PCIT v. Caraf Builders & Construction (P) Ltd.

101 Taxmann.com 167High Court2019#1080 most cited

What is PCIT v. Caraf Builders & Construction (P) Ltd. authority for?

Disallowance of expenditure under section 14A of the Income-tax Act cannot exceed the amount of exempt income earned by the assessee in the relevant assessment year.

101

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2019 to 2026.

Also referred to as

PCIT v. Caraf Builders & Construction (P) Ltd. · Caraf Builders · 101 Taxmann.com 167 · section 14A disallowance · exempt income expenditure · Rule 8D disallowance · disallowance limit · maximum disallowance under section 14A · expenditure related to exempt income · section 14A of the Income Tax Act

Sections most often in play

Section 1961Section 14ASection 143(3)Section 1963Section 37(1)Section 8DSection 143(3) of the Income Tax ActSection 14A of the Income Tax Act

Issues it is cited on

section 8dsection 92b(1)section 92(1)legal expensesdividend distribution taxsection 148(2)disallowance of interest expenditureretrospective amendmentsection 14a(2)section 115jb(2)ddtdisallowance under section 14a

Judgments citing PCIT v. Caraf Builders & Construction (P) Ltd.

M/S Nitesh Estates Ltd, Bangalore vs. Additional Commissioner of Income Tax Range-5(1), Bangalore

In the result, the appeal filed by the revenue and the appeal of the assessee for AY 2012-13 are dismissed

ITA 1918/BANG/2017[2012-13]Status: DisposedITAT Bangalore09 Dec 2020AY 2012-13

Bench: Shri George George K. & Shri B.R. Baskaranita Nos.1916 To 1918/Bang/2017 Assessment Year: 2010-11 M/S. Nitesh Estates Ltd. 8Th Floor, Nitesh Timesquare, #8, M.G. Road Dcit Vs. Bengaluru Circle-5(1)(1) Pan No : Aabcn9267C Bangalore Appellant Respondent Assessment Year: 2011-12 M/S. Nitesh Estates Ltd., Bangalore Acit, Range-12 Vs. Bangalore Appellant Respondent Assessment Year: 2012-13 M/S. Nitesh Estates Ltd., Bangalore Acit, Circle-5(1)(1) Vs. Bangalore Appellant Respondent Assessment Years: 2012-13 Acit, Circle-5(1)(1) Vs. M/S. Nitesh Estates Ltd., Bangalore Bangalore Appellant Respondent Appellant By : Shri V. Srinivasan, A.R. Respondent By : Smt. R. Premi, D.R. Date Of Hearing : 09.12.2020 Date Of Pronouncement : 09.12.2020

For Appellant: Shri V. Srinivasan, A.RFor Respondent: Smt. R. Premi, D.R
Section 14A

…ITA Nos.1916 to 1918 & 2005/Bang/2017 M/s. Nitesh Estates Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER ITA Nos.1916 to 1918/Bang/2017 Assessment Year: 2010-11 M/s. Nitesh Estates Ltd. 8th Floor, Nitesh Timesquare, #8, M.G. Road DCIT Vs. Bengaluru Circle-5(1)(1) PAN NO : AABCN9267C Bangalore APPELLANT RESPONDENT Assessment Year: 2011-12 M/s. Nitesh Estates Ltd., Bangalore ACIT, Range-12 Vs. Bangalore APPELLANT RESPONDENT Assessment Year: 2012-13 M/s. Nitesh Estates Ltd., Bangalore ACIT, Circl…

M/S. Nitesh Estates Ltd, Bangalore vs. The Addl. Commissioner of Income Tax, Range-12, Bangalore

In the result, the appeal filed by the revenue and the appeal of the assessee for AY 2012-13 are dismissed

