAT in assessee's own case, decisions of Hon'ble Supreme Court and following the consistency, the disallowance of interest u/s 1…

Asstt. Commissioner of Income Tax, Circle-4, Aayakar Bhawan vs. Rockman Industries Limited

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

ITA 177/CHANDI/2024[2013-14]Status: DisposedITAT Chandigarh25 Nov 2024AY 2013-14

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

Section 142(1)Section 143(2)Section 143(3)Section 246ASection 250(6)Section 253Section 263

…414 ITR 122 (Del) (iii) PCIT v/s Mcdonald India P Ltd, [2019] 101 Taxman.com 86 (Del) (iv) PCIT v/s Vardhman Chemtech P Ltd, 261 Taxman 233 (P&H) (v) PCIT v/s GVK Project & Technical Services Ltd (2019), 106 Taxman.com 181 (SC) (vi) Biocon Ltd v DCIT (Karn), 431 ITR 326 Even no satisfaction has been recorded by the Ld. A.O. in establishing the 14. nexus borrowing and investment, as held by Hon'ble Apex Court in the of Maxopp Investment Ltd. Based on the above facts decision of Hon'ble ITAT in assessee's own case, decisions of Hon'ble Supreme Court and following the consistency, the disallowance of interest u/s 1…

Dy. Commissioner of Income Tax, Circle-4, Ludhiana vs. Rockman Industries Ltd

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

ITA 818/CHANDI/2023[2015-16]Status: DisposedITAT Chandigarh25 Nov 2024AY 2015-16

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

Section 142(1)Section 143(2)Section 143(3)Section 246ASection 250(6)Section 253Section 263

…414 ITR 122 (Del) (iii) PCIT v/s Mcdonald India P Ltd, [2019] 101 Taxman.com 86 (Del) (iv) PCIT v/s Vardhman Chemtech P Ltd, 261 Taxman 233 (P&H) (v) PCIT v/s GVK Project & Technical Services Ltd (2019), 106 Taxman.com 181 (SC) (vi) Biocon Ltd v DCIT (Karn), 431 ITR 326 Even no satisfaction has been recorded by the Ld. A.O. in establishing the 14. nexus borrowing and investment, as held by Hon'ble Apex Court in the of Maxopp Investment Ltd. Based on the above facts decision of Hon'ble ITAT in assessee's own case, decisions of Hon'ble Supreme Court and following the consistency, the disallowance of interest u/s 1…

Dy. Commissioner of Income Tax, Circle-4, Aayakar Bhawan vs. Rockman Industries Limited

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

ITA 817/CHANDI/2023[2014-15]Status: DisposedITAT Chandigarh25 Nov 2024AY 2014-15

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

Section 142(1)Section 143(2)Section 143(3)Section 246ASection 250(6)Section 253Section 263

…414 ITR 122 (Del) (iii) PCIT v/s Mcdonald India P Ltd, [2019] 101 Taxman.com 86 (Del) (iv) PCIT v/s Vardhman Chemtech P Ltd, 261 Taxman 233 (P&H) (v) PCIT v/s GVK Project & Technical Services Ltd (2019), 106 Taxman.com 181 (SC) (vi) Biocon Ltd v DCIT (Karn), 431 ITR 326 Even no satisfaction has been recorded by the Ld. A.O. in establishing the 14. nexus borrowing and investment, as held by Hon'ble Apex Court in the of Maxopp Investment Ltd. Based on the above facts decision of Hon'ble ITAT in assessee's own case, decisions of Hon'ble Supreme Court and following the consistency, the disallowance of interest u/s 1…

Dy. Commissioner of Income Tax, Circle-4, Ludhiana, Aayakar Bhawan vs. Rockman Industries Limited

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

ITA 796/CHANDI/2023[2018-19]Status: DisposedITAT Chandigarh25 Nov 2024AY 2018-19

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

Section 142(1)Section 143(2)Section 143(3)Section 246ASection 250(6)Section 253Section 263

