PCIT v. Nirma Credit & Capital (P.) Ltd.

85 Taxmann.com 72High Court2017#2026 most cited

What is PCIT v. Nirma Credit & Capital (P.) Ltd. authority for?

The Assessing Officer must record objective satisfaction with the assessee's accounts before invoking Rule 8D for computing disallowance under Section 14A. Disallowance of interest expenditure under Section 14A is not warranted if the assessee possesses sufficient interest-free funds to make investments yielding exempt income.

57

judgments rely on this decision, according to BharatTax’s citation analysis of 366,369 Indian tax judgments — from 2018 to 2026.

Also referred to as

PCIT v. Nirma Credit & Capital (P.) Ltd. · Section 14A · Rule 8D · disallowance of expenditure · exempt income · objective satisfaction AO · interest-free funds · computation mechanism · Section 115JB · book profits · Section 143(3)

Also reported as

300 CTR 286

Sections most often in play

Section 1961Section 1962Section 14ASection 115JB of the Income-tax ActSection 143(3)Section 143(3) of the Income-tax ActSection 14A of the Income-tax ActSection 154 of the Income-tax Act

Issues it is cited on

section 14a(1)strategic investmentsection 36(2)section 14a(2)section 115jb(2)disallowance of interest expendituresection 36(1)(vii)put to usedisallowance u/s 14abook profitsdisallowance under section 14asection 36(1)(iii)

Judgments citing PCIT v. Nirma Credit & Capital (P.) Ltd.

The DCIT, Central Circle-2(3), Ahmedabad vs. M/S. Raj Jay Investment Pvt. Ltd., Ahmedabad

In the result, appeal of the Revenue for the A

ITA 1124/AHD/2018[2009-10]Status: DisposedITAT Ahmedabad03 Jun 2021AY 2009-10

Bench: Shri Rajpal Yadav, Vice- & Shri Amarjit Sinh

For Appellant: Written submissionsFor Respondent: Shri R.R. Makwana, Sr.DR
Section 115JSection 132Section 143(3)Section 147Section 14ASection 153A

…he assessee supported orders of the ld.CIT(A) so far as disallowance of interest expenditure. Assessee relied on the proposition that when there is net interest income, then no disallowance can take place under Rule 8D, as held in Nirma Credit & Capital Ltd., 300 CTR 286, and that it is the difference between the interest paid and the interest earned which should be considered as assessee’s interest expenditure for working out formula prescribed under rule 8D. In other words, for computation of disallowance under Rule 8D, not the gross interest payment, but the net interest payment would be considered. As far as…

DCIT, New Delhi vs. M/S. Mmtc Ltd., New Delhi

In the result, ground No. 5 of the appeal is allowed

ITA 2981/DEL/2015[2011-12]Status: DisposedITAT Delhi27 May 2021AY 2011-12

Bench: Shri Prashant Maharishi & Shri K.N.Chary(Through Video Conferencing) Dcit, Vs. Mmtc Ltd, Circle-16(2), Core-1, Scope Complex-7, New Delhi Industrial Area, Lodhi Road, New Delhi Pan: Aaacm1433E (Appellant) (Respondent) Mmtc Ltd, Vs. Addl. Cit, Core-1, Scope Complex-7, Range-5, Industrial Area, Lodhi Road, New New Delhi Delhi Pan: Aaacm1433E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Sohail Malik, Sr. DR
Section 143(3)Section 14ASection 250Section 35Section 35ASection 80GSection 92C

…ive expenses. In absence of any such satisfaction it is mandatorily u/s 14A(2) of the Act confirmed the disallowances by the ld CIT(A) also do not stand. He relied upon the decision of the Hon’ble Delhi High Court in 370 ITR 338, Hon’ble Gujarat High Court in 300 CTR 286 and the order of the coordinate bench in ITA No. 167/Del/2016 in DCIT vs DLF Private Limited. He also submitted that the decision of the co-ordinate bench in assessee’s own case for assessment year 2005-06 wherein, the adhoc disallowance of Rs. 2 lakhs made by the assessee was considered, so there cannot be any further disallowances. On the other…

