Maxopp Investment Ltd. v. CIT

402 ITR 640Supreme Court of India2018#21 most cited

What is Maxopp Investment Ltd. v. CIT authority for?

Disallowance under Section 14A is not automatic and requires the Assessing Officer to record satisfaction before applying Rule 8D. Only investments yielding exempt income are considered for disallowance, irrespective of their strategic nature.

1,596

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2016 to 2026.

Also referred to as

Maxopp Investment Ltd v CIT · Maxopp SC 2018 · Section 14A disallowance · Rule 8D application · expenditure for exempt income · only dividend bearing investments · satisfaction Section 14A(2) · strategic investment disallowance · disallowance not automatic · 402 ITR 640

Also reported as

91 Taxmann.com 154254 Taxmann 325301 CTR 489

Sections most often in play

Section 14ASection 143(3)Section 115JBSection 8DSection 37(1)Section 1961Section 250Section 143(2)
Read the full judgment

Issues it is cited on

section 14a(1)section 14a(2)strategic investmentdisallowance under section 14adisallowance u/s 14asection 10(34)section 14asection 36(1)(vii)section 40a(2)enduring benefitbook profitssection 115j

Judgments citing Maxopp Investment Ltd. v. CIT

DCIT(CC)-8(3), Mumbai vs. 63 Moons Technologies Limited, Mumbai

Accordingly, claim of deduction was not allowed

ITA 3178/MUM/2024[2007-08]Status: DisposedITAT Mumbai11 Dec 2024AY 2007-08

Bench: Shri Saktijit Dey, Hon’Ble & Shri Amarjit Singh, Hon’Bleita No. 3175/Mum/2024 (A.Y. 2008-09) Dcit (Cc)-8(3), Mumbai 63 Moons Technologies Limited Cts No. 256-257, F.T. Tower, Vs Suren Road, Chakala, Andheri, Mumbai-400093. Pan: Aaacf 5737 C (Appellant) (Respondent)

For Appellant: Shri Sukhsagar SyalFor Respondent: Smt. Sanyogita Nagpal, CIT/DR
Section 132Section 14ASection 153ASection 40

…ficer is not satisfied on an objective criteria in the context of its accounts, that suo motu disallowance claimed by the assessee is not proper. In fact, the Supreme Court in the case of Maxopp Investment Ltd. v. CIT (2018) 91 taxmann.com 154/254 Taxman 325/402 ITR 640 while upholding the view of the Delhi High Court has held that the Assessing Officer needs to record his non- satisfaction having regard to the suo moto disallowances claimed by the assessee in the context of its accounts. It is only thereafter, the occasion to apply rule 8D of the Rules for apportionment of expenses can arise. In the present fa…

DCIT (CC)-8(3), Mumbai vs. 63 Moons Technologies Ltd Q, Mumbai

Accordingly, claim of deduction was not allowed

ITA 3175/MUM/2024[2008-09]Status: DisposedITAT Mumbai11 Dec 2024AY 2008-09

Bench: Shri Saktijit Dey, Hon’Ble & Shri Amarjit Singh, Hon’Bleita No. 3175/Mum/2024 (A.Y. 2008-09) Dcit (Cc)-8(3), Mumbai 63 Moons Technologies Limited Cts No. 256-257, F.T. Tower, Vs Suren Road, Chakala, Andheri, Mumbai-400093. Pan: Aaacf 5737 C (Appellant) (Respondent)

For Appellant: Shri Sukhsagar SyalFor Respondent: Smt. Sanyogita Nagpal, CIT/DR
Section 132Section 14ASection 153ASection 40

…ficer is not satisfied on an objective criteria in the context of its accounts, that suo motu disallowance claimed by the assessee is not proper. In fact, the Supreme Court in the case of Maxopp Investment Ltd. v. CIT (2018) 91 taxmann.com 154/254 Taxman 325/402 ITR 640 while upholding the view of the Delhi High Court has held that the Assessing Officer needs to record his non- satisfaction having regard to the suo moto disallowances claimed by the assessee in the context of its accounts. It is only thereafter, the occasion to apply rule 8D of the Rules for apportionment of expenses can arise. In the present fa…

