HDFC Bank Ltd. v. DCIT

383 ITR 529High Court2016#178 most cited

What is HDFC Bank Ltd. v. DCIT authority for?

Where an assessee has sufficient interest-free funds, investments yielding exempt income are presumed to be made out of such funds, precluding disallowance of related interest expenditure under section 14A.

408

judgments rely on this decision, according to BharatTax’s citation analysis of 368,155 Indian tax judgments — from 2016 to 2026.

Also referred to as

HDFC Bank Ltd. v. DCIT · section 14A · disallowance of interest expenditure · exempt income · interest free funds · Rule 8D · own funds · corporate guarantee · investment

Also reported as

67 Taxmann.com 42

Sections most often in play

Section 14ASection 143(3)Section 40(a)(ia)Section 36(1)(iii)Section 8DSection 10(34)Section 115JBSection 115JB(2)
Read the full judgment

Issues it is cited on

section 115jb(2)corporate guaranteedisallowance of interest expendituredisallowance under section 14adisallowance u/s 14amost appropriate methodinterest under section 234badvance taxbook profitsarm's length pricesection 115jassociated enterprises

Judgments citing HDFC Bank Ltd. v. DCIT

DCIT 4(1), Mumbai vs. Icici Securities P. Ltd, Mumbai

In the result, the appeal of the assessee for the AY 2008-09 is partly allowed

ITA 2346/MUM/2012[2008-09]Status: DisposedITAT Mumbai15 Sept 2017AY 2008-09

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2007-08 Icici Securities Ltd. Acit-4(1) Icici Centre, H.T. Parekh Vs. Mumbai. Marg, Churchgate, Mumbai-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessment Year: 2007-08 Dcit-4(1) Icici Securities Ltd. 6Th Floor Aayakar Bhavan, Vs. Icici Centre, H.T. M.K. Road Parekh Marg, Mumba-400020. Churchgate, Mumbai-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessment Year: 2008-09 Icici Securities Ltd. Acit-4(1) Icici Centre, H.T. Parekh Vs. 6Th Floor Aayakar Marg, Churchgate, Bhavan, M.K. Road Mumbai-400020. Mumba-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessment Year: 2008-09 Dcit-4(1) Icici Securities Ltd. Mumbai. Vs. Icici Centre, H.T. Parekh Marg, Churchgate, Mumbai-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessee By : Mr. Yogesh A. Thar, Ar Revenue By: Mr. B.C.S. Naik, Dr Date Of Hearing : 20/06/2017 Date Of Pronouncement: 15/09/2017

For Appellant: Mr. Yogesh A. Thar, ARFor Respondent: Mr. B.C.S. Naik, DR

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2007-08 ICICI Securities Ltd. ACIT-4(1) ICICI Centre, H.T. Parekh Vs. Mumbai. Marg, Churchgate, Mumbai-400020. PAN No. AAACI0996E (Appellant) (Respondent) Assessment Year: 2007-08 DCIT-4(1) ICICI Securities Ltd. 6th floor Aayakar Bhavan, Vs. ICICI Centre, H.T. M.K. Road Parekh Marg, Mumba-400020. Churchgate, Mumbai-400020. PAN No. AAACI0996E (Appellant) (Respondent) Assessment Year: 2008-09 ICICI Securities Ltd. ACIT-4(1) ICICI Centre, H.T. Parekh Vs…

Icici Securities Ltd (Earlier Known As Icici Brokerage Services Ltd), Mumbai vs. Addl CIT Cir 4(1), Mumbai

