Maharashtra Sugar Mills Ltd: 82 ITR 452 (SC) and Rajasthan State Warehousing Corporation v. CIT

242 ITR 450Supreme Court of India2002#639 most cited

What is Maharashtra Sugar Mills Ltd: 82 ITR 452 (SC) and Rajasthan State Warehousing Corporation v. CIT authority for?

Expenditure incurred by an assessee operating a composite business that generates both taxable and non-taxable income is fully allowable without apportionment. This position led to the subsequent insertion of Section 14A, which disallowed expenditure related to earning exempt income.

154

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2009 to 2025.

Also referred to as

Maharashtra Sugar Mills Ltd · Rajasthan State Warehousing Corporation · Section 14A · expenditure allowance · composite business · taxable income · non-taxable income · apportionment of expenditure · exempt income · disallowance of expenditure

Sections most often in play

Section 14ASection 143(3)Section 8DSection 36(1)(vii)Section 115JBSection 1961Section 37(1)Section 4

Issues it is cited on

strategic investmentsection 144adisallowance under section 14adisallowance u/s 14asection 14asection 115jrevenue expendituresection 115jbnon-residentsection 37previous yearsection 19

Judgments citing Maharashtra Sugar Mills Ltd: 82 ITR 452 (SC) and Rajasthan State Warehousing Corporation v. CIT

Dy Commissioner of Income Tax 6(1)(2), Mumbai vs. M/S Ask Wealth Advisors Pvt Ltd, Mumbai

In the result, the appeal of the revenue stand dismissed

ITA 2466/MUM/2022[2012-2013]Status: DisposedITAT Mumbai30 Nov 2022AY 2012-2013

Bench: Shri Amarjit Singh & Shri Rahul Chaudharydcit-6(1)(2) Vs. M/S Ask Wealth Advisors Room No.563B, 5Th Floor, Private Limited, Aayakar Bhavan, M.K. Birla Aurora, 16 Level Road, Mumbai – 400020 Office Floor 9, Dr. Annie Besant Road, Worli, Mumbai - 400030 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aafca9124M Appellant .. Respondent

For Appellant: Avneesh TiwariFor Respondent: J.D. Mistry
Section 14Section 143(3)Section 14A

…ITA No.2466/Mum/2022 A.Y. 2012-13 1 DCIT-6(1)(2) Vs. M/s Ask Wealth Advisors Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, ACCOUNTANT MEMBER & SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER DCIT-6(1)(2) Vs. M/s Ask Wealth Advisors Room No.563B, 5th Floor, Private Limited, Aayakar Bhavan, M.K. Birla Aurora, 16 Level Road, Mumbai – 400020 Office Floor 9, Dr. Annie Besant Road, Worli, Mumbai - 400030 स्थायी लेखा सं./जीआइआर सं./ PAN/GIR No: AAFCA9124M Appellant .. Respondent Appellant by : Avneesh Tiwari Respondent by : J.D. Mistry Date of Hearing 30.11.2022 Date of Pronounce…

Poonawalla Shares & Securities Pvt.Ltd, Pune vs. Assistant Commissioner of Wealth-Tax, Circle-4, Pune

Appeal is partly allowed in above terms

ITA 380/PUN/2020[2016/17]Status: DisposedITAT Pune29 Jul 2022

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपीलसं. / Ita No.380/Pun/2020 िनधा"रण वष" / Assessment Year : 2016-17 Poonawalla Shares & Securities The Assistant Pvt. Ltd., Vs Commissioner Of Income 16-B,/1, Sarosh Bhavan, Tax, Dr.Ambedkar Road, Circle-4, Pune. Pune – 411001 Pan: Aaacp 6087 H Appellant/ Assessee Respondent /Revenue Assessee By Shri Percy Pardiwala – Ar Revenue By Shri M.G.Jasnani – Dr Date Of Hearing 08/07/2022 Date Of Pronouncement 29/07/2022 आदेश/ Order Per S.S.Godara, Jm: This Assessee’S Appeal For Assessment Year 2016-17 Is Directed Against The Commissioner Of Income Tax(Appeals)-3, Pune’S Order Dated 11.12.2019 Passed In Case No.Pn/Cit(A)-3/Cir 4/193/2018-19/428, In Proceedings U/S.143(3) Of The Income Tax Act, 1961 [In Short “The Act”].

