PCIT v. IL&FS Energy Development Company Ltd.

84 Taxmann.com 186High Court2017#330 most cited

What is PCIT v. IL&FS Energy Development Company Ltd. authority for?

Disallowance under Section 14A of the Income-tax Act, 1961 is not permissible where the assessee has not earned any exempt income during the relevant assessment year. A CBDT Circular cannot override the express provisions of Section 14A read with Rule 8D to mandate such a disallowance.

255

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2017 to 2026.

Also referred to as

PCIT v. IL&FS Energy Development Company Ltd. · Section 14A disallowance · Rule 8D · no exempt income · CBDT Circular 05/2014 · expenditure for exempt income · hypothetical income · Income-tax Act 1961 Section 14A · Delhi High Court

Also reported as

399 ITR 483250 Taxmann 174

Sections most often in play

Section 14ASection 143(3)Section 8DSection 115JBSection 43BSection 253(3)Section 142(1)Section 143(2)
Read the full judgment

Issues it is cited on

section 9(1)(ii)section 80absection 14a disallowancesection 73clarificatory amendmentdisallowance under section 14ascheme of arrangementsection 115jb(2)disallowance u/s 14asection 14a(2)strategic investmentdisallowance of interest expenditure

Judgments citing PCIT v. IL&FS Energy Development Company Ltd.

Sunder Steels Limited, Hyderabad vs. ITO, Ward-3(4), Hyderabad

In the result, appeal of assessee is allowed in part

ITA 173/HYD/2023[2013-14]Status: DisposedITAT Hyderabad08 May 2023AY 2013-14
For Appellant: Ms. Vaishnavi for Shri Sunil Kumar Jain, ARFor Respondent: Shri A.G.V. Prasad, DR
Section 14A

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ में IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “SMC”, HYDERABAD BEFORE SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER आ.अपी.सं / ITA No. 173/Hyd/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) Sunder Steels Limited, Vs. ITO, Ward-3(4), Secunderabad Hyderabad [PAN No. AACCS8222K] अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent निर्धाररती द्वधरध/Assessee by: Ms. Vaishnavi for Shri Sunil Kumar Jain, AR रधजस्‍व द्वधरध/Revenue by: Shri A.G.V. Prasad, DR सुिवधई की तधरीख/Date of hearing: 02/05/2023 घोर्णध की तधरीख/Pronouncement on: 08/05/2023 आदेश / ORDER Aggrieved by the order dat…

Asstt. Commissioner of Income-Tax, Central Circle-1, Jaipur vs. M/S Manglam Build Developers Ltd, Jaipur

In the result, the appeal of the Revenue is dismissed

ITA 373/JPR/2022[2013]Status: DisposedITAT Jaipur24 Apr 2023

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Shri James Kurian (CIT) fu/kZkfjrh dh vksj ls@
Section 133ASection 14A

…आयकरअपीलीय अधिकरण] जयपुरन्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A” JAIPUR MkWa- ,l-lhrky{eh] U;kf;dlnL; ,oa Jh jkBksMdeys'kt;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;djvihy la-@ITA. No. 373/JPR/2022 fu/kZkj.ko"kZ@AssessmentYears : 2013-14 cuke The ACIT, M/s Manglam Build Developers Ltd. 6th Floor, Apex Mall, Tonk Road, Central Circle-1, Vs. Lal Kothi, Jaipur. Jaipur. LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAFCM 4862 Q vihykFkhZ@Appellant izR;FkhZ@Respondent jktLo dh vksj ls@Revenue by : Shri James Kurian (CIT) fu/kZkfjrh…

M/S. Nsl Sugars Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle-5(1)(1), Bangalore

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 120/BANG/2023[2012-13]Status: DisposedITAT Bangalore19 Apr 2023AY 2012-13

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.T.Gandhi, CAFor Respondent: Ms.Neera Malhotra, CIT-DR
Section 143(3)Section 14ASection 154Section 250

