PCIT v. State Bank of Patiala

391 ITR 218High Court2017#392 most cited

What is PCIT v. State Bank of Patiala authority for?

Income from shares and securities held by banks as stock-in-trade constitutes business income, hence Section 14A disallowance is not attracted. Further, any disallowance under Section 14A cannot exceed the actual amount of exempt income earned by the assessee during the year.

228

judgments rely on this decision, according to BharatTax’s citation analysis of 367,368 Indian tax judgments — from 2015 to 2026.

Also referred to as

PCIT v. State Bank of Patiala · Section 14A disallowance · shares and securities held by bank · stock-in-trade · income from securities business income · disallowance under Section 14A limit · disallowance cannot exceed exempt income · Rule 8D application disallowance · Supreme Court dismissal of SLP · 391 ITR 218

Also reported as

78 Taxmann.com 3259 Taxmann 315

Sections most often in play

Section 14ASection 115JBSection 8DSection 36(1)(viia)Section 36(1)(vii)Section 143(3)Section 90Section 91
Read the full judgment

Issues it is cited on

section 43dsection 36(2)(v)section 36(1)(viii)section 10(34)section 36(1)(viia)interest on securitiessection 36(2)prohibited by lawdisallowance under section 14asection 129section 115jb(2)section 36(1)(vii)

Judgments citing PCIT v. State Bank of Patiala

ACIT, Jaipur vs. Rajasthan State Industrial Development & Investment Corp., Jaipur

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

ITA 421/JPR/2014[2010-11]Status: DisposedITAT Jaipur23 Feb 2018AY 2010-11
Section 143(3)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh fot; iky jko] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 311/JP/2014 fu/kZkj.k o"kZ@Assessment Year : 2009-10 cuke M/s Rajasthan State Industrial The DCIT, Vs. Development & Investment Corp. Ltd. Circle-6, Udhyog Bhawan, Tilak Marg, Jaipur. C-Scheme, Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AABCR4695J vihykFkhZ@Appellant izR;FkhZ@Respondent vk;dj vihy la-@ITA No. 420/JP/2014 fu/kZkj.k o"kZ@Assessment Ye…

ACIT, Jaipur vs. Rajasthan State Industrial Development & Investment Corp., Jaipur

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

ITA 420/JPR/2014[2009-10]Status: DisposedITAT Jaipur23 Feb 2018AY 2009-10
Section 143(3)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh fot; iky jko] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 311/JP/2014 fu/kZkj.k o"kZ@Assessment Year : 2009-10 cuke M/s Rajasthan State Industrial The DCIT, Vs. Development & Investment Corp. Ltd. Circle-6, Udhyog Bhawan, Tilak Marg, Jaipur. C-Scheme, Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AABCR4695J vihykFkhZ@Appellant izR;FkhZ@Respondent vk;dj vihy la-@ITA No. 420/JP/2014 fu/kZkj.k o"kZ@Assessment Ye…

Rajasthan State Industrial Development & Investment Corp. Ltd., Jaipur vs. ACIT, Jaipur

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

ITA 313/JPR/2014[2010-11]Status: DisposedITAT Jaipur23 Feb 2018AY 2010-11
Section 143(3)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh fot; iky jko] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 311/JP/2014 fu/kZkj.k o"kZ@Assessment Year : 2009-10 cuke M/s Rajasthan State Industrial The DCIT, Vs. Development & Investment Corp. Ltd. Circle-6, Udhyog Bhawan, Tilak Marg, Jaipur. C-Scheme, Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AABCR4695J vihykFkhZ@Appellant izR;FkhZ@Respondent vk;dj vihy la-@ITA No. 420/JP/2014 fu/kZkj.k o"kZ@Assessment Ye…

Rajasthan State Industrial Development & Investment Corp. Ltd., Jaipur vs. DCIT, Jaipur

In the result, appeals of the assessee are partly allowed and appeals of the Revenues are dismissed

ITA 311/JPR/2014[2009-10]Status: DisposedITAT Jaipur23 Feb 2018AY 2009-10
Section 143(3)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh fot; iky jko] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 311/JP/2014 fu/kZkj.k o"kZ@Assessment Year : 2009-10 cuke M/s Rajasthan State Industrial The DCIT, Vs. Development & Investment Corp. Ltd. Circle-6, Udhyog Bhawan, Tilak Marg, Jaipur. C-Scheme, Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AABCR4695J vihykFkhZ@Appellant izR;FkhZ@Respondent vk;dj vihy la-@ITA No. 420/JP/2014 fu/kZkj.k o"kZ@Assessment Ye…