Section 143(3)Section 14A

…nsidered. Section 14A was introduced in the year 2001 to clarify the intention of the legislature with respect to expenses relating to earning of exempt income. This was passed after the Supreme Court decision in the case of Rajasthan Warehousing Corporation [242 ITR 450 (2000)], where it was held that when an assessee had a composite and indivisible business which had elements of both taxable and non-taxable income, the entire expenditure in respect of the said business was deductible and, in such a case, the principle of apportionment of the expenditure relating to the non-taxable income did not apply. However,…

M/S. Maxivision Eye Hospital Pvt. Ltd., Chennai vs. DCIT, Corporate Circle-4(1), Chennai

In the result, the appeal filed by the assessee is allowed

ITA 139/CHNY/2020[2012-13]Status: DisposedITAT Chennai22 Jul 2022AY 2012-13

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Shri AR. V. Sreenivasan, Addl.CIT
Section 1Section 14Section 143(3)Section 14A

…ovisions of section 14A were inserted as a response to the judgments of the Supreme Court in Commissioner of Income Tax Vs. Maharashtra Sugar Mills Limited (1971) (82 ITR 452) and Rajasthan State Ware Housing Corporation Vs. Commissioner of Income Tax ((2002) 242 ITR 450) in terms of which, expenditure incurred by an assessee carrying on a composite business giving rise to both taxable as well as non-taxable income, was allowable in entirety without apportionment. It was thus that s.14A was inserted providing that no deduction shall be allowable in respect of expenditure incurred in relation to the earning of inc…

The DCIT, Circle-1(1)(1), Ahmedabad vs. Astral Polytechnik Ltd., Ahmedabad

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

ITA 1966/AHD/2018[2015-16]Status: DisposedITAT Ahmedabad27 Jan 2022AY 2015-16
For Appellant: Shri Vartik Chokshi, A.R. & Shri BirenFor Respondent: Shri S. S. Shukla,Sr. DR
Section 14ASection 250

…7.4 But the Ld. AO was not satisfied and made addition. He relied upon following decisions: (i) Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT (ii) Hon’ble Rajasthan High Court in Rajasthan State Warehousing Corp. Ltd. Vs. CIT 242 ITR 450 (iii) Maruti Udhyog Ltd. Vs. Dep. Comm. (Delhi) 92 TTJ 987 ITA No. 1966/Ahd/2018 & C.O. No. 85/Ahd/2020 A.Y. 2015-16 (iv) Wipro Information Technology Vs. DCIT (Bang) 88 TTJ 378 (v) DCIT vs. Shree Synthetics Ltd. (Indore) 88 TTJ 717 (vi) Harish K. Bhatt Vs. ITO 85 TTJ 872 7.5 Before Ltd. CIT(A), the assessee repeated the same submissions. The Ld…

M/S. Trianz Holdings Private Limited, Bangalore vs. Assistant Commissioner of Income Tax, Circle- 7(1)(1), Bangalore

In the result, ground 34 is allowed

ITA 2639/BANG/2019[2015-16]Status: DisposedITAT Bangalore16 Nov 2021AY 2015-16

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm It(Tp)A No.2639/Bang/2019 : Asst.Year 2015-2016 M/S.Trianz Holdings Pvt. Ltd. The Assistant Commissioner #165/2, 6Th Floor, Kalyani Of Income-Tax, Circle 7(1)(1) V. Bangalore. Magnum, Doraisanipalya, Iim Post Bennerghatta Road Bangalore – 560 076. Pan : Aafca8051P. (Appellant) (Respondent) Appellant By : Sri.K.R.Vasudevan, Advocate Respondent By : Sri.Pradeep Kumar, Cit-Dr Date Of Pronouncement : 16.11.2021 Date Of Hearing : 15.11.2021 O R D E R Per George George K, Jm This Appeal At The Instance Of The Assessee Is Directed Against Final Assessment Order Dated 30.10.2019. The Relevant Assessment Year Is 2015-2016. 2. The Assesee Has Raised 36 Grounds In Its Memorandum Of Appeal. However, Learned Ar Had Argued Only Following Six Issues:-

For Appellant: Sri.K.R.Vasudevan, AdvocateFor Respondent: Sri.Pradeep Kumar, CIT-DR
Section 10ASection 14A

