PCIT v. Era Infrastructure (India) Ltd.

141 Taxmann.com 289High Court2022#215 most cited

What is PCIT v. Era Infrastructure (India) Ltd. authority for?

Disallowance under Section 14A is not attracted when no exempt income is earned in the relevant assessment year. The amendment to Section 14A by the Finance Act, 2022, applies prospectively.

354

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2022 to 2026.

Also referred to as

PCIT v. Era Infrastructure (India) Ltd. · Section 14A · Disallowance under Section 14A · No exempt income · Expenditure for exempt income · Finance Act 2022 amendment · Prospective application of Section 14A amendment · Rule 8D · 448 ITR 674 · Delhi High Court 2022 · Disallowance in absence of exempt income

Also reported as

448 ITR 674

Sections most often in play

Section 14ASection 143(3)Section 8DSection 115JBSection 143(2)Section 1961Section 131Section 37(1)

Issues it is cited on

section 9(1)(ii)mat creditdisallowance under section 14adisallowance u/s 14astrategic investmentsection 115jb(2)section 14asection 14a(2)deduction under section 80iainterest free advancessection 80iccorporate guarantee

Judgments citing PCIT v. Era Infrastructure (India) Ltd.

Sapphire Foods India Limited, Mumbai vs. DCIT, Circle 3(3)(1), Mumbai, Maharashtra

In the result, the Assessee’s appeal is allowed

ITA 3476/MUM/2024[AY 2021-22]Status: DisposedITAT Mumbai23 Oct 2024

Bench: Shri Narender Kumar Choudhry & Shri Ratnesh Nandan Sahayassessment Year: 2021-22

For Appellant: Ms. Aarti Sathe, A.R. a/wFor Respondent: Smt Sujatha P. Iyangar, Sr. AR
Section 14A

…s. Sapphire Foods India Limited section 14A will not apply, if no exempt income is received or receivable during the relevant previous year. 8.5 We also observe that the Hon’ble Delhi High Court in the case of PCIT vs. Era Infrastructure (India) Ltd. (2022) 448 ITR 674 (Delhi) by considering the amendment brought in section 14A of the Act, vide Finance Act 2022 has held the amendment as brought in section 14A of the Act by Finance Act 2022 is retrospective in nature. 8.6 The Hon’ble Madhya Pradesh High Court as well in the case of PCIT (Central) vs. Keti Construction Ltd. (2024) 162 taxmann.com 278 (MP) has al…

Prasidh Fincap Ltd., New Delhi vs. DCIT Circle-20(1), New Delhi

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

ITA 1534/DEL/2022[2014-15]Status: DisposedITAT Delhi22 Oct 2024AY 2014-15

Bench: Shri M. Balaganesh & Shri Vimal Kumarprasidh Fincap Ltd, Vs. Dcit, 2Nd Floor, Rsn Arcade, 6 Circle-20(1), Lsc, Near Peince New Delhi Apartment, Ip Extension, Parparganj, New Delhi (Appellant) (Respondent) Pan:Aaacp6704D

For Appellant: Shri I. P. Bansal, AdvFor Respondent: Shri Rajesh Dhanesta, Sr. DR
Section 143(3)Section 32

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE SHRI M. BALAGANESH, ACCOUNTANT MEMBER AND SHRI VIMAL KUMAR, JUDICIAL MEMBER Prasidh Fincap Ltd, Vs. DCIT, 2nd Floor, RSN Arcade, 6 Circle-20(1), LSC, Near Peince New Delhi Apartment, IP Extension, Parparganj, New Delhi (Appellant) (Respondent) PAN:AAACP6704D ITA Nos. 7965 & 7966/Del/2018 (Assessment Years: 2012-13 to 2013-14) Prasidh Fincap Ltd, Vs. ITO, 2nd Floor, RSN Arcade, 6 Ward-20(2), LSC, Near Peince New Delhi Apartment, IP Extension, Parparganj, New Delhi (Appellant) (Respondent) PAN:AAACP6704D Assessee by : Shri I. P. Bansal, Adv Shri Vive…

