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, Circle-8(1), Kolkata vs. Itc Limited, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1222/KOL/2017[2010-11]Status: DisposedITAT Kolkata10 May 2024AY 2010-11

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “ए’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date of…

Itc Limited, Kolkata vs. ACIT, Range-8, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1166/KOL/2017[2011-12]Status: DisposedITAT Kolkata10 May 2024AY 2011-12

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “सी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date o…

Itc Limited, Kolkata vs. ACIT, Range-8, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1068/KOL/2017[2010-11]Status: DisposedITAT Kolkata10 May 2024AY 2010-11

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “सी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date o…

Eg 53 Gobi and Sathy Tkrd Local Bodies Dept Nms Empls Coop Thriff and Cs Limited, Gobichettipalayam vs. Income Tax Officer, Erdoe

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

ITA 1556/CHNY/2023[2018-19]Status: DisposedITAT Chennai30 Apr 2024AY 2018-19

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita No.: 1556/Chny/2023 िनधा"रण वष" / Assessment Year: 2018-19 Eg 53 Gobi & Sathy Tkrd Local Income Tax Officer, Bodies Dept Nms Empls Co-Op V. Ward -2(5), Thriff&Cs Limited, Erode. Dr. Venkatraman Street Gh Near, Gobichettipalayam, Gobichettiapalayam Tk, Erode – 638 452. [Pan: Aaaae-6994-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : None : Shri. D. Hema Bhupal, Jcit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 18.04.2024 घोषणा क" तारीख/Date Of Pronouncement : 30.04.2024 आदेश /O R D E R

For Appellant: None
Section 14ASection 14A(1)

…r involved is 2018-19 i.e., before amendment. It means that disallowance can be restricted to the extent of exempt income only and not beyond that and further relied upon the decision of Hon’ble Supreme Court in the case of Maxopp Investment Ltd vs CIT [2018] 402 ITR 640 (SC), wherein it has held as under: “32) In the first instance, it needs to be recognised that as per section 14A(1) of the Act, deduction of that expenditure is not to be allowed which has been incurred by the assessee “in relation to income which does not form part of the total income under this Act”. Axiomatically, it is that expenditure alone…

Vip Industries Limited, Mumbai vs. Dy Commissioner of Income Tax, Circle-8(3)(1), Mumbai

ITA 4135/MUM/2023[2018-19]Status: DisposedITAT Mumbai29 Apr 2024AY 2018-19

Bench: going to Rule 8D on the basis of the decision of the Hon'ble Supreme Court in the case of Maxopp Investment Ldt vs CIT 402 ITR 640.

For Appellant: Shri J P BairagraFor Respondent: Ms. Rajeshwari Menon
Section 143(3)Section 14ASection 14A(2)

…ny. The condition precedent of recording the required satisfaction which is safeguard provided in section 14A shall not be overlooked before going to Rule 8D on the basis of the decision of the Hon'ble Supreme Court in the case of Maxopp Investment Ldt vs CIT 402 ITR 640. 4. The Learned CIT(A) failed to consider that AO has not recorded satisfaction regarding the correctness of suo motu disallowance offered by the assessee u/s 14A and mere rejection of the explanation of the assessee per se, cannot be said to be a satisfaction as envisaged u/s 14A(2). The ratio laid down by the Delhi High Court in the case of PCI…

Sai Service Private Limited, Pune vs. The Deputy Commissioner of Income Tax, Circle-10, Pune

