Joint Investments Pvt. Ltd. v. CIT

372 ITR 694High Court2015#63 most cited

What is Joint Investments Pvt. Ltd. v. CIT authority for?

Disallowance under section 14A of the Income Tax Act cannot exceed the actual amount of exempt income earned by the assessee. This principle also applies when computing book profits under section 115JB.

803

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2015 to 2026.

Also referred to as

Joint Investments Pvt. Ltd. v. CIT · section 14A disallowance · exempt income expenditure limit · Rule 8D · section 115JB book profit · disallowance cannot exceed exempt income · Joint Investments · Delhi High Court 2015

Sections most often in play

Section 14ASection 143(3)Section 37(1)Section 8DSection 115JBSection 143(2)Section 10AASection 10B
Read the full judgment

Issues it is cited on

disallowance under section 14adisallowance u/s 14asection 14asection 37section 10salaryprevious yearsection 80section 14companyindiatransfer

Judgments citing Joint Investments Pvt. Ltd. v. CIT

Sundaram Bnp Paribas Home Finance Limited, Chennai vs. DCIT Corporate Circle 6(2), Chennai

In the result, all these appeals filed by the assessee and

ITA 1888/CHNY/2018[2013-14]Status: DisposedITAT Chennai15 Jun 2022AY 2013-14

Bench: Shri G. Manjunatha & Shri Anikesh Banerjeeआयकर अपीलसं./I.T.A.Nos.1888/Chny/2018, 929, 2149 & 2150/Chny/2019 ("नधा"रणवष" / Assessment Years: 2013-14 To 2016-17) M/S. Sundaram Bnp Paribas Home Vs The Deputy Commissioner Of Finance Ltd., Income Tax, Sundaram Towers, 46,Whites Road Corporate Circle-6(2) Chennai-600 014. Chennai-34. Pan: Aadcs 4826J (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपीलसं./I.T.A.Nos.3219 & 1513/Chny/2018, 301, 829, 2077 & 2078/Chny/2019 ("नधा"रणवष" / Assessment Years: 2011-12, 2013-14, 2012-13, 2014-15 To 2016-17) Vs M/S. Sundaram Bnp Paribas The Assistant / Deputy Commissioner Of Income Tax, Home Finance Ltd., Corporate Circle-6(2) Sundaram Towers, Chennai-34 46,Whites Road Chennai-600 014. Pan: Aadcs 4826J (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: 26.05.2022
Section 14ASection 36(1)(v)Section 36(1)(viii)

…le 8D of I.T. Rules, 1962, but restricted disallowances computed by the Assessing Officer to the extent of exempt income earned for the relevant assessment year by following decision of the Hon’ble Delhi High Court in the case of Joint Investments Pvt. Ltd. 372 ITR 694. Aggrieved by the learned CIT(A) order, the assessee and Revenue are in appeal before us. 13. The learned A.R for the assessee submitted that the learned CIT(A) erred in restricting disallowances u/s.14A to the extent of exempt income, even though the assessee has demonstrated with necessary evidences that it does not incur any expenditure towa…

ACIT Corporate Circle 6 (2), Chennai vs. M/S Sundaram Bnp Paribas Home Finance Limited, Chennai

