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 367,182 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

ACIT(Ltu-1), Mumbai vs. M/S. Tcs Ltd, Mumbai

ITA 5904/MUM/2019[2014-15]Status: DisposedITAT Mumbai15 Sept 2023AY 2014-15

Bench: Shri Vikas Awasthy () & Ms. Padmavathy S. ()

Section 10ASection 115JSection 14ASection 19Section 40Section 90(1)(a)

…t proceed directly to apply the computation mechanism provided in Rule 8D(2) of the Income Tax Rules and make disallowance u/s.14A of the Act. This issue is also addressed by the decision of the Hon‟ble Apex Court in the case of Maxopp Investments reported in 402 ITR 640. Hence, the disallowance made by the ld. AO u/s.14A of the Act has been rightly deleted by the ld. CIT(A) for want of recording of objective satisfaction with cogent reasons. Accordingly, the ground Nos. 2 & 3 raised by the Revenue for the A.Y.2012-13 are hereby dismissed.” 50. For the year under consideration, we notice that the assessee has mad…

Tata Consultancy Serrvices Limited, Mumbai vs. DCIT-1, Mumbai

ITA 5199/MUM/2019[2014-15]Status: DisposedITAT Mumbai15 Sept 2023AY 2014-15

Bench: Shri Vikas Awasthy () & Ms. Padmavathy S. ()

Section 10ASection 115JSection 14ASection 19Section 40Section 90(1)(a)

…t proceed directly to apply the computation mechanism provided in Rule 8D(2) of the Income Tax Rules and make disallowance u/s.14A of the Act. This issue is also addressed by the decision of the Hon‟ble Apex Court in the case of Maxopp Investments reported in 402 ITR 640. Hence, the disallowance made by the ld. AO u/s.14A of the Act has been rightly deleted by the ld. CIT(A) for want of recording of objective satisfaction with cogent reasons. Accordingly, the ground Nos. 2 & 3 raised by the Revenue for the A.Y.2012-13 are hereby dismissed.” 50. For the year under consideration, we notice that the assessee has mad…

Chowdry Associates, New Delhi vs. ACIT, Circle-6(1), New Delhi

The appeal is allowed and impugned addition is deleted

ITA 6526/DEL/2019[2014-15]Status: DisposedITAT Delhi14 Sept 2023AY 2014-15

Bench: Sh. N.K.Billaiya & Sh. Anubhav Sharmash. Chowdry Associates Vs. Acit, 4Th Floor, Punjabi Circle-6(1), Bhawan, 10, Rouse New Delhi Avenue, New Delhi Pan : Aaacc0387R (Appellant) (Respondent)

Section 143(3)Section 14A

…e assessee. It is only thereafter that the provisions of Section 14A(2) and (3) read with Rule 8D of the Rules or a best judgment determination, as earlier prevailing, would become applicable.” In Maxopp 6 Investment Ltd. v. Commissioner of Income Tax (2018) 402 ITR 640 (SC)., the Hon’ble Supreme Court vide para 41 held that “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 motu disallowance under Section 14A was…

Pr. Commissioner of Income Tax-7 vs. Oriental Bank of Commerce Ltd (Now Merged With Punjab National Bank Ltd.)

ITA/522/2023HC Delhi13 Sept 2023

Bench: HON'BLE MR. JUSTICE RAJIV SHAKDHER,HON'BLE MR. JUSTICE GIRISH KATHPALIA

Section 14ASection 36(1)(vii)

…”] is concerned, the Tribunal, in our view, correctly appreciated the fact that the respondent/assessee was a nationalised bank and that in terms of the judgment rendered by the Supreme Court in Maxopp Investment Ltd. v. Commissioner of Income Tax, (2018) 402 ITR 640 (SC) qua shares are held as stock-in-trade, the provisions of Section 14A would have no applicability. 5.1 In this regard, the Tribunal also noticed the judgment rendered by the Digitally Signed By:ATUL JAIN Signing Date:26.10.2023 20:38:32 Signature Not Verified ITA Nos.521/2023, 522/2023 & 524/2023…

Pr. Commissioner of Income Tax-7 vs. Oriental Bank of Commerce Ltd (Now Merged With Punjab National Bank Ltd.)

