H T Media Ltd. v. PCIT

Hero Motocrop Ltd., New Delhi vs. ACIT, Circle- 11(1), New Delhi

The appeal of the assessee is partly allowed

Bench: Shri Sudhanshu Srivastava & Shri O.P. Kantassessment Year: 2015-16

…VS. DCIT: 394 ITR 449(SC) - Maxopp Investment Ltd: 347 ITR 272 (Del.)- Affirmed by the Hon’ble Supreme Court in 402 ITR 640 - CIT v. Essar Teleholdings Ltd.: 401 ITR 445 (SC) - PCIT v. Vedanta Ltd.: [2019] 261 Taxman 179 (Delhi) - H.T. Media Limited v. PCIT: 399 ITR 576 (Del) - Eicher Motors Ltd. vs. CIT: 398 ITR 51 (Del) - PCIT vs. U.K. Paints (India) (P.) Ltd.: 392 ITR 552 (Del.) - CIT v. Abhishek Industries Ltd.: 380 ITR 652 (P&H) - CIT vs. I.P. Support Services India (P) Ltd: 378 ITR 240 (Del) Hero Motocorp Ltd. vs. ACIT - Joint Investments (P.) Ltd. v. CIT: 372 ITR 694 (Del) - CIT v. Taikisha Engg. India L…

DCIT, New Delhi vs. M/S. Hero Honda Motors Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

Bench: Shri Sudhanshu Srivastava & Shri O.P. Kantassessment Year: 2005-06

…for earning exempt income before making disallowance under section 14A of the Act even in case where the assessee claims that no expenditure has been incurred: - Godrej & Boyce Manufacturing Company Ltd. VS. DCIT: 394 ITR 449(SC) - H.T. Media Limited v. PCIT: 399 ITR 576 (Del) - Eicher Motors Ltd. vs. CIT: 398 ITR 51(Del) 3.0.5 It was further submitted that the onus is on the revenue to establish that the administrative expenses are incurred for the purpose of earning exempt income and ad hoc disallowance of administrative expenses cannot be made under section 14A of the Hero Motorcorp Ltd. vs. ACIT & DCIT Act.…

M/S. Hero Motocorp Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal of the Revenue is dismissed

Bench: Shri Sudhanshu Srivastava & Shri O.P. Kantassessment Year: 2005-06

…for earning exempt income before making disallowance under section 14A of the Act even in case where the assessee claims that no expenditure has been incurred: - Godrej & Boyce Manufacturing Company Ltd. VS. DCIT: 394 ITR 449(SC) - H.T. Media Limited v. PCIT: 399 ITR 576 (Del) - Eicher Motors Ltd. vs. CIT: 398 ITR 51(Del) 3.0.5 It was further submitted that the onus is on the revenue to establish that the administrative expenses are incurred for the purpose of earning exempt income and ad hoc disallowance of administrative expenses cannot be made under section 14A of the Hero Motorcorp Ltd. vs. ACIT & DCIT Act.…

ACIT, New Delhi vs. M/S Religare Securities Ltd., New Delhi

In the result, the appeal filed by the Revenue is dismissed and the appeal filed by the assessees is allowed for statistical purposes

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2011-12 Religare Securities Ltd., Vs Dcit, 6Th Floor, Prius Global, Circle-21(1), A-3, 4, 5, Plot No.11, Sector-125, Cr Building, Noida. New Delhi. Pan: Aaacf1952D Assessment Year: 2011-12 Dcit, Vs Religare Securities Ltd., Circle-21(1), . D-3, P-3B, District Centre, Cr Building, Saket, New Delhi. New Delhi. Pan: Aaacf1952D (Appellant) (Respondent) Assessee By : Shri Rohit Jain, Advocate & Ms Tejasvi Jain, Advocate Revenue By : Shri Saras Kumar, Sr. Dr Date Of Hearing : 08.06.2020 Date Of Pronouncement : 31.07.2020 Order Per R.K. Panda, Am: These Are Cross Appeals. The First One Is Filed By The Assessee & The Second One Is Filed By The Revenue & Are Directed Against The Order Dated 11.11.2016 Of The Cit(A)-7, New Delhi, For A.Y. 2011-12. Itas No.230 & 574/Del/2017

