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 366,470 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

Miranda Tools Private Limited, Mumbai vs. DCIT-7(3)(2), Mumbai

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

ITA 1599/MUM/2023[2014-15]Status: DisposedITAT Mumbai13 Sept 2024AY 2014-15

Bench: Shri Om Prakash Kant & Shri Sunil Kumar Singh

For Appellant: Shri Anuj KisnadwalaFor Respondent: Smt. Mahita Nair, Sr.DR
Section 14Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D”, MUMBAI BEFORE SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER AND SHRI SUNIL KUMAR SINGH, JUDICIAL MEMBER ITA No. A.Y. Appellant Respondent Deputy Miranda Tools Private Commissioner of 1598/Mum/2023 2013-14 Limited, Income Tax, 005, Peninsula Tower, -7(3)(2), Peninsula Corporate Aayakar Bhavan, Park, M.K. Road, Ganpatrao Kadam Mumbai Marg, 1599/Mum/2023 2014-15 Lower Parel, Mumbai PAN: AAACP7200N For Assessee : Shri Anuj Kisnadwala, For Revenue : Smt. Mahita Nair, Sr.DR Date of Hearing : 06-08-2024 Date of Pronouncement : 13-09-2024 O R D E R PER OM PRAKASH KAN…

Miranda Tools Private Limited, Mumbai vs. DCIT RG 7(3)(2), Mumbai

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

ITA 1598/MUM/2023[2013-14]Status: DisposedITAT Mumbai13 Sept 2024AY 2013-14

Bench: Shri Om Prakash Kant & Shri Sunil Kumar Singh

For Appellant: Shri Anuj KisnadwalaFor Respondent: Smt. Mahita Nair, Sr.DR
Section 14Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D”, MUMBAI BEFORE SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER AND SHRI SUNIL KUMAR SINGH, JUDICIAL MEMBER ITA No. A.Y. Appellant Respondent Deputy Miranda Tools Private Commissioner of 1598/Mum/2023 2013-14 Limited, Income Tax, 005, Peninsula Tower, -7(3)(2), Peninsula Corporate Aayakar Bhavan, Park, M.K. Road, Ganpatrao Kadam Mumbai Marg, 1599/Mum/2023 2014-15 Lower Parel, Mumbai PAN: AAACP7200N For Assessee : Shri Anuj Kisnadwala, For Revenue : Smt. Mahita Nair, Sr.DR Date of Hearing : 06-08-2024 Date of Pronouncement : 13-09-2024 O R D E R PER OM PRAKASH KAN…

DCIT, New Delhi vs. M/S. M2K Entertainment Pvt. Ltd., New Delhi

In the result, Revenue’s appeal is partly allowed

ITA 6725/DEL/2016[2012-13]Status: DisposedITAT Delhi14 Aug 2024AY 2012-13

Bench: Shri Kul Bharat & Shri Brajesh Kumar Singhasstt. Yr: 2012-13

Section 143(3)Section 14ASection 2(24)(x)Section 24Section 36(1)(va)Section 43B

…of exempt income. 11. Learned DR supported the assessment order. 12. On the other hand learned counsel for the assessee submitted that the issue is no more res-integra. The Hon’ble Delhi High Court in the case of Joint Investment Pvt. Ltd. vs. CIT (2015) 372 ITR 694 (Del.), has categorically held that disallowance of expenditure u/s 14A of the Act is restricted only in relation to tax exempt income. 13. We have heard rival submissions and perused the record. We find that the learned CIT(A) in restricting the disallowance has followed the judgment of the Hon’ble Jurisdictional High Court rendered in the cas…

M/S. Plaza Agencies Pvt Ltd., Bengaluru vs. Deputy Commissioner of Income Tax, Circle-3(1)(1), Bengaluru

In the result, the appeal of the assessee is partly allowed

ITA 527/BANG/2024[2018-19]Status: DisposedITAT Bangalore05 Jul 2024AY 2018-19

Bench: Shri Chandra Poojari & Shri Keshav Dubeyassessment Year : 2018-19

For Appellant: Ms. Sunaina Bhatia, AdvocateFor Respondent: Shri V. Parithivel, JCIT-DR
Section 143(3)Section 14ASection 250

…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:- Page 10 of 13 (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 disallowa…

Deputy Commissioner of Income Tax, Circle 8, Pune vs. Mahale Holding (India) Pvt. Ltd, Pune

