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

ACIT, Circle-14(1)(2), Mumbai vs. M/S Reliance Infrastructure Ltd, Mumbai

In the result, appeal of the Revenue is dismissed and appeal of the assessee is allowed

ITA 2796/MUM/2022[2016-2017]Status: DisposedITAT Mumbai29 Mar 2023AY 2016-2017
Section 10Section 115JSection 143(3)Section 14ASection 801ASection 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘D‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI S RIFAUR RAHMAN, ACCOUNTANT MEMBER ACIT, CIRCLE-14 (1)(2), Vs. M/s. Reliance Infrastructure Room No. 455, 4th Floor, Ltd, Mumbai. Aayakar Bhavan, Ground Floor, Reliance Centre M.K.Road, 19, Walchand Hirachand Mumbai-400020 Marg, Ballard Estate, Mumbai- 400001 PAN/GIR No. AACCR7446Q (Appellant) .. (Respondent) M/s. Reliance Vs. ACIT, CIRCLE-14 (1)(2), Infrastructure Ltd, Room No. 455, 4th Floor, Mumbai. Aayakar Bhavan, M.K.Road. Ground Floor, Reliance Mumbai-400020 Centre 19, Walchand Hirachand Marg, Ballard E…

Reliance Infrastructure Ltd, Mumbai vs. Asstt. Commissioner of Income Tax 14(1)(2), Mumbai

In the result, appeal of the Revenue is dismissed and appeal of the assessee is allowed

ITA 2590/MUM/2022[2016-2017]Status: DisposedITAT Mumbai29 Mar 2023AY 2016-2017
Section 10Section 115JSection 143(3)Section 14ASection 801ASection 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘D‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI S RIFAUR RAHMAN, ACCOUNTANT MEMBER ACIT, CIRCLE-14 (1)(2), Vs. M/s. Reliance Infrastructure Room No. 455, 4th Floor, Ltd, Mumbai. Aayakar Bhavan, Ground Floor, Reliance Centre M.K.Road, 19, Walchand Hirachand Mumbai-400020 Marg, Ballard Estate, Mumbai- 400001 PAN/GIR No. AACCR7446Q (Appellant) .. (Respondent) M/s. Reliance Vs. ACIT, CIRCLE-14 (1)(2), Infrastructure Ltd, Room No. 455, 4th Floor, Mumbai. Aayakar Bhavan, M.K.Road. Ground Floor, Reliance Mumbai-400020 Centre 19, Walchand Hirachand Marg, Ballard E…

DCIT(Ltu) - 1, Mumbai vs. Acc Ltd., Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 268/MUM/2019[2008-09]Status: DisposedITAT Mumbai28 Feb 2023AY 2008-09

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Ltu (Formerly Known As The Associated Cement 29Th Floor, Center-1 Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - Ltu-1 V. M/S. Acc Limited 29Th Floor, Center-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 14A

…crores as against investments made in shares for ₹.465.55 crore. Reliance was mainly placed on following decisions. 5 ITA NO.268/MUM/2019 (A.Y: 2008-09) M/s. ACC Limited (i) South Indian Bank Ltd. v. CIT [(2021) 438 ITR 1 (SC)] (ii) HDFC Bank v. DCIT [(2016) 383 ITR 529 (Bombay HC)] (iii) CIT v. HDFC Bank Ltd. (366 ITR 505) (Bom.) (iv) Reliance Utilities & Power Limited (313 ITR 340) (Bom.) 9. The Ld.AR has alternatively also argued that disallowance u/s.14A should be restricted on investment which have actually yielded exempt income for which reliance was placed on decision of Hon'ble Delhi ITAT in the case of…

Acc Ltd ( Formelry Known As the Associated Cement Companies Ltd), Mumbai vs. Addll CIT, (Ltu), Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 6638/MUM/2018[2008-09]Status: DisposedITAT Mumbai28 Feb 2023AY 2008-09

