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 367,154 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

Elara Capital (India) Private Limited, Mumbai vs. ACIT- Circle 6(2)(2), Mumbai

In the result, the appeal of the assessee is allowed

ITA 1569/MUM/2023[2017-18]Status: DisposedITAT Mumbai31 Jul 2023AY 2017-18

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2017-18 Elara Capital (India) Pvt. Ltd., The Acit-Circle 6(2)(2), Tower 3, 21St Floor, One Room No. 506, 5Th Floor, Vs. International Center, Senapati Aayakar Bhavan, Maharshi Bapat Marg, Elphinstone Karve Road, Mumbai- Road (West), Mumbai-400013. 400020. Pan No. Aabce 6487 B Appellant Respondent

For Appellant: Mr. Milind DattaniFor Respondent: Mr. P.D. Chogule (Addl. CIT)
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 2017-18 Elara Capital (India) Pvt. Ltd., The ACIT-Circle 6(2)(2), Tower 3, 21st Floor, One Room No. 506, 5th floor, Vs. International Center, Senapati Aayakar Bhavan, Maharshi Bapat Marg, Elphinstone Karve Road, Mumbai- Road (West), Mumbai-400013. 400020. PAN NO. AABCE 6487 B Appellant Respondent Assessee by : Mr. Milind Dattani Revenue by : Mr. P.D. Chogule (Addl. CIT) Date of Hearing : 19/07/2023 : Date of pronouncement 31/07/2023 ORDER PER…

DCIT Central Circle 3(1), Chennai vs. Bgr Energy Systems Limited, Chennai

In the result, the appeals filed by the assessee as well as Revenue are dismissed

ITA 278/CHNY/2023[2018-19]Status: DisposedITAT Chennai26 Jul 2023AY 2018-19

Bench: Shri V. Durga Rao & Shri Manjunatha, G.आयकर अपील सं./I.T.A. Nos.221 & 222/Chny/2023 िनधा"रण वष"/Assessment Year: 2015-16 & 2018-19 M/S. Bgr Energy Systems Limited, Vs. The Assistant Commissioner Of No. 443, Anna Salai, Guna Complex, Income Tax, Teynampet, Chennai 600 018. Central Circle 3(1), Chennai 600 034. [Pan:Aabcg2202J] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. Nos.277 & 278/Chny/2023 िनधा"रण वष"/Assessment Year: 2015-16 & 2018-19 The Deputy Commissioner Of Vs. M/S. Bgr Energy Systems Limited, Income Tax, No. 443, Anna Salai, Guna Complex, Central Circle 3(1), Teynampet, Chennai 600 018. Chennai 600 034. (अपीलाथ"/Appellant) (""थ"/Respondent) Assessee By : Ms. T. Sandhyaarti, Fca Department By : Shri Ar V Sreenivasan, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 19.07.2023 घोषणा की तारीख /Date Of Pronouncement : 26.07.2023 आदेश /O R D E R Per Bench: These Cross Appeals Filed By The Assessee As Well As Revenue Are Directed Against The Consolidated Order Of The Ld. Commissioner Of Income

For Appellant: Ms. T. Sandhyaarti, FCAFor Respondent: Shri AR V Sreenivasan, Addl. CIT
Section 37

…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.” 16. 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 Jurisdictional 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. By following various decisions including the decision in the case of Hon’…

DCIT Central Circle 3(1), Chennai vs. Bgr Energy Systems Limited, Chennai

In the result, the appeals filed by the assessee as well as Revenue are dismissed

ITA 277/CHNY/2023[2015-16]Status: DisposedITAT Chennai26 Jul 2023AY 2015-16

Bench: Shri V. Durga Rao & Shri Manjunatha, G.आयकर अपील सं./I.T.A. Nos.221 & 222/Chny/2023 िनधा"रण वष"/Assessment Year: 2015-16 & 2018-19 M/S. Bgr Energy Systems Limited, Vs. The Assistant Commissioner Of No. 443, Anna Salai, Guna Complex, Income Tax, Teynampet, Chennai 600 018. Central Circle 3(1), Chennai 600 034. [Pan:Aabcg2202J] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. Nos.277 & 278/Chny/2023 िनधा"रण वष"/Assessment Year: 2015-16 & 2018-19 The Deputy Commissioner Of Vs. M/S. Bgr Energy Systems Limited, Income Tax, No. 443, Anna Salai, Guna Complex, Central Circle 3(1), Teynampet, Chennai 600 018. Chennai 600 034. (अपीलाथ"/Appellant) (""थ"/Respondent) Assessee By : Ms. T. Sandhyaarti, Fca Department By : Shri Ar V Sreenivasan, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 19.07.2023 घोषणा की तारीख /Date Of Pronouncement : 26.07.2023 आदेश /O R D E R Per Bench: These Cross Appeals Filed By The Assessee As Well As Revenue Are Directed Against The Consolidated Order Of The Ld. Commissioner Of Income