Appeal is dismissed in above terms

ITA 840/PUN/2023[2018-19]Status: DisposedITAT Pune14 May 2024AY 2018-19

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Appellant: Shri Darpan KirpalaniFor Respondent: Shri Ramnath P. Murkunde
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE [THROUGH HYBRID HEARING] BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER I.T.A.No.840/PUN./2023 Assessment Year 2018-2019 The DCIT, Circle-8, M/s. Mahale Holding (India) Pratyakshakar Bhavan, Pvt. Ltd., S.No.4270, 2nd vs. Near Akurdi Railway Floor, One Elpro Park, Station, Dr. Ambedkar Chinchwadgaon, PUNE. Road, Akurdi, Pune. Maharashtra. PIN – 411 044. PIN – 411 033. Maharashtra. PAN AAGCM2208M (Appellant) (Respondent) For Revenue : Shri Ramnath P. Murkunde For Assessee : Shri Darpan Kirpalani Date of Hear…

Assistant Commissioner of Income Tax, Mumbai vs. Essar Ports Ltd., Mumbai

In the result, appeal of the Revenue is dismissed

ITA 406/MUM/2024[2015-16]Status: DisposedITAT Mumbai09 May 2024AY 2015-16

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

Section 115JSection 143(3)Section 144C(1)Section 14ASection 4A

…her the disallowance under Sec. 14A cannot exceed the amount of exempt income earned by the assessee during the year, we find, that the said issue is squarely covered by the judgment of the Hon'ble High Court of Delhi in the case of Jeint Investments Vs. CIT (372 ITR 694) (Del). Also, a similar view had been taken by the Hon'ble High Court of Punjab & Haryana in Pr. CIT Vs. State Bank of Patiala (2017) 393 ITR 476 (P & H). The 'Special Leave Petition (for short 'SLP) filed by the revenue against the aforesaid the order of the Hon'ble High Court of Punjab and Haryana had been dismissed by the Hon'ble Supreme Court…

DCIT, Circle- 27(1), New Delhi vs. Ufo Moviez India Ltd., New Delhi

In the result, appeal of the assessee is allowed and appeal of

ITA 5825/DEL/2018[2015-16]Status: DisposedITAT Delhi30 Apr 2024AY 2015-16

Bench: Shrichalla Nagendra Prasad & Dr. Brr Kumarआ.अ.सं/.I.T.A Nos.5635/Del/2018 िनधा"रणवष"/Assessment Year: 2015-16 बनाम Ufo Moviez India Ltd., Dcit Valuable Techno Park, Plot No.53/1, Vs. Circle-27(2), Road No.7, Marol Midc, Andheri (East) C.R. Building, Mumbai, Maharashtra. New Delhi. Pan No.Aabcv8900E अपीलाथ" Appellant ""यथ"/Respondent & आ.अ.सं/.I.T.A Nos.5825/Del/2018 िनधा"रणवष"/Assessment Year: 2015-16 बनाम Dcit Ufo Moviez India Ltd., Circle-27(1), Vs. Valuable Techno Park, Plot No.53/1, C.R. Building, Road No.7, Marol Midc, Andheri (East) New Delhi. Mumbai, Maharashtra. Pan No.Aabcv8900E अपीलाथ" Appellant ""यथ"/Respondent

Section 14ASection 14A(2)

…the appellant in its return of income for the previous year relevant to the AY 2014-15, This issue I.T.A.Nos.5635 & 5825/Del/2018 has been dealt with by the Hon'ble jurisdictional High Court in judgment cited as Joint Investments Pvt. Ltd. vs. CIT - (2015) 372 ITR 694 (Del.) as under: "........Disallowance under Section 14A read with Rule 80 volunteered Rs.2,97,440/- as attributable under Section 14A for the purpose of disallowance - AO on the basis of his own understanding of Rule 8D of the Income Tax Rules disallowed the sum of Rs.52,56,197/- Held that:- In the present case, the AO has not firstly disclosed…

