ITO v. Daga Capital Management (P) Ltd.

117 ITD 169Income Tax Appellate Tribunal2009#659 most cited
151

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2015 to 2026.

Also referred to as

ITO v. Daga Capital Management · Daga Capital Management · 117 ITD 169 · Section 14A · Rule 8D · dividend income · shares as stock-in-trade · exempt income · business of dealing in shares · disallowance of expenditure · Special Bench ITAT

Sections most often in play

Section 14ASection 115JBSection 37(1)Section 40A(2)(b)Section 92CA(3)Section 115USection 244ASection 271(1)(c)

Issues it is cited on

section 50(1)section 80absection 70(2)section 14a(1)section 54esection 10(33)section 10(15)section 80msection 54eclong-term capital assetsection 36(1)(viii)section 111a

Judgments citing ITO v. Daga Capital Management (P) Ltd.

M/S. the Stock & Bond Trading Company, Mumbai vs. DCIT, Cir-4(2)(1), Mumbai

In the result, both the appeals filed by the assessee are partly allowed

ITA 1446/MUM/2023[2013-14]Status: DisposedITAT Mumbai22 Aug 2023AY 2013-14

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Vartik ChoksiFor Respondent: Shri P. D. Chogule
Section 10(34)Section 143(3)Section 14ASection 250Section 68

…mbai vs. Citi Corp Finance (India) Ltd. [2007) 12 SOT 248 (Mum) and the decision of the Tribunal in the case of ITO v. Daga Capital Management Pvt. Ltd. 3 ITA Nos. 1445 & 1446/M/2023 (A.Ys.14-15 & 13-14) M/s. The Stock & Bond Trading Company vs. DCIT [2009] 117 ITD 169 (Mum)(SB) disallowed expenses of R.4,42,732/- which is an aggregate of Rs.3,75,217/- under Rule 8D(ii) of the Rules towards interest expenses of Rs.67,55/- under Rule 8D(iii) towards admin expenses. The ld. CIT(A) upheld the addition made by the A.O. 6. The learned Authorised Representative ('ld. AR' for short) for the assessee contended that t…

M/S. the Stock & Bond Trading Company, Mumbai vs. DCIT, Cir-4(2)(1), Mumbai

In the result, both the appeals filed by the assessee are partly allowed

ITA 1445/MUM/2023[2014-15]Status: DisposedITAT Mumbai22 Aug 2023AY 2014-15

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Vartik ChoksiFor Respondent: Shri P. D. Chogule
Section 10(34)Section 143(3)Section 14ASection 250Section 68

…mbai vs. Citi Corp Finance (India) Ltd. [2007) 12 SOT 248 (Mum) and the decision of the Tribunal in the case of ITO v. Daga Capital Management Pvt. Ltd. 3 ITA Nos. 1445 & 1446/M/2023 (A.Ys.14-15 & 13-14) M/s. The Stock & Bond Trading Company vs. DCIT [2009] 117 ITD 169 (Mum)(SB) disallowed expenses of R.4,42,732/- which is an aggregate of Rs.3,75,217/- under Rule 8D(ii) of the Rules towards interest expenses of Rs.67,55/- under Rule 8D(iii) towards admin expenses. The ld. CIT(A) upheld the addition made by the A.O. 6. The learned Authorised Representative ('ld. AR' for short) for the assessee contended that t…

Nahar Colours and Coatinhgs Private Limited, Udaipur vs. Principal Commissioner Ofincometax, Udaipur

In the result, appeal of the assessee is allowed

ITA 140/JODH/2023[2018-19]Status: DisposedITAT Jodhpur09 Aug 2023AY 2018-19
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 263Section 801ASection 80I

…Commissioner had requisite power under the law to consider and examine the application of section 50C for revision under section 263, since the 'doctrine of merger would not apply upon such matter. 9.4. In the case of Daga Capital Management (P) Ltd. (2009) 117 ITD 169, the Hon'ble ITAT (Special Bench, Mumbai) has held thatSec. 14A applies to all heads of income and aims at disallowing expenditure incurred in relation to income not forming part of total income even though such expenditure may be allowable under any other provision, e.g., s. 36(1)(ii); provisions of s. 14A are applicable with respect to the divi…

Gujarat Urja Vikas Nigam Ltd, Vadodara vs. DCIT, Cirecle-1(1)(1), Vadodara

In the result, the appeal filed by the Assessee is allowed for statistical purpose

ITA 406/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad14 Dec 2022AY 2015-16

Bench: Us.