…assessment year that when the assessee is not in receipt of any exempt income, no disallowance u/s 14A of the I.T.Act is warranted. In this context, we rely on the following judicial pronouncements:- (i) Pr.CIT v. IL and FS Energy Development Co. Ltd. (2017) 399 ITR 483 (Delhi) (ii) Cheminvest Ltd. v. CIT (2015) 378 ITR 33 (Delhi) (iii) Redington (India) Ltd. v. Addl.CIT (2017) 392 ITR 633 (Mad.) (iv) Pr.CIT v. Novell Software Development (India) Pvt. Ltd. (2021) 434 ITR 154 (Karn.) 8. It is to be mentioned that Finance Act, 2022 had amended section 14A of the I.T.Act, whereby it is stated that irrespective whe…

M/S. Computer Science Corporation India Pvt. Ltd., Chennai vs. Deputy Commissioner of Income Tax-Circle 2(1), Indore

In the result, all the three appeals are partly allowed for statistical purpose and the Stay Application is also disposed of

ITA 319/IND/2018[2013-14]Status: DisposedITAT Indore10 Apr 2023AY 2013-14

Bench: Ms. Suchitra Kamble & Shri Bhagirath Mal Biyani

For Appellant: Shri Vishal Kalra, AdvocateFor Respondent: Shri P.K. Mishra, CIT DR
Section 143(3)Section 144C(13)Section 144C(8)

…CIT vs. Oil Industry Development Board, 262 Taxman 102 and PCIT vs. Chettinad Logistics Private Limited, 257 Taxman 2. The Ld. AR also relied upon the decision of Hon’ble Delhi High Court in the case Cheminvest Limited vs. CIT, 378 ITR 33 and PCIT vs.IL & FS, 399 ITR 483. 23. The Ld. DR submitted that for earning investment of Rs.18,65,61,000/- the assessee has suo moto disallowed such amount of Rs.20,37,506/-. In fact, the current investments were Rs.14,11,59,91,000/- and for such exorbitant investment the assesses has not invoked the disallowance under 14A read with Rule 8D. Therefore, the Assessing Officer has…

M/S. Computer Science Corporation India Pvt. Ltd., Chennai vs. The ACIT-Circle 2(1), Indore

In the result, all the three appeals are partly allowed for statistical purpose and the Stay Application is also disposed of

ITA 292/IND/2017[2012-13]Status: DisposedITAT Indore10 Apr 2023AY 2012-13

Bench: Ms. Suchitra Kamble & Shri Bhagirath Mal Biyani

For Appellant: Shri Vishal Kalra, AdvocateFor Respondent: Shri P.K. Mishra, CIT DR
Section 143(3)Section 144C(13)Section 144C(8)

…CIT vs. Oil Industry Development Board, 262 Taxman 102 and PCIT vs. Chettinad Logistics Private Limited, 257 Taxman 2. The Ld. AR also relied upon the decision of Hon’ble Delhi High Court in the case Cheminvest Limited vs. CIT, 378 ITR 33 and PCIT vs.IL & FS, 399 ITR 483. 23. The Ld. DR submitted that for earning investment of Rs.18,65,61,000/- the assessee has suo moto disallowed such amount of Rs.20,37,506/-. In fact, the current investments were Rs.14,11,59,91,000/- and for such exorbitant investment the assesses has not invoked the disallowance under 14A read with Rule 8D. Therefore, the Assessing Officer has…

M/S. Computer Sciences Corporation India Private Limited, Indore vs. The Asst. Commissioner of Income Tax-2(1), Indore

In the result, all the three appeals are partly allowed for statistical purpose and the Stay Application is also disposed of

ITA 179/IND/2016[2011-12]Status: DisposedITAT Indore10 Apr 2023AY 2011-12

Bench: Ms. Suchitra Kamble & Shri Bhagirath Mal Biyani

For Appellant: Shri Vishal Kalra, AdvocateFor Respondent: Shri P.K. Mishra, CIT DR
Section 143(3)Section 144C(13)Section 144C(8)

