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 367,368 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, Kochi vs. Federal Bank Ltd, Aluva

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 33/COCH/2020[2008-09]Status: DisposedITAT Cochin12 Dec 2022AY 2008-09

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…ce so offered by the Assessee is not being accepted. Reference in this regard was made to the following judicial pronouncements: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 10 of 28  Maxopp Investments Ltd. Vs. CIT 402 ITR 640 (SC)  Godrej & Boyce Manufacturing Co.Ltd. 394 ITR 449(SC)  Hindustan Aeronautics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxman…

The ACIT, Kochi vs. M/S.Federal Bank Ltd, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 311/COCH/2020[2014-15]Status: DisposedITAT Cochin12 Dec 2022AY 2014-15

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…ce so offered by the Assessee is not being accepted. Reference in this regard was made to the following judicial pronouncements: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 10 of 28  Maxopp Investments Ltd. Vs. CIT 402 ITR 640 (SC)  Godrej & Boyce Manufacturing Co.Ltd. 394 ITR 449(SC)  Hindustan Aeronautics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxman…

The ACIT, Kochi vs. The Federal Bank Ltd, Ernakulam

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 310/COCH/2020[2008-09]Status: DisposedITAT Cochin12 Dec 2022AY 2008-09

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…ce so offered by the Assessee is not being accepted. Reference in this regard was made to the following judicial pronouncements: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 10 of 28  Maxopp Investments Ltd. Vs. CIT 402 ITR 640 (SC)  Godrej & Boyce Manufacturing Co.Ltd. 394 ITR 449(SC)  Hindustan Aeronautics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxman…

The ACIT, Kochi vs. M/S.Federal Bank Ltd, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 309/COCH/2020[2012-13]Status: DisposedITAT Cochin12 Dec 2022AY 2012-13

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…ce so offered by the Assessee is not being accepted. Reference in this regard was made to the following judicial pronouncements: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 10 of 28  Maxopp Investments Ltd. Vs. CIT 402 ITR 640 (SC)  Godrej & Boyce Manufacturing Co.Ltd. 394 ITR 449(SC)  Hindustan Aeronautics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxman…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 275/COCH/2020[2014-15]Status: DisposedITAT Cochin12 Dec 2022AY 2014-15

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…ce so offered by the Assessee is not being accepted. Reference in this regard was made to the following judicial pronouncements: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 10 of 28  Maxopp Investments Ltd. Vs. CIT 402 ITR 640 (SC)  Godrej & Boyce Manufacturing Co.Ltd. 394 ITR 449(SC)  Hindustan Aeronautics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxman…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 274/COCH/2020[2013-14]Status: DisposedITAT Cochin12 Dec 2022AY 2013-14

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…ce so offered by the Assessee is not being accepted. Reference in this regard was made to the following judicial pronouncements: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 10 of 28  Maxopp Investments Ltd. Vs. CIT 402 ITR 640 (SC)  Godrej & Boyce Manufacturing Co.Ltd. 394 ITR 449(SC)  Hindustan Aeronautics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxman…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 273/COCH/2020[2012-13]Status: DisposedITAT Cochin12 Dec 2022AY 2012-13

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…ce so offered by the Assessee is not being accepted. Reference in this regard was made to the following judicial pronouncements: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 10 of 28  Maxopp Investments Ltd. Vs. CIT 402 ITR 640 (SC)  Godrej & Boyce Manufacturing Co.Ltd. 394 ITR 449(SC)  Hindustan Aeronautics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxman…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 272/COCH/2020[2011-12]Status: DisposedITAT Cochin12 Dec 2022AY 2011-12

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…ce so offered by the Assessee is not being accepted. Reference in this regard was made to the following judicial pronouncements: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 10 of 28  Maxopp Investments Ltd. Vs. CIT 402 ITR 640 (SC)  Godrej & Boyce Manufacturing Co.Ltd. 394 ITR 449(SC)  Hindustan Aeronautics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxman…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 747/COCH/2019[2010-11]Status: DisposedITAT Cochin12 Dec 2022AY 2010-11