Pr. Commissioner of Income Tax -7, Delhi vs. Punjab National Bank

ITA/193/2024HC Delhi06 Dec 2024

Bench: HON'BLE MR. JUSTICE TUSHAR RAO GEDELA,HON'BLE THE ACTING CHIEF JUSTICE

Section 143(3)Section 14ASection 260ASection 36(1)(viii)Section 43B

…xopp Investments Ltd. v. Commissioner of Income Tax and Other Connected Appeals: (2012) 347 ITR 272. The learned ITAT confirmed the learned CIT(A)’s finding, relying upon decision of the Supreme Court in Maxopp Investment Limited v. CIT, New Delhi: (2018) 402 ITR 640 (SC) as well as PCIT v. State Bank of Patiala: (2017) 78 taxmann.com 3 (SC). The relevant extract of the said order is set out below: “8. We have carefully perused the decision in the case of Maxopp Investment Ltd versus CIT (2018) 91 taxman.com 154 (SC) wherein the Hon’ble Apex Court considered two cases Digitally Signed By:TARUN RANA Sig…

DCIT Corporate Circle 1(1), Chennai vs. Allsec Technologies Limited, Chennai

The appeal stand partly allowed in terms of our above order

ITA 1662/CHNY/2019[2011-12]Status: DisposedITAT Chennai03 Dec 2024AY 2011-12

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm 1. आयकरअपील सं./ Ita No.1255/Chny/2019 (िनधा)रणवष) / Assessment Year: 2010-11) & 2. आयकरअपील सं./ Ita No.1662/Chny/2019 (िनधा)रणवष) / Assessment Year: 2011-12) Dcit M/S. Allsec Technologies Limited बनाम/ Corporate Circle-1(1), 560, 562, 7H Century Plaza, Vs. Chennai. Teynampet, Anna Salai, Chennai-600 018. "थायीलेखासं./जीआइआरसं./Pan/Gir No.Aacca-5106-G (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Revenue By : Ms. Kavitha (Addl.Cit) - Ld. Sr. Dr " थ"कीओरसे/ Assessee By : Shri Vikram Vijayaraghavan (Advocate) - Ld.Ar सुनवाईकीतारीख/Date Of Hearing : 20-11-2024 घोषणाकीतारीख /Date Of Pronouncement : 03-12-2024 आदेश / O R D E R Manoj Kumar Aggarwal () 1.1 Aforesaid Appeals By Revenue For Assessment Year (Ay) 2010-11 & 2011-12 Has Common Issues. First We Take Up Appeal For Ay 2010-11 Which Arises Out Of The Order Of Learned Commissioner Of Income Tax (Appeals)-1, Chennai [Cit(A)] Dated 31-01-2019 In The Matter Of An Assessment Framed By Ld. Assessing Officer [Ao] U/S. 143(3) R.W.S.

For Appellant: Shri Vikram Vijayaraghavan (Advocate) - Ld.ARFor Respondent: Ms. Kavitha (Addl.CIT) - Ld. Sr. DR
Section 143(3)Section 14ASection 195Section 40Section 9(1)(vi)

…आयकर अपीलीय अिधकरण “डी” "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, CHENNAI माननीय "ी मनोज कुमार अ"वाल ,लेखा सद# एवं माननीय "ी मनु कुमार िग'र, "ाियक सद# के सम(। BEFORE HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON’BLE SHRI MANU KUMAR GIRI, JM 1. आयकरअपील सं./ ITA No.1255/Chny/2019 (िनधा)रणवष) / Assessment Year: 2010-11) & 2. आयकरअपील सं./ ITA No.1662/Chny/2019 (िनधा)रणवष) / Assessment Year: 2011-12) DCIT M/s. Allsec Technologies Limited बनाम/ Corporate Circle-1(1), 560, 562, 7H Century Plaza, Vs. Chennai. Teynampet, Anna Salai, Chennai-600 018. "थायीलेखासं./जीआइआरसं./PAN/GIR No.AACCA-5106-G (…

