Maxopp Investment Ltd. v. CIT

Adenium Ventures Private Limited, Mumbai vs. Pr CIT, Circle-5, Mumbai.

Bench: Shri Kuldip Singh & Shri Om Prakash Kantassessment Year: 2017-18

…impugned order wherein it is duly explained as to how the disallowance under section 14A of the Act has been computed by 6 M/s. Adenium Ventures Pvt. Ltd. applying the law laid down by the Hon’ble Supreme Court in case of Maxopp Investment Ltd. vs. CIT (2018) 402 ITR 640 (SC). Assessee’s reply to the notice under section 263 of the Act extracted in para 3 of the impugned order has not been considered by the Ld. PCIT wherein it is explained threadbare as to how the disallowance in this case has been made by the assessee rather put under the carpet the issue flagged in the notice under section 263 of the Act by dir…

Edelweiss Financail Services Ltd, Mumbai vs. Dy CIT CC-1(1), Mumbai

In the result, appeal of the assessee for A

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘E‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER ITA No.1197/Mum/2021 (Assessment Year :2013-14) & M/s. Edelweiss Financial Vs. DCIT Central Circle-1(1) R.No.903, 9th Floor Services Limited Edelweiss House, Old CGO Building Annexe Off. CST Road Maharshi Karve Road Kalina, Santacruz East Churchgate, Mumbai – 400 098 Mumbai – 400 020 PAN/GIR No.AAACE1461E (Appellant) .. (Respondent) Assessee by Shri Ravikant Pathak Revenue by Shri Prakash R Mane Date of Hearing 16/08/2022 Date of Pronouncement 25/08/2022 आदेश / O R D E R P…

Edelweiss Financial Services Ltd., Mumbai vs. Dy CIT CC-1(1), Mumbai

In the result, appeal of the assessee for A

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘E‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER ITA No.1197/Mum/2021 (Assessment Year :2013-14) & M/s. Edelweiss Financial Vs. DCIT Central Circle-1(1) R.No.903, 9th Floor Services Limited Edelweiss House, Old CGO Building Annexe Off. CST Road Maharshi Karve Road Kalina, Santacruz East Churchgate, Mumbai – 400 098 Mumbai – 400 020 PAN/GIR No.AAACE1461E (Appellant) .. (Respondent) Assessee by Shri Ravikant Pathak Revenue by Shri Prakash R Mane Date of Hearing 16/08/2022 Date of Pronouncement 25/08/2022 आदेश / O R D E R P…

Edelweiss Finanacial Services Ltd., Mumbai vs. Dy CIT -CC-1(1), Mumbai

In the result, appeal of the assessee for A

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘E‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER ITA No.1197/Mum/2021 (Assessment Year :2013-14) & M/s. Edelweiss Financial Vs. DCIT Central Circle-1(1) R.No.903, 9th Floor Services Limited Edelweiss House, Old CGO Building Annexe Off. CST Road Maharshi Karve Road Kalina, Santacruz East Churchgate, Mumbai – 400 098 Mumbai – 400 020 PAN/GIR No.AAACE1461E (Appellant) .. (Respondent) Assessee by Shri Ravikant Pathak Revenue by Shri Prakash R Mane Date of Hearing 16/08/2022 Date of Pronouncement 25/08/2022 आदेश / O R D E R P…

Wns Global; Services Pvt Ltd., Mumbai vs. Dy CIT Circle- 14 (3)(1), Mumbai

In the result appeal filed by the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Cross Objection No. 52/Mum/2020 (Arising In Ita No. 2383/Mum/2019 For A.Y. 10-11)

…ITA Nos. 295/M/2020 & CO No.52/M/2020, 2383/M/2019 WNS Global Services P. Ltd; A.Ys. 15-16, 10-11 IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM Cross Objection No. 52/Mum/2020 (Arising in ITA No. 2383/Mum/2019 for A.Y. 10-11) WNS Global Services Private Limited The DCIT PL 10, Gate no,4 Circle 14(3)(1), Room No. 455, 4th Floor, Godrej & Boyce Complex Vs. Pirojshanagar, LBS Marg Aayakar Bhavan, M.K. Road, Vikhroli (West) Mumbai-400 020 Mumbai-400 079 (Appellant) (Respondent) PAN No. AAACW2598L WNS Global Services Private The DCIT Limited…

DCIT-14(3)(1), Mumbai vs. Wns Global Services Pvt Ltd., Mumbai

In the result appeal filed by the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Cross Objection No. 52/Mum/2020 (Arising In Ita No. 2383/Mum/2019 For A.Y. 10-11)

…ITA Nos. 295/M/2020 & CO No.52/M/2020, 2383/M/2019 WNS Global Services P. Ltd; A.Ys. 15-16, 10-11 IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM Cross Objection No. 52/Mum/2020 (Arising in ITA No. 2383/Mum/2019 for A.Y. 10-11) WNS Global Services Private Limited The DCIT PL 10, Gate no,4 Circle 14(3)(1), Room No. 455, 4th Floor, Godrej & Boyce Complex Vs. Pirojshanagar, LBS Marg Aayakar Bhavan, M.K. Road, Vikhroli (West) Mumbai-400 020 Mumbai-400 079 (Appellant) (Respondent) PAN No. AAACW2598L WNS Global Services Private The DCIT Limited…

Hikal Ltd, Mumbai vs. DCIT Cir 3(1), Mumbai

In the result appeal of the assessee for A

…eal and only the assessee has preferred the appeal on the ground that disallowance cannot exceed exempt income. We find that this issue is no longer res integra in view of the decision of the Hon‟ble Supreme Court in the case of Maxopp Investments reported in 402 ITR 640 wherein it has been held that disallowance u/s.14A of the Act cannot exceed exempt income. The ld. AO is hereby directed to restrict the disallowance u/s.14A of the Act only to the extent of exempt income. Accordingly, the ground No.9 raised by the assessee is allowed. 8. The ground No.11 raised by the assessee is challenging the disallowance ma…

Hikal Ltd, Mumbai vs. DCIT Cir 3(1), Mumbai

In the result appeal of the assessee for A

…eal and only the assessee has preferred the appeal on the ground that disallowance cannot exceed exempt income. We find that this issue is no longer res integra in view of the decision of the Hon‟ble Supreme Court in the case of Maxopp Investments reported in 402 ITR 640 wherein it has been held that disallowance u/s.14A of the Act cannot exceed exempt income. The ld. AO is hereby directed to restrict the disallowance u/s.14A of the Act only to the extent of exempt income. Accordingly, the ground No.9 raised by the assessee is allowed. 8. The ground No.11 raised by the assessee is challenging the disallowance ma…

DCIT (OSD) Cir 3(1), Mumbai vs. Hikal Ltd, Mumbai

In the result appeal of the assessee for A

…eal and only the assessee has preferred the appeal on the ground that disallowance cannot exceed exempt income. We find that this issue is no longer res integra in view of the decision of the Hon‟ble Supreme Court in the case of Maxopp Investments reported in 402 ITR 640 wherein it has been held that disallowance u/s.14A of the Act cannot exceed exempt income. The ld. AO is hereby directed to restrict the disallowance u/s.14A of the Act only to the extent of exempt income. Accordingly, the ground No.9 raised by the assessee is allowed. 8. The ground No.11 raised by the assessee is challenging the disallowance ma…