…ovisions of section 14A were inserted as a response to the judgments of the Supreme Court in Commissioner of Income Tax Vs. Maharashtra Sugar Mills Limited (1971) (82 ITR 452) and Rajasthan State Ware Housing Corporation Vs. Commissioner of Income Tax ((2002) 242 ITR 450) in terms of which, expenditure incurred by an assessee carrying on a composite business giving rise to both taxable as well as non-taxable income, was allowable in entirety without apportionment. It was thus that s.14A was inserted providing that no deduction shall be allowable in respect of expenditure incurred in relation to the earning of inc…

Unison Metal Limited, Ahmedabad vs. The Dy. CIT, Circle-4(1)(2), Ahmedabad

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

ITA 170/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad05 Oct 2021AY 2014-15

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: NoneFor Respondent: Shri R.R. Makwana, Sr DR
Section 14A

…e made in this case. Reliance in this regard is placed on following judgments: (1) Cheminvest Ltd. Vs. ITO, 124 TTT 577 (2009) (Del.) (SB) (2) Daga Capital Management Pvt Ltd., (2008) 117 ITD169 (Mum) (SB) (3) Rajasthan State Warehousing Corp. Ltd. V/s. CIT, 242 ITR 450 (Raj.) (4) Maruti Udyog Ltd. vs. Dep. Com. (Delhi), 92 TTJ 987 (5) Wipro Information Technology Vs. Dep. CIT (Bang) 88 TTJ 378 (6) Dep. Comm. Of I.T. Vs. Shree Synthetics Ltd. (Indore) 88 TTJ 717. (7) Harish K. Bhatt Vs. ITO 85TTJ 872. In view of the above, disallowance u/s. 14A t.w.r 8D is worked out as under:- (A) Direct expenses - Rs. NIL/- (…

Unison Metal Limited, Ahmedabad vs. The Dy. CIT, Circle-4(1)(2), Ahmedabad

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

ITA 169/AHD/2019[2013-14]Status: DisposedITAT Ahmedabad05 Oct 2021AY 2013-14

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: NoneFor Respondent: Shri R.R. Makwana, Sr DR
Section 14A

…e made in this case. Reliance in this regard is placed on following judgments: (1) Cheminvest Ltd. Vs. ITO, 124 TTT 577 (2009) (Del.) (SB) (2) Daga Capital Management Pvt Ltd., (2008) 117 ITD169 (Mum) (SB) (3) Rajasthan State Warehousing Corp. Ltd. V/s. CIT, 242 ITR 450 (Raj.) (4) Maruti Udyog Ltd. vs. Dep. Com. (Delhi), 92 TTJ 987 (5) Wipro Information Technology Vs. Dep. CIT (Bang) 88 TTJ 378 (6) Dep. Comm. Of I.T. Vs. Shree Synthetics Ltd. (Indore) 88 TTJ 717. (7) Harish K. Bhatt Vs. ITO 85TTJ 872. In view of the above, disallowance u/s. 14A t.w.r 8D is worked out as under:- (A) Direct expenses - Rs. NIL/- (…

The South Indian Bank Ltd vs. The Commissioner of Income Tax

C.A. No.-009606-009606 - 2011Supreme Court09 Sept 2021

Bench: HON'BLE MR. JUSTICE HRISHIKESH ROY

Section 14Section 14A

…attain finality. As such the disallowance under Section 14A was intended to cover pending assessments and for the assessment years commencing from 2001-2002. It may be noted that in the present batch of appeals, we are concerned with 1 [(2000) 242 ITR 450 SC] / (2000) 3 SCC 126. Page 4 of 22 disallowances made under Section 14A for assessment years commencing from 2001-2002 onwards or for pending assessments. 7. At outset it is clarified that none of the assessee banks amongst the appellants, maintained separate accounts for the investments made in bonds, securities and shares whe…

Standard Chartered Grindlays Bank, New Delhi vs. ADIT International Taxation, New Delhi

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

ITA 2920/DEL/2008[2001-2002]Status: DisposedITAT Delhi26 Oct 2020AY 2001-2002

Bench: Ms. Sushma Chowladr. B. R. R. Kumar(Through Video Coferencing)

For Appellant: Sh. Shashi M. Kapila, AdvFor Respondent: Sh. Satpal Gulati, CIT DR
Section 10(33)Section 115Section 115A(3)Section 195(1)Section 3Section 36(1)(viia)Section 40