Prasidh Fincap Ltd, New Delhi vs. ITO, Ward-20(1), New Delhi

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

ITA 7966/DEL/2018[2013-14]Status: DisposedITAT Delhi22 Oct 2024AY 2013-14

Bench: Shri M. Balaganesh & Shri Vimal Kumarprasidh Fincap Ltd, Vs. Dcit, 2Nd Floor, Rsn Arcade, 6 Circle-20(1), Lsc, Near Peince New Delhi Apartment, Ip Extension, Parparganj, New Delhi (Appellant) (Respondent) Pan:Aaacp6704D

For Appellant: Shri I. P. Bansal, AdvFor Respondent: Shri Rajesh Dhanesta, Sr. DR
Section 143(3)Section 32

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE SHRI M. BALAGANESH, ACCOUNTANT MEMBER AND SHRI VIMAL KUMAR, JUDICIAL MEMBER Prasidh Fincap Ltd, Vs. DCIT, 2nd Floor, RSN Arcade, 6 Circle-20(1), LSC, Near Peince New Delhi Apartment, IP Extension, Parparganj, New Delhi (Appellant) (Respondent) PAN:AAACP6704D ITA Nos. 7965 & 7966/Del/2018 (Assessment Years: 2012-13 to 2013-14) Prasidh Fincap Ltd, Vs. ITO, 2nd Floor, RSN Arcade, 6 Ward-20(2), LSC, Near Peince New Delhi Apartment, IP Extension, Parparganj, New Delhi (Appellant) (Respondent) PAN:AAACP6704D Assessee by : Shri I. P. Bansal, Adv Shri Vive…

Prasidh Fincap Ltd, New Delhi vs. ITO, Ward-20(2), New Delhi

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

ITA 7965/DEL/2018[2012-13]Status: DisposedITAT Delhi22 Oct 2024AY 2012-13

Bench: Shri M. Balaganesh & Shri Vimal Kumarprasidh Fincap Ltd, Vs. Dcit, 2Nd Floor, Rsn Arcade, 6 Circle-20(1), Lsc, Near Peince New Delhi Apartment, Ip Extension, Parparganj, New Delhi (Appellant) (Respondent) Pan:Aaacp6704D

For Appellant: Shri I. P. Bansal, AdvFor Respondent: Shri Rajesh Dhanesta, Sr. DR
Section 143(3)Section 32

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE SHRI M. BALAGANESH, ACCOUNTANT MEMBER AND SHRI VIMAL KUMAR, JUDICIAL MEMBER Prasidh Fincap Ltd, Vs. DCIT, 2nd Floor, RSN Arcade, 6 Circle-20(1), LSC, Near Peince New Delhi Apartment, IP Extension, Parparganj, New Delhi (Appellant) (Respondent) PAN:AAACP6704D ITA Nos. 7965 & 7966/Del/2018 (Assessment Years: 2012-13 to 2013-14) Prasidh Fincap Ltd, Vs. ITO, 2nd Floor, RSN Arcade, 6 Ward-20(2), LSC, Near Peince New Delhi Apartment, IP Extension, Parparganj, New Delhi (Appellant) (Respondent) PAN:AAACP6704D Assessee by : Shri I. P. Bansal, Adv Shri Vive…

Asst. Commissioner of Income-Tax 6(1)(2), Mumbai vs. Incred Holdings Limited (Formerly Known As Kkr Capital Markets India Limited)., Mumbai

In the result, appeals filed by the assessee in I

ITA 4366/MUM/2024[2016-17]Status: DisposedITAT Mumbai17 Oct 2024AY 2016-17

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Raj Kumar Chauhan, Hon’Ble

For Appellant: Shri Ajit Kumar Jain, A/RFor Respondent: Mr. R.A. Dhyani, CIT D/R & Shri Krishna Kumar, Sr. D/R
Section 14A

…| आयकर अपीलीय अिधकरण "ायपीठ, मुंबई | IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON’BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HON’BLE JUDICIAL MEMBER I.T.A. No. 4246/Mum/2024 Assessment Year: 2013-14 I.T.A. No. 4248/Mum/2024 Assessment Year: 2014-15 I.T.A. No. 4249/Mum/2024 Assessment Year: 2015-16 I.T.A. No. 4250/Mum/2024 Assessment Year: 2016-17 Incred Holdings Limited Assistant Commissioner of Income-tax, Circle 6(3)(2), Unit No. 1203 Vs Mumbai 12th Floor B Wing, The Capital Plot No. C-70, G Block BKC Mumbai - 400051 [PAN: AAECK1977B] अपीलाथ"/ (Appellant)…

