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.

Deputy Commissioner of Income Tax Circle-1(1)(2), Bangalore vs. M/S Bharath Energy Venture Pvt Ltd, Bangalore

In the result, both the appeals are dismissed

ITA 2418/BANG/2018[2013-14]Status: DisposedITAT Bangalore23 Feb 2022AY 2013-14

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaran

For Appellant: NoneFor Respondent: Shri. Sankar Ganesh K, JCIT(DR)(ITAT), Bengaluru
Section 28Section 29Section 3

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI B. R. BASKARAN, ACCOUNTANT MEMBER ITA Nos.2417 and 2418/Bang/2018 Assessment Years : 2012-13, 2013-14 DCIT, Vs. M/s. Bharath Energy Venture Pvt. Ltd., Circle – 1(1)(2), No.64, Church Street, Bengaluru. Bengaluru – 560 015. PAN : AABCB 6642 H APPELLANT RESPONDENT Assessee by : None Revenue by : Shri. Sankar Ganesh K, JCIT(DR)(ITAT), Bengaluru. Date of hearing : 15.02.2022 Date of Pronouncement : 22.02.2022 O R D E R Per N. V. Vasudevan, Vice President : These are two appeals by the Revenue against two o…

Deputy Commissioner of Income Tax Circle-1(1)(2), Bangalore vs. M/S Bharath Energy Venture Pvt Ltd, Bangalore

In the result, both the appeals are dismissed

ITA 2417/BANG/2018[2012-13]Status: DisposedITAT Bangalore23 Feb 2022AY 2012-13

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaran

For Appellant: NoneFor Respondent: Shri. Sankar Ganesh K, JCIT(DR)(ITAT), Bengaluru
Section 28Section 29Section 3

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI B. R. BASKARAN, ACCOUNTANT MEMBER ITA Nos.2417 and 2418/Bang/2018 Assessment Years : 2012-13, 2013-14 DCIT, Vs. M/s. Bharath Energy Venture Pvt. Ltd., Circle – 1(1)(2), No.64, Church Street, Bengaluru. Bengaluru – 560 015. PAN : AABCB 6642 H APPELLANT RESPONDENT Assessee by : None Revenue by : Shri. Sankar Ganesh K, JCIT(DR)(ITAT), Bengaluru. Date of hearing : 15.02.2022 Date of Pronouncement : 22.02.2022 O R D E R Per N. V. Vasudevan, Vice President : These are two appeals by the Revenue against two o…

Deputy Commissioner of Income Tax, Circle- 7(1)(1), Bangalore vs. M/S. Tally Solutions Private Limited, Bangalore

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

ITA 1543/BANG/2019[2015-16]Status: DisposedITAT Bangalore21 Feb 2022AY 2015-16

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranassessment Year: 2015-16

For Appellant: Shri Sankar Ganesh K., D.RFor Respondent: Smt. Tanmayee Rajkumar, A.R
Section 14a

…t. Accordingly, he computed the disallowance under Rule 8D(2)(iii) at Rs.5,47,162/- and added the same to the total income. The Ld. CIT(A), following the decision rendered by Hon’ble Delhi High Court in the case of IL&FS Energy Development Company Ltd. (2017) 84 Taxmann.com 186 held that no disallowance is called for when the assessee has not earned any exempt income. Accordingly, he deleted the disallowance. 10. The ld. D.R. submitted that the Hon’ble jurisdictional High Court has held in the case of CIT Vs. Kingfisher Finvest India Ltd., wherein it was held that the disallowance u/s 14A read with Rule 8D has t…

The JCIT(OSD), Circle-2(1)(1), Ahmedabad vs. M/S. Electrotherm (India) Limited, Ahmedabad

In the result, the appeal preferred by the assessee is allowed and the appeal filed by the Revenue is partly allowed

ITA 1284/AHD/2019[2016-17]Status: DisposedITAT Ahmedabad31 Jan 2022AY 2016-17

Bench: Smt. Annapurna Gupta& Ms. Madhumita Roy

For Appellant: Shri Prakash D. Shah, ARFor Respondent: Shri Purushottam Kumar, Sr. DR
Section 143(3)Section 271(1)(c)Section 36(1)(va)