In the result, all these appeals filed by the assessee and

ITA 1513/CHNY/2018[2013-14]Status: DisposedITAT Chennai15 Jun 2022AY 2013-14

Bench: Shri G. Manjunatha & Shri Anikesh Banerjeeआयकर अपीलसं./I.T.A.Nos.1888/Chny/2018, 929, 2149 & 2150/Chny/2019 ("नधा"रणवष" / Assessment Years: 2013-14 To 2016-17) M/S. Sundaram Bnp Paribas Home Vs The Deputy Commissioner Of Finance Ltd., Income Tax, Sundaram Towers, 46,Whites Road Corporate Circle-6(2) Chennai-600 014. Chennai-34. Pan: Aadcs 4826J (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपीलसं./I.T.A.Nos.3219 & 1513/Chny/2018, 301, 829, 2077 & 2078/Chny/2019 ("नधा"रणवष" / Assessment Years: 2011-12, 2013-14, 2012-13, 2014-15 To 2016-17) Vs M/S. Sundaram Bnp Paribas The Assistant / Deputy Commissioner Of Income Tax, Home Finance Ltd., Corporate Circle-6(2) Sundaram Towers, Chennai-34 46,Whites Road Chennai-600 014. Pan: Aadcs 4826J (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: 26.05.2022
Section 14ASection 36(1)(v)Section 36(1)(viii)

…le 8D of I.T. Rules, 1962, but restricted disallowances computed by the Assessing Officer to the extent of exempt income earned for the relevant assessment year by following decision of the Hon’ble Delhi High Court in the case of Joint Investments Pvt. Ltd. 372 ITR 694. Aggrieved by the learned CIT(A) order, the assessee and Revenue are in appeal before us. 13. The learned A.R for the assessee submitted that the learned CIT(A) erred in restricting disallowances u/s.14A to the extent of exempt income, even though the assessee has demonstrated with necessary evidences that it does not incur any expenditure towa…

United Breweries Ltd, Bengaluru vs. Deputy Commissioner of Income Tax, Circle-7(1)(1), Bengaluru

ITA 2569/BANG/2017[2013-14]Status: DisposedITAT Bangalore01 Jun 2022AY 2013-14

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy S

For Appellant: Shri K.R. Vasudevan, AdvocateFor Respondent: Shri Sumer Singh Meena, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 92Section 92B(1)

…ettled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. In this context, the following judicial pronouncements support the stand of the assessee:- (i) Joint Investments Pvt. Ltd. v. CIT (59 Taxmann.com 295) – it was held that disallowance u/s 14A of the Act is to be restricted to the tax exempt income. (ii) Daga Global Chemicals Pvt. Ltd. v. ACIT [2015-ITRV- ITAT-MUM-123) – has held that disallowance u/s 14A r.w. Rule 8D cannot exceed the exempt income. (iii) M/s.Pinnacle Brocom Pvt. Ltd. v. ACIT (ITA No.6247/M/2012) – has held that disallow…

Gmr Highways Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle- 3(1)(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 495/BANG/2020[2016-17]Status: DisposedITAT Bangalore25 May 2022AY 2016-17

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…ettled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. In this context, the following judicial pronouncements support the stand of the assessee:- (i) Joint Investments Pvt. Ltd. v. CIT (59 Taxmann.com 295) – it was held that disallowance u/s 14A of the Act is to be restricted to the tax exempt income. (ii) Daga Global Chemicals Pvt. Ltd. v. ACIT [2015- ITRV-ITAT-MUM-123) – has held that disallowance u/s 14A r.w.Rule 8D cannot exceed the exempt income. (iii) M/s.Pinnacle Brocom Pvt. Ltd. v.ACIT (ITA No.6247/M/2012) – has held that disallowan…

Gmr Highways Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle 3(1)(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1643/BANG/2019[2015-16]Status: DisposedITAT Bangalore25 May 2022AY 2015-16

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…ettled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. In this context, the following judicial pronouncements support the stand of the assessee:- (i) Joint Investments Pvt. Ltd. v. CIT (59 Taxmann.com 295) – it was held that disallowance u/s 14A of the Act is to be restricted to the tax exempt income. (ii) Daga Global Chemicals Pvt. Ltd. v. ACIT [2015- ITRV-ITAT-MUM-123) – has held that disallowance u/s 14A r.w.Rule 8D cannot exceed the exempt income. (iii) M/s.Pinnacle Brocom Pvt. Ltd. v.ACIT (ITA No.6247/M/2012) – has held that disallowan…

Assistant Commissioner of Income Tax, Central Circle-2(2), Bengaluru vs. M/S. Gmr Infrastructure Limited, Bengaluru