For Appellant: Shri M.J. Shah, A.RFor Respondent: Shri Atul Pandey, Sr.D.R
Section 115JSection 143(3)Section 14A

…8796.82 lacs is directed to be deleted." 6. With this factual background, we have heard both the sides. Learned DR has primarily placed reliance on a decision of respected Special Bench of ITAT Mumbai in the case of ITO V/s. Daga Capital Management Pvt. Ltd., 117 ITD 169 (Mum) (SB). Learned DR has also pleaded that in one of the assessment year, i.e., in A.Y. 2007-08 learned CIT(A) had sustained the same nature of addition. From the facts of the case, we have noted that there was re-structuring according to which erstwhile GEB was demerged into seven different companies. Post restructuring; the assessment year un…

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

…A of the Act read with Rule 8D of the Rules. Hence, the learned AO has erroneously invoked Rule 8D of the Rules without recording the prerequisite satisfaction in this regard. The learned AO relied on the decisions viz Daga Capital Management Pvt. Ltd. [2008] 117 ITD 169 (ITAT SB)(Mum) and Citicorp Finance (India) Limited [2006] 12 SOT 248 (Mum). The learned AO has failed to appreciate that while passing the order in the case of Godrej Boyce (supra), the Jurisdictional High Court has considered the Mumbai Tribunal judgment in the case of Daga Capital Management Private Limited (supra), and the Hon'ble Bombay HC h…

M/S. Ambit Capital Pvt.Ltd, Mumbai vs. Assistant Commissioner of Income Tax Circle 4(1) (1), Mumbai

In the result, the appeal of Revenue is dismissed and that of the assesseees’ appeals are allowed except ITA No

ITA 1880/MUM/2022[2016-17]Status: DisposedITAT Mumbai27 Sept 2022AY 2016-17

Bench: Shri Baskaran Br& Shri Pavan Kumar Gadaleambit Capital Private Vs. Assistant Commissioner Ltd. Of Income Tax, Ambit House, 449 Circle 4(1) (1) Senapati Bapat Marg, Mumbai-400020 Lower Parel Mumbai-400013 Pan No. Aabcp6621N Appellant Respondent

Section 143(1)Section 143(2)Section 143(3)Section 14ASection 14A(2)

…as not recorded any satisfaction as can be seen from the assessment order. The learned Counsel took us through the assessment order whereby the AO has relied on the decision of ITAT special Bench, Mumbai, in the case of ITO Vs. Daga Capital Management P. Ltd. 117 ITD 169 (SB) wherein it is held that Rule 8D is retrospective. The relevant Para 6.6 and 6.7 of the AO’s order reads as under: - 6.6 The insertion of section 14A with retrospective effect, from 1.4.1962, is a serious attempt on the part of the Legislature not to allow deduction in respect of any expenditure incurred by the assesseee in relation to incom…