State Bank of India, Mumbai vs. ACIT Cir 2(2)

In the result, appeal of the revenue is dismissed

ITA 4736/MUM/2010[1999-2000]Status: DisposedITAT Mumbai31 Jan 2018AY 1999-2000

Bench: Shri G.S. Pannu & Shri Pawan Singhstate Bank Of India Acit Circle (2)(2), Financial Reporting, Compliance & Mumbai. Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent) Acit Circle (2)(2), State Bank Of India Mumbai. Financial Reporting, Compliance & Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent)

For Respondent: Shri R.P. Meena (CIT-DR)
Section 14ASection 195Section 253Section 254(1)Section 36(1)(viia)Section 40Section 43D

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “A”, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER State Bank of India ACIT Circle (2)(2), Financial Reporting, Compliance & Mumbai. Taxation Department, 19th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. PAN: AAACS8577K (Appellant) (Respondent) ACIT Circle (2)(2), State Bank of India Mumbai. Financial Reporting, Compliance & Taxation Department, 19th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. PAN: AAACS8577K (Appellant) (Respondent) Assessee by Shri Girish Dave & Urvi : Mehta (AR) Revenue by…

ACIT Cir 2(2), Mumbai vs. State Bank of India, Mumbai

In the result, appeal of the revenue is dismissed

ITA 4598/MUM/2010[1999-00]Status: DisposedITAT Mumbai31 Jan 2018AY 1999-00

Bench: Shri G.S. Pannu & Shri Pawan Singhstate Bank Of India Acit Circle (2)(2), Financial Reporting, Compliance & Mumbai. Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent) Acit Circle (2)(2), State Bank Of India Mumbai. Financial Reporting, Compliance & Taxation Department, 19Th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. Pan: Aaacs8577K (Appellant) (Respondent)

For Respondent: Shri R.P. Meena (CIT-DR)
Section 14ASection 195Section 253Section 254(1)Section 36(1)(viia)Section 40Section 43D

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “A”, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER State Bank of India ACIT Circle (2)(2), Financial Reporting, Compliance & Mumbai. Taxation Department, 19th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. PAN: AAACS8577K (Appellant) (Respondent) ACIT Circle (2)(2), State Bank of India Mumbai. Financial Reporting, Compliance & Taxation Department, 19th Floor, Vs. Corporate Centre, Madam Cama Road, Mumbai-400021. PAN: AAACS8577K (Appellant) (Respondent) Assessee by Shri Girish Dave & Urvi : Mehta (AR) Revenue by…

DCIT Cir 2(2)(1), Mumbai vs. Infina Finance P.Ltd, Mumbai

Appeal stands dismissed

ITA 3329/MUM/2016[2012-13]Status: DisposedITAT Mumbai17 Jan 2018AY 2012-13

Bench: Shri C.N. Prasad, Jm & Shri Manoj Kumar Aggarwal, Am

For Appellant: NoneFor Respondent: Saurabh Deshpande, Ld. DR
Section 143(3)Section 14A

…rmed by Hon’ble Bombay High Court by way of non-admission of revenue’s appeal 2015 79 Taxmann.com 370] (ii) CCI Ltd. Vs. JCIT [Hon’ble Karnataka High Court 2012 20 Taxmann.com 196] (iii) PCIT Vs. State Bank of Patiala [Hon’ble Punjab & Haryana High Court 2017 78 Taxmann.com 3] (iv) CIT Vs. G.K.K. Capital Markets (P.) Ltd. [Hon’ble Calcutta High Court 2017 78 Taxmann.com 341] Respectfully following the ratio of above decisions, we conclude that investments held as stock- in-trade do no attract disallowance u/s 14A. 5 Infina Finance Private Limited Assessment Year 2012-13 7. Further, Ld. CIT(A) has noted that the…