…the expenses incurred for the purposes of business of the Appellant can be said to be attributable to earning of dividend income in view of various decisions as under –  CIT v/s. Indian Bank Ltd. - 56 ITR 77(SC)  Rajasthan State Warehousing Corp. v/s. CIT - 242 ITR 450(SC)  CIT v/s. Maharashtra Sugar Mills - 82 ITR 452(SC)  CIT v/s. Industrial Investment Trust Co. Ltd. - 67 ITR 436(Bom) 8. The Ld. CIT(A) has erred in law and on facts in disallowing the sum of Rs.30,15,52,101/- as relating to access and user of technology related services for its credit cards business in India, on which full taxes were duly d…

Shri Ashok Kumar Goyal, Beawar vs. ITO, Ward-1, Beawar

In the result, the ground of appeal is allowed

ITA 1219/JPR/2019[2013-14]Status: DisposedITAT Jaipur15 Oct 2020AY 2013-14
For Appellant: Shri PC Parwal (CA)For Respondent: Smt. Chanchal Meena (Addl. CIT)
Section 139(1)Section 143(3)Section 147Section 148Section 154Section 57(3)

…would not have any revenue effect but the net outcome will remain the same. In support of his contention he has relied upon the decision of Hon’ble Supreme Court in case of Rajasthan State 13 Shri Ashok Kumar Goyal, Beawar. Warehousing Corporation vs. CIT, 242 ITR 450 (SC) as well as the decision of this Tribunal dated 13th January, 2020 in case of Govind Sharan Gupta vs. ACIT in ITA No. 58/JP/2019. 7. On the other hand, the ld. D/R has relied upon the orders of the authorities below and submitted that the AO has taken up this issue of excess claim of interest against the income from other sources in the re…

Wimco Seeding Ltd vs. JCIT, Spl. Range-22

In the result, appeal of the assessee for all these three years are allowed as indicated above

ITA 2757/DEL/2002[1991-1992]Status: DisposedITAT Delhi22 Jun 2020AY 1991-1992

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Rakhi Vimal, Sr. DR
Section 139(1)Section 147Section 148

…as that in case of indivisible business the entire expenses incurred are allowable as business deduction. The assessee relies on the decision of the honourable Supreme Court in case of Rajasthan State warehousing Corporation versus Commissioner of income tax (242 ITR 450 wherein it has been held that when assessee is carrying on business in various ventures and some of them is taxable income and others are not the expenditure which the requirement of section 37 and then the entire expenditure will be permissible as a deduction. Therefore it was stated that reopening of the proceedings for apportionment and disall…

Wimco Seeding Ltd vs. JCIT, Spl. Range-22

In the result, appeal of the assessee for all these three years are allowed as indicated above

ITA 2756/DEL/2002[1990-1991]Status: DisposedITAT Delhi22 Jun 2020AY 1990-1991

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Rakhi Vimal, Sr. DR
Section 139(1)Section 147Section 148

…as that in case of indivisible business the entire expenses incurred are allowable as business deduction. The assessee relies on the decision of the honourable Supreme Court in case of Rajasthan State warehousing Corporation versus Commissioner of income tax (242 ITR 450 wherein it has been held that when assessee is carrying on business in various ventures and some of them is taxable income and others are not the expenditure which the requirement of section 37 and then the entire expenditure will be permissible as a deduction. Therefore it was stated that reopening of the proceedings for apportionment and disall…

Wimco Seeding Ltd vs. JCIT, Spl. Range-22

In the result, appeal of the assessee for all these three years are allowed as indicated above

ITA 2755/DEL/2002[1989-1990]Status: DisposedITAT Delhi22 Jun 2020AY 1989-1990

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Rakhi Vimal, Sr. DR
Section 139(1)Section 147Section 148

…as that in case of indivisible business the entire expenses incurred are allowable as business deduction. The assessee relies on the decision of the honourable Supreme Court in case of Rajasthan State warehousing Corporation versus Commissioner of income tax (242 ITR 450 wherein it has been held that when assessee is carrying on business in various ventures and some of them is taxable income and others are not the expenditure which the requirement of section 37 and then the entire expenditure will be permissible as a deduction. Therefore it was stated that reopening of the proceedings for apportionment and disall…

ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Company Pvt. Ltd, Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1194/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2013-14

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and
Section 10ASection 143(2)Section 143(3)Section 2Section 263