In the result, Ground no. 1 raised for A

ITA 1744/BANG/2017[2013-14]Status: DisposedITAT Bangalore25 May 2022AY 2013-14

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…ettled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. In this context, the following judicial pronouncements support the stand of the assessee:- (i) Joint Investments Pvt. Ltd. v. CIT (59 Taxmann.com 295) – it was held that disallowance u/s 14A of the Act is to be restricted to the tax exempt income. (ii) Daga Global Chemicals Pvt. Ltd. v. ACIT [2015- ITRV-ITAT-MUM-123) – has held that disallowance u/s 14A r.w.Rule 8D cannot exceed the exempt income. (iii) M/s.Pinnacle Brocom Pvt. Ltd. v.ACIT (ITA No.6247/M/2012) – has held that disallowan…

Assistant Commissioner of Income Tax, Central Circle-2(2), Bangalore vs. M/S. Gmr Infrastructure Limited, Bengaluru

In the result, Ground no. 1 raised for A

ITA 1743/BANG/2017[2012-13]Status: DisposedITAT Bangalore25 May 2022AY 2012-13

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…ettled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. In this context, the following judicial pronouncements support the stand of the assessee:- (i) Joint Investments Pvt. Ltd. v. CIT (59 Taxmann.com 295) – it was held that disallowance u/s 14A of the Act is to be restricted to the tax exempt income. (ii) Daga Global Chemicals Pvt. Ltd. v. ACIT [2015- ITRV-ITAT-MUM-123) – has held that disallowance u/s 14A r.w.Rule 8D cannot exceed the exempt income. (iii) M/s.Pinnacle Brocom Pvt. Ltd. v.ACIT (ITA No.6247/M/2012) – has held that disallowan…

Assistant Commissioner of Income Tax, Central Circle-2(2), Bengaluru vs. M/S. Gmr Infrastructure Limited, Bengaluru

In the result, Ground no. 1 raised for A

ITA 1742/BANG/2017[2011-12]Status: DisposedITAT Bangalore25 May 2022AY 2011-12

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…ettled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. In this context, the following judicial pronouncements support the stand of the assessee:- (i) Joint Investments Pvt. Ltd. v. CIT (59 Taxmann.com 295) – it was held that disallowance u/s 14A of the Act is to be restricted to the tax exempt income. (ii) Daga Global Chemicals Pvt. Ltd. v. ACIT [2015- ITRV-ITAT-MUM-123) – has held that disallowance u/s 14A r.w.Rule 8D cannot exceed the exempt income. (iii) M/s.Pinnacle Brocom Pvt. Ltd. v.ACIT (ITA No.6247/M/2012) – has held that disallowan…

Assistant Commissioner of Income Tax Central Circle-2(2), Bangalore vs. M/S Gmr Infrastructure Ltd, Bangalore

In the result, Ground no. 1 raised for A

ITA 1741/BANG/2017[2010-11]Status: DisposedITAT Bangalore25 May 2022AY 2010-11

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…ettled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. In this context, the following judicial pronouncements support the stand of the assessee:- (i) Joint Investments Pvt. Ltd. v. CIT (59 Taxmann.com 295) – it was held that disallowance u/s 14A of the Act is to be restricted to the tax exempt income. (ii) Daga Global Chemicals Pvt. Ltd. v. ACIT [2015- ITRV-ITAT-MUM-123) – has held that disallowance u/s 14A r.w.Rule 8D cannot exceed the exempt income. (iii) M/s.Pinnacle Brocom Pvt. Ltd. v.ACIT (ITA No.6247/M/2012) – has held that disallowan…

Gmr Infrastructure Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1705/BANG/2017[2010-11]Status: DisposedITAT Bangalore25 May 2022AY 2010-11