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : F : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER Assessment Year: 2011-12 Religare Securities Ltd., Vs DCIT, 6th Floor, Prius Global, Circle-21(1), A-3, 4, 5, Plot No.11, Sector-125, CR Building, Noida. New Delhi. PAN: AAACF1952D Assessment Year: 2011-12 DCIT, Vs Religare Securities Ltd., Circle-21(1), . D-3, P-3B, District Centre, CR Building, Saket, New Delhi. New Delhi. PAN: AAACF1952D (Appellant) (Respondent) Assessee by : Shri Rohit Jain, Advocate & Ms Tejasvi Jain, Advocate Revenue by : Shri Saras Kumar, Sr. D…

M/S. Religare Enterprise Ltd., Noida vs. DCIT, New Delhi

In the result, the appeal filed by the Revenue is dismissed and the appeal filed by the assessees is allowed for statistical purposes

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2011-12 Religare Securities Ltd., Vs Dcit, 6Th Floor, Prius Global, Circle-21(1), A-3, 4, 5, Plot No.11, Sector-125, Cr Building, Noida. New Delhi. Pan: Aaacf1952D Assessment Year: 2011-12 Dcit, Vs Religare Securities Ltd., Circle-21(1), . D-3, P-3B, District Centre, Cr Building, Saket, New Delhi. New Delhi. Pan: Aaacf1952D (Appellant) (Respondent) Assessee By : Shri Rohit Jain, Advocate & Ms Tejasvi Jain, Advocate Revenue By : Shri Saras Kumar, Sr. Dr Date Of Hearing : 08.06.2020 Date Of Pronouncement : 31.07.2020 Order Per R.K. Panda, Am: These Are Cross Appeals. The First One Is Filed By The Assessee & The Second One Is Filed By The Revenue & Are Directed Against The Order Dated 11.11.2016 Of The Cit(A)-7, New Delhi, For A.Y. 2011-12. Itas No.230 & 574/Del/2017

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : F : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER Assessment Year: 2011-12 Religare Securities Ltd., Vs DCIT, 6th Floor, Prius Global, Circle-21(1), A-3, 4, 5, Plot No.11, Sector-125, CR Building, Noida. New Delhi. PAN: AAACF1952D Assessment Year: 2011-12 DCIT, Vs Religare Securities Ltd., Circle-21(1), . D-3, P-3B, District Centre, CR Building, Saket, New Delhi. New Delhi. PAN: AAACF1952D (Appellant) (Respondent) Assessee by : Shri Rohit Jain, Advocate & Ms Tejasvi Jain, Advocate Revenue by : Shri Saras Kumar, Sr. D…

Anamica Financial Services Pvt. Ltd., New Delhi vs. DCIT, Circle- 2(2), New Delhi

In the result, both the appeals filed by the respective assessees are partly allowed for statistical purpose

Bench: Sh. R. K. Panda & Ms. Suchitra Kambleassessment Year: 2012-13

…isfaction by the AO as to why the claim of disallowance made by the assessee u/s. 14A is not correct, no disallowance can be made u/s. 14A. 10. He also relied on the following decisions :- 1. Vedanta Ltd. [2019] 261 Taxman 179 (Del) 2. H. T Media Ld. [ 2018] 399 ITR 576 (Del) 3. U. K. Paints ( India) (P) Ltd. [ 2017] 392 ITR 552 (Del) 11. Without prejudice to the above the Ld. Counsel for the assessee submitted that the AO has determined the disallowance u/s.14 A read with Rule 8 D of the IT Rules 1962 at Rs. 12,35,075/- which is as under :- Particulars Amount ( Rs.) Rule 8 D (2) (i) - expenses directly attrib…