Ufo Moviez India Ltd., New Delhi vs. DCIT, Circle- 27(2), New Delhi

In the result, appeal of the assessee is allowed and appeal of

ITA 5635/DEL/2018[2015-16]Status: DisposedITAT Delhi30 Apr 2024AY 2015-16

Bench: Shrichalla Nagendra Prasad & Dr. Brr Kumarआ.अ.सं/.I.T.A Nos.5635/Del/2018 िनधा"रणवष"/Assessment Year: 2015-16 बनाम Ufo Moviez India Ltd., Dcit Valuable Techno Park, Plot No.53/1, Vs. Circle-27(2), Road No.7, Marol Midc, Andheri (East) C.R. Building, Mumbai, Maharashtra. New Delhi. Pan No.Aabcv8900E अपीलाथ" Appellant ""यथ"/Respondent & आ.अ.सं/.I.T.A Nos.5825/Del/2018 िनधा"रणवष"/Assessment Year: 2015-16 बनाम Dcit Ufo Moviez India Ltd., Circle-27(1), Vs. Valuable Techno Park, Plot No.53/1, C.R. Building, Road No.7, Marol Midc, Andheri (East) New Delhi. Mumbai, Maharashtra. Pan No.Aabcv8900E अपीलाथ" Appellant ""यथ"/Respondent

Section 14ASection 14A(2)

…the appellant in its return of income for the previous year relevant to the AY 2014-15, This issue I.T.A.Nos.5635 & 5825/Del/2018 has been dealt with by the Hon'ble jurisdictional High Court in judgment cited as Joint Investments Pvt. Ltd. vs. CIT - (2015) 372 ITR 694 (Del.) as under: "........Disallowance under Section 14A read with Rule 80 volunteered Rs.2,97,440/- as attributable under Section 14A for the purpose of disallowance - AO on the basis of his own understanding of Rule 8D of the Income Tax Rules disallowed the sum of Rs.52,56,197/- Held that:- In the present case, the AO has not firstly disclosed…

DCIT, Central Circle-30, New Delhi vs. Krishak Bharati Cooperative Limited, New Delhi

In the result, appeal of the Revenue is dismissed

ITA 2067/DEL/2023[2021-22]Status: DisposedITAT Delhi25 Apr 2024AY 2021-22

Bench: Shri Pradip Kumar Kedia & Shri Sudhir Pareek

For Appellant: Shri KVSR Krishna, C.AFor Respondent: Mr. Waseem Arshad, CIT (DR)
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C” DELHI BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI SUDHIR PAREEK, JUDICIAL MEMBER I.T.A. No.2067/DEL/2023 Assessment Year 2021-22 DCIT Krishak Bharati Cooperative Ltd. Central Circle – 30 Vs. A-60, Kailash Colony New Delhi New Delhi TAN/PAN: AAAAK 0203 G (Appellant) (Respondent) Appellant by: Shri KVSR Krishna, C.A. Respondent by: Mr. Waseem Arshad, CIT (DR) Date of hearing: 16 04 2024 Date of pronouncement: 25 04 2024 O R D E R PER PRADIP KUMAR KEDIA-AM: The captioned appeal filed by the Revenue against the order of the Commissioner of Income Ta…

Ajay Alloys (P) Ltd., New Delhi vs. DCIT, Circle- 2(1), New Delhi

In the result, appeal of the assessee is partly allowed as

ITA 5174/DEL/2018[2013-14]Status: DisposedITAT Delhi09 Apr 2024AY 2013-14

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A No.5174/Del/2018 िनधा"रणवष"/Assessment Year:2013-14 बनाम Ajay Alloy(S) (P) Ltd., Dcit C/O Babubhai & Co., 152, Vs. Circle-2(1), Office Complex, New Delhi. Jhandewalan Extn., Phase-1, New Delhi. Pan No.Aaeca9815E अपीलाथ" Appellant ""यथ"/Respondent

Section 143(3)Section 14ASection 194ASection 234ASection 40

…curred for earning dividend income of Rs.930/-. Ld. Counsel submits that the Ld.CIT(A) sustained the disallowance. The Ld. Counsel placing reliance on the decision of the Hon’ble Jurisdictional High Court in the case of Joint Investments Pvt. Ltd. Vs. CIT [372 ITR 694] submits that disallowance u/s 14A read with Rule 8D cannot exceed exempt income. 4. On the other hand, the Ld. DR submits that an amendment was made by the Finance Act, 2022 to section 14A by inserting a non obstantive clause and an Explanation was inserted clarifying that even the assessee did not earn any exempt income the provisions of se…