…erefore, the provisions of section 14A of I. T. Act, 1961 are not applicable in view of judgment of Hon'ble Gujarat High Court in the case of CIT Vs. Corrtech (Supra). 5.7. Recently Honourable Delhi High Court in the case of IL&FS Energy Development Co. Ltd. [84 Taxmann.com 186] dated 22/08/2017 has also affirmed the above view. ITA Nos.1193/Ahd/2019 & 1284/Ahd/2019 Electrotherm (India) Ltd. vs. ACIT & JCIT(OSD) vs. Electrotherm (India) Ltd. Asst.Year –2016-17 5.8. In view of the aforesaid discussion, the disallowance made by the AO invoking the provisions of section 14A of the Act is not correct and hence, sam…

Electrotherm (India) Limited, Ahmedabad vs. The ACIT, Circle-2(1)(1), Ahmedabad

In the result, the appeal preferred by the assessee is allowed and the appeal filed by the Revenue is partly allowed

ITA 1193/AHD/2019[2016-17]Status: DisposedITAT Ahmedabad31 Jan 2022AY 2016-17

Bench: Smt. Annapurna Gupta& Ms. Madhumita Roy

For Appellant: Shri Prakash D. Shah, ARFor Respondent: Shri Purushottam Kumar, Sr. DR
Section 143(3)Section 271(1)(c)Section 36(1)(va)

…erefore, the provisions of section 14A of I. T. Act, 1961 are not applicable in view of judgment of Hon'ble Gujarat High Court in the case of CIT Vs. Corrtech (Supra). 5.7. Recently Honourable Delhi High Court in the case of IL&FS Energy Development Co. Ltd. [84 Taxmann.com 186] dated 22/08/2017 has also affirmed the above view. ITA Nos.1193/Ahd/2019 & 1284/Ahd/2019 Electrotherm (India) Ltd. vs. ACIT & JCIT(OSD) vs. Electrotherm (India) Ltd. Asst.Year –2016-17 5.8. In view of the aforesaid discussion, the disallowance made by the AO invoking the provisions of section 14A of the Act is not correct and hence, sam…

M/S. Foot Prints Collateral Services Pvt Ltd, Bangalore vs. Assistant Commissioner of Income Tax, Circle-3(1)(1), Bangalore

In the result, ground 6 and 7 are allowed

ITA 1872/BANG/2018[2014-15]Status: DisposedITAT Bangalore07 Jan 2022AY 2014-15

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

For Appellant: --- None ---For Respondent: Sri.Nischal B, Addl.CIT-DR
Section 14ASection 36Section 36(1)(iii)Section 37

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “B”, BANGALORE Before Shri George George K, JM & Shri B.R.Baskaran, AM ITA No.1872/Bang/2018 : Asst.Year 2014-2015 M/s.Foot Prints Collateral The Assistant Commissioner Services Private Limited of Income-tax, Circle 3(1)(1) v. Bangalore. No.216/2-B, 3rd Floor, Plot No.2 Nagavara Palya, C.V.Raman Nagar Bengaluru – 560 093. PAN : AABCF0417C. (Appellant) (Respondent) Appellant by : --- None --- Respondent by : Sri.Nischal B, Addl.CIT-DR Date of Pronouncement : 07.01.2022 Date of Hearing : 06.01.2022 O R D E R Per George George K, JM : This appeal at the instanc…