…CIT vs. Oil Industry Development Board, 262 Taxman 102 and PCIT vs. Chettinad Logistics Private Limited, 257 Taxman 2. The Ld. AR also relied upon the decision of Hon’ble Delhi High Court in the case Cheminvest Limited vs. CIT, 378 ITR 33 and PCIT vs.IL & FS, 399 ITR 483. 23. The Ld. DR submitted that for earning investment of Rs.18,65,61,000/- the assessee has suo moto disallowed such amount of Rs.20,37,506/-. In fact, the current investments were Rs.14,11,59,91,000/- and for such exorbitant investment the assesses has not invoked the disallowance under 14A read with Rule 8D. Therefore, the Assessing Officer has…

Manish Company Pvt. Ltd., Kolkata vs. I.T.O., Ward-9(1), Kolkata

In the result, appeal of the assessee is allowed

ITA 583/KOL/2022[2017-2018]Status: DisposedITAT Kolkata13 Mar 2023AY 2017-2018

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2017-18

For Appellant: Shri N. S. Saini, AR & Priyanka Salarpuria, ARFor Respondent: Shri P. P. Barman, Addl. CIT
Section 143(3)Section 14A

…1 Manish Company Pvt. Ltd. AY: 2017-18 IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH KOLKATA BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2017-18 Manish Company Pvt. Ltd. Income Tax Officer, Ward- 130, Cotton Street, Bura Vs. 9(1), Kolkata. Bazar, Kolkata-700007. (PAN: AABCM8092J) (Appellant) (Respondent) Present for: Appellant by : Shri N. S. Saini, AR & Priyanka Salarpuria, AR Respondent by : Shri P. P. Barman, Addl. CIT Date of Hearing : 28.12.2022 Date of Pronouncement : 13.03.2023 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by…

Pr. Commissioner of Income Tax-1 vs. M/S Athena Energy Ventures Pvt. Ltd

ITA - 71 / 2023HC Delhi07 Feb 2023
Section 14A

…Neutral Citation Number: 2023/DHC/001720 ITA 71/2023 Page 1 of 3 $~30 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of decision: 07.02.2023 + ITA 71/2023 PR. COMMISSIONER OF INCOME TAX-1 ..... Appellant Through: Mr Sanjay Kumar, Sr. Standing Counsel. versus M/S ATHENA ENERGY VENTURES PVT. LTD..... Respondent Through: None. CORAM: HON'BLE MR JUSTICE RAJIV SHAKDHER HON'BLE MS JUSTICE TARA VITASTA GANJU [Physical Hearing/Hybrid Hearing (as per request)] RAJIV SHAKDHER, J.: (ORAL) CM No.5866/2023[Application filed on behal…

ACIT, Circle- 5(1), New Delhi vs. Biomerieux India Pvt. Ltd., New Delhi

In the result, the appeals of the Revenue for both the AYs 2013-14 and 2014-15 are dismissed

ITA 4237/DEL/2018[2014-15]Status: DisposedITAT Delhi20 Jan 2023AY 2014-15

Bench: Shri N. K. Billaiya & Ms. Astha Chandra

Section 142(1)Section 14A

…ears under consideration relevant for assessment years 2013-14 & 2014-15 respectively. The appellant has further relied on the decision of Hon’ble High Court of Delhi in the case of Pr. Commissioner of Income Tax vs. IL & FS Energy Development Co. Ltd. [2017] 84 Taxmann.com 186 (Delhi) where it was held that if there is no exempt income earned in the AY in question, the question of disallowance of the expenditure incurred to earn exempt income in terms of Section 14A read with Rule 8D would not arise. The appellant has further referred to the decision of the Hon’ble Supreme Court in CIT v. Hero Cycles Pvt. Ltd. […