For Appellant: Ms. T. Sandhyaarti, FCAFor Respondent: Shri AR V Sreenivasan, Addl. CIT
Section 37

…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.” 16. 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 Jurisdictional 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. By following various decisions including the decision in the case of Hon’…

M/S Bgr Eergy Systems Limied, Chennai vs. ACIT, Central Circle-3(1), Chennai

In the result, the appeals filed by the assessee as well as Revenue are dismissed

ITA 222/CHNY/2023[2018-19]Status: DisposedITAT Chennai26 Jul 2023AY 2018-19

Bench: Shri V. Durga Rao & Shri Manjunatha, G.आयकर अपील सं./I.T.A. Nos.221 & 222/Chny/2023 िनधा"रण वष"/Assessment Year: 2015-16 & 2018-19 M/S. Bgr Energy Systems Limited, Vs. The Assistant Commissioner Of No. 443, Anna Salai, Guna Complex, Income Tax, Teynampet, Chennai 600 018. Central Circle 3(1), Chennai 600 034. [Pan:Aabcg2202J] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. Nos.277 & 278/Chny/2023 िनधा"रण वष"/Assessment Year: 2015-16 & 2018-19 The Deputy Commissioner Of Vs. M/S. Bgr Energy Systems Limited, Income Tax, No. 443, Anna Salai, Guna Complex, Central Circle 3(1), Teynampet, Chennai 600 018. Chennai 600 034. (अपीलाथ"/Appellant) (""थ"/Respondent) Assessee By : Ms. T. Sandhyaarti, Fca Department By : Shri Ar V Sreenivasan, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 19.07.2023 घोषणा की तारीख /Date Of Pronouncement : 26.07.2023 आदेश /O R D E R Per Bench: These Cross Appeals Filed By The Assessee As Well As Revenue Are Directed Against The Consolidated Order Of The Ld. Commissioner Of Income

For Appellant: Ms. T. Sandhyaarti, FCAFor Respondent: Shri AR V Sreenivasan, Addl. CIT
Section 37

…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.” 16. 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 Jurisdictional 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. By following various decisions including the decision in the case of Hon’…

M/S Bgr Eergy Systems Limied, Chennai vs. ACIT, Central Circle-3(1), Chennai

In the result, the appeals filed by the assessee as well as Revenue are dismissed

ITA 221/CHNY/2023[2015-16]Status: DisposedITAT Chennai26 Jul 2023AY 2015-16

Bench: Shri V. Durga Rao & Shri Manjunatha, G.आयकर अपील सं./I.T.A. Nos.221 & 222/Chny/2023 िनधा"रण वष"/Assessment Year: 2015-16 & 2018-19 M/S. Bgr Energy Systems Limited, Vs. The Assistant Commissioner Of No. 443, Anna Salai, Guna Complex, Income Tax, Teynampet, Chennai 600 018. Central Circle 3(1), Chennai 600 034. [Pan:Aabcg2202J] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. Nos.277 & 278/Chny/2023 िनधा"रण वष"/Assessment Year: 2015-16 & 2018-19 The Deputy Commissioner Of Vs. M/S. Bgr Energy Systems Limited, Income Tax, No. 443, Anna Salai, Guna Complex, Central Circle 3(1), Teynampet, Chennai 600 018. Chennai 600 034. (अपीलाथ"/Appellant) (""थ"/Respondent) Assessee By : Ms. T. Sandhyaarti, Fca Department By : Shri Ar V Sreenivasan, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 19.07.2023 घोषणा की तारीख /Date Of Pronouncement : 26.07.2023 आदेश /O R D E R Per Bench: These Cross Appeals Filed By The Assessee As Well As Revenue Are Directed Against The Consolidated Order Of The Ld. Commissioner Of Income

For Appellant: Ms. T. Sandhyaarti, FCAFor Respondent: Shri AR V Sreenivasan, Addl. CIT
Section 37

…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.” 16. 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 Jurisdictional 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. By following various decisions including the decision in the case of Hon’…