In the result, the appeal of the assessee for the AY 2008-09 is partly allowed

ITA 1906/MUM/2012[2008-09]Status: DisposedITAT Mumbai15 Sept 2017AY 2008-09

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2007-08 Icici Securities Ltd. Acit-4(1) Icici Centre, H.T. Parekh Vs. Mumbai. Marg, Churchgate, Mumbai-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessment Year: 2007-08 Dcit-4(1) Icici Securities Ltd. 6Th Floor Aayakar Bhavan, Vs. Icici Centre, H.T. M.K. Road Parekh Marg, Mumba-400020. Churchgate, Mumbai-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessment Year: 2008-09 Icici Securities Ltd. Acit-4(1) Icici Centre, H.T. Parekh Vs. 6Th Floor Aayakar Marg, Churchgate, Bhavan, M.K. Road Mumbai-400020. Mumba-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessment Year: 2008-09 Dcit-4(1) Icici Securities Ltd. Mumbai. Vs. Icici Centre, H.T. Parekh Marg, Churchgate, Mumbai-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessee By : Mr. Yogesh A. Thar, Ar Revenue By: Mr. B.C.S. Naik, Dr Date Of Hearing : 20/06/2017 Date Of Pronouncement: 15/09/2017

For Appellant: Mr. Yogesh A. Thar, ARFor Respondent: Mr. B.C.S. Naik, DR

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2007-08 ICICI Securities Ltd. ACIT-4(1) ICICI Centre, H.T. Parekh Vs. Mumbai. Marg, Churchgate, Mumbai-400020. PAN No. AAACI0996E (Appellant) (Respondent) Assessment Year: 2007-08 DCIT-4(1) ICICI Securities Ltd. 6th floor Aayakar Bhavan, Vs. ICICI Centre, H.T. M.K. Road Parekh Marg, Mumba-400020. Churchgate, Mumbai-400020. PAN No. AAACI0996E (Appellant) (Respondent) Assessment Year: 2008-09 ICICI Securities Ltd. ACIT-4(1) ICICI Centre, H.T. Parekh Vs…

D.C.I.T.4(1), Mumbai vs. Icici Securities Ltd., Mumbai

In the result, the appeal of the assessee for the AY 2008-09 is partly allowed

ITA 2702/MUM/2011[2007-08]Status: DisposedITAT Mumbai15 Sept 2017AY 2007-08

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2007-08 Icici Securities Ltd. Acit-4(1) Icici Centre, H.T. Parekh Vs. Mumbai. Marg, Churchgate, Mumbai-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessment Year: 2007-08 Dcit-4(1) Icici Securities Ltd. 6Th Floor Aayakar Bhavan, Vs. Icici Centre, H.T. M.K. Road Parekh Marg, Mumba-400020. Churchgate, Mumbai-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessment Year: 2008-09 Icici Securities Ltd. Acit-4(1) Icici Centre, H.T. Parekh Vs. 6Th Floor Aayakar Marg, Churchgate, Bhavan, M.K. Road Mumbai-400020. Mumba-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessment Year: 2008-09 Dcit-4(1) Icici Securities Ltd. Mumbai. Vs. Icici Centre, H.T. Parekh Marg, Churchgate, Mumbai-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessee By : Mr. Yogesh A. Thar, Ar Revenue By: Mr. B.C.S. Naik, Dr Date Of Hearing : 20/06/2017 Date Of Pronouncement: 15/09/2017

For Appellant: Mr. Yogesh A. Thar, ARFor Respondent: Mr. B.C.S. Naik, DR

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2007-08 ICICI Securities Ltd. ACIT-4(1) ICICI Centre, H.T. Parekh Vs. Mumbai. Marg, Churchgate, Mumbai-400020. PAN No. AAACI0996E (Appellant) (Respondent) Assessment Year: 2007-08 DCIT-4(1) ICICI Securities Ltd. 6th floor Aayakar Bhavan, Vs. ICICI Centre, H.T. M.K. Road Parekh Marg, Mumba-400020. Churchgate, Mumbai-400020. PAN No. AAACI0996E (Appellant) (Respondent) Assessment Year: 2008-09 ICICI Securities Ltd. ACIT-4(1) ICICI Centre, H.T. Parekh Vs…

Icici Securities Ltd ( Earlier Known As Brokerage Services Ltd), Mumbai vs. Addl CIT Cir 4(1), Mumbai

