How many judgments cite PCIT v. Nirma Credit & Capital (P.) Ltd.?

57 judgments on BharatTax cite PCIT v. Nirma Credit & Capital (P.) Ltd. (85 Taxmann.com 72), spanning 2018 to 2026.

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

Q: Which sections of the Income Tax Act does PCIT v. Nirma Credit & Capital (P.) Ltd. come up under?

It is most often cited in judgments turning on Section 1961, Section 1962, Section 14A, Section 115JB of the Income-tax Act, Section 143(3), Section 143(3) of the Income-tax Act.

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.

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

Issues it is cited on

section 14a(1)strategic investment section 36(2)section 14a(2)section 115jb(2)disallowance of interest expenditure section 36(1)(vii)put to use disallowance u/s 14a book profits disallowance under section 14a section 36(1)(iii)

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

Patan Solar Pvt. Ltd., Mumbai vs. DCIT - 13(1)(2), Mumbai

In the result, the appeal is partly allowed

ITA 5942/MUM/2016[2012-13]Status: DisposedITAT Mumbai09 Apr 2019AY 2012-13

Bench: Shri Ravish Sood () & Shri N.K. Pradhan () Assessment Year: 2012-13 M/S Patan Solar Pvt. Ltd., The Dcit-13(1)(2), Mumbai 602, Western Edge-I, Aayakarbhavan, M.K.Road Vs. Western Express Highway, Mumbai-400020 Borivali (West), Mumbai- 400092. Pan No. Aafcp6744A Appellant Respondent Assessee By : Mr. K. Gopal & Mr. Tanmaypadhke,Ars Revenue By : Mr. Abi Rama Kartikiyen, Dr Date Of Hearing : 03/04/2019 Date Of Pronouncement: 09/04/2019

For Appellant: Mr. K. Gopal & Mr. TanmayPadhke,ARsFor Respondent: Mr. Abi Rama Kartikiyen, DR

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C” MUMBAI BEFORE SHRI RAVISH SOOD (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2012-13 M/s Patan Solar Pvt. Ltd., The DCIT-13(1)(2), Mumbai 602, Western Edge-I, AayakarBhavan, M.K.Road Vs. Western Express Highway, Mumbai-400020 Borivali (West), Mumbai- 400092. PAN No. AAFCP6744A Appellant Respondent Assessee by : Mr. K. Gopal & Mr. TanmayPadhke,ARs Revenue by : Mr. Abi Rama Kartikiyen, DR Date of Hearing : 03/04/2019 Date of pronouncement: 09/04/2019 ORDER PER N.K. PRADHAN, AM This is an appeal filed by the assessee. The relev…

Agni Investments Pvt. Ltd., Ahmedabad vs. ITO, Ward 1(1)(2), Ahmedabad

In the result, appeal of the assessee is partly allowed

ITA 2628/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad08 Apr 2019AY 2014-15

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./ Ita No. 2628/Ahd/2017 "नधा"रण वष"/Assessment Year: 2014-15 Angi Investments P.Ltd. Ito, Ward-1(1)(2) 10 & 11, 4Th Floor, Archan Vs Ahmedabad. 9, Alkapuri Society Usmanpura Ahmedabad 380014. Pan : Aabca 5996 M अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Parin Shah, Ar Revenue By : Shri T.C. Meena, Sr.Dr

For Appellant: Shri Parin Shah, ARFor Respondent: Shri T.C. Meena, Sr.DR

Section 10(34)Section 115JSection 14ASection 234A

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ - अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD – BENCH ‘C’ BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No. 2628/Ahd/2017 "नधा"रण वष"/Assessment Year: 2014-15 Angi Investments P.Ltd. ITO, Ward-1(1)(2) 10 & 11, 4th Floor, Archan Vs Ahmedabad. 9, Alkapuri Society Usmanpura Ahmedabad 380014. PAN : AABCA 5996 M अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Parin Shah, AR Revenue by : Shri T.C. Meena, Sr.DR सुनवाई क" तार"ख/Date of Hearing : 27/03/2019 घोषणा क" तार"ख /Date of Pronouncement : 08/…

Yuvak Ventrures Private Limited (Successors to Aikone Marketing and Management Services Private Limited, Mumbai vs. Deputy Commissioner of Income Tax 8(2)(3), Mumbai

ITA 144/MUM/2018[2009-10]Status: DisposedITAT Mumbai02 Apr 2019AY 2009-10

Bench: Shri Shamim Yahya & Shri Amarjit Singhm/S. Yuvak Ventures Pvt. Ltd., (As Successors To Aikone Marketing & Management Services Pvt. Ltd.,) 405/408, B ……………. Appellant Wing, Navbharat Estate Zakaria Bunder Road Sewree, Mumbai – 400 015 Pan No:Aagca6159B V/S