ITA/521/2023HC Delhi13 Sept 2023

Bench: HON'BLE MR. JUSTICE RAJIV SHAKDHER,HON'BLE MR. JUSTICE GIRISH KATHPALIA

Section 14ASection 36(1)(vii)

…”] is concerned, the Tribunal, in our view, correctly appreciated the fact that the respondent/assessee was a nationalised bank and that in terms of the judgment rendered by the Supreme Court in Maxopp Investment Ltd. v. Commissioner of Income Tax, (2018) 402 ITR 640 (SC) qua shares are held as stock-in-trade, the provisions of Section 14A would have no applicability. 5.1 In this regard, the Tribunal also noticed the judgment rendered by the Digitally Signed By:ATUL JAIN Signing Date:26.10.2023 20:38:32 Signature Not Verified ITA Nos.521/2023, 522/2023 & 524/2023…

Pr. Commissioner of Income Tax-7 vs. Oriental Bank of Commerce Ltd (Now Merged With Punjab National Bank Ltd.)

ITA - 522 / 2023HC Delhi13 Sept 2023
Section 14ASection 36(1)(vii)

…”] is concerned, the Tribunal, in our view, correctly appreciated the fact that the respondent/assessee was a nationalised bank and that in terms of the judgment rendered by the Supreme Court in Maxopp Investment Ltd. v. Commissioner of Income Tax, (2018) 402 ITR 640 (SC) qua shares are held as stock-in-trade, the provisions of Section 14A would have no applicability. 5.1 In this regard, the Tribunal also noticed the judgment rendered by the Digitally Signed By:ATUL JAIN Signing Date:26.10.2023 20:38:32 Signature Not Verified ITA Nos.521/2023, 522/2023 & 524/2023…

Pr. Commissioner of Income Tax-7 vs. Oriental Bank of Commerce Ltd (Now Merged With Punjab National Bank Ltd.)

ITA - 521 / 2023HC Delhi13 Sept 2023
Section 14ASection 36(1)(vii)

…”] is concerned, the Tribunal, in our view, correctly appreciated the fact that the respondent/assessee was a nationalised bank and that in terms of the judgment rendered by the Supreme Court in Maxopp Investment Ltd. v. Commissioner of Income Tax, (2018) 402 ITR 640 (SC) qua shares are held as stock-in-trade, the provisions of Section 14A would have no applicability. 5.1 In this regard, the Tribunal also noticed the judgment rendered by the Digitally Signed By:ATUL JAIN Signing Date:26.10.2023 20:38:32 Signature Not Verified ITA Nos.521/2023, 522/2023 & 524/2023…

DCIT-CC-27, New Delhi vs. Anshika Consultants Pvt Ltd., New Delhi

In the result, Appeal of the Revenue is partly allowed for

ITA 35/DEL/2022[2015-16]Status: DisposedITAT Delhi13 Sept 2023AY 2015-16

Bench: Or At The Time Of Hearing Of The Appeal.” Cross Objection

Section 115JSection 136(6)Section 143(3)Section 14ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’: NEW DELHI BEFORE, SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI YOGESH KUMAR U.S., JUDICIAL MEMBER M/s Anshika Dy. CIT Consultants Pvt. Ltd. Central Circle-27 Vs. 305, 3rd Floor New Delhi Bhanot Corner Pamposh Enclave Greater Kailash-I New Delhi-110 048 PAN-AAACA 0423A (Appellant) (Respondent) Cross Objection No.76/Del/2023 (ASSESSMENT YEAR 2015-16) Dy. CIT M/s Anshika Central Circle-27 Consultants Pvt. Ltd. Vs. New Delhi 305, 3rd Floor Bhanot Corner Pamposh Enclave Greater Kailash-I New Delhi-110 048 PAN-AAACA 0423A (Cross Objector) (Respondent) Appell…