In the result, the appeal of the assessee for the AY 2008-09 is partly allowed

ITA 2437/MUM/2011[2007-08]Status: DisposedITAT Mumbai15 Sept 2017AY 2007-08

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2007-08 Icici Securities Ltd. Acit-4(1) Icici Centre, H.T. Parekh Vs. Mumbai. Marg, Churchgate, Mumbai-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessment Year: 2007-08 Dcit-4(1) Icici Securities Ltd. 6Th Floor Aayakar Bhavan, Vs. Icici Centre, H.T. M.K. Road Parekh Marg, Mumba-400020. Churchgate, Mumbai-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessment Year: 2008-09 Icici Securities Ltd. Acit-4(1) Icici Centre, H.T. Parekh Vs. 6Th Floor Aayakar Marg, Churchgate, Bhavan, M.K. Road Mumbai-400020. Mumba-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessment Year: 2008-09 Dcit-4(1) Icici Securities Ltd. Mumbai. Vs. Icici Centre, H.T. Parekh Marg, Churchgate, Mumbai-400020. Pan No. Aaaci0996E (Appellant) (Respondent) Assessee By : Mr. Yogesh A. Thar, Ar Revenue By: Mr. B.C.S. Naik, Dr Date Of Hearing : 20/06/2017 Date Of Pronouncement: 15/09/2017

For Appellant: Mr. Yogesh A. Thar, ARFor Respondent: Mr. B.C.S. Naik, DR

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2007-08 ICICI Securities Ltd. ACIT-4(1) ICICI Centre, H.T. Parekh Vs. Mumbai. Marg, Churchgate, Mumbai-400020. PAN No. AAACI0996E (Appellant) (Respondent) Assessment Year: 2007-08 DCIT-4(1) ICICI Securities Ltd. 6th floor Aayakar Bhavan, Vs. ICICI Centre, H.T. M.K. Road Parekh Marg, Mumba-400020. Churchgate, Mumbai-400020. PAN No. AAACI0996E (Appellant) (Respondent) Assessment Year: 2008-09 ICICI Securities Ltd. ACIT-4(1) ICICI Centre, H.T. Parekh Vs…

Pn Nj Industries P.Ltd, Navi Mumbai vs. ACIT Cir 10(3)(Old) DCIT Cir 15(2)(2) (New), Mumbai

In the result, the appeal is allowed for statistical purposes

ITA 2324/MUM/2015[2009-10]Status: DisposedITAT Mumbai12 Sept 2017AY 2009-10

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2009-10 M/S Pn Nj Industries Pvt. Acit, Circle-10(3) (Old) Ltd. Dcit, Circle-15(2)(2) Vs. Plot No. A-470, Ttc (New) Industries Area, Midc, 4Th Floor, Mahape, P.O. Ghansoi, Aayakarbhavan, M.K. Navi Mumbai-400701 Road, Mumbai-400020 Pan No. Aaccs1519B (Appellant) (Respondent) Assessee By : Mr. Govind Javeri, Ar Revenue By: Mr. Saurabh Kumar Rai, Dr Date Of Hearing : 15/06/2017 Date Of Pronouncement: 12/09/2017

For Appellant: Mr. Govind Javeri, ARFor Respondent: Mr. Saurabh Kumar Rai, DR
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2009-10 M/s PN NJ Industries Pvt. ACIT, Circle-10(3) (Old) Ltd. DCIT, Circle-15(2)(2) Vs. Plot No. A-470, TTC (New) Industries Area, MIDC, 4th floor, Mahape, P.O. Ghansoi, AayakarBhavan, M.K. Navi Mumbai-400701 Road, Mumbai-400020 PAN No. AACCS1519B (Appellant) (Respondent) Assessee by : Mr. Govind Javeri, AR Revenue by: Mr. Saurabh Kumar Rai, DR Date of Hearing : 15/06/2017 Date of pronouncement: 12/09/2017 ORDER PER N.K. PRADHAN, AM This is an…

