Leena Kasbekar v. ACIT

53 SOT 192Income Tax Appellate Tribunal2012#4365 most cited

What is Leena Kasbekar v. ACIT authority for?

The Assessing Officer must record reasons for disagreeing with an assessee's submission that no expenditure was incurred to earn exempt income. The Assessing Officer must also consider whether investments yielding exempt income were made from own funds or borrowed funds when invoking Section 14A.

27

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2024.

Also referred to as

Leena Kasbekar v. ACIT · Section 14A · disallowance · exempt income · expenditure · own funds · borrowed funds · Assessing Officer reasons

Also reported as

166 ITD 440

Sections most often in play

Section 14A of the Income Tax ActSection 1961Section 1962

Issues it is cited on

disallowance under section 14asection 14aprevious yeartransferprescribedsection 14section 143(3)total incomebusinesscompanydocumentindia

Judgments citing Leena Kasbekar v. ACIT

DCIT, Cir-8, Kolkata vs. M/S Itc Limited, Kolkata

Appeal is dismissed

ITA 1267/KOL/2014[2009-2010]Status: DisposedITAT Kolkata28 Nov 2018AY 2009-2010

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ]

For Appellant: Shri Md. Usman, CIT DRFor Respondent: Shri J.P. Khaitan, Senior Counsel
Section 143(3)

…e following decisions: (i) CIT v. Walfort Share & Stock Brokers (P) us. [2010] 326 ITR 11192 Taxman 211 (SC) (ii) CITv. Metalman Auto (P) Ltd. [2011] 199 Taxman 149/336 ITR 434111 taxmann.com 51 (Punj & Har.) (iii) Justice Sam P Bharucha v. Addl. CIT [2012] 53 SOT 192/25 taxmann.com 381 (Mum. - Trib.) 7.2 The Ld. DR on the other hand relied on the order of the AO and contended that the AO has duly satisfied himself in pursuance of provisions of Sec. 14A(2) that it is a fit case with reference to the accounts of the Assessee. Our attention was drawn towards pg. 7, 8 and 9 of the assessment order and it was cont…

DCIT -1(3)(2), Mumbai vs. Tata Lockheed Martinaerostructures Ltd., Hyderabad

In the result , appeal of the Revenue is partly allowed as indicated above

ITA 2667/MUM/2016[2011-12]Status: DisposedITAT Mumbai08 Aug 2018AY 2011-12

Bench: Shri Saktijit Dey & Shri Ramit Kochar

For Appellant: Ms. Arati VissanjiFor Respondent: Shri V. Justin,DR
Section 143(3)Section 14A

…1 (Bombay High Court) (j) Wimco Seedlings Ltd. v. DCIT (2007) 107 ITD 267 (Del) (TM) (k) Relaxo Footwears Ltd.,V. ACIT (2012) 50 SOT 102 (DEL); (I) Chanakya International Pvt. Ltd.v. ACIT (2013) 36 CCH 032 (Mum); (m) Justice Ram P Bharucha v. Addl. CIT (2012) 53 SOT 192. 5. Our attention was drawn to the judgments of Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd, Hon’ble Kolkata Tribunal in the case of Champion Commercial Co. Ltd (2012) 139 ITD 108(Kol). Before we decide the merits of the case, it is necessary to evaluate the provisions of sub section (2) to section 14A of the I.T. Act whic…

Tata Lokheed Martin Aerostructures Ltd., Hyderabad vs. DCIT - 1(3), Mumbai

ITA 2144/MUM/2016[2011-12]Status: DisposedITAT Mumbai12 Jan 2018AY 2011-12

Bench: Sh. Shamim Yahya, Am & Sh. Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 2144/Mum/2016 (निर्धारणवर्ा / Assessment Year: 2011-12)

For Appellant: Ms. Aarati VisanjiFor Respondent: Sh. M. V. Rajguru
Section 10(34)Section 14A

…81 (Bombay High Court) (j) Wimco Seedlings Ltd. v. DCIT (2007) 107 lTD 267 (De) (TM) (k) Relaxo Footwears Ltd.,V. ACIT (2012) 50 SOT 102 (DEL); (I) Chanakya International Pvt. Ltd.v. ACIT (2013) 36 CCH 032 (Mum); (m) Justice Ram P Bharucha v. Addl. CIT (2012) 53 SOT 192. 5. Our attention was drawn to the judgments of Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd, Hon’ble Kolkata Tribunal in the case of 7 I.T.A. No. 2144/Mum/2016 Tata Lokheed Martin Aerostructures Ltd. Champion Commercial Co. Ltd (2012) 139 ITD 108(Kol). Before we decide the merits of the case, it is necessary to evaluate th…