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Ltu (Formerly Known As The Associated Cement 29Th Floor, Center-1 Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - Ltu-1 V. M/S. Acc Limited 29Th Floor, Center-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai-400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 14A

…crores as against investments made in shares for ₹.465.55 crore. Reliance was mainly placed on following decisions. 5 ITA NO.268/MUM/2019 (A.Y: 2008-09) M/s. ACC Limited (i) South Indian Bank Ltd. v. CIT [(2021) 438 ITR 1 (SC)] (ii) HDFC Bank v. DCIT [(2016) 383 ITR 529 (Bombay HC)] (iii) CIT v. HDFC Bank Ltd. (366 ITR 505) (Bom.) (iv) Reliance Utilities & Power Limited (313 ITR 340) (Bom.) 9. The Ld.AR has alternatively also argued that disallowance u/s.14A should be restricted on investment which have actually yielded exempt income for which reliance was placed on decision of Hon'ble Delhi ITAT in the case of…

Acc Limited (Formerly Known As the Associated Cement Companies Ltd.), Mumbai vs. ACIT - Ltu, Mumbai

ITA 417/MUM/2014[2006-07]Status: DisposedITAT Mumbai28 Feb 2023AY 2006-07

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 145ASection 251Section 44A

…m of Share Capital & reserve to the tune of ₹.2425.27 crores as against investments made in shares for ₹.476.67 crore. Reliance was mainly placed on following decisions. (i) South Indian Bank Ltd. v. CIT [(2021) 438 ITR 1 (SC)] (ii) HDFC Bank v. DCIT [(2016) 383 ITR 529 (Bombay HC)] (iii) CIT v. HDFC Bank Ltd. (366 ITR 505) (Bom.) (iv) Reliance Utilities & Power Limited (313 ITR 340) (Bom.) 103. The Ld.AR of the assessee has alternatively contended that in the case of Ambuja Cement Limited, Mumbai ITAT has considered disallowance u/s 14A @ 1% of exempt income as reasonable disallowance in ITA No 5883 & 5927 of…

Addl CIT RG 1(1), Mumbai vs. Acc Ltd, Mumbai

ITA 5692/MUM/2011[2006-07]Status: DisposedITAT Mumbai28 Feb 2023AY 2006-07

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 145ASection 251Section 44A

…m of Share Capital & reserve to the tune of ₹.2425.27 crores as against investments made in shares for ₹.476.67 crore. Reliance was mainly placed on following decisions. (i) South Indian Bank Ltd. v. CIT [(2021) 438 ITR 1 (SC)] (ii) HDFC Bank v. DCIT [(2016) 383 ITR 529 (Bombay HC)] (iii) CIT v. HDFC Bank Ltd. (366 ITR 505) (Bom.) (iv) Reliance Utilities & Power Limited (313 ITR 340) (Bom.) 103. The Ld.AR of the assessee has alternatively contended that in the case of Ambuja Cement Limited, Mumbai ITAT has considered disallowance u/s 14A @ 1% of exempt income as reasonable disallowance in ITA No 5883 & 5927 of…

Acc Ltd ( Formerly Known As the Associated Cement Companies Ltd), Mumbai vs. Addl CIT RG 1(1), Mumbai

ITA 5655/MUM/2011[2006-07]Status: DisposedITAT Mumbai28 Feb 2023AY 2006-07

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit -Range 1(1) (Formerly Known As The Associated Cement Mumbai Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) M/S. Acc Limited V. Asst. Cit-Ltu (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Acit – Ltu V. M/S. Acc Limited 28Th Floor, Centre-1 (Formerly Known As The Associated Cement Companies Ltd.) World Trade Centre, Cuffe Parade Cement House, 121, M.K. Road Mumbai - 400005 Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 143(3)Section 145ASection 251Section 44A