…414 ITR 122 (Del) (iii) PCIT v/s Mcdonald India P Ltd, [2019] 101 Taxman.com 86 (Del) (iv) PCIT v/s Vardhman Chemtech P Ltd, 261 Taxman 233 (P&H) (v) PCIT v/s GVK Project & Technical Services Ltd (2019), 106 Taxman.com 181 (SC) (vi) Biocon Ltd v DCIT (Karn), 431 ITR 326 Even no satisfaction has been recorded by the Ld. A.O. in establishing the 14. nexus borrowing and investment, as held by Hon'ble Apex Court in the of Maxopp Investment Ltd. Based on the above facts decision of Hon'ble ITAT in assessee's own case, decisions of Hon'ble Supreme Court and following the consistency, the disallowance of interest u/s 1…

Dy. Commissioner of Income Tax, Circle-4, Aayakar Bhawan vs. Rockman Industries Limited

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

ITA 795/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh25 Nov 2024AY 2017-18

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

Section 142(1)Section 143(2)Section 143(3)Section 246ASection 250(6)Section 253Section 263

…414 ITR 122 (Del) (iii) PCIT v/s Mcdonald India P Ltd, [2019] 101 Taxman.com 86 (Del) (iv) PCIT v/s Vardhman Chemtech P Ltd, 261 Taxman 233 (P&H) (v) PCIT v/s GVK Project & Technical Services Ltd (2019), 106 Taxman.com 181 (SC) (vi) Biocon Ltd v DCIT (Karn), 431 ITR 326 Even no satisfaction has been recorded by the Ld. A.O. in establishing the 14. nexus borrowing and investment, as held by Hon'ble Apex Court in the of Maxopp Investment Ltd. Based on the above facts decision of Hon'ble ITAT in assessee's own case, decisions of Hon'ble Supreme Court and following the consistency, the disallowance of interest u/s 1…

Dy. Commissioner of Income Tax, Circle-4, Aayakar Bhawan vs. Rockman Industries Limited

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

ITA 794/CHANDI/2023[2016-17]Status: DisposedITAT Chandigarh25 Nov 2024AY 2016-17

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

Section 142(1)Section 143(2)Section 143(3)Section 246ASection 250(6)Section 253Section 263

…414 ITR 122 (Del) (iii) PCIT v/s Mcdonald India P Ltd, [2019] 101 Taxman.com 86 (Del) (iv) PCIT v/s Vardhman Chemtech P Ltd, 261 Taxman 233 (P&H) (v) PCIT v/s GVK Project & Technical Services Ltd (2019), 106 Taxman.com 181 (SC) (vi) Biocon Ltd v DCIT (Karn), 431 ITR 326 Even no satisfaction has been recorded by the Ld. A.O. in establishing the 14. nexus borrowing and investment, as held by Hon'ble Apex Court in the of Maxopp Investment Ltd. Based on the above facts decision of Hon'ble ITAT in assessee's own case, decisions of Hon'ble Supreme Court and following the consistency, the disallowance of interest u/s 1…

DCIT Circle-4, Ludhiana vs. Rockman Industries Ltd, Ludhiana

In the result order of CIT(A) is sustained as passed and the appeal of the Revenue is partly allowed for statistical purposes

ITA 748/CHANDI/2023[2010-11]Status: DisposedITAT Chandigarh25 Nov 2024AY 2010-11

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

Section 142(1)Section 143(2)Section 143(3)Section 246ASection 250(6)Section 253Section 263

…414 ITR 122 (Del) (iii) PCIT v/s Mcdonald India P Ltd, [2019] 101 Taxman.com 86 (Del) (iv) PCIT v/s Vardhman Chemtech P Ltd, 261 Taxman 233 (P&H) (v) PCIT v/s GVK Project & Technical Services Ltd (2019), 106 Taxman.com 181 (SC) (vi) Biocon Ltd v DCIT (Karn), 431 ITR 326 Even no satisfaction has been recorded by the Ld. A.O. in establishing the 14. nexus borrowing and investment, as held by Hon'ble Apex Court in the of Maxopp Investment Ltd. Based on the above facts decision of Hon'ble ITAT in assessee's own case, decisions of Hon'ble Supreme Court and following the consistency, the disallowance of interest u/s 1…

Ambika Ghorpade, Bellary vs. Assistant Commissioner of Income-Tax, Circle-1, Bellary

