Maharashtra Apex Corporation v. CIT

286 ITR 585High Court2006#9637 most cited

What is Maharashtra Apex Corporation v. CIT authority for?

No notional expenditure can be attributed to exempt income when no expenditure has actually been incurred in earning that income.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2013 to 2021.

Also referred to as

Maharashtra Apex Corporation vs CIT · Section 14A · exempt income · expenditure · notional expenditure · business expenditure · dividend exemption · Section 10(33)

Judgments citing Maharashtra Apex Corporation v. CIT

The Commissioner of Income Tax vs. M/S Ing Vysya Bank Limited

In the result, we do not find any merit in the appeal and

ITA/298/2014HC Karnataka02 Mar 2021

Bench: ALOK ARADHE,ASHOK S.KINAGI

Section 260Section 260ASection 37(1)Section 80M

…ision rendered by this Court in CIT VS. KARNATAKA VIKAS GRAMEEN BANK (2016) 130 DTR 26 (KAR). It is further submitted that the fourth substantial question of law is covered by a decision of this Court in MAHARASHTRA APEX CORPORATION LTD. VS. CIT (2006) 286 ITR 585 (KAR). It is further submitted that the fifth substantial question of law is covered by a decision of this Court in ESSAE TERAOKA PVT. LTD. VS. DCIT (2014) 366 ITR 408 (KAR). 7 4. Learned counsel for the Revenue was unable to dispute the aforesaid submission. 5. For the reasons assigned in the aforesaid judgments rendered by this Court…

The Commissioner of Income Tax vs. M/S. State Bank of Mysore

In the result, the order passed by the tribunal

ITA/355/2013HC Karnataka15 Oct 2020

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 143(3)Section 14ASection 2(24)(x)Section 260Section 260ASection 263Section 36Section 36(1)(vii)Section 36(1)(viia)Section 41(1)

…ATAKA), 'CIT VS. KARNATAKA BANK LTD', (2014) 226 TAXMAN 187 (KARNATAKA) 'CANARA BANK VS. ASST CIT', (2014) 265 CTR 385 (KARNATAKA), CIT VS. 12 SABARI ENTERPRISES', (2008) 298 ITR 141 (KARNATAKA), MAHARASHTRA APEX CORPORATION LTD V. CIT (2006) 286 ITR 585 (KARNATAKA) . 8. We have considered the submissions made by learned counsel for the parties and have perused the record. Section 37(1) of the Act provides that any expenditure not being expenditure of the nature described in Sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee, laid ou…

Canara Bank, Bangalore vs. Addl. C.I.T., Bangalore

In the result, appeal by the revenue is partly allowed

ITA 693/BANG/2012[2008-09]Status: DisposedITAT Bangalore30 Mar 2016AY 2008-09

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…income as expenditure and disallowed the same under the provisions of sec.14A of the Act. 14.2 On appeal before the ld.CIT(A), the ld.CIT(A) applying law laid down by the Hon'ble jurisdictional High Court in the case of Maharashtra Apex Corporation vs. CIT (286 ITR 585) held that no notional expenditure can be attributed to exempt income and deleted the addition. Being aggrieved, revenue is in appeal before us in the present appeal. 14.3 The ld.CIT(DR) relied on the orders of the AO and submitted that no income can be earned without incurring any expenditure. ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 26 of…

JCIT, Bangalore vs. M/S Canara Bank, Bangalore

In the result, appeal by the revenue is partly allowed

ITA 684/BANG/2012[2008-09]Status: DisposedITAT Bangalore30 Mar 2016AY 2008-09

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…income as expenditure and disallowed the same under the provisions of sec.14A of the Act. 14.2 On appeal before the ld.CIT(A), the ld.CIT(A) applying law laid down by the Hon'ble jurisdictional High Court in the case of Maharashtra Apex Corporation vs. CIT (286 ITR 585) held that no notional expenditure can be attributed to exempt income and deleted the addition. Being aggrieved, revenue is in appeal before us in the present appeal. 14.3 The ld.CIT(DR) relied on the orders of the AO and submitted that no income can be earned without incurring any expenditure. ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 26 of…

Addl.Ci.T., Bangalore vs. M/S Canara Bank, Bangalore

In the result, appeal by the revenue is partly allowed

ITA 813/BANG/2011[2007-08]Status: DisposedITAT Bangalore30 Mar 2016AY 2007-08

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…income as expenditure and disallowed the same under the provisions of sec.14A of the Act. 14.2 On appeal before the ld.CIT(A), the ld.CIT(A) applying law laid down by the Hon'ble jurisdictional High Court in the case of Maharashtra Apex Corporation vs. CIT (286 ITR 585) held that no notional expenditure can be attributed to exempt income and deleted the addition. Being aggrieved, revenue is in appeal before us in the present appeal. 14.3 The ld.CIT(DR) relied on the orders of the AO and submitted that no income can be earned without incurring any expenditure. ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 26 of…