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…ce so offered by the Assessee is not being accepted. Reference in this regard was made to the following judicial pronouncements: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 10 of 28  Maxopp Investments Ltd. Vs. CIT 402 ITR 640 (SC)  Godrej & Boyce Manufacturing Co.Ltd. 394 ITR 449(SC)  Hindustan Aeronautics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxman…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 746/COCH/2019[2009-10]Status: DisposedITAT Cochin12 Dec 2022AY 2009-10

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…ce so offered by the Assessee is not being accepted. Reference in this regard was made to the following judicial pronouncements: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 10 of 28  Maxopp Investments Ltd. Vs. CIT 402 ITR 640 (SC)  Godrej & Boyce Manufacturing Co.Ltd. 394 ITR 449(SC)  Hindustan Aeronautics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxman…

The Federal Bank Ltd, Aluva vs. The ACIT, Kochi

In the result, appeals of the Assessee and revenue for AY 2008-09 to 2010-

ITA 745/COCH/2019[2008-09]Status: DisposedITAT Cochin12 Dec 2022AY 2008-09

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathy

For Appellant: Shri Rajesekharan, CA and Shri K.Gopi, CAFor Respondent: Smt. J. M. Jamuna Devi, Sr. DR, Cochin
Section 147Section 14ASection 154

…ce so offered by the Assessee is not being accepted. Reference in this regard was made to the following judicial pronouncements: ITA Nos. 745 to 747/Coch/2019 ITA Nos. 33 to 35, 272 to 275, 309 to 311/Coch/2020 Page 10 of 28  Maxopp Investments Ltd. Vs. CIT 402 ITR 640 (SC)  Godrej & Boyce Manufacturing Co.Ltd. 394 ITR 449(SC)  Hindustan Aeronautics Ltd. 143 Taxmann.com 357(Karn.)  West Bengal Infrastructure Development Finance Corporation Ltd. 143 Taxmann.com 135(Cal.)  Sociedade De Fomento Industrial Pvt.Ltd. 123 Taxmann.com 38 (Bom)  Marg Ltd. 120 Taxmann.com 84 (Mad)  Esillor India (P) Ltd. 137 Taxman…

Wns Global Services P. Ltd., Mumbai vs. Addl/Jt/Dy/Asstt/CIT/ITO, Nationa Faceless Assessment Centre, Dilhi

In the result, appeal filed by the assessee is allowed

ITA 1259/MUM/2021[2016-17]Status: DisposedITAT Mumbai09 Dec 2022AY 2016-17

Bench: Shri Vikas Awasthy & Shri Gagan Goyalwns Global Services Pvt. Ltd., Pl 10, Gate No.4, Godrej & Boyce Complex, Pirojshanagar, Lbs Marg, Vikhroli (West), Mumbai-400079. Pan: Aaacw2598L ...... Appellant Vs.. Addl./Jt/Dy./Acit/Ito/Nfac, Room No. 455, Circle-14(3)(1), Mumbai. ..... Respondent Appellant/Assessee By : Sh. Porus Kaka, Sr. Adv. & Sh. Manish Kant Respondent/Revenue By : Sh. Jasdeep Singh, Cit-Dr

For Appellant: Sh. Porus Kaka, Sr. Adv. &For Respondent: Sh. Jasdeep Singh, CIT-DR
Section 143(3)Section 144C(13)Section 92B

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “J”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER WNS Global Services Pvt. Ltd., PL 10, Gate No.4, Godrej & Boyce Complex, Pirojshanagar, LBS Marg, Vikhroli (West), Mumbai-400079. PAN: AAACW2598L ...... Appellant Vs.. Addl./JT/Dy./ACIT/ITO/NFAC, Room No. 455, Circle-14(3)(1), Mumbai. ..... Respondent Appellant/Assessee by : Sh. Porus Kaka, Sr. Adv. & Sh. Manish Kant Respondent/Revenue by : Sh. Jasdeep Singh, CIT-DR Date of hearing : 29/09/2022 Date of pronouncement : 09/12/2022 ORDER PER GAGAN GOYAL, A.M: This appe…

