Joint Investments Pvt. Ltd. v. CIT

DCIT Corporate Circle 3(1), Chennai vs. Tamilnadu Power Finance & Infrastructure Development Corpn Ltd., Chennai

In the result, the appeal of the Revenue is dismissed

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./Ita No.2282/Chny/2019 धनिाजरण वर्ज /Assessment Year: 2013-14 The Deputy Commissioner Of Income M/S. Tamil Nadu Power Finance Tax & Infra Development Corporate Circle-3(1), Vs. Corporation Limited, New Block, Room No.411,4Th Floor, Tudifco – Powerfin Tower, 121, Mahatma Gandhi Road, No.490/3-4, Anna Salai, Nungambakkam, Chennai – 600 034. Nandanam, Chennai – 600 035. [Pan: Aaact 2840A] (अपीलार्थी/Appellant) (प्रत्यथी/Respondent) Ms. R. Anita, Jcit अपीलाथी की ओर से/ Appellant By : प्रत्यथी की ओर से /Respondent By : Mr. R. Vijayaraghavan, Advocate सुनवाई की तारीख/Date Of Hearing : 04.12.2019 घोर्णा की तारीख /Date Of Pronouncement : 04.12.2019 आदेश / O R D E R Per George Mathan: This Is An Appeal Filed By The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-11, Chennai In Ita No.367/2016- 17/Cit(A)-11 Dated 30.05.2019 For The Assessment Year 2013-14 Against The Reduction Of The Disallowance U/S.14A From Rs.7.39 Crores As Made By The Assessing Officer To Rs.39,70,832/- By The Learned Cit(A). :- 2 -:

…esentative that the actual exempt income earned by the assessee was only Rs.1,12,921/-. It was a submission that in view of the decision of the Hon’ble Delhi High Court in the case of Joint Investment Private Limited Vs. Commissioner of Income Tax reported in 372 ITR 694 which has also been upheld by the Hon’ble Supreme Court by dismissal of the SLP in the case of ABCAUS reported in 2639 (2018)(11) SC, the disallowance was liable to be restricted to the exempt income. It was however a submission that the assessee has not filed an appeal. 5. We have considered the rival submission and perused the materials availa…

Madras Security Printers (P) Ltd., Chennai vs. ACIT, Chennai

In the result, the assessee’s appeal is treated as partly allowed for statistical purposes

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

…4. We heard the rival submissions and find merit in the assessee’s claim that the restriction of disallowance be restricted to the extent of dividend income as held by the Hon’ble Delhi High Court in the case of M/s. Joint Investments (P.) Ltd. vs. CIT (2015) 372 ITR 694 (Delhi). Therefore, we direct the Assessing Officer to restrict the disallowance to the extent of exempt income, in accordance with the above decision. 5. In the result, the assessee’s appeal is treated as partly allowed for statistical purposes. Order pronounced in the Court on 28th November, 2019 in Chennai. (एन.आर.एस. गणेशन) ( एस जयरामन ) (N.…

Ajit Kumar Chordia, Chennai vs. ITO, Corp Ward-4(4), Chennai

In the result, the assessee’s appeal is treated as partly allowed for statistical purposes

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

…4. We heard the rival submissions and find merit in the assessee’s claim that the restriction of disallowance be restricted to the extent of dividend income as held by the Hon’ble Delhi High Court in the case of M/s. Joint Investments (P.) Ltd. vs. CIT (2015) 372 ITR 694 (Delhi). Therefore, we direct the Assessing Officer to restrict the disallowance to the extent of exempt income, in accordance with the above decision. 5. In the result, the assessee’s appeal is treated as partly allowed for statistical purposes. Order pronounced in the Court on 18th November, 2019 in Chennai. (एन.आर.एस. गणेशन) ( एस जयरामन ) (N…

Beach Mineral Company (P) Limited, Chennai vs. ACIT, Chennai

Bench: Shri George Mathan & Shri S.Jayaraman

…4A of the Act, it was submitted that the assessee has not earned any exempt income and consequently, no disallowance u/s.14A was called for in view of the decision of the Hon’ble Delhi High Court in the case of Joint Investment Pvt. Ltd., vs CIT reported in 372 ITR 694, (Delhi). In respect of the issue of suppression in the export turnover, it was submitted that the issue may be restored to the file of Assessing Officer for verification. It was a submission that if the assessee is held to be entitled to deduction u/s.10B of the Act, then the addition on account of suppression of turnover would not lead to any…

Beach Mineral Company (P) Limited, Chennai vs. ACIT, Chennai

Bench: Shri George Mathan & Shri S.Jayaraman

…4A of the Act, it was submitted that the assessee has not earned any exempt income and consequently, no disallowance u/s.14A was called for in view of the decision of the Hon’ble Delhi High Court in the case of Joint Investment Pvt. Ltd., vs CIT reported in 372 ITR 694, (Delhi). In respect of the issue of suppression in the export turnover, it was submitted that the issue may be restored to the file of Assessing Officer for verification. It was a submission that if the assessee is held to be entitled to deduction u/s.10B of the Act, then the addition on account of suppression of turnover would not lead to any…

ACIT, Chennai vs. M/S. Beach Mineral Co. Pvt. Ltd., Chennai

Bench: Shri George Mathan & Shri S.Jayaraman

…4A of the Act, it was submitted that the assessee has not earned any exempt income and consequently, no disallowance u/s.14A was called for in view of the decision of the Hon’ble Delhi High Court in the case of Joint Investment Pvt. Ltd., vs CIT reported in 372 ITR 694, (Delhi). In respect of the issue of suppression in the export turnover, it was submitted that the issue may be restored to the file of Assessing Officer for verification. It was a submission that if the assessee is held to be entitled to deduction u/s.10B of the Act, then the addition on account of suppression of turnover would not lead to any…

ACIT, Chennai vs. M/S. Beach Mineral Co. Pvt. Ltd., Chennai

Bench: Shri George Mathan & Shri S.Jayaraman

…4A of the Act, it was submitted that the assessee has not earned any exempt income and consequently, no disallowance u/s.14A was called for in view of the decision of the Hon’ble Delhi High Court in the case of Joint Investment Pvt. Ltd., vs CIT reported in 372 ITR 694, (Delhi). In respect of the issue of suppression in the export turnover, it was submitted that the issue may be restored to the file of Assessing Officer for verification. It was a submission that if the assessee is held to be entitled to deduction u/s.10B of the Act, then the addition on account of suppression of turnover would not lead to any…

M/S. Beach Mineral Company (P) Limited, Chennai vs. ACIT, Chennai

Bench: Shri George Mathan & Shri S.Jayaraman

…4A of the Act, it was submitted that the assessee has not earned any exempt income and consequently, no disallowance u/s.14A was called for in view of the decision of the Hon’ble Delhi High Court in the case of Joint Investment Pvt. Ltd., vs CIT reported in 372 ITR 694, (Delhi). In respect of the issue of suppression in the export turnover, it was submitted that the issue may be restored to the file of Assessing Officer for verification. It was a submission that if the assessee is held to be entitled to deduction u/s.10B of the Act, then the addition on account of suppression of turnover would not lead to any…