ITA 1917/BANG/2017[2011-12]Status: DisposedITAT Bangalore09 Dec 2020AY 2011-12

Bench: Shri George George K. & Shri B.R. Baskaranita Nos.1916 To 1918/Bang/2017 Assessment Year: 2010-11 M/S. Nitesh Estates Ltd. 8Th Floor, Nitesh Timesquare, #8, M.G. Road Dcit Vs. Bengaluru Circle-5(1)(1) Pan No : Aabcn9267C Bangalore Appellant Respondent Assessment Year: 2011-12 M/S. Nitesh Estates Ltd., Bangalore Acit, Range-12 Vs. Bangalore Appellant Respondent Assessment Year: 2012-13 M/S. Nitesh Estates Ltd., Bangalore Acit, Circle-5(1)(1) Vs. Bangalore Appellant Respondent Assessment Years: 2012-13 Acit, Circle-5(1)(1) Vs. M/S. Nitesh Estates Ltd., Bangalore Bangalore Appellant Respondent Appellant By : Shri V. Srinivasan, A.R. Respondent By : Smt. R. Premi, D.R. Date Of Hearing : 09.12.2020 Date Of Pronouncement : 09.12.2020

For Appellant: Shri V. Srinivasan, A.RFor Respondent: Smt. R. Premi, D.R
Section 14A

…ITA Nos.1916 to 1918 & 2005/Bang/2017 M/s. Nitesh Estates Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER ITA Nos.1916 to 1918/Bang/2017 Assessment Year: 2010-11 M/s. Nitesh Estates Ltd. 8th Floor, Nitesh Timesquare, #8, M.G. Road DCIT Vs. Bengaluru Circle-5(1)(1) PAN NO : AABCN9267C Bangalore APPELLANT RESPONDENT Assessment Year: 2011-12 M/s. Nitesh Estates Ltd., Bangalore ACIT, Range-12 Vs. Bangalore APPELLANT RESPONDENT Assessment Year: 2012-13 M/s. Nitesh Estates Ltd., Bangalore ACIT, Circl…

M/S Nitesh Estates Ltd, Bangalore vs. Deputy Commissioner of Income Tax Circle-5(1)(1), Bangalore

In the result, the appeal filed by the revenue and the appeal of the assessee for AY 2012-13 are dismissed

ITA 1916/BANG/2017[2010-11]Status: DisposedITAT Bangalore09 Dec 2020AY 2010-11

Bench: Shri George George K. & Shri B.R. Baskaranita Nos.1916 To 1918/Bang/2017 Assessment Year: 2010-11 M/S. Nitesh Estates Ltd. 8Th Floor, Nitesh Timesquare, #8, M.G. Road Dcit Vs. Bengaluru Circle-5(1)(1) Pan No : Aabcn9267C Bangalore Appellant Respondent Assessment Year: 2011-12 M/S. Nitesh Estates Ltd., Bangalore Acit, Range-12 Vs. Bangalore Appellant Respondent Assessment Year: 2012-13 M/S. Nitesh Estates Ltd., Bangalore Acit, Circle-5(1)(1) Vs. Bangalore Appellant Respondent Assessment Years: 2012-13 Acit, Circle-5(1)(1) Vs. M/S. Nitesh Estates Ltd., Bangalore Bangalore Appellant Respondent Appellant By : Shri V. Srinivasan, A.R. Respondent By : Smt. R. Premi, D.R. Date Of Hearing : 09.12.2020 Date Of Pronouncement : 09.12.2020

For Appellant: Shri V. Srinivasan, A.RFor Respondent: Smt. R. Premi, D.R
Section 14A

…ITA Nos.1916 to 1918 & 2005/Bang/2017 M/s. Nitesh Estates Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER ITA Nos.1916 to 1918/Bang/2017 Assessment Year: 2010-11 M/s. Nitesh Estates Ltd. 8th Floor, Nitesh Timesquare, #8, M.G. Road DCIT Vs. Bengaluru Circle-5(1)(1) PAN NO : AABCN9267C Bangalore APPELLANT RESPONDENT Assessment Year: 2011-12 M/s. Nitesh Estates Ltd., Bangalore ACIT, Range-12 Vs. Bangalore APPELLANT RESPONDENT Assessment Year: 2012-13 M/s. Nitesh Estates Ltd., Bangalore ACIT, Circl…

M/S.Brindavan Beverages Pvt. Ltd., Bangalore vs. Deputy Commissioner of Income-Tax, Bangalore

In the result, the appeals filed by the assessee are partly allowed

ITA 2004/BANG/2016[2013-14]Status: DisposedITAT Bangalore20 Oct 2020AY 2013-14

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.V.Srinivasan, AdvocateFor Respondent: Sri.Dilip, Junior Standing Counsel for Dept
Section 14ASection 154