DCIT, Chennai vs. M/S. Allsec Technologies Ltd., Chennai

In the result, the appeal of the revenue stand dismissed

ITA 421/CHNY/2019[2009-10]Status: DisposedITAT Chennai08 Dec 2022AY 2009-10

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. ARFor Respondent: Shri D. Hema Bhupal (JCIT) –Ld. Sr. DR
Section 143(3)Section 14ASection 195Section 195(1)Section 40

…आयकर अपीलीय अिधकरण ‘बी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI माननीय +ी महावीर िसंह, उपा12 एवं माननीय +ी मनोज कुमार अ7वाल ,लेखा सद: के सम2। BEFORE HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपीलसं./ITA No.421/Chny/2019 (िनधाCरणवषC / Assessment Year: 2009-10) DCIT M/s. Allsec Technologies Ltd. Corporate Circle-1(1), 7H Century Plaza, बनाम Chennai. 560-562 Anna Salai, Teynampet, / Vs. Chennai – 600 018. "थायीलेखासं./जीआइआरसं./PAN/GIR No. AACCA-5106-G (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Assesseeby : Shri R. Vijayar…

Shriram Capital Ltd, Chennai vs. DCIT, Corp Cir-6(1), Chennai

The appeal stand allowed in terms of our above order

ITA 2080/CHNY/2019[2016-17]Status: DisposedITAT Chennai06 Dec 2022AY 2016-17

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri Raghav Rajeev Menon (Advocate)-Ld. ARFor Respondent: Shri Darzakhum Songate (CIT) –Ld. DR
Section 115JSection 143(3)Section 14A

…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 ₹3,88,882/- invokin…

Ashok Kumar Chitlangia, Delhi vs. ITO Ward 46(1), New Delhi

In the result, the appeal of the assessee is dismissed

ITA 3930/DEL/2019[2013-14]Status: DisposedITAT Delhi06 Dec 2022AY 2013-14

Bench: Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year: 2013-14 Ashok Kumar Chitlangia Vs. Ito Ward 46(1) 43 G.B. Road, New Delhi. Delhi – 110 006 Pan Aaepc0279M (Appellant) (Respondent)

For Appellant: Shri M.P. Rastogi, AdvocateFor Respondent: Shri Kanav Bali, Sr. DR
Section 143(3)Section 14ASection 14A(2)Section 14A(3)Section 36

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A”: NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND MS. ASTHA CHANDRA, JUDICIAL MEMBER Asstt. Year: 2013-14 Ashok Kumar Chitlangia Vs. ITO Ward 46(1) 43 G.B. Road, New Delhi. Delhi – 110 006 PAN AAEPC0279M (Appellant) (Respondent) Assessee by: Shri M.P. Rastogi, Advocate Shri P.N. Shastri, Advocate Department by : Shri Kanav Bali, Sr. DR Date of Hearing 24.08.2022 Date of pronouncement 06.12.2022 O R D E R PER ASTHA CHANDRA, JM The appeal by the assessee is directed against the order dated 15.02.2019 of the Ld. Commissioner of Income Tax (Appeals) - 16, N…

Jt. CIT(OSD)-2(3)(1), Mumbai vs. M/S Tata Capital Ltd., Mumbai

In the result, appeal by Revenue is dismissed appeal by the assessee is partly allowed