Asst. Commissioner of Income-Tax 6(1)(2), Mumbai vs. Incred Holdings Limited (Formerly Known As Kkr Capital Markets India Limited)., Mumbai

ITA 4365/MUM/2024[2015-16]Status: DisposedITAT Mumbai17 Oct 2024AY 2015-16

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Raj Kumar Chauhan, Hon'Ble

For Appellant: Shri Ajit Kumar Jain, A/RFor Respondent: Mr. R.A. Dhyani, CIT D/R & Shri Krishna Kumar, Sr. D/R
Section 14A

…आयकर अपीलीय अधिकरण न्यायपीठ, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON'BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HON'BLE JUDICIAL MEMBER I.T.A. No. 4246/Mum/2024 Assessment Year: 2013-14 I.T.A. No. 4248/Mum/2024 Assessment Year: 2014-15 Ι.Τ.Α. No. 4249/Mum/2024 Assessment Year: 2015-16 Ι.Τ.Α. No. 4250/Mum/2024 Assessment Year: 2016-17 Incred Holdings Limited Unit No. 1203 12th Floor B Wing, The Capital Plot No. C-70, G Block BKC Mumbai - 400051 [PAN: AAECK1977B] अपीलार्थी/ (Appellant) Vs Assistant Commissioner of Income-tax, Circle 6(3)(2), M…

Asst. Commissioner of Income-Tax 6(1)(2), Mumbai vs. Incred Holdings Limited (Formerly Known As Kkr Capital Markets India Limited)., Mumbai

ITA 4364/MUM/2024[2014-15]Status: DisposedITAT Mumbai17 Oct 2024AY 2014-15

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Raj Kumar Chauhan, Hon'Ble

For Appellant: Shri Ajit Kumar Jain, A/RFor Respondent: Mr. R.A. Dhyani, CIT D/R & Shri Krishna Kumar, Sr. D/R
Section 14A

…आयकर अपीलीय अधिकरण न्यायपीठ, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON'BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HON'BLE JUDICIAL MEMBER I.T.A. No. 4246/Mum/2024 Assessment Year: 2013-14 I.T.A. No. 4248/Mum/2024 Assessment Year: 2014-15 I.T.A. No. 4249/Mum/2024 Assessment Year: 2015-16 I.T.A. No. 4250/Mum/2024 Assessment Year: 2016-17 Incred Holdings Limited Unit No. 1203 12th Floor B Wing, The Capital Plot No. C-70, G Block BKC Mumbai - 400051 [PAN: AAECK1977B] अपीलार्थी/ (Appellant) Vs Assistant Commissioner of Income-tax, Circle 6(3)(2), M…

Incred Holdings Limited, Mumbai vs. Assistant Commissioner of Income Tax Circle 6(3)(1), Mumbai

ITA 4254/MUM/2024[AY 2018-19]Status: DisposedITAT Mumbai17 Oct 2024

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Raj Kumar Chauhan, Hon'Ble

For Appellant: Shri Ajit Kumar Jain, A/RFor Respondent: Mr. R.A. Dhyani, CIT D/R & Shri Krishna Kumar, Sr. D/R
Section 14A

…आयकर अपीलीय अधिकरण न्यायपीठ, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON'BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HON'BLE JUDICIAL MEMBER I.T.A. No. 4246/Mum/2024 Assessment Year: 2013-14 I.T.A. No. 4248/Mum/2024 Assessment Year: 2014-15 Ι.Τ.Α. No. 4249/Mum/2024 Assessment Year: 2015-16 Ι.Τ.Α. No. 4250/Mum/2024 Assessment Year: 2016-17 Incred Holdings Limited Unit No. 1203 12th Floor B Wing, The Capital Plot No. C-70, G Block BKC Mumbai - 400051 [PAN: AAECK1977B] अपीलार्थी/ (Appellant) Vs Assistant Commissioner of Income-tax, Circle 6(3)(2), M…

