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 367,514 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 Corporate Circle 6(2), Chennai vs. Siva Industries and Holdings Ltd., Chennai

In the result, appeal filed by the Revenue for the

ITA 919/CHNY/2018[2011-12]Status: DisposedITAT Chennai12 Aug 2022AY 2011-12

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/S. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly Known As Sterling Infotech Ltd.) Commissioner Of Income Tax , 327, Anna Salai, Teynampet, Company Circle-Vi(4) / Vi(3) / Chennai-600 006. Dcit., Corporate Circle-6(2), Chennai. Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.Nos.1074/Chny/2014, C.O.No.52/Chny/2014 (In Ita No. 1074/Chny/2014 For A.Y.2009-10), Ita Nos. 706/Chny/2015 & 919/Chny/2018 ("नधा"रणवष" / Assessment Years: 2009-10, 2010-11 & 2011-12) Assistant Commissioner Of Income Tax, Vs M/S. Siva Industries & Holdings Company Circle-Vi(3) / Ltd Dcit., Corporate Circle-6(2), (Formerly Known As Sterling Infotech Ltd.) 327, Anna Salai, Teynampet, Chennai. Chennai-600 006 Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent /Cross Objector)

For Appellant: Mr. B.Ramakrishnan, FCAFor Respondent: Mr. M. Murali, CIT
Section 139(1)Section 143(3)Section 144C(5)Section 14A

…आयकर अपील"य अ"धकरण, ‘डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘D’ BENCH, CHENNAI "ी वी. दुगा" राव, "या"यक सद"य एवं "ी जी.मंजुनाथ, लेखा सद"य के सम& BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/s. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly known as Sterling Infotech Ltd.) Commissioner of Income Tax , 327, Anna Salai, Teynampet, Company Circle-VI(4) / VI(3) / Chennai-600 006. DCIT., Co…

Siva Industries and Holdings Limited, Chennai vs. ACIT, Chennai

In the result, appeal filed by the Revenue for the

ITA 884/CHNY/2015[2010-11]Status: DisposedITAT Chennai12 Aug 2022AY 2010-11

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/S. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly Known As Sterling Infotech Ltd.) Commissioner Of Income Tax , 327, Anna Salai, Teynampet, Company Circle-Vi(4) / Vi(3) / Chennai-600 006. Dcit., Corporate Circle-6(2), Chennai. Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.Nos.1074/Chny/2014, C.O.No.52/Chny/2014 (In Ita No. 1074/Chny/2014 For A.Y.2009-10), Ita Nos. 706/Chny/2015 & 919/Chny/2018 ("नधा"रणवष" / Assessment Years: 2009-10, 2010-11 & 2011-12) Assistant Commissioner Of Income Tax, Vs M/S. Siva Industries & Holdings Company Circle-Vi(3) / Ltd Dcit., Corporate Circle-6(2), (Formerly Known As Sterling Infotech Ltd.) 327, Anna Salai, Teynampet, Chennai. Chennai-600 006 Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent /Cross Objector)

For Appellant: Mr. B.Ramakrishnan, FCAFor Respondent: Mr. M. Murali, CIT
Section 139(1)Section 143(3)Section 144C(5)Section 14A

…आयकर अपील"य अ"धकरण, ‘डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘D’ BENCH, CHENNAI "ी वी. दुगा" राव, "या"यक सद"य एवं "ी जी.मंजुनाथ, लेखा सद"य के सम& BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/s. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly known as Sterling Infotech Ltd.) Commissioner of Income Tax , 327, Anna Salai, Teynampet, Company Circle-VI(4) / VI(3) / Chennai-600 006. DCIT., Co…

