ITO v. Daga Capital Management Pvt. Ltd.

119 TTJ 289Income Tax Appellate Tribunal#2876 most cited

What is ITO v. Daga Capital Management Pvt. Ltd. authority for?

Disallowance under Section 14A read with Rule 8D is attracted even when no exempt income is actually earned from investments in the relevant year, as long as the income from such investments does not or shall not form part of the total income.

41

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2011 to 2025.

Also referred to as

Daga Capital Management Pvt. Ltd. · Section 14A · Rule 8D · disallowance of expenditure · exempt income · no dividend earned · investments · income not forming part of total income · ITAT Special Bench Mumbai · 119 TTJ 289

Sections most often in play

Section 115JBSection 115USection 14ASection 244ASection 271(1)(c)Section 36(1)(vii)Section 36(1)(viia)Section 36(1)(viii)

Issues it is cited on

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

Judgments citing ITO v. Daga Capital Management Pvt. Ltd.

ACIT-2(3)(1), MUMBAI vs. HDFC BANK LTD ( MERGED ENTITY HDFC INVESTMENTS LIMITED ), MUMBAI

ITA 2980/MUM/2024[2014-15]Status: DisposedITAT Mumbai28 Jan 2025AY 2014-15

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate a

…the expenditure in relation to income not forming part of the total income. The sub-section provides the procedure for making the disallowance u/s 14A c) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital Management Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that disallowance under section14A read with rule 8D is attracted also in cases where no dividend or exempt income is actually earned. Hon'ble ITAT has held that it is not necessary that the investments should yield dividends in the relevant year which is in line with the words "shall not form part of total income in rule…

HDFC BANK LIMITED( AS SUCCESSOR TO HDFC LTD),MUMBAI vs. DCIT- 2(3)(1), MUMBAI

ITA 2666/MUM/2024[2014-15]Status: DisposedITAT Mumbai28 Jan 2025AY 2014-15

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate andFor Respondent: Shri Biswanath Das, CIT DR

…ce of the expenditure in relation to income not forming part of the total income. The sub-section provides the procedure for making the disallowance u/s 14A c) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital Management Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that disallowance under section14A read with rule 8D is attracted also in cases where no dividend or exempt income is actually earned. Hon'ble ITAT has held that it is not necessary that the investments should yield dividends in the relevant year which is in line with the words "shall not form part of total income in rule 8D.…

HDFC BANK LIMITED (AS SUCCESSOR TO HDFC LTD),MUMBAI vs. DCIT 2(3)(1), MUMBAI

ITA 2665/MUM/2024[2015-16]Status: DisposedITAT Mumbai28 Jan 2025AY 2015-16

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

Section 143(3)

…f the expenditure in relation to income not forming part of the total income. The sub-section provides the procedure for making the disallowance u/s 14A c) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital Management Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that disallowance under section14A read with rule 8D is attracted also in cases where no dividend or exempt income is actually earned. Hon'ble ITAT has held that it is not necessary that the investments should yield dividends in the relevant year which is in line with the words "shall not form part of total income in rule…

ACIT-2(3)(1), MUMBAI vs. HDFC BANK LIMITED (MERGED ENTITY HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED), MUMBAI

In the result, appeals of both, assessee and revenue are decided \nas per the table below:\n\nSr

ITA 2597/MUM/2024[2020-21]Status: DisposedITAT Mumbai28 Jan 2025AY 2020-21

…expenditure in relation to income not forming part of the total \nincome. The sub-section provides the procedure for making the disallowance u/s \n14A \n\nc) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital \nManagement Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that \ndisallowance under section14A read with rule 8D is attracted also in cases where \nno dividend or exempt income is actually earned. Hon'ble ITAT has held that it is \nnot necessary that the investments should yield dividends in the relevant year \nwhich is in line with the words \"shall not form part of total income in…

HDFC BANK LTD.,(AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT, CIRCLE-2(3)(1), MUMBAI

ITA 3717/MUM/2023[2020-21]Status: DisposedITAT Mumbai28 Jan 2025AY 2020-21

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate andFor Respondent: Shri Biswanath Das, CIT D

…e of the expenditure in relation to income not forming part of the total income. The sub-section provides the procedure for making the disallowance u/s 14A c) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital Management Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that disallowance under section14A read with rule 8D is attracted also in cases where no dividend or exempt income is actually earned. Hon'ble ITAT has held that it is not necessary that the investments should yield dividends in the relevant year which is in line with the words "shall not form part of total income in rule 8D.…