In the result, appeal of the assessee partly allowed

ITA 1076/PUN/2023[2020-21]Status: DisposedITAT Pune16 Apr 2024AY 2020-21

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.1076/Pun/2023 िनधा"रण वष" / Assessment Year : 2020-21 Sai Service Private Limited, Dcit, Circle-10, Mumbai Pune Road, Vs Pune Phugewadi, Pune 411 012 Maharashtra Pan : Aabcs4998M Appellant/ Assessee Respondent /Revenue Assessee By Smt. Deepa Khare – Ar Revenue By Shri Sourabh Nayak - Dr Date Of Hearing 22/02/2024 Date Of Pronouncement 16/04/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By Assessee Is Against The Order Of Ld.Commissioner Of Income-Tax(Appeals) In The National Faceless Appeal Centre, Delhi Passed U/S.250 Of The Income-Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) On 04.09.2023 For Assessment Year 2020-21. The Grounds Of Appeal Raised By The Assessee For A.Y. 2020-21 Are As Under : “The Appellant Being Aggrieved By The Order & Decision Of The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, Vide Order Dated 04/09/2023 Bearing Din & Order No. Itba/Nfac/S/250/2023-24/1055706047(1) Is Filing This Appeal On The Following Grounds Of Appeal. 1. The Commissioner Of Income Tax (Appeals) Erred In Confirming The Additional Disallowance Of Rs.78,20,410/-

Section 10Section 14ASection 14A(2)Section 250Section 270A(1)

…o this.” 2.3 Thus, as can be seen from the above paragraphs of the assessment order, nowhere Assessing Officer(AO) has recorded his satisfaction which is pre-requisite of section 14A of the Act. 2.4 The Hon’ble Supreme Court in Maxopp Investment Ltd. v/s CIT 402 ITR 640 (SC) has held as under : “41. Having regard to the language of Section 14A(2) of the Act, read with Rule 8D of the Rules, we also make it clear that before applying the theory of apportionment, the AO needs to record satisfaction that having regard to the kind of the assessee, suo moto disallowance under Section 14A was not correct. It will be in…

Deputy Commissioner of Income Tax, Chandigarh vs. Essix Biosciences Limited, Chandigarh

In the result, the appeal filed by the Department is

ITA 534/CHANDI/2023[2014-15]Status: DisposedITAT Chandigarh12 Apr 2024AY 2014-15

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Ved Jain, Advocate &For Respondent: Shri Rohit Sharma, CIT-DR
Section 14ASection 201Section 40

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ , च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH ‘A’ CHANDIGARH BEFORE: SHRI A.D.JAIN, VICE PRESIDENT AND SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No. 534/CHD/2023 "नधा"रण वष" / Assessment Year : 2014-15 The DCIT, Essix Biosciences Ltd., बनाम Chandigarh. SCO 850, Shivalik Enclave, VS NAC, Mani Majra, Chandigarh. "थायी लेखा सं./PAN /TAN No: AAACE0210F अपीलाथ"/Appellant ""यथ"/Respondent & C.O. No.08/CHD/2024 in आयकर अपील सं./ ITA No. 534/CHD/2023 "नधा"रण वष" / Assessment Year : 2014-15 Essix Biosciences Ltd., The DCIT, बनाम SCO 850, Shiva…

DCIT 3(3) (1), Mumbai vs. M/S. Shapoorji Pallonji Centre 41/44 Minoo Desai Marg, Mumbai

ITA 2233/MUM/2021[2014-15]Status: DisposedITAT Mumbai28 Mar 2024AY 2014-15

Bench: Shri B R Baskaran, Am & Ms. Kavitha Rajagopal, Jm & Co No. 55/Mum/2022 (Arising Out Of Ita No.2233/Mum/2021) (Assessment Year: 2014-15) Shapoorji Pallonji & Company Private Dy. Cit, Circle-3(3)(1) Limited Mumbai 1St Floor, 41/44, S P Centre, Minoo Vs. Desai Marg, Colaba, Mumbai-400 005

For Appellant: Shri Rajan Vora & Nikhil TiwariFor Respondent: Shri H M Bhatt
Section 10Section 115JSection 143(1)Section 143(3)Section 14ASection 250

…the assessee. Further to this, it is also pertinent to point out that the assessee has relied on the following decisions: • PCIT vs. Moonstar Securities Trading and Finance Co. (P.) Ltd. [2019] 105 taxamann.com 275 (SC) • Maxopp Investment Ltd. vs. CIT [2018] 402 ITR 640 (SC) • Godrej Boycee Manufacturing Company Ltd. vs. DCIT (Civil Appeal No. 7020 of 2011) • PCIT vs. Bombay Stock Exchange Ltd. [2020] 113 taxmann.com 303 (Bom) • PCIT vs. Bajaj Finance Ltd. [2019] IT Appeal No. 237 & 485 of 2017 (Bom) • Pr. CIT vs. Vedanta Ltd. [2019] 102 taxmann.com 95 (Del) • Eicher Motors Ltd. vs. CIT [2017] 398 ITR 51 (Del) a…