DCIT, Chennai vs. Siva Industries and Holdings Limited, Chennai

In the result, appeal filed by the Revenue for the

ITA 706/CHNY/2015[2010-11]Status: DisposedITAT Chennai12 Aug 2022AY 2010-11

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/S. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly Known As Sterling Infotech Ltd.) Commissioner Of Income Tax , 327, Anna Salai, Teynampet, Company Circle-Vi(4) / Vi(3) / Chennai-600 006. Dcit., Corporate Circle-6(2), Chennai. Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.Nos.1074/Chny/2014, C.O.No.52/Chny/2014 (In Ita No. 1074/Chny/2014 For A.Y.2009-10), Ita Nos. 706/Chny/2015 & 919/Chny/2018 ("नधा"रणवष" / Assessment Years: 2009-10, 2010-11 & 2011-12) Assistant Commissioner Of Income Tax, Vs M/S. Siva Industries & Holdings Company Circle-Vi(3) / Ltd Dcit., Corporate Circle-6(2), (Formerly Known As Sterling Infotech Ltd.) 327, Anna Salai, Teynampet, Chennai. Chennai-600 006 Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent /Cross Objector)

For Appellant: Mr. B.Ramakrishnan, FCAFor Respondent: Mr. M. Murali, CIT
Section 139(1)Section 143(3)Section 144C(5)Section 14A

…आयकर अपील"य अ"धकरण, ‘डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘D’ BENCH, CHENNAI "ी वी. दुगा" राव, "या"यक सद"य एवं "ी जी.मंजुनाथ, लेखा सद"य के सम& BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/s. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly known as Sterling Infotech Ltd.) Commissioner of Income Tax , 327, Anna Salai, Teynampet, Company Circle-VI(4) / VI(3) / Chennai-600 006. DCIT., Co…

Siva Industries and Holdings Limited, Chennai vs. DCIT, Chennai

In the result, appeal filed by the Revenue for the

ITA 687/CHNY/2015[2010-11]Status: DisposedITAT Chennai12 Aug 2022AY 2010-11

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/S. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly Known As Sterling Infotech Ltd.) Commissioner Of Income Tax , 327, Anna Salai, Teynampet, Company Circle-Vi(4) / Vi(3) / Chennai-600 006. Dcit., Corporate Circle-6(2), Chennai. Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.Nos.1074/Chny/2014, C.O.No.52/Chny/2014 (In Ita No. 1074/Chny/2014 For A.Y.2009-10), Ita Nos. 706/Chny/2015 & 919/Chny/2018 ("नधा"रणवष" / Assessment Years: 2009-10, 2010-11 & 2011-12) Assistant Commissioner Of Income Tax, Vs M/S. Siva Industries & Holdings Company Circle-Vi(3) / Ltd Dcit., Corporate Circle-6(2), (Formerly Known As Sterling Infotech Ltd.) 327, Anna Salai, Teynampet, Chennai. Chennai-600 006 Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent /Cross Objector)

For Appellant: Mr. B.Ramakrishnan, FCAFor Respondent: Mr. M. Murali, CIT
Section 139(1)Section 143(3)Section 144C(5)Section 14A

…आयकर अपील"य अ"धकरण, ‘डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘D’ BENCH, CHENNAI "ी वी. दुगा" राव, "या"यक सद"य एवं "ी जी.मंजुनाथ, लेखा सद"य के सम& BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/s. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly known as Sterling Infotech Ltd.) Commissioner of Income Tax , 327, Anna Salai, Teynampet, Company Circle-VI(4) / VI(3) / Chennai-600 006. DCIT., Co…

DCIT, Chennai vs. Siva Industries & Holding Ltd., Chennai

In the result, appeal filed by the Revenue for the

ITA 1074/CHNY/2014[2009-10]Status: DisposedITAT Chennai12 Aug 2022AY 2009-10

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/S. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly Known As Sterling Infotech Ltd.) Commissioner Of Income Tax , 327, Anna Salai, Teynampet, Company Circle-Vi(4) / Vi(3) / Chennai-600 006. Dcit., Corporate Circle-6(2), Chennai. Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.Nos.1074/Chny/2014, C.O.No.52/Chny/2014 (In Ita No. 1074/Chny/2014 For A.Y.2009-10), Ita Nos. 706/Chny/2015 & 919/Chny/2018 ("नधा"रणवष" / Assessment Years: 2009-10, 2010-11 & 2011-12) Assistant Commissioner Of Income Tax, Vs M/S. Siva Industries & Holdings Company Circle-Vi(3) / Ltd Dcit., Corporate Circle-6(2), (Formerly Known As Sterling Infotech Ltd.) 327, Anna Salai, Teynampet, Chennai. Chennai-600 006 Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent /Cross Objector)