…m of Share Capital & reserve to the tune of ₹.2425.27 crores as against investments made in shares for ₹.476.67 crore. Reliance was mainly placed on following decisions. (i) South Indian Bank Ltd. v. CIT [(2021) 438 ITR 1 (SC)] (ii) HDFC Bank v. DCIT [(2016) 383 ITR 529 (Bombay HC)] (iii) CIT v. HDFC Bank Ltd. (366 ITR 505) (Bom.) (iv) Reliance Utilities & Power Limited (313 ITR 340) (Bom.) 103. The Ld.AR of the assessee has alternatively contended that in the case of Ambuja Cement Limited, Mumbai ITAT has considered disallowance u/s 14A @ 1% of exempt income as reasonable disallowance in ITA No 5883 & 5927 of…

Addl CIT RG 1(1), Mumbai vs. Acc Ltd, Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 3786/MUM/2009[2005-06]Status: DisposedITAT Mumbai28 Feb 2023AY 2005-06

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 14ASection 14A(1)

…Share Capital & reserve to the tune of Rs 1597.68 crores as against investments made in shares for Rs 326.69 crore. Reliance was mainly placed on following decisions. (i). South Indian Bank Ltd. v. CIT [(2021) 438 ITR 1 (SC)] (ii). HDFC Bank v. DCIT [(2016) 383 ITR 529 (Bombay HC)] (iii). CIT v. HDFC Bank Ltd. (366 ITR 505) (Bom.) (iv). Reliance Utilities & Power Limited (313 ITR 340) (Bom.) 10. The Ld. DR has relied upon finding given in assessment order and heavily relied on the decision in the case of Williamson Financial Services Limited, (ITA No 154 to 156/Gau/2019), ITAT Gauhati Bench in which it was hel…

Acc Ltd (Formerly Known As the Associated Cement Companies Ltd), Mumbai vs. Addl CIT RG 1(1), Mumbai

In the result, appeal filed by assessee is partly allowed

ITA 3490/MUM/2009[2005-06]Status: DisposedITAT Mumbai28 Feb 2023AY 2005-06

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Acc Limited V. Addl. Cit – Range-1(1) (Formerly Known As The Associated Mumbai Cement Companies Ltd.) Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent) Dy. Cit - 1(1) V. M/S. Acc Limited Room No. 79, Aayakar Bhavan (Formerly Known As The Associated Cement Companies Ltd.) M.K. Road, Mumbai – 400020 Cement House, 121, M.K. Road Churchgate, Mumbai-400020 Pan: Aaact1507C (Appellant) (Respondent)

Section 14ASection 14A(1)

…Share Capital & reserve to the tune of Rs 1597.68 crores as against investments made in shares for Rs 326.69 crore. Reliance was mainly placed on following decisions. (i). South Indian Bank Ltd. v. CIT [(2021) 438 ITR 1 (SC)] (ii). HDFC Bank v. DCIT [(2016) 383 ITR 529 (Bombay HC)] (iii). CIT v. HDFC Bank Ltd. (366 ITR 505) (Bom.) (iv). Reliance Utilities & Power Limited (313 ITR 340) (Bom.) 10. The Ld. DR has relied upon finding given in assessment order and heavily relied on the decision in the case of Williamson Financial Services Limited, (ITA No 154 to 156/Gau/2019), ITAT Gauhati Bench in which it was hel…

Assistant Commissioner of Income Tax 2(3)(2), Mumbai vs. Kotak Mahindra Bank Limited, Mumbai

In the result this ground of appeal is dismissed

ITA 3865/MUM/2019[2015-16]Status: DisposedITAT Mumbai16 Feb 2023AY 2015-16

Bench: Shri Aby T Varkey () & Shri Amarjit Singh ()

Section 143(2)Section 36(1)(vii)Section 36(1)(viia)