Shapoorji Pallonji and Company Pvt. Ltd, Mumbai vs. DCIT Cir 3(3) (1), Mumbai

ITA 2025/MUM/2021[2014-15]Status: DisposedITAT Mumbai28 Mar 2024AY 2014-15

Bench: Shri B R Baskaran, Am & Ms. Kavitha Rajagopal, Jm & Co No. 55/Mum/2022 (Arising Out Of Ita No.2233/Mum/2021) (Assessment Year: 2014-15) Shapoorji Pallonji & Company Private Dy. Cit, Circle-3(3)(1) Limited Mumbai 1St Floor, 41/44, S P Centre, Minoo Vs. Desai Marg, Colaba, Mumbai-400 005

For Appellant: Shri Rajan Vora & Nikhil TiwariFor Respondent: Shri H M Bhatt
Section 10Section 115JSection 143(1)Section 143(3)Section 14ASection 250

…the assessee. Further to this, it is also pertinent to point out that the assessee has relied on the following decisions: • PCIT vs. Moonstar Securities Trading and Finance Co. (P.) Ltd. [2019] 105 taxamann.com 275 (SC) • Maxopp Investment Ltd. vs. CIT [2018] 402 ITR 640 (SC) • Godrej Boycee Manufacturing Company Ltd. vs. DCIT (Civil Appeal No. 7020 of 2011) • PCIT vs. Bombay Stock Exchange Ltd. [2020] 113 taxmann.com 303 (Bom) • PCIT vs. Bajaj Finance Ltd. [2019] IT Appeal No. 237 & 485 of 2017 (Bom) • Pr. CIT vs. Vedanta Ltd. [2019] 102 taxmann.com 95 (Del) • Eicher Motors Ltd. vs. CIT [2017] 398 ITR 51 (Del) a…

M/S. City Union Bank, Kumbakonam vs. DCIT, Circle - 2 (1), Trichy

In the result, appeal filed by the revenue for assessment year 2017-18 is partly allowed for statistical purposes

ITA 672/CHNY/2020[2017-18]Status: DisposedITAT Chennai11 Mar 2024AY 2017-18

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1120 & 1121/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 M/S. City Union Bank Ltd., Asst. Commissioner Of Income- Administrative Office V. Tax, “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 672/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/S. City Union Bank Ltd., Deputy Commissioner Of Administrative Office V. Income-Tax, “Narayana” Circle -2(1), 24-B, Gandhi Nagar, Trichy. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos.: 1418 & 1419/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 Asst. Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 636/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 Deputy Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -2(1), 24-B, Gandhi Nagar

For Respondent: Shri. Nilay Baran Som, CIT

…the order of the Assessing Officer, it is clear that the Assessing Officer had not assigned any reason whatsoever as to how the claim of the assessee is incorrect. In the similar facts, the Hon’ble Supreme Court in the case of Maxopp Investment Ltd. vs. CIT, 402 ITR 640 held that in the absence of the finding of the Assessing Officer resort to provisions of Section 14A of the Act r.w.r 8D of the Rules cannot be made. This decision was followed by the Co-ordinate Bench of the Tribunal in the case of Karur Vysya Bank (supra) cited by holding as under:- “Ground No. 8 challenges the addition of I3,88,882/- invoking…

DCIT Circle-2(1), Trichy vs. City Union Bank Limited, Kumbakonam

In the result, appeal filed by the revenue for assessment year 2017-18 is partly allowed for statistical purposes

ITA 636/CHNY/2020[2017-18]Status: DisposedITAT Chennai11 Mar 2024AY 2017-18

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1120 & 1121/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 M/S. City Union Bank Ltd., Asst. Commissioner Of Income- Administrative Office V. Tax, “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 672/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/S. City Union Bank Ltd., Deputy Commissioner Of Administrative Office V. Income-Tax, “Narayana” Circle -2(1), 24-B, Gandhi Nagar, Trichy. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos.: 1418 & 1419/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 Asst. Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 636/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 Deputy Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -2(1), 24-B, Gandhi Nagar