For Appellant: Mr. B.Ramakrishnan, FCAFor Respondent: Mr. M. Murali, CIT
Section 139(1)Section 143(3)Section 144C(5)Section 14A

…आयकर अपील"य अ"धकरण, ‘डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘D’ BENCH, CHENNAI "ी वी. दुगा" राव, "या"यक सद"य एवं "ी जी.मंजुनाथ, लेखा सद"य के सम& BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/s. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly known as Sterling Infotech Ltd.) Commissioner of Income Tax , 327, Anna Salai, Teynampet, Company Circle-VI(4) / VI(3) / Chennai-600 006. DCIT., Co…

Siva Industries & Holdings Limited, Chennai vs. ACIT, Chennai

In the result, appeal filed by the Revenue for the

ITA 1039/CHNY/2014[2009-10]Status: DisposedITAT Chennai12 Aug 2022AY 2009-10

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/S. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly Known As Sterling Infotech Ltd.) Commissioner Of Income Tax , 327, Anna Salai, Teynampet, Company Circle-Vi(4) / Vi(3) / Chennai-600 006. Dcit., Corporate Circle-6(2), Chennai. Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.Nos.1074/Chny/2014, C.O.No.52/Chny/2014 (In Ita No. 1074/Chny/2014 For A.Y.2009-10), Ita Nos. 706/Chny/2015 & 919/Chny/2018 ("नधा"रणवष" / Assessment Years: 2009-10, 2010-11 & 2011-12) Assistant Commissioner Of Income Tax, Vs M/S. Siva Industries & Holdings Company Circle-Vi(3) / Ltd Dcit., Corporate Circle-6(2), (Formerly Known As Sterling Infotech Ltd.) 327, Anna Salai, Teynampet, Chennai. Chennai-600 006 Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent /Cross Objector)

For Appellant: Mr. B.Ramakrishnan, FCAFor Respondent: Mr. M. Murali, CIT
Section 139(1)Section 143(3)Section 144C(5)Section 14A

…आयकर अपील"य अ"धकरण, ‘डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘D’ BENCH, CHENNAI "ी वी. दुगा" राव, "या"यक सद"य एवं "ी जी.मंजुनाथ, लेखा सद"य के सम& BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/s. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly known as Sterling Infotech Ltd.) Commissioner of Income Tax , 327, Anna Salai, Teynampet, Company Circle-VI(4) / VI(3) / Chennai-600 006. DCIT., Co…

M/S. Siva Industries & Holdings Limited, Chennai vs. ACIT, Chennai

In the result, appeal filed by the Revenue for the

ITA 2108/CHNY/2012[2008-09]Status: DisposedITAT Chennai12 Aug 2022AY 2008-09

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/S. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly Known As Sterling Infotech Ltd.) Commissioner Of Income Tax , 327, Anna Salai, Teynampet, Company Circle-Vi(4) / Vi(3) / Chennai-600 006. Dcit., Corporate Circle-6(2), Chennai. Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.Nos.1074/Chny/2014, C.O.No.52/Chny/2014 (In Ita No. 1074/Chny/2014 For A.Y.2009-10), Ita Nos. 706/Chny/2015 & 919/Chny/2018 ("नधा"रणवष" / Assessment Years: 2009-10, 2010-11 & 2011-12) Assistant Commissioner Of Income Tax, Vs M/S. Siva Industries & Holdings Company Circle-Vi(3) / Ltd Dcit., Corporate Circle-6(2), (Formerly Known As Sterling Infotech Ltd.) 327, Anna Salai, Teynampet, Chennai. Chennai-600 006 Pan: Aaacs 4460M (अपीलाथ"/Appellant) (""यथ"/Respondent /Cross Objector)