Lakshmiwadi Mines & Minerals P.Ltd, Mumbai vs. ITO 2(2)(2), Mumbai

In the result, the appeal is partly allowed

ITA 1079/MUM/2014[2010-11]Status: DisposedITAT Mumbai31 Aug 2017AY 2010-11

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2010-11 Lakshmiwadi Mines & Ito-2(2)(2) Minerals Pvt. Ltd. Room No. 548, 5Th Vs. 20, Yusuf Building 43 Floor M.G. Road, Fort Aayakarbhavan Mumbai-400023. M.K. Road Mumbai-400020. Pan No. Aaacl1756F Appellant Respondent Assessee By : Ms. Dinkle Hariya, Ar Revenue By : Mr. Purushottam Kashyap, Dr Date Of Hearing : 06/06/2017 Date Of Pronouncement : 31/08/2017

For Appellant: Ms. Dinkle Hariya, ARFor Respondent: Mr. Purushottam Kashyap, DR
Section 143(3)Section 14ASection 2(22)(e)Section 271(1)Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI MAHAVIR SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2010-11 Lakshmiwadi Mines & ITO-2(2)(2) Minerals Pvt. Ltd. Room No. 548, 5th Vs. 20, Yusuf Building 43 floor M.G. Road, Fort AayakarBhavan Mumbai-400023. M.K. Road Mumbai-400020. PAN No. AAACL1756F Appellant Respondent Assessee by : Ms. Dinkle Hariya, AR Revenue by : Mr. Purushottam Kashyap, DR Date of Hearing : 06/06/2017 Date of pronouncement : 31/08/2017 ORDER PER N.K. PRADHAN, A.M. This is an appeal filed by the assessee. The relevant assessme…

Bharat Bijlee Ltd, Mumbai vs. Addl CIT RG 6(1), Mumbai

In the result, these appeals filed by the assessee stand allowed for statistical purposes

ITA 383/MUM/2015[2011-12]Status: DisposedITAT Mumbai07 Aug 2017AY 2011-12

Bench: Shri Shamim Yahya, Am & Shri Ravish Sood, Jm

For Appellant: Shri Ronak DoshiFor Respondent: Ms.Arju Garodia
Section 14ASection 234C

…urisdictional High Court and other Tribunal orders including those in the Applicant's Civil case. The said MA is pending disposal. . I CIT v. Reliance Utilities & Power Limited (313 ITR 340) (Bom.) CITv. HDFC Bank (366 ITR 505) (Bom.) I1DFC Bank Ltd. v. DCIT (383 ITR 529) (Bom.) f CIT v. Microlabs Limited (ITA No. 471 of 2015) (Kar.) \ Mrs, AnahaitaNalin Shah v. ACIT (ITA No. 7115/Mum/2013) (Mum.) In the case of Hind Filters Ltd. v. ACIT (ITA No. 1792 & 417/M/20I3), interest disallowance for A.Y. 2009-10 was deleted In the case of Palm Grove Beach Hotels Pvt. Ltd. v. ACIT (ITA No, 863/M/2013), interest disallowan…

Bharat Bijlee Ltd, Mumbai vs. DCIT Cir 6(1), Mumbai

In the result, these appeals filed by the assessee stand allowed for statistical purposes

ITA 382/MUM/2015[2010-11]Status: DisposedITAT Mumbai07 Aug 2017AY 2010-11

Bench: Shri Shamim Yahya, Am & Shri Ravish Sood, Jm

For Appellant: Shri Ronak DoshiFor Respondent: Ms.Arju Garodia
Section 14ASection 234C

…urisdictional High Court and other Tribunal orders including those in the Applicant's Civil case. The said MA is pending disposal. . I CIT v. Reliance Utilities & Power Limited (313 ITR 340) (Bom.) CITv. HDFC Bank (366 ITR 505) (Bom.) I1DFC Bank Ltd. v. DCIT (383 ITR 529) (Bom.) f CIT v. Microlabs Limited (ITA No. 471 of 2015) (Kar.) \ Mrs, AnahaitaNalin Shah v. ACIT (ITA No. 7115/Mum/2013) (Mum.) In the case of Hind Filters Ltd. v. ACIT (ITA No. 1792 & 417/M/20I3), interest disallowance for A.Y. 2009-10 was deleted In the case of Palm Grove Beach Hotels Pvt. Ltd. v. ACIT (ITA No, 863/M/2013), interest disallowan…