ACIT, Circle- 5(1), New Delhi vs. Biomerieux India Pvt. Ltd., New Delhi

In the result, the appeals of the Revenue for both the AYs 2013-14 and 2014-15 are dismissed

ITA 4236/DEL/2018[2013-14]Status: DisposedITAT Delhi20 Jan 2023AY 2013-14

Bench: Shri N. K. Billaiya & Ms. Astha Chandra

Section 142(1)Section 14A

…ears under consideration relevant for assessment years 2013-14 & 2014-15 respectively. The appellant has further relied on the decision of Hon’ble High Court of Delhi in the case of Pr. Commissioner of Income Tax vs. IL & FS Energy Development Co. Ltd. [2017] 84 Taxmann.com 186 (Delhi) where it was held that if there is no exempt income earned in the AY in question, the question of disallowance of the expenditure incurred to earn exempt income in terms of Section 14A read with Rule 8D would not arise. The appellant has further referred to the decision of the Hon’ble Supreme Court in CIT v. Hero Cycles Pvt. Ltd. […

Assistant Commissioner of Income Tax, Circle - 1(1)(1), Surat vs. Enviro Control Pvt. Ltd., Surat

In the result, the appeal is partly allowed

ITA 307/SRT/2022[2017-18]Status: DisposedITAT Surat18 Jan 2023AY 2017-18

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.274 & 307/Srt/2022 ("नधा"रण वष" /Assessment Years: (2013-14 & 2017-18) (Virtual Court Hearing) Assistant Commissioner Of Enviro Control Pvt. Ltd., Income-Tax, Circle-1(1)(1), Vs. Enviro House, Opp. Bank Of Surat, Room No.108, 1St Floor, Maharshtra, Ghod Dod Road, Surat- Aayakar Bhawan, Majura 395007 Gate, Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 8700 C (Assessee) (Respondent)

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकर अपील सं./ITA No.274 & 307/SRT/2022 ("नधा"रण वष" /Assessment Years: (2013-14 & 2017-18) (Virtual Court Hearing) Assistant Commissioner of Enviro Control Pvt. Ltd., Income-tax, Circle-1(1)(1), Vs. Enviro House, Opp. Bank of Surat, Room No.108, 1st Floor, Maharshtra, Ghod Dod Road, Surat- Aayakar Bhawan, Majura 395007 Gate, Surat "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAACE 8700 C (Assessee) (Respondent) "नधा"रती क" ओर से /Assessee by Shri Ankur A Shah, AR राज"व क" ओर से /Revenue by Shri Vinod Kumar, Sr. DR…

Assistant Commissioner of Income Tax, Circle -1(1)(1), Surat vs. Enviro Control Pvt. Ltd., Surat

In the result, the appeal is partly allowed

ITA 274/SRT/2022[2013-14]Status: DisposedITAT Surat18 Jan 2023AY 2013-14

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.274 & 307/Srt/2022 ("नधा"रण वष" /Assessment Years: (2013-14 & 2017-18) (Virtual Court Hearing) Assistant Commissioner Of Enviro Control Pvt. Ltd., Income-Tax, Circle-1(1)(1), Vs. Enviro House, Opp. Bank Of Surat, Room No.108, 1St Floor, Maharshtra, Ghod Dod Road, Surat- Aayakar Bhawan, Majura 395007 Gate, Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 8700 C (Assessee) (Respondent)

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकर अपील सं./ITA No.274 & 307/SRT/2022 ("नधा"रण वष" /Assessment Years: (2013-14 & 2017-18) (Virtual Court Hearing) Assistant Commissioner of Enviro Control Pvt. Ltd., Income-tax, Circle-1(1)(1), Vs. Enviro House, Opp. Bank of Surat, Room No.108, 1st Floor, Maharshtra, Ghod Dod Road, Surat- Aayakar Bhawan, Majura 395007 Gate, Surat "थायीलेखासं./जीआइआरसं./PAN/GIR No.: AAACE 8700 C (Assessee) (Respondent) "नधा"रती क" ओर से /Assessee by Shri Ankur A Shah, AR राज"व क" ओर से /Revenue by Shri Vinod Kumar, Sr. DR…

