PCIT v. Sintex Industries Limited

93 Taxmann.com 24Supreme Court of India2018#1273 most cited

What is PCIT v. Sintex Industries Limited authority for?

When an assessee has sufficient own or surplus non-interest-bearing funds to cover investments yielding exempt income, no disallowance of expenditure under Section 14A is warranted, and Rule 8D for estimating such expenditure does not apply.

89

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2018 to 2025.

Also referred to as

PCIT v. Sintex Industries Limited · 93 Taxmann.com 24 SC · Section 14A · Rule 8D · disallowance of expenditure · exempt income · surplus funds · own funds · interest-free funds · investment · no disallowance · estimation of expenditure

Sections most often in play

Section 14ASection 143(3)Section 253(3)Section 43BSection 8DSection 10(34)Section 139(5)Section 148

Issues it is cited on

section 10(33)section 92(1)section 92b(1)legal expensessection 253(3)section 14a disallowancesection 10(35)section 115jb(2)retrospective amendmentinitial assessment yearsection 139(5)corporate guarantee

Judgments citing PCIT v. Sintex Industries Limited

M/S Teekays Interior Solutions Pvt Ltd, Bangalore vs. Commissioner of Income Tax, Bangalore

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

ITA 400/BANG/2017[2011-12]Status: DisposedITAT Bangalore15 Feb 2019AY 2011-12

Bench: Shri N.V.Vasudevan, Vp & Shri B.R.Baskaran, Am

For Appellant: Smt.Sheetal, AdvocateFor Respondent: Shri P.V.Pradeepkumar, Addl.CIT
Section 14ASection 40

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “C”, BANGALORE Before Shri N.V.Vasudevan, VP & Shri B.R.Baskaran, AM ITA No.400/Bang/2017 : Asst.Year 2011-2012 M/s.Teekays Interior The Dy.Commissioner of Solutions Private Limited Vs. Income-tax, Circle 12(4) 22, Venkateswamy Naidu Bengaluru. Road, Koramangala Bengaluru – 560 051. PAN : AAACT5905G. (Appellant) (Respondent) Appellant by : Smt.Sheetal, Advocate Respondent by : Shri P.V.Pradeepkumar, Addl.CIT Date of Pronouncement : 15.02.2019 Date of Hearing : 22.01.2019 O R D E R Per B.R.Baskaran, AM : The assessee has filed this appeal challenging the ord…

Symphony Ltd., Ahmedabad vs. The Dy.CIT, Circle-8, Ahmedabad

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

ITA 2133/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad16 Jan 2019AY 2010-11
For Appellant: Shri Bharat Shah, A.RFor Respondent: Shri Mudit Nagpal, Sr. D.R
Section 14Section 143(2)Section 143(3)Section 14ASection 14A(2)Section 14A(3)

…nt of Rs. 125383779/- and same is evident from the paper book at page no. 5. Therefore, Section 14A read with Rule 8D is not applicable to him read with Rule 8D is not permissible. In the case of Pr. Commissioner Of Income Tax vs. Sintex Industries Ltd. 2018) 93 Taxmann.com 24 (SC) has held in favour of assessee holding that where assessee had surplus fund against which minor investment was made, no question of making any disallowance of expenditure u/s. 14A of the Act arose and therefore, there was no question of any estimation of expenditure under Rule 8D of the Income Tax Act. Thus, respectfully following the…

M/S.Combined Foods P. Ltd, Cochin vs. The ACIT, Cochin

In the result, all the appeals filed by the revenue stand dismissed

ITA 155/COCH/2017[2012-13]Status: DisposedITAT Cochin27 Dec 2018AY 2012-13

Bench: S/Shri Chandra Poojari, Am & George George K., Jm Assessment Year : 2012-13 M/S. Combined Foods Private The Principal Commissioner Of Limited, Income-Tax, Kochi-1. 28/3030, Elamkulam, Cheruparambath Road, Kadavanthara, Kochi-682 020. [Pan:Aaacc 9366N] Assessee-Appellant Revenue-Respondent

Section 143(3)Section 14ASection 263Section 36(1)(iii)Section 43(1)

…1 IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRI CHANDRA POOJARI, AM & GEORGE GEORGE K., JM Assessment Year : 2012-13 M/s. Combined Foods Private The Principal Commissioner of Limited, Income-tax, Kochi-1. 28/3030, Elamkulam, Cheruparambath Road, Kadavanthara, Kochi-682 020. [PAN:AAACC 9366N] Assessee-Appellant Revenue-Respondent Assessee by Shri P.M. Veeramani, CA Revenue by Shri Shantham Bose, CIT(DR) Date of hearing 17/12/2018 Date of pronouncement 27/12/2018 O R D E R Per CHANDRA POOJARI, AM: This appeal of the assessee is directed against the order passed u/s. 263 of the…