Incred Holdings Limited, Mumbai vs. Assistant Commissioner of Income Tax Circle 6(3)(1), Mumbai

ITA 4252/MUM/2024[AY 2017-18]Status: DisposedITAT Mumbai17 Oct 2024

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Raj Kumar Chauhan, Hon'Ble

For Appellant: Shri Ajit Kumar Jain, A/RFor Respondent: Mr. R.A. Dhyani, CIT D/R & Shri Krishna Kumar, Sr. D/R
Section 14A

…आयकर अपीलीय अधिकरण न्यायपीठ, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON'BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HON'BLE JUDICIAL MEMBER I.T.A. No. 4246/Mum/2024 Assessment Year: 2013-14 I.T.A. No. 4248/Mum/2024 Assessment Year: 2014-15 Ι.Τ.Α. No. 4249/Mum/2024 Assessment Year: 2015-16 Ι.Τ.Α. No. 4250/Mum/2024 Assessment Year: 2016-17 Incred Holdings Limited Unit No. 1203 12th Floor B Wing, The Capital Plot No. C-70, G Block BKC Mumbai - 400051 [PAN: AAECK1977B] अपीलार्थी/ (Appellant) Vs Assistant Commissioner of Income-tax, Circle 6(3)(2), M…

Incred Holdings Limited, Mumbai vs. Assistant Commissioner of Income Tax Circle 6(3)(2), Mumbai

ITA 4250/MUM/2024[AY 2016-17]Status: DisposedITAT Mumbai17 Oct 2024

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Raj Kumar Chauhan, Hon'Ble

For Appellant: Shri Ajit Kumar Jain, A/RFor Respondent: Mr. R.A. Dhyani, CIT D/R & Shri Krishna Kumar, Sr. D/R
Section 14A

…आयकर अपीलीय अधिकरण न्यायपीठ, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON'BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HON'BLE JUDICIAL MEMBER I.T.A. No. 4246/Mum/2024 Assessment Year: 2013-14 I.T.A. No. 4248/Mum/2024 Assessment Year: 2014-15 Ι.Τ.Α. No. 4249/Mum/2024 Assessment Year: 2015-16 Ι.Τ.Α. No. 4250/Mum/2024 Assessment Year: 2016-17 Incred Holdings Limited Unit No. 1203 12th Floor B Wing, The Capital Plot No. C-70, G Block BKC Mumbai - 400051 [PAN: AAECK1977B] अपीलार्थी/ (Appellant) Vs Assistant Commissioner of Income-tax, Circle 6(3)(2), M…

Incred Holdings Limited, Mumbai vs. Assistant Commissioner of Income Tax Circle 6(3)(2), Mumbai

ITA 4249/MUM/2024[AY 2015-16]Status: DisposedITAT Mumbai17 Oct 2024

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Raj Kumar Chauhan, Hon'Ble

For Appellant: Shri Ajit Kumar Jain, A/RFor Respondent: Mr. R.A. Dhyani, CIT D/R & Shri Krishna Kumar, Sr. D/R
Section 14A

…आयकर अपीलीय अधिकरण न्यायपीठ, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON'BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HON'BLE JUDICIAL MEMBER I.T.A. No. 4246/Mum/2024 Assessment Year: 2013-14 I.T.A. No. 4248/Mum/2024 Assessment Year: 2014-15 Ι.Τ.Α. No. 4249/Mum/2024 Assessment Year: 2015-16 Ι.Τ.Α. No. 4250/Mum/2024 Assessment Year: 2016-17 Incred Holdings Limited Unit No. 1203 12th Floor B Wing, The Capital Plot No. C-70, G Block BKC Mumbai - 400051 [PAN: AAECK1977B] अपीलार्थी/ (Appellant) Vs Assistant Commissioner of Income-tax, Circle 6(3)(2), M…

Incred Holdings Limited, Mumbai vs. Assistant Commissioner of Income Tax Circle 6(3)(2), Mumbai

ITA 4248/MUM/2024[AY 2014-15]Status: DisposedITAT Mumbai17 Oct 2024

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Raj Kumar Chauhan, Hon'Ble

For Appellant: Shri Ajit Kumar Jain, A/RFor Respondent: Mr. R.A. Dhyani, CIT D/R & Shri Krishna Kumar, Sr. D/R
Section 14A