Bmg Enterprises Ltd, New Delhi vs. ACIT, Circle 5(1), New Delhi

In the result, the appeal of the Assessee is allowed

ITA 51/DEL/2023[2017-18]Status: DisposedITAT Delhi11 Sept 2023AY 2017-18

Bench: Shri M. Balaganesh & Shri Anubhav Sharmabmg Enterprises Ltd, Vs. Acit, First Floor, Dcm Building, Circle-5(1), 16, Barakhamba Road, New Delhi New Delhi (Appellant) (Respondent) Pan: Aaacb4657R

For Appellant: Shri R. K. Kapoor, CAFor Respondent: Shri. Girish Kohli, Sr. DR
Section 10(35)Section 143Section 14ASection 250

…ment is not retrospective in operation. We find that the computation provided by the Assessee for making suo moto disallowance is also in accordance with the amended Rule 8D workings only. We find that Hon’ble Supreme Court in Maxopp Investment Vs. CIT (2018) 402 ITR 640 (SC) has held that only those investments which had yielded exempt income alone are to be considered for the purpose of computing disallowances u/s 14A of the Act and under Rule 8D(2) of the Rules. Accordingly, we BMG Enterprises Ltd direct the ld AO to delete the disallowance made u/s 14A of the Act. The grounds raised by the Assessee are allowe…

Tamilnadu Mercantile Bank Ltd, Tuticorin vs. DCIT, C-1, Tuticorin

The appeal stand partly allowed for statistical purposes

ITA 542/CHNY/2021[2017-18]Status: DisposedITAT Chennai08 Sept 2023AY 2017-18

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.542/Chny/2021 (िनधा)रण वष) / Assessment Year: 2017-18) Tamilnad Mercantile Bank Limited Dcit बनाम 57, Victoria Extension Road, Circle-1 / Vs. Tuticorin-628 002. Tuticorin. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaact-5558-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri S. Sridhar (Advocate)-Ld.Ar " थ"कीओरसे/Respondent By : Shri R. Mohan Reddy (Cit)-Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 02-08-2023 घोषणाकीतारीख /Date Of Pronouncement : 08-09-2023 आदेश / O R D E R

For Appellant: Shri S. Sridhar (Advocate)-Ld.ARFor Respondent: Shri R. Mohan Reddy (CIT)-Ld. DR
Section 143(3)Section 14ASection 36(1)Section 36(1)(viia)

…आयकर अपीलीय अिधकरण “ए” "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, CHENNAI माननीय "ी महावीर िसंह, उपा ! एवं माननीय "ी मनोज कुमार अ%वाल ,लेखा सद( के सम!। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील सं./ ITA No.542/Chny/2021 (िनधा)रण वष) / Assessment Year: 2017-18) Tamilnad Mercantile Bank Limited DCIT बनाम 57, Victoria Extension Road, Circle-1 / Vs. Tuticorin-628 002. Tuticorin. "थायीलेखासं./जीआइआरसं./PAN/GIR No. AAACT-5558-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant by : Shri S. Sridhar (Advocate)-Ld.AR " थ"कीओरसे/Respondent…

DCIT-Circle-3(3)(1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

ITA 6204/MUM/2019[2009-10]Status: DisposedITAT Mumbai30 Aug 2023AY 2009-10

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

For Appellant: Mahita NairFor Respondent: Dharmesh Shah &
Section 115JSection 143(3)Section 147

…P a g e | 1 ITA Nos. 6191 to 6194, 6204 & 6033/Mum/2019 DCIT ,CC-3(3)(1) Vs. M/s S.D. Corporation Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.6191 to 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 to 2014-15) DCIT Circle 3(3)(1) Vs. M/s S.D. Corporation Room No. 609, 6 th Floor, Pvt. Ltd., S.P. Centre, Aayakar Bhavan, 41/44, Minoo Desai M.K. Road, Marg, Colaba, Mumbai – 400020 Mumbai – 400005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AADCS4496C Appellant .. Respondent Appellant by :…