Shree Balaji Engicons Pvt. Ltd, Jharsuguda vs. Principal CIT, Sambalpur

In the result, appeal of the assessee in ITA No

ITA 195/CTK/2019[204-15]Status: DisposedITAT Cuttack15 Dec 2021

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am आयकर अपीऱ सं./Ita Nos.193/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Rawats-Balaji(Jv), Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aabar 9061 J Tan No. : Bbnr01647 C & आयकर अपीऱ सं./Ita Nos.194/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Sbepl-Gril(Jv), Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aafas 2639 R Tan No. : Bbns04348 B & आयकर अपीऱ सं./Ita Nos.195/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) Shree Balaji Engicons Pvt Ltd Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aagcs 4292 P Tan No. : Bbns00091 A (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri Satyanarayan Agarwal, Ar िाजस्व की ओर से /Revenue By : Shri M.K.Gautam, Citdr सुनवाई की तािीख / Date Of Hearing : 26/10/2021 घोषणा की तािीख/Date Of Pronouncement : 23/12/2021 आदेश / O R D E R Per Bench: These Three Appeals Have Been Filed By Three Different Assessees Against The Order Passed By The Pr.Cit, Sambalpur, U/S.263 Of The Act, All Dated 30.03.2019 For The Assessment Year 2014-2015. 2

For Appellant: Shri Satyanarayan Agarwal, ARFor Respondent: Shri M.K.Gautam, CITDR
Section 143(3)Section 14ASection 263Section 80I

…or Project (P) Ltd. reported in /2020/ 425ITR 700 (Bombay) ~ Pr. CIT v. Red Chillies Entertainment (P) Ltd. reported in /2020/ 116 taxmann.com 770 (Bombay) 119 ITA Nos.193-195/CTK/2019 ~ Pr. CIT-04 v. IL & FS Energy Development Company Ltd. reportedin /2017/ 399 ITR 483 (Delhl) ~ Biocon Ltd. v. DCI~ Circie-ll(2), Bangalore reported in /2021/ 431 ITR 326 (Karnataka) ~ Pr. CIT v. Novell Software Development India (P.) Ltd. reported in /2021/ 434 ITR 154 (Karnataka) ~ Pr. CIT-I, Chandigarh v. Vardhman Chemtech (P) Ltd. reported in /2020/ 423 ITR 241 (Punjab & Haryana) • It is further well settled that only those in…

M/S- Sbep-Gril(Joint Venture), Jharsuguda vs. Principal CIT, Sambalpur

In the result, appeal of the assessee in ITA No

ITA 194/CTK/2019[2014-15]Status: DisposedITAT Cuttack15 Dec 2021AY 2014-15

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am आयकर अपीऱ सं./Ita Nos.193/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Rawats-Balaji(Jv), Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aabar 9061 J Tan No. : Bbnr01647 C & आयकर अपीऱ सं./Ita Nos.194/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Sbepl-Gril(Jv), Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aafas 2639 R Tan No. : Bbns04348 B & आयकर अपीऱ सं./Ita Nos.195/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) Shree Balaji Engicons Pvt Ltd Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aagcs 4292 P Tan No. : Bbns00091 A (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri Satyanarayan Agarwal, Ar िाजस्व की ओर से /Revenue By : Shri M.K.Gautam, Citdr सुनवाई की तािीख / Date Of Hearing : 26/10/2021 घोषणा की तािीख/Date Of Pronouncement : 23/12/2021 आदेश / O R D E R Per Bench: These Three Appeals Have Been Filed By Three Different Assessees Against The Order Passed By The Pr.Cit, Sambalpur, U/S.263 Of The Act, All Dated 30.03.2019 For The Assessment Year 2014-2015. 2

For Appellant: Shri Satyanarayan Agarwal, ARFor Respondent: Shri M.K.Gautam, CITDR
Section 143(3)Section 14ASection 263Section 80I

…or Project (P) Ltd. reported in /2020/ 425ITR 700 (Bombay) ~ Pr. CIT v. Red Chillies Entertainment (P) Ltd. reported in /2020/ 116 taxmann.com 770 (Bombay) 119 ITA Nos.193-195/CTK/2019 ~ Pr. CIT-04 v. IL & FS Energy Development Company Ltd. reportedin /2017/ 399 ITR 483 (Delhl) ~ Biocon Ltd. v. DCI~ Circie-ll(2), Bangalore reported in /2021/ 431 ITR 326 (Karnataka) ~ Pr. CIT v. Novell Software Development India (P.) Ltd. reported in /2021/ 434 ITR 154 (Karnataka) ~ Pr. CIT-I, Chandigarh v. Vardhman Chemtech (P) Ltd. reported in /2020/ 423 ITR 241 (Punjab & Haryana) • It is further well settled that only those in…

