Morgan Stanley Securities India Pvt Ltd. v. ACIT

55 DTR 177Reported decision2011#15957 most cited
6

judgments rely on this decision, according to BharatTax’s citation analysis of 348,631 Indian tax judgments — from 2016 to 2018.

Judgments citing Morgan Stanley Securities India Pvt Ltd. v. ACIT

DCIT Cir. 4(3)(2), Mumbai vs. Latin Manharlal Securities Pvt. Ltd., Mumbai

In the result, the appeal filed by the revenue is hereby ordered to be dismissed

ITA 5991/MUM/2016[2013-14]Status: DisposedITAT Mumbai17 Jan 2018AY 2013-14

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.5991/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2013-14) Dy. Cit, Circle-4(3) बिधम/ M/S. Latin Manhorlal R.No. 649, 6Th Floor, Securities P. Ltd. 5Th Vs. Aayakar Bhavan, Floor, Viraj, S.V. Road, Mumbai:400020 Khar West, Mumbai-400052 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacl2767L (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Ms. Pooja Swaroop Assessee By: Shri Rajiv Wagtay सुनवाई की तारीख / Date Of Hearing: 06.11.2017 घोषणा की तारीख /Date Of Pronouncement: 17..01.2018 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 05.07.2016 Passed By The Commissioner Of Income Tax (Appeals) - 09, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2013-14. 2. The Revenue Has Raised The Following Grounds:-

For Appellant: Shri Rajiv WagtayFor Respondent: Ms. Pooja Swaroop
Section 14Section 142(1)Section 143(2)Section 14ASection 14rSection 94(7)

…ansactions and has claimed netting of the two and for such claim the appellant had relied upon the judicial pronouncement dated 13.04.2011 made by the Hon’ble Jurisdictional ITAT, Mumbai in the case of Morgan Stanley India Securities Pvt. Ltd. vs. ACET (2031) 55 DTR 177, The Ld.AR further filed copy of the said judgement. I have gene through the said order and find that this issue has been decided by the Hon'ble Tribunal in para 7 of the judgement which is reproduced as under: " On a proper consideration of the facts and the rival contentions, we are of the view that no strong grounds have been advanced by the De…

DCIT Cir. 4(3)(2), Mumbai vs. Latin Manharlal Securities Pvt. Ltd., Mumbai

In the result, all the appeals filed by the revenue are hereby ordered to be dismissed

ITA 5989/MUM/2016[2011-12]Status: DisposedITAT Mumbai08 Nov 2017AY 2011-12

Bench: Shri G.S. Pannu, Am & Shri Amarjit Singh, Jm

For Appellant: Shri Rajeev Waglay (AR)For Respondent: Shri Saurabh Despande (DR)
Section 143(2)Section 14A

…the interest paid. The Ld. AR has submitted that the issue is covered in favour of the appellant by the Judicial Pronouncement of Hon’ble Jurisdictional ITAT Mumbai in the case of Mumbai ITAT decision in Morgan Stanley India Securities Pvt. Ltd. V/s ACIT-2011 55 DTR 177, the copy of which has been placed on record by the AR for the appellant. I have gone through the relevant judgment. The Hon’ble ITAT in para 4 to 7 has discussed the issue and decided as under:- ITA. No.5989/M/16 & 5990/M/16 A.Y. 2011-12 &2012-13 4. A.Y. 2001-02:- The first ground relates to the disallowance of interest under section 14A of the…

The DCIT, Circle-1, Ahmedabad vs. Adani Agro Pvt. Ltd., Ahmedabad

The appeal is allowed with no order as to costs

ITA 557/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad31 May 2017AY 2008-09
Section 14Section 143(3)Section 14A

…respect of interest payment, under section 14A on the facts of this case. In any case, as is undisputed position, there is a net interest credit in this case. As held by a coordinate bench of the case of Morgan Stanley Securities India Pvt Ltd Vs ACIT [(2011) 55 DTR 177 (Mum)], disallowance under section 14 A is to be made on the basis of net interest. Therefore, interest being a credit figure in this case, no part of interest can be disallowed in this case. For this reason also, disallowance under section 14A cannot be made under section 14A in respect of interest. In any event, once one proceeds on the basis th…

The DCIT, Circle-1, Ahmedabad vs. Adani Agro Pvt. Ltd., Ahmedabad

The appeal is allowed with no order as to costs

ITA 1916/AHD/2012[2006-07]Status: DisposedITAT Ahmedabad31 May 2017AY 2006-07
Section 14Section 143(3)Section 14A

…respect of interest payment, under section 14A on the facts of this case. In any case, as is undisputed position, there is a net interest credit in this case. As held by a coordinate bench of the case of Morgan Stanley Securities India Pvt Ltd Vs ACIT [(2011) 55 DTR 177 (Mum)], disallowance under section 14 A is to be made on the basis of net interest. Therefore, interest being a credit figure in this case, no part of interest can be disallowed in this case. For this reason also, disallowance under section 14A cannot be made under section 14A in respect of interest. In any event, once one proceeds on the basis th…

Adani Agro Pvt. Ltd., Ahmedabad vs. The ACIT., Circle-1, Ahmedabad

The appeal is allowed with no order as to costs

ITA 182/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad31 May 2017AY 2008-09
Section 14Section 143(3)Section 14A

…respect of interest payment, under section 14A on the facts of this case. In any case, as is undisputed position, there is a net interest credit in this case. As held by a coordinate bench of the case of Morgan Stanley Securities India Pvt Ltd Vs ACIT [(2011) 55 DTR 177 (Mum)], disallowance under section 14 A is to be made on the basis of net interest. Therefore, interest being a credit figure in this case, no part of interest can be disallowed in this case. For this reason also, disallowance under section 14A cannot be made under section 14A in respect of interest. In any event, once one proceeds on the basis th…

DCIT, Cen-Cir-Xx, Kolkata vs. M/S. Todays Writing Products Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 348/KOL/2014[2009-10]Status: DisposedITAT Kolkata07 Oct 2016AY 2009-10

Bench: Shri Waseem Ahmed, Am & Shri K. Narasimha Chary, Jm

For Appellant: Shri Dilip Loyalka, FCAFor Respondent: Shri Dular Chand Mondal , JCIT, D.R
Section 14Section 14A

…Ld. CIT(A) considered this aspect in the light of the submissions made by ld. AR, the decisions of coordinate bench of the Mumbai Tribunal in the case of Rainy Investments (P) Ltd. [2013] 30 taxmann.com 169, Morgan Stanley India Securities (P) Ltd., (2011) 55 DTR 177 for the principle that the share application money is incapable I.T.A. No. 348/KOL./2014 Assessment year: 2009-2010 Page 4 of 5 of yielding any tax free income and it has to be excluded in working out disallowance under Rule 8D, and took the view that share application money cannot be treated as investment. When this exclusion of the share app…

Morgan Stanley Securities India Pvt Ltd. v. ACIT (55 DTR 177) — Cited in 6 Judgments | BharatTax