DCIT, Circle- 21(1), New Delhi vs. Religare Finvest Ltd., New Delhi

In the result, -Appeal in ITA No

ITA 7553/DEL/2018[2015-16]Status: DisposedITAT Delhi13 Jul 2023AY 2015-16

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…el/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT proportionate disallowance out of the interest expenditure incurred for investment in Mutual funds. 3.13 We find that Hon'ble Delhi High Court in the case of Joint Investment Company Private Limited Vs. CIT: 372 ITR 694 (Del.) has restricted the disallowance under section 14A to the extent of the exempted income. Following the finding of the Hon'ble Delhi High Court in the case of Joint Stock Investment Ltd. (supra), The Ld CIT(A) has restricted the disallowance u/s 14A of the Act in the case of the assessee to the extent of excepted income. In the facts and cir…

Religare Finvest Ltd., New Delhi vs. DCIT, Circle- 21(1), New Delhi

In the result, -Appeal in ITA No

ITA 6116/DEL/2018[2015-16]Status: DisposedITAT Delhi13 Jul 2023AY 2015-16

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…el/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT proportionate disallowance out of the interest expenditure incurred for investment in Mutual funds. 3.13 We find that Hon'ble Delhi High Court in the case of Joint Investment Company Private Limited Vs. CIT: 372 ITR 694 (Del.) has restricted the disallowance under section 14A to the extent of the exempted income. Following the finding of the Hon'ble Delhi High Court in the case of Joint Stock Investment Ltd. (supra), The Ld CIT(A) has restricted the disallowance u/s 14A of the Act in the case of the assessee to the extent of excepted income. In the facts and cir…

Religare Finvest Ltd., New Delhi vs. DCIT, Circle- 21(1), New Delhi

In the result, -Appeal in ITA No

ITA 547/DEL/2018[2013-14]Status: DisposedITAT Delhi13 Jul 2023AY 2013-14

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…el/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT proportionate disallowance out of the interest expenditure incurred for investment in Mutual funds. 3.13 We find that Hon'ble Delhi High Court in the case of Joint Investment Company Private Limited Vs. CIT: 372 ITR 694 (Del.) has restricted the disallowance under section 14A to the extent of the exempted income. Following the finding of the Hon'ble Delhi High Court in the case of Joint Stock Investment Ltd. (supra), The Ld CIT(A) has restricted the disallowance u/s 14A of the Act in the case of the assessee to the extent of excepted income. In the facts and cir…

ACIT (OSD), Circle- 21(1), New Delhi vs. Religare Finvest Ltd., New Delhi

In the result, -Appeal in ITA No

ITA 133/DEL/2018[2014-15]Status: DisposedITAT Delhi13 Jul 2023AY 2014-15

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…el/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT proportionate disallowance out of the interest expenditure incurred for investment in Mutual funds. 3.13 We find that Hon'ble Delhi High Court in the case of Joint Investment Company Private Limited Vs. CIT: 372 ITR 694 (Del.) has restricted the disallowance under section 14A to the extent of the exempted income. Following the finding of the Hon'ble Delhi High Court in the case of Joint Stock Investment Ltd. (supra), The Ld CIT(A) has restricted the disallowance u/s 14A of the Act in the case of the assessee to the extent of excepted income. In the facts and cir…

Religare Finvest Ltd., New Delhi vs. ACIT, Circle- 21(1), New Delhi

In the result, -Appeal in ITA No

ITA 7856/DEL/2017[2014-15]Status: DisposedITAT Delhi13 Jul 2023AY 2014-15

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…el/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT proportionate disallowance out of the interest expenditure incurred for investment in Mutual funds. 3.13 We find that Hon'ble Delhi High Court in the case of Joint Investment Company Private Limited Vs. CIT: 372 ITR 694 (Del.) has restricted the disallowance under section 14A to the extent of the exempted income. Following the finding of the Hon'ble Delhi High Court in the case of Joint Stock Investment Ltd. (supra), The Ld CIT(A) has restricted the disallowance u/s 14A of the Act in the case of the assessee to the extent of excepted income. In the facts and cir…

ACIT, Circle- 21(1), New Delhi vs. Religare Finvest Ltd., New Delhi

In the result, -Appeal in ITA No

ITA 5202/DEL/2017[2012-13]Status: DisposedITAT Delhi13 Jul 2023AY 2012-13

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…el/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT proportionate disallowance out of the interest expenditure incurred for investment in Mutual funds. 3.13 We find that Hon'ble Delhi High Court in the case of Joint Investment Company Private Limited Vs. CIT: 372 ITR 694 (Del.) has restricted the disallowance under section 14A to the extent of the exempted income. Following the finding of the Hon'ble Delhi High Court in the case of Joint Stock Investment Ltd. (supra), The Ld CIT(A) has restricted the disallowance u/s 14A of the Act in the case of the assessee to the extent of excepted income. In the facts and cir…