…आयकर अपीलीय अधिकरण न्यायपीठ, मुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON'BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HON'BLE JUDICIAL MEMBER I.T.A. No. 4246/Mum/2024 Assessment Year: 2013-14 I.T.A. No. 4248/Mum/2024 Assessment Year: 2014-15 I.T.A. No. 4249/Mum/2024 Assessment Year: 2015-16 I.T.A. No. 4250/Mum/2024 Assessment Year: 2016-17 Incred Holdings Limited Unit No. 1203 12th Floor B Wing, The Capital Plot No. C-70, G Block BKC Mumbai - 400051 [PAN: AAECK1977B] अपीलार्थी/ (Appellant) Vs Assistant Commissioner of Income-tax, Circle 6(3)(2), Mum…

Incred Holdings Limited, Mumbai vs. Assistant Commissioner of Income Tax Circle 6(3)(2), Mumbai

In the result, appeals filed by the assessee in I

ITA 4246/MUM/2024[AY 2013-14]Status: DisposedITAT Mumbai17 Oct 2024

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Raj Kumar Chauhan, Hon’Ble

For Appellant: Shri Ajit Kumar Jain, A/RFor Respondent: Mr. R.A. Dhyani, CIT D/R & Shri Krishna Kumar, Sr. D/R
Section 14A

…| आयकर अपीलीय अिधकरण "ायपीठ, मुंबई | IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON’BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HON’BLE JUDICIAL MEMBER I.T.A. No. 4246/Mum/2024 Assessment Year: 2013-14 I.T.A. No. 4248/Mum/2024 Assessment Year: 2014-15 I.T.A. No. 4249/Mum/2024 Assessment Year: 2015-16 I.T.A. No. 4250/Mum/2024 Assessment Year: 2016-17 Incred Holdings Limited Assistant Commissioner of Income-tax, Circle 6(3)(2), Unit No. 1203 Vs Mumbai 12th Floor B Wing, The Capital Plot No. C-70, G Block BKC Mumbai - 400051 [PAN: AAECK1977B] अपीलाथ"/ (Appellant)…

The Pr. Commissioner of Income Tax -Central -1 vs. Sahara India Financial Corporation Ltd

ITA - 527 / 2024HC Delhi16 Oct 2024
Section 14A

…the said explanation is applicable prospectively and thus, would be inapplicable to the assessment year in question (AY 2016-17). It is relevant to note that this Court had in Principal Commissioner of Income – tax v. Era Infrastucture (India) Ltd.: (2022) 448 ITR 674 (Delhi) held that the explanation would be applicable only prospectively and would have no retrospective operation. 10. In the given facts of this case, where the assessee does not have any exempt income in the relevant assessment year, there is no allegation that any expenditure has been incurred on account of exempt income that would acc…

M/S. Bhumi Nirman Pvt. Ltd., Kolkata vs. I.T.O., Ward - 10(4), Kolkata

In the result, the appeal of the assessee is allowed

ITA 1166/KOL/2024[2015-2016]Status: DisposedITAT Kolkata16 Oct 2024AY 2015-2016

Bench: Sri Sanjay Garg & Sri Sanjay Awasthi

Section 14ASection 271(1)(c)

…Eveready Industries India Ltd. vs. PCIT reported in [2020] 114 taxmann.com 610 (Kolkata - Trib.), (ii) PCIT vs. Vardhman Chemtech (P.) Ltd. reported in [2020] 423 ITR 241 (Punjab & Haryana) and in the case of (iii) ERA Infrastructure (India) Ltd. reported in 448 ITR 674 (Delhi)[20-07-2022], the appellant deserves relief. The relevant extracts from the three authorities are as under: (i) Eveready Industries India Ltd.: “33. From the assessment order as also from the facts on record it appeared that during the relevant year the appellant did not earn any dividend from its investments made in shares of other bodies…

DCIT Central Circle-6, Ara Centre vs. Archohm Consults Private Limited, Anand Lok

