HDFC Bank Ltd. v. DCIT

Vodafone Idea Ltd (Erstwhile Aditya Birla Telecom Ltd), Mumbai vs. PCIT-Circle 5, Mumbai

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms Kavitha Rajagopal, Hon'Blevodafone Idea Limited V. Pcit – Circle 5 {Erstwhile Known As Aditya Birla Telecom Limited} Room No. 515, 5Thfloor Birla Centurion, 10Th Floor Aayakar Bhavan, M.K. Road Plot No. 794, B Wing Mumbai - 400020 Pandurang Budhkar Marg Worli, Mumbai – 400030 Pan: Aaacb2100P (Appellant) (Respondent) Assessee Represented By Shri J. D. Mistry : Shri Madhur Aggarwal & Shri Ninad Patade Department Represented By : Shri Achal Sharma

…H.C. Shrivastva 122 Taxman 330 (Bombay); • Agarwal Warehouse and leasing Ltd v CIT 257 TR 235 (Madhya Pradesh). • Commissioner of Income-tax, Bhopal vs. Raison Industries Ltd (2007) 207 CTR 201 (SC); 10 Vodafone Idea Limited • HDFC Bank Ltd. Vs. DCIT (2016) 383 ITR 529 (Bombay) • Reliance Infrastructure Ltd Vs DCIT (2016) 76 taxmann.com: 238 • Bank of Baroda vs. HCShrivatsava(2002) 175 CTR 663 (Bombay) • K Subramanian vs. Siemens India Ltd. (1983) 36 CTR 197 (Bombay), • Kaira District Co-operative Mik Producers Union Ltd, V/S DCIT (2016) 386 ITR 633 (Gujarat). it is submitted that since the above judgment has b…

Tech Mahindra Ltd, Mumbai vs. DCIT 2(3), Mumbai

In the result we are not inclined to interfere in the order of Ld

Bench: Shri Vikas Awasthy & Shri Gagan Goyaltech Mahindra Limited, C/O Marriott Hotels India Pvt. Ltd. Gateway Building, Apollo Bunder, Mumbai-400001 Pan: Aaacm3484F ...... Appellant Vs. Dcit-2(3), Room No. 552, Aayakar Bhavan, M.K. Marg, Mumbai-400020. ..... Respondent Acit Circle-2(3)(1), Room No. 552, 5Th Floor, Aayakar Bhavan, M.K. Marg, Mumbai-400020. ..... Appellant Vs. Tech Mahindra Limited, C/O Marriott Hotels India Pvt. Ltd. Gateway Building, Apollo Bunder, Mumbai-400001 Pan: Aaacm3484F ..... Respondent Appellant/Assessee By : Sh. J.D. Mistri / Sh. Harsh Kapadia Respondent/Revenue By : Sh. K.C. Kanojia- Cit-Dr

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER Tech Mahindra Limited, C/o Marriott Hotels India Pvt. Ltd. Gateway Building, Apollo Bunder, Mumbai-400001 PAN: AAACM3484F ...... Appellant Vs. DCIT-2(3), Room No. 552, Aayakar Bhavan, M.K. Marg, Mumbai-400020. ..... Respondent ACIT Circle-2(3)(1), Room No. 552, 5th Floor, Aayakar Bhavan, M.K. Marg, Mumbai-400020. ..... Appellant Vs. Tech Mahindra Limited, C/o Marriott Hotels India Pvt. Ltd. Gateway Building, Apollo Bunder, Mumbai-400001 PAN: AAACM3484F ..... Respondent…

ACIT CC-43, Mumbai vs. Roha Dyechem P. Ltd, Mumbai

In the result, all the appeals of the assessee and revenue except ITA No

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2004-05 Acit Cen Ci-43 Rohadyechem Pvt Ltd., 6Th Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 Pan No. Aaacr 4974P Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2004-05 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 PAN No. AAACR 4974P Appellant Respondent ITA No. 4293, 4294, 4295/MUM/2009 Assessment Year: 2002-03, 2004-05, 2007-08 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar 12, Abhishek BLDG, Bhavan, M.K.Rd. Vs. 303/307, Samual Street, Mumbai 400 020 Mumbai - 3 PAN No. AAA…

ACIT CC-43, Mumbai vs. Roha Dyechem P. Ltd, Mumbai

In the result, all the appeals of the assessee and revenue except ITA No

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2004-05 Acit Cen Ci-43 Rohadyechem Pvt Ltd., 6Th Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 Pan No. Aaacr 4974P Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2004-05 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 PAN No. AAACR 4974P Appellant Respondent ITA No. 4293, 4294, 4295/MUM/2009 Assessment Year: 2002-03, 2004-05, 2007-08 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar 12, Abhishek BLDG, Bhavan, M.K.Rd. Vs. 303/307, Samual Street, Mumbai 400 020 Mumbai - 3 PAN No. AAA…