…d 24.06.2020] had held disallowance u/s 14A of the I.T.Act cannot exceed the exempt income. The Bangalore Benches of the Tribunal had relied on the judgment of the Hon’ble Delhi High Court in the case of PCIT v. Caraf Builders & Constructions (P) Ltd. [(2019) 101 Taxmann.com 167 (Delhi)] and the order of the Mumbai Benches of the Tribunal in the case of Future Corporate Resources Limited v. DCIT [ITA No.4658/Mum/2015 – order dated 26.07.2017]. The relevant finding of the Bangalore 4 ITA Nos.2001-2004/Bang/2016 M/s.Brindavan Beverages Pvt.Ltd. Benches of the Tribunal in the case of M/s.Century Real Estate Holding…

M/S.Brindavan Beverages Pvt. Ltd., Bangalore vs. Deputy Commissioner of Income-Tax, Bangalore

In the result, the appeals filed by the assessee are partly allowed

ITA 2001/BANG/2016[2010-11]Status: DisposedITAT Bangalore20 Oct 2020AY 2010-11

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.V.Srinivasan, AdvocateFor Respondent: Sri.Dilip, Junior Standing Counsel for Dept
Section 14ASection 154

…d 24.06.2020] had held disallowance u/s 14A of the I.T.Act cannot exceed the exempt income. The Bangalore Benches of the Tribunal had relied on the judgment of the Hon’ble Delhi High Court in the case of PCIT v. Caraf Builders & Constructions (P) Ltd. [(2019) 101 Taxmann.com 167 (Delhi)] and the order of the Mumbai Benches of the Tribunal in the case of Future Corporate Resources Limited v. DCIT [ITA No.4658/Mum/2015 – order dated 26.07.2017]. The relevant finding of the Bangalore 4 ITA Nos.2001-2004/Bang/2016 M/s.Brindavan Beverages Pvt.Ltd. Benches of the Tribunal in the case of M/s.Century Real Estate Holding…

M/S. Windsor Gardens Private Limited, Bangalore vs. The Assistant Commissioner of Income Tax, Circle- 7(1)(2), Bangalore

In the result, the appeal filed by the assessee is allowed

ITA 2599/BANG/2019[2013-14]Status: DisposedITAT Bangalore17 Sept 2020AY 2013-14

Bench: Shri A.K. Garodia & Shri George George Km/S.Windsor Gardens Pvt. Ltd., No.81, 36Th Cross, 6Th Main, 5Th Block, Jayanagar, Bangalore-560 041 ….Appellant. Pan Aaacw 3001E Vs. Assistant Commissioner Of Income Tax, Circle 7(1)(2), Bangalore. ……Respondent. Assessee By: Smt.Suman Lunkar, C.A. Revenue By: Dr. A. Shankar Prasad K, Addl. Cit.

For Appellant: Smt.Suman Lunkar, C.AFor Respondent: Dr. A. Shankar Prasad K, Addl. CIT
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “ A ” BENCH: BANGALORE BEFORE SHRI A.K. GARODIA, ACCOUNTANT MEMBER AND SHRI GEORGE GEORGE K, JUDICIAL MEMBER M/s.Windsor Gardens Pvt. Ltd., No.81, 36th Cross, 6th Main, 5th Block, Jayanagar, Bangalore-560 041 ….Appellant. PAN AAACW 3001E Vs. Assistant Commissioner of Income Tax, Circle 7(1)(2), Bangalore. ……Respondent. Assessee By: Smt.Suman Lunkar, C.A. Revenue By: Dr. A. Shankar Prasad K, Addl. CIT. Date of Hearing : 16.09.2020. Date of Pronouncement : 17.09.2020. O R D E R PER SHRI GEORGE GEORGE K, JM : This appeal at the instance of assessee is direct…

DCIT, Circle - 11(1), Kolkata vs. M/S. Jct Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is allowed

ITA 84/KOL/2019[2011-12]Status: DisposedITAT Kolkata08 Jul 2020AY 2011-12

Bench: Shri J. Sudhakar Reddy & Shri S.S. Godara]

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 250Section 32(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA [Before Shri J. Sudhakar Reddy, Accountant Member & Shri S.S. Godara, Judicial Member] I.T.A. No. 84/Kol/2019 Assessment Year: 2011-12 DCIT, Circle-11(1), Kolkata..............................................................................................Appellant Vs. M/s. JCT Limited.……………………………………………………………………………………..Respondent [PAN: AAACJ 6733 E] I.T.A. No. 2389/Kol/2018 Assessment Year: 2011-12 M/s. JCT Limited.………………………………………………………………………………………….Appellant [PAN: AAACJ 6733 E] Vs. DCIT, Circle-11(1), Kolkata.........................................…