The DCIT, Circle-8, Ahmedabad vs. Symphony Comforts System Ltd., Ahmedabad

In the result, ITA Nol. 1817/Ahd/2014 is allowed and ITA No

ITA 1896/AHD/2014[2009-10]Status: DisposedITAT Ahmedabad29 Aug 2018AY 2009-10

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad)

For Appellant: Shri Mudit Nagpal, Sr.D.RFor Respondent: Shri Bharat S. Shah, A.R
Section 10Section 143Section 14ASection 32Section 72

…age no. 5. Therefore, Section 14A read with Rule 8D is not applicable to him read with Rule 8D is not permissible. In the case of Pr. Commissioner Of Income ITA No. 1817 & 1896/Ahd/2014 & Ors. 4 . A.Ys. 2009-10 & 2011-12 Tax vs. Sintex Industries Ltd. 2018) 93 Taxmann.com 24 (SC) has held in favour of assessee holding that where assessee had surplus fund against which minor investment was made, no question of making any disallowance of expenditure u/s. 14A of the Act arose and therefore, there was no question of any estimation of expenditure under Rule 8D of the Income Tax Act. Thus, respectfully following the…

M/S Metalman Auto Pvt. Ltd., Ludhiana vs. Addl. CIT, Ludhiana

In the result, the appeal of the assessee is allowed

ITA 935/CHANDI/2017[2008-09]Status: DisposedITAT Chandigarh14 Aug 2018AY 2008-09

Bench: Shri Sanjay Garg & Ms. Annapurna Guptam/S Metalman Auto Pvt. Ltd., Vs. The Addl.C.I.T., E-127, Phase-V, Range-1, Focal Point, Ludhiana. Ludhiana. Pan: Aabcm5441M (Appellant) (Respondent)

For Appellant: Shri Amarjit Kamboj, CAFor Respondent: Shri Gulshan Raj, CIT(DR)
Section 36Section 36(1)Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH ‘B ’, CHANDIGARH BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND MS. ANNAPURNA GUPTA, ACCOUNTANT MEMBER M/s Metalman Auto Pvt. Ltd., Vs. The Addl.C.I.T., E-127, Phase-V, Range-1, Focal Point, Ludhiana. Ludhiana. PAN: AABCM5441M (Appellant) (Respondent) Appellant by : Shri Amarjit Kamboj, CA Respondent by : Shri Gulshan Raj, CIT(DR) Date of hearing : 16.05.2018 Date of Pronouncement : 14.08.2018 ORDER PER ANNAPURNA GUPTA, AM: The present appeal has been preferred by the assessee against the order of learned Commissioner of Income Tax (Appeals)-1, Ludhiana (he…

Bank of India, Mumbai vs. Asst CIT 2(1), Mumbai

In the result, the appeal filed by the assessee is partly allowed

ITA 940/MUM/2016[2010-11]Status: DisposedITAT Mumbai11 Jul 2018AY 2010-11

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2010-11 Dcit-2(1)(1), Room No. M/S Bank Of India, Star 561, 5Th Floor, Aayakar House, C-5, G-Block, Bandra Vs. Bhavan, M.K. Road, Kurla Complex, Bandra (E), Mumbai-400020. Mumbai-400051. Pan No. Aaacb0472C Appellant Respondent Assessment Year: 2010-11 M/S Bank Of India, Star Assistant Commissioner House, C-5, G-Block, Bandra Of Income Tax-2(1), Vs. Kurla Complex, Bandra (E), Aayakar Bhavan, Mumbai-400051. Mumbai-400020. Pan No. Aaacb0472C Appellant Respondent : Mr. M.V. Rajguru, Dr Revenue By Assessee By : Mr. C. Naresh, Ar Date Of Hearing : 13/06/2018 Date Of Pronouncement: 11/07/2018

For Appellant: Mr. C. Naresh, ARFor Respondent: Mr. M.V. Rajguru, DR
Section 143(3)Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “L” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2010-11 DCIT-2(1)(1), Room No. M/s Bank of India, Star 561, 5th floor, Aayakar House, C-5, G-Block, Bandra Vs. Bhavan, M.K. Road, Kurla Complex, Bandra (E), Mumbai-400020. Mumbai-400051. PAN No. AAACB0472C Appellant Respondent Assessment Year: 2010-11 M/s Bank of India, Star Assistant Commissioner House, C-5, G-Block, Bandra of Income Tax-2(1), Vs. Kurla Complex, Bandra (E), Aayakar Bhavan, Mumbai-400051. Mumbai-400020. PAN No. AAACB0472C Appellant…