For Appellant: Mr. B.Ramakrishnan, FCAFor Respondent: Mr. M. Murali, CIT
Section 139(1)Section 143(3)Section 144C(5)Section 14A

…आयकर अपील"य अ"धकरण, ‘डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘D’ BENCH, CHENNAI "ी वी. दुगा" राव, "या"यक सद"य एवं "ी जी.मंजुनाथ, लेखा सद"य के सम& BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकरअपीलसं./I.T.A. Nos. 2108/Chny/2012, 1039/Chny/2014, 687/Chny/2015 & 884/Chny/2015 ("नधा"रणवष" / Assessment Years: 2008-09, 2009-10, 2010-11 & 2010-11) M/s. Siva Industries & Holdings Ltd Vs Deputy /Assistant (Formerly known as Sterling Infotech Ltd.) Commissioner of Income Tax , 327, Anna Salai, Teynampet, Company Circle-VI(4) / VI(3) / Chennai-600 006. DCIT., Co…

Dy CIT Central Circle-4(2), Mumbai vs. M/S Sheth Creators P. Ltd., Mumbai

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

ITA 2012/MUM/2020[2014-15]Status: DisposedITAT Mumbai12 Aug 2022AY 2014-15

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

…trading activity of this investment and therefore investment and therefore in view of the decision of the Hon’ble in view of the decision of the Hon’ble Supreme Court in the case of Supreme Court in the case of Maxxop Investment Investment Ltd. vs CIT (2018) 402 ITR 640 (SC) (2018) 402 ITR 640 (SC), interest expenses need to be apportioned , interest expenses need to be apportioned between the taxable and exempt income. between the taxable and exempt income. Sheth Creators Private Limited Sheth Creator 31 ITA Nos. 2620/M/2019 & Four Ors. ITA Nos. 2620/M/2019 & Four Ors. 18. The Ld. DR on the other hand submitt…

Sheth Creators P. Ltd., Mumbai vs. Dy CIT Central Circle-4(2), Mumbai

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

ITA 1858/MUM/2020[2014-15]Status: DisposedITAT Mumbai12 Aug 2022AY 2014-15

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

…trading activity of this investment and therefore investment and therefore in view of the decision of the Hon’ble in view of the decision of the Hon’ble Supreme Court in the case of Supreme Court in the case of Maxxop Investment Investment Ltd. vs CIT (2018) 402 ITR 640 (SC) (2018) 402 ITR 640 (SC), interest expenses need to be apportioned , interest expenses need to be apportioned between the taxable and exempt income. between the taxable and exempt income. Sheth Creators Private Limited Sheth Creator 31 ITA Nos. 2620/M/2019 & Four Ors. ITA Nos. 2620/M/2019 & Four Ors. 18. The Ld. DR on the other hand submitt…

Sheth Creators Pvt. Ltd., Mumbai vs. Dy CIT Cent. Cir-4(2), Mumbai

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

ITA 1857/MUM/2020[2017-18]Status: DisposedITAT Mumbai12 Aug 2022AY 2017-18

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

…trading activity of this investment and therefore investment and therefore in view of the decision of the Hon’ble in view of the decision of the Hon’ble Supreme Court in the case of Supreme Court in the case of Maxxop Investment Investment Ltd. vs CIT (2018) 402 ITR 640 (SC) (2018) 402 ITR 640 (SC), interest expenses need to be apportioned , interest expenses need to be apportioned between the taxable and exempt income. between the taxable and exempt income. Sheth Creators Private Limited Sheth Creator 31 ITA Nos. 2620/M/2019 & Four Ors. ITA Nos. 2620/M/2019 & Four Ors. 18. The Ld. DR on the other hand submitt…