ACIT CC-43, Mumbai vs. Roha Dyechem P. Ltd, Mumbai

In the result, all the appeals of the assessee and revenue except ITA No

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2004-05 Acit Cen Ci-43 Rohadyechem Pvt Ltd., 6Th Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 Pan No. Aaacr 4974P Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2004-05 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 PAN No. AAACR 4974P Appellant Respondent ITA No. 4293, 4294, 4295/MUM/2009 Assessment Year: 2002-03, 2004-05, 2007-08 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar 12, Abhishek BLDG, Bhavan, M.K.Rd. Vs. 303/307, Samual Street, Mumbai 400 020 Mumbai - 3 PAN No. AAA…

Roha Dyechem P. Ltd, Mumbai vs. ACIT Cen Cir 43, Mumbai

In the result, all the appeals of the assessee and revenue except ITA No

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2004-05 Acit Cen Ci-43 Rohadyechem Pvt Ltd., 6Th Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 Pan No. Aaacr 4974P Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2004-05 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 PAN No. AAACR 4974P Appellant Respondent ITA No. 4293, 4294, 4295/MUM/2009 Assessment Year: 2002-03, 2004-05, 2007-08 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar 12, Abhishek BLDG, Bhavan, M.K.Rd. Vs. 303/307, Samual Street, Mumbai 400 020 Mumbai - 3 PAN No. AAA…

Roha Dyechem Pvt.Ltd., Mumbai vs. ACIT-Central Circle 43, Mumbai

In the result, all the appeals of the assessee and revenue except ITA No

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2004-05 Acit Cen Ci-43 Rohadyechem Pvt Ltd., 6Th Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 Pan No. Aaacr 4974P Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2004-05 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 PAN No. AAACR 4974P Appellant Respondent ITA No. 4293, 4294, 4295/MUM/2009 Assessment Year: 2002-03, 2004-05, 2007-08 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar 12, Abhishek BLDG, Bhavan, M.K.Rd. Vs. 303/307, Samual Street, Mumbai 400 020 Mumbai - 3 PAN No. AAA…

Roha Dyechem Pvt.Ltd., Mumbai vs. ACIT-Central Circle 43, Mumbai

In the result, all the appeals of the assessee and revenue except ITA No

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2004-05 Acit Cen Ci-43 Rohadyechem Pvt Ltd., 6Th Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 Pan No. Aaacr 4974P Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2004-05 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 PAN No. AAACR 4974P Appellant Respondent ITA No. 4293, 4294, 4295/MUM/2009 Assessment Year: 2002-03, 2004-05, 2007-08 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar 12, Abhishek BLDG, Bhavan, M.K.Rd. Vs. 303/307, Samual Street, Mumbai 400 020 Mumbai - 3 PAN No. AAA…

Roha Dyechem P. Ltd, Mumbai vs. ACIT Cen Cir 43, Mumbai

In the result, all the appeals of the assessee and revenue except ITA No

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2004-05 Acit Cen Ci-43 Rohadyechem Pvt Ltd., 6Th Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 Pan No. Aaacr 4974P Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2004-05 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 PAN No. AAACR 4974P Appellant Respondent ITA No. 4293, 4294, 4295/MUM/2009 Assessment Year: 2002-03, 2004-05, 2007-08 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar 12, Abhishek BLDG, Bhavan, M.K.Rd. Vs. 303/307, Samual Street, Mumbai 400 020 Mumbai - 3 PAN No. AAA…

ACIT Cen Ci-43 vs. Roha Dyechem P. Ltd, Mumbai

In the result, all the appeals of the assessee and revenue except ITA No

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2004-05 Acit Cen Ci-43 Rohadyechem Pvt Ltd., 6Th Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 Pan No. Aaacr 4974P Appellant Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2004-05 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar Survoday Mill Compund, Bhavan, M.K.Rd. Vs. M.P. Mills, Tardeo, Mumbai 400 020 Mumbai-400 034 PAN No. AAACR 4974P Appellant Respondent ITA No. 4293, 4294, 4295/MUM/2009 Assessment Year: 2002-03, 2004-05, 2007-08 ACIT CEN CI-43 RohaDyechem Pvt Ltd., 6TH Floor, R.No. 659, Aayakar 12, Abhishek BLDG, Bhavan, M.K.Rd. Vs. 303/307, Samual Street, Mumbai 400 020 Mumbai - 3 PAN No. AAA…

Chatwani and Shah Private Limited, Mumbai vs. Dy CIT Central Circle(1)(2), Mumbai

In the result, appeal filed by the assessee is partly allowed

Bench: The Tribunal.

