Harish Krishnakant Bhatt v. ITO

91 ITD 311Income Tax Appellate Tribunal2004#11840 most cited
9

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2024.

Sections most often in play

Section 1961Section 48Section 10(34) of the Income Tax ActSection 10(38) of the Income Tax ActSection 115JBSection 143(1) of the Income Tax ActSection 143(3)Section 143(3) of the Income Tax Act

Issues it is cited on

section 48book profitsdisallowance u/s 14asection 115jrevenue expendituresection 115jbsection 14asection 263section 10section 26section 115section 11

Judgments citing Harish Krishnakant Bhatt v. ITO

DCIT 3(2)(1), Mumbai vs. Neville Tuli, Mumbai

In the result, the appeal filed by the Revenue Department stands dismissed

ITA 3203/MUM/2023[2013-14]Status: DisposedITAT Mumbai26 Nov 2024AY 2013-14

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawalassessment Year: 2013-14

For Appellant: Shri Porus Kaka, Ld. Senior AdvocateFor Respondent: Shri Preetam kumar Turerao, Ld. SR. AR
Section 24Section 250Section 55

…e actual cost and that therefore interest paid on the loan received on the mortgage of the property would not form part of the cost of acquisition”. 5.3 The AO also relied on the judgment of the Tribunal in the case of Harish Krishnakant Bhatt vs. ITO (2004) 91 ITD 311 (Ahmedabad) wherein the Hon’ble Tribunal was pleased to hold “that interest paid for acquiring share is not liable as a deduction from capital gains after the date of acquisition of the shares”. 5.4 On the aforesaid analyzations, the AO ultimately disallowed the amount of Rs.3,95,42,739/- and added the same to the income of the Assessee by observ…

Associated Techno Plastic P. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is dismissed

ITA 1890/DEL/2014[2008-09]Status: DisposedITAT Delhi22 May 2024AY 2008-09

Bench: Shri Kul Bharat & Shri Brajesh Kumar Singh[Assessment Year : 2008-09] Associated Techno Plastic P.Ltd., Vs Dcit, Elegence Level-2, Mathura Road, Circle-2(1), Jasola, New Delhi-110025. New Delhi. Pan-Aaaca2525K Appellant Respondent Appellant By None Respondent By Shri Kanv Bali, Sr. Dr Date Of Hearing 08.05.2024 Date Of Pronouncement 22.05.2024

Section 143(1)Section 144Section 14ASection 234BSection 40Section 68

…n'ble Supreme Court in the case of CIT Vs. United General Trust Ltd. (supra) and many other following decisions of the Coordinate Benches of the Hon'ble ITAT viz. (a) Southern Petro Chemicals Industries (2005), 93 TTJ 161 (b) Harish Krishnakanta Bhatt (2004), 91 ITD 311 (c) S.G. Investments and Industries Ltd. (2004), 89 ITD 44 (d) Everplus Securities & Finances Ltd. (2006), 285 ITR (AT) 112, It is held that all expenses connected with the exempt income have to be necessarily disallowed regardless of whether they are direct or indirect, fixed or variable, and managerial or financial in accordance with law. In thi…

Income Tax Officer, Mumbai vs. Barindra Overseas Pvt. Ltd., Mumbai

In the result, the appeals of the revenue for AY 2010-11 and 2011-12 are dismissed

ITA 2606/MUM/2023[2011-2012]Status: DisposedITAT Mumbai10 May 2024AY 2011-2012

Bench: Shri Pavan Kumar Gadale, Jm & Ms Padmavathy S, Am

For Respondent: Shri Laxmi Kant , Sr. DR
Section 115Section 115JSection 143(3)Section 14ASection 263Section 48

…f Hon’ble Madras High Court being directly on the point, we prefer to follow the same. 5. The next decision which has been relied upon by the Ld. DR before us, is the decision of Ahmadabad Bench of the Tribunal in the case of Harish Krishnakant Bhatt Vs. ITO [91 ITD 311]. The said decision of Ahmadabad Bench of the Tribunal is not relevant in the present context because the issue therein was not relating to the treatment of interest paid as cost of acquisition but it was a case where interest paid was claimed as a revenue expenditure against dividend income which was not taxable in the relevant assessment year. T…

Income Tax Officer, Mumbai vs. Barindra Overseas Pvt. Ltd., Mumbai

In the result, the appeals of the revenue for AY 2010-11 and 2011-12 are dismissed

ITA 2605/MUM/2023[2010-2011]Status: DisposedITAT Mumbai10 May 2024AY 2010-2011

Bench: Shri Pavan Kumar Gadale, Jm & Ms Padmavathy S, Am

For Respondent: Shri Laxmi Kant , Sr. DR
Section 115Section 115JSection 143(3)Section 14ASection 263Section 48

…f Hon’ble Madras High Court being directly on the point, we prefer to follow the same. 5. The next decision which has been relied upon by the Ld. DR before us, is the decision of Ahmadabad Bench of the Tribunal in the case of Harish Krishnakant Bhatt Vs. ITO [91 ITD 311]. The said decision of Ahmadabad Bench of the Tribunal is not relevant in the present context because the issue therein was not relating to the treatment of interest paid as cost of acquisition but it was a case where interest paid was claimed as a revenue expenditure against dividend income which was not taxable in the relevant assessment year. T…

Au Small Finance Bank Limited, Jaipur vs. Principal Commissioner of Income Tax, Jaipur-1