DCIT-Circle-3(3) (1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

ITA 6194/MUM/2019[2012-13]Status: DisposedITAT Mumbai30 Aug 2023AY 2012-13

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

For Appellant: Mahita NairFor Respondent: Dharmesh Shah &
Section 115JSection 143(3)Section 147

…P a g e | 1 ITA Nos. 6191 to 6194, 6204 & 6033/Mum/2019 DCIT ,CC-3(3)(1) Vs. M/s S.D. Corporation Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.6191 to 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 to 2014-15) DCIT Circle 3(3)(1) Vs. M/s S.D. Corporation Room No. 609, 6 th Floor, Pvt. Ltd., S.P. Centre, Aayakar Bhavan, 41/44, Minoo Desai M.K. Road, Marg, Colaba, Mumbai – 400020 Mumbai – 400005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AADCS4496C Appellant .. Respondent Appellant by :…

DCIT-Circle-3(3) (1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

ITA 6193/MUM/2019[2013-14]Status: DisposedITAT Mumbai30 Aug 2023AY 2013-14

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

For Appellant: Mahita NairFor Respondent: Dharmesh Shah &
Section 115JSection 143(3)Section 147

…P a g e | 1 ITA Nos. 6191 to 6194, 6204 & 6033/Mum/2019 DCIT ,CC-3(3)(1) Vs. M/s S.D. Corporation Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.6191 to 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 to 2014-15) DCIT Circle 3(3)(1) Vs. M/s S.D. Corporation Room No. 609, 6 th Floor, Pvt. Ltd., S.P. Centre, Aayakar Bhavan, 41/44, Minoo Desai M.K. Road, Marg, Colaba, Mumbai – 400020 Mumbai – 400005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AADCS4496C Appellant .. Respondent Appellant by :…

DCIT-Circle-3(3)(1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

ITA 6192/MUM/2019[2011-12]Status: DisposedITAT Mumbai30 Aug 2023AY 2011-12

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

For Appellant: Mahita NairFor Respondent: Dharmesh Shah &
Section 115JSection 143(3)Section 147

…P a g e | 1 ITA Nos. 6191 to 6194, 6204 & 6033/Mum/2019 DCIT ,CC-3(3)(1) Vs. M/s S.D. Corporation Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.6191 to 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 to 2014-15) DCIT Circle 3(3)(1) Vs. M/s S.D. Corporation Room No. 609, 6 th Floor, Pvt. Ltd., S.P. Centre, Aayakar Bhavan, 41/44, Minoo Desai M.K. Road, Marg, Colaba, Mumbai – 400020 Mumbai – 400005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AADCS4496C Appellant .. Respondent Appellant by :…

DCIT-Circle-3(3) (1), Mumbai vs. S D Corporation Private Ltd, Mumbai

In the result, the appeal of the revenue vide ITA Nos

ITA 6191/MUM/2019[2014-15]Status: DisposedITAT Mumbai30 Aug 2023AY 2014-15

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

For Appellant: Mahita NairFor Respondent: Dharmesh Shah &
Section 115JSection 143(3)Section 147

…P a g e | 1 ITA Nos. 6191 to 6194, 6204 & 6033/Mum/2019 DCIT ,CC-3(3)(1) Vs. M/s S.D. Corporation Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.6191 to 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 to 2014-15) DCIT Circle 3(3)(1) Vs. M/s S.D. Corporation Room No. 609, 6 th Floor, Pvt. Ltd., S.P. Centre, Aayakar Bhavan, 41/44, Minoo Desai M.K. Road, Marg, Colaba, Mumbai – 400020 Mumbai – 400005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AADCS4496C Appellant .. Respondent Appellant by :…