Canara Bank, Bangalore vs. Addl.C.I.T., Bangalore

In the result, appeal by the revenue is partly allowed

ITA 793/BANG/2011[2007-08]Status: DisposedITAT Bangalore30 Mar 2016AY 2007-08

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…income as expenditure and disallowed the same under the provisions of sec.14A of the Act. 14.2 On appeal before the ld.CIT(A), the ld.CIT(A) applying law laid down by the Hon'ble jurisdictional High Court in the case of Maharashtra Apex Corporation vs. CIT (286 ITR 585) held that no notional expenditure can be attributed to exempt income and deleted the addition. Being aggrieved, revenue is in appeal before us in the present appeal. 14.3 The ld.CIT(DR) relied on the orders of the AO and submitted that no income can be earned without incurring any expenditure. ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 26 of…

JCIT, Bangalore vs. M/S Canara Bank, Bangalore

In the result, appeal by the revenue is partly allowed

ITA 601/BANG/2010[2005-06]Status: DisposedITAT Bangalore30 Mar 2016AY 2005-06

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…income as expenditure and disallowed the same under the provisions of sec.14A of the Act. 14.2 On appeal before the ld.CIT(A), the ld.CIT(A) applying law laid down by the Hon'ble jurisdictional High Court in the case of Maharashtra Apex Corporation vs. CIT (286 ITR 585) held that no notional expenditure can be attributed to exempt income and deleted the addition. Being aggrieved, revenue is in appeal before us in the present appeal. 14.3 The ld.CIT(DR) relied on the orders of the AO and submitted that no income can be earned without incurring any expenditure. ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 26 of…

Canara Bank, Bangalore vs. JCIT, Bangalore

In the result, appeal by the revenue is partly allowed

ITA 530/BANG/2010[2005-06]Status: DisposedITAT Bangalore30 Mar 2016AY 2005-06

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…income as expenditure and disallowed the same under the provisions of sec.14A of the Act. 14.2 On appeal before the ld.CIT(A), the ld.CIT(A) applying law laid down by the Hon'ble jurisdictional High Court in the case of Maharashtra Apex Corporation vs. CIT (286 ITR 585) held that no notional expenditure can be attributed to exempt income and deleted the addition. Being aggrieved, revenue is in appeal before us in the present appeal. 14.3 The ld.CIT(DR) relied on the orders of the AO and submitted that no income can be earned without incurring any expenditure. ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 26 of…

Addl.CIT, Bangalore vs. M/S Canara Bank, Bangalore

In the result, appeal by the revenue is partly allowed

ITA 530/BANG/2009[2006-07]Status: DisposedITAT Bangalore30 Mar 2016AY 2006-07

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…income as expenditure and disallowed the same under the provisions of sec.14A of the Act. 14.2 On appeal before the ld.CIT(A), the ld.CIT(A) applying law laid down by the Hon'ble jurisdictional High Court in the case of Maharashtra Apex Corporation vs. CIT (286 ITR 585) held that no notional expenditure can be attributed to exempt income and deleted the addition. Being aggrieved, revenue is in appeal before us in the present appeal. 14.3 The ld.CIT(DR) relied on the orders of the AO and submitted that no income can be earned without incurring any expenditure. ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 26 of…

M/S. Canara Bank, Bangalore vs. ACIT, Bangalore

In the result, appeal by the revenue is partly allowed

ITA 479/BANG/2009[2006-07]Status: DisposedITAT Bangalore30 Mar 2016AY 2006-07

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior AdvocateFor Respondent: Shri G.R.Reddy, CIT(DR)
Section 115JSection 143(2)Section 143(3)Section 14ASection 35DSection 36(1)(viia)

…income as expenditure and disallowed the same under the provisions of sec.14A of the Act. 14.2 On appeal before the ld.CIT(A), the ld.CIT(A) applying law laid down by the Hon'ble jurisdictional High Court in the case of Maharashtra Apex Corporation vs. CIT (286 ITR 585) held that no notional expenditure can be attributed to exempt income and deleted the addition. Being aggrieved, revenue is in appeal before us in the present appeal. 14.3 The ld.CIT(DR) relied on the orders of the AO and submitted that no income can be earned without incurring any expenditure. ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 26 of…

M/S Canara Bank Bsca Section vs. The Asst Commissioner of Income Tax Circle-11(2)

ITA/1397/2006HC Karnataka12 Nov 2013

Bench: N.KUMAR,RATHNAKALA

Section 143Section 260

…he estimation of expenditure at 2% on the gross dividends to arrive at net dividends for granting exemption u/s.10[33] of the Act in the light of the ratio laid down by this court in the case of ‘MAHARASHTRA APEX CORPORATION LIMITED vs. CIT’ reported in 286 ITR 585 [KAR]. (2) Whether the appellant – Bank was not entitled to the deduction on account of depreciation on the units of CANSTAR purchased by the appellant as business expenditure or in the alternative as business loss? (3) Whether the loss incurred on the purchase of unit of CANSTAR was on commercial expediency and thus was lia…

Maharashtra Apex Corporation v. CIT (286 ITR 585) — Cited in 11 Judgments | BharatTax