ITA 2109/MUM/2019[2015-16]Status: DisposedITAT Mumbai05 Dec 2022AY 2015-16

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं. 7060/मुं/ 2017 ("न.व. 2014-15) आअसं. 1515/मुं/ 2019("न.व. 2015-16) Tata Capital Limited, 11Th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,Mumbai – 400 013 Pan:Aadcp-9147-P ...... अपीलाथ" /Appellant बनाम Vs. The Assistant Commissioner Of Income-Tax, Circle – 2(3)(1), Room No.552, 5Th Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ..... ""तवाद"/Respondent आअसं. 61/मुं/ 2018 ("न.व. 2014-15) आअसं. 2109/मुं/ 2019("न.व. 2015-16) The Assistant Commissioner Of Income-Tax, Circle – 2(3)(1),/Jcit (Osd) 2(3)(1) Room No.552, 5Th Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ...... अपीलाथ" /Appellant बनाम Vs. Tata Capital Limited, 11Th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,Mumbai – 400 013 Pan:Aadcp-9147-P ..... ""तवाद"/Respondent

For Respondent: Shri Prakash Mane
Section 14ASection 56(2)(viia)

…आयकर अपील"य अ"धकरण मुंबई पीठ “ई ”, मुंबई "ी "वकास अव"थी, "या"यक सद"य एवं "ी गगन गोयल, लेखाकार सद"य के सम" IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “ E ”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER आअसं. 7060/मुं/ 2017 ("न.व. 2014-15) आअसं. 1515/मुं/ 2019("न.व. 2015-16) Tata Capital Limited, 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,Mumbai – 400 013 PAN:AADCP-9147-P ...... अपीलाथ" /Appellant बनाम Vs. The Assistant Commissioner of Income-tax, Circle – 2(3)(1), Room No.552, 5th Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 0…

Tata Capital Limited, Mumbai vs. Assistant Commissioner of Income Tax 2(3)(1), Mumbai

In the result, appeal by Revenue is dismissed appeal by the assessee is partly allowed

ITA 1515/MUM/2019[2015-16]Status: DisposedITAT Mumbai05 Dec 2022AY 2015-16

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं. 7060/मुं/ 2017 ("न.व. 2014-15) आअसं. 1515/मुं/ 2019("न.व. 2015-16) Tata Capital Limited, 11Th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,Mumbai – 400 013 Pan:Aadcp-9147-P ...... अपीलाथ" /Appellant बनाम Vs. The Assistant Commissioner Of Income-Tax, Circle – 2(3)(1), Room No.552, 5Th Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ..... ""तवाद"/Respondent आअसं. 61/मुं/ 2018 ("न.व. 2014-15) आअसं. 2109/मुं/ 2019("न.व. 2015-16) The Assistant Commissioner Of Income-Tax, Circle – 2(3)(1),/Jcit (Osd) 2(3)(1) Room No.552, 5Th Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ...... अपीलाथ" /Appellant बनाम Vs. Tata Capital Limited, 11Th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,Mumbai – 400 013 Pan:Aadcp-9147-P ..... ""तवाद"/Respondent

For Respondent: Shri Prakash Mane
Section 14ASection 56(2)(viia)

…आयकर अपील"य अ"धकरण मुंबई पीठ “ई ”, मुंबई "ी "वकास अव"थी, "या"यक सद"य एवं "ी गगन गोयल, लेखाकार सद"य के सम" IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “ E ”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER आअसं. 7060/मुं/ 2017 ("न.व. 2014-15) आअसं. 1515/मुं/ 2019("न.व. 2015-16) Tata Capital Limited, 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,Mumbai – 400 013 PAN:AADCP-9147-P ...... अपीलाथ" /Appellant बनाम Vs. The Assistant Commissioner of Income-tax, Circle – 2(3)(1), Room No.552, 5th Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 0…

Tata Capital Ltd, Mumbai vs. DCIT 2(3)(1), Mumbai

In the result, appeal by Revenue is dismissed appeal by the assessee is partly allowed