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

ITA 906/BANG/2023[2014-15]Status: DisposedITAT Bangalore17 Jan 2024AY 2014-15

Bench: Shri George George K. & Shri Chandra Poojariassessment Year: 2014-15

For Appellant: Shri K.R. Pradeep & Ms. Girija G., A.RsFor Respondent: Shri Subramanian S., D.R
Section 14ASection 250Section 37(1)

…y way of dividend and the disallowance u/s 14A read with Rule 8D of the Rules cannot exceed the exempt income earned by assessee in the assessment year under consideration as held by Hon’ble Karnataka High Court in the case of Biocon Ltd. Vs. DCIT reported in 431 ITR 326 (Karn.) wherein it was held that “when there is no exempted income, there cannot be any disallowance u/s 14A of the Act. In other words, it means that disallowance u/s 14A of the Act should be limited to the exempted income”. Accordingly, we sustain the addition to the tune of Rs.31,600/- only up to the exempt income earned by the assessee. This…

M/S Pvr Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal of the assessee is allowed

ITA 2143/DEL/2011[2007-08]Status: DisposedITAT Delhi07 Nov 2023AY 2007-08

Bench: Sh. N. K. Billaiya & Ms. Astha Chandraassessment Year: 2007-08 M/S. Pvr Ltd. Addl. Cit Range-14 New Delhi 61, Basant Lok, Vasant Vihar Vs New Delhi-110057 Pan No.Aaacp4526D (Appellant) (Respondent)

Section 115JSection 14ASection 43(1)Section 43B

…Ltd. (supra). 4. The subsequent appeals being ITA 107/2015 and ITA 214/2019 filed by the Commissioner on similar issues have been dismissed by this Court following the judgment of the Karnataka Biocon Ltd. v. Dy. CIT (2021):125 taxman.com 164/278 Taxman 121/431 ITR 326. 5. Consequently, following the judgment of the Karnataka High Court in Biocon Ltd. (supra) law is decided in favour of the assessee and it is held that the Income-tax Appellate Tribuna holding that the difference between the price at which stock options were offered to e appellant company under ESOP and ESPS and the prevailing market price of th…

Truworth Infotech Private Limited, Jaipur vs. Income Tax Officer, Ward-2(2), Jaipur

In the result, the appeal of the assessee is allowed

ITA 79/JPR/2023[2014-15]Status: DisposedITAT Jaipur04 Jul 2023AY 2014-15

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri S.R. Sharma, CA &For Respondent: Mrs. Monisha Choudhary, Addl. CIT-DR
Section 115JSection 143(2)Section 143(3)Section 14A

…P. Ltd. (2021) 434 ITR 154/278 Taxmann 390 The Hon'ble Karnataka High Court held that where there is no exempt income earned by the assessee during the year no disallowance u/s 14A was to be made similar legal view was upheld in Bicom Ltd. Vs. Dy. CIT (2021) 431 ITR 326(Kar) and in case of Pr. CIT Vs. Sterling Developers P. Ltd. (2021) 129 taxmann.com 116 (Kar). The Madras High Court in case of CIT Vs. Tamilnadu Rood Development Co. Ltd. (2021) 436 ITR 323/279 Taxman 125 held that provisions of section 14A read with rule 8D would not be applicable if there was no exempt income earned by the assessee during the y…

Deputy Commissioner of Income Tax, Central Circle-2(4), Bangalore vs. Century Real Estate Holdings Private Limited, Bangalore

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

ITA 740/BANG/2022[2013-14]Status: DisposedITAT Bangalore30 Nov 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2013-14

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri Gudimella V.P. Pavan Kumar, D.R

…empt income. Since appeal itself is disposed of, the stay petition shall 12. become infructuous. In the result, the appeal of the assessee is partly allowed.” 13. 9.2 Further, the Hon’ble jurisdictional High Court in the case of Biocon Limited v. DCIT (2021) 431 ITR 326 (Kar.), wherein it was held that when there is exempt income, there cannot be any disallowance u/s 14A of the Act. In other words, it means that disallowance u/s 14A of the Act should be limited to the exempt income. 9.3 In view of the above judgment of the Hon’ble jurisdictional High Court, we direct the A.O. to disallow the amount made u/s 14A…

Century Real Estate Holdings Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