DCIT, Circle- 23(2), New Delhi vs. Sicpa India Pvt. Ltd., New Delhi

Bench: Shri Kuldip Singh & Dr. B.R.R. Kumar

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘G’ : NEW DELHI) BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER and DR. B.R.R. KUMAR, ACCOUNTANT MEMBER ITA No.704/Kol./2015 (Assessment Year : 2009-10) M/s. Sicpa India Private Ltd., vs. Addl.CIT, Range 8, (formerly known as Sicpa India Ltd.) Kolkata. C/o Newby Teas Overseas (P) Ltd., 9A, 2nd Floor, 23A, N.S. Road, Kolkata – 700 016. (PAN : AADCS6121L) ITA No.1586/Kol./2016 (Assessment Year : 2010-11) M/s. Sicpa India Private Ltd., vs. DCIT, Range 8, (formerly known as Sicpa India Ltd.) Kolkata. C/o Newby Teas Overseas (P) Ltd., 9A, 2nd Floor, 23A, N.S. Road, Kolkata…

Sicpa India Pvt. Ltd., New Delhi vs. DCIT, Circle- 23(2), New Delhi

Bench: Shri Kuldip Singh & Dr. B.R.R. Kumar

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘G’ : NEW DELHI) BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER and DR. B.R.R. KUMAR, ACCOUNTANT MEMBER ITA No.704/Kol./2015 (Assessment Year : 2009-10) M/s. Sicpa India Private Ltd., vs. Addl.CIT, Range 8, (formerly known as Sicpa India Ltd.) Kolkata. C/o Newby Teas Overseas (P) Ltd., 9A, 2nd Floor, 23A, N.S. Road, Kolkata – 700 016. (PAN : AADCS6121L) ITA No.1586/Kol./2016 (Assessment Year : 2010-11) M/s. Sicpa India Private Ltd., vs. DCIT, Range 8, (formerly known as Sicpa India Ltd.) Kolkata. C/o Newby Teas Overseas (P) Ltd., 9A, 2nd Floor, 23A, N.S. Road, Kolkata…

M/S Minda Investment Ltd., Delhi vs. DCIT, New Delhi

In the result, both the appeals of the assessee are, accordingly, allowed

Bench: Shri Prashant Maharishi & Shrik.Narasimha Chary

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’: NEW DELHI BEFORE SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER AND SHRIK.NARASIMHA CHARY, JUDICIAL MEMBER I.T.A. Nos.510& 511/Del/2017 Assessment Years: 2012-13& 2013-14 M/s Minda Investments Limited, vs DCIT, Circle 16(2), B-64/1, Wazirpur Industrial Area, New Delhi. Delhi. PAN: AAACL1433F (Appellant) (Respondent) Assessee by: Shri R.K. Kapoor, CA Department by: Ms. Rinku Singh, Sr.DR Date of Hearing: 19.08.2019 Date of Pronouncement: 03.09.2019 ORDER PER NARASIMHA K. CHARY, JM Challenging the orders for the Asstt. Years 2012-13 and 2013-14 both dated 29.11.2…

DCIT, New Delhi vs. M/S. Hero Motocorp Ltd., New Delhi

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

Bench: Shri Pramod Kumar & Shri K. Narasimha Chary

…sallowance u/s 14A of the Act even in case where the assessee claims that no expenses has been incurred. He placed reliance on various decisions including the decision of Godrej & Boyce Manufacturing Co. Ltd. vs DCIT, 394 ITR 449(SC); H.T. Media Ltd. vs PCIT, 399 ITR 576 (Del); and Eicher Motors Ltd. vs CIT, 398 ITR 51 (Del) for such proposition. 6. According to the learned DR, the reasons recorded by the learned AO are sufficient to comply with the requirement of Section 14A and in 4 view of the decision of Delhi High Court in the case of India Bulls Financial Services Ltd. vs DCIT (2017) 395 ITR 242 (Del),no pa…