Religare Finvest Ltd., New Delhi vs. DCIT, Circle- 21(1), New Delhi

In the result, -Appeal in ITA No

ITA 4796/DEL/2017[2012-13]Status: PendingITAT Delhi13 Jul 2023AY 2012-13

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

…el/2017 & ors. M/s Religare Finvest Ltd. Vs. DCIT proportionate disallowance out of the interest expenditure incurred for investment in Mutual funds. 3.13 We find that Hon'ble Delhi High Court in the case of Joint Investment Company Private Limited Vs. CIT: 372 ITR 694 (Del.) has restricted the disallowance under section 14A to the extent of the exempted income. Following the finding of the Hon'ble Delhi High Court in the case of Joint Stock Investment Ltd. (supra), The Ld CIT(A) has restricted the disallowance u/s 14A of the Act in the case of the assessee to the extent of excepted income. In the facts and cir…

ACIT, Circle- 11(1), New Delhi vs. Hero Wind Energy (P) Ltd., New Delhi

In the result, the appeal of revenue is dismissed

ITA 7721/DEL/2019[2016-17]Status: DisposedITAT Delhi07 Jun 2023AY 2016-17

Bench: Shri Chandra Mohan Garg & M.Balaganeshassessment Year: 2016-17 Acit, Circle-11(1), New Delhi 110001 M/S Hero Wind Energy Pvt. Ltd. 201, Third Floor, Okhla Industrial Vs. Estate, Phase-Iii, New Delhi 110020. Pan Aadch 1677 G (Appellant) (Respondent) For Revenue: Ms. Maimun Alam, Sr. Dr For Assessee: Dr. Rakesh Gupta, Adv. Shri Deepesh Garg, Adv. Shri Shrey Jain, Adv. Date Of Hearing : 27.04.2023 Date Of Pronouncement : 07.06.2023 Order Per Chandra Mohan Garg, J.M. This Appeal Has Been Filed Against The Order Of Cit(A)-4 New Delhi Dated 15.07.2019 For Ay 2016-17. 2. The Ld. Senior Dr Supporting The Action Of The Assessing Officer Submitted That The Assessing Officer Was Correct & Justified In Making Disallowance & Adding The Same To The Income Of The Assessee Under Section 14A Of The I.T Act 1961 (For Short The ‘ Act’) R.W.R 8D Of The I.T Rules 1962 Which Was Deleted By The Ld. Cit(A) Without Any Basis Therefore Impugned First Appellate Order May Kindly Be Set Aside By Restoring That Of The Assessing Officer.

For Appellant: Dr. Rakesh Gupta, AdvFor Respondent: Ms. Maimun Alam, Sr. DR
Section 14A

…s 6 to 6.4 of first appellate order and submitted that the ld. CIT(A) was quite correct and justified in deleting the addition by following the judgment of Hon’ble Jurisdictional High Court of Delhi in the case of Joint Investment Pvt. Ltd. vs CIT reported as 372 ITR 694 (Del.). 4. On careful consideration of above submission, first of all, from relevant part of first appellate order we note that the ld. CIT(A) noted that the appellant has suo motto disallowed the entire amount of exempt income of Rs. 5,08,788/- and thus, the assessee has not claimed any exempt income in the return of income. Thereafter, the ld.…

M/S. United Breweries Limited, Bangalore vs. Joint Commissioner of Income Tax, Special Range-7, Bangalore

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

ITA 2532/BANG/2019[2015-16]Status: DisposedITAT Bangalore19 May 2023AY 2015-16

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Ankur Pai for Shri K.R. VasudevanFor Respondent: Shri Sankar Ganesh K., D.R
Section 143(3)Section 144C(13)Section 14ASection 37Section 92C

…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…

Principal Commissioner of Income Tax, Central-3, Delhi vs. M/S Anant Overseas Pvt. Ltd