Addl CIT RG 10(2), Mumbai vs. Geometric Softwar Solutions Co. Ltd, Mumbai

In the result, ground no

ITA 6219/MUM/2010[2005-06]Status: DisposedITAT Mumbai29 Jul 2022AY 2005-06

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm M/S Geometric Software The Acit Solutions Company Ltd. Ward 10(2), [ Now Merged With Hcl Room No.432, 4Th Floor, Technologies Limited ] Vs. Aayakar Bhavan, M.K. Marg, 806, Sidharth, 96 Nehru Mumbai-400 020 Place, New Delhi 19 (Respondent) (Appellant) Pan No. Aabcg 0066 A Co No. 157/Mum/2011 (Arising In Ita No.6219/Mum/2010 For A.Y. 2005–06) M/S Geometric Software Solutions Company Ltd. The Acit (Now Gemetric Ltd.) [ Now Ward 10(2), Room No.432, 4Th Floor, Merged With Hcl Vs. Technologies Limited] Aayakar Bhavan, M.K. Marg, Mumbai-400 020 806, Sidharth, 96 Nehru Place, New Delhi 19 (Respondent) (Cross Objector) Assessee By : Shri Porus F. Kaka & Shri Manish Kanth, Ars‟ Revenue By : Shri Sumit Kumar, Dr Date Of Hearing: 21.07.2022 Date Of Pronouncement : 29.07.2022

For Appellant: Shri Porus F. Kaka &For Respondent: Shri Sumit Kumar, DR
Section 10ASection 14A

…f charging it Under the head income from house property. c. On the issue of disallowance u/s 14 A of the act, he confirmed the action of the learned assessing officer by following the decision of the coordinate bench in case of Daga capital management Ltd in 117 ITD 169 d. he also confirmed the addition of the above sum profit u/s 115JB of the act. e. On the issue of the transfer pricing adjustment, the learned CIT – A considered the various arguments of the assessee with respect to inclusion/exclusion of certain comparables. Finally, the learned CIT – A agreed for 27 comparable is whose arithmetic mean was 18…

Geometric Software Solutins Co. Ltd ( Now Gemetric Ltd), Mumbai vs. Addl CIT RG 10(2), Mumbai

In the result, ground no

ITA 5975/MUM/2010[2005-06]Status: DisposedITAT Mumbai29 Jul 2022AY 2005-06

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm M/S Geometric Software The Acit Solutions Company Ltd. Ward 10(2), [ Now Merged With Hcl Room No.432, 4Th Floor, Technologies Limited ] Vs. Aayakar Bhavan, M.K. Marg, 806, Sidharth, 96 Nehru Mumbai-400 020 Place, New Delhi 19 (Respondent) (Appellant) Pan No. Aabcg 0066 A Co No. 157/Mum/2011 (Arising In Ita No.6219/Mum/2010 For A.Y. 2005–06) M/S Geometric Software Solutions Company Ltd. The Acit (Now Gemetric Ltd.) [ Now Ward 10(2), Room No.432, 4Th Floor, Merged With Hcl Vs. Technologies Limited] Aayakar Bhavan, M.K. Marg, Mumbai-400 020 806, Sidharth, 96 Nehru Place, New Delhi 19 (Respondent) (Cross Objector) Assessee By : Shri Porus F. Kaka & Shri Manish Kanth, Ars‟ Revenue By : Shri Sumit Kumar, Dr Date Of Hearing: 21.07.2022 Date Of Pronouncement : 29.07.2022

For Appellant: Shri Porus F. Kaka &For Respondent: Shri Sumit Kumar, DR
Section 10ASection 14A

…f charging it Under the head income from house property. c. On the issue of disallowance u/s 14 A of the act, he confirmed the action of the learned assessing officer by following the decision of the coordinate bench in case of Daga capital management Ltd in 117 ITD 169 d. he also confirmed the addition of the above sum profit u/s 115JB of the act. e. On the issue of the transfer pricing adjustment, the learned CIT – A considered the various arguments of the assessee with respect to inclusion/exclusion of certain comparables. Finally, the learned CIT – A agreed for 27 comparable is whose arithmetic mean was 18…

Unison Metal Limited, Ahmedabad vs. The Dy. CIT, Circle-4(1)(2), Ahmedabad

In the result, both the appeals of the assessee are partly allowed

ITA 170/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad05 Oct 2021AY 2014-15

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: NoneFor Respondent: Shri R.R. Makwana, Sr DR
Section 14A