Jct Ltd., Kolkata vs. DCIT, Circle - 11(1), Kolkata

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is allowed

ITA 2389/KOL/2018[2011-12]Status: DisposedITAT Kolkata08 Jul 2020AY 2011-12

Bench: Shri J. Sudhakar Reddy & Shri S.S. Godara]

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 250Section 32(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA [Before Shri J. Sudhakar Reddy, Accountant Member & Shri S.S. Godara, Judicial Member] I.T.A. No. 84/Kol/2019 Assessment Year: 2011-12 DCIT, Circle-11(1), Kolkata..............................................................................................Appellant Vs. M/s. JCT Limited.……………………………………………………………………………………..Respondent [PAN: AAACJ 6733 E] I.T.A. No. 2389/Kol/2018 Assessment Year: 2011-12 M/s. JCT Limited.………………………………………………………………………………………….Appellant [PAN: AAACJ 6733 E] Vs. DCIT, Circle-11(1), Kolkata.........................................…

M/S. Century Real Estate Holdings Private Limited, Bangalore vs. The Assistant Commissioner of Income Tax, Central Circle- 2(2), Bangalore

In the result, the appeal of the assessee is partly allowed and stay petition is dismissed

ITA 284/BANG/2020[2014-15]Status: DisposedITAT Bangalore24 Jun 2020AY 2014-15

Bench: Shri N.V. Vasudevanand Shri B.R. Baskaran, Accoutant Member

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri
Section 14A

…ITA No.284/Bang/2020 & S.P. No.113/Bang/2020 M/s. Century Real Estate Holdings Pvt. Ltd., Bengaluru IN THE INCOME TAX APPELLATE TRIBUNAL “B’’BENCH: BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENTAND SHRI B.R. BASKARAN, ACCOUTANT MEMBER ITA Nos.284/Bang/2020 AssessmentYear: 2014-15 M/s. Century Real Estate Holdings Pvt. Ltd. No.10/1, Ground Floor The Asst. Commissioner of Lakshminarayana Complex Income Tax Vs. Palace Road Central Circle-2(2) Bengaluru-560 052. Bangalore PAN NO :AADCC0651M APPELLANT RESPONDENT S.P. No.113/Bang/2020 (Arising out of ITA Nos.284/Bang/2020) Assessment Year: 2014-15 M/s. Cen…

Rakeshkumar Wadhawan, Mumbai vs. ACIT Cen Cir 5(4), Mumbai

In the result, appeal filed by the assessee for assessment year 2012-

ITA 7505/MUM/2016[2012-13]Status: DisposedITAT Mumbai18 Mar 2020AY 2012-13
For Appellant: Shri Nimesh Thar/Rahul Hakani (ARs)For Respondent: Shri J. Saranavan (CIT)
Section 143Section 14ASection 234BSection 253Section 3Section 5

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “D”, MUMBAI BEFORE SHRI M. BALAGANESH (AM) AND SHRI RAM LAL NEGI (JM) Assessment Year: 2012-13 Shri Rakesh Wadhawan, The Asst. Commissioner of Thar & Co. Income Tax, 203, Capri Building, Opp. Central Circle- 5(4), HDIL Towers, Anant Kanekar Vs. Mumbai Marg, Bandra (E), Mumbai - 400051 PAN: AAEPW7656G (Appellant) (Respondent) Date of Hearing: 28/08/2019 Assessee by : Shri Nimesh Thar/Rahul Hakani (ARs) Revenue by : Shri J. Saranavan (CIT) Date of Hearing: 20/12/2019 Assessee by: None Revenue by: Shri Akhtar H. Ansari (DR) Date of pronouncement: 18/03/2020 O R…

M/S. Rajdeep Automation Pvt.Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 5, Pune

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

ITA 2375/PUN/2017[2013-14]Status: DisposedITAT Pune21 Feb 2020AY 2013-14

Bench: Shri George Mathan, Jm & Shri Anil Chaturvedi, Am

For Appellant: Miss Jyoti SinghFor Respondent: Shri S.P. Walimbe
Section 143(3)Section 14A