Mansarover Tradex Limited, New Delhi vs. ITO, Ward-16(3), New Delhi

In the result, the appeal of the assessee is allowed

ITA 1654/DEL/2021[2017-18]Status: DisposedITAT Delhi11 Mar 2024AY 2017-18

Bench: Shri M. Balaganesh & Shri Yogesh Kumar Usmansarover Tradex Ltd, Vs. Ito, 28, Najafgarh Road, Ward-16(3), New Delhi New Delhi (Appellant) (Respondent) Pan: Aaacm0211C Assessee By : Shri Rohit Jain, Adv Ms. Tejasvi Jain, Ca Revenue By: Shri Kanv Bali, Sr. Dr Date Of Hearing 12/12/2023 Date Of Pronouncement 11/03/2024

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Kanv Bali, Sr. DR
Section 143(3)Section 14A

…5/-. The law is precisely settled that the disallowance u/s 14A of the Act cannot exceed the exempt income. Reliance in this regard is placed on the decision of the Hon‟ble Jurisdictional High Court in the case of Joint Investment Pvt. Ltd Vs. CIT reported in 372 ITR 694. However, the assessee itself had disallowed a sum of R. 5,78,343/- u/s 14A of the Act in the return of income. Hence, the assessee itself had already made excess disallowance Mansarover Tradex Ltd u/s 14A of the Act and accordingly, no further disallowance need to be made thereon. Accordingly, the entire disallowance u/s 14A of the Act would be…

Ufo Moviez India Ltd., Mumbai vs. Addl.CIT-27, New Delhi

In the result, the appeal of the assessee is allowed

ITA 1730/DEL/2018[2014-15]Status: DisposedITAT Delhi20 Feb 2024AY 2014-15

Bench: Shri Kul Bharat & Shri Pradip Kumar Kedia[Assessment Year : 2014-15] Ufo Moviez India Limited, Vs Addl.Cit-27, Office No.12, 3Rd Floor, C. R. Building, Valuable Techno Park, Plot New Delhi. No.53/1, Road No.07, Marol Midc, Andheri (East), Mumbai-4000093. Pan-Aabcv8900E Appellant Respondent Appellant By Shri Vishal Kalra, Adv. & Shri Ankit Sahni, Adv. Respondent By Shri Vivek Kumar Upadhyay, Sr. Dr Date Of Hearing 17.01.2024 Date Of Pronouncement 20.02.2024 Order Per Kul Bharat, Jm By Way Of This Present Appeal, The Assessee Has Challenged The Correctness Of The Order Passed By Ld. Cit(A)-9, New Delhi Dated 11.12.2017 For The Assessment Year (“Ay”) 2014-15. The Assessee Has Raised Following Grounds Of Appeal:-

Section 115JSection 143(2)Section 14A

…pt income claimed by the appellant in 5 | P a g e its return of income for the previous year relevant to the AY 2014-15. This issue has been dealt with by the Hon'ble jurisdictional High Court in judgment cited as Joint Investments Pvt. Ltd. vs. CIT - (2015) 372 ITR 694 (Del.) as under: "........Disallowance under Section 14A read with Rule 80 volunteered Rs.2,97,440/- as attributable under Section 14A for the purpose of disallowance - AO on the basis of his own understanding of Rule 8D of the Income Tax Rules disallowed the sum of Rs. 52,56, 197/- Held that:- In the present case, the AO has not firstly disclose…

Bhartiya International Ltd, New Delhi vs. DCIT, Circle-4(2), New Delhi

In the result, the appeal of the assessee is partly allowed

ITA 2110/DEL/2022[2018-19]Status: DisposedITAT Delhi16 Feb 2024AY 2018-19

Bench: Shri Challa Nagendra Prasad & Shri Pradip Kumar Kedia

For Appellant: Shri Amit Goel, Chartered AccountantFor Respondent: Shri Rajesh Kumar, CIT-DR
Section 143(3)Section 144C(13)Section 14ASection 156Section 195Section 40

…110/Del/2022 5 Income Tax Rules, 1963. 11.2 In the light of the submissions made on behalf of the assessee, no further disallowance under Section 14A is called for in the light of the judgment rendered in the case of Joint Investments P. Ltd. Vs. CIT, (2015) 372 ITR 694 (Del) and Pr.CIT vs. Caraf Builders and Constructions P. Ltd. (2019) 414 ITR 122 (Del) (SLP dismissed by SC). It is well settled law that disallowance under Section 14A can be made only in respect of those investments which have yielded tax free income during the year as held in Caraf Builders (supra) and ACB India Ltd. vs. ACIT (2015) 374 ITR 10…