DCIT Corporate Circle 1(1), Chennai vs. Allsec Technologies Limited, Chennai

The appeal stand partly allowed in terms of our above order

ITA 1255/CHNY/2019[2010-11]Status: DisposedITAT Chennai03 Dec 2024AY 2010-11

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm 1. आयकरअपील सं./ Ita No.1255/Chny/2019 (िनधा)रणवष) / Assessment Year: 2010-11) & 2. आयकरअपील सं./ Ita No.1662/Chny/2019 (िनधा)रणवष) / Assessment Year: 2011-12) Dcit M/S. Allsec Technologies Limited बनाम/ Corporate Circle-1(1), 560, 562, 7H Century Plaza, Vs. Chennai. Teynampet, Anna Salai, Chennai-600 018. "थायीलेखासं./जीआइआरसं./Pan/Gir No.Aacca-5106-G (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Revenue By : Ms. Kavitha (Addl.Cit) - Ld. Sr. Dr " थ"कीओरसे/ Assessee By : Shri Vikram Vijayaraghavan (Advocate) - Ld.Ar सुनवाईकीतारीख/Date Of Hearing : 20-11-2024 घोषणाकीतारीख /Date Of Pronouncement : 03-12-2024 आदेश / O R D E R Manoj Kumar Aggarwal () 1.1 Aforesaid Appeals By Revenue For Assessment Year (Ay) 2010-11 & 2011-12 Has Common Issues. First We Take Up Appeal For Ay 2010-11 Which Arises Out Of The Order Of Learned Commissioner Of Income Tax (Appeals)-1, Chennai [Cit(A)] Dated 31-01-2019 In The Matter Of An Assessment Framed By Ld. Assessing Officer [Ao] U/S. 143(3) R.W.S.

For Appellant: Shri Vikram Vijayaraghavan (Advocate) - Ld.ARFor Respondent: Ms. Kavitha (Addl.CIT) - Ld. Sr. DR
Section 143(3)Section 14ASection 195Section 40Section 9(1)(vi)

…आयकर अपीलीय अिधकरण “डी” "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, CHENNAI माननीय "ी मनोज कुमार अ"वाल ,लेखा सद# एवं माननीय "ी मनु कुमार िग'र, "ाियक सद# के सम(। BEFORE HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON’BLE SHRI MANU KUMAR GIRI, JM 1. आयकरअपील सं./ ITA No.1255/Chny/2019 (िनधा)रणवष) / Assessment Year: 2010-11) & 2. आयकरअपील सं./ ITA No.1662/Chny/2019 (िनधा)रणवष) / Assessment Year: 2011-12) DCIT M/s. Allsec Technologies Limited बनाम/ Corporate Circle-1(1), 560, 562, 7H Century Plaza, Vs. Chennai. Teynampet, Anna Salai, Chennai-600 018. "थायीलेखासं./जीआइआरसं./PAN/GIR No.AACCA-5106-G (…

Vedant Fashions Ltd., Kolkata vs. DCIT, Cir. 3(2), Kolkata

In the result, the appeal of the assessee is allowed

ITA 530/KOL/2024[2020-21]Status: DisposedITAT Kolkata29 Nov 2024AY 2020-21

Bench: Shri Sonjoy Sarma & Shri Rajesh Kumari.T.A. No.530/Kol/2024 Assessment Year: 2020-21 Vedant Fashions Ltd...………………........………………....Appellant Sdf-1, A-501, A-502, 4Th Floor, 19 Canal South Road, Paridhan Garment Park, Kolkata – 700015. [Pan: Aabcv4646B] Vs. Dcit, Circle-3(2), Kolkata.….…….…............................…..…..... Respondent Appearances By: Shri Sunil Surana, Fca, Appeared On Behalf Of The Assessee. Shri Pradip Kr. Biswas, Addl. Cit, Appeared On Behalf Of The Revenue. Date Of Concluding The Hearing : November 18, 2024 Date Of Pronouncing The Order : November 29, 2024 आदेश / Order Per Sonjoy Sarma: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 30.01.2024 Of The Commissioner Of Income Tax (Appeals)- 21, Kolkata [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Brief Facts Of The Case Are That The Assessee Filed Its Return Of Income Declaring A Total Income Of Rs.3084417870/-. The Case Of The Assessee Was Selected For Scrutiny By Issuing Notice U/S 143(2) Under Cass, Consequent To This, Notices U/S 142(1) & 133(6) Of The Act Were Issued To The Assessee Seeking Clarification & Verification Of The Deduction Claimed In The Return. During The Assessment Proceedings, The Assessing Officer Observed That The Assessee Had Claimed A Deduction Of Rs.2,98,57,165/- Towards Health & Education Cess. The Assessing Officer Disallowed This Deduction Holding That The Health And