…t, Revenue filed S.L.P. before the Hon’ble Apex Court and the S.L.P. was dismissed by the Hon’ble Apex Court (2018) 99 Taxmann.com 286 (SC). We further find that Hon’ble Delhi High Court in the case of PCIT Vs Caraf Builders & Construction (P) Ltd., (2019) 101 Taxmann.com 167 (Del) after considering the decisions of Hon’ble Apex Court in the case of Maxopp Investment Ltd. Vs. CIT (2018) 402 ITR 640, Cheminvest Vs. CIT (2015) 378 ITR 33 and other decisions has held that disallowance u/s 14A cannot exceed exempt income of the relevant year. In the present case, since assessee has earned exempt income of 62,11…

M/S. Rajdeep Automation Pvt.Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 5, Pune

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

ITA 2374/PUN/2017[2012-13]Status: DisposedITAT Pune21 Feb 2020AY 2012-13

Bench: Shri George Mathan, Jm & Shri Anil Chaturvedi, Am

For Appellant: Miss Jyoti SinghFor Respondent: Shri S.P. Walimbe
Section 143(3)Section 14A

…t, Revenue filed S.L.P. before the Hon’ble Apex Court and the S.L.P. was dismissed by the Hon’ble Apex Court (2018) 99 Taxmann.com 286 (SC). We further find that Hon’ble Delhi High Court in the case of PCIT Vs Caraf Builders & Construction (P) Ltd., (2019) 101 Taxmann.com 167 (Del) after considering the decisions of Hon’ble Apex Court in the case of Maxopp Investment Ltd. Vs. CIT (2018) 402 ITR 640, Cheminvest Vs. CIT (2015) 378 ITR 33 and other decisions has held that disallowance u/s 14A cannot exceed exempt income of the relevant year. In the present case, since assessee has earned exempt income of 62,11…

Dhruvi Securities Private Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-2(1)(2), Bangalore

In the result, the appeal of the assessee is partly allowed

ITA 1904/BANG/2017[2013-14]Status: DisposedITAT Bangalore27 Sept 2019AY 2013-14

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranassessment Year : 2013-14

For Appellant: Shri Sunil Jain, CAFor Respondent: Smt. R. Premi, Jt.CIT(DR)(ITAT), Bengaluru
Section 14ASection 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER Assessment year : 2013-14 Dhruvi Securities Pvt. Ltd., Vs. The Assistant Commissioner of No.25/1, Skip House, Income Tax, Museum Road, Circle 2(1)(2), Bangalore – 560 025. Bangalore. PAN: AACCD 6532D APPELLANT RESPONDENT Appellant by : Shri Sunil Jain, CA Respondent by : Smt. R. Premi, Jt.CIT(DR)(ITAT), Bengaluru. Date of hearing : 26.09.2019 Date of Pronouncement : 27.09.2019 O R D E R Per N V Vasudevan, Vice President This appeal by the assessee is against the orde…

Deputy Commissioner of Income Tax Circle-2(1)(2), Bangalore vs. M/S Dhruvi Securities Private Limited, Bangalore

In the result, the assessee’s appeals and Revenue appeal are allowed for statistical purposes

ITA 537/BANG/2019[2014-15]Status: DisposedITAT Bangalore15 Jul 2019AY 2014-15

Bench: Shri A.K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Sunil Jain, CAFor Respondent: Dr.P.V.Pradeep Kumar, Addl.CIT(DR)
Section 143(2)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, BENGALURU BEFORE SHRI A.K. GARODIA, ACCOUNTANT MEMBER and SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA Nos.317 & 318/Bang/2019 (Assessment years: 2014-15 & 2015-16) M/s.Dhruvi Securities Pvt. Ltd. No.25/1, Skip House, Museum Road, Bengaluru-560025. … Appellant PAN: AACCD6532D Vs. Asst. Commissioner of Income-tax, Circle 2(1)(2), Bengaluru. … Respondent AND (by Revenue) Appellant by : Shri Sunil Jain, CA. Respondent by : Dr.P.V.Pradeep Kumar, Addl.CIT(DR) Date of hearing: 04/07/2019 Date of pronouncement: 15/07/2019 O R D E R Per PAVAN KUMAR GADALE, JM: Both the ass…