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

ITA 580/BANG/2022[2013-14]Status: DisposedITAT Bangalore30 Nov 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2013-14

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri Gudimella V.P. Pavan Kumar, D.R

…empt income. Since appeal itself is disposed of, the stay petition shall 12. become infructuous. In the result, the appeal of the assessee is partly allowed.” 13. 9.2 Further, the Hon’ble jurisdictional High Court in the case of Biocon Limited v. DCIT (2021) 431 ITR 326 (Kar.), wherein it was held that when there is exempt income, there cannot be any disallowance u/s 14A of the Act. In other words, it means that disallowance u/s 14A of the Act should be limited to the exempt income. 9.3 In view of the above judgment of the Hon’ble jurisdictional High Court, we direct the A.O. to disallow the amount made u/s 14A…

Century Real Estate Holdings Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Central Circle-2(2), Bangalore

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

ITA 1588/BANG/2017[2012-13]Status: DisposedITAT Bangalore17 Feb 2022AY 2012-13
For Appellant: Shri Ramakrishna, CA
Section 10Section 132Section 139(1)Section 143(3)Section 14ASection 153ASection 153B

…xempt income. 12. Since appeal itself is disposed of, the stay petition shall become infructuous. 13. In the result, the appeal of the assessee is partly allowed.” 9.2 Further, the Hon’ble jurisdictional High Court in the case of Biocon Limited v. DCIT (2021) 431 ITR 326 (Kar.), wherein it was held that when there is exempt income, there cannot be any disallowance u/s 14A of the Act. In other words, it means that disallowance u/s 14A of the Act should be limited to the exempt income. 9.3 In view of the above judgment of the Hon’ble jurisdictional High Court, we direct the A.O. to disallow the amount made u/s 14A…

Shree Balaji Engicons Pvt. Ltd, Jharsuguda vs. Principal CIT, Sambalpur

In the result, appeal of the assessee in ITA No

ITA 195/CTK/2019[204-15]Status: DisposedITAT Cuttack15 Dec 2021

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am आयकर अपीऱ सं./Ita Nos.193/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Rawats-Balaji(Jv), Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aabar 9061 J Tan No. : Bbnr01647 C & आयकर अपीऱ सं./Ita Nos.194/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Sbepl-Gril(Jv), Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aafas 2639 R Tan No. : Bbns04348 B & आयकर अपीऱ सं./Ita Nos.195/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) Shree Balaji Engicons Pvt Ltd Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aagcs 4292 P Tan No. : Bbns00091 A (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri Satyanarayan Agarwal, Ar िाजस्व की ओर से /Revenue By : Shri M.K.Gautam, Citdr सुनवाई की तािीख / Date Of Hearing : 26/10/2021 घोषणा की तािीख/Date Of Pronouncement : 23/12/2021 आदेश / O R D E R Per Bench: These Three Appeals Have Been Filed By Three Different Assessees Against The Order Passed By The Pr.Cit, Sambalpur, U/S.263 Of The Act, All Dated 30.03.2019 For The Assessment Year 2014-2015. 2

For Appellant: Shri Satyanarayan Agarwal, ARFor Respondent: Shri M.K.Gautam, CITDR
Section 143(3)Section 14ASection 263Section 80I

…आयकर अपीऱीय अधिकरण, कटक न्यायपीठ, कटक IN THE INCOME TAX APPELLATE TRIBUNAL CUTTACK BENCH, CUTTACK BEFORE SHRI C.M. GARG, JM & SHRI MANISH BORAD, AM आयकर अपीऱ सं./ITA Nos.193/CTK/2019 (नििाारण वषा / Assessment Year :2014-2015) M/s Rawats-Balaji(JV), Vs Pr.CIT, Sambalpur At/Po-Belpahar(RS), Dist : Jharsuguda PAN No. : AABAR 9061 J TAN No. : BBNR01647 C AND आयकर अपीऱ सं./ITA Nos.194/CTK/2019 (नििाारण वषा / Assessment Year :2014-2015) M/s SBEPL-GRIL(JV), Vs Pr.CIT, Sambalpur At/Po-Belpahar(RS), Dist : Jharsuguda PAN No. : AAFAS 2639 R TAN No. : BBNS04348 B AND आयकर अपीऱ सं./ITA Nos.195/CTK/2019 (नििाारण वषा / Asse…