In the result both the appeals filed by the assessee in ITA

ITA 203/JPR/2022[2017-18]Status: DisposedITAT Jaipur28 Jul 2023AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Sanjay Jhanwar, Sr. AdvocateFor Respondent: Shri James Kurian, CIT
Section 115JSection 263Section 35ASection 36(1)(viia)

…ecisions of the Coordinate Benches of ITAT, disallowance u/s 14A is called for. The decisions cited by the AO in his assessment order to this effect are as under:- (i) Sothern Petro Chemicals Industries (2005) 93, TTJ 161 (ii) Harish Krishnakanta Bhatt (2004) 91 ITD 311 (iii) S.G. Investments and Industries Ltd. (2004) 89 ITD 44 (iv) Everplus Securities & Finance Ltd. (2006) 285 ITR (AT) 112 The AO thus held that all expenses connected with the exempt income have to be necessarily disallowed regardless of whether they are direct or indirect, fixed or variable and managerial or financial in accordance with law. Th…

ACIT, New Delhi vs. M/S. Housing & Urban Development Corporation Ltd., New Delhi

In the result, Assessee’s appeal vide ITA No

ITA 6151/DEL/2014[2007-08]Status: DisposedITAT Delhi21 Dec 2018AY 2007-08

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Sh. Gagan Kumar, Adv. &For Respondent: Sh. K.J. Singh, CIT (DR)
Section 143(3)Section 14ASection 263

…supra that investment decision are very strategic decisions in which to management is involved and therefore proportionate management expenses are required to be deducted while computing exempt income from dividend. In Harish Krishnakant Bhatt Vs. ITO (2004) 91 ITD 311 (Ahd.) the Tribunal held that dividend being exempt u/s 10(34), interest on capital borrowed for acquisition of relevant share yielding such dividend cannot be allowed deduction by operation of section 14A of the Act. In DCIT Vs. S.G. Investment and Inds. Ltd. (2004) 89 ITD 44 (Cal.), the Tribunal said that in view Page 25 of 39 Fit for Publicat…

M/S. Housing & Urban Development Corporation Ltd. (Hudco), New Delhi vs. DCIT, New Delhi

In the result, Assessee’s appeal vide ITA No

ITA 5705/DEL/2014[2007-08]Status: DisposedITAT Delhi21 Dec 2018AY 2007-08

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Sh. Gagan Kumar, Adv. &For Respondent: Sh. K.J. Singh, CIT (DR)
Section 143(3)Section 14ASection 263

…supra that investment decision are very strategic decisions in which to management is involved and therefore proportionate management expenses are required to be deducted while computing exempt income from dividend. In Harish Krishnakant Bhatt Vs. ITO (2004) 91 ITD 311 (Ahd.) the Tribunal held that dividend being exempt u/s 10(34), interest on capital borrowed for acquisition of relevant share yielding such dividend cannot be allowed deduction by operation of section 14A of the Act. In DCIT Vs. S.G. Investment and Inds. Ltd. (2004) 89 ITD 44 (Cal.), the Tribunal said that in view Page 25 of 39 Fit for Publicat…

Sonphankhi Shares & Securities P.Ltd, Mumbai vs. ITO WD 4(2)(2), Mumbai

In the result, assessee company appeal in ITA No 7068/Mum/2012 for assessment year 2009-10 is partly allowed

ITA 7068/MUM/2012[2009-10]Status: DisposedITAT Mumbai03 Aug 2016AY 2009-10

Bench: Shri Saktijit Dey & Shri Ramit Kochar

For Respondent: Dr. Suman Ratnam Darsi
Section 143(2)Section 143(3)Section 14ASection 234ASection 271(1)(c)Section 73

…nt decisions are very strategic decisions in which top management is involved and therefore proportionate management expenses are required to be deducted while computing the exempt income from dividend. In Harish Krishnakant Bhatt v. Income Tax Officer (2004) 91 ITD 311 (Ahd.), the Ahmedabad Bench of this Tribunal has held that, the dividend income being exempt under section 10(33), the interest on capital borrowed for acquisition of relevant shares yielding such dividend cannot be allowed deduction by operation of section 14A. In Dy. CIT v. SG Investments &Industries Ltd. (2004) 89 ITD 44 (Cal.), the Calcutta Be…

Saurashtra Fuels P.Ltd, Mumbai vs. DCIT Cir 3(3), Mumbai

In the result, assessee appeal in ITA No 7274/Mum/2012 for assessment year 2009-10 is partly allowed

ITA 7273/MUM/2012[2007-08]Status: DisposedITAT Mumbai06 Jun 2016AY 2007-08

Bench: Shri Saktijit Dey & Shri Ramit Kochar

For Respondent: Shri Ritesh Mishra(D.R.)
Section 143(2)Section 143(3)Section 14ASection 80M

…nt decisions are very strategic decisions in which top management is involved and therefore proportionate management expenses are required to be deducted while computing the exempt income from dividend. In Harish Krishnakant Bhatt v. Income Tax Officer (2004) 91 ITD 311 (Ahd.), the Ahmedabad Bench of this Tribunal has held that, the dividend income being exempt under section 10(33), the interest on capital borrowed for acquisition of relevant shares yielding such dividend cannot be allowed deduction by operation of section 14A. In Dy. CIT v. SG Investments &Industries Ltd. (2004) 89 ITD 44 (Cal.), the Calcutta Be…

Harish Krishnakant Bhatt v. ITO (91 ITD 311) — Cited in 9 Judgments | BharatTax