Section 142(1)Section 143(2)Section 14ASection 14A(2)Section 250Section 40

…rther, the disallowance made by the Assessing Officer on a formulaic application of Rule 8D without examining the books of account, was not correct as has been held by the Hon’ble Supreme Court in the case of Maxopp Investment Ltd. vs. CIT’ reported in (2018) 402 ITR 640(SC) which mandates of recording of satisfaction before applying Rule 8D which 2 I.T.A. No.530/Kol/2024 Assessment Year: 2020-21 Vedant Fashions Ltd was totally absent in the instant case of the assessee. The relevant part of the decision of the Hon’ble Supreme Court in the case of ‘Maxopp Investment Ltd. vs. CIT’ (supra) is as under: “……Keeping…

Incred Holdings Limited, Mumbai vs. Assessment Unit, Delhi

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

ITA 4253/MUM/2024[AY 2021-22]Status: DisposedITAT Mumbai27 Nov 2024

Bench: SHRI OM PRAKASH KANT (Accountant Member), MS. KAVITHA RAJAGOPAL (Judicial Member)

For Appellant: Shri Nimesh JainFor Respondent: 16.10.2024
Section 143(1)Section 143(2)Section 143(3)Section 14ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “K(SMC)” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT, AM AND MS. KAVITHA RAJAGOPAL, JM Incred Holdings Limited Assessment Unit Unit No. 1203, 12th Floor, B Wing, Delhi The Capital, Plot No. C-70, Vs. G Block, BKC, Mumbai-400 051 PAN/GIR No.AAECK 1977 B (Assessee) : (Respondent) Assesseeby : Shri Nimesh Jain : Shri Tushar Mohite Respondent by : 16.10.2024 Date of Hearing Date of Pronouncement : 27.11.2024 O R D E R Per Kavitha Rajagopal, J M: This appeal has been filed by the assessee, challenging the order of the learned Commissioner of Income Tax (Appeals) (‘ld.CIT(A) for short…

Candor Gurgaon One Realty Projects Pvt. Ltd. (Formerly Known As Unitech Realty Projects Pvt. Ltd.), Mumbai vs. DCIT Circle- 18(1), New Delhi

In the result, the appeal of the assessee in ITA No

ITA 6399/DEL/2019[2011-12]Status: DisposedITAT Delhi26 Nov 2024AY 2011-12

Bench: Shri Challa Nagendra Prasad & Shri Naveen Chandra

For Appellant: Shri K.M. Gupta, AdvFor Respondent: Shri Krishana Ramavat, Sr. DR
Section 14ASection 271(1)(c)

…ojects Ltd ITA No. 4032/DEL/2015and Maxopp Investment Ltd [supra]. 14. Per contra, the ld. DR strongly supported the findings of the Assessing Officer and placed reliance on the decision of the Hon'ble Supreme Court in the case of Maxopp Investment Limited 402 ITR 640. 15. We have heard the rival submissions and have perused the relevant material on record. We find that during the year under consideration, the assessee’s only expenditure is on account of audit fees and legal fees and the assessee has received dividend income on which it has voluntarily disallowed expenditure on proportionate basis in accorda…

Biswanath Hosiery Mills Ltd., Kolkata vs. ACIT, Cir. 4(2), Kolkata

In the result, the appeal of the assessee is allowed

ITA 470/KOL/2024[2017-18]Status: DisposedITAT Kolkata25 Nov 2024AY 2017-18

Bench: Shri Anikesh Banerjee & Shri Rakesh Mishraassessment Year: 2017-18

For Appellant: Shri Aayush Kedia, ARFor Respondent: Shri Mahare Yogesh Prabhakar, DR
Section 10(34)Section 143(2)Section 143(3)Section 14ASection 250

