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 368,153 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

Jewelex India P.Ltd, Mumbai vs. Addl CIT RG 3(2), Mumbai

In the result, appeal of the assessee is allowed, as above

ITA 7176/MUM/2014[2011-12]Status: DisposedITAT Mumbai13 Jul 2016AY 2011-12

Bench: Shri G.S.Pannu& Shri Sanjay Garg.

For Appellant: Shri Nitesh JoshiFor Respondent: Shri Jeevan Lal
Section 143(3)Section 14A

…ombay High Court while interpreting section 14A of the Act in the case of CIIT vs. HDFC Bank Ltd., 366 ITR 505(Bom). Such a position has been further endorsed by the Hon'ble Bombay High Court subsequently in the case of the HDFC Bank Ltd. vs. DCIT reported in 383 ITR 529 (Bom). Thus, considering the factual matrix brought out by the Ld. Representative for the assessee, it is quite clear that the investments in question can be presumed to have been made out of interest free funds and, therefore, no interest expenditure can considered while applying Rule 8D(2)(ii) of the Rules for computing the disallowance under s…

ACIT Cir. 8(1), Mumbai vs. M/S. Afcons Infrastructure Ltd., Mumbai

In the result, Department’s appeal is dismissed

ITA 4269/MUM/2005[2001-2002]Status: DisposedITAT Mumbai08 Jul 2016AY 2001-2002

Bench: Shri Jason P. Boaz, Accountant Mbmer & Shri Saktijit Dey

For Appellant: Shri J.D. Mistry a/wFor Respondent: Shri Jasbir Chauhan
Section 14A

…investment. Therefore, no disallowance of interest expenditure can be made. In this context, he referred to the fund flow statement for the F.Y. 1996–97 to 2000–01. In support of his contention, he relied upon the following decisions:– i) HDFC Bank v/s DCIT, 383 ITR 529 (Bom.); ii) CIT v/s HDFC Bank Ltd., 49 Taxmann.com 335; and iii) CIT v/s Reliance Utilities & Power Ltd., 313 ITR 340 (Bom.). 18. As far as the investment in SSS Electricals India Ltd. amounting to ` 4.80 lakh is concerned, the learned Sr. Counsel referring to the 18 Afcons Infrastructure Limited statement showing year–wise investment and increa…

Silvassa Estates P.Ltd, Mumbai vs. ITO 8(3)(2), Mumbai

In the result, the appeal filed by the assessee company in ITA N0

ITA 7383/MUM/2012[2009-10]Status: DisposedITAT Mumbai14 Jun 2016AY 2009-10

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.7383/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Silvassa Estates Pvt. The Income Tax Officer, बनाम/ Ltd., Ward 8(3)(2), V. M/S Natvarlal Vepari & Co., Aaykar Bhavan, 2 Nd Floor, Oricon House, 4Th Floor, Maharshi Karve Road, 12, K. Dubash Marg, Mumbai – 400 020. Mumbai – 400 023. "थायी लेखा सं./Pan : Aaacs6303D (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri Vishwas Jadhav,DR
Section 143(3)Section 14A

…आयकर अपील"य अ"धकरण “E” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.7383/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) M/s Silvassa Estates Pvt. The Income Tax Officer, बनाम/ Ltd., Ward 8(3)(2), v. M/s Natvarlal Vepari & Co., Aaykar Bhavan, 2 nd floor, Oricon House, 4th floor, Maharshi Karve Road, 12, K. Dubash Marg, Mumbai – 400 020. Mumbai – 400 023. "थायी लेखा सं./PAN : AAACS6303D (अपीलाथ" /Appellant) .. (""यथ" / Respondent) Assessee by Shri N. Jayendra Revenue by : Shri…

D.C.I.T Cir - 1, Kolkata vs. M/S Teenlok Advisory Services Pvt Ltd, Mumbai

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

ITA 1351/KOL/2013[2009-10]Status: DisposedITAT Kolkata08 Jun 2016AY 2009-10

Bench: Shri P.M. Jagtap & Shri N.V. Vasudevan

Section 14ASection 36(1)(iii)

…I.T.A. No. 1351/KOL./2013 Assessment year: 2009-2010 Page 1 of 17 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘A’ BENCH, KOLKATA Before Shri P.M. Jagtap, Accountant Member and Shri N.V. Vasudevan, Judicial Member I.T.A. No. 1351/KOL/ 2013 Assessment Year: 2009-2010 Deputy Commissioner of Income Tax,................................Appellant Circle-1, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700 069 -Vs.- M/s. Teenlok Advisory Services Pvt. Limited,..................Respondent 102, Windsor, Vidyanagri Road, Santacruz (East), Mumbai-400 098 [PAN: AACCT 3123 E] Appearances by: Shri S.S. Alam,…