…1 Kotak Mahindra Bank Ltd IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI ABY T VARKEY (JUDICIAL MEMBER) AND SHRI AMARJIT SINGH (ACCOUNTANT MEMBER) ITA 3267/Mum/2019 - A.Y. 2013-14 ITA 3268/Mum/2019 - A.Y. 2014-15 ITA 3269/Mum/2019 - A.Y. 2015-16 Kotak Mahindra Bank Ltd vs Assistant Commissioner of Income- 27, BKC, Bandra Kurla Complex tax, Circle 2(3)(2), Mumbai Bandra East, Mumbai-400 051 PAN : AAACK4409J APPELLANT RESPONDENT ITA 3863/Mum/2019 - A.Y. 2014-15 ITA 3865/Mum/2019 - A.Y. 2015-16 Assistant Commissioner of Income-tax, vs Kotak Mahindra Bank Ltd Circle 2(3)(2), Mumbai 27,…

ACIT-2(3)(2), Mumbai vs. M/S Kotak Mahindra Bank Ltd, Mumbai

In the result this ground of appeal is dismissed

ITA 3863/MUM/2019[2014-15]Status: DisposedITAT Mumbai16 Feb 2023AY 2014-15

Bench: Shri Aby T Varkey () & Shri Amarjit Singh ()

Section 143(2)Section 36(1)(vii)Section 36(1)(viia)

…1 Kotak Mahindra Bank Ltd IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI ABY T VARKEY (JUDICIAL MEMBER) AND SHRI AMARJIT SINGH (ACCOUNTANT MEMBER) ITA 3267/Mum/2019 - A.Y. 2013-14 ITA 3268/Mum/2019 - A.Y. 2014-15 ITA 3269/Mum/2019 - A.Y. 2015-16 Kotak Mahindra Bank Ltd vs Assistant Commissioner of Income- 27, BKC, Bandra Kurla Complex tax, Circle 2(3)(2), Mumbai Bandra East, Mumbai-400 051 PAN : AAACK4409J APPELLANT RESPONDENT ITA 3863/Mum/2019 - A.Y. 2014-15 ITA 3865/Mum/2019 - A.Y. 2015-16 Assistant Commissioner of Income-tax, vs Kotak Mahindra Bank Ltd Circle 2(3)(2), Mumbai 27,…

Kotak Mahindra Bank Ltd, Mumbai vs. Asst CIT Circle 2 (3)(2), Mumbai

In the result this ground of appeal is dismissed

ITA 3269/MUM/2019[2015-16]Status: DisposedITAT Mumbai16 Feb 2023AY 2015-16

Bench: Shri Aby T Varkey () & Shri Amarjit Singh ()

Section 143(2)Section 36(1)(vii)Section 36(1)(viia)

…1 Kotak Mahindra Bank Ltd IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI ABY T VARKEY (JUDICIAL MEMBER) AND SHRI AMARJIT SINGH (ACCOUNTANT MEMBER) ITA 3267/Mum/2019 - A.Y. 2013-14 ITA 3268/Mum/2019 - A.Y. 2014-15 ITA 3269/Mum/2019 - A.Y. 2015-16 Kotak Mahindra Bank Ltd vs Assistant Commissioner of Income- 27, BKC, Bandra Kurla Complex tax, Circle 2(3)(2), Mumbai Bandra East, Mumbai-400 051 PAN : AAACK4409J APPELLANT RESPONDENT ITA 3863/Mum/2019 - A.Y. 2014-15 ITA 3865/Mum/2019 - A.Y. 2015-16 Assistant Commissioner of Income-tax, vs Kotak Mahindra Bank Ltd Circle 2(3)(2), Mumbai 27,…

Kotak Mahindra Bank Ltd, Mumbai vs. Asst CIT Circle 2 (3)(2), Mumbai

In the result this ground of appeal is dismissed

ITA 3268/MUM/2019[2014-15]Status: DisposedITAT Mumbai16 Feb 2023AY 2014-15

Bench: Shri Aby T Varkey () & Shri Amarjit Singh ()