For Appellant: Shri. Yogesh. A.Thar &For Respondent: Shri. B.B.Rajendra Prasad &

Section 14ASection 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER M/s. Yuvak Ventures Pvt. Ltd., (as successors to Aikone Marketing & Management Services Pvt. Ltd.,) 405/408, B ……………. Appellant Wing, Navbharat Estate Zakaria Bunder Road Sewree, Mumbai – 400 015 PAN No:AAGCA6159B v/s Deputy Commissioner of Income Tax-8(2)(3),)(3), ……………. Respondent Mumbai M/s. Yuvak Ventures Pvt. Ltd., (as successors to Maestro Ventures Pvt. Ltd., earlier known as Aikone Marketing and Management Services Pvt. Ltd.,) ……………. Appellant Piramal Tower Annexe, Gan…

The ACIT, Circle-2(1)(2), Ahmedabad vs. Milestone Tradelinks Pvt. Ltd., Ahmedabad

In the result, appeal of the Revenue is dismissed

ITA 2146/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad21 Feb 2019AY 2013-14

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.2146/Ahd/2017 With Co No.54/Ahd/2018 "नधा"रण वष"/Asstt. Year: 2013-14 Acit, Cir.2(1)(2) Vs. Milestone Tradelink P.Ltd. Ahmedabad. 10, Orchid Shopping Mall Opp: Thaltej Lake Thaltej, Ahmedabad. Pan : Aaccm 9423 C

For Appellant: Shri Biren Shah, ARFor Respondent: Shri B.L. Meena, 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 ‘B’ BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ ITA No.2146/Ahd/2017 With CO No.54/Ahd/2018 "नधा"रण वष"/Asstt. Year: 2013-14 ACIT, Cir.2(1)(2) Vs. Milestone Tradelink P.Ltd. Ahmedabad. 10, Orchid Shopping Mall Opp: Thaltej Lake Thaltej, Ahmedabad. PAN : AACCM 9423 C अपीलाथ"/ (Appellant) "त् यथ"/ (Respondent) Revenue by : Shri B.L. Meena, Sr.DR Assessee by : Shri Biren Shah, AR सुनवाई क" तार"ख/Date of Hearing : 21/02/2019 घोषणा क" तार"ख /Date of Pronou…

The ACIT-2(1), Ujjain vs. M/S. Turquise Investment & Finance Pvt.Ltd., Nagda

In the result, against total disallowance of Rs

ITA 332/IND/2017[2008-09]Status: DisposedITAT Indore06 Feb 2019AY 2008-09

Bench: Hon'Ble Kul Bharat & Hon'Ble Manish Borad

Section 10(34)Section 143(3)Section 14ASection 263

…आयकर अपील"य अ"धकरण, इ"दौर "यायपीठ, इ"दौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE HON'BLE KUL BHARAT, JUDICIAL MEMBER AND HON'BLE MANISH BORAD, ACCOUNTANT MEMBER ITA Nos.332 & 333/Ind/2017 Assessment Years: 2008-09 & 2011-12 ACIT-2(1) M/s. Turquoise Investment & Finance बनाम/ Pvt. Ltd., Ujjain Vs. PO Birlagram, Nagda, Ujjain (Revenue) (Respondent) PAN: AABCT5911H Revenue by Smt. Ashima Gupta, CIT-DR Respondent by Shri Ronak Doshi CA Date of Hearing: 22.01.2019 Date of Pronouncement: 06.02.2019 आदेश / O R D E R PER MANISH BORAD, A.M: These two appeals filed at the instance of Revenue…

Purnima Advertising Agency P.Ltd, Ahmedabad vs. Asstt. Commissioner of Income Tax, Ahmedabad

In the result the appeal of the assessee is partly allowed for statistical purposes

ITA 754/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad09 Oct 2018AY 2011-12

For Appellant: Shri S.N. Soparkar, A.RFor Respondent: Shri Lalit P. Jain, Sr. D.R