M/S- Rawat Balaji (Joint Venture), Jharsuguda vs. Prilncipal, CIT, Sambalpur

In the result, appeal of the assessee in ITA No

ITA 193/CTK/2019[204-15]Status: DisposedITAT Cuttack15 Dec 2021

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am आयकर अपीऱ सं./Ita Nos.193/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Rawats-Balaji(Jv), Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aabar 9061 J Tan No. : Bbnr01647 C & आयकर अपीऱ सं./Ita Nos.194/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Sbepl-Gril(Jv), Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aafas 2639 R Tan No. : Bbns04348 B & आयकर अपीऱ सं./Ita Nos.195/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) Shree Balaji Engicons Pvt Ltd Vs Pr.Cit, Sambalpur At/Po-Belpahar(Rs), Dist : Jharsuguda Pan No. : Aagcs 4292 P Tan No. : Bbns00091 A (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri Satyanarayan Agarwal, Ar िाजस्व की ओर से /Revenue By : Shri M.K.Gautam, Citdr सुनवाई की तािीख / Date Of Hearing : 26/10/2021 घोषणा की तािीख/Date Of Pronouncement : 23/12/2021 आदेश / O R D E R Per Bench: These Three Appeals Have Been Filed By Three Different Assessees Against The Order Passed By The Pr.Cit, Sambalpur, U/S.263 Of The Act, All Dated 30.03.2019 For The Assessment Year 2014-2015. 2

For Appellant: Shri Satyanarayan Agarwal, ARFor Respondent: Shri M.K.Gautam, CITDR
Section 143(3)Section 14ASection 263Section 80I

…or Project (P) Ltd. reported in /2020/ 425ITR 700 (Bombay) ~ Pr. CIT v. Red Chillies Entertainment (P) Ltd. reported in /2020/ 116 taxmann.com 770 (Bombay) 119 ITA Nos.193-195/CTK/2019 ~ Pr. CIT-04 v. IL & FS Energy Development Company Ltd. reportedin /2017/ 399 ITR 483 (Delhl) ~ Biocon Ltd. v. DCI~ Circie-ll(2), Bangalore reported in /2021/ 431 ITR 326 (Karnataka) ~ Pr. CIT v. Novell Software Development India (P.) Ltd. reported in /2021/ 434 ITR 154 (Karnataka) ~ Pr. CIT-I, Chandigarh v. Vardhman Chemtech (P) Ltd. reported in /2020/ 423 ITR 241 (Punjab & Haryana) • It is further well settled that only those in…

Tektronix (India) Private Limited), Bangalore vs. DCIT, Bangalore

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

ITA 666/BANG/2016[2011-12]Status: DisposedITAT Bangalore29 Nov 2021AY 2011-12

Bench: Shri George George K. & Shri B.R. Baskaranit(Tp)A No.666/Bang/2016 Assessment Year : 2011-12

For Appellant: Shri Sharath Rao, A.RFor Respondent: Dr. Manjunath Karkihalli, D.R
Section 143(3)Section 14A

…IT(TP)A No.666/Bang/2016 M/s. Tektronix (India) Pvt. Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “B’’ BENCH: BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER IT(TP)A No.666/Bang/2016 Assessment Year : 2011-12 M/s. Tektronix (India) Pvt. Ltd. (formerly known as Tektronix Engineering Development (India) Pvt. Ltd.) Deputy Commissioner Survey No.16, Salarpuria Premia of Income-tax Kadubeesana Halli Vs. Circle-7(1)(1) Varthur Hobli, Sarjapur, Bangalore Outer Ring Road Bangalore 560 103 PAN NO : AAACT7289F APPELLANT RESPONDENT Appellant by : Shri Sharath…

DCIT, New Delhi vs. M/S. Dabur India Ltd., New Delhi

The appeal of the assessee is partly allowed for statistical purposes and appeal of the revenue is dismissed