Section 143(2)Section 36(1)(vii)Section 36(1)(viia)

…1 Kotak Mahindra Bank Ltd IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI ABY T VARKEY (JUDICIAL MEMBER) AND SHRI AMARJIT SINGH (ACCOUNTANT MEMBER) ITA 3267/Mum/2019 - A.Y. 2013-14 ITA 3268/Mum/2019 - A.Y. 2014-15 ITA 3269/Mum/2019 - A.Y. 2015-16 Kotak Mahindra Bank Ltd vs Assistant Commissioner of Income- 27, BKC, Bandra Kurla Complex tax, Circle 2(3)(2), Mumbai Bandra East, Mumbai-400 051 PAN : AAACK4409J APPELLANT RESPONDENT ITA 3863/Mum/2019 - A.Y. 2014-15 ITA 3865/Mum/2019 - A.Y. 2015-16 Assistant Commissioner of Income-tax, vs Kotak Mahindra Bank Ltd Circle 2(3)(2), Mumbai 27,…

Kotak Mahindra Bank Ltd, Mumbai vs. Asst CIT Circle 2 (3)(2), Mumbai

In the result this ground of appeal is dismissed

ITA 3267/MUM/2019[2013-14]Status: DisposedITAT Mumbai16 Feb 2023AY 2013-14

Bench: Shri Aby T Varkey () & Shri Amarjit Singh ()

Section 143(2)Section 36(1)(vii)Section 36(1)(viia)

…1 Kotak Mahindra Bank Ltd IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI ABY T VARKEY (JUDICIAL MEMBER) AND SHRI AMARJIT SINGH (ACCOUNTANT MEMBER) ITA 3267/Mum/2019 - A.Y. 2013-14 ITA 3268/Mum/2019 - A.Y. 2014-15 ITA 3269/Mum/2019 - A.Y. 2015-16 Kotak Mahindra Bank Ltd vs Assistant Commissioner of Income- 27, BKC, Bandra Kurla Complex tax, Circle 2(3)(2), Mumbai Bandra East, Mumbai-400 051 PAN : AAACK4409J APPELLANT RESPONDENT ITA 3863/Mum/2019 - A.Y. 2014-15 ITA 3865/Mum/2019 - A.Y. 2015-16 Assistant Commissioner of Income-tax, vs Kotak Mahindra Bank Ltd Circle 2(3)(2), Mumbai 27,…

A. Vairaprakasam, Sivakasi vs. ACIT, Virudhunagar

In the result, appeal filed by the assessee is dismissed

ITA 703/CHNY/2022[2015-16]Status: DisposedITAT Chennai16 Jan 2023AY 2015-16

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita No.: 703/Chny/2022 िनधा"रण वष" / Assessment Year: 2015-16 A. Vairaprakasam, The Assistant Commissioner Of 4, Chairamn Shanmugam V. Income Tax, Road, Virudhunagar Circle-1, Sivakasi. Virudhunagar. [Pan: Aajpv-8360-P] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : None ""यथ" क" ओर से/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 16.01.2023 घोषणा क" तारीख/Date Of Pronouncement : 16.01.2023

For Appellant: NoneFor Respondent: Shri. P. Sajit Kumar, JCIT
Section 14ASection 14A(2)

…ure such as Interest, postage and telegram, telephone, printing & stationery, travelling expenses and bank charges need not be incurred. So the provision of section 14A is not applicable. :-3-: ITA. No: 703/Chny/2022 (60 ITR (Trib)266;56 ITR (Trib) Sn 34,43;383 ITR 529;376 ITR 553 ; 352 ITR 583) 4. Not only the incurring of the expenditure but also its relationship with the exempted income must be clear and must be capable of being ascertained on the fact of it without involving any further mental exercise. The onus is on the assessing officer not only to show that some expenditure was factually incurred but al…