Mmtc Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, ground No. 5 of the appeal is allowed

ITA 2074/DEL/2015[2009-10]Status: DisposedITAT Delhi27 May 2021AY 2009-10

Bench: Shri Prashant Maharishi & Shri K.N.Chary(Through Video Conferencing) Dcit, Vs. Mmtc Ltd, Circle-16(2), Core-1, Scope Complex-7, New Delhi Industrial Area, Lodhi Road, New Delhi Pan: Aaacm1433E (Appellant) (Respondent) Mmtc Ltd, Vs. Addl. Cit, Core-1, Scope Complex-7, Range-5, Industrial Area, Lodhi Road, New New Delhi Delhi Pan: Aaacm1433E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Sohail Malik, Sr. DR
Section 143(3)Section 14ASection 250Section 35Section 35ASection 80GSection 92C

…ive expenses. In absence of any such satisfaction it is mandatorily u/s 14A(2) of the Act confirmed the disallowances by the ld CIT(A) also do not stand. He relied upon the decision of the Hon’ble Delhi High Court in 370 ITR 338, Hon’ble Gujarat High Court in 300 CTR 286 and the order of the coordinate bench in ITA No. 167/Del/2016 in DCIT vs DLF Private Limited. He also submitted that the decision of the co-ordinate bench in assessee’s own case for assessment year 2005-06 wherein, the adhoc disallowance of Rs. 2 lakhs made by the assessee was considered, so there cannot be any further disallowances. On the other…

The DCIT, Circle-3(1)(1), Ahmedabad vs. M/S. Priyal International Pvt. Ltd., Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 29/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad01 Dec 2020AY 2014-15

Bench: Shri Rajpal Yadav, Vice- & Shri Amarjit Singh["नधा"रण वष"/ Asstt.Year: 2014-15] Dcit, Cir.3(1)(1) M/S.Priyal International P.Ltd. Ahmedabad. A/93-97, Pariseema Bldg. Vs. Opp: Ifci Bhavan C.G.Road, Ahmedabad 380006. Pan : Aaecp 4640 A (Applicant) (Responent) Revenue By : Shri Vinod Tanwani, Sr.Dr : Shri M.K. Patel, Ar Assessee By सुनवाई क" तार"ख/Date Of Hearing : 09/10/2020 घोषणा क" तार"ख /Date Of Pronouncement: 03/12/2020 आदेश/O R D E R

For Respondent: Shri Vinod Tanwani, Sr.DR
Section 143(1)Section 143(2)Section 154Section 36(1)(iii)

…-आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ - अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD – BENCH ‘D’ BEFORE SHRI RAJPAL YADAV, VICE-PRESIDENT AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ["नधा"रण वष"/ Asstt.Year: 2014-15] DCIT, Cir.3(1)(1) M/s.Priyal International P.Ltd. Ahmedabad. A/93-97, Pariseema Bldg. Vs. Opp: IFCI Bhavan C.G.Road, Ahmedabad 380006. PAN : AAECP 4640 A (Applicant) (Responent) Revenue by : Shri Vinod Tanwani, Sr.DR : Shri M.K. Patel, AR Assessee by सुनवाई क" तार"ख/Date of Hearing : 09/10/2020 घोषणा क" तार"ख /Date of Pronouncement: 03/12/2020 आदेश/O R D E R PER RAJPAL YADAV, VICE-PRES…

Doha Bank, India Branches, Mumbai vs. DCIT (It)4(2), Mumbai

The appeal of the assessee is partly allowed in terms of our aforesaid observations