For Respondent: Shri. Nilay Baran Som, CIT

…the order of the Assessing Officer, it is clear that the Assessing Officer had not assigned any reason whatsoever as to how the claim of the assessee is incorrect. In the similar facts, the Hon’ble Supreme Court in the case of Maxopp Investment Ltd. vs. CIT, 402 ITR 640 held that in the absence of the finding of the Assessing Officer resort to provisions of Section 14A of the Act r.w.r 8D of the Rules cannot be made. This decision was followed by the Co-ordinate Bench of the Tribunal in the case of Karur Vysya Bank (supra) cited by holding as under:- “Ground No. 8 challenges the addition of I3,88,882/- invoking…

ACIT Circle 1, Kumbakonam vs. City Union Bank Ltd., Kumbakonam

In the result, appeal filed by the revenue for assessment year 2017-18 is partly allowed for statistical purposes

ITA 1419/CHNY/2019[2016-17]Status: DisposedITAT Chennai11 Mar 2024AY 2016-17

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1120 & 1121/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 M/S. City Union Bank Ltd., Asst. Commissioner Of Income- Administrative Office V. Tax, “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 672/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/S. City Union Bank Ltd., Deputy Commissioner Of Administrative Office V. Income-Tax, “Narayana” Circle -2(1), 24-B, Gandhi Nagar, Trichy. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos.: 1418 & 1419/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 Asst. Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 636/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 Deputy Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -2(1), 24-B, Gandhi Nagar

For Respondent: Shri. Nilay Baran Som, CIT

…the order of the Assessing Officer, it is clear that the Assessing Officer had not assigned any reason whatsoever as to how the claim of the assessee is incorrect. In the similar facts, the Hon’ble Supreme Court in the case of Maxopp Investment Ltd. vs. CIT, 402 ITR 640 held that in the absence of the finding of the Assessing Officer resort to provisions of Section 14A of the Act r.w.r 8D of the Rules cannot be made. This decision was followed by the Co-ordinate Bench of the Tribunal in the case of Karur Vysya Bank (supra) cited by holding as under:- “Ground No. 8 challenges the addition of I3,88,882/- invoking…

ACIT Circle 1, Kumbakonam vs. City Union Bank Ltd., Kumbakonam

In the result, appeal filed by the revenue for assessment year 2017-18 is partly allowed for statistical purposes

ITA 1418/CHNY/2019[2015-16]Status: DisposedITAT Chennai11 Mar 2024AY 2015-16

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1120 & 1121/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 M/S. City Union Bank Ltd., Asst. Commissioner Of Income- Administrative Office V. Tax, “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 672/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/S. City Union Bank Ltd., Deputy Commissioner Of Administrative Office V. Income-Tax, “Narayana” Circle -2(1), 24-B, Gandhi Nagar, Trichy. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos.: 1418 & 1419/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 Asst. Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 636/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 Deputy Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -2(1), 24-B, Gandhi Nagar

For Respondent: Shri. Nilay Baran Som, CIT

…the order of the Assessing Officer, it is clear that the Assessing Officer had not assigned any reason whatsoever as to how the claim of the assessee is incorrect. In the similar facts, the Hon’ble Supreme Court in the case of Maxopp Investment Ltd. vs. CIT, 402 ITR 640 held that in the absence of the finding of the Assessing Officer resort to provisions of Section 14A of the Act r.w.r 8D of the Rules cannot be made. This decision was followed by the Co-ordinate Bench of the Tribunal in the case of Karur Vysya Bank (supra) cited by holding as under:- “Ground No. 8 challenges the addition of I3,88,882/- invoking…

City Union Bank Limited, Kumbakonam vs. ACIT Circle 1, Kumbakonam

In the result, appeal filed by the revenue for assessment year 2017-18 is partly allowed for statistical purposes