M/S- Sbep-Gril(Joint Venture), Jharsuguda vs. Principal CIT, Sambalpur

In the result, appeal of the assessee in ITA No

ITA 194/CTK/2019[2014-15]Status: DisposedITAT Cuttack15 Dec 2021AY 2014-15

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am आयकर अपीऱ सं./Ita Nos.193/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Rawats-Balaji(Jv), Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aabar 9061 J Tan No. : Bbnr01647 C & आयकर अपीऱ सं./Ita Nos.194/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Sbepl-Gril(Jv), Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aafas 2639 R Tan No. : Bbns04348 B & आयकर अपीऱ सं./Ita Nos.195/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) Shree Balaji Engicons Pvt Ltd Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aagcs 4292 P Tan No. : Bbns00091 A (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri Satyanarayan Agarwal, Ar िाजस्व की ओर से /Revenue By : Shri M.K.Gautam, Citdr सुनवाई की तािीख / Date Of Hearing : 26/10/2021 घोषणा की तािीख/Date Of Pronouncement : 23/12/2021 आदेश / O R D E R Per Bench: These Three Appeals Have Been Filed By Three Different Assessees Against The Order Passed By The Pr.Cit, Sambalpur, U/S.263 Of The Act, All Dated 30.03.2019 For The Assessment Year 2014-2015. 2

For Appellant: Shri Satyanarayan Agarwal, ARFor Respondent: Shri M.K.Gautam, CITDR
Section 143(3)Section 14ASection 263Section 80I

…आयकर अपीऱीय अधिकरण, कटक न्यायपीठ, कटक IN THE INCOME TAX APPELLATE TRIBUNAL CUTTACK BENCH, CUTTACK BEFORE SHRI C.M. GARG, JM & SHRI MANISH BORAD, AM आयकर अपीऱ सं./ITA Nos.193/CTK/2019 (नििाारण वषा / Assessment Year :2014-2015) M/s Rawats-Balaji(JV), Vs Pr.CIT, Sambalpur At/Po-Belpahar(RS), Dist : Jharsuguda PAN No. : AABAR 9061 J TAN No. : BBNR01647 C AND आयकर अपीऱ सं./ITA Nos.194/CTK/2019 (नििाारण वषा / Assessment Year :2014-2015) M/s SBEPL-GRIL(JV), Vs Pr.CIT, Sambalpur At/Po-Belpahar(RS), Dist : Jharsuguda PAN No. : AAFAS 2639 R TAN No. : BBNS04348 B AND आयकर अपीऱ सं./ITA Nos.195/CTK/2019 (नििाारण वषा / Asse…

M/S- Rawat Balaji (Joint Venture), Jharsuguda vs. Prilncipal, CIT, Sambalpur

In the result, appeal of the assessee in ITA No

ITA 193/CTK/2019[204-15]Status: DisposedITAT Cuttack15 Dec 2021

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am आयकर अपीऱ सं./Ita Nos.193/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Rawats-Balaji(Jv), Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aabar 9061 J Tan No. : Bbnr01647 C & आयकर अपीऱ सं./Ita Nos.194/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Sbepl-Gril(Jv), Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aafas 2639 R Tan No. : Bbns04348 B & आयकर अपीऱ सं./Ita Nos.195/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) Shree Balaji Engicons Pvt Ltd Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aagcs 4292 P Tan No. : Bbns00091 A (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri Satyanarayan Agarwal, Ar िाजस्व की ओर से /Revenue By : Shri M.K.Gautam, Citdr सुनवाई की तािीख / Date Of Hearing : 26/10/2021 घोषणा की तािीख/Date Of Pronouncement : 23/12/2021 आदेश / O R D E R Per Bench: These Three Appeals Have Been Filed By Three Different Assessees Against The Order Passed By The Pr.Cit, Sambalpur, U/S.263 Of The Act, All Dated 30.03.2019 For The Assessment Year 2014-2015. 2

For Appellant: Shri Satyanarayan Agarwal, ARFor Respondent: Shri M.K.Gautam, CITDR
Section 143(3)Section 14ASection 263Section 80I