…Hdh IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH KOLKATA BEFORE SHRI ANIKESH BANERJEE, JUDICIAL MEMBER AND SHRI RAKESH MISHRA, ACCOUNTANT MEMBER Assessment Year: 2017-18 Biswanath Hosiery Mills Ltd. CIT (Appeals), Kolkata-27 39, Shree Centre, Kali Krishna Vs 110, Shanti Pally, Aaykar agore Street, Malapara, Bhavan Poorwa, Kolkata- Kolkata-700007, West Bengal 700107, West Bengal (Appellant) (Respondent) PAN: AABCB5179R Present for: Appellant by : Shri Aayush Kedia, AR Respondent by : Shri Mahare Yogesh Prabhakar, DR Date of Hearing : 07.11.2024 Date of Pronouncement : 25.11.2024 O R D E R PER RAKESH MISHRA, AC…

DCIT (It)-2(1)(2), Air Building, Nariman Point, Mumbai vs. Dbs Bank Limited, Mumbai

ITA 4722/MUM/2023[2015-16]Status: DisposedITAT Mumbai21 Nov 2024AY 2015-16

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Sunil Kumar Singh, Hon'Bleι.Τ.Α. No. 3691/Mum/2023

For Appellant: Shri P.J. Pardiwala/Shri Madhur Agarwal, A/RsFor Respondent: Shri Vivek Permpurna, CIT, D/R
Section 143(3)Section 14ASection 28Section 36Section 36(1)(vii)Section 36(1)(viia)Section 36(2)Section 37(1)Section 44C

…s made by the assessee itself, the same was not disturbed by the ld. First Appellate Authority. 20. Before us, the ld. Counsel for the assessee drew our attention to the decision of the Hon'ble Supreme Court in the case of Maxopp Investment Ltd. v. CIT (2018) 402 ITR 640 (SC) and pointed out that when the shares are held as stock-in-trade and not as investments, no disallowance is to be made u/s 14A r.w.r. 8D and further drew our attention to the decision of the Hon'ble Madras High Court in the case of Marg Ltd. Vs. CIT reported in 120 taxmann.com 84 (Madras) and pointed out that even if suo moto disallowance is…

Dbs Bank Ltd (Dbs Bank Ltd., India Branches Now Converted Into Dbs Bank India Ltd), Mumbai vs. DCIT (Int Txt)-2(1)(2), Mumbai

In the result, appeal of the assessee in ITA No

ITA 3691/MUM/2023[2015-16]Status: DisposedITAT Mumbai21 Nov 2024AY 2015-16

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Sunil Kumar Singh, Hon’Ble

For Appellant: Shri P.J. Pardiwala/Shri Madhur Agarwal, A/RsFor Respondent: Shri Vivek Permpurna, CIT, D/R
Section 143(3)Section 14ASection 28Section 36Section 36(1)(vii)Section 36(1)(viia)Section 36(2)Section 37(1)Section 44C

…s made by the assessee itself, the same was not disturbed by the ld. First Appellate Authority. 20. Before us, the ld. Counsel for the assessee drew our attention to the decision of the Hon’ble Supreme Court in the case of Maxopp Investment Ltd. v. CIT (2018) 402 ITR 640 (SC) and pointed out that when the shares are held as stock-in-trade and not as investments, no disallowance is to be made u/s 14A r.w.r. 8D and further drew our attention to the decision of the Hon’ble Madras High Court in the case of Marg Ltd. Vs. CIT reported I.T.A. No. 3691/Mum/2023 I.T.A. No. 4722/Mum/2023 13 in 120 taxmann.com 84 (Madras)…

Assistant Commissioner, Mumbai vs. Idbi Bank Limited, Mumbai

In the result, the appeal of the revenue bearing ITA No

ITA 5250/MUM/2024[2020-21]Status: DisposedITAT Mumbai14 Nov 2024AY 2020-21

Bench: Shri. Anikesh Banerjee & Smt. Renu Jauhri

For Appellant: Shri Chellamani NareshFor Respondent: Shri Satya Pal Kumar CIT (DR)
Section 115JSection 14Section 143(3)Section 144BSection 14ASection 250Section 36