ITA 3684/MUM/2016[2009-10]Status: DisposedITAT Mumbai06 Nov 2020AY 2009-10

Bench: Shri Pramod Kumar & Shri Ravish Soodit(Tp)A Nos.3684 & 3685/Mum/2016 (Assessment Years: 2009-10 & 2010-11)

For Appellant: Shri Niraj Sheth, A.RFor Respondent: Shri Akhtar Hussain Ansari &
Section 143(1)Section 143(2)Section 14ASection 92C

…8D was to be carried out on the basis of netting of the interest expenditure had dismissed the appeal of the revenue. Also, a similar view had been taken by the Hon’ble High Court of Gujarat in the case of PCIT-3, Vs. Nirma Credit and Capital (P. Ltd.) (2018) 300 CTR 286 (Guj). It was observed by the Hon‟ble High Court that for the purpose of working out the disallowance under Rule 8D(2)(ii) the amount of expenditure by way of interest would be interest paid by the assessee on borrowings minus taxable interest earned during the year. In terms of our aforesaid observations, we find ourselves to be in agreement wit…

DCIT (It) 3(1), Mumbai vs. Oman Internaitonal Bank S.A.O.G., Mumbai

Accordingly, the ground raised by the assessee is allowed for statistical purpose

ITA 4174/MUM/2014[2007-08]Status: DisposedITAT Mumbai15 Sept 2020AY 2007-08

Bench: Shri Vikas Awasthy, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 4174/Mum/2014 (निर्धारणवर्ा / Assessment Year: 2007-08)

For Appellant: Shri Niraj Seth, ARFor Respondent: Shri Anand Mohan, DR
Section 195Section 40Section 5Section 9

…verseas branches and was not claimed as deduction while computing total income. He submitted that only Net interest expenditure to be considered for disallowance u/s 14A by relying on the following cases: 1. Pr. CIT vs. Nirma Credit and Capital (P) Ltd(2018) 300 CTR 286 (Guj HC) 2. Edelweiss_Financial_Services v. DCIT(2249 of 2017) (Mumbai Tribunal) 3. Morgan Stanley India Securities Private Limited(ITA Nos. 5072/M/2005 and 6774/M/2008)(Mumbai Tribunal) 4. ITO v. Karnavati Petrochem Pvt. Ltd(2228 of 2012) (Ahmedabad Tribunal) 5. Trade Apartment Ltd vs DIT(ITA No. 1277/Kol/2011) 15 I.T.A. No. 4174 & 4330/Mum/201…

The DCIT, Circle-1(1)(1), Ahmedabad vs. Arrow Digital Pvt. Ltd., Ahmedabad

In the result, appeal of the Revenue is dismissed

ITA 606/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad26 Aug 2020AY 2014-15

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmed"नधा"रण वष"/ Asstt.Year: 2014-15 Dcit, Cir.1(1)(1) Arrow Digital Pvt. Ltd. Ahmedabad. 1005-06, “Aditya”, 10Th Floor Vs. Nr.Sardar Patel Sewa Samaj Mithakhali, Navangpura Ahmedabad 380 009. Pan : Aaeca 2215 J

For Respondent: Shri Dileep Kumar, Sr.DR
Section 143(2)Section 14ASection 36(2)(i)

…-आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ - अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD – BENCH ‘A’ [Conducted Through Virtual Court] BEFORE SHRI RAJPAL YADAV, VICE-PRESIDENT AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER "नधा"रण वष"/ Asstt.Year: 2014-15 DCIT, Cir.1(1)(1) Arrow Digital Pvt. Ltd. Ahmedabad. 1005-06, “Aditya”, 10th Floor Vs. Nr.Sardar Patel Sewa Samaj Mithakhali, Navangpura Ahmedabad 380 009. PAN : AAECA 2215 J (Applicant) (Responent) Revenue by : Shri Dileep Kumar, Sr.DR : Shri S.N. Divetia, AR Assessee by सुनवाई क" तार"ख/Date of Hearing : 27/08/2020 घोषणा क" तार"ख /Date of Pronouncement: 0…