Sheth Creators Pvt Ltd., Mumbai vs. Dy. CIT Central Circle 4(2), Mumbai

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

ITA 3696/MUM/2019[2016-17]Status: DisposedITAT Mumbai12 Aug 2022AY 2016-17

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

…trading activity of this investment and therefore investment and therefore in view of the decision of the Hon’ble in view of the decision of the Hon’ble Supreme Court in the case of Supreme Court in the case of Maxxop Investment Investment Ltd. vs CIT (2018) 402 ITR 640 (SC) (2018) 402 ITR 640 (SC), interest expenses need to be apportioned , interest expenses need to be apportioned between the taxable and exempt income. between the taxable and exempt income. Sheth Creators Private Limited Sheth Creator 31 ITA Nos. 2620/M/2019 & Four Ors. ITA Nos. 2620/M/2019 & Four Ors. 18. The Ld. DR on the other hand submitt…

Sheth Creators Pvt Ltd., Mumbai vs. Dy. CIT Central Circle 4(2), Mumbai

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

ITA 2620/MUM/2019[2015-16]Status: DisposedITAT Mumbai12 Aug 2022AY 2015-16

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

…trading activity of this investment and therefore investment and therefore in view of the decision of the Hon’ble in view of the decision of the Hon’ble Supreme Court in the case of Supreme Court in the case of Maxxop Investment Investment Ltd. vs CIT (2018) 402 ITR 640 (SC) (2018) 402 ITR 640 (SC), interest expenses need to be apportioned , interest expenses need to be apportioned between the taxable and exempt income. between the taxable and exempt income. Sheth Creators Private Limited Sheth Creator 31 ITA Nos. 2620/M/2019 & Four Ors. ITA Nos. 2620/M/2019 & Four Ors. 18. The Ld. DR on the other hand submitt…

Alcom Investment Pvt. Ltd, Mumbai vs. Assistant Commissioner of Income-Tax, Central Circle -1, Aurangabad

Appeal is partly allowed for statistical purposes in above terms

ITA 571/PUN/2020[2016-17]Status: DisposedITAT Pune11 Aug 2022AY 2016-17
For Appellant: Shri Deepak R. Shah (through virtual)For Respondent: Shri M.G. Jasnani
Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL, PUNE SINGLE MEMBER CASE SHRI S.S. GODARA, JUDICIAL MEMBER ITA No. 571/PUN/2020: Assessment Year : 2016-17 Alcom Investment Pvt. Ltd. 10th floor, Gold Crest NS Road, No. 10, JVPD Scheme, Vile Parle (W) Mumbai. PAN: AACCG 1658 B :Appellant Vs. The Asstt. CIT Central Cir. 1, Aurangabad : Respondent Appellant by : Shri Deepak R. Shah (through virtual) Respondent by : Shri M.G. Jasnani Date of Hearing : 28-07-2022 Date of Pronouncement : 11-08-2022 ORDER This assessee’s appeal for A.Y. 2016-17 arises against the CIT(A)-12, Pune’s order dated 21-08-2020 passed in case No. ITBA/…

Shri. Vinod Nevatia, Mumbai vs. Asst CIT 4(2), Mumbai

In the result, appeal by the assessee for assessment year 2013–14

ITA 1392/MUM/2020[2013-14]Status: DisposedITAT Mumbai11 Aug 2022AY 2013-14

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

For Appellant: Shri S.C. TiwariFor Respondent: Ms. Smita Nair, Sr. AR
Section 14ASection 250

…e incurred in relation to income which does in form part of the total income, the Assessing Officer can determine the amount of such expenditure after having regard to the accounts of the assessee. Hon‟ble Supreme Court in Maxopp Investment Ltd v. CIT: [2018] 402 ITR 640 (SC), while emphasising the aspect of recording of satisfaction by the Assessing Officer, 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…

Shri. Vinod Nevatia, Mumbai vs. Asst CIT 4(2), Mumbai

In the result, appeal by the assessee for assessment year 2013–14

ITA 1391/MUM/2020[2011-12]Status: DisposedITAT Mumbai11 Aug 2022AY 2011-12

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

For Appellant: Shri S.C. TiwariFor Respondent: Ms. Smita Nair, Sr. AR
Section 14ASection 250