In the result, the appeal of the revenue is dismissed

ITA 2/DEL/2024[2017-18]Status: DisposedITAT Delhi11 Oct 2024AY 2017-18

Bench: Shri M. Balaganesh & Shri Vimal Kumardcit, Vs. Archohm Consults Pvt Ltd, Central Circle-6, Anand Lok, New Delhi Ara Centre, Delhi (Appellant) (Respondent) Pan:Aacca6996Q

For Appellant: Shri R. S. Singhvi,CAFor Respondent: Shri Sanjay Kumar, CIT DR
Section 144Section 14ASection 37(1)Section 68Section 69A

…year under consideration and hence there cannot be any applicability of provisions of section 14A of the Act. Reliance in this regard is placed on the decision of the Hon’ble Jurisdictional High Court in the case of PCIT Vs. Era Infrastructure Ltd reported in 448 ITR 674 (Del). Respectfully following the same, ground No. 4 raised by the revenue is dismissed. 5. In the result, the appeal of the revenue is dismissed. Order pronounced in the open court on 11/10/2024. - - (VIMAL KUMAR) ACCOUNTANT MEMBER Dated:11/10/2024 A K Keot…

DCIT, Circle- 27(1), New Delhi vs. Uniparts India Ltd., New Delhi

In the result, the appeal filed by the Revenue is dismissed

ITA 5826/DEL/2018[2014-15]Status: DisposedITAT Delhi11 Oct 2024AY 2014-15

Bench: Shri S. Rifaur Rahman & Shri Sudhir Pareek, Judicialmember Dcit, Circle 27(1), Vs. Uniparts India Ltd., New Delhi Block-5, Gripwel House, C-6 & C-7, Vasant Kunj, New Delhi – 110 070. (Pan: Aaacu0454D) (Appellant) (Respondent) Assessee By : Shri Satyen Sethi, Advocate Shri A.T. Panda, Advocate Revenue By : Shri Vivek Kumar Upadhyay, Sr. Dr. Date Of Hearing : 27.08.2024 Date Of Order : 11.10.2024 O R D E R Per S. Rifaur Rahman, Am : 1. This Appeal Is Filed By The Revenue Against The Order Of Ld. Commissioner Of Income-Tax (Appeals)-9, New Delhi (Hereinafter Referred To As ‘Ld. Cit (A)’) Dated 04.06.2018 For Assessment Year 2014-15. Aggrieved With The Above Order, Revenue Is In Appeal Before Us Raising Following Grounds Of Appeal :-

For Appellant: Shri Satyen Sethi, AdvocateFor Respondent: Shri Vivek Kumar Upadhyay, Sr. DR
Section 14ASection 2(22)(e)

…1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’, NEW DELHI BEFORE SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER AND SHRI SUDHIR PAREEK, JUDICIALMEMBER DCIT, Circle 27(1), vs. Uniparts India Ltd., New Delhi Block-5, Gripwel House, C-6 & C-7, Vasant Kunj, New Delhi – 110 070. (PAN: AAACU0454D) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Satyen Sethi, Advocate Shri A.T. Panda, Advocate REVENUE BY : Shri Vivek Kumar Upadhyay, Sr. DR. Date of Hearing : 27.08.2024 Date of Order : 11.10.2024 O R D E R PER S. RIFAUR RAHMAN, AM : 1. This appeal is filed by the Revenue against the order of ld. Commissioner of Income-tax…

M/S. Sundaram Finance Holdings Ltd., Chennai vs. ACIT, CC-3(1), Chennai

Appeal stand allowed to the extent of correct adoption of cost of investments

ITA 1215/CHNY/2024[2018-19]Status: DisposedITAT Chennai09 Oct 2024AY 2018-19

Bench: Hon’Ble Shri Aby T. Varkey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ Ita No.1211/Chny/2024 (िनधा*रण वष* / Assessment Year: 2018-19) Acit M/S. Sundaram Finance Holdings Ltd. बनाम/ Corporate Circle-3(1), 21, Patullos Road, Mount Road, Vs. Chennai. Anna Salai, Chennai-600 002. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-3116-J (अपीलाथ"/Appellant) : (" थ" / Respondent) & 2. आयकरअपील सं./ Ita No.1215/Chny/2024 (िनधा*रण वष* / Assessment Year: 2018-19) M/S. Sundaram Finance Holdings Ltd. Acit बनाम/ 21, Patullos Road, Mount Road, Corporate Circle-3(1), Vs. Anna Salai, Chennai-600 002. Chennai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-3116-J (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Assessee By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar (Virtual) " थ"कीओरसे/Revenue By : Shri R. Clement Ramesh Kumar (Cit)-Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 25-09-2024 घोषणाकीतारीख /Date Of Pronouncement : 09-10-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. AR (Virtual)For Respondent: Shri R. Clement Ramesh Kumar (CIT)-Ld. DR
Section 143(3)Section 14A

