Maxopp Investment Ltd. v. CIT

Redi Port Limited, Mumbai vs. Deputy Commissioner of Income Tax 3(3)(1), Mumbai

Appeal stand dismissed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode)

…of average investments. The plea that no exempt income was earned by the assessee could not find favor with Ld. AO. 3. Upon further appeal, Ld. CIT(A), relying upon latest decision of Hon’ble Supreme Court in the case of Maxopp Investment Ltd. vs. CIT [2018] 402 ITR 640 (SC) directed Ld. AO to revisit the entire issue of applicability of section 14A by observing as under: - “In view of the judgement of the Hon’ble Supreme Court of India in Maxopp Investment Ltd, as referred to above, the Assessing Officer is directed to revisit the entire issue of applicability of section 14A in this case and recompute the disal…

S. Ganesh, Mumbai vs. ACIT 11(2), Mumbai

In the result, all the appeals of the assessee are partly allowed

Bench: Shri M.Balaganesh, Am & Shri Ram Lal Negi, Jm

…& 38 of the said judgment. (b) CIT vs. Walfort Share and Stock Brokers Pvt. Ltd., reported in 326 ITR 1 (SC) by drawing specific attention to last 8 lines of the said judgment in page 17 of the said judgement. (c) Maxopp Investments Company Ltd., reported in 402 ITR 640 (SC) by drawing specific attention to para 32 of the said judgement. 3.3. Per contra, the ld. DR submitted that with regard to satisfaction to be recorded by the ld. AO before invoking Rule 8D(2) of the Rules, he argued that assessee was given due opportunity by the ld. AO vide letter dated 23/08/2013 as to why no disallowance u/s.14A of the Act…

Hdfc Bank Ltd., Mumbai vs. ACIT - 2(3), Mumbai

In the result, appeal of the assessee is allowed for statistical purposes and appeal of the revenue is dismissed

Bench: Shri M.Balaganesh, Am & Shri Ravish Sood, Jm Hdfc Bank Ltd., Vs. Assistant Commissioner Of Hdfc Bank House, Income Tax – 2(3) Room No.615, 6Th Floor Senapati Bapat Marg Lower Parel, Aayakar Bhavan Mumbai – 400 013 M.K. Road, Mumbai - 400020 Pan/Gir No. Aaach2702H (Appellant) .. (Respondent) Assistant Commissioner Vs. Hdfc Bank Ltd., Of Income Tax – 2(3) Hdfc Bank House, Room No.615, 6Th Floor Senapati Bapat Marg Aayakar Bhavan Lower Parel, M.K. Road, Mumbai - Mumbai – 400 013 400020 Pan/Gir No. Aaach2702H (Appellant) .. (Respondent)

…investments held by the assessee and the receipt of dividends thereon and decide the disallowance of expenses under third limb of Rule 8D(2) of the Rules in the light of decision of the Hon’ble Supreme Court in the case of Maxopp Investments Ltd., reported in 402 ITR 640 and in the light of Special Bench of Delhi Tribunal in the case of Vireet Investments reported in 165 ITD 27. The ld. DR fairly agreed to this proposition of the ld. AO. 3.7. We find that the Hon’ble Supreme Court in the case of Maxopp Investments Ltd., reported in 402 ITR 640 had held that in the case of HDFC Bank Ltd., bank, investments that…

Asst CIT Cen Cir 3, Thane vs. The Thane Bharat Sahakari Bank Ltd, Thane

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

…nce the assessee is a bank, the investments are to be treated as stock–in–trade, hence no disallowance under section 14A of the Act can be made. In this context, he relied upon the decision of the Hon'ble Supreme Court in Maxopp Investment Ltd v/s CIT, [2018] 402 ITR 640 (SC). 15. We have considered rival submissions and perused the material on record. At the outset, we must observe that the Assessing Officer while making disallowance under section 14A of the Act, has not applied the provisions of rule 8D.Rather, he has disallowed the expenditure on a proportionate basis. In our view, such disallowance on ad–hoc…

Mahendra Brothers Exports Private Limited, Mumbai vs. Deputy Commissioner of Income Tax - Central Circle 1(2), Mumbai

In the result, the appeal filed by the assessee is hereby ordered to be partly allowed

Bench: Shri Amarjit Singh, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं/ I.T.A. No.5218/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2008-09) बिधम/ Mahendra Brothers Exports Dcit-Central Circle-1(2) 904, 9Th Floor, Old Cgo Pvt. Ltd. Vs. Ce-7011-15, 8Th Floor, Building, M.K. Road, Bharat Diamond Bourse, Mumbai-400020. Bandra Kurla Complex, Bandra (E), Mumbai- 400051. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aafcm0246E (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Karan Lala Revenue By: Ms. Jothilakshmi Nayak (Dr) सुनवाई की तारीख / Date Of Hearing: 10/02/2020 घोषणा की तारीख /Date Of Pronouncement: 19/03/2020 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 20.06.2018 Passed By The Commissioner Of Income Tax (Appeals) - 48, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2008- 09. 2. The Assessee Has Raised The Following Grounds: -

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, JM AND SHRI MANOJ KUMAR AGGARWAL, AM आयकर अपील सं/ I.T.A. No.5218/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2008-09) बिधम/ Mahendra Brothers Exports DCIT-Central Circle-1(2) 904, 9th Floor, Old CGO Pvt. Ltd. Vs. CE-7011-15, 8th Floor, Building, M.K. Road, Bharat Diamond Bourse, Mumbai-400020. Bandra Kurla Complex, Bandra (E), Mumbai- 400051. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAFCM0246E (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee by: Shri Karan Lala Revenue by: Ms. Jothilakshmi Nayak (DR) सुनवाई की तारीख / Date…