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ ‘बी अहमदाबाद "यायपीठ बी बी’ अहमदाबाद। बी अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, AHMEDABAD (through web-based video conferencing platform) BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER ITA Nos. 169 & 170/Ahd/2019 Assessment Years : 2013-14 & 2014-15 Unison Metal Limited, Dy. Commissioner of Plot No.5015, Phase IV, Vs Income Tax, Ramol Char Rasta, GIDC, Circle-4(1)(2), Vatva, Ahmedabad-382445 Ahmedabad PAN : AAACU…

Unison Metal Limited, Ahmedabad vs. The Dy. CIT, Circle-4(1)(2), Ahmedabad

In the result, both the appeals of the assessee are partly allowed

ITA 169/AHD/2019[2013-14]Status: DisposedITAT Ahmedabad05 Oct 2021AY 2013-14

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: NoneFor Respondent: Shri R.R. Makwana, Sr DR
Section 14A

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ ‘बी अहमदाबाद "यायपीठ बी बी’ अहमदाबाद। बी अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, AHMEDABAD (through web-based video conferencing platform) BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER ITA Nos. 169 & 170/Ahd/2019 Assessment Years : 2013-14 & 2014-15 Unison Metal Limited, Dy. Commissioner of Plot No.5015, Phase IV, Vs Income Tax, Ramol Char Rasta, GIDC, Circle-4(1)(2), Vatva, Ahmedabad-382445 Ahmedabad PAN : AAACU…

M/S Contitech India Pvt. Ltd., New Delhi vs. ACIT, New Delhi

The appeal of the assessee is allowed

ITA 5222/DEL/2011[2007-08]Status: DisposedITAT Delhi22 Jun 2021AY 2007-08

Bench: Sh. Anil Chaturvedi & Sh. Kuldip Singh(Through Video Conferencing)

Section 143(3)Section 144CSection 14A

…worked out the disallowance u/s 14A at Rs.7,57,345/- and made its addition. When the matter was carried before the DRP by the assessee, DRP following the decision of ITAT Special Bench, Mumbai in the case of ITO vs. 11 Daga Capital Management (P) Ltd. (2009) 117 ITD 169 (MUM. S. B.) held that Rule 8D was applicable retrospectively and accordingly upheld the order of AO. Aggrieved by the order of AO pursuant to the direction of DRP, assessee is now before us. 17. Before us, Learned AR reiterated the submissions made before the AO and DRP and further submitted that majority of the dividend yielding investments ha…

M/S Contitech India Pvt. Ltd., New Delhi vs. DCIT, New Delhi

The appeal of the assessee is allowed

ITA 5088/DEL/2010[2006-07]Status: DisposedITAT Delhi22 Jun 2021AY 2006-07

Bench: Sh. Anil Chaturvedi & Sh. Kuldip Singh(Through Video Conferencing)

Section 143(3)Section 144CSection 14A

…worked out the disallowance u/s 14A at Rs.7,57,345/- and made its addition. When the matter was carried before the DRP by the assessee, DRP following the decision of ITAT Special Bench, Mumbai in the case of ITO vs. 11 Daga Capital Management (P) Ltd. (2009) 117 ITD 169 (MUM. S. B.) held that Rule 8D was applicable retrospectively and accordingly upheld the order of AO. Aggrieved by the order of AO pursuant to the direction of DRP, assessee is now before us. 17. Before us, Learned AR reiterated the submissions made before the AO and DRP and further submitted that majority of the dividend yielding investments ha…

M/S. Srf Limited, Gurgaon vs. DCIT, New Delhi

In the result appeal of the appellant assessee is partly allowed for statistical purposes

ITA 2064/DEL/2014[2007-08]Status: DisposedITAT Delhi06 Apr 2021AY 2007-08

Bench: Shri Amit Shukla & Shri O.P. Kantassessment Year: 2007-08

For Appellant: S/Shri Pradeep Dinodia &For Respondent: Shri Surender Pal, CIT DR
Section 143(3)Section 14ASection 14A(1)Section 37Section 9C