ACIT, Circle- 21(1), New Delhi vs. Religare Finvest Ltd., New Delhi

In the result, for assessment year 2007-08 the appeal of the assessee as well as Revenue are dismissed

ITA 2364/DEL/2018[2007-08]Status: DisposedITAT Delhi24 Aug 2020AY 2007-08

Bench: Shri O.P. Kant & Shri Kuldip Singh, Judicialmember

Section 143(2)Section 143(3)Section 14A

…direct Nexus of the borrowed funds for the investment, no disallowance should be made. 10.14 Alternatively, the learned Counsel also submitted that in view of the decision of Hon’ble Gujarat High Court in the case of PCIT Vs Nirmla Credit and capital (P) Ltd 300 CTR 286, submitted that for the purpose of computing disallowance under section 14A of the Act, only net interest expenditure should be reconsidered. 30 ITA No.1947/Del./2018 ; 2364/Del.2018; 6474/Del./2016 &5872/Del./2016 10.15 On the contrary, the learned DR relied on the order of the Learned Assessing Officer and submitted that disallowance made by h…

Religare Finvest Ltd, New Delhi vs. Addl.Ciy, Range-21, New Delhi

In the result, for assessment year 2007-08 the appeal of the assessee as well as Revenue are dismissed

ITA 1947/DEL/2018[2007-08]Status: DisposedITAT Delhi24 Aug 2020AY 2007-08

Bench: Shri O.P. Kant & Shri Kuldip Singh, Judicialmember

Section 143(2)Section 143(3)Section 14A

…direct Nexus of the borrowed funds for the investment, no disallowance should be made. 10.14 Alternatively, the learned Counsel also submitted that in view of the decision of Hon’ble Gujarat High Court in the case of PCIT Vs Nirmla Credit and capital (P) Ltd 300 CTR 286, submitted that for the purpose of computing disallowance under section 14A of the Act, only net interest expenditure should be reconsidered. 30 ITA No.1947/Del./2018 ; 2364/Del.2018; 6474/Del./2016 &5872/Del./2016 10.15 On the contrary, the learned DR relied on the order of the Learned Assessing Officer and submitted that disallowance made by h…

M/S Religare Finvest Ltd., New Delhi vs. DCIT, New Delhi

In the result, for assessment year 2007-08 the appeal of the assessee as well as Revenue are dismissed

ITA 6474/DEL/2016[2009-10]Status: DisposedITAT Delhi24 Aug 2020AY 2009-10

Bench: Shri O.P. Kant & Shri Kuldip Singh, Judicialmember

Section 143(2)Section 143(3)Section 14A

…direct Nexus of the borrowed funds for the investment, no disallowance should be made. 10.14 Alternatively, the learned Counsel also submitted that in view of the decision of Hon’ble Gujarat High Court in the case of PCIT Vs Nirmla Credit and capital (P) Ltd 300 CTR 286, submitted that for the purpose of computing disallowance under section 14A of the Act, only net interest expenditure should be reconsidered. 30 ITA No.1947/Del./2018 ; 2364/Del.2018; 6474/Del./2016 &5872/Del./2016 10.15 On the contrary, the learned DR relied on the order of the Learned Assessing Officer and submitted that disallowance made by h…

ACIT, New Delhi vs. M/S Religare Finvest Ltd., New Delhi

In the result, for assessment year 2007-08 the appeal of the assessee as well as Revenue are dismissed

ITA 5872/DEL/2016[2009-10]Status: DisposedITAT Delhi24 Aug 2020AY 2009-10

Bench: Shri O.P. Kant & Shri Kuldip Singh, Judicialmember

Section 143(2)Section 143(3)Section 14A

…direct Nexus of the borrowed funds for the investment, no disallowance should be made. 10.14 Alternatively, the learned Counsel also submitted that in view of the decision of Hon’ble Gujarat High Court in the case of PCIT Vs Nirmla Credit and capital (P) Ltd 300 CTR 286, submitted that for the purpose of computing disallowance under section 14A of the Act, only net interest expenditure should be reconsidered. 30 ITA No.1947/Del./2018 ; 2364/Del.2018; 6474/Del./2016 &5872/Del./2016 10.15 On the contrary, the learned DR relied on the order of the Learned Assessing Officer and submitted that disallowance made by h…