ITA 3790/DEL/2015[2009-10]Status: DisposedITAT Delhi24 Nov 2021AY 2009-10

Bench: Shri N. K. Billaiya & Ms Suchitra Kamblei.T.A. No. 3423/Del/2015 (A.Y 2009-10) (Through Video Conferencing) M/S Dabur India Ltd. Vs Addl. Commissioner Of Income 8/3, Asaf Ali Road, Tax, New Delhi Range-10 (Appellant) New Delhi (Respondent)

Section 143Section 92C

…Revenue's SLP dismissed in CIT v. Chettinad Logistics (P.) Ltd.: 257 Taxman 2 (SC)  CIT vs. Holcim India Private Limited: 272 CTR 282 (Delhi)  PCIT vs. McDonald’s India (P.) Ltd. : 101 taxmann.com 86 (Del.)  PCIT v. IL & FS Energy Development Company Ltd.: 399 ITR 483 (Del.)  Interglobe Enterprises v. DCIT: ITA No. 1362 & 1032/Del./2013 (Del. Trib.) - affirmed by Delhi High Court in ITA No. 456 of 2016  A CIT vs. Bharat Hotels Ltd..: ITA No.4959/Del/2012 & 5401/Del/2013 (Del.)  CIT v. Corrtech Energy Pvt. Ltd.: 372 ITR 97 (Guj.)  PCIT v. Vardhman Chemtech (P.) Ltd.: 261 Taxman 233 (P&H)  CIT v. Winsome Te…

Dabur India Ltd., New Delhi vs. Addl. CIT, New Delhi

The appeal of the assessee is partly allowed for statistical purposes and appeal of the revenue is dismissed

ITA 3423/DEL/2015[2009-10]Status: DisposedITAT Delhi24 Nov 2021AY 2009-10

Bench: Shri N. K. Billaiya & Ms Suchitra Kamblei.T.A. No. 3423/Del/2015 (A.Y 2009-10) (Through Video Conferencing) M/S Dabur India Ltd. Vs Addl. Commissioner Of Income 8/3, Asaf Ali Road, Tax, New Delhi Range-10 (Appellant) New Delhi (Respondent)

Section 143Section 92C

…Revenue's SLP dismissed in CIT v. Chettinad Logistics (P.) Ltd.: 257 Taxman 2 (SC)  CIT vs. Holcim India Private Limited: 272 CTR 282 (Delhi)  PCIT vs. McDonald’s India (P.) Ltd. : 101 taxmann.com 86 (Del.)  PCIT v. IL & FS Energy Development Company Ltd.: 399 ITR 483 (Del.)  Interglobe Enterprises v. DCIT: ITA No. 1362 & 1032/Del./2013 (Del. Trib.) - affirmed by Delhi High Court in ITA No. 456 of 2016  A CIT vs. Bharat Hotels Ltd..: ITA No.4959/Del/2012 & 5401/Del/2013 (Del.)  CIT v. Corrtech Energy Pvt. Ltd.: 372 ITR 97 (Guj.)  PCIT v. Vardhman Chemtech (P.) Ltd.: 261 Taxman 233 (P&H)  CIT v. Winsome Te…

Inductis (India) Pvt. Ltd., New Delhi vs. DCIT, Circle- 12(1), New Delhi

ITA 5205/DEL/2018[2014-15]Status: DisposedITAT Delhi22 Oct 2021AY 2014-15

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

For Appellant: Shri Ankit Sahni, AdvocateFor Respondent: Shri Rajesh Kumar, Senior DR
Section 14ASection 271(1)(c)

…ances of the case in relying upon the CBDT Circular No. 04/2014 without appreciating the fact that the said CBDT Circular No. 4/2014 have been overruled by the Jurisdictional High Court of Delhi in the case of PCIT vs. IL & FS Energy Development Company Ltd.: 399 ITR 483 (Delhi). 3. That the Ld. AO has grossly erred in law and on the facts and in circumstances of the case in not allowing credit of Minimum Alternate Tax of Rs.20,967,078 as claimed by the Appellant in the return of income. 4. That the Ld. AO has grossly erred in law and on the facts and in circumstances of the case by initiating penalty proceedings…