Mallo Gems & Jewellery Ltd., (Presently Known As Lypsa Gems & Jewellery Limited), Ahmedabad vs. The CIT-II, Ahmedabad

In the result, appeal filed by the assessee is allowed

ITA 316/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad27 Oct 2017AY 2010-11

Bench: Shri Pramod Kumar & Shri Mahavir Prasad

For Respondent: Shri Vasundhara Upmanya, CIT-DR
Section 10(33)Section 14ASection 263

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ *Mh *Mh *Mh* अहमदाबाद । *Mh IN THE INCOME TAX APPELLATE TRIBUNAL “ D ” BENCH, AHMEDABAD सव"ी izeksn dqekj izeksn dqekj izeksn dqekj, लेखा सद"य एवं महावीर "साद, "या"यक सद"य के सम" । izeksn dqekj BEFORE SHRI PRAMOD KUMAR, ACCOUNTANT MEMBER And SHRI MAHAVIR PRASAD, JUDICIAL MEMBER आयकर अपील सं./I.T.A. No.316/Ahd/2015 ("नधा"रण वष" / Assessment Year : 2010-11) Maloo Gems & Jewellery Ltd. Commissioner of बनाम/ (Presently known as Lypsa Income Tax-II, Vs. Gems & Jewellery Limited) Ahmedabad. 2nd Floor, Diamond Park Building, Dargah Road, opp. Ambikanagar Society, Navsari – 396445,…

A.B. Hotels Ltd. (Radisson Hotel), New Delhi vs. ACIT, New Delhi

In the result the above three appeals filed by the assessee are allowed

ITA 4011/DEL/2014[2011-12]Status: DisposedITAT Delhi16 Jun 2017AY 2011-12

Bench: Shri R. K. Panda & Ms. Suchitra Kamble

For Appellant: Sh. Rajesh Malhotra, CAFor Respondent: Sh. R.C.Danday, Sr. D.R
Section 143(3)Section 24

…eciding an identical issue has observed as under : “ As regards the second issue concerning the disallowance under section 14A of the Act, the ITAT noticed the decision of its co-ordinate Bench in justice Sam P. Bharucha v. Addl. CIT [2012] 25 taxmann.com 381/53 SOT 192 (Mum.) and observed ITA No. 4009-4011/Del/2014 12 that in the present case, the AO had not recorded any finding that any expenditure incurred by the Assessed was attributable for earning the exempt income. In order to disallow the expenditure there must be a nexus between the expenditure incurred and the income not forming part of the total inco…

A.B. Hotels Ltd. (Radisson Hotel), New Delhi vs. ACIT, New Delhi

In the result the above three appeals filed by the assessee are allowed

ITA 4010/DEL/2014[2009-10]Status: DisposedITAT Delhi16 Jun 2017AY 2009-10

Bench: Shri R. K. Panda & Ms. Suchitra Kamble

For Appellant: Sh. Rajesh Malhotra, CAFor Respondent: Sh. R.C.Danday, Sr. D.R
Section 143(3)Section 24

…eciding an identical issue has observed as under : “ As regards the second issue concerning the disallowance under section 14A of the Act, the ITAT noticed the decision of its co-ordinate Bench in justice Sam P. Bharucha v. Addl. CIT [2012] 25 taxmann.com 381/53 SOT 192 (Mum.) and observed ITA No. 4009-4011/Del/2014 12 that in the present case, the AO had not recorded any finding that any expenditure incurred by the Assessed was attributable for earning the exempt income. In order to disallow the expenditure there must be a nexus between the expenditure incurred and the income not forming part of the total inco…

A.B. Hotels Ltd. (Radisson Hotel), New Delhi vs. ACIT, New Delhi

In the result the above three appeals filed by the assessee are allowed

ITA 4009/DEL/2014[2006-07]Status: DisposedITAT Delhi16 Jun 2017AY 2006-07

Bench: Shri R. K. Panda & Ms. Suchitra Kamble

For Appellant: Sh. Rajesh Malhotra, CAFor Respondent: Sh. R.C.Danday, Sr. D.R
Section 143(3)Section 24

…eciding an identical issue has observed as under : “ As regards the second issue concerning the disallowance under section 14A of the Act, the ITAT noticed the decision of its co-ordinate Bench in justice Sam P. Bharucha v. Addl. CIT [2012] 25 taxmann.com 381/53 SOT 192 (Mum.) and observed ITA No. 4009-4011/Del/2014 12 that in the present case, the AO had not recorded any finding that any expenditure incurred by the Assessed was attributable for earning the exempt income. In order to disallow the expenditure there must be a nexus between the expenditure incurred and the income not forming part of the total inco…