…e incurred in relation to income which does in form part of the total income, the Assessing Officer can determine the amount of such expenditure after having regard to the accounts of the assessee. Hon‟ble Supreme Court in Maxopp Investment Ltd v. CIT: [2018] 402 ITR 640 (SC), while emphasising the aspect of recording of satisfaction by the Assessing Officer, 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…

M/S S B Data Systems Pvt Ltd., Mumbai vs. ITO 5 (3)(2), Mumbai

In the result, appeal by the assessee is partly allowed for statistical purpose

ITA 7175/MUM/2019[2013-14]Status: DisposedITAT Mumbai11 Aug 2022AY 2013-14

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

For Appellant: NoneFor Respondent: Smt. Smita Nair
Section 143(3)Section 14ASection 250

…the subsidiary or associate concerns or a bank has made out of business expediency, no disallowance under section 14A read with Rule 8D should be made. The learned CIT(A) following the decision of Hon’ble Supreme Court in Maxopp Investment Ltd v/s CIT: [2018] 402 ITR 640 (SC), dismissed the appeal filed by the assessee on this issue. Being aggrieved, assessee is in appeal before us. 7. During the course of hearing, learned DR vehemently relied upon the orders passed by the lower authorities. 8. We have considered the submissions and perused the material available on record. It is evident from the record that th…

Dy Commissioner of Income Tax, Circle-8(2)(1), Mumbai-400020 vs. M/S. PAN India Network Infravest Lt., Mumbai-400018

Accordingly, order of Ld. CIT(A) is confirmed and ground raised by revenue are dismissed

ITA 1061/MUM/2022[2017-18]Status: DisposedITAT Mumbai10 Aug 2022AY 2017-18

Bench: Shri Amit Shukla, Jm & Shri Prashant Maharishi, Am आयकरअपीलसं./ I.T.A. No. 1061/Mum/2022 (ननधधारणवर्ा / Assessment Year: 2017-18) M/S Pan India Network Dcit Cir-8(2)(1) Infravest Ltd. R. No. 624, 6Th Floor, बनाम/ Aayakar Bhavan, M. K. 135, Continental Vs. Road, Mumbai-400 020 Building, Dr. A. B. Road, Worli Mumbai-400 018 स्थधयीलेखधसं./जीआइआरसं./ Pan No. Aaccp2459H (अपीलधथी/Appellant) (प्रत्यथी / Respondent) : अपीलधथीकीओरसे/ Appellant By : Shri Jay Bhansali, Ld. Ar प्रत्यथीकीओरसे/Respondent By : Shri Shambhu Yadav, Ld. Dr सुनवधईकीतधरीख/ : 10.08.2022 Date Of Hearing घोर्णधकीतधरीख / : 10.08.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeal Has Been Filed By The Revenue Against The Impugned Order Dated 28.01.2022, Passed By Ld. Cit(A)-49, Mumbai For The Quantum Of Assessment Passed U/S 143(3) For Ay 2017-18. The Revenue Has Taken The Following Grounds:-

For Appellant: Shri Jay BhansaliFor Respondent: Shri Shambhu Yadav
Section 143(3)Section 14A

…nvestments in its associates / related concerns which are likely to result in exempt income and expenditure incurred on such investments is to be considered for disallowance U/S.14A as held by the Hon'ble Apex Court in the case of Maxopp Investment Ltd [2018] 402 ITR 640/254 and CBDT Circular No.5/2014 dated 11.02.2014. 2. The brief facts of the case are that, assessee is engaged in the business of data centre services. During the course of assessment proceedings, AO noted that assessee has not made any disallowance u/s 14A. After detail discussion, AO made disallowance under rule 8D amounting to Rs. 59,65,39,287…

M/S P N Writer & Co Pvt Ltd, Mumbai vs. Dy Commissioner of Income Tax Circle 7(1), Mumbai