…e reference to the decision of Special Bench in the case of Daga Capital Management P.Ltd., 117 ITD 169 (Mum)(SB). Apart from these decisions, he made reference to the Hon’ble Rajasthan High Court in the case of Rajasthan state Warehousing Corpn Ltd. Vs. CIT, 242 ITR 450(Raj), and also four more ITAT’s orders. He worked out the disallowance of Rs.36,59,563/- in the Asstt.Year 2012-13 and Rs.67,30,601/- in the Asstt.Year 2013-14. Dissatisfied with the disallowance, assessee went in appeal before the ld.CIT(A) who deleted the disallowance partly. The ld.CIT(A) was of the view that the assessee has sufficient intere…

ACIT, Circle-4(1)(2), Ahmedabad vs. M/S. Zaveri & Company Pvt. Ltd, Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1193/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2012-13

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and
Section 10ASection 143(2)Section 143(3)Section 2Section 263

…e reference to the decision of Special Bench in the case of Daga Capital Management P.Ltd., 117 ITD 169 (Mum)(SB). Apart from these decisions, he made reference to the Hon’ble Rajasthan High Court in the case of Rajasthan state Warehousing Corpn Ltd. Vs. CIT, 242 ITR 450(Raj), and also four more ITAT’s orders. He worked out the disallowance of Rs.36,59,563/- in the Asstt.Year 2012-13 and Rs.67,30,601/- in the Asstt.Year 2013-14. Dissatisfied with the disallowance, assessee went in appeal before the ld.CIT(A) who deleted the disallowance partly. The ld.CIT(A) was of the view that the assessee has sufficient intere…

M/S. Zaveri & Co. Pvt. Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax, Circle-4(1)(2), Ahmedabad

In the result, both the appeals of the Revenue are dismissed

ITA 1081/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad12 Mar 2020AY 2013-14

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed

For Appellant: Shri Surendra kumar, CIT-DR and
Section 10ASection 143(2)Section 143(3)Section 2Section 263

…e reference to the decision of Special Bench in the case of Daga Capital Management P.Ltd., 117 ITD 169 (Mum)(SB). Apart from these decisions, he made reference to the Hon’ble Rajasthan High Court in the case of Rajasthan state Warehousing Corpn Ltd. Vs. CIT, 242 ITR 450(Raj), and also four more ITAT’s orders. He worked out the disallowance of Rs.36,59,563/- in the Asstt.Year 2012-13 and Rs.67,30,601/- in the Asstt.Year 2013-14. Dissatisfied with the disallowance, assessee went in appeal before the ld.CIT(A) who deleted the disallowance partly. The ld.CIT(A) was of the view that the assessee has sufficient intere…

M/S. Tamil Nadu Industrial Development Corpor, Chennai vs. ACIT, Chennai

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

ITA 1181/CHNY/2008[2003-04]Status: DisposedITAT Chennai28 Feb 2020AY 2003-04

Bench: Mahavir Singh & Shri M. Balaganeshआयकर अपील सं./I.T.A.No.1181/Chny/2008 ("नधा"रण वष" / Assessment Year: 2003-04) M/S. Tamilnadu Industrial Vs The Acit, Development Corporation Limited, Company Circle – Iii(1), 19-A, Rukmini Lakshmipathy Salai, Chennai – 34. Egmore, Chennai – 600 008. Pan: Aaact3409P (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri R. Vijayaraghavan, Advocate ""यथ" क" ओर से/Respondent By : Shri Abani Kanta Nayak, Cit

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri Abani Kanta Nayak, CIT
Section 11Section 115JSection 263

…आयकर अपील"य अ"धकरण, ‘सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘C’ BENCH, CHENNAI "ी महावीर "संह, उपा"य" एवं "ी एम बालागणेश, लेखा सद"य के सम" BEFORE MAHAVIR SINGH, VICE PRESIDENT AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A.No.1181/Chny/2008 ("नधा"रण वष" / Assessment Year: 2003-04) M/s. Tamilnadu Industrial Vs The ACIT, Development Corporation Limited, Company Circle – III(1), 19-A, Rukmini Lakshmipathy Salai, Chennai – 34. Egmore, Chennai – 600 008. PAN: AAACT3409P (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant by : Shri R. Vijayaraghavan, Advocate ""यथ" क"…

M/S. Industrial Develop, Ment Bank of India, Mumbai vs. The Dy CIT RG 3(1), Mumbai