Dhruvi Securities Private Limited, Bangalore vs. Assistant Commissioner of Income Tax, Circle 2(1)(2), Bangalore

In the result, the assessee’s appeals and Revenue appeal are allowed for statistical purposes

ITA 318/BANG/2019[2015-16]Status: DisposedITAT Bangalore15 Jul 2019AY 2015-16

Bench: Shri A.K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Sunil Jain, CAFor Respondent: Dr.P.V.Pradeep Kumar, Addl.CIT(DR)
Section 143(2)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, BENGALURU BEFORE SHRI A.K. GARODIA, ACCOUNTANT MEMBER and SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA Nos.317 & 318/Bang/2019 (Assessment years: 2014-15 & 2015-16) M/s.Dhruvi Securities Pvt. Ltd. No.25/1, Skip House, Museum Road, Bengaluru-560025. … Appellant PAN: AACCD6532D Vs. Asst. Commissioner of Income-tax, Circle 2(1)(2), Bengaluru. … Respondent AND (by Revenue) Appellant by : Shri Sunil Jain, CA. Respondent by : Dr.P.V.Pradeep Kumar, Addl.CIT(DR) Date of hearing: 04/07/2019 Date of pronouncement: 15/07/2019 O R D E R Per PAVAN KUMAR GADALE, JM: Both the ass…

Dhruvi Securities Private Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-2(1)(2), Bangalore

In the result, the assessee’s appeals and Revenue appeal are allowed for statistical purposes

ITA 317/BANG/2019[2014-15]Status: DisposedITAT Bangalore15 Jul 2019AY 2014-15

Bench: Shri A.K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Sunil Jain, CAFor Respondent: Dr.P.V.Pradeep Kumar, Addl.CIT(DR)
Section 143(2)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, BENGALURU BEFORE SHRI A.K. GARODIA, ACCOUNTANT MEMBER and SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA Nos.317 & 318/Bang/2019 (Assessment years: 2014-15 & 2015-16) M/s.Dhruvi Securities Pvt. Ltd. No.25/1, Skip House, Museum Road, Bengaluru-560025. … Appellant PAN: AACCD6532D Vs. Asst. Commissioner of Income-tax, Circle 2(1)(2), Bengaluru. … Respondent AND (by Revenue) Appellant by : Shri Sunil Jain, CA. Respondent by : Dr.P.V.Pradeep Kumar, Addl.CIT(DR) Date of hearing: 04/07/2019 Date of pronouncement: 15/07/2019 O R D E R Per PAVAN KUMAR GADALE, JM: Both the ass…

DCIT, CC-7(1), Mumbai vs. PAN India Network Infravest Pvt. Ltd., Mumbai

In the result, the appeal is partly allowed for statistical purposes

ITA 3198/MUM/2018[2015-16]Status: DisposedITAT Mumbai29 May 2019AY 2015-16

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

For Appellant: Shri Jay BhansaliFor Respondent: Shri Neil Phillip
Section 115JSection 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER ITA no. 3198/Mum./2018 (Assessment Year : 2015–16) Dy. Commissioner of Income Tax ……………. Appellant Central Circle–7(1), Mumbai v/s Pan India Network Infravest Pvt. Ltd. 135, Continental Building Dr. Annie Besant Road ……………. Respondent Worli, Mumbai 400 018 PAN – AACCP2459H Revenue by : Shri Neil Phillip Assessee by : Shri Jay Bhansali Date of Hearing – 15.05.2019 Date of Order – 29.05.2019 O R D E R PER SAKTIJIT DEY, J.M. The aforesaid appeal has been filed by the…

DCIT, CC - 7(1), Mumbai vs. PAN India Network Infravest Pvt. Ltd., Mumbai

In the result, both the appeals are partly allowed for statistical purposes

ITA 2962/MUM/2018[2013-14]Status: DisposedITAT Mumbai17 May 2019AY 2013-14

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

For Appellant: Shri Jay BhansaliFor Respondent: Shri Awungshi Gimsen
Section 115JSection 14ASection 154