Kishan Gopal Mohta, Kolkata vs. ACIT, Cir-35, Kolkata

In the result, all the appeals of the assessee are allowed

ITA 635/KOL/2016[2012-2013]Status: DisposedITAT Kolkata03 Jan 2018AY 2012-2013

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] I.T.A No. 310/Kol/2015 Assessment Year : 2010-11 Kishan Gopal Mohta -Vs- Jcit, Range-35,Kolkata [Pan: Adqpm 0469 E] (Appellant) (Respondent) I.T.A Nos. 634 & 635/Kol/2016 Assessment Year : 2011-12 & 2012-13 Kishan Gopal Mohta -Vs- Acit, Circle-35,Kolkata [Pan: Adqpm 0469 E] (Appellant) (Respondent)

For Appellant: Shri P.J. Bhide, AdvocateFor Respondent: Shri G. Mallikarjune, CIT DR
Section 143(3)Section 14ASection 263Section 36(1)(iii)

…only as business income of the assessee as admittedly the shares were held as stock-in-trade by the assessee. In support of this, he placed reliance on the decision of Hon’ble Punjab & Haryana High Court in the case of Pr. CIT vs. State of Patiala reported in 391 ITR 218 (P& H) wherein it has held that the CBDT Circular No. 18 dated 02.11.2015 curves out a distinction between stock-in-trade and investment and provides that if the motive behind purchase and sale of shares is to earn profit then it would be treated as trading profit and if the project is to derive income by way of dividend then the profit would be…

Kishan Gopal Mohta, Kolkata vs. ACIT, Cir-35, Kolkata

In the result, all the appeals of the assessee are allowed

ITA 634/KOL/2016[2011-2012]Status: DisposedITAT Kolkata03 Jan 2018AY 2011-2012

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] I.T.A No. 310/Kol/2015 Assessment Year : 2010-11 Kishan Gopal Mohta -Vs- Jcit, Range-35,Kolkata [Pan: Adqpm 0469 E] (Appellant) (Respondent) I.T.A Nos. 634 & 635/Kol/2016 Assessment Year : 2011-12 & 2012-13 Kishan Gopal Mohta -Vs- Acit, Circle-35,Kolkata [Pan: Adqpm 0469 E] (Appellant) (Respondent)

For Appellant: Shri P.J. Bhide, AdvocateFor Respondent: Shri G. Mallikarjune, CIT DR
Section 143(3)Section 14ASection 263Section 36(1)(iii)

…only as business income of the assessee as admittedly the shares were held as stock-in-trade by the assessee. In support of this, he placed reliance on the decision of Hon’ble Punjab & Haryana High Court in the case of Pr. CIT vs. State of Patiala reported in 391 ITR 218 (P& H) wherein it has held that the CBDT Circular No. 18 dated 02.11.2015 curves out a distinction between stock-in-trade and investment and provides that if the motive behind purchase and sale of shares is to earn profit then it would be treated as trading profit and if the project is to derive income by way of dividend then the profit would be…

Kishan Gopal Mohta, Kolkata vs. JCIT, RG-35, Kolkata

In the result, all the appeals of the assessee are allowed

ITA 310/KOL/2015[2010-2011]Status: DisposedITAT Kolkata03 Jan 2018AY 2010-2011

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] I.T.A No. 310/Kol/2015 Assessment Year : 2010-11 Kishan Gopal Mohta -Vs- Jcit, Range-35,Kolkata [Pan: Adqpm 0469 E] (Appellant) (Respondent) I.T.A Nos. 634 & 635/Kol/2016 Assessment Year : 2011-12 & 2012-13 Kishan Gopal Mohta -Vs- Acit, Circle-35,Kolkata [Pan: Adqpm 0469 E] (Appellant) (Respondent)

For Appellant: Shri P.J. Bhide, AdvocateFor Respondent: Shri G. Mallikarjune, CIT DR
Section 143(3)Section 14ASection 263Section 36(1)(iii)

…only as business income of the assessee as admittedly the shares were held as stock-in-trade by the assessee. In support of this, he placed reliance on the decision of Hon’ble Punjab & Haryana High Court in the case of Pr. CIT vs. State of Patiala reported in 391 ITR 218 (P& H) wherein it has held that the CBDT Circular No. 18 dated 02.11.2015 curves out a distinction between stock-in-trade and investment and provides that if the motive behind purchase and sale of shares is to earn profit then it would be treated as trading profit and if the project is to derive income by way of dividend then the profit would be…