DCIT, New Delhi vs. M/S Gen X Commodities (P) Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 3562/DEL/2016[2012-13]Status: DisposedITAT Delhi03 Jan 2023AY 2012-13

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

For Appellant: Sh. Ved Jain, Adv. &For Respondent: Sh. P. Praveen Sidharth, CIT DR
Section 132Section 14ASection 2(22)(e)

…It is a matter of record that no exempt income has been earned by the assessee. Hence, following the principle of no disallowance in the absence of any exempt income, placing reliance on the judgments in the case of PCIT Vs. IL&FS Energy Development Pvt. Ltd. 399 ITR 483 (Del.), Chem Investment Ltd. Vs. CIT 378 ITR 33 (Del.), PCIT Vs Kohinoor Projects Pvt. Ltd. 121 Taxmann.com 177, CIT Vs. ESSAR Teleholdings Ltd. (2018) 3 SCC 253 and CIT Vs. Oil Industry Development Board (SLP) (Civil) No. 2755/2019 dated 08.02.2019, we hold that no disallowance is called for. Dividend u/s 2(22)(e): 4. At the outset, we find tha…

M/S. About U Fashions Private Limited, Mumbai vs. DCIT-15(1)(1), Mumbai

In the result, appeal filed by the assessee for A

ITA 2150/MUM/2018[2011-12]Status: DisposedITAT Mumbai15 Dec 2022AY 2011-12
Section 143(1)Section 148Section 14ASection 68

…THE INCOME TAX APPELLATE TRIBUNAL “A” Bench, Mumbai Shri B.R. Baskaran (AM) & Shri Rahul Chaudhary (JM) I.T.A. No. 2150/Mum/2018 (A.Y. 2011-12) I.T.A. No. 2151/Mum/2018 (A.Y. 2014-15) Vs. DCIT-15(1)(1) M/s. About U. Fashion Pvt. Ltd. 101-B, Abhishek Premises CHS Aayakar Bhavan Ltd., Plot No. C-56, 6, Dalia M.K. Road Industrial Estate, Off. Link Mumbai-400 020. Road, Andheri West Mumbai-400 058. PAN : AAHCA2312H (Appellant) (Respondent) Assessee by None Department by Shri Manoj Kumar Sinha Date of Hearing 08.12.2022 Date of Pronouncement 15.12.2022 O R D E R Per B.R. Baskaran (AM) :- Both the appeals file…

Principal Commissioner of Income Tax, Delhi-4 vs. M/S Mmtc Ltd

The appeal is disposed of in the aforesaid terms

ITA - 505 / 2022HC Delhi05 Dec 2022

Bench: The Next Date Of Hearing.

Section 14A

…NEUTRAL CITATION NO.: 2022/DHC/005479 ITA 505/2022 Page 1 of 3 $~46 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Decision delivered on: 05.12.2022 + ITA 505/2022, CM Nos.52412/2022 & 52418/2022 PRINCIPAL COMMISSIONER OF INCOME TAX, DELHI-4 ..... Appellant Through: Mr Ajit Sharma, Sr. Standing Counsel with Mr A. Renganath, Adv. versus M/S MMTC LTD. ..... Respondent Through: Mr Aniket D. Agrawal, Adv.…

Mehra and Sistani, New Delhi vs. DCIT CPC, Bengaluru

In the result, this appeal of the assessee is allowed

ITA 199/DEL/2021[2018-19]Status: DisposedITAT Delhi22 Nov 2022AY 2018-19

Bench: The Ao & Also Before The Ld. Cit(A), Contending That The Expenses Were Incurred Exclusively