Amazon Textiles Pvt. Ltd., Ahmedabad vs. ITO, Ward-1(1)(4), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 1179/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad04 Dec 2019AY 2013-14

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No. 1179/Ahd/2018 "नधा"रण वष"/Assessment Year: 2013-14 Amazon Textiles Pvt. Ltd., Vs. The Income-Tax Officer, 105, Sakar-1, Nr. Nehru Ward 1(1)(4), Bridge, Ashram Road, Ahmedabad Ahmedabad-380006 Pan : Aabcb 6914 E अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Biren Shah, Ar Revenue By : Shri Mudit Nagpal, Sr Dr सुनवाई क" तार"ख/Date Of Hearing : 24/09/2019 घोषणा क" तार"ख /Date Of Pronouncement: 04/12/2019 आदेश/O R D E R Per Rajpal Yadav: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of Learned Principal Commissioner Of Income-Tax-1, Ahmedabad [In Short “The Cit”] Dated 23.03.2018 Passed Under Section 263 Of The Income-Tax Act, 1961 For Assessment Year 2013-14. 2. The Solitary Grievance Of The Assessee Is That The Learned Cit Has Erred In Taking Cognizance Under Section 263 Of The Act & Thereby Setting Aside The Assessment Order Dated 21.03.2016. 3. The Brief Facts Of The Case Are That The Assessee Has Filed Its Return Of Income On 26.09.2013 Declaring Total Income Of Rs. Nil After Claiming Set Off Of Carried Forward Business Loss Of Rs.1,75,02,151/- & Unabsorbed Depreciation Of Rs.6,61,97,912/-. On Scrutiny Of The Accounts, It Revealed To Amazon Textiles Pvt Ltd Vs. Ito For Ay: 2013-14 2

For Appellant: Shri Biren Shah, ARFor Respondent: Shri Mudit Nagpal, Sr DR
Section 14ASection 263

…आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ ‘बी’ अहमदाबाद। आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No. 1179/Ahd/2018 "नधा"रण वष"/Assessment Year: 2013-14 Amazon Textiles Pvt. Ltd., Vs. The Income-tax Officer, 105, Sakar-1, Nr. Nehru Ward 1(1)(4), Bridge, Ashram Road, Ahmedabad Ahmedabad-380006 PAN : AABCB 6914 E अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by…

M/S. A.G. Industries Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, second and third grounds raised by the assessee in

ITA 4657/DEL/2016[2012-13]Status: DisposedITAT Delhi07 Nov 2019AY 2012-13

Bench: Shri H.S. Sidhu & Shri Anadee Nath Misshra

Section 143(3)Section 14ASection 250(6)Section 80Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: ‘A’: NEW DELHI) BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No:- 4657/Del/2016 (Assessment Year: 2012-13) A.G. Industries Pvt. Ltd., ACIT, Circle-1(1), House No. 26, Anandlok, Vs New Delhi New Delhi PAN-AAACA0885C APPELLANT RESPONDENT Appellant by Sh. Ashwani Kumar, C.A. Respondent by Sh. Sanjay Kapoor, Sr. DR ORDER PER ANADEE NATH MISSHRA, AM [A]. This appeal has been filed by the assessee against the order dated 24.06.2016 passed by Learned Commissioner of Income Tax(Appeals)-I, New Delhi [in short “…