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…ettled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. In this context, the following judicial pronouncements support the stand of the assessee:- (i) Joint Investments Pvt. Ltd. v. CIT (59 Taxmann.com 295) – it was held that disallowance u/s 14A of the Act is to be restricted to the tax exempt income. (ii) Daga Global Chemicals Pvt. Ltd. v. ACIT [2015- ITRV-ITAT-MUM-123) – has held that disallowance u/s 14A r.w.Rule 8D cannot exceed the exempt income. (iii) M/s.Pinnacle Brocom Pvt. Ltd. v.ACIT (ITA No.6247/M/2012) – has held that disallowan…

Gmr Infrastructure Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1622/BANG/2017[2011-12]Status: DisposedITAT Bangalore25 May 2022AY 2011-12

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…ettled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. In this context, the following judicial pronouncements support the stand of the assessee:- (i) Joint Investments Pvt. Ltd. v. CIT (59 Taxmann.com 295) – it was held that disallowance u/s 14A of the Act is to be restricted to the tax exempt income. (ii) Daga Global Chemicals Pvt. Ltd. v. ACIT [2015- ITRV-ITAT-MUM-123) – has held that disallowance u/s 14A r.w.Rule 8D cannot exceed the exempt income. (iii) M/s.Pinnacle Brocom Pvt. Ltd. v.ACIT (ITA No.6247/M/2012) – has held that disallowan…

Gmr Infrastructure Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1600/BANG/2017[2013-14]Status: DisposedITAT Bangalore25 May 2022AY 2013-14

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…ettled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. In this context, the following judicial pronouncements support the stand of the assessee:- (i) Joint Investments Pvt. Ltd. v. CIT (59 Taxmann.com 295) – it was held that disallowance u/s 14A of the Act is to be restricted to the tax exempt income. (ii) Daga Global Chemicals Pvt. Ltd. v. ACIT [2015- ITRV-ITAT-MUM-123) – has held that disallowance u/s 14A r.w.Rule 8D cannot exceed the exempt income. (iii) M/s.Pinnacle Brocom Pvt. Ltd. v.ACIT (ITA No.6247/M/2012) – has held that disallowan…

Gmr Infrastructure Limited, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

In the result, Ground no. 1 raised for A

ITA 1599/BANG/2017[2012-13]Status: DisposedITAT Bangalore25 May 2022AY 2012-13

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Yogesh A Thar, CA
Section 14ASection 201Section 234B

…ettled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. In this context, the following judicial pronouncements support the stand of the assessee:- (i) Joint Investments Pvt. Ltd. v. CIT (59 Taxmann.com 295) – it was held that disallowance u/s 14A of the Act is to be restricted to the tax exempt income. (ii) Daga Global Chemicals Pvt. Ltd. v. ACIT [2015- ITRV-ITAT-MUM-123) – has held that disallowance u/s 14A r.w.Rule 8D cannot exceed the exempt income. (iii) M/s.Pinnacle Brocom Pvt. Ltd. v.ACIT (ITA No.6247/M/2012) – has held that disallowan…

Addl. CIT, Special Range- 9, New Delhi vs. Tulip Telecom Ltd., New Delhi

In the result, appeal of the Revenue is dismissed

ITA 4834/DEL/2017[2012-13]Status: DisposedITAT Delhi11 May 2022AY 2012-13

Bench: Sh. Anil Chaturvedi & Sh. Yogesh Kumar Usacit, Vs. Tulip Telecom Ltd. Special Range – 9, C-160, Okhla Industrial New Delhi Area, Phase-I, New Delhi-110 029 Pan No. Aaact 2717 J (Appellant) (Respondent)

Section 143(3)Section 14A

…(A) while deleting the addition has given a finding that no dividend income, which is exempt from tax, was received by assessee during the year. He thereafter following the decision of Hon’ble Delhi High Court in the case of Joint Investment Pvt. Ltd. vs. CIT 372 ITR 694 and CIT vs. Holcim India Pvt. Ltd. 272 ITR 386 (Delhi), held that Section 14A of the Act cannot be invoked where no dividend income has been received by the assessee. Before us, no fallacy in the findings of CIT(A) has been pointed out by Revenue nor Revenue has placed any contrary binding decision in its support. In such a situation, we find no…