M/S. Icici Securities Primary Dealership Ltd., Mumbai vs. Addl. CIT. RG. - 3(2), Mumbai

ITA 3108/MUM/2007[2004-2005]Status: DisposedITAT Mumbai02 Jun 2017AY 2004-2005

Bench: S/Shri Rajendra & Ram Lal Negiआयकर अपील अपील संसंसंसं./I.T.A./3108/Mum/2007, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2004-05 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" आयकर अपील अपील संसंसंसं./I.T.A./5336/Mum/2008, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2005-06 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Icici Securities Primary Dealership Ltd. Addl Cit,Range-3(2) (Formerly Known As Icici Securities Ltd.) Mumbai. Icici Centre, H.T. Parekh Marg Vs. Churchgate,Mumbai-400 020. Pan:Aaaci 0995 H (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर आयकर अपील अपील संसंसंसं./I.T.A./3136/Mum/2007, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2004-05 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Dy. Cit,Range-3(2) Vs. M/S.Icici Securities Ltd. (Formerly Known As Icici Securities Ltd.),Mumbai. Mumbai-400 020. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: S/Shri Alok Johari & Arju Goradia-Sr.Dr Assessee By: S/Shri J.D. Mistry & Niraj Sheth

For Appellant: S/Shri J.D. Mistry & Niraj ShethFor Respondent: S/Shri Alok Johari and Arju Goradia-Sr.DR
Section 254(1)Section 36

…he AY.s 2000-01 to 2002-03.While dealing with the first ground, we had reproduced paragraph 15-15.4 of the order for the AY. 2002-03.Respectfully following the same, and, considering the judgments of the Hon,ble Bombay High Court in the case of HDFC Bank Ltd (383 ITR 529 and 366 ITR 505), we decide Ground No. 2 in favour of the assessee. 3108/M/07;5336/08;3136/07 (04-05&05-06) 4.Next ground of appeal is about disallowance of brokerage, stamp duty and custodial charges of Rs.4.28 lakhs.The Authorised Representative (AR) fairly agreed that similar ground was decided against the assessee by the Tribunal in the AY.…

DCIT 9(3)(2), Mumbai vs. Future Value Retail Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 3968/MUM/2015[2011-12]Status: DisposedITAT Mumbai31 May 2017AY 2011-12

Bench: Shri G.S.Pannu & Shri Amarjit Singhthe Dcit-9(3)(2), Aaykar Bhavan,M.K.Road, Mumbai 400 020 ..... Appellant Vs. M/S. Future Value Retail Ltd., Knowledge House, Off Jogeshwari- Vikhroli Link Road, Shyam Nagar, Jogeshwari (E) Mumbai -400 060 Pan: Aaecp 3041P .... Respondent

For Appellant: Shri Rahul RamanFor Respondent: Ms. Dinkle Haria
Section 143(3)Section 14ASection 194HSection 40

…ot relatable to such investments. Such presumption has also been held to be applicable in the context of section 14A of the Act by the Hon'ble Bombay High Court in the case of CIT vs. HDFC Bank Ltd., 366 ITR 505(Bom) and in the case of HDFC Bank Ltd. vs. DCIT,383 ITR 529 (Bom). Therefore, under these circumstances, we affirm the order of the CIT(A) deleting the disallowance made by the Assessing Officer under section 14A of the Act out of the interest expenditure. Thus, on this aspect also, Revenue fails. 9. In the result, appeal of the Revenue is dismissed. Order pronounced in the open court on 31/05/2017 (AMA…