DCIT - CC - 1(1), Mumbai vs. Edelweiss Commodities Services Ltd., Mumbai

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

ITA 5587/MUM/2018[2012-13]Status: DisposedITAT Mumbai25 Oct 2019AY 2012-13

Bench: Shri Ravish Sood () & Shri N.K. Pradhan () Assessment Year: 2012-13

For Appellant: Mr. Ravi Kanth Pathak,ARFor Respondent: Mr. R. Manjunatha Swamy, DR
Section 143(3)

…er of the AO. On the other hand, the ld. counsel submits that net interest is to be considered for making a disallowance as per Rule 8D(2)(ii) of the Rules. In this regard, reliance is placed by him on the decision in PCIT v. Nirma Credit & Capital (P) Ltd [85 Taxmann.com 72 (Guj)], DCIT v. Edelweiss Capital Limited [ITA 7654/M/11], ITO v. Karnavati Petrochem Pvt. Ltd [ITA 2228/Ahd], DCIT v. Better Value Leasing & Finance Ltd [ITA 2228/M/14], CIT v. Jubiliant Enterprises Ltd [ITA 1512/2014 Bom] and Aditya Birla Finance Ltd v. ACIT [ITA 5732/M/11]. ITA 5587/MUM/2018 M/s. Edelweiss Commodities Services Ltd. 7…

The Dy. CIT, Circle -1(1)(1), Ahmedabad vs. M/S. Adani Infrastructure & Developers Pvt. Ltd., Ahmedabad

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

ITA 2345/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad16 Oct 2019AY 2011-12

Bench: Shri Waseem Ahmed & Shri Ms Madhumita Royआयकर अपील सं./Ita No.2173/Ahd/2015 "नधा"रण वष"/Asstt. Year: 2011-2012

Section 10(34)Section 115JSection 14A

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’C’’ BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And SHRI Ms MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA No.2173/AHD/2015 "नधा"रण वष"/Asstt. Year: 2011-2012 Adani Infrastructure and Developers D.C.I.T, Pvt. Ltd. Circle-1, Vs. Adani House, Ahmedabad. Nr. Mithkhali Six Road, Navrangpura, Ahmedabad-3800009. PAN: AAFCA9521J आयकर अपील सं./ITA No.2345/AHD/2015 "नधा"रण वष"/Asstt. Year: 2011-2012 D.C.I.T., Adani Infrastructure and Circle1(1)(1), Developers Pvt. Ltd. Vs. Ahmedabad Adani House, Nr. Mithkhali Six Road, Navran…

Adani Infrastructure and Developers Pvt.Ltd., Ahmedabad vs. The Dy.CIT., Circle-1, Ahmedabad

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

ITA 2173/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad16 Oct 2019AY 2011-12

Bench: Shri Waseem Ahmed & Shri Ms Madhumita Royआयकर अपील सं./Ita No.2173/Ahd/2015 "नधा"रण वष"/Asstt. Year: 2011-2012

Section 10(34)Section 115JSection 14A

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’C’’ BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And SHRI Ms MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./ITA No.2173/AHD/2015 "नधा"रण वष"/Asstt. Year: 2011-2012 Adani Infrastructure and Developers D.C.I.T, Pvt. Ltd. Circle-1, Vs. Adani House, Ahmedabad. Nr. Mithkhali Six Road, Navrangpura, Ahmedabad-3800009. PAN: AAFCA9521J आयकर अपील सं./ITA No.2345/AHD/2015 "नधा"रण वष"/Asstt. Year: 2011-2012 D.C.I.T., Adani Infrastructure and Circle1(1)(1), Developers Pvt. Ltd. Vs. Ahmedabad Adani House, Nr. Mithkhali Six Road, Navran…

Khambatta Family Trust, Ahmedabad vs. The Dy. CIT, Circle-5(2), Ahmedabad

In the result, appeal of the assessee is allowed

ITA 2071/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad03 Jul 2019AY 2013-14

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kediaआयकर अपील सं./ Ita No.2071/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2013-14