ITA/274/2023HC Delhi12 May 2023

Bench: HON'BLE MR. JUSTICE RAJIV SHAKDHER,HON'BLE MR. JUSTICE GIRISH KATHPALIA

Section 14A

…As to the principle which the Tribunal has adopted i.e., that disallowance under Section 14A cannot exceed the exempt income, we find that there is no error in the same, as there is good authority for that approach. [See:Joint Investments Pvt. Ltd. v. CIT [372 ITR 694]. 16. Insofar as the other aspects are concerned, the matter, as indicated by the Tribunal, can be examined by the CIT(A). 16.1 In case there is a variation in the quantum of dividend income said to have been earned by the assessee, appropriate orders can be passed, with regard to the disallowance that requires to be deleted. Digitally S…

Principal Commissioner of Income Tax, Central-3, Delhi vs. M/S Anant Overseas Pvt Ltd

ITA - 273 / 2023HC Delhi12 May 2023
Section 14A

…As to the principle which the Tribunal has adopted i.e., that disallowance under Section 14A cannot exceed the exempt income, we find that there is no error in the same, as there is good authority for that approach. [See:Joint Investments Pvt. Ltd. v. CIT [372 ITR 694]. 16. Insofar as the other aspects are concerned, the matter, as indicated by the Tribunal, can be examined by the CIT(A). 16.1 In case there is a variation in the quantum of dividend income said to have been earned by the assessee, appropriate orders can be passed, with regard to the disallowance that requires to be deleted. Digitally S…

Principal Commissioner of Income Tax, Central-3, Delhi vs. M/S Anant Overseas Pvt. Ltd

ITA - 274 / 2023HC Delhi12 May 2023
Section 14A

…As to the principle which the Tribunal has adopted i.e., that disallowance under Section 14A cannot exceed the exempt income, we find that there is no error in the same, as there is good authority for that approach. [See:Joint Investments Pvt. Ltd. v. CIT [372 ITR 694]. 16. Insofar as the other aspects are concerned, the matter, as indicated by the Tribunal, can be examined by the CIT(A). 16.1 In case there is a variation in the quantum of dividend income said to have been earned by the assessee, appropriate orders can be passed, with regard to the disallowance that requires to be deleted. Digitally S…

Pr. Commissioner of Income Tax (Central)-2 vs. M/S Avantha Realty Ltd

ITA - 241 / 2023HC Delhi25 Apr 2023
For Respondent: “A. Whether the Ld. ITAT has erred
Section 115JSection 14ASection 24

…Insofar as the proposed question (D) is concerned, it is not disputed, that the issue raised therein is covered against the appellant/revenue by a judgment of a coordinate bench of this Court rendered in Joint Investigations Private Limited vs. CIT (2015) 372 ITR 694 (Del.). 12. Therefore, for the moment, notice is issued vis-a-vis question no.(B) and (E). 13. Mr Upvan Gupta accepts notice on behalf of the respondent/assessee. 14. Counsel for the parties will file their written submissions, not exceeding three pages each, at least five days before the next date of hearing. 15. List the matters on…

Pr. Commissioner of Income Tax (Central)-2 vs. M/S Avantha Realty Ltd

ITA - 240 / 2023HC Delhi25 Apr 2023
For Respondent: “A. Whether the Ld. ITAT has erred
Section 115JSection 14ASection 24

…Insofar as the proposed question (D) is concerned, it is not disputed, that the issue raised therein is covered against the appellant/revenue by a judgment of a coordinate bench of this Court rendered in Joint Investigations Private Limited vs. CIT (2015) 372 ITR 694 (Del.). 12. Therefore, for the moment, notice is issued vis-a-vis question no.(B) and (E). 13. Mr Upvan Gupta accepts notice on behalf of the respondent/assessee. 14. Counsel for the parties will file their written submissions, not exceeding three pages each, at least five days before the next date of hearing. 15. List the matters on…

Pr. Commissioner of Income Tax vs. M/S Religare Enterprises Ltd

ITA/209/2023HC Delhi12 Apr 2023

Bench: HON'BLE MR. JUSTICE RAJIV SHAKDHER,HON'BLE MS. JUSTICE TARA VITASTA GANJU

Section 10(34)Section 14A

…hort, “Act”] can exceed the amount of exempted dividend earned by the respondent/assessee. 9. This issue is covered against the appellant/revenue by the judgment rendered by this court in Joint Investments Pvt. Ltd. v. Commissioner of Income Tax, (2015) 372 ITR 694 (Delhi) wherein, inter alia, the following observations have been made : “9. .... The third, and in the opinion of this court, important anomaly which we cannot be unmindful is that whereas the entire tax exempt income is Rs.48,90,000/-, the disallowance ultimately directed works out to nearly 110 per cent of that sum, i.e., Rs.52,56,197. B…