ACIT-1(1)(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., DELHI

ITA 2049/MUM/2023[2016-17]Status: DisposedITAT Mumbai28 Jan 2025AY 2016-17

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

…ce of the expenditure in relation to income not forming part of the total income. The sub-section provides the procedure for making the disallowance u/s 14A c) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital Management Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that disallowance under section14A read with rule 8D is attracted also in cases where no dividend or exempt income is actually earned. Hon'ble ITAT has held that it is not necessary that the investments should yield dividends in the relevant year which is in line with the words "shall not form part of total income in rule 8D.…

ACIT-1(1)(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., DELHI

ITA 2047/MUM/2023[2018-19]Status: DisposedITAT Mumbai28 Jan 2025AY 2018-19

…e expenditure in relation to income not forming part of the total \nincome. The sub-section provides the procedure for making the disallowance u/s \n14A \nc) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital \nManagement Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that \ndisallowance under section14A read with rule 8D is attracted also in cases where \nno dividend or exempt income is actually earned. Hon'ble ITAT has held that it is \nnot necessary that the investments should yield dividends in the relevant year \nwhich is in line with the words \"shall not form part of total income in…

ACIT-1(1)(1), MUMBAI vs. M/S HOUSING DEVELOPMENT FINANCE CORPORATION LTD, MUMBAI

ITA 2046/MUM/2023[2017-2018]Status: DisposedITAT Mumbai28 Jan 2025AY 2017-2018

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

…f the expenditure in relation to income not forming part of the total income. The sub-section provides the procedure for making the disallowance u/s 14A c) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital Management Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that disallowance under section14A read with rule 8D is attracted also in cases where no dividend or exempt income is actually earned. Hon'ble ITAT has held that it is not necessary that the investments should yield dividends in the relevant year which is in line with the words "shall not form part of total income in rule…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD.),MUMBAI vs. ADDL/JT/DY/ACIT/ITO, NFAC, DELHI

ITA 1893/MUM/2023[2019-20]Status: DisposedITAT Mumbai28 Jan 2025AY 2019-20

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

…f the expenditure in relation to income not forming part of the total income. The sub-section provides the procedure for making the disallowance u/s 14A c) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital Management Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that disallowance under section14A read with rule 8D is attracted also in cases where no dividend or exempt income is actually earned. Hon'ble ITAT has held that it is not necessary that the investments should yield dividends in the relevant year which is in line with the words "shall not form part of total income in rule…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD.),MUMBAI vs. DCIT, RANGE-1(1)(2), MUMBAI

ITA 1890/MUM/2023[2016-17]Status: DisposedITAT Mumbai28 Jan 2025AY 2016-17

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi

…the expenditure in relation to income not forming part of the total income. The sub-section provides the procedure for making the disallowance u/s 14A c) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital Management Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that disallowance under section14A read with rule 8D is attracted also in cases where no dividend or exempt income is actually earned. Hon'ble ITAT has held that it is not necessary that the investments should yield dividends in the relevant year which is in line with the words "shall not form part of total income in rule…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

ITA 5885/MUM/2017[2010-11]Status: DisposedITAT Mumbai28 Jan 2025AY 2010-11

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Ni

…the expenditure in relation to income not forming part of the total income. The sub-section provides the procedure for making the disallowance u/s 14A c) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital Management Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that disallowance under section14A read with rule 8D is attracted also in cases where no dividend or exempt income is actually earned. Hon'ble ITAT has held that it is not necessary that the investments should yield dividends in the relevant year which is in line with the words…

DCIT RANGE-1(1)(2), MUMBAI vs. HOUSING DEVELOPMENT FINANCE CORPORATION LTD, MUMBAI

ITA 5110/MUM/2017[2013-14]Status: DisposedITAT Mumbai28 Jan 2025AY 2013-14

…expenditure in relation to income not forming part of the total \nincome. The sub-section provides the procedure for making the disallowance u/s \n14A \n\nc) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital \nManagement Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that \ndisallowance under section14A read with rule 8D is attracted also in cases where \nno dividend or exempt income is actually earned. Hon'ble ITAT has held that it is \nnot necessary that the investments should yield dividends in the relevant year \nwhich is in line with the words \"shall not form part of total income in…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RANGE-1(1)(2), MUMBAI

ITA 4983/MUM/2017[2013-14]Status: DisposedITAT Mumbai28 Jan 2025AY 2013-14

…f the expenditure in relation to income not forming part of the total\nincome. The sub-section provides the procedure for making the disallowance u/s\n14A\nc) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital\nManagement Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that\ndisallowance under section14A read with rule 8D is attracted also in cases where\nno dividend or exempt income is actually earned. Hon'ble ITAT has held that it is\nnot necessary that the investments should yield dividends in the relevant year\nwhich is in line with the words "shall not form part of total income in rule…