For Appellant: Shri P.F. Jain, ARFor Respondent: Shri S.K. Dev, Sr.DR
Section 10(34)Section 143(2)Section 14A

…-आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ - अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD – BENCH ‘A’ BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI PRADIPKUMAR KEDIA, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No.2071/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2013-14 Khambatta Family Trust Vs. DCIT, Cir.5(2) Pioma Industries Ahmedabad. B/h. Ellisbridge Gymkhana Ellisbridge Ahmedabad 380 006. PAN : AAAAK 0428 P (Applicant) (Respondent) Assessee by : Shri P.F. Jain, AR Revenue by : Shri S.K. Dev, Sr.DR सुनवाई क" तार"ख/Date of Hearing : 01/07/2019 घोषणा क" तार"ख /Date of Pronouncement: 03/07/2019 आदेश/O R D E…

DCIT 14(2)(1), Mumbai vs. Lavasa Corporation Ltd, Mumbai

The appeal of the assessee is partly allowed and appeal of the revenue is dismissed

ITA 3491/MUM/2016[2011-12]Status: DisposedITAT Mumbai21 May 2019AY 2011-12

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2011-12

For Appellant: Shri Niraj Sheth, A.RFor Respondent: Shri Chaudhary Arunkumar Singh, D.R
Section 10Section 10(34)Section 10(35)Section 143(3)Section 14ASection 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “G”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER Assessment Year: 2011-12 DCIT 14(2)(1), M/s. Lavasa Corporation 432, Aayakar Bhavan, Ltd., 4th Floor, Hincon House, L.B.S Vs. M.K. Marg, Marg, Mumbai - 400020 Vikhroli (West), Mumbai – 400 083 PAN: AABCT 4435E (Appellant) (Respondent) Assessment Year: 2011-12 M/s. Lavasa Corporation CIT(A)-22, Ltd., Earnest House, Hincon House, Nariman Point, Vs. L.B.S Marg, Mumbai - 400021 Vikhroli (West), Mumbai – 400 083 PAN: AABCT 4435E (Appellant) (Respondent) Present for: As…

DCIT, Cir-6(2), Kolkata vs. M/S Williamson Magor & Co. Ltd., Kolkata

In the result, both the appeals of the Revenue stand partly allowed

ITA 99/KOL/2016[2009-2010]Status: DisposedITAT Kolkata03 May 2019AY 2009-2010

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 14A

…interest expenditure) and not the ‘gross’ interest amount should have been considered by the AO. In support of this proposition, he relied on the decision of the judgment of the Hon’ble Gujarat High Court in the case of Pr.CITVsNirma Credit & Capital Pvt Ltd (300 CTR 286). The Ld. AR further submitted that even with regard to strategic investments, the disallowance u/s 14A read with Rule 8D has to be restricted only to the investments, which actually yielded dividend income during the year, Williamson Magor & Co. Ltd, AYs. 2009-10 & 2010-11 and that overall disallowance u/s 14A cannot exceed the amount of exempt…

DCIT, Cir-6(2), Kolkata vs. M/S Williamson Magor & Co. Ltd., Kolkata

In the result, both the appeals of the Revenue stand partly allowed

ITA 100/KOL/2016[2010-2011]Status: DisposedITAT Kolkata03 May 2019AY 2010-2011

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 14A

…interest expenditure) and not the ‘gross’ interest amount should have been considered by the AO. In support of this proposition, he relied on the decision of the judgment of the Hon’ble Gujarat High Court in the case of Pr.CITVsNirma Credit & Capital Pvt Ltd (300 CTR 286). The Ld. AR further submitted that even with regard to strategic investments, the disallowance u/s 14A read with Rule 8D has to be restricted only to the investments, which actually yielded dividend income during the year, Williamson Magor & Co. Ltd, AYs. 2009-10 & 2010-11 and that overall disallowance u/s 14A cannot exceed the amount of exempt…