…Further, it is not possible to exactly find out the amount of expenditure incurred to earn income which does not form part of total income. In view of the above and relying on the decision of the Hon'ble Supreme Court in Maxopp Investment Ltd.v/s. CIT [2018] 402 ITR 640 (SC), it is requested that the addition made by the AO may kindly be upheld.” 9. On the other hand, Ld. AR of the assessee with regard to normal computation submitted that this issue is decided in favour of the assessee in assessee’s own case by the Coordinate Bench in ITA.No. 3423 to 3426/Mum/2018 dated 03.09.2019. Further, with regard to book…

The Dy. Commissioner of Income Tax Circle-4(1)(1), Ahmedabad vs. Suzlon Energy Ltd., Ahmedabad

In the result the Ground Nos

ITA 303/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2017-18

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Shri T.R. SENTHIL KUMAR, Judicial Member And Shri Makarand Vasant Mahadeokar, Accountant Member ITA Nos. 198 & 199/Ahd/2023 Asst. Year. 2016-17 & 2017-18 Suzlon Energy Ltd. The DCIT, 5, Shrimali Society, Circle-4(1)(1), Suzlon House, Nr. Vs Ahmedabad Shree Krishna Centre, Navrangpura Ahmedabad-380009, PAN: AADCS0472N ITA Nos. 302 & 303/Ahd/2023 Asst. Years. 2016-17 & 2017-18 The DCIT, Suzlon Energy Ltd. Circle-4(1)(1), 5, Shrimali Society, Ahmedabad Vs Suzlon House, Nr. Shree Krishna Centre, Navrangpura Ahmedabad-380009, PAN: AADCS0472N (Appell…

The Dy. Commissioner of Income Tax Circle-4(1)(1), Ahmedabad vs. Suzlon Energy Ltd., Ahmedabad

In the result the Ground Nos

ITA 302/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2016-17

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Shri T.R. SENTHIL KUMAR, Judicial Member And Shri Makarand Vasant Mahadeokar, Accountant Member ITA Nos. 198 & 199/Ahd/2023 Asst. Year. 2016-17 & 2017-18 Suzlon Energy Ltd. The DCIT, 5, Shrimali Society, Circle-4(1)(1), Suzlon House, Nr. Vs Ahmedabad Shree Krishna Centre, Navrangpura Ahmedabad-380009, PAN: AADCS0472N ITA Nos. 302 & 303/Ahd/2023 Asst. Years. 2016-17 & 2017-18 The DCIT, Suzlon Energy Ltd. Circle-4(1)(1), 5, Shrimali Society, Ahmedabad Vs Suzlon House, Nr. Shree Krishna Centre, Navrangpura Ahmedabad-380009, PAN: AADCS0472N (Appell…

Suzlon Energy Ltd., Ahmedabad vs. The Dy. Commissioner of Income Tax Circle-4(1)(1), Ahmedabad

In the result the Ground Nos

ITA 199/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2017-18

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Shri T.R. SENTHIL KUMAR, Judicial Member And Shri Makarand Vasant Mahadeokar, Accountant Member ITA Nos. 198 & 199/Ahd/2023 Asst. Year. 2016-17 & 2017-18 Suzlon Energy Ltd. The DCIT, 5, Shrimali Society, Circle-4(1)(1), Suzlon House, Nr. Vs Ahmedabad Shree Krishna Centre, Navrangpura Ahmedabad-380009, PAN: AADCS0472N ITA Nos. 302 & 303/Ahd/2023 Asst. Years. 2016-17 & 2017-18 The DCIT, Suzlon Energy Ltd. Circle-4(1)(1), 5, Shrimali Society, Ahmedabad Vs Suzlon House, Nr. Shree Krishna Centre, Navrangpura Ahmedabad-380009, PAN: AADCS0472N (Appell…

Suzlon Energy Ltd., Ahmedabad vs. The Dy. Commissioner of Income Tax Circle-4(1)(1), Ahmedabad