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER ITA no.2962 & 2963/Mum./2018 (Assessment Year : 2013–14 and 2014–15) Dy. Commissioner of Income Tax ……………. Appellant Central Circle–7(1), Mumbai v/s Pan India Network Infravest P. Ltd. 135, Continental Building Dr. Annie Besant Road ……………. Respondent Worli, Mumbai 400 018 PAN – AACCP2459H Revenue by : Shri Awungshi Gimsen Assessee by : Shri Jay Bhansali Date of Hearing – 13.05.2019 Date of Order – 17.05.2019 O R D E R PER SAKTIJIT DEY. J.M. The aforesaid appeals…

DCIT Central Circle-7(1), Mumbai vs. M/S.PAN India Network Infravest Private Limited, Mumbai

In the result, appeals of the revenue as well as cross objections of the

ITA 2296/MUM/2018[2011-12]Status: DisposedITAT Mumbai22 Apr 2019AY 2011-12

Bench: Shri G.S. Pannu, Vice- & Shri Pawan Singhdcit Central Circle-7(1) M/S Pan India Network R.No. 653, 6Th Floor, Infravest Ltd., 153, Aayakar Bhavan, M.K. Road, Continental Building, Dr. Mumbai-20. Annie Besant Road, Worli, Vs. Mumbai-400018. Pan: Aaccp2459H Appellant Respondent Cross Objection No. 89/Mum/2019 (Assessment Year 2011-12) M/S Pan India Network Dcit Central Circle-7(1) Infravest Ltd., 153, R.No. 653, 6Th Floor, Continental Building, Dr. Aayakar Bhavan, M.K. Road, Annie Besant Road, Worli, Mumbai-20. Vs. Mumbai-400018. Pan: Aaccp2459H Appellant Respondent Dcit Central Circle-7(1) M/S Pan India Network R.No. 653, 6Th Floor, Infravest Ltd., 153, Aayakar Bhavan, M.K. Road, Continental Building, Dr. Mumbai-20. Annie Besant Road, Worli, Vs. Mumbai-400018. Pan: Aaccp2459H Appellant Respondent Cross Objection No. 90/Mum/2019 (Assessment Year 2013-14) M/S Pan India Network Dcit Central Circle-7(1) Infravest Ltd., 153, R.No. 653, 6Th Floor, Continental Building, Dr. Aayakar Bhavan, M.K. Road, Annie Besant Road, Worli, Mumbai-20. Vs. Mumbai-400018. Pan: Aaccp2459H

For Appellant: Dr. Pramod Nikalje (DRFor Respondent: Shri Jai Bhansali (AR)
Section 115JSection 14ASection 254(1)

…IN THE INCOME-TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI G.S. PANNU, VICE-PRESIDENT AND SHRI PAWAN SINGH, JUDICIAL MEMBER DCIT Central Circle-7(1) M/s Pan India Network R.No. 653, 6th Floor, Infravest Ltd., 153, Aayakar Bhavan, M.K. Road, Continental Building, Dr. Mumbai-20. Annie Besant Road, Worli, Vs. Mumbai-400018. PAN: AACCP2459H Appellant Respondent Cross Objection No. 89/Mum/2019 (Assessment Year 2011-12) M/s Pan India Network DCIT Central Circle-7(1) Infravest Ltd., 153, R.No. 653, 6th Floor, Continental Building, Dr. Aayakar Bhavan, M.K. Road, Annie Besant Road, Worli, Mumbai-20. Vs. Mumbai-400…

Kalra Overseas and Precision Engineering Ltd, Pune vs. Income-Tax Officer, Ward - 14(2), Pune

In the result, the appeal of the assessee is partly allowed

ITA 1328/PUN/2018[2015-16]Status: DisposedITAT Pune07 Mar 2019AY 2015-16

Bench: Shri Anil Chaturvedi, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Gopal R. AswaniFor Respondent: Shri M.K. Verma
Section 143(3)Section 14A

…of Punjab and Haryana High Court, Revenue filed S.L.P. before the Hon’ble Apex Court and the S.L.P. was dismissed by the Hon’ble Apex Court. We further find that Hon’ble Delhi High Court in the case of PCIT Vs Caraf Builders & Construction (P) Ltd., (2019) 101 Taxmann.com 167 (Del) after considering the decisions of Hon’ble Apex Court in the case of Maxopp Investment Ltd. Vs. CIT (2018) 402 ITR 640, Cheminvest Vs. CIT (2015) 378 ITR 33 and other decisions has held that disallowance u/s 14A cannot exceed exempt income of the relevant year. In the present case, since assessee has earned exempt income from divide…