The DCIT, Gandhinagar Circle, Gandhinagar vs. M/S. Gujarat State Petronet Ltd., Gandhinagar

In the result appeal of the Revenue is partly allowed for the statistical purposes

ITA 273/AHD/2020[2015-16]Status: DisposedITAT Ahmedabad29 Apr 2022AY 2015-16

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita Nos. 272-273/Ahd/2020 िनधा"रण वष"/Asstt. Years: 2014-2015 & 2015-16 D.C.I.T, M/S. Gujarat State Petronet Ltd., Gnr Circle. Vs. Plot No.E-18, Jamnagar Gidc Electronics Estate, Sector-26, Gandhinagar.

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Mohd. Usman, CIT. D.R with Smt. Neeju Gupta, Sr.D.R
Section 14A

…llowance of expenditure under section 14A of the Act read with Rule 8D to Rs. 1,02,82,049/-. The Tribunal, while restricting the disallowance to Rs. 55,604/-, relied on the decision of Delhi High Court in case of Joint Investments (P.) Ltd. v. CIT reported in 372 ITR 694 holding that disallowance of expenditure in terms of section 14A read with Rule 8D cannot exceed the exempt income itself. Our High Court has also adopted the similar view in case of Commissioner of Income Tax v. Corrtech Energy Pvt Ltd. reported in 372 ITR 97. 13.5 In view of the above, and after considering the facts in totality we hold that th…

The DCIT, Gandhinagar Circle, Gandhinagar vs. M/S. Gujarat State Petronet Ltd., Gandhinagar

In the result appeal of the Revenue is partly allowed for the statistical purposes

ITA 272/AHD/2020[2014-15]Status: DisposedITAT Ahmedabad29 Apr 2022AY 2014-15

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita Nos. 272-273/Ahd/2020 िनधा"रण वष"/Asstt. Years: 2014-2015 & 2015-16 D.C.I.T, M/S. Gujarat State Petronet Ltd., Gnr Circle. Vs. Plot No.E-18, Jamnagar Gidc Electronics Estate, Sector-26, Gandhinagar.

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Mohd. Usman, CIT. D.R with Smt. Neeju Gupta, Sr.D.R
Section 14A

…llowance of expenditure under section 14A of the Act read with Rule 8D to Rs. 1,02,82,049/-. The Tribunal, while restricting the disallowance to Rs. 55,604/-, relied on the decision of Delhi High Court in case of Joint Investments (P.) Ltd. v. CIT reported in 372 ITR 694 holding that disallowance of expenditure in terms of section 14A read with Rule 8D cannot exceed the exempt income itself. Our High Court has also adopted the similar view in case of Commissioner of Income Tax v. Corrtech Energy Pvt Ltd. reported in 372 ITR 97. 13.5 In view of the above, and after considering the facts in totality we hold that th…

DCIT, New Delhi vs. M/S. Genesis Colors Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 3731/DEL/2017[2011-12]Status: DisposedITAT Delhi29 Apr 2022AY 2011-12

Bench: Shri G.S.Pannu & Shri Kul Bharat

Section 143(3)Section 14ASection 36(1)(iii)Section 40A(3)Section 40aSection 80G

…the Act, is highly unjustified and arbitrary. 10. On the contrary, Ld. Sr.DR opposed the submissions and submitted that the decision of the Ld.CIT(A) in consonance with the decision of the Hon’ble Delhi High Court in case of Joint Investment Pvt. Ltd. Vs. CIT 372 ITR 694 (Del.). 11. We have heard the rival submissions and perused the material available on record and gone through the orders of the authorities below. We find that the Ld.CIT(A) had decided this issue by observing as under:- “That the disallowance made by the AO can be maximum to the extent of dividend income earned i.e. Rs. 21,630/-, For this the…