ITA 1121/CHNY/2019[2016-17]Status: DisposedITAT Chennai11 Mar 2024AY 2016-17

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1120 & 1121/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 M/S. City Union Bank Ltd., Asst. Commissioner Of Income- Administrative Office V. Tax, “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 672/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/S. City Union Bank Ltd., Deputy Commissioner Of Administrative Office V. Income-Tax, “Narayana” Circle -2(1), 24-B, Gandhi Nagar, Trichy. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos.: 1418 & 1419/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 Asst. Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 636/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 Deputy Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -2(1), 24-B, Gandhi Nagar

For Respondent: Shri. Nilay Baran Som, CIT

…the order of the Assessing Officer, it is clear that the Assessing Officer had not assigned any reason whatsoever as to how the claim of the assessee is incorrect. In the similar facts, the Hon’ble Supreme Court in the case of Maxopp Investment Ltd. vs. CIT, 402 ITR 640 held that in the absence of the finding of the Assessing Officer resort to provisions of Section 14A of the Act r.w.r 8D of the Rules cannot be made. This decision was followed by the Co-ordinate Bench of the Tribunal in the case of Karur Vysya Bank (supra) cited by holding as under:- “Ground No. 8 challenges the addition of I3,88,882/- invoking…

City Union Bank Limited, Kumbakonam vs. ACIT Circle 1, Kumbakonam

In the result, appeal filed by the revenue for assessment year 2017-18 is partly allowed for statistical purposes

ITA 1120/CHNY/2019[2015-16]Status: DisposedITAT Chennai11 Mar 2024AY 2015-16

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1120 & 1121/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 M/S. City Union Bank Ltd., Asst. Commissioner Of Income- Administrative Office V. Tax, “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 672/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/S. City Union Bank Ltd., Deputy Commissioner Of Administrative Office V. Income-Tax, “Narayana” Circle -2(1), 24-B, Gandhi Nagar, Trichy. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita Nos.: 1418 & 1419/Chny/2019 िनधा"रण वष" / Assessment Years: 2015-16, 2016-17 Asst. Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -1, 24-B, Gandhi Nagar, Kumbakonam. Kumbakonam- 612 001. [Pan: Aaacc-1287-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 636/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 Deputy Commissioner Of M/S. City Union Bank Ltd., Income-Tax, V. Administrative Office “Narayana” Circle -2(1), 24-B, Gandhi Nagar

For Respondent: Shri. Nilay Baran Som, CIT

…the order of the Assessing Officer, it is clear that the Assessing Officer had not assigned any reason whatsoever as to how the claim of the assessee is incorrect. In the similar facts, the Hon’ble Supreme Court in the case of Maxopp Investment Ltd. vs. CIT, 402 ITR 640 held that in the absence of the finding of the Assessing Officer resort to provisions of Section 14A of the Act r.w.r 8D of the Rules cannot be made. This decision was followed by the Co-ordinate Bench of the Tribunal in the case of Karur Vysya Bank (supra) cited by holding as under:- “Ground No. 8 challenges the addition of I3,88,882/- invoking…

DCIT (Ltu) 2, Mumbai vs. Asian Paints Ltd, Mumbai

In the result, the appeal by the Revenue is partly allowed for statistical purposes

ITA 2959/MUM/2019[2015-16]Status: DisposedITAT Mumbai08 Mar 2024AY 2015-16

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Fenil Bhatt a/wFor Respondent: Shri Vachashpati Tripathi
Section 10Section 142(1)Section 143(2)Section 143(3)Section 14ASection 250Section 37(1)

…xpenditure incurred in relation to income which does not form part of the total income, after having regard to the accounts of the assessee, the AO can determine the amount of such expenditure. The Hon’ble Supreme Court in Maxopp Investment Ltd v. CIT: [2018] 402 ITR 640 (SC), while emphasising the aspect of recording satisfaction by the AO, observed as under: “41. Having regard to the language of section 14A(2) of the Act, read with rule 8D of the Rules, we also make it clear that before applying the theory of apportionment, the Assessing Officer needs to record satisfaction that having regard to the kind of the…

Asian Paints Limited, Mumbai vs. Dy. CIT Ltu, Mumbai

In the result, the appeal by the Revenue is partly allowed for statistical purposes