ITA 3371/MUM/2004[1998-1999]Status: DisposedITAT Mumbai02 Jan 2020AY 1998-1999

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 3371/Mum/2004 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 3372/Mum/2004 (Inaqa-Arna Baya- / Assessment Year 1999-00) Aayakr Apila Sam./ Ita No. 3373/Mum/2004 (Inaqa-Arna Baya- / Assessment Year 2000-01) Industrial Development Bank Of The Dy. Commissioner Of Income India, Taxation Cell, 3 Rd Floor, Tax, Range 3(1), 6 Th Floor, Room Vs. Idbi Tower, Wtc Complex, No. 623, Aayakar Bhavan, M.K. Cuffe Parade, Mumbai-400 005 Road, Mumbai-400 020 .. (P`%Yaqaai- / Respondent) (Apilaaqai- / Appellant) स्थामी रेखा िं./Pan No. Aaaci1105R Aayakr Apila Sam./ Ita No. 4744/Mum/2005 (Inaqa-Arna Baya- / Assessment Year 2001-02) Aayakr Apila Sam./ Ita No. 5962/Mum/2008 (Inaqa-Arna Baya- / Assessment Year 2002-03) Aayakr Apila Sam./ Ita No. 3907/Mum/2009 (Inaqa-Arna Baya- / Assessment Year 2003-04) Aayakr Apila Sam./ Ita No. 3908/Mum/2009 (Inaqa-Arna Baya- / Assessment Year 2004-05) Aayakr Apila Sam./ Ita No. 3909/Mum/2009 (Inaqa-Arna Baya- / Assessment Year 2005-06) Aayakr Apila Sam./ Ita No. 2488/Mum/2010 (Inaqa-Arna Baya- / Assessment Year 2006-07) Aayakr Apila Sam./ Ita No. 13/Mum/2011

Section 143(3)

…ed fund, investment in shares giving rise to dividend income. The assessee is engaged in a finance business where the finances cannot be linked with the investment in shares therefore decision of Supreme Court in the case of Rajasthan Warehousing Corporation (242 ITR 450 SC) which follows earlier decision of S.C. therefore interest cannot be attributed against the dividend income. 5.7 The contention of the appellant cannot be accepted as the Hon'ble Mumbai ITAT in its recent decision in the Asst. C.I.T. vs City Corp. Finance 300 ITR 398 have held that expenses connected with exempt income can be disallowed. Ther…

Modern Insulators Ltd., Jaipur vs. Assistant Commissioner of Income Tax, Circle-6, Jaipur

In the result, appeal of the assessee is allowed

ITA 74/JPR/2019[2014-15]Status: DisposedITAT Jaipur05 Dec 2019AY 2014-15
For Appellant: Shri Madhukar Garg (CA)For Respondent: Smt. Runi Pal (JCIT)
Section 14A

…he provisions of section 14A were inserted as a response to the judgments of the Supreme Court in Commissioner of Income Tax v. Maharashtra Sugar Mills Limited [1971] 82 ITR 452 and Rajasthan State Ware Housing Corporation v. Commissioner of Income-tax [2002] 242 ITR 450 in terms of which, expenditure incurred by an assessee carrying on a composite business giving rise to both taxable as well as non-taxable income, was allowable in entirety without apportionment. It was thus that s.14A was inserted providing that no deduction shall be allowable in respect of expenditure incurred in relation to the earning of inco…

I.T.O., Ward-8(1), Kolkata vs. M/S Caravan Creation Private Limited, Kolkata

In the result, the appeal of the revenue is dismissed

ITA 99/KOL/2019[2014-15]Status: DisposedITAT Kolkata13 Nov 2019AY 2014-15

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.99/Kol/2019 ("नधा"रणवष" / Assessment Year: 2014-15)

For Appellant: NoneFor Respondent: Smt. Ranu Biswas, Addl. CIT
Section 143(3)Section 14A

…s Additional CIT [2017] 77 taxmann.com 257 (Madras) "The provisions of section 14A were inserted as a response to the judgments of the Supreme Court in CIT v. Maharashtra Sugar Mills Ltd. [1971] 82 ITR 452 and Rajasthan State Ware Housing Corpn. v. CIT [2000] 242 ITR 450/109 Taxman 145 in terms of which, expenditure incurred by an assessee carrying on a composite business giving rise to both taxable as well as non- taxable income, was allowable in entirety without apportionment. It was thus that s. 14A was inserted providing that no deduction shall be allowable in respect of expenditure incurred in relation to th…