M/S Genesis Color Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 3472/DEL/2017[2011-12]Status: DisposedITAT Delhi29 Apr 2022AY 2011-12

Bench: Shri G.S.Pannu & Shri Kul Bharat

Section 143(3)Section 14ASection 36(1)(iii)Section 40A(3)Section 40aSection 80G

…the Act, is highly unjustified and arbitrary. 10. On the contrary, Ld. Sr.DR opposed the submissions and submitted that the decision of the Ld.CIT(A) in consonance with the decision of the Hon’ble Delhi High Court in case of Joint Investment Pvt. Ltd. Vs. CIT 372 ITR 694 (Del.). 11. We have heard the rival submissions and perused the material available on record and gone through the orders of the authorities below. We find that the Ld.CIT(A) had decided this issue by observing as under:- “That the disallowance made by the AO can be maximum to the extent of dividend income earned i.e. Rs. 21,630/-, For this the…

M/S Genesis Color Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 3471/DEL/2017[2010-11]Status: DisposedITAT Delhi29 Apr 2022AY 2010-11

Bench: Shri G.S.Pannu & Shri Kul Bharat

Section 143(3)Section 14ASection 36(1)(iii)Section 40A(3)Section 40aSection 80G

…the Act, is highly unjustified and arbitrary. 10. On the contrary, Ld. Sr.DR opposed the submissions and submitted that the decision of the Ld.CIT(A) in consonance with the decision of the Hon’ble Delhi High Court in case of Joint Investment Pvt. Ltd. Vs. CIT 372 ITR 694 (Del.). 11. We have heard the rival submissions and perused the material available on record and gone through the orders of the authorities below. We find that the Ld.CIT(A) had decided this issue by observing as under:- “That the disallowance made by the AO can be maximum to the extent of dividend income earned i.e. Rs. 21,630/-, For this the…

DCIT, Chennai vs. Aban Investments P Ltd., Chennai

In the result, all the appeals filed by the Revenue are dismissed

ITA 935/CHNY/2017[2012-13]Status: DisposedITAT Chennai31 Mar 2022AY 2012-13

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.933, 934 & 935/Chny/2017 िनधा"रण वष"/Assessment Years: 2010-11, 2011-12 & 2012-13 The Deputy Commissioner Of Vs. M/S. Aban Investments P. Ltd., Income Tax, Corporate Circle 1(1), 113, Janpriya Crest, Pantheon Road, Chennai – 600 034. Chennai 600 008. [Pan: Aaaca2926J] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By Shri Clement Ramesh Kumar, Cit & : Shri P. Sajit Kumar, Jcit ""थ" की ओर से/Respondent By Shri R. Vijayaraghavan, Advocate : सुनवाई की तारीख/ Date Of Hearing 03.02.2022 : घोषणा की तारीख /Date Of Pronouncement : 31.03.2022 आदेश /O R D E R Per V. Durga Rao: These Three Appeals Filed By The Revenue Are Directed Against Different Orders Of The Ld. Commissioner Of Income Tax (Appeals) 1, Chennai, All Dated 30.01.2017 Relevant To The Assessment Years 2010- 11, 2011-12 & 2012-13. 2. The First Common Ground Raised In All The Appeals Of The Revenue Relates To Restriction Of Disallowance Made Under Section 14A R.W.S. Rule 8D.

Section 14ASection 57

…of the Act, the ld. CIT(A) has rightly restricted the disallowance to the extent of exempt income earned by the assessee in view of the decision of the Hon’ble Delhi 3 I.T.A. Nos.933 to 935/Chny/17 High Court in the case of Joint Investments P. Ltd. v. CIT 372 ITR 694. We find no infirmity in the order of the ld. CIT(A) and accordingly, the ground raised by the Revenue is dismissed for both the assessment years. 2.4 In the assessment year 2012-13 also against the disallowance under section 14A r.w. Rule 8D of ₹.3,21,97,329/-, the ld. CIT(A) has observed that the disallowance in this case has to be restricted…