Inductis (India) Pvt. Ltd., New Delhi vs. ACIT, Circle- 12(1), New Delhi

ITA 1510/DEL/2018[2013-14]Status: DisposedITAT Delhi22 Oct 2021AY 2013-14

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

For Appellant: Shri Ankit Sahni, AdvocateFor Respondent: Shri Rajesh Kumar, Senior DR
Section 14ASection 271(1)(c)

…ances of the case in relying upon the CBDT Circular No. 04/2014 without appreciating the fact that the said CBDT Circular No. 4/2014 have been overruled by the Jurisdictional High Court of Delhi in the case of PCIT vs. IL & FS Energy Development Company Ltd.: 399 ITR 483 (Delhi). 3. That the Ld. AO has grossly erred in law and on the facts and in circumstances of the case in not allowing credit of Minimum Alternate Tax of Rs.20,967,078 as claimed by the Appellant in the return of income. 4. That the Ld. AO has grossly erred in law and on the facts and in circumstances of the case by initiating penalty proceedings…

ACIT, Circle- 4(1), New Delhi vs. Bajaj Resource Ltd., Jaipur

In the result, the appeal of the Revenue in ITA No

ITA 4018/DEL/2018[2014-15]Status: DisposedITAT Delhi24 Sept 2021AY 2014-15

Bench: Shri N.K. Billaiya & Shri Sudhanshu Srivastava

For Appellant: Shri Sandeep Jhanwar, C.AFor Respondent: Shri Bhopal Singh, Sr. DR
Section 14A

…e applicable. There is no doubt that investment has been made to enhance the business of the group company and lesser intention of getting interest free income. The Hon'ble High Court of Delhi in the case of Pr.CIT Vs. IL & FS Energy Development company Ltd., 250 Taxmann 174, held that no disallowance U/S.14A to be made in the AY under question, because no exempt income is earned. In view of this, the submissions of the appellant is accepted and the addition made by the Assessing Officer is deleted.” 15. We have given thoughtful consideration to the orders of the authorities below. The contention of the assessee…

Dy. Commissioner of Income Tax, Circle-1(1), Hyderabad vs. Aquamall Water Solutions Limited, Hyderabad

In the result, both the appeals of the revenue are dismissed in above terms

ITA 2302/HYD/2018[2015-16]Status: DisposedITAT Hyderabad30 Aug 2021AY 2015-16

Bench: Smt. P. Madhavi Devi & Shri Laxmi Prasad Sahu

For Appellant: Shri A.V. RaghuramFor Respondent: Shri Rohit Mujumdar
Section 143(3)Section 14ASection 14A(1)

…accounts. Where there is no exempt income earned in relevant assessment year, there could be no disallowance in terms of section 14A read with rule 8D. The assessee relied in the following cases: I. Principal CIT Vs.IL & FS Energy Development Co. Ltd., (2017) 84 Taxmann.com 186 (Del) order dated 16.08.2017 in ITA No.520 of 2017. II. Cheminvest Ltd Vs. CIT - 378 ITR 33 (Del) III. CIT Faridabad Vs. Lakhani Marketing (2014) 272 CTR265 (P&H) IV. Redington (India) Ltd Vs. Add!. CIT(2017) 392 ITR 633 (Mad). V. CIT Vs. Shivam Motors Pvt. Ltd.(2014) 272 CTR 277 (Allahabad) 3.2 The AO referring to the CBDT Circular No. 5…

Dy. Commissioner of Income Tax, Circle-1(1), Hyderabad vs. Aquamall Water Solutions Limited, Hyderabad

In the result, both the appeals of the revenue are dismissed in above terms

ITA 2301/HYD/2018[2014-15]Status: DisposedITAT Hyderabad30 Aug 2021AY 2014-15

Bench: Smt. P. Madhavi Devi & Shri Laxmi Prasad Sahu

For Appellant: Shri A.V. RaghuramFor Respondent: Shri Rohit Mujumdar
Section 143(3)Section 14ASection 14A(1)