Section 1Section 10Section 143Section 143(3)Section 14ASection 234BSection 271Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “C” BENCH Before: Shri Rajpal Yadav, Judicial Member And Shri Amarjit Singh, Accountant Member ITA Nos. 754 & 755/Ahd/2015 A. Y. 2011-12 & 2008-09 Purnima Advertising Agency The ACIT, Pvt. Ltd. Circle-5, 5, Shweta Park Society, Nr. Vs Ahmedabad Manekbaug Hall, (Respondent) Ambawadi, Ahmedabad-380015 PAN: AAACP9266G (Appellant) Revenue by: Shri Lalit P. Jain, Sr. D.R. Assessee by: Shri S.N. Soparkar, A.R. Date of hearing : 17-09-2018 Date of pronouncement : 11-10-2018 आदेश/ORDER PER : AMARJIT SINGH, ACCOUNTANT MEMBER:- These two assessee’s appeals for A.Y…

Pranav Mukund Shah, Mumbai vs. DCIT 4(2)(1), Mumbai

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

ITA 1122/MUM/2016[2012-13]Status: DisposedITAT Mumbai19 Sept 2018AY 2012-13

Bench: Shri B.R. Baskaran (Am) & Shri Ramlal Negi (Jm)

Section 14A

…THE INCOME TAX APPELLATE TRIBUNAL “C” Bench, Mumbai Before Shri B.R. Baskaran (AM) & Shri Ramlal Negi (JM) I.T.A. No. 1122/Mum/2016 (Assessment Year 2012-13) Mr. Pranav Mukund Shah DCIT 4(2)(1) Vs. 17, B1/2 Raja Bahadur Aayakar Bhavan Mansion, 8 Ambalal Doshi M.K. Road Marg, Fort Mumbai-400020. Mumbai-400 001. PAN : AACPS1208C (Appellant) (Respondent) Assessee by Shri Deepak N. Kanabar Department by Shri Abi Rama Kartikiyen Date of Hearing 4.9.2018 Date of Pronouncement 19.9.2018 O R D E R Per B.R. Baskaran (AM) : The appeal filed by the assessee is directed against the order dated 14.12.2015 passed by th…

Bisnauth Investments Ltd, Kolkata vs. DCIT, Circle-6, Kolkata

In the result, both the appeals are partly allowed

ITA 681/KOL/2017[2010-11]Status: DisposedITAT Kolkata05 Sept 2018AY 2010-11

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

Section 14A

…ition for netting off interest received against interest paid for the purpose of making disallowance u/s 14A read with Rule 8D(2)(ii), the Ld. AR relied on the judgment of the Hon’ble Gujarat High Court in the case of Pr.CIT Vs Nirma Credit & Capital Pvt Ltd (300 CTR 286). 4. As regards disallowance under Rule 8D(2)(iii), the Ld. AR drew our attention to the fact that the total expenditure debited to P&L A/c was Rs.1,62,34,321/-, which inter alia 2 Bisnauth Investments Ltd., AYs 2009-10 & 2010-11 included provision for NPA amounting to Rs.35,66,846/- which was suomoto disallowed and therefore even the AO had agr…

Bisnauth Investments Ltd, Kolkata vs. DCIT, Circle-6, Kolkata

In the result, both the appeals are partly allowed

ITA 680/KOL/2017[2009-10]Status: DisposedITAT Kolkata05 Sept 2018AY 2009-10

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

Section 14A

DCIT 7(3)(2), Mumbai vs. Phl Finvest P. Ltd, Mumbai

In the result, the appeal Revenue is partly allowed

ITA 2318/MUM/2017[2012-13]Status: DisposedITAT Mumbai31 Aug 2018AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Aayakr Apila Sam./ Ita No. 2318/Mum/2017 (Inaqa-Arna Baya- / Assessment Year 2012-13) Dy. Commissioner Of Income Tax …… (Apilaaqai- / Appellant) Circle 7(3)(2), Room No. 669A, Aayakar Bhavan, M.K. Road, Churchgate, Mumbai-20 Vs. Phl Fininvest Pvt. Ltd. …… (P`%Yaqaai- / Respondent) Piramal Tower, Ganpatarao Kadam Marg, Lower Parel, Mumbai-13 स्थायी लेखा िं./Pan No. Aaacn5024A अपीलाथी की ओर े / Appellant By : Shri Abi Rama Karthikeyan, Dr प्रत्यथी की ओर े / Respondent By : Shri Yogesh A Thar Ms. Manshi Padhiar, Ars’ ुनवाई की तारीख / Date Of Hearing: 23-08-2018 घोषणा की तारीख / Date Of Pronouncement : 31-08-2018 Aadosa / O R D E R