DCIT Circle 3(3)(1), Mumbai vs. S D Corporation Private Limited, Mumbai

In the result, the appeal of the revenue vide ITA Nos

ITA 6033/MUM/2019[2008-09]Status: DisposedITAT Mumbai30 Aug 2023AY 2008-09

Bench: Shri Vikas Awasthy & Shri Amarjit Singhita Nos.6191 To 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 To 2014-15)

For Appellant: Mahita NairFor Respondent: Dharmesh Shah &
Section 115JSection 143(3)Section 147

…P a g e | 1 ITA Nos. 6191 to 6194, 6204 & 6033/Mum/2019 DCIT ,CC-3(3)(1) Vs. M/s S.D. Corporation Pvt. Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.6191 to 6194, 6204 & 6033 /Mum/2019 (A.Ys. 2008-09, 2009-10, 2011-12 to 2014-15) DCIT Circle 3(3)(1) Vs. M/s S.D. Corporation Room No. 609, 6 th Floor, Pvt. Ltd., S.P. Centre, Aayakar Bhavan, 41/44, Minoo Desai M.K. Road, Marg, Colaba, Mumbai – 400020 Mumbai – 400005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AADCS4496C Appellant .. Respondent Appellant by :…

DCIT Cir 3(1)(1), Mumbai vs. Airmid Developers Ltd, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 949/MUM/2015[2010-11]Status: DisposedITAT Mumbai30 Aug 2023AY 2010-11

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri K. GopalFor Respondent: Shri Manoj Kumar
Section 143(3)Section 144C(13)Section 144C(5)Section 14ASection 271(1)(c)Section 92C

…unt of such expenditure after having regard to the accounts of the assessee. Hon’ble Supreme Court in Maxopp Investment Ltd v. CIT: M/s. Airmid Developers Limited ITA no.6758/Mum./2014, ITA no.7081/Mum./2014, ITA no.949/Mum./2015, ITA no.1011/Mum./2015 [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 th…

Airmid Developers Ltd, New Delhi vs. DCIT Cir 3(1)(1), Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 1011/MUM/2015[2010-11]Status: DisposedITAT Mumbai30 Aug 2023AY 2010-11

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri K. GopalFor Respondent: Shri Manoj Kumar
Section 143(3)Section 144C(13)Section 144C(5)Section 14ASection 271(1)(c)Section 92C

…unt of such expenditure after having regard to the accounts of the assessee. Hon’ble Supreme Court in Maxopp Investment Ltd v. CIT: M/s. Airmid Developers Limited ITA no.6758/Mum./2014, ITA no.7081/Mum./2014, ITA no.949/Mum./2015, ITA no.1011/Mum./2015 [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 th…

DCIT Cir 3(1)(1), Mumbai vs. Airmid Developers Ltd, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 7081/MUM/2014[2009-10]Status: DisposedITAT Mumbai30 Aug 2023AY 2009-10

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri K. GopalFor Respondent: Shri Manoj Kumar
Section 143(3)Section 144C(13)Section 144C(5)Section 14ASection 271(1)(c)Section 92C

…unt of such expenditure after having regard to the accounts of the assessee. Hon’ble Supreme Court in Maxopp Investment Ltd v. CIT: M/s. Airmid Developers Limited ITA no.6758/Mum./2014, ITA no.7081/Mum./2014, ITA no.949/Mum./2015, ITA no.1011/Mum./2015 [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 th…

Airmid Developers Ltd, New Delhi vs. DCIT Cir 3(1), Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 6758/MUM/2014[2009-10]Status: DisposedITAT Mumbai30 Aug 2023AY 2009-10

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri K. GopalFor Respondent: Shri Manoj Kumar
Section 143(3)Section 144C(13)Section 144C(5)Section 14ASection 271(1)(c)Section 92C

…unt of such expenditure after having regard to the accounts of the assessee. Hon’ble Supreme Court in Maxopp Investment Ltd v. CIT: M/s. Airmid Developers Limited ITA no.6758/Mum./2014, ITA no.7081/Mum./2014, ITA no.949/Mum./2015, ITA no.1011/Mum./2015 [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 th…