Dalmia (Bros) Pvt. Ltd., New Delhi vs. ITO, Ward-7(2), New Delhi

In the result, the Appeal filed by the assessee is dismissed

ITA 380/DEL/2019[2014-15]Status: DisposedITAT Delhi09 Feb 2024AY 2014-15

Bench: Her As Additional Ground Of Appeal Reading As Under :-

Section 143(3)Section 14ASection 154

…Tax Act, 1961 is called for in view of the following amongst other decisions:- (1) CIT vs. Corrtech Energy Pvt.Ltd. (2015) 372 ITR 97 (Guj) (ii) CIT vs. Winsome Textile Industries Ltd. (2015) 319 ITR 204 (P&H) (iii) Joint Investments Pvt.Ltd. vs. CIT(2015) 372 ITR 694 (Delhi) (iv) CIT vs. Lakhani Marketing Incl. (2014) 272 CTR (P&H) 265 (v) CIT vs. Torrent Power Ltd. (2014) 272 CTR (Guj) 270 (vi) CIT vs. Shivam Motors Pvt.Ltd. (2014) CTR (All) 277 (vii) CIT vs. Holcim India (P) Ltd. (2014) 272 CTR (Del) 282 Page 13 of 20 Dalmia (Bros.) Pvt. Ltd. (viii) ACIT vs. M. Baskaran (2015) 152 ITD 844. (ix) Qualit…

M/S Dharani Developers Private Limited, Alwarpet, Chennai vs. ACIT, Company Circle 1(4), Nungambakkam Chennai

ITA 401/CHNY/2023[2017-18]Status: DisposedITAT Chennai18 Jan 2024AY 2017-18

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. Nos.397, 398, 399, 400 & 401/Chny/2023 Assessment Years: 2008-09, 2012-13, 2013-14, 2016-17 & 2017-18 M/S. Dharani Developers Private Vs. The Asst/Deputy Commissioner Of Limited, No. 1, Venus Colony Ii Street, Income Tax, Corporate Circle 1(1), Alwarpet, Chennai 600 018. 121, Mahatma Gandhi Road, [Pan:Aabcd6222D] Nungambakkam, Chennai 600 034. (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri K. Ramakrishnan, Ca ""थ" की ओर से/Respondent By : Shri D. Hema Bhupal, Jcit सुनवाई की तारीख/ Date Of Hearing : 09.01.2024 घोषणा की तारीख /Date Of Pronouncement : 18.01.2024 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against Separate Orders Of The Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre [Nfac], Delhi, All Dated 31.01.2023 Relevant To The Assessment Years 2008-09, 2012-13, 2013-14, 2016-17 & 2017-18. 2. Brief Facts Of The Case Are That The Assessee Is Engaged In The Business Of Property Development & Filed Its Return Of Income For The Assessment Years Under Appeal. The First Ground Raised By The Assessee

For Appellant: Shri K. Ramakrishnan, CAFor Respondent: Shri D. Hema Bhupal, JCIT

…wance under section 14A of the Act to the extent of exempt income earned during the previous year relevant to the assessment year 2015-16.” 6.2 By referring to various case law including the decision in the case of Joint Investments Private Ltd. v. CIT [2015] 372 ITR 694 (Delhi), the decision in the case of Maxopp Investment Ltd. v. CIT [2018] 402 ITR 640 (SC), the Hon’ble Madras High Court has held that the disallowance under section 14A of the Act should be restricted to the extent of exempt income earned during the previous year. Respectfully following the judgement of the Hon’ble Madras High Court in the case…

M/S Dharani Developers Private Limited, Alwarpet, Chennai vs. ACIT, Company Circle 1(4), Nungambakkam Chennai

ITA 400/CHNY/2023[2016-17]Status: DisposedITAT Chennai18 Jan 2024AY 2016-17

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. Nos.397, 398, 399, 400 & 401/Chny/2023 Assessment Years: 2008-09, 2012-13, 2013-14, 2016-17 & 2017-18 M/S. Dharani Developers Private Vs. The Asst/Deputy Commissioner Of Limited, No. 1, Venus Colony Ii Street, Income Tax, Corporate Circle 1(1), Alwarpet, Chennai 600 018. 121, Mahatma Gandhi Road, [Pan:Aabcd6222D] Nungambakkam, Chennai 600 034. (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri K. Ramakrishnan, Ca ""थ" की ओर से/Respondent By : Shri D. Hema Bhupal, Jcit सुनवाई की तारीख/ Date Of Hearing : 09.01.2024 घोषणा की तारीख /Date Of Pronouncement : 18.01.2024 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against Separate Orders Of The Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre [Nfac], Delhi, All Dated 31.01.2023 Relevant To The Assessment Years 2008-09, 2012-13, 2013-14, 2016-17 & 2017-18. 2. Brief Facts Of The Case Are That The Assessee Is Engaged In The Business Of Property Development & Filed Its Return Of Income For The Assessment Years Under Appeal. The First Ground Raised By The Assessee