For Appellant: Shri Abi Rama Karthikeyan, DRFor Respondent: Shri Yogesh A Thar

Section 10Section 143(3)Section 14A

…f interest expense under Rule 8D(2)(ii) of the Rules, the interest expenses is to be taken as net interest and not gross interest. This issue has been considered by the Hon’ble Gujarat High Court in the case of PCIT vs. Nirma Credit & Capital Pvt. Ltd. (2017) 85 Taxmann.com 72 (Guj.) and Hon’ble Bombay High Court in the case of CIT vs. Jubliant Enterprises Pvt. Ltd. in ITA No. 1512 of 2014 vide order dated 28.02.2017 wherein the following substantial question of law was framed by Hon’ble High Court:- “(i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding…

ACIT, Ltu, Kolkata vs. M/S. Uco Bank, Kolkata

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

ITA 1615/KOL/2016[2012-13]Status: DisposedITAT Kolkata21 Aug 2018AY 2012-13

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

Section 139Section 139(1)Section 40

…IT(A) rightly deleted the interest disallowance of Rs.36,24,11,122/- since there was no net interest expenditure. In support of such finding of the Ld. CIT(A), the Ld. AR relied on the following judicial decisions: - Pr. CIT VsNirma Credit & Capital Pvt Ltd (300 CTR 286) (Guj HC) - DCIT VsMachino Finance Pvt Ltd (ITA No. 312/Kol/2014) (ITAT Kol) - DCIT Vs Trade Apartment Ltd (ITA No. 1277/Kol/2011) (ITAT Kol) - BiswanathPasariVs Asst. CIT (ITA No. 1682/Kol/2011) (ITAT Kol) 5 6 ITA No.1615/Kol/2016 & CO No. 51 of 2018 Uco Bank, AY 2012-13 10. In so far as disallowance made by the AO under the third limb of Rule…

The Dy. CIT, Circle-4, Ahmedabad vs. M/S. Gopal Glass Works Limited, Ahmedabad

In the result, ground no.3 of the Revenue’s appeal is dismissed

ITA 1492/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad17 Aug 2018AY 2012-13

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad, Judicial Memebr आयकर अपील सं./I.T.A. No. 1492/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2012-13)

For Appellant: Shri James Kurian, Sr. D.R

Section 14ASection 36(1)(iii)

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘C’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMEBR आयकर अपील सं./I.T.A. No. 1492/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2012-13) The Deputy Commissioner बनाम/ M/s. Gopal Glass Works of Income Tax, Limited, Vs. Range-1, Ahmedabad 182, Gagan Vihar 1st Floor, Navjivan Trust Khanpur, Ahmedabad Bldg., Off. Ashram Road, Ahmedabad "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACG5599H .. (अपीलाथ" /Appellant) (""यथ" / Respondent) अपीलाथ" ओर से /Appellant by : Shri James K…

Orient Paper & Industries Limited, Kolkata vs. DCIT, Circle-6(1), Kolkata

Appeal is partly allowed in the above terms

ITA 817/KOL/2017[2011-12]Status: DisposedITAT Kolkata27 Jun 2018AY 2011-12

Bench: Hon’Ble Shri S.S.Godara, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2011-12

For Appellant: Shri A.ChoudhuryFor Respondent: Shri A.Bhattacharjee, Addl. CIT

Section 143Section 14A

…a figure of Rs.90262.24 lakhs whereas its total investments are of Rs.6631.54 lakhs. These crucial details have gone undisputed from the Revenue’s side. We therefore quote hon’ble Gujarat high court’s decision in PCIT vs Nima Credit & Capital Pvt. Ltd. [2018] 300 CTR 286 (Gujarat) as well as that of hon’ble Bombay high court in CIT vs Reliance Utilities and Power Ltd 313 ITR 340 to conclude that the impugned section 14A disallowance is not sustainable in case of an assessee having surplus non interest bearing funds thereby deriving net interest income and that the necessary presumption in this kind of factual bac…

Jt CIT (OSD) 6(2)(1), Mumbai vs. Dharti Investments and Holdings Ltd, Mumbai

In the result, appeal of the Revenue is dismissed whereas appeal of the assessee is allowed in part in terms indicated hereinabove

ITA 3272/MUM/2016[2008-09]Status: DisposedITAT Mumbai12 Jun 2018AY 2008-09

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Jt. Commissioner Of Income Vs. M/S. Dharti Investments & Tax (Osd-6(2)(1), Holding Ltd., 1St Floor, Jai Centre R.No.563, Aayakar Bhavan M.K.Road, Churchgate 34, P.D.Mello Road Mumbai – 400 020 Opp. Red Gate Masjid, Mumbai - 400098 Pan/Gir No. Aaccd2509C Appellant) .. Respondent) M/S. Dharti Investments & Vs. Additional Commissioner Of Holding Ltd., Income Tax – 6(2) 1St Floor, Jai Centre Mumbai 34, P.D.Mello Road Opp. Red Gate Masjid, Mumbai - 400098 Pan/Gir No. Aaccd2509C Appellant) .. Respondent) Revenue By Shri Rajat Mittal Assessee By Shri Madhur Agarwal Date Of Hearing 07/06/2018 Date Of Pronouncement 12/06/2018