…accounts. Where there is no exempt income earned in relevant assessment year, there could be no disallowance in terms of section 14A read with rule 8D. The assessee relied in the following cases: I. Principal CIT Vs.IL & FS Energy Development Co. Ltd., (2017) 84 Taxmann.com 186 (Del) order dated 16.08.2017 in ITA No.520 of 2017. II. Cheminvest Ltd Vs. CIT - 378 ITR 33 (Del) III. CIT Faridabad Vs. Lakhani Marketing (2014) 272 CTR265 (P&H) IV. Redington (India) Ltd Vs. Add!. CIT(2017) 392 ITR 633 (Mad). V. CIT Vs. Shivam Motors Pvt. Ltd.(2014) 272 CTR 277 (Allahabad) 3.2 The AO referring to the CBDT Circular No. 5…

Dhanuka Labs Ltd., New Delhi vs. DCIT, New Delhi

In the result, miscellaneous application as well as the appeal of the assessee is allowed

ITA 3898/DEL/2014[2009-10]Status: DisposedITAT Delhi23 Jul 2021AY 2009-10

Bench: Shri R.K. Panda & Shri K. Narasimha Chary

For Respondent: Ms. Aman Preet, Sr. DR
Section 14ASection 14A(2)Section 14A(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘FRIDY’ NEW DLEHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER M.A. No. 770/Del/2018 (in ITA No. 3898/Del/2014) AND Assessment Year: 2009-10 Dhanuka Labs Limited, vs. DCIT, Central Circle-2, 861-862, Joshi Road, New Delhi. Karol Bagh, New Delhi. PAN : AAACD2877R (Applicant) (Respondent) Applicant by : Sh. S.S. Nagar, CA Respondent by: Ms. Aman Preet, Sr. DR Date of hearing: 23/07/2021 Date of order : 23/07/2021 ORDER PER K. NARASIMHA CHARY, J.M. Assessee preferred this Miscellaneous Application to recall the order…

DCIT 11 (1)(1), Mumbai vs. M/S Qing Ambay Developers Corporation Ltd., Mumbai

In the result, for statistical purpose, the appeal is Allowed

ITA 7128/MUM/2019[2015-16]Status: DisposedITAT Mumbai04 Jun 2021AY 2015-16

Bench: Shri S Rifaur Rahman & Shri Pavan Kumar Gadale

For Appellant: Shri Rajesh Mishra, DRFor Respondent: None
Section 143(2)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI S RIFAUR RAHMAN, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA No. 7128 & 7129/Mum/2019 (A.Y: 2015-16 & 2016-17) DCIT 11(1)(1) Vs. M/s. Qing Ambay R No. 204, Aayakar DevelopersCorporation. Bhavan, MK Road, Ltd.,Hotel Sahara Star, Mumbai – 400020. Opp Domestic Airport, Vile Parle, Mumbai - 400099 PAN/GIR No. : AAJCA2307C Appellant .. Respondent Appellant by : Shri Rajesh Mishra, DR Respondent by : None Date of Hearing 20.05.2021 Date of Pronouncement 02.06.2021 आदेश / O R D E R PER PAVAN KUMAR GADALE, JM: These are the two ap…

ACIT, Central Circle- 17, New Delhi vs. Era Infrastructure (India) Ltd., New Delhi

In the result, appeals of the Revenue are dismissed

ITA 798/DEL/2018[2013-14]Status: DisposedITAT Delhi10 Mar 2021AY 2013-14

Bench: Shri Prashant Maharishi & Shri K. Narasimha Chary

For Appellant: Sh. Rajesh Kumar, Sr. DRFor Respondent: None
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘B’: NEW DELHI (Through Video Conferencing) BEFORE SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER AND SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER ITA No.797 & 798/Del/2018 Assessment Year : 2014-15 & 2013-14 ACIT, Central Circle-17, Vs. M/s Era Infrastructure (India) New Delhi Ltd., 1107, Indraprastha Building 21, Barakhamba Road, New Delhi- 110001 PAN-AACCE0291J (Appellant) (Respondent) Appellant by : Sh. Rajesh Kumar, Sr. DR Respondent by : None Date of hearing : 10.03.2021 Date of pronouncement : 10.03.2021 ORDER PER SHRI PRASHANT MAHARISHI, AM: Aggrieved by the orde…