DCIT 2(1)(1), Mumbai vs. Bank of India, Mumbai

In the result, the appeal filed by the assessee is partly allowed

ITA 822/MUM/2016[2010-11]Status: DisposedITAT Mumbai11 Jul 2018AY 2010-11

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2010-11 Dcit-2(1)(1), Room No. M/S Bank Of India, Star 561, 5Th Floor, Aayakar House, C-5, G-Block, Bandra Vs. Bhavan, M.K. Road, Kurla Complex, Bandra (E), Mumbai-400020. Mumbai-400051. Pan No. Aaacb0472C Appellant Respondent Assessment Year: 2010-11 M/S Bank Of India, Star Assistant Commissioner House, C-5, G-Block, Bandra Of Income Tax-2(1), Vs. Kurla Complex, Bandra (E), Aayakar Bhavan, Mumbai-400051. Mumbai-400020. Pan No. Aaacb0472C Appellant Respondent : Mr. M.V. Rajguru, Dr Revenue By Assessee By : Mr. C. Naresh, Ar Date Of Hearing : 13/06/2018 Date Of Pronouncement: 11/07/2018

For Appellant: Mr. C. Naresh, ARFor Respondent: Mr. M.V. Rajguru, DR
Section 143(3)Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “L” MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2010-11 DCIT-2(1)(1), Room No. M/s Bank of India, Star 561, 5th floor, Aayakar House, C-5, G-Block, Bandra Vs. Bhavan, M.K. Road, Kurla Complex, Bandra (E), Mumbai-400020. Mumbai-400051. PAN No. AAACB0472C Appellant Respondent Assessment Year: 2010-11 M/s Bank of India, Star Assistant Commissioner House, C-5, G-Block, Bandra of Income Tax-2(1), Vs. Kurla Complex, Bandra (E), Aayakar Bhavan, Mumbai-400051. Mumbai-400020. PAN No. AAACB0472C Appellant…

Goldseal Engineering Products P.Ltd Ltd, Mumbai vs. ACIT 15(1)(2), Mumbai

The appeal of the assessee is allowed as indicated above

ITA 6259/MUM/2016[2011-12]Status: DisposedITAT Mumbai09 May 2018AY 2011-12

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6259/Mum/2016 (नििाारण वर्ा / Assessment Year : 2012-13) M/S. Gold Seal Engineering बिाम/ Acit 15(1)(2), Mumbai Products P. Ltd., Gr. Floor, Gold Seal House, V. Village Road, Bhandup (W), Mumbai- 400078 स्थायी ऱेखा सं./ Pan : Aaacg1492R (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri Firoze AndhyarujinaFor Respondent: Shri V. Vidhyadhar (Sr. DR)
Section 143(3)Section 14ASection 24Section 38

…आयकर अपीऱीय अधिकरण “G” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.6259/Mum/2016 (नििाारण वर्ा / Assessment Year : 2012-13) M/s. Gold Seal Engineering बिाम/ ACIT 15(1)(2), Mumbai Products P. Ltd., Gr. Floor, Gold Seal House, v. Village Road, Bhandup (W), Mumbai- 400078 स्थायी ऱेखा सं./ PAN : AAACG1492R (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee by: Shri Firoze Andhyarujina Revenue by : Shri V. Vidhyadhar (Sr. DR) सुनवाई की तारीख /Date of Hearing : 08.05.2018…

Ion Exchange (India) Ltd, Mumbai vs. Addl CIT RG 6(1), Mumbai

In the result, the appeal of the assessee is allowed as indicated above

ITA 5946/MUM/2016[2008-09]Status: DisposedITAT Mumbai09 May 2018AY 2008-09

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.5946/Mum/2016 (नििाारण वर्ा / Assessment Year : 2008-09)

For Appellant: Shri PRV RaghvanFor Respondent: Shri Rajat Mittal (DR)
Section 143(3)Section 14A

…आयकर अपीऱीय अधिकरण “C” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI C.N PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.5946/Mum/2016 (नििाारण वर्ा / Assessment Year : 2008-09) Ion Exchange (India) Ltd, बिाम/ DCIT 6(3)(1) Ion House, 4 t h floor, Room no. 563, 5 t h floor, Dr. E Moses Road, Aayakar Bhavan, v. Mahalakshmi, Mumbai-400020 Mumbai- 400 011. स्थायी ऱेखा सं./ PAN : AAACI1726L (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee by: Shri PRV Raghvan Revenue by : Shri Rajat Mittal (DR) सुनवाई की तारीख /Date of Heari…