U.B. Cotton P. Ltd, Mumbai vs. DCIT 2(3), Mumbai

In the result appeal is partly allowed

ITA 3357/MUM/2012[2008-09]Status: DisposedITAT Mumbai31 May 2017AY 2008-09

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2008-09

For Appellant: Shri Nitesh Joshi, ARFor Respondent: Shri B.S. Bist, DR
Section 133(6)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI MAHAVIR SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2008-09 M/s. U.B. Cotton Pvt. Ltd. Vs. DCIT 2(3) 7th Floor, Indian Globe Chambers, Aayakar Bhavan, 142, W.H. Marg. Fort M.K. Rd. Churchgate Mumbai – 400001 Mumbai PAN No. AAACU5526C (Appellant) (Respondent) Assessee by : Shri Nitesh Joshi, AR Revenue by: Shri B.S. Bist, DR Date of Hearing : 29/03/2017 Date of pronouncement: 31/05/2017 ORDER PER N.K. PRADHAN, AM This is an appeal filed by the assessee. The relevant assessment year is 2008-09. Th…

ACIT 3(1)(1), Mumbai vs. Bharat Serums & Vaccines Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 3577/MUM/2016[2011-12]Status: DisposedITAT Mumbai24 May 2017AY 2011-12

Bench: Shri G.S.Pannu & Shri Sandeep Gosainthe Acit-3(1)(1), Room No.607,6Th Floor, Aaykar Bhavan,M.K.Road, Mumbai - 40020 ...... Appellant Vs. M/S. Bharat Serums & Vaccines Ltd. 17Th Floor, Hoechst House, Nariman Point, Mumbai 400021 Pan:Aaacb 2431M .... Respondent

For Appellant: Ms. Beena Santosh/For Respondent: Shri P.P.Bhandari
Section 143(3)Section 14ASection 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F”, MUMBAI BEFORE SHRI G.S.PANNU, ACCOUNTANT MEMBER AND SHRI SANDEEP GOSAIN, JUDICIAL MEMBER The ACIT-3(1)(1), Room No.607,6th Floor, Aaykar Bhavan,M.K.Road, Mumbai - 40020 ...... Appellant Vs. M/s. Bharat Serums & Vaccines Ltd. 17th Floor, Hoechst House, Nariman Point, Mumbai 400021 PAN:AAACB 2431M .... Respondent Appellant by : Ms. Beena Santosh/ Ms. Pooja Swaroop Respondent by : Shri P.P.Bhandari Date of hearing : 18/05/2017 Date of pronouncement : 24 /05/2017 ORDER PER G.S.PANNU,A.M: The captioned appeal filed by the assessee pertaining to assessment…

Bharat Jayantilal Patel, Mumbai vs. DCIT RG 4(1)(1), Mumbai

In the result, appeals of the Assessee are allowed for statistical purpose

ITA 2112/MUM/2015[2010-11]Status: DisposedITAT Mumbai19 May 2017AY 2010-11

Bench: Shri C.N. Prasad & Shri Ramit Kochar

For Appellant: Shri V.G.GindeFor Respondent: Shri B.S.Bist
Section 14A

…आयकर अपीलीय अधिकरण "एच” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA NO.7189/MUM/2011, (A.Y : 2008-09) ITA NO.2111/MUM/2015, (A.Y : 2009-10) ITA NO.2112/MUM/2015, (A.Y : 2010-11) Shri Bharat Jayantilal Patel Vs. DCIT RG 4(1)(1) 3-3A, Churchgate House 6th Floor, Aayakar Bhavan 32/34, Veer Nariman Road M.K.Road Mumbai – 400 001 Churchgate Mumbai – 400 020 PAN : AAAPP6652R (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent) अपीलार्थी की ओर से /Appellant by : Shri V.G.Ginde प्रत्यर्थी की ओर से…

Bharat Jayantilal Patel, Mumbai vs. DCIT RG 4(1)(1), Mumbai

In the result, appeals of the Assessee are allowed for statistical purpose

ITA 2111/MUM/2015[2009-10]Status: DisposedITAT Mumbai19 May 2017AY 2009-10

Bench: Shri C.N. Prasad & Shri Ramit Kochar

For Appellant: Shri V.G.GindeFor Respondent: Shri B.S.Bist
Section 14A

…आयकर अपीलीय अधिकरण "एच” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA NO.7189/MUM/2011, (A.Y : 2008-09) ITA NO.2111/MUM/2015, (A.Y : 2009-10) ITA NO.2112/MUM/2015, (A.Y : 2010-11) Shri Bharat Jayantilal Patel Vs. DCIT RG 4(1)(1) 3-3A, Churchgate House 6th Floor, Aayakar Bhavan 32/34, Veer Nariman Road M.K.Road Mumbai – 400 001 Churchgate Mumbai – 400 020 PAN : AAAPP6652R (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent) अपीलार्थी की ओर से /Appellant by : Shri V.G.Ginde प्रत्यर्थी की ओर से…