Ethio Plastics Pvt.Ltd., Baroda vs. The Dy.CIT., Circle-1(2), Baroda

In the result, appeal of the assessee is allowed

ITA 2699/AHD/2014[2007-08]Status: DisposedITAT Ahmedabad29 Nov 2017AY 2007-08

Bench: Shri S.S. Godara & Shri Pradip Kumar Kediaआयकर अपील सं./I.T.A. No.2699/Ahd/2014 ("नधा"रण वष" / Assessment Year : 2007-08)

For Respondent: Shri Aditya Shukla, Sr.DR
Section 14A

…ear – 2007-08 s.14A r.w.Rule 8D of the I.T.Rules was deleted in similar circumstances. The Ld.AR also referred to a recent decision rendered by the Hon’ble Punjab and Haryana High Court in Principal Commissioner of Income- tax vs. State Bank of Patiala (2018) 391 ITR 218 (P&H) order dated 30/06/2017 where the view taken by the Tribunal in assessee’s own case was endorsed. 5. We have perused the case records and considered the rival submissions. The solitary issue in controversy is towards maintainability of disallowance of section 14A where the assessee has earned tax-free dividend income in the course of carryi…

Af-Taab Investment Company Ltd, Mumbai vs. DCIT Cir 6(1), Mumbai

In the result, the assessee‟s appeal is allowed for statistical purposes while Revenue appeal is dismissed

ITA 7128/MUM/2014[2011-12]Status: DisposedITAT Mumbai16 Nov 2017AY 2011-12

Bench: Shri D.T. Garasia & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1807/Mum/2011 & 1812/Mum/2011 (नििाारण वर्ा / Assessment Year : 2006-07 & 2007-08)

For Appellant: Shri P.J.Pardiwala & HarshFor Respondent: Shri. Saurabh Kumar Rai
Section 115JSection 14ASection 36(1)(iii)

…ITA No. 1807/M/2011,1812/M/2011, 4284/M/2014,7069/M/2013, 6546/M/2014,6573/M/2014, 7128/M/2014 आयकर अपीऱीय अधिकरण “A” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI D.T. GARASIA, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.1807/Mum/2011 & 1812/Mum/2011 (नििाारण वर्ा / Assessment Year : 2006-07 & 2007-08) बिाम/ ACIT Circle 6(1),Room No. Af-taab Investment Company Limited, 506, 5 th Floor, Aayakar Corporate Centre, Bhawan v. „B‟ Block, M K Road 34 Carnac Bunder, Mumbai 400020 Mumbai 400009 स्थायी ऱेखा सं./ PAN : AAACA4800H आयकर अपीऱ सं…

ACIT Cir 6(1), Mumbai vs. Aftab Investment Co. Ltd, Mumbai

In the result, the assessee‟s appeal is allowed for statistical purposes while Revenue appeal is dismissed

ITA 1812/MUM/2011[2007-08]Status: DisposedITAT Mumbai16 Nov 2017AY 2007-08

Bench: Shri D.T. Garasia & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1807/Mum/2011 & 1812/Mum/2011 (नििाारण वर्ा / Assessment Year : 2006-07 & 2007-08)

For Appellant: Shri P.J.Pardiwala & HarshFor Respondent: Shri. Saurabh Kumar Rai
Section 115JSection 14ASection 36(1)(iii)

…ITA No. 1807/M/2011,1812/M/2011, 4284/M/2014,7069/M/2013, 6546/M/2014,6573/M/2014, 7128/M/2014 आयकर अपीऱीय अधिकरण “A” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI D.T. GARASIA, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.1807/Mum/2011 & 1812/Mum/2011 (नििाारण वर्ा / Assessment Year : 2006-07 & 2007-08) बिाम/ ACIT Circle 6(1),Room No. Af-taab Investment Company Limited, 506, 5 th Floor, Aayakar Corporate Centre, Bhawan v. „B‟ Block, M K Road 34 Carnac Bunder, Mumbai 400020 Mumbai 400009 स्थायी ऱेखा सं./ PAN : AAACA4800H आयकर अपीऱ सं…