Section 143(3)Section 14ASection 94(7)

…d M/s. Dharti Investment & Holdings Ltd., from the interest expenditure and the net interest expenditure should be considered for computing the disallowance. Reliance was placed on the decision of Gujarat High Court in case of Nirma Credit & Capital (P) Ltd., 85 Taxmann.com 72, wherein it was held that for the purpose of applying the factors contained in Clause (ii) of Sub-rule (2) of the Rule 8D prior to its amendment with effect from 02/06/2016, amount would be considered as amount of expenditure by way of interest would be the interest paid by the assessee on the borrowings minus taxable interest earned during…

ACIT, Circle-15(1), Kolkata vs. M/S. Deva Lease and Finance Pvt. Ltd., Kolkata

ITA 961/KOL/2017[2012-13]Status: DisposedITAT Kolkata31 May 2018AY 2012-13

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2012-13 Acit Circle-15(1), V/S. M/S Deva Lease & Aayaka Bhawan,Poorva Finance Pvt. Ltd., 1A, 110, Shantipally, Kolkta- K.B.R. Complex, 4, Ho- 107 Chi-Min Sarani, Kolkata-71 [Pan No.Aabcd 7839 E] .. अपीलाथ" /Appellant ""यथ"/Respondent C.O. No.54/Kol/2017 (A/O Ita No.961/Kol/2017) Assessment Year :2012-13 M/S Deva Lease & V/S. Acit, Circle-15(1), Finance Pvt. Ltd., 1A, Aaykar Bhavan, Poorva, K.B.R. Complex, 4, Ho- 110, Shantipally, Chi-Min Sarani, Kolkata- Kolakta-107 71 [Pan No.Aabcd 7839 E] .. "तया"ेपक/Co-Objector ""यथ"/Respondent

Section 115Section 143(3)Section 14A

…nce of ₹11,70,790/-. We notice from the case records that assessee had derived interest income of ₹1.12 crores as against interest expenditure of ₹64.10 lakhs. We quote hon'ble Gujarat high court’s decision in DCIT vs. Nirma Credit and Capital Pvt Ltd. (2018) 300 CTR 286 (Guj) holding that such a disallowance is not sustainable in case of net surplus interest income based on netting method. The impugned disallowance of ₹11,70,790/- is therefore held to be not sustainable. This leaves us with the third component of impugned disallowance in the nature of administrative expenditure. The Assessing Officer had compute…

Shubh Shanti Services Limited, Kolkata vs. J.C.I.T (OSD), Cir - 5, Kolkata

ITA 650/KOL/2013[2009-10]Status: DisposedITAT Kolkata25 May 2018AY 2009-10

Bench: Shri S.S.Godara & Shri, M. Balaganeshassessment Year :2009-10 Shubh Shanti Services V/S. Jcit,(Osd), Circle-5, Ltd. 31, Netaji Subash Aayakar Bhavan, P-7, Road, 2Nd Floor, Kolkata- Chowringhee Square, 700 001 Kolkata-69 [Pan No.Aagcs 9381 R] .. अपीलाथ" /Appellant ""यथ"/Respondent Assessment Year :2009-10 Dcit, Circle-5, V/S. M/S Shubh Shanti P-7, Chowringhee Services Ltd., 31, Netaji Square, Kolkata-69 Subhas Road, Kolkata-01 .. अपीलाथ" /Appellant ""यथ"/Respondent

Section 143(3)Section 14A

…ncome in the impugned assessment year (supra). The CIT(A) has admittedly followed “netting” principle in deleting this proportionate interest expenditure disallowance. Hon'ble Gujarat high court’s decision in DCIT vs. Nirma Credit and Capital Pvt. Ltd. (2018) 300 CTR 286 (Guj) has already upheld the above “netting” method. Learned Departmental Representative fails to quote any case law to the contrary during the course of hearing. We therefore confirm the CIT(A)’findings under challenge in Revenue’s first substantive ground. 8. The assessee next challenges administrative expenditure disallowance component of ₹11…

D.C.I.T Cir - 5, Kolkata vs. M/S Shubh Shanti Services Ltd, Kolkata

ITA 2074/KOL/2013[2009-10]Status: DisposedITAT Kolkata25 May 2018AY 2009-10

Section 143(3)Section 14A