…llowance by considering only those investments which have yielded exempt income during the year. The same has led to cross-appeals before us. 2.5 The Ld. AR has referred to the decision of Hon’ble Delhi High Court in the case of Era Infrastructure India Ltd. (448 ITR 674) to submit that the amendment made by Finance Act, 2022 to Section 14A by inserting a non-obstante clause and Explanation will take effect only from 01-04- 2022 and cannot be presumed to have retrospective effect. The newly inserted explanation to Sec.14A provides that the provisions of this section shall apply and shall be deemed to have always…

ACIT, Nungambakkam, Chennai vs. Sundaram Finance Holdings Limited, Chennai

Appeal stand allowed to the extent of correct adoption of cost of investments

ITA 1211/CHNY/2024[2018-19]Status: DisposedITAT Chennai09 Oct 2024AY 2018-19

Bench: Hon’Ble Shri Aby T. Varkey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ Ita No.1211/Chny/2024 (िनधा*रण वष* / Assessment Year: 2018-19) Acit M/S. Sundaram Finance Holdings Ltd. बनाम/ Corporate Circle-3(1), 21, Patullos Road, Mount Road, Vs. Chennai. Anna Salai, Chennai-600 002. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-3116-J (अपीलाथ"/Appellant) : (" थ" / Respondent) & 2. आयकरअपील सं./ Ita No.1215/Chny/2024 (िनधा*रण वष* / Assessment Year: 2018-19) M/S. Sundaram Finance Holdings Ltd. Acit बनाम/ 21, Patullos Road, Mount Road, Corporate Circle-3(1), Vs. Anna Salai, Chennai-600 002. Chennai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-3116-J (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Assessee By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar (Virtual) " थ"कीओरसे/Revenue By : Shri R. Clement Ramesh Kumar (Cit)-Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 25-09-2024 घोषणाकीतारीख /Date Of Pronouncement : 09-10-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan (Advocate)-Ld. AR (Virtual)For Respondent: Shri R. Clement Ramesh Kumar (CIT)-Ld. DR
Section 143(3)Section 14A

…llowance by considering only those investments which have yielded exempt income during the year. The same has led to cross-appeals before us. 2.5 The Ld. AR has referred to the decision of Hon’ble Delhi High Court in the case of Era Infrastructure India Ltd. (448 ITR 674) to submit that the amendment made by Finance Act, 2022 to Section 14A by inserting a non-obstante clause and Explanation will take effect only from 01-04- 2022 and cannot be presumed to have retrospective effect. The newly inserted explanation to Sec.14A provides that the provisions of this section shall apply and shall be deemed to have always…

Assistant Commissioner of Income Tax Central Circle 6 4 Mumbai, Mumbai vs. Indiabulls Housing Finance Limited, New Delhi

In the result the revenue’s appeal is dismissed

ITA 1536/MUM/2024[2021-22]Status: DisposedITAT Mumbai09 Oct 2024AY 2021-22

Bench: SHRI BR BASKARAN (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

Section 143(1)Section 143(2)Section 14ASection 14A(1)Section 250Section 37

…investment which did not yield any exempt income. Further, holding that the explanation inserted by Finance Act 2022 w.e.f 01.04.2022 is applicable from A.Y. 2022-23 onwards as held by Hon’ble Delhi High Court in PCIT V Era Infrastructure (India) Ltd. [2022] 448 ITR 674 (Delhi). 13. We notice that the ld. CIT(A) has followed the decision rendered by the Special Bench of ITAT Delhi in Vireet Investments Pvt. Ltd. (supra) to hold that only those investments which have yielded exempt income should only be 7 Indiabulls Housing Finance Limited considered for computing the average value of investments for the purpose…