Shah Mehta Holding P.Ltd, Mumbai vs. DCIT 4(3)(2), Mumbai

In the result, assessee’s appeal is allowed

ITA 5824/MUM/2016[2012-13]Status: DisposedITAT Mumbai10 Nov 2017AY 2012-13

Bench: Shri Saktijit Dey & Shri G. Manjunatha

For Appellant: Shri Nitesh Joshi a/wFor Respondent: Shri Ram Tiwari
Section 14A

…); iii) Shares held as stock–in–trade cannot be considered for computing disallowance under section 14A r/w rule 8D. For such proposition, he relied upon the following decisions:– 1) HDFC Bank Ltd. v/s DCIT, 383 ITR 589; and 2) Pr. CIT v/s State of Patiala, 391 ITR 218 (P&H) iv) Disallowance under section 14A cannot exceed the exempt income earned during the year. 6. Learned Departmental Representative relied upon the observations of the learned Commissioner (Appeals) and Assessing Officer. 7. We have heard rival contentions and perused the material available on record. At the outset, it is necessary to obse…

Asst CIT 33(2), Mumbai vs. Kalpesh C. Shah, Mumbai

In the result appeal of the Revenue in ITA No

ITA 1422/MUM/2016[2008-09]Status: DisposedITAT Mumbai24 Oct 2017AY 2008-09

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No. 1422/Mum/2016 (नििाारण वर्ा / Assessment Year : 2008-09)

For Appellant: Sh B V JhaveriFor Respondent: Shri. T A Khan,DR
Section 143(3)Section 14A

…High court in writ jurisdiction and matter was restored to tribunal in HDFC Bank Limited v. DCIT reported in 383 ITR 529(Bom. HC). The assessee also relied upon decision of Hon’ble Punjab and Haryana High Court in the case of Pr. CIT v. State Bank of Patiala 391 ITR 218(P&H HC) I.T.A. No. 1422/Mum/2016 and Decision of Hon’ble Calcutta High Court in the case of CIT v. GKK Capital Markets Private Limited (392 ITR 471(Cal. HC)) 6. We have considered rival contentions and perused the material on record. We have observed that the assessee is an individual wherein total income was declared in the return of income fi…

Asstt CIT 19(3), Mumbai vs. Safe Enterprises, Mumbai

Appeal stands dismissed whereas cross objections filed by assessee stands partly allowed

ITA 4492/MUM/2015[2011-12]Status: DisposedITAT Mumbai04 Oct 2017AY 2011-12

Bench: Shri Mahavir Singh, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. No. 4492/Mum/2015 (िनधा"रण वष" / Assessment Year: 2011-12) Assistant Commissioner Of Safe Enterprises बनाम/ Income Tax 19(3) 198, Manek Matru Mandir 11, L.D.Ruparel Marg Vs. Tardeo Road,Mumbai – 400 007 Mumbai-400 006 (अपीलाथ" /Appellant) (""थ" / Respondent) : & Cross Objection No.21/Mum/2017 (िनधा"रण वष" / Assessment Year: 2011-12) Safe Enterprises Assistant Commissioner Of बनाम/ 198, Manek Income Tax 19(3) 11,L.D.Ruparel Marg Matru Mandir,Tardeo Road Vs. Mumbai-400 006 Mumbai – 400 007 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Abhfs-4029-H (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: M.M.Golvale & HormuzolFor Respondent: V. Justin, Ld.DR
Section 143(3)Section 14A

…rmed by Hon’ble Bombay High Court by way of non-admission of revenue’s appeal 2015 79 Taxmann.com 370] (ii) CCI Ltd. Vs. JCIT [Hon’ble Karnataka High Court 2012 20 Taxmann.com 196] (iii) PCIT Vs. State Bank of Patiala [Hon’ble Punjab & Haryana High Court 2017 78 Taxmann.com 3] (iv) CIT Vs. G.K.K. Capital Markets (P.) Ltd. [Hon’ble Calcutta High Court 2017 78 Taxmann.com 341] Respectfully following the above, we conclude that shares held as stock- in-trade do no attract disallowance u/s 14A. 8. Now coming to quantum of disallowance u/s 14A against investments made by the assessee, we are of the considered opinion…

DCIT, New Delhi vs. M/S. Pranidhi Holdings (P) Ltd., New Delhi

ITA 2222/DEL/2014[2009-10]Status: DisposedITAT Delhi03 Oct 2017AY 2009-10

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

For Appellant: Shri K.C. Singhal, ITPFor Respondent: Shri Deepak Garg, Senior DR
Section 14A