For Appellant: Shri K. Ramakrishnan, CAFor Respondent: Shri D. Hema Bhupal, JCIT

…wance under section 14A of the Act to the extent of exempt income earned during the previous year relevant to the assessment year 2015-16.” 6.2 By referring to various case law including the decision in the case of Joint Investments Private Ltd. v. CIT [2015] 372 ITR 694 (Delhi), the decision in the case of Maxopp Investment Ltd. v. CIT [2018] 402 ITR 640 (SC), the Hon’ble Madras High Court has held that the disallowance under section 14A of the Act should be restricted to the extent of exempt income earned during the previous year. Respectfully following the judgement of the Hon’ble Madras High Court in the case…

M/S Dharani Developers Private Limited, Alwarpet, Chennai vs. ACIT, Company Circle 1(4), Nungambakkam Chennai

ITA 399/CHNY/2023[2013-14]Status: DisposedITAT Chennai18 Jan 2024AY 2013-14

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. Nos.397, 398, 399, 400 & 401/Chny/2023 Assessment Years: 2008-09, 2012-13, 2013-14, 2016-17 & 2017-18 M/S. Dharani Developers Private Vs. The Asst/Deputy Commissioner Of Limited, No. 1, Venus Colony Ii Street, Income Tax, Corporate Circle 1(1), Alwarpet, Chennai 600 018. 121, Mahatma Gandhi Road, [Pan:Aabcd6222D] Nungambakkam, Chennai 600 034. (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri K. Ramakrishnan, Ca ""थ" की ओर से/Respondent By : Shri D. Hema Bhupal, Jcit सुनवाई की तारीख/ Date Of Hearing : 09.01.2024 घोषणा की तारीख /Date Of Pronouncement : 18.01.2024 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against Separate Orders Of The Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre [Nfac], Delhi, All Dated 31.01.2023 Relevant To The Assessment Years 2008-09, 2012-13, 2013-14, 2016-17 & 2017-18. 2. Brief Facts Of The Case Are That The Assessee Is Engaged In The Business Of Property Development & Filed Its Return Of Income For The Assessment Years Under Appeal. The First Ground Raised By The Assessee

For Appellant: Shri K. Ramakrishnan, CAFor Respondent: Shri D. Hema Bhupal, JCIT

…wance under section 14A of the Act to the extent of exempt income earned during the previous year relevant to the assessment year 2015-16.” 6.2 By referring to various case law including the decision in the case of Joint Investments Private Ltd. v. CIT [2015] 372 ITR 694 (Delhi), the decision in the case of Maxopp Investment Ltd. v. CIT [2018] 402 ITR 640 (SC), the Hon’ble Madras High Court has held that the disallowance under section 14A of the Act should be restricted to the extent of exempt income earned during the previous year. Respectfully following the judgement of the Hon’ble Madras High Court in the case…

M/S Dharani Developers Private Limited, Alwarpet, Chennai vs. ACIT, Company Circle 1(4), Nungambakkam Chennai

ITA 398/CHNY/2023[2012-13]Status: DisposedITAT Chennai18 Jan 2024AY 2012-13

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. Nos.397, 398, 399, 400 & 401/Chny/2023 Assessment Years: 2008-09, 2012-13, 2013-14, 2016-17 & 2017-18 M/S. Dharani Developers Private Vs. The Asst/Deputy Commissioner Of Limited, No. 1, Venus Colony Ii Street, Income Tax, Corporate Circle 1(1), Alwarpet, Chennai 600 018. 121, Mahatma Gandhi Road, [Pan:Aabcd6222D] Nungambakkam, Chennai 600 034. (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri K. Ramakrishnan, Ca ""थ" की ओर से/Respondent By : Shri D. Hema Bhupal, Jcit सुनवाई की तारीख/ Date Of Hearing : 09.01.2024 घोषणा की तारीख /Date Of Pronouncement : 18.01.2024 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against Separate Orders Of The Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre [Nfac], Delhi, All Dated 31.01.2023 Relevant To The Assessment Years 2008-09, 2012-13, 2013-14, 2016-17 & 2017-18. 2. Brief Facts Of The Case Are That The Assessee Is Engaged In The Business Of Property Development & Filed Its Return Of Income For The Assessment Years Under Appeal. The First Ground Raised By The Assessee