Bharat Jayantilal Patel, Mumbai vs. DCIT RG 4(1), Mumbai

In the result, appeals of the Assessee are allowed for statistical purpose

ITA 7189/MUM/2011[2008-09]Status: DisposedITAT Mumbai19 May 2017AY 2008-09

Bench: Shri C.N. Prasad & Shri Ramit Kochar

For Appellant: Shri V.G.GindeFor Respondent: Shri B.S.Bist
Section 14A

…आयकर अपीलीय अधिकरण "एच” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA NO.7189/MUM/2011, (A.Y : 2008-09) ITA NO.2111/MUM/2015, (A.Y : 2009-10) ITA NO.2112/MUM/2015, (A.Y : 2010-11) Shri Bharat Jayantilal Patel Vs. DCIT RG 4(1)(1) 3-3A, Churchgate House 6th Floor, Aayakar Bhavan 32/34, Veer Nariman Road M.K.Road Mumbai – 400 001 Churchgate Mumbai – 400 020 PAN : AAAPP6652R (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent) अपीलार्थी की ओर से /Appellant by : Shri V.G.Ginde प्रत्यर्थी की ओर से…

ITO 9(2)(3), Mumbai vs. Ninja Securities P.Ltd, Mumbai

In the result, appeal filed by the Revenue in ITA No

ITA 6570/MUM/2014[2010-11]Status: DisposedITAT Mumbai15 May 2017AY 2010-11

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.6570/Mum/2014 ("नधा"रण वष" / Assessment Year : 2010-11) Ito 9(2)(3), M/S Ninja Securities Pvt. बनाम/ Room No. 225, 2 Nd Floor, Ltd., V. Aayakar Bhavan, 29, Laxminarayan M.K. Rd., Shopping Centre, Mumbai – 400 020. Poddar Road, Malad (E), Mumbai – 400 097. "थायी लेखा सं./Pan : Aaacn2336B (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri Bhupendra Shah
Section 143(3)Section 14A

…e assessee’s own case in ITA no. 4847/Mum/2016 for assessment year 2012-13 vide orders dated 07-03-2017, wherein the tribunal held as under: “4.During the course of hearing before us, the Authorised Representative (AR) relied upon the cases of HDFC Bank Ltd (383 ITR 529), India Advantages Securities Ltd (380 ITR 471), Max India Ltd (290 CTR 76). The Departmental Representative (DR) left the issue to the discretion of the Bench. 5.After hearing the rival submissions, we find that the only issue to be decided is as to whether the expenditure eligible to stock in trade can be disallowed invoking the provisions of…

D.D. Cotton P.Ltd, Mumbai vs. DCIT Cir 3(1), Mumbai

In the result, appeal of the Assessee is partly allowed for statistical purpose

ITA 2743/MUM/2015[2011-12]Status: DisposedITAT Mumbai04 May 2017AY 2011-12

Bench: Shri C.N. Prasad & Shri Ashwani Taneja

For Appellant: Shri SL JainFor Respondent: Shri Rajat Mittal
Section 115JSection 143(3)Section 14A

…erefore since capital exceeds investments, no disallowance is required under Rule 8D2(ii). For this proposition he placed reliance on the decision of the Hon’ble Bombay High Court in the case of CIT Vs. HDFC Bank Ltd. [366 ITR 505] and HDFC Bank Ltd. Vs. CIT [383 ITR 529]. The Ld. Counsel submits that excluding investments in mutual funds of Rs.7crore, not capable to earn exempt income and government securities of Rs.0.32 lakhs, the balance investments are of Rs.1064 lakhs as against own funds of Rs.1503 lakhs. The Ld. Counsel further submits that the Assessee has not earned any dividend income on the investments…