ITA 7060/MUM/2017[2014-15]Status: DisposedITAT Mumbai05 Dec 2022AY 2014-15

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं. 7060/मुं/ 2017 ("न.व. 2014-15) आअसं. 1515/मुं/ 2019("न.व. 2015-16) Tata Capital Limited, 11Th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,Mumbai – 400 013 Pan:Aadcp-9147-P ...... अपीलाथ" /Appellant बनाम Vs. The Assistant Commissioner Of Income-Tax, Circle – 2(3)(1), Room No.552, 5Th Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ..... ""तवाद"/Respondent आअसं. 61/मुं/ 2018 ("न.व. 2014-15) आअसं. 2109/मुं/ 2019("न.व. 2015-16) The Assistant Commissioner Of Income-Tax, Circle – 2(3)(1),/Jcit (Osd) 2(3)(1) Room No.552, 5Th Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 020 ...... अपीलाथ" /Appellant बनाम Vs. Tata Capital Limited, 11Th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,Mumbai – 400 013 Pan:Aadcp-9147-P ..... ""तवाद"/Respondent

For Respondent: Shri Prakash Mane
Section 14ASection 56(2)(viia)

…आयकर अपील"य अ"धकरण मुंबई पीठ “ई ”, मुंबई "ी "वकास अव"थी, "या"यक सद"य एवं "ी गगन गोयल, लेखाकार सद"य के सम" IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “ E ”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER आअसं. 7060/मुं/ 2017 ("न.व. 2014-15) आअसं. 1515/मुं/ 2019("न.व. 2015-16) Tata Capital Limited, 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel,Mumbai – 400 013 PAN:AADCP-9147-P ...... अपीलाथ" /Appellant बनाम Vs. The Assistant Commissioner of Income-tax, Circle – 2(3)(1), Room No.552, 5th Floor, Aaykar Bhavan, M.K.Road, Mumbai – 400 0…

Geojith Financial Srevices Ltd( Formerly Geojith Bnp Paribas Financial Services Ltd, Kochi vs. ACIT, Kochi

The appeals stand partly allowed

ITA 369/COCH/2020[2011-12]Status: DisposedITAT Cochin30 Nov 2022AY 2011-12

Bench: Hon’Ble Shri Satbeer Singh Godara, J.M & Hon’Ble Shri Manoj Kumar Aggarwal, A.M

For Appellant: Shri Gopi K (C.A) – Ld. ARFor Respondent: Smt.J.M. Jamuna Devi (Addl.CIT) – Ld. DR
Section 143(3)Section 14ASection 14A(2)

…prevailing, would become applicable. The said principle has been reiterated by Hon’ble High Court of Madras in the case of Marg Limited V/s CIT (TCA NO.41 to 43 & 220 of 2017 dated 30.09.2020). Further Hon’ble Apex Court in Maxopp Investment Limited V/s CIT (91 Taxmann.com 154) at para- 32 observed that it is that expenditure alone which has been incurred in relation to the income which is not includible in total income, is to be disallowed. If expenditure has no casual connection with the exempt income, such expenditure would be an allowable expenditure. 5. Applying the aforesaid principles to the fact of the p…

Geojit Financial Services Ltd( Geoith Bnp Paribas Financial Services Ltd), Kochi vs. DCIT, Kochi

The appeals stand partly allowed

ITA 368/COCH/2020[2010-11]Status: DisposedITAT Cochin30 Nov 2022AY 2010-11

Bench: Hon’Ble Shri Satbeer Singh Godara, J.M & Hon’Ble Shri Manoj Kumar Aggarwal, A.M

For Appellant: Shri Gopi K (C.A) – Ld. ARFor Respondent: Smt.J.M. Jamuna Devi (Addl.CIT) – Ld. DR
Section 143(3)Section 14ASection 14A(2)

…prevailing, would become applicable. The said principle has been reiterated by Hon’ble High Court of Madras in the case of Marg Limited V/s CIT (TCA NO.41 to 43 & 220 of 2017 dated 30.09.2020). Further Hon’ble Apex Court in Maxopp Investment Limited V/s CIT (91 Taxmann.com 154) at para- 32 observed that it is that expenditure alone which has been incurred in relation to the income which is not includible in total income, is to be disallowed. If expenditure has no casual connection with the exempt income, such expenditure would be an allowable expenditure. 5. Applying the aforesaid principles to the fact of the p…