Section 143(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’: NEW DELHI BEFORE, SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER DCIT, CPC Mehra and Sistani Vs. Bengaluru Apptt. 101, I-22 Jangpura Extension New Delhi-110 014 PAN-AAAFM 0035H (Appellant) (Respondent) Appellant by Mr. Sanjiv Rai Mehra, CA Respondent by Mr. Jeetender Chand, Senior Departmental Representative (“Sr. DR” for short) ORDER PER ANADEE NATH MISSHRA, AM: (A) This appeal has been filed by the Assessee against the impugned appellate order dated 09/09/2020 of Learned Commissioner of Income Tax (Appeals)-20, Delhi…

DCIT Central Circle-30, Delhi vs. Krishak Bharti Cooperative Ltd., Delhi

In the result the appeal of the Revenue is dismissed

ITA 860/DEL/2022[2016-17]Status: DisposedITAT Delhi15 Nov 2022AY 2016-17

Bench: Shri N.K. Billaiya & Shri Kul Bharat

For Appellant: Shri K.V.S.R Krishna, CAFor Respondent: Shri Sanjay Kumar, CIT- DR

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘C’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI KUL BHARAT, JUDICIAL MEMBER ITA No.581/DEL/2022 [A.Y 2016-17) Krishak Bharti Co-operative Ltd Vs. The A.C.I.T A-60, Kailash Colony Circle -29(1) New Delhi Delhi PAN: AAAAK 0203 G ITA No. 860/DEL/2022 [A.Y 2016-17) The A.C.I.T Vs. Krishak Bharti Co-operative Ltd Circle -29(1) A-60, Kailash Colony Delhi New Delhi PAN: AAAAK 0203 G (Applicant) (Respondent) Assessee By : Shri K.V.S.R Krishna, CA Department By : Shri Sanjay Kumar, CIT- DR Date of Hearing : 15.11.2022 Date of Pronounc…

Krishak Bharti Cooperative Limited, Delhi vs. ACIT, Circle 29(1), Delhi

In the result the appeal of the Revenue is dismissed

ITA 581/DEL/2022[2016-17]Status: DisposedITAT Delhi15 Nov 2022AY 2016-17

Bench: Shri N.K. Billaiya & Shri Kul Bharat

For Appellant: Shri K.V.S.R Krishna, CAFor Respondent: Shri Sanjay Kumar, CIT- DR

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘C’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI KUL BHARAT, JUDICIAL MEMBER ITA No.581/DEL/2022 [A.Y 2016-17) Krishak Bharti Co-operative Ltd Vs. The A.C.I.T A-60, Kailash Colony Circle -29(1) New Delhi Delhi PAN: AAAAK 0203 G ITA No. 860/DEL/2022 [A.Y 2016-17) The A.C.I.T Vs. Krishak Bharti Co-operative Ltd Circle -29(1) A-60, Kailash Colony Delhi New Delhi PAN: AAAAK 0203 G (Applicant) (Respondent) Assessee By : Shri K.V.S.R Krishna, CA Department By : Shri Sanjay Kumar, CIT- DR Date of Hearing : 15.11.2022 Date of Pronounc…

ACIT, Circle- 29(1), New Delhi vs. Krishak Bharati Cooperative Ltd., New Delhi

In the result, the appeals of the assessee are allowed and that of the Revenue are dismissed

ITA 7242/DEL/2018[2014-15]Status: DisposedITAT Delhi14 Nov 2022AY 2014-15

Bench: Sh. N. K. Choudharydr. B. R. R. Kumarita No. 6364/Del/2018 : Asstt. Year : 2013-14 Ita No. 6365/Del/2018 : Asstt. Year : 2014-15 M/S Krishak Bharati Cooperative Ltd., Vs Acit, A-60, Kailash Colony, Circle-30(1), New Delhi-110048 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaaak0203G Ita No. 7241/Del/2018 : Asstt. Year : 2013-14 Ita No. 7242/Del/2018 : Asstt. Year : 2014-15 Acit, Vs M/S Krishak Bharati Cooperative Ltd., Circle-29(1), A-60, Kailash Colony, New Delhi-110002 New Delhi-110048 (Appellant) (Respondent) Pan No. Aaaak0203G Assessee By : Sh. K.V.S.R. Krishna, Ca & Sh. Aman Goel, Ca Revenue By : Ms. Sapna Bhatia, Cit Dr & Sh. Ravi Kant Choudhary, Sr. Dr Date Of Hearing: 01.09.2022 Date Of Pronouncement: 14.11.2022