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

…आयकर अपील"य अ"धकरण “E” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 7273-74/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08 & 2009-10) Saurashtra Fuels Private Deputy Commissioner of बनाम/ Limited, C/o M/s Kucheria & Income Tax, circle 3(3) , v. Associates, 59, Jolly Maker 6 th Floor, Aayakar No.-2 Nariman Point, Bhawan, Mumbai-400 020 Mumbai-400021 "थायी लेखा सं./PAN : AAACS7271G .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Assessee by Shri B.V.Jhaveri Revenue by : Shri Ri…

Premier Finance & Trading Co. Ltd, Mumbai vs. ACIT Cir 7(1), Mumbai

ITA 2862/MUM/2013[2008-09]Status: DisposedITAT Mumbai25 May 2016AY 2008-09
For Appellant: S/Shri Sandeep Jhanwar and Hitendra Bhandari –AR.sFor Respondent: Shri Sanjay Bare-DR
Section 254(1)Section 36Section 36(1)(iii)Section 37(1)

…आयकर अपीलीय अपीलीय अिधकरण अिधकरण, मुंबई मुंबई “सी सी ” खंडपीठ खंडपीठ आयकर आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण मुंबई मुंबई सी सी खंडपीठ खंडपीठ Income-tax Appellate Tribunal “C”Bench Mumbai सव"ी जोिग"दर "सह, "याियक सद"य एवं राजे"", लेखा सद"य Before S/ShJoginder Singh,Judicial Member & Rajendra,Accountant Member आयकर आयकर अपील अपील संसंसंसं./I.T.A./1655/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" DCIT-7(1), Room No.622 M/s. Premier Finance & Trading Co. Ltd. Aayakar Bhavan, M.K. Road,Churchgate 135, Continental Building, Dr. Annie Vs. Mumbai-400020. Be…

M/S Sys-Pro Technologies Private Limited, Mumbai vs. DCIT, Circle-2(1), Mumbai

In the result, the appeal filed by the assessee company in ITA N0

ITA 2526/MUM/2013[2008-09]Status: DisposedITAT Mumbai11 May 2016AY 2008-09

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 2526/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-09) M/S Sys-Pro Technologies Dcit (Osd) – 2(3), बनाम/ Pvt. Ltd., Aayakar Bhavan, V. 901, 9 Th Floor, M.K. Road, Umarji House, Mumbai – 400 020. Teli Gulli, Andheri (East), Mumbai – 400 069. "थायी लेखा सं./Pan : Aaacb4501E .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Respondent: Shri Premanand (D.R.)
Section 143(2)Section 143(3)

…आयकर अपील"य अ"धकरण “E” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 2526/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-09) M/s Sys-Pro Technologies DCIT (OSD) – 2(3), बनाम/ Pvt. Ltd., Aayakar Bhavan, v. 901, 9 th Floor, M.K. Road, Umarji House, Mumbai – 400 020. Teli Gulli, Andheri (East), Mumbai – 400 069. "थायी लेखा सं./PAN : AAACB4501E .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Assessee by Dr. K.Shivram & Shri Rahul Hakani Revenue by : Shri Premanand (D.R.) सुनवाई क" ता…

ACIT 21(2), Mumbai vs. Vivek Mehrotra, Mumbai

In the result, the appeal filed by the Revenue in ITA N0

ITA 915/MUM/2013[2009-10]Status: DisposedITAT Mumbai16 Mar 2016AY 2009-10

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.915/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) Acit – 21(2), Shri Vivek Mehrotra, बनाम/ R. No. 508. 225, Brij Bhushan, V. C-10, 5 Th Floor, Bkc, Sion (East), Bandra (E), Mumbai- 400 022. Mumbai 400 051. "थायी लेखा सं./Pan : Aahpm 4127 B (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Appellant: NoneFor Respondent: Shri Satya Pal Kumar (D.R.)
Section 143(3)Section 14A

…आयकर अपील"य अ"धकरण “F” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.915/Mum/2013 ("नधा"रण वष" / Assessment Year : 2009-10) ACIT – 21(2), Shri Vivek Mehrotra, बनाम/ R. No. 508. 225, Brij Bhushan, v. C-10, 5 th floor, BKC, Sion (East), Bandra (E), Mumbai- 400 022. Mumbai 400 051. "थायी लेखा सं./PAN : AAHPM 4127 B (अपीलाथ" /Appellant) .. (""यथ" / Respondent) Revenue by : Shri Satya Pal Kumar (D.R.) Assessee by : None सुनवाई क" तार"ख /Date of Hearing : 14-01-2016 घोषणा क" तार"ख /D…