Accordingly, the ground raised by the assessee is allowed

ITA 1046/MUM/2022[2009-10]Status: DisposedITAT Mumbai10 Aug 2022AY 2009-10

Bench: Shri Amit Shukla, Jm & Shri Prashant Maharishi, Am आयकरअपीलसं./ I.T.A. No. 1046/Mum/2022 (ननधधारणवर्ा / Assessment Year: 2009-10) Dcit Cir-8(2)(1) M/S P. N. Writer & Co. R. No. 624, Aayakar Pvt. Ltd. बनाम/ 105, Writer, Dr. B. Bhavan, Ambedkar Road, Mumbai-400 021 Vs. Lalbaug, Mumbai-400 033 स्थधयीलेखधसं./जीआइआरसं./ Pan No. Aaacp5966B (अपीलधथी/Appellant) (प्रत्यथी / Respondent) : अपीलधथीकीओरसे/ Appellant By : Shri Priyesh Gansotta, Ld. Ar प्रत्यथीकीओरसे/Respondent By : Shri Shambhu Yadav, Ld. Dr सुनवधईकीतधरीख/ : 10.08.2022 Date Of Hearing घोर्णधकीतधरीख / : 10.08.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeal Has Been Filed By The Assessee Against The Impugned Order Dated 22.03.2022, Passed By National Faceless

For Appellant: Shri Priyesh GansottaFor Respondent: Shri Shambhu Yadav
Section 143(3)Section 14A

…s India (P.) Ltd. ITA 725/2018 decided on 22nd October, 2018 cannot exceed the exempt income of that year. This decision of the Hon'ble High Court follows the ratio and judgment of the Hon'ble Supreme Court in the case of Maxopp Investments Ltd. v. CIT [2018] 402 ITR 640/254 Taxman 325/91 taxmann.com 154 and the earlier judgments of the Delhi High Court in Cheminvest v. CIT [2015] 378 ITR 33/234 Taxman 761/61 taxmann.com 118 and CIT v. Holcim (P.) Ltd. [2015] 57 taxmann.com 28 (Delhi). 3 I.T.A. No. 1046/Mum/2022 M/s P. N. Writer & Co. Pvt. Ltd. 4. In the case of Reliance Ports and Terminals Ltd. (114 taxmann.com…

M/S. Onmobile Global Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle- 5(1)(2), Bengaluru

In the result, both these appeals are partly allowed

ITA 2560/BANG/2019[2015-16]Status: DisposedITAT Bangalore10 Aug 2022AY 2015-16

Bench: Shri George George K. & Ms. Padmavathy S

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 14ASection 234BSection 244ASection 32

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND Ms. PADMAVATHY S, ACCOUNTANT MEMBER IT(TP)A Nos.139 & 2560/Bang/2019 Assessment years : 2014-15 & 2015-16 Onmobile Global Ltd., Vs. The Asstt./Deputy Tower # 1, 94/1C & 94/2, Commissioner of Income Tax, Veerasandra Village, Attibele Hobli, Circle 5(1)(2), Anekal Taluk, Electronics City, Bengaluru. Phase 1, Bengaluru – 560 100. PAN: AAACO 3900E ASSESSEE RESPONDENT Assessee by : Shri T. Suryanarayana, Advocate Respondent by : Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru. Date of hearing : 27.07.20…

M/S Onmobile Global Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-5(1)(2), Bangalore

In the result, both these appeals are partly allowed

ITA 139/BANG/2019[2014-15]Status: DisposedITAT Bangalore10 Aug 2022AY 2014-15

Bench: Shri George George K. & Ms. Padmavathy S

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 14ASection 234BSection 244ASection 32

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND Ms. PADMAVATHY S, ACCOUNTANT MEMBER IT(TP)A Nos.139 & 2560/Bang/2019 Assessment years : 2014-15 & 2015-16 Onmobile Global Ltd., Vs. The Asstt./Deputy Tower # 1, 94/1C & 94/2, Commissioner of Income Tax, Veerasandra Village, Attibele Hobli, Circle 5(1)(2), Anekal Taluk, Electronics City, Bengaluru. Phase 1, Bengaluru – 560 100. PAN: AAACO 3900E ASSESSEE RESPONDENT Assessee by : Shri T. Suryanarayana, Advocate Respondent by : Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru. Date of hearing : 27.07.20…