…ld. AR for the assessee by relying upon the decision rendered by Hon’ble Delhi High Court in case cited as Cheminvest Ltd. vs. CIT – (2015) 378 ITR 33 (Del.) and Hon’ble Punjab & Haryana High Court in case cited as Pr.CIT vs. State Bank of Patiala – (2017) 391 ITR 218 (P&H) contended that the assessee is into the business of trading in shares and has suo motu 5 ITA Nos.2054 & 2222/Del./2014 disallowed an amount of Rs.4,13,678/- u/s 14A on the earned dividend income of Rs.44,14,607/- and the AO without recording his dis-satisfaction made further disallowance of Rs.55,31,601/- and as such Rule 8D is not ap…

M/S. Pranidhi Holdings Pvt. Ltd., New Delhi vs. ITO, New Delhi

ITA 2054/DEL/2014[2009-10]Status: DisposedITAT Delhi03 Oct 2017AY 2009-10

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

For Appellant: Shri K.C. Singhal, ITPFor Respondent: Shri Deepak Garg, Senior DR
Section 14A

…ld. AR for the assessee by relying upon the decision rendered by Hon’ble Delhi High Court in case cited as Cheminvest Ltd. vs. CIT – (2015) 378 ITR 33 (Del.) and Hon’ble Punjab & Haryana High Court in case cited as Pr.CIT vs. State Bank of Patiala – (2017) 391 ITR 218 (P&H) contended that the assessee is into the business of trading in shares and has suo motu 5 ITA Nos.2054 & 2222/Del./2014 disallowed an amount of Rs.4,13,678/- u/s 14A on the earned dividend income of Rs.44,14,607/- and the AO without recording his dis-satisfaction made further disallowance of Rs.55,31,601/- and as such Rule 8D is not ap…

Bharat Jayantilal Patel, Mumbai vs. DCIT RG 4(1)(1), Mumbai

In the result, appeals of the Assessee are allowed for statistical purpose

ITA 2112/MUM/2015[2010-11]Status: DisposedITAT Mumbai19 May 2017AY 2010-11

Bench: Shri C.N. Prasad & Shri Ramit Kochar

For Appellant: Shri V.G.GindeFor Respondent: Shri B.S.Bist
Section 14A

…आयकर अपीलीय अधिकरण "एच” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA NO.7189/MUM/2011, (A.Y : 2008-09) ITA NO.2111/MUM/2015, (A.Y : 2009-10) ITA NO.2112/MUM/2015, (A.Y : 2010-11) Shri Bharat Jayantilal Patel Vs. DCIT RG 4(1)(1) 3-3A, Churchgate House 6th Floor, Aayakar Bhavan 32/34, Veer Nariman Road M.K.Road Mumbai – 400 001 Churchgate Mumbai – 400 020 PAN : AAAPP6652R (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent) अपीलार्थी की ओर से /Appellant by : Shri V.G.Ginde प्रत्यर्थी की ओर से…

Bharat Jayantilal Patel, Mumbai vs. DCIT RG 4(1)(1), Mumbai

In the result, appeals of the Assessee are allowed for statistical purpose

ITA 2111/MUM/2015[2009-10]Status: DisposedITAT Mumbai19 May 2017AY 2009-10

Bench: Shri C.N. Prasad & Shri Ramit Kochar

For Appellant: Shri V.G.GindeFor Respondent: Shri B.S.Bist
Section 14A

…आयकर अपीलीय अधिकरण "एच” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA NO.7189/MUM/2011, (A.Y : 2008-09) ITA NO.2111/MUM/2015, (A.Y : 2009-10) ITA NO.2112/MUM/2015, (A.Y : 2010-11) Shri Bharat Jayantilal Patel Vs. DCIT RG 4(1)(1) 3-3A, Churchgate House 6th Floor, Aayakar Bhavan 32/34, Veer Nariman Road M.K.Road Mumbai – 400 001 Churchgate Mumbai – 400 020 PAN : AAAPP6652R (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent) अपीलार्थी की ओर से /Appellant by : Shri V.G.Ginde प्रत्यर्थी की ओर से…