ACIT, New Delhi vs. M/S. Resurgere Mines and Minerals India Ltd., Mumbai

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

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

…ITA No. 330 of 2012 dated 23 July 2014 (Bombay High Court) 1[2014] 366 ITR 505 (Bombay) ii. Gujarat High Court in the case of CIT v. Suzlon Energy Ltd. (2013) 354 ITR 630 iii. H.T. Media Ltd. vs Principal Commissioner of Income Tax-IV, New Delhi- [2017] 399 ITR 576 (Delhi) VERSUS THE ACIT, ITA No. 5547/De1/2012, C.O.No.95/DeI/2013 And ITA.No.6030/Del/2015 ITA No.- 1531/Del/2017. M/s Resurgere Mines and Minerals India Ltd. v. ITAT Delhi in the case of CHINA TRUST COMMERCIAL BANK VERSUS ADIT, INTERNATIONAL TAXATION, ITA No. 1257/Del/2011 order dated 26.12.2017 10. In addition to the above, disallowance un…

Jindal Steel & Power Ltd., New Delhi vs. ACIT, Hisar

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

Bench: Sh. Bhavnesh Saini & Sh. N. S. Sainiita No. 893/Del/2014 : Asstt. Year : 2009-10 Jindal Steel & Power Ltd., Vs Asstt. Commissioner Of Jindal Centre, 12, Bhikaji Cama Income Tax, Hisar Circle, Place, New Delhi-110066 Hisar (Appellant) (Respondent) Pan No. Aaacj7079D Assessee By : Sh. Salil Kapoor, Adv., Sh. Sumit Lal Chandani, Adv., Ms. Ananya Kapoor, Adv. & Ms. Pallavi Saigal, Adv. Revenue By : Sh. Sanjay I. Bara, Cit Dr Date Of Hearing :05.03.2019 Date Of Pronouncement : 29.04.2019 Order Per N. S. Saini: This Is An Appeal Filed By The Assessee Against The Order Of Assessing Officer U/S 143(3)/144C(13) Of The Income Tax Act, 1961 Dated 29.10.2018 For Assessment Years 2013-14

…incorrectness of the suo moto disallowance made by the Assessee in its books of accounts and stated that this issue is covered in favour of the Assessee in various judgments such as Godrej and Boyce Manufacturing Co vs. CIT [394 ITR 449] and HT Media vs. CIT [399 ITR 576] and a recent decision of the Hon’ble Delhi High Court in the case of PCIT v. Hindustan Clean Energy Ltd. [ITA No. 268 of 2018]. , the Hon’ble Court has held as under: “In the present case, however, the Assessing Officer (‘AO’) without recording required satisfaction on “having regard to the accounts of the Assessee, as placed before him, it is n…

M/S Simon India Ltd, New Delhi vs. DCIT, New Delhi

The appeal of the assessee is allowed

Bench: Shri H.S.Sidhu & Shri Prashant Maharishi

…efore the ld CIT(A) the disallowance was restricted to Rs. 4577189/- against which the assessee is in appeal before us. 16. The ld AR submitted that there is no satisfaction recorded by the ld AO. He referred to the decision of the Hon'ble Delhi High Court in 399 ITR 576. In view of this same should be acceptable. 17. The ld DR submitted that Rule 8D has been applied by the ld AO after recording satisfaction in a proper manner. Therefore, there is no escapement of the disallowance made by the ld AO and confirmed by the ld CIT(A). The ld DR relied upon the decision of the Hon'ble Supreme Court in case of Maxopp In…

Indraprastha Sehkari Bank Ltd., Delhi vs. ACIT, New Delhi

In the result, the appeal is allowed for statistical purposes

Bench: : Shri Bhavnesh Saini & Shri L.P. Sahuassessment Year: 2010-11

…In the Income-Tax Appellate Tribunal, Delhi Bench ‘A’, New Delhi Before : Shri Bhavnesh Saini, Judicial Member And Shri L.P. Sahu, Accountant Member Assessment Year: 2010-11 Indraprastha Sehkari Bank Ltd., vs. ACIT, Circle 19(1), A-101, Wazirpur Group Industrial New Delhi. Area, Delhi. PAN: AAAJI 0005P (Appellant) (Respondent) Appellant by Sh. Ved Jain, Advocate Respondent by Sh. Amit Katoch, Sr. DR Date of Hearing 06.02.2019 Date of Pronouncement 13.02.2019 ORDER Per L.P. Sahu, A.M.: This is an appeal filed by the assessee against the order of ld. CIT(A)-12, New Delhi dated 25.02.2015 for the assessment y…