DCIT - 1(1)(2), MUMBAI vs. HOUSING DEVELOPMENT FINANCE CORPORARTION LTD., MUMBAI

In the result, appeals of both, assessee and revenue are decided \nas per the table below: \n\nSr

ITA 2861/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Jan 2025AY 2011-12

…expenditure in relation to income not forming part of the total \nincome. The sub-section provides the procedure for making the disallowance u/s \n14A \n\nc) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital \nManagement Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that \ndisallowance under section14A read with rule 8D is attracted also in cases where \nno dividend or exempt income is actually earned. Hon'ble ITAT has held that it is \nnot necessary that the investments should yield dividends in the relevant year \nwhich is in line with the words \"shall not form part of total income in…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

In the result, appeals of both, assessee and revenue are decided \nas per the table below: \n\nSr

ITA 2609/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Jan 2025AY 2011-12

…expenditure in relation to income not forming part of the total \nincome. The sub-section provides the procedure for making the disallowance u/s \n14A \n\nc) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital \nManagement Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that \ndisallowance under section14A read with rule 8D is attracted also in cases where \nno dividend or exempt income is actually earned. Hon'ble ITAT has held that it is \nnot necessary that the investments should yield dividends in the relevant year \nwhich is in line with the words "shall not form part of total income in…

DCIT 1(1)(2), MUMBAI vs. HOUSING DEVELOPMENT FINANCE CORPORATION LTD, MUMBAI

Accordingly, ground so raised for Assessment \nYear 2004-05 is dismissed as infructuous

ITA 2326/MUM/2017[2009-10]Status: DisposedITAT Mumbai28 Jan 2025AY 2009-10

…expenditure in relation to income not forming part of the total \nincome. The sub-section provides the procedure for making the disallowance u/s \n14A \n\nc) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital \nManagement Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that \ndisallowance under section14A read with rule 8D is attracted also in cases where \nno dividend or exempt income is actually earned. Hon'ble ITAT has held that it is \nnot necessary that the investments should yield dividends in the relevant year \nwhich is in line with the words \"shall not form part of total income in…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

In the result, appeals of both, assessee and revenue are decided \nas per the table below: \n\n| Sr

ITA 2093/MUM/2017[2009-10]Status: DisposedITAT Mumbai28 Jan 2025AY 2009-10

…expenditure in relation to income not forming part of the total \nincome. The sub-section provides the procedure for making the disallowance u/s \n14A \n\nc) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital \nManagement Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that \ndisallowance under section14A read with rule 8D is attracted also in cases where \nno dividend or exempt income is actually earned. Hon'ble ITAT has held that it is \nnot necessary that the investments should yield dividends in the relevant year \nwhich is in line with the words \"shall not form part of total income in…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

ITA 2868/MUM/2012[2008-09]Status: DisposedITAT Mumbai28 Jan 2025AY 2008-09

…expenditure in relation to income not forming part of the total \nincome. The sub-section provides the procedure for making the disallowance u/s \n14A \n\nc) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital \nManagement Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that \ndisallowance under section14A read with rule 8D is attracted also in cases where \nno dividend or exempt income is actually earned. Hon'ble ITAT has held that it is \nnot necessary that the investments should yield dividends in the relevant year \nwhich is in line with the words "shall not form part of total income in…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT 1(1), MUMBAI

ITA 2867/MUM/2012[2006-07]Status: DisposedITAT Mumbai28 Jan 2025AY 2006-07

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and Shri Ninad Patade, CAFor Respondent: Shri Biswanath Das, CIT DR
Section 1

…e of the expenditure in relation to income not forming part of the total income. The sub-section provides the procedure for making the disallowance u/s 14A c) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital Management Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that disallowance under section14A read with rule 8D is attracted also in cases where no dividend or exempt income is actually earned. Hon'ble ITAT has held that it is not necessary that the investments should yield dividends in the relevant year which is in line with the words "shall not form part of total income in rule 8D.…

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT 1(1), MUMBAI

ITA 2866/MUM/2012[2005-06]Status: DisposedITAT Mumbai28 Jan 2025AY 2005-06

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and
Section 1

…f the expenditure in relation to income not forming part of the total income. The sub-section provides the procedure for making the disallowance u/s 14A c) The Hon'ble ITAT Special Bench, Mumbai in the case of Daga Capital Management Pvt. Ltd. & Others in 119 TTJ 289/117 ITD 269 has held that disallowance under section14A read with rule 8D is attracted also in cases where no dividend or exempt income is actually earned. Hon'ble ITAT has held that it is not necessary that the investments should yield dividends in the relevant year which is in line with the words "shall not form part of total income in rule…

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