State Bank of India, Mumbai vs. DCIT, Mumbai

In the result, the present appeal is partly allowed

ITA 2446/MUM/2021[2015-16]Status: DisposedITAT Mumbai10 Jan 2023AY 2015-16
For Appellant: Shri Ketan Ved & Ms. ShraddhaFor Respondent: Shri Sanyam Suresh Joshi
Section 143(3)Section 14ASection 254

…e disallowance of interest could not have been made by under the provisions of Section 14A of the Act to the same effect is the judgment of the Hon'ble Bombay High Court in the case of HDFC Bank Ltd. Vs. Deputy Commissioner of Income-Tax -2(3), Mumbai: [2016] 67 Taxmann.com 42 (Bombay). We note that entire disallowance of INR 2,11,33,541/- made by the Assessing Officer under Section 14A of the Act has been computed under Rule 8D(2)(ii) of the Rules. 13. In view of the above judgments, since in the present case the interest free own funds are far exceed the investment amount, the addition of INR 2,11,33,541/- mad…

Shyamm Mariwala, Mumbai vs. ITO Ward -6(3)(3), Mumbai

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

ITA 2494/MUM/2021[2010-11]Status: DisposedITAT Mumbai22 Dec 2022AY 2010-11

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2010-11 Shyamm Mariwala, Ito Ward-6(3)(3), 216, Vasan Udyog Bhavan, Aayakar Bhavan, Vs. Senapati Bapat Marg, Mumbai-400013. Lower Parel, Mumbai-400013. Pan No. Advpm 4940 K Appellant Respondent Assessee By : Mr. Subhash Chhajed, Ar : Revenue By Mr. R.N. D’Souza, Dr Date Of Hearing : 01/11/2022 Date Of Pronouncement : 22/12/2022

For Appellant: Mr. Subhash Chhajed, AR
Section 14ASection 68

…. Similar of the Act would not be applicable. Similar views have been expressed 3 (2019) 410 ITR 466 SC/ (2019) 20 views have been expressed 3 (2019) 410 ITR 466 SC/ (2019) 20 views have been expressed 3 (2019) 410 ITR 466 SC/ (2019) 20 SCC 478. 4 (2 4 (2016) 383 ITR 529 (Bom) / 2016 SCC Online Bom 016) 383 ITR 529 (Bom) / 2016 SCC Online Bom Shyamm Mariwala. 9 1109 by other High Courts in CIT Vs. Suzlon Energy Ltd.5, CIT Vs. by other High Courts in CIT Vs. Suzlon Energy Ltd.5, CIT Vs. by other High Courts in CIT Vs. Suzlon Energy Ltd.5, CIT Vs. Microlabs Ltd.6 and CIT Vs. Max India Ltd.7 Mr. S Ganesh the Micro…

M/S. Jai Corp Ltd., Mumbai vs. Dy CIT -Circle-6(4), Mumbai

In the result, both the appeals filed by the Revenue and assessee are dismissed

ITA 1140/MUM/2021[2015-16]Status: DisposedITAT Mumbai21 Dec 2022AY 2015-16

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Asst. Cit-3(2)(1) M/S. Jai Corporation Ltd. Room No. 674, 6Th Floor, H-B, Mittal Tower, Aayakar Bhavan, M. K. Road, Vs. Free Press Journal Marg, Mumbai-400 020 Nariman Point, Mumbai-400 021

For Respondent: Shri Vranda U. Matkarni
Section 10(34)Section 143(3)Section 14ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS. KAVITHA RAJAGOPAL, JM Asst. CIT-3(2)(1) M/s. Jai Corporation Ltd. Room No. 674, 6th Floor, H-B, Mittal Tower, Aayakar Bhavan, M. K. Road, Vs. Free Press Journal Marg, Mumbai-400 020 Nariman Point, Mumbai-400 021 PAN/GIR No. AAACJ 2591 A (Revenue) : (Assessee) & M/s. Jai Corporation Ltd. Asst. CIT-3(2)(1) Room No. 674, 6th Floor, H-B, Mittal Tower, Free Press Journal Marg, Vs. Aayakar Bhavan, M. K. Road, Nariman Point, Mumbai-400 021 Mumbai-400 020 PAN/GIR No. AAACJ 2591 A (Assessee) : (Revenue) : Shri Rajesh P. Sha…