…ch has been claimed as exempt by the assessee and no disallowance has been made by the assessee u/s 14A in respect of such dividend income received. The assessing officer relying upon the judgment of ITAT Mumbai (Special Bench) in case of ITO v. Daga Capital [117 ITD 169] held that Rule 8D notified vide notification no.45/2008 dated 24th March, 2008 are procedural and clarificatory in nature and thus has retrospective operation including the relevant year under consideration i.e. AY 2007-08. The AO proposed the disallowance u/s 14A read with Rule 8D of Rs.45,69,828/-. 6. Before the Assessing Officer, the assessee…

Prism Cement Ltd, Mumbai vs. DCIT CC 6(1), Mumbai

ITA 804/MUM/2018[2012-13]Status: DisposedITAT Mumbai04 Jan 2021AY 2012-13

Bench: Shri C. N. Prasad, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 804 & 805/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2012-13 & 2011-12)

For Appellant: Shri Vijay Mehta, ARFor Respondent: Shri V. Sreekar, DR
Section 115JSection 143(1)Section 143(2)Section 14A

…counsel while computing the disallowance, the strategic investments have to be excluded as they are made in larger business interest, on account of commercial expediency. However the Special Bench of ITAT Mumbai in the case of Daga Capital Management (P) Ltd 117 ITD 169 (Mum) (SB) 2009 held that the disallowance can be made even if the investments made for strategic purpose. This contention of the appellant is rejected. 6.9 The next contention of the appellant is that the disallowance u/s.14A cannot exceed the exempt income. The learned counsel for the appellant made the following submissions on this issue: 11…

Mufg Bank Ltd, New Delhi vs. ACIT (International Taxation) Circle-2(2)(1), New Delhi

In the result appeal of the assessee is partly allowed

ITA 7895/DEL/2019[2015-16]Status: DisposedITAT Delhi16 Oct 2020AY 2015-16

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing) Mufg Bank Ltd, Vs. Acit (International Taxation), 5Th Floor, Worldmark 2, Asset 8, Circle-2(2)(1), Aerocity, Nh-8, New Delhi New Delhi Pan: Aabct3880D (Appellant) (Respondent)

For Appellant: Shri Nishant Thakkar, AdvFor Respondent: Shr Surender Pal, CIT DR
Section 143(3)Section 14ASection 244ASection 37(1)Section 44C

…me. Consequently, while Section 14 A will still apply in the cases whether shares are held as stock in trade or as investments, and that is precisely what a Special Bench of this Tribunal has held in the case of ITO v. Daga Capital Management (P.) Ltd. [2009] 117 ITD 169 (Mum.), the disallowance to be made under section 14 A read with rule 8 D will be restricted to direct expenses incurred in the earning of dividend income.” 10. It is also important to note that the Tribunal has held in case where securities are held as stock-in-trade, the disallowance will be restricted to Rule-8D(2)(i) i.e. expenses incurred d…

Vedanta Ltd, Gurgaon vs. ACIT, Circle- 26(2), New Delhi

ITA 12/DEL/2020[2014-15]Status: FixedITAT Delhi18 Sept 2020AY 2014-15

Bench: Shri N.K. Billaiya & Shri Kuldip Singh[Assessment Year: 2014-15]

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Anupam Kant Garg, CIT-DR
Section 143(3)Section 153

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘I-2’ BENCH, NEW DELHI [THROUGH VIDEO CONFERENCE] BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI KULDIP SINGH, JUDICIAL MEMBER [Assessment Year: 2014-15] Vedanta Ltd Vs The A.C.I.T Third Floor, Core - 6 Circle-26(2) Scope Complex, Lodhi Road New Delhi. New Delhi. PAN : AACCS 7101 B [Appellant] [Respondent] Date of Hearing : 24.08.2020 Date of Pronouncement : 21.09.2020 Assessee by : Shri Ajay Vohra, Sr. Adv Shri Sachit Jolly, Adv Shri Rohit Garg, Adv Shri Sidharth Joshi, Adv Revenue by : Shri Anupam Kant Garg, CIT-DR ORDER PER N.K. BILLAIYA, ACCO…

ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Company Pvt. Ltd, Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1194/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2013-14