Late Sh. D.K. Jain, New Delhi vs. DCIT, New Delhi

Appeal of the assessee is partly allowed

Bench: Shri N. K. Billaiya & Ms Suchitra Kamble

…In ITA No. 330 of 2012 dated 23rd July 2014 (Bombay High Court0/ [2014] 366 ITR 505 (Bombay) " Gujarat High Court in the case of CIT(A) vs. Suzlon Energy Ltd. (2013) 354 ITR 630. " H. T. Media Ltd. Vs. Principal Commissioner of Income Tax-IV, New Delhi-2017] 399 ITR 576 (Delhi) The Ld. AR further submitted that the expenses have been incurred only with the motive of earning the interest income by way of investment in FDRs and advances given and no disallowance was called for by the assessee. The Ld. AR submitted that since the complete details of nexus between the funds raised from the bank and amount invested w…

DCIT, New Delhi vs. M/S. H T Media Ltd., New Delhi

Bench: Shri P. M. Jagtap & Ms Suchitra Kambledcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Dcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) H. T. Media Ltd. Vs Dcit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant) Dcit Vs H. T. Media Ltd. Circle-12101) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Vs Acit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant)

…, disallowance made by the Assessing Officer and by the company in A.Y. 2008-09 and 2009-10 was produced. The facts of the case are identical to the facts of A.Y. 2008-09 wherein the Hon’ble Delhi High Court in case of H.T. Media Ltd. Vs. Principal CIT (2017) 399 ITR 576 held that in the facts of the case no disallowance on account of interest is called for and disallowance made by the company of Rs. 3 lac on account of administrative expenses is to be upheld, since the Assessing Officer had not recorded any satisfaction. The Ld. AR also relied upon the decision of DLF Home Developers Ltd. vs. DCIT (2018) 53 CCH…

H T Media Ltd., New Delhi vs. ACIT, New Delhi

Bench: Shri P. M. Jagtap & Ms Suchitra Kambledcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Dcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) H. T. Media Ltd. Vs Dcit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant) Dcit Vs H. T. Media Ltd. Circle-12101) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Vs Acit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant)

…, disallowance made by the Assessing Officer and by the company in A.Y. 2008-09 and 2009-10 was produced. The facts of the case are identical to the facts of A.Y. 2008-09 wherein the Hon’ble Delhi High Court in case of H.T. Media Ltd. Vs. Principal CIT (2017) 399 ITR 576 held that in the facts of the case no disallowance on account of interest is called for and disallowance made by the company of Rs. 3 lac on account of administrative expenses is to be upheld, since the Assessing Officer had not recorded any satisfaction. The Ld. AR also relied upon the decision of DLF Home Developers Ltd. vs. DCIT (2018) 53 CCH…

DCIT, New Delhi vs. M/S. H T Media Ltd., New Delhi

Bench: Shri P. M. Jagtap & Ms Suchitra Kambledcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Dcit Vs H. T. Media Ltd. Circle-12(1) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) H. T. Media Ltd. Vs Dcit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant) Dcit Vs H. T. Media Ltd. Circle-12101) Hindustan Times House, New Delhi 18-20, Kasturba Gandhi (Appellant) Marg New Delhi Aabch3165P (Respondent) Vs Acit Hindustan Times House, Circle-12101) 18-20, Kasturba Gandhi Marg New Delhi New Delhi (Respondent) Aabch3165P (Appellant)

…, disallowance made by the Assessing Officer and by the company in A.Y. 2008-09 and 2009-10 was produced. The facts of the case are identical to the facts of A.Y. 2008-09 wherein the Hon’ble Delhi High Court in case of H.T. Media Ltd. Vs. Principal CIT (2017) 399 ITR 576 held that in the facts of the case no disallowance on account of interest is called for and disallowance made by the company of Rs. 3 lac on account of administrative expenses is to be upheld, since the Assessing Officer had not recorded any satisfaction. The Ld. AR also relied upon the decision of DLF Home Developers Ltd. vs. DCIT (2018) 53 CCH…