Asstt. CIT - 3(2)(1), Mumbai vs. M/S Jal Corp. Ltd., Nynvau

In the result, both the appeals filed by the Revenue and assessee are dismissed

ITA 1872/MUM/2020[2015-16]Status: DisposedITAT Mumbai21 Dec 2022AY 2015-16

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Asst. Cit-3(2)(1) M/S. Jai Corporation Ltd. Room No. 674, 6Th Floor, H-B, Mittal Tower, Aayakar Bhavan, M. K. Road, Vs. Free Press Journal Marg, Mumbai-400 020 Nariman Point, Mumbai-400 021

For Respondent: Shri Vranda U. Matkarni
Section 10(34)Section 143(3)Section 14ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS. KAVITHA RAJAGOPAL, JM Asst. CIT-3(2)(1) M/s. Jai Corporation Ltd. Room No. 674, 6th Floor, H-B, Mittal Tower, Aayakar Bhavan, M. K. Road, Vs. Free Press Journal Marg, Mumbai-400 020 Nariman Point, Mumbai-400 021 PAN/GIR No. AAACJ 2591 A (Revenue) : (Assessee) & M/s. Jai Corporation Ltd. Asst. CIT-3(2)(1) Room No. 674, 6th Floor, H-B, Mittal Tower, Free Press Journal Marg, Vs. Aayakar Bhavan, M. K. Road, Nariman Point, Mumbai-400 021 Mumbai-400 020 PAN/GIR No. AAACJ 2591 A (Assessee) : (Revenue) : Shri Rajesh P. Sha…

Wns Global Services P. Ltd., Mumbai vs. Addl/Jt/Dy/Asstt/CIT/ITO, Nationa Faceless Assessment Centre, Dilhi

In the result, appeal filed by the assessee is allowed

ITA 1259/MUM/2021[2016-17]Status: DisposedITAT Mumbai09 Dec 2022AY 2016-17

Bench: Shri Vikas Awasthy & Shri Gagan Goyalwns Global Services Pvt. Ltd., Pl 10, Gate No.4, Godrej & Boyce Complex, Pirojshanagar, Lbs Marg, Vikhroli (West), Mumbai-400079. Pan: Aaacw2598L ...... Appellant Vs.. Addl./Jt/Dy./Acit/Ito/Nfac, Room No. 455, Circle-14(3)(1), Mumbai. ..... Respondent Appellant/Assessee By : Sh. Porus Kaka, Sr. Adv. & Sh. Manish Kant Respondent/Revenue By : Sh. Jasdeep Singh, Cit-Dr

For Appellant: Sh. Porus Kaka, Sr. Adv. &For Respondent: Sh. Jasdeep Singh, CIT-DR
Section 143(3)Section 144C(13)Section 92B

…rd is placed on the following judicial precedents: PCIT v Sintex Industries Ltd (2018) (93 taxmann.com 24) (SC) CIT v Reliance Industries Ltd (2019) (410 ITR 466)(SC) CIT v Reliance Utilities & Power Ltd (2009) (313 ITR 340) (Bom) HDFC Bank Ltd v DCIT (2016) (383 ITR 529)(Bom) CIT v HDFC Bank Ltd (2014)(366 ITR 105)(Bom) (f) Without prejudice to previous submission -Scientific apportionment of administrative expenses As mentioned, the Assessee has earned a dividend income of INR 32.99 crs. And the disallowance computed by the AO by invoking Rule 8D is INR 3.57 crs. Without prejudice, the Assessee has suo-moto id…