Sea Linkers Pvt. Ltd., Mumbai vs. ACIT, 7(2), Mumbai

In the result, the assessee’s appeal is partly allowed

ITA 1583/MUM/2015[2009-10]Status: DisposedITAT Mumbai03 May 2017AY 2009-10

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am Assessment Year 2009-10 Sea Linkers Pvt. Ltd. Acit 7(2) B P T Plot No.107, Mumbai Vs. Quay Street, Darukhana, Mumbai – 400 010

For Appellant: Shri Deepak TralshawalaFor Respondent: Dr. A K Nayak
Section 14A

…of interest expenditure can be made. In support of such contention, he relied upon the following decisions: • CIT vs. Reliance Utilities & Power Ltd. (2009) 313 ITR 340 (Bom) • CIT vs. HDFC Bank Ltd. (2014) 366 ITR 505 (Bom) • HDFC Bank Ltd. vs. DCIT (2016) 383 ITR 529 (Bom) As far as disallowance of administrative expenditure is concerned, the learned AR relied upon the submissions made before the first appellate authority to contend that since the entire investment activity is routed through Citibank, which does not charge any fees for such activity, there is no administrative expenditure on account of inv…

Mutha Engineering P. Ltd, Mumbai vs. ACIT Cir 4(2), Mumbai

The appeal of the assessee is partly allowed

ITA 2386/MUM/2012[2008-09]Status: DisposedITAT Mumbai21 Apr 2017AY 2008-09

Bench: Shri G.S. Pannu & Shri Pawan Singhmutha Engineering Pvt. Ltd. Acit Circle-4(2), C/O G.P. Mehta & Co., Aayakar Bhavan, 6Th Floor, M.K. Road, Cas, 807, Tulsiani Chambers, Vs. 212, Nariman Point, Mumbai-400020. Mumbai-400021. Pan: Aabcm 0781G (Appellant) (Respondent)

For Appellant: Shri G.P. Mehta (AR)For Respondent: Shri Suman Kumar (DR)
Section 14(2)Section 143(3)Section 14ASection 253Section 254(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “B”, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER Mutha Engineering Pvt. Ltd. ACIT Circle-4(2), C/o G.P. Mehta & Co., Aayakar Bhavan, 6th Floor, M.K. Road, CAS, 807, Tulsiani Chambers, Vs. 212, Nariman Point, Mumbai-400020. Mumbai-400021. PAN: AABCM 0781G (Appellant) (Respondent) Assessee by : Shri G.P. Mehta (AR) Revenue by : Shri Suman Kumar (DR) Date of hearing : 17.04.2017 Date of Pronouncement : 21.04.2017 Order Under Section 254(1) of Income Tax Act PER PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by u/s 253 of the…

Kotak Mahindra Bank Ltd, Mumbai vs. Addl CIT RG 3(2), Mumbai

The appeals of the AO are dismissed

ITA 1929/MUM/2012[2008-09]Status: DisposedITAT Mumbai18 Apr 2017AY 2008-09
For Appellant: F.V. IraniFor Respondent: R P Meena
Section 143(3)Section 254(1)Section 36

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई “ए” खंडपीठ मुंबई खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“A”Bench Mumbai सव"ी जोिग"दर"सह "याियक सद"य एवं राजे"",लेखा सद"य Before S/Sh.JoginderSingh,Judicial Member and Rajendra,Accountant Member आयकर अपील सं./I.T.A./1657/Mum/2012,िनधा"रण वष" /Assessment Year: 2008-09 DCIT-3(2), M/s. Kotak Mahindra Bank Ltd. 6th Floor, Room No.608 36-38A, Nariman Bhavan Vs. Aayakar Bhavan, 227, Nariman Point,Mumbai-400 021. Mumbai-400 020. PAN: AAACK 4409 J आयकर अपील सं./I.T.A./1929/Mum/2012,िनधा"रण वष" /Assessment Ye…