For Appellant: Sh. K.V.S.R. Krishna, CA &For Respondent: Ms. Sapna Bhatia, CIT DR &
Section 143(3)Section 14ASection 90

…ectly credited to the bank account of the assessee. 15. In the A.Y. 2014-15, it is an undisputed fact on record that the assessee claimed no exempt income and hence, placing reliance on the judgments in the case of PCIT Vs. IL&FS Energy Development Pvt. Ltd. 399 ITR 483 (Del.), Chem Investment Ltd. Vs. CIT 378 ITR 33 (Del.), PCIT Vs Kohinoor Projects Pvt. Ltd. 121 Taxmann.com 177, CIT Vs. ESSAR Teleholdings Ltd. (2018) 3 SCC 253 and CIT Vs. Oil Industry Development Board (SLP) (Civil) No. 2755/2019 dated 08.02.2019, we hold that no disallowance is called for. ITA Nos. 6364 & 6365/Del/2018 Krishak Bharati Coop…

ACIT, Circle- 29(1), New Delhi vs. Krishak Bharati Cooperative Ltd., New Delhi

In the result, the appeals of the assessee are allowed and that of the Revenue are dismissed

ITA 7241/DEL/2018[2013-14]Status: DisposedITAT Delhi14 Nov 2022AY 2013-14

Bench: Sh. N. K. Choudharydr. B. R. R. Kumarita No. 6364/Del/2018 : Asstt. Year : 2013-14 Ita No. 6365/Del/2018 : Asstt. Year : 2014-15 M/S Krishak Bharati Cooperative Ltd., Vs Acit, A-60, Kailash Colony, Circle-30(1), New Delhi-110048 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaaak0203G Ita No. 7241/Del/2018 : Asstt. Year : 2013-14 Ita No. 7242/Del/2018 : Asstt. Year : 2014-15 Acit, Vs M/S Krishak Bharati Cooperative Ltd., Circle-29(1), A-60, Kailash Colony, New Delhi-110002 New Delhi-110048 (Appellant) (Respondent) Pan No. Aaaak0203G Assessee By : Sh. K.V.S.R. Krishna, Ca & Sh. Aman Goel, Ca Revenue By : Ms. Sapna Bhatia, Cit Dr & Sh. Ravi Kant Choudhary, Sr. Dr Date Of Hearing: 01.09.2022 Date Of Pronouncement: 14.11.2022

For Appellant: Sh. K.V.S.R. Krishna, CA &For Respondent: Ms. Sapna Bhatia, CIT DR &
Section 143(3)Section 14ASection 90

…ectly credited to the bank account of the assessee. 15. In the A.Y. 2014-15, it is an undisputed fact on record that the assessee claimed no exempt income and hence, placing reliance on the judgments in the case of PCIT Vs. IL&FS Energy Development Pvt. Ltd. 399 ITR 483 (Del.), Chem Investment Ltd. Vs. CIT 378 ITR 33 (Del.), PCIT Vs Kohinoor Projects Pvt. Ltd. 121 Taxmann.com 177, CIT Vs. ESSAR Teleholdings Ltd. (2018) 3 SCC 253 and CIT Vs. Oil Industry Development Board (SLP) (Civil) No. 2755/2019 dated 08.02.2019, we hold that no disallowance is called for. ITA Nos. 6364 & 6365/Del/2018 Krishak Bharati Coop…