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and
Section 10ASection 143(2)Section 143(3)Section 2Section 263

…8D and made ITA No1080 & 1081 and 1193 & 1194 /Ahd/2018 16 reference to the decision of ITAT in the case of Cheminvest Ltd. Vs. ITO, 124 TTJ 577 (Del)(SB). He also made reference to the decision of Special Bench in the case of Daga Capital Management P.Ltd., 117 ITD 169 (Mum)(SB). Apart from these decisions, he made reference to the Hon’ble Rajasthan High Court in the case of Rajasthan state Warehousing Corpn Ltd. Vs. CIT, 242 ITR 450(Raj), and also four more ITAT’s orders. He worked out the disallowance of Rs.36,59,563/- in the Asstt.Year 2012-13 and Rs.67,30,601/- in the Asstt.Year 2013-14. Dissatisfied with t…

ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Company Pvt. Ltd, Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1193/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2012-13

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and
Section 10ASection 143(2)Section 143(3)Section 2Section 263

…8D and made ITA No1080 & 1081 and 1193 & 1194 /Ahd/2018 16 reference to the decision of ITAT in the case of Cheminvest Ltd. Vs. ITO, 124 TTJ 577 (Del)(SB). He also made reference to the decision of Special Bench in the case of Daga Capital Management P.Ltd., 117 ITD 169 (Mum)(SB). Apart from these decisions, he made reference to the Hon’ble Rajasthan High Court in the case of Rajasthan state Warehousing Corpn Ltd. Vs. CIT, 242 ITR 450(Raj), and also four more ITAT’s orders. He worked out the disallowance of Rs.36,59,563/- in the Asstt.Year 2012-13 and Rs.67,30,601/- in the Asstt.Year 2013-14. Dissatisfied with t…

M/S. Zaveri & Co. Pvt. Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax, Circle-4(1)(2), Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1081/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2013-14

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and
Section 10ASection 143(2)Section 143(3)Section 2Section 263

…8D and made ITA No1080 & 1081 and 1193 & 1194 /Ahd/2018 16 reference to the decision of ITAT in the case of Cheminvest Ltd. Vs. ITO, 124 TTJ 577 (Del)(SB). He also made reference to the decision of Special Bench in the case of Daga Capital Management P.Ltd., 117 ITD 169 (Mum)(SB). Apart from these decisions, he made reference to the Hon’ble Rajasthan High Court in the case of Rajasthan state Warehousing Corpn Ltd. Vs. CIT, 242 ITR 450(Raj), and also four more ITAT’s orders. He worked out the disallowance of Rs.36,59,563/- in the Asstt.Year 2012-13 and Rs.67,30,601/- in the Asstt.Year 2013-14. Dissatisfied with t…

The ACIT, (OSD)Circle-8, Ahmedabad vs. Torrent Power Ltd., Ahmedabad

In the result, the appeal of the Revenue and the Cross-objection of the assessee, both are dismissed

ITA 1668/AHD/2012[2006-07]Status: DisposedITAT Ahmedabad05 Mar 2020AY 2006-07

Bench: Shri Sandeep Gosain & Shri Amarjit Singh

For Appellant: Shri Vartik ChowkshiFor Respondent: Shri Samir Tekriwal, CIT-DR
Section 115JSection 14Section 143(3)Section 14A

….2010 Total disallowance :: 2,56,00,942 Accordingly a disallowance of Rs. 2,56,00,942/- is made and added back to the total income of the assessee. Reliance, in this regard is placed upon the following decisions: 1. ITO Vs. Daga Capital Management Pvt.Ltd, 117 ITD 169 (Mum)(SB) . 2. Southern Petrol Chemical Industries Ws. DCIT, 93 TTJ 161. 3. Godrej & Boyce Mfg.Co.Ltd. V/s. DCIT (ITA No. 626 of 2010)(Mumbai High Court)". 8. On the other hand, Ld.AR appearing on behalf of assessee reiterated the same arguments as were raised by him before the Ld.CIT(A) and the same are contained in paragraph No.3.2 of the orde…