ITA 1673/MUM/2019[2015-16]Status: DisposedITAT Mumbai08 Mar 2024AY 2015-16

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Fenil Bhatt a/wFor Respondent: Shri Vachashpati Tripathi
Section 10Section 142(1)Section 143(2)Section 143(3)Section 14ASection 250Section 37(1)

…xpenditure incurred in relation to income which does not form part of the total income, after having regard to the accounts of the assessee, the AO can determine the amount of such expenditure. The Hon’ble Supreme Court in Maxopp Investment Ltd v. CIT: [2018] 402 ITR 640 (SC), while emphasising the aspect of recording satisfaction by the AO, observed as under: “41. Having regard to the language of section 14A(2) of the Act, read with rule 8D of the Rules, we also make it clear that before applying the theory of apportionment, the Assessing Officer needs to record satisfaction that having regard to the kind of the…

Asian Paints Ltd, Mumbai vs. Asst CIT (Ltu) 2, Mumbai

The appeal is dismissed holding that the learned CIT appeal is correct in allowing

ITA 269/MUM/2018[2014-15]Status: DisposedITAT Mumbai06 Mar 2024AY 2014-15

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Vachashpati Tripathi
Section 10(34)Section 142(1)Section 143(2)Section 143(3)Section 144C(3)Section 14ASection 250

…xpenditure incurred in relation to income which does not form part of the total income, after having regard to the accounts of the assessee, the AO can determine the amount of such expenditure. The Hon'ble Supreme Court in Maxopp Investment Ltd v. CIT: [2018] 402 ITR 640 (SC), while emphasising the aspect of recording satisfaction by the AO, observed as under: “41. Having regard to the language of section 14A(2) of the Act, read with rule 8D of the Rules, we also make it clear that before applying the theory of apportionment, the Assessing Officer needs to record satisfaction that having regard to the kind of the…

DCIT (Ltu) 2, Mumbai vs. Asian Paints Ltd, Mumbai

Appeal is allowed

ITA 841/MUM/2018[2013-14]Status: DisposedITAT Mumbai05 Mar 2024AY 2013-14

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhailasian Paints Ltd. Asian Paints House 6A, Shanti Nagar, Santacruz (East) Mumbai 400 055 Pan – Aaaca3622K Appellant Asstt. Commissioner Of Income Tax Large Taxpayer Unit-2, Mumbai V/S

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Vachashpati Tripathi
Section 10(34)Section 142(1)Section 143(2)Section 143(3)Section 144C(3)Section 14ASection 250

…xpenditure incurred in relation to income which does not form part of the total income, after having regard to the accounts of the assessee, the AO can determine the amount of such expenditure. The Hon'ble Supreme Court in Maxopp Investment Ltd v. CIT: [2018] 402 ITR 640 (SC), while emphasising the aspect of recording satisfaction by the AO, observed as under: “41. Having regard to the language of section 14A(2) of the Act, read with rule 8D of the Rules, we also make it clear that before applying the theory of Page | 5 apportionment, the Assessing Officer needs to record satisfaction that having regard to the ki…

Asian Paints Ltd, Mumbai vs. Asst CIT (Ltu) 2, Mumbai

Appeal is allowed

ITA 268/MUM/2018[2013-14]Status: DisposedITAT Mumbai05 Mar 2024AY 2013-14

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhailasian Paints Ltd. Asian Paints House

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Vachashpati Tripathi
Section 10(34)Section 142(1)Section 143(2)Section 143(3)Section 144C(3)Section 14ASection 250

…xpenditure incurred in relation to income which does not form part of the total income, after having regard to the accounts of the assessee, the AO can determine the amount of such expenditure. The Hon'ble Supreme Court in Maxopp Investment Ltd v. CIT: [2018] 402 ITR 640 (SC), while emphasising the aspect of recording satisfaction by the AO, observed as under: “41. Having regard to the language of section 14A(2) of the Act, read with rule 8D of the Rules, we also make it clear that before applying the theory of Page | 5 Asian Paints Ltd. ITA no.268/Mum./2018 ITA no.841/Mum./2018 apportionment, the Assessing Offic…