…आयकर अपीऱीय अधिकरण, कटक न्यायपीठ, कटक IN THE INCOME TAX APPELLATE TRIBUNAL CUTTACK BENCH, CUTTACK BEFORE SHRI C.M. GARG, JM & SHRI MANISH BORAD, AM आयकर अपीऱ सं./ITA Nos.193/CTK/2019 (नििाारण वषा / Assessment Year :2014-2015) M/s Rawats-Balaji(JV), Vs Pr.CIT, Sambalpur At/Po-Belpahar(RS), Dist : Jharsuguda PAN No. : AABAR 9061 J TAN No. : BBNR01647 C AND आयकर अपीऱ सं./ITA Nos.194/CTK/2019 (नििाारण वषा / Assessment Year :2014-2015) M/s SBEPL-GRIL(JV), Vs Pr.CIT, Sambalpur At/Po-Belpahar(RS), Dist : Jharsuguda PAN No. : AAFAS 2639 R TAN No. : BBNS04348 B AND आयकर अपीऱ सं./ITA Nos.195/CTK/2019 (नििाारण वषा / Asse…

Assistant Commissioner of Income Tax, Central Circle-2(2), Bangalore vs. M/S Century Real Estate Holdings Pvt Ltd, Bangalore

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

ITA 1592/BANG/2017[2011-12]Status: DisposedITAT Bangalore22 Sept 2021AY 2011-12

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.R.Ramakrishnan, CAFor Respondent: Ms.Neera Malhotra, CIT-DR
Section 143(2)Section 14ASection 153A

…empt income. 12. Since appeal itself is disposed of, the stay petition shall become infructuous. 13. In the result, the appeal of the assessee is partly allowed.” 9.2 Further, the Hon’ble jurisdictional High Court in the case of Biocon Limited v. DCIT (2021) 431 ITR 326 (Kar.), wherein it was held that when there is exempt income, there cannot be any disallowance u/s 14A of the Act. In other words, it means that disallowance u/s 14A of the Act should be limited to the exempt income. 9.3 In view of the above judgment of the Hon’ble jurisdictional High Court, we direct the A.O. to disallow the amount made u/s 14A…

Century Real Estate Holdings Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Central Circle-2(2), Bangalore

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

ITA 1590/BANG/2017[2010-11]Status: DisposedITAT Bangalore22 Sept 2021AY 2010-11

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.R.Ramakrishnan, CAFor Respondent: Ms.Neera Malhotra, CIT-DR
Section 143(2)Section 14ASection 153A

…empt income. 12. Since appeal itself is disposed of, the stay petition shall become infructuous. 13. In the result, the appeal of the assessee is partly allowed.” 9.2 Further, the Hon’ble jurisdictional High Court in the case of Biocon Limited v. DCIT (2021) 431 ITR 326 (Kar.), wherein it was held that when there is exempt income, there cannot be any disallowance u/s 14A of the Act. In other words, it means that disallowance u/s 14A of the Act should be limited to the exempt income. 9.3 In view of the above judgment of the Hon’ble jurisdictional High Court, we direct the A.O. to disallow the amount made u/s 14A…

Century Real Estate Holdings Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Central Circle-2(2), Bangalore

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

ITA 1589/BANG/2017[2011-12]Status: DisposedITAT Bangalore22 Sept 2021AY 2011-12

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.R.Ramakrishnan, CAFor Respondent: Ms.Neera Malhotra, CIT-DR
Section 143(2)Section 14ASection 153A

…empt income. 12. Since appeal itself is disposed of, the stay petition shall become infructuous. 13. In the result, the appeal of the assessee is partly allowed.” 9.2 Further, the Hon’ble jurisdictional High Court in the case of Biocon Limited v. DCIT (2021) 431 ITR 326 (Kar.), wherein it was held that when there is exempt income, there cannot be any disallowance u/s 14A of the Act. In other words, it means that disallowance u/s 14A of the Act should be limited to the exempt income. 9.3 In view of the above judgment of the Hon’ble jurisdictional High Court, we direct the A.O. to disallow the amount made u/s 14A…

GVK Project & Technical Services Ltd (2019), 106 Taxman.com 181 (SC) (vi) Biocon Ltd. v. DCIT (Karn) (431 ITR 326) — Cited in 20 Judgments | BharatTax