In the result the Ground Nos

ITA 198/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2016-17

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

Section 115JSection 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Shri T.R. SENTHIL KUMAR, Judicial Member And Shri Makarand Vasant Mahadeokar, Accountant Member ITA Nos. 198 & 199/Ahd/2023 Asst. Year. 2016-17 & 2017-18 Suzlon Energy Ltd. The DCIT, 5, Shrimali Society, Circle-4(1)(1), Suzlon House, Nr. Vs Ahmedabad Shree Krishna Centre, Navrangpura Ahmedabad-380009, PAN: AADCS0472N ITA Nos. 302 & 303/Ahd/2023 Asst. Years. 2016-17 & 2017-18 The DCIT, Suzlon Energy Ltd. Circle-4(1)(1), 5, Shrimali Society, Ahmedabad Vs Suzlon House, Nr. Shree Krishna Centre, Navrangpura Ahmedabad-380009, PAN: AADCS0472N (Appell…

DCIT, New Delhi vs. M/S Hudco Ltd., New Delhi

In the result, the appeal of the revenue in ITA No

ITA 3904/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…ce thereon which worked out to Rs. 25,56,653/-. Against this action of the ld CIT(A), both assessee as well as revenue are in appeal before us. The law is very well settled by the decision of the Hon'ble Supreme Court in case of Maxopp Investments Ltd Vs. CIT 402 ITR 640 (SC) wherein, it has been held that the disallowance cannot be exceed exempt income. Since, the exempt income is only Rs. 21,06,000/-, the disallowance of expenditure cannot exceed the same. We direct the ld AO accordingly. Accordingly, ground No. 7 is partly allowed. 29. Ground No. 9 raised by the assessee is challenging the addition of Rs. 2.1…

M/S. Housing & Urban Development Corporation Ltd. (Hudco), New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal of the revenue in ITA No

ITA 3261/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…ce thereon which worked out to Rs. 25,56,653/-. Against this action of the ld CIT(A), both assessee as well as revenue are in appeal before us. The law is very well settled by the decision of the Hon'ble Supreme Court in case of Maxopp Investments Ltd Vs. CIT 402 ITR 640 (SC) wherein, it has been held that the disallowance cannot be exceed exempt income. Since, the exempt income is only Rs. 21,06,000/-, the disallowance of expenditure cannot exceed the same. We direct the ld AO accordingly. Accordingly, ground No. 7 is partly allowed. 29. Ground No. 9 raised by the assessee is challenging the addition of Rs. 2.1…

Karur Vysya Bank, Karur vs. PCIT Madurai -1, Madurai

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

ITA 1410/CHNY/2024[2018-19]Status: DisposedITAT Chennai23 Oct 2024AY 2018-19

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri Ananthan, AdvocateFor Respondent: Shri Nilay Baran Som, CIT
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 14ASection 263Section 36(1)(viia)

…d as business income. The Hon’ble Delhi High Court, in the case of PCIT v. Punjab National Bank had also considered an identical issue and by considering the decision of the Hon’ble Supreme Court in the case of Maxopp Investment Ltd. v. CIT reported in [2018] 402 ITR 640 (SC) held that provisions of Sec.14A of the Act, will not apply on profits from shares where held as stock in trade and not as investments. The sum and substance of ratio laid down by the Hon’ble Supreme Court and the Hon’ble High Courts are that in case of banking companies were shares & securities are held as stock in trade, dividend income is…

Asianet Star Communications Private Limited, Chennai vs. ACIT, Non Corporate Circle-10(1), Chennai

ITA 934/CHNY/2022[2018-19]Status: DisposedITAT Chennai18 Oct 2024AY 2018-19

Bench: Shri Mahavir Singhand Shri Jagadish

For Appellant: Shri Porus F Kaka, Senior AdvocateFor Respondent: Ms. R. Anita, Addl.CIT
Section 10Section 10(38)Section 143(3)Section 14ASection 154

…er disallowance the AO has to record satisfaction qua the assessee’s accounts that assessee has incurred more expenditure. For this, the ld.counsel also relied on the decision of Hon’ble Supreme Court in the case of Maxopp Investment Ltd., vs. CIT reported in 402 ITR 640. ITA Nos.934 & 935/Chny/2022 5. In reply, the ld. Senior DR stated that the AO has specifically recorded satisfaction and she drew our attention to para 4.1 and further took us through paras 4.6.2, 4.63 and 4.6.4 as under:- “4.6.2 On careful consideration of the facts and circumstances of the case, and taking into consideration the fact that some…