…t of Rs. 54 lakhs. Since the own funds available with the assessee is more than the value of investments, no disallowance out of interest expenditure is called for as per the decision rendered by Hon'ble Bombay High Court in the case of HDFC Bank Ltd. (2016) (383 ITR 529). Accordingly disallowance made by the Assessing Officer out of interest expenditure under rule 8D(2)(ii) is liable to be deleted. 6. With regard to the disallowance made out of general expenses, we noticed that the assessee has sold investments which were brought forward 3 Chatwani & Shah Pvt. Ltd. from the earlier years and has earned long t…

Chatwani and Shah Private Limited, Mumbai vs. Dy CIT Central Circle(1)(2), Mumbai

In the result, appeal filed by the assessee is partly allowed

Bench: The Ao That It Did Not Incur Any Expense To Earn Exempt Income. The Assessing Officer Did Not Agree With The Contentions Of The Assessee. He Observed That The Assessee Would Have Incurred Some Portion Of Expenses Out Of Administrative Cost, Manpower Cost, Finance Cost, Postage Etc., In Earning Exempt Income. Accordingly He Proceeded To Compute Disallowance Under Section 14A Read With Rule 8D Of The I.T. Rules. The Assessing Officer Computed Disallowance At Rs. 5,67,238/-, Which Consisted Of Interest Disallowance Of Rs. 4,14,653/-Under Rule 8D(2)(Ii) & Administrative

…THE INCOME TAX APPELLATE TRIBUNAL “SMC” Bench, Mumbai Shri B.R. Baskaran (AM) I.T.A. No. 1483/Mum/2022 (A.Y. 2013-14) Vs. ACIT, CC(1)(2) Chatwani and Shah Pvt.Ltd. 1, Telli Galli, Andhri East 906, Pratishtha Mumbai-400 069. Bhavan M.K. Road PAN : AAACC3378A Mumbai-400 020. (Appellant) (Respondent) Assessee by Shri Satish Modi Department by Shri Vivek Upadhyay Date of Hearing 17.08.2022 Date of Pronouncement 18.08.2022 O R D E R The assessee has filed this appeal challenging the order dated 05.4.2022 passed by learned CIT(A)-47, Mumbai and it relates to A.Y. 2013-14. 2. The assessee is aggrieved by the deci…

Welspun Steel Ltd. (Successor in Interest to Welspun Energy Pvt. Ltd.), Mumbai vs. ITO 8(3)(2), Mumbai

…sessee. 23. In appeal the CIT(A) deleted the addition of INR 29,57,498/- made by the Assessing Officer by invoking provisions of Rule 8D(2)(ii) of the Rules by following the decision of Hon‟ble Bombay High Court in the case of HDFC Bank Ltd. Vs. DCIT : (2016) 383 ITR 529 (Bombay). The CIT(A), however, confirmed the addition made by the Assessing Officer by invoking provisions of Rule 8D(2)(iii) of the Rules by restricting the disallowance of INR 1,28,57,958/- made by the Assessing Officer to INR 75,32,723/- being the amount of exempt income earned by the Assessee during the relevant previous year. ITA. No. 3176…

Tata Housing Development Company Ltd., Mumbai vs. DCIT- 8(3)(1), Mumbai

In the result, the appeal filed by the assessee ITA

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singhm/S Tata Housing Vs. Dcit – 8(3)(1) Development Company Room No. 615, Ltd.,E Block, Voltas Aayakar Bhavan, Compound, Tb Kadam Mk Marg, Marg, Chinchpokli, Mumbai – 400020. Mumbai – 400033. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. :Aaact0191Q Appellant .. Respondent Dcit – 8(3)(1) Vs. M/S. Tata Housing Room No. 615, Aayakar Development Company Bhavan, Ltd.,E Block, Voltas Mk Marg, Compound, Tb Kadam Mumbai – 400020. Marg, Chinchpokli, Mumbai – 400033. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. :Aaact0191Q Appellant .. Respondent

…. 10. Ld. Counsel for the assessee submits that Ld.CIT(A) deleted the disallowance of interest as the assessee has its own funds much more than the investments and followed the decision of the Hon'ble Bombay High Court in the case of HDFC Bank Ltd., v. DCIT [383 ITR 529]. Learned Counsel for the assessee submitted that in the cross objections filed by the assessee it challenged the order of the Ld.CIT(A) in restricting the disallowance to the exempt income. Ld. Counsel for the assessee submits that the ratio of the decision of the Special Bench of the Delhi Tribunal in the case of ACIT v. Vireet Investments Priv…