For Appellant: Shri K. Ramakrishnan, CAFor Respondent: Shri D. Hema Bhupal, JCIT

…wance under section 14A of the Act to the extent of exempt income earned during the previous year relevant to the assessment year 2015-16.” 6.2 By referring to various case law including the decision in the case of Joint Investments Private Ltd. v. CIT [2015] 372 ITR 694 (Delhi), the decision in the case of Maxopp Investment Ltd. v. CIT [2018] 402 ITR 640 (SC), the Hon’ble Madras High Court has held that the disallowance under section 14A of the Act should be restricted to the extent of exempt income earned during the previous year. Respectfully following the judgement of the Hon’ble Madras High Court in the case…

M/S Dharani Developers Private Limited, Alwarpet, Chennai vs. ACIT, Company Circle 1(4), Nungambakkam Chennai

ITA 397/CHNY/2023[2008-2009]Status: DisposedITAT Chennai18 Jan 2024AY 2008-2009

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. Nos.397, 398, 399, 400 & 401/Chny/2023 Assessment Years: 2008-09, 2012-13, 2013-14, 2016-17 & 2017-18 M/S. Dharani Developers Private Vs. The Asst/Deputy Commissioner Of Limited, No. 1, Venus Colony Ii Street, Income Tax, Corporate Circle 1(1), Alwarpet, Chennai 600 018. 121, Mahatma Gandhi Road, [Pan:Aabcd6222D] Nungambakkam, Chennai 600 034. (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri K. Ramakrishnan, Ca ""थ" की ओर से/Respondent By : Shri D. Hema Bhupal, Jcit सुनवाई की तारीख/ Date Of Hearing : 09.01.2024 घोषणा की तारीख /Date Of Pronouncement : 18.01.2024 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against Separate Orders Of The Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre [Nfac], Delhi, All Dated 31.01.2023 Relevant To The Assessment Years 2008-09, 2012-13, 2013-14, 2016-17 & 2017-18. 2. Brief Facts Of The Case Are That The Assessee Is Engaged In The Business Of Property Development & Filed Its Return Of Income For The Assessment Years Under Appeal. The First Ground Raised By The Assessee

For Appellant: Shri K. Ramakrishnan, CAFor Respondent: Shri D. Hema Bhupal, JCIT

…wance under section 14A of the Act to the extent of exempt income earned during the previous year relevant to the assessment year 2015-16.” 6.2 By referring to various case law including the decision in the case of Joint Investments Private Ltd. v. CIT [2015] 372 ITR 694 (Delhi), the decision in the case of Maxopp Investment Ltd. v. CIT [2018] 402 ITR 640 (SC), the Hon’ble Madras High Court has held that the disallowance under section 14A of the Act should be restricted to the extent of exempt income earned during the previous year. Respectfully following the judgement of the Hon’ble Madras High Court in the case…

Lt Foods Ltd, New Delhi vs. Addi. CIT Special Range-5, New Delhi

In the result, the appeal of the assessee is allowed

ITA 140/DEL/2020[2016-17]Status: HeardITAT Delhi03 Jan 2024AY 2016-17

Bench: Shri Kul Bharatdr. B. R. R. Kumar

For Appellant: Sh. Rohit Jain, Adv. &For Respondent: Sh. Jeetender K. Kale, Sr. DR
Section 10Section 14A

…instant case, the exempt income claimed by the assessee was Rs.66,810/- and the disallowance already made were to the tune of Rs.8,44,699/-, respectfully placing reliance on the judgment of Hon’ble High Court in the case of Joint Investment Pvt. Ltd. Vs. CIT (372 ITR 694) wherein the appeal filed by the Revenue was also dismissed in SLP No. 23650 of 2018 and CIT Vs. Caraf Builders (Del-HC), we hold that disallowance made by the Assessing Officer cannot be sustained. 3. In the result, the appeal of the assessee is allowed. Order Pronounced in the Open Court on 03/01/2024. (Kul Bharat) Accountant Member Dated: 03/0…