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

Mandava Holdings Private Limited, Hyderabad vs. Deputy Commissioner of Income Tax, Central Circle-1(2), Hyderabad

In the result, all these appeals are dismissed

ITA 26/HYD/2022[2016-17]Status: DisposedITAT Hyderabad26 Sept 2022AY 2016-17

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Charyआ.अपी.सं / नििाारण अपीलार्थी / प्रत् यर्थी / वर्ा / A.Y.

For Appellant: Shri P. Vinod, ARFor Respondent: Shri Sunku Srinivas, CIT DR
Section 143(3)Section 14ASection 153ASection 36(1)(iii)

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ में IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “B”, HYDERABAD BEFORE SHRI RAMA KANTA PANDA, ACCOUNTANT MEMBER & SHRI K.NARASIMHA CHARY, JUDICIAL MEMBER आ.अपी.सं / नििाारण अपीलार्थी / प्रत् यर्थी / वर्ा / A.Y. ITA Nos. Appellant Respondent M/s. Mandava Deputy 26/Hyd/2022 2016-17 Holdings Private Commissioner of Limited, Income Tax, Hyderabad Central Circle-1(2), 27/Hyd/2022 2017-18 [PAN: AAFCM4964M] Hyderabad Assistant M/s. Mandava 54/Hyd/2022 2017-18 Commissioner of Holdings Private Income Tax, Limited, Central Circle-1(2), Hyderabad Hyderabad [PAN: AAFCM4964M] नििाारर…

Pr. Commissioner of Income Tax vs. Ms. Pnb Housing Finance Ltd

In the result, the appeals filed by the

ITA/308/2022HC Delhi07 Sept 2022

Bench: HON'BLE MR. JUSTICE MANMOHAN,HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA

Section 14ASection 36(1)(viii)

…t in Maxopp Investment Ltd. v. CIT, [2018] 15 SCC 523. In this matter, the Supreme Court was concerned with a batch of appeals which also included a challenge to the judgment of the Punjab and Haryana High Court reported in CIT v. State Bank of Patiala [2017] 391 ITR 218 (P&H)and the facts of the said case are para materia to the case in hand. In the case of State Bank of Patiala, the AO restricted the disallowance to the amount which was claimed as exempt income by This is a digitally signed Judgement. NEUTRAL CITATION NO: 2022/DHC/003682 ITA 308/2022 Page 4 of 6 applying the formula contained in Rule 8-D and…

DCIT, Circle- 2(1), New Delhi vs. Air Liquide India Holding Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 6704/DEL/2019[2016-17]Status: DisposedITAT Delhi23 Aug 2022AY 2016-17

Bench: Shri Challa Nagendra Prasada N D Shri Pradip Kumar Kedia

For Appellant: AdvocateFor Respondent: Sr. D. R
Section 143(3)Section 14A

…I.T.A. No. 6704/Del/2019 IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH “A” : DELHI ] BEFORE SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER A N D SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER आ.अ.सं./ I.T.A No. 6704/Del/2019 िनधा"रणवष"/ Assessment Year: 2016-17 M/s. Air Liquide India DCIT, बनाम Holding Pvt. Ltd., A–24/10, Mohan Co-op. Vs. Circle : 2 (1), Industrial Estate, Mathura Road, New Delhi. Tughlakabad, New Delhi – 110 044. PAN No. AAACA9121F अपीलाथ" / Appellant ""यथ" / Respondent Ms. Chandrima Choudhury, िनधा"रतीक"ओरसे /Assessee by : Advocate; Ms. Suman Malik राज"वक"ओरसे / Department by : Sr. D. R.; 2…

DCIT, Circle-1(1)(1), Surat vs. M/S. J K Paper Limited, Surat

In the result, all these three appeals of the Revenue are dismissed

ITA 6/SRT/2021[2016-17]Status: DisposedITAT Surat06 May 2022AY 2016-17

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 10(1)Section 115JSection 254(1)Section 271(1)(c)Section 41(1)

…r by following the decisions in the case of Jivraj Tea Ltd 41 CCIT 47 (Ahd. Trib) which has been upheld by the Hon'ble Gujarat High Court in TA No. 185 of 2015 dated 09/04/2015, Harish M Kukreja in ITA No. 3508/Ahd/2016 dated 29/01/2019, State Bank of Patiala 393 ITR 476 and the SLP dismissed by the Hon'ble Supreme Court in Diary No. 24323 of 2018 dated 08/10/2018. We also noted that in the case of in Maxopp Investment Ltd. Vs CIT (Supra), the Hon'ble Supreme Court has held that the disallowance under Section 14A r.w. Rule 8D is to be restricted to the amount of exempt dividend income earned. In the present case,…

DCIT, Circle-1(1)(2), Surat vs. J K Paper Ltd, Surat

In the result, all these three appeals of the Revenue are dismissed

ITA 157/SRT/2020[2015-16]Status: DisposedITAT Surat06 May 2022AY 2015-16

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 10(1)Section 115JSection 254(1)Section 271(1)(c)Section 41(1)

…r by following the decisions in the case of Jivraj Tea Ltd 41 CCIT 47 (Ahd. Trib) which has been upheld by the Hon'ble Gujarat High Court in TA No. 185 of 2015 dated 09/04/2015, Harish M Kukreja in ITA No. 3508/Ahd/2016 dated 29/01/2019, State Bank of Patiala 393 ITR 476 and the SLP dismissed by the Hon'ble Supreme Court in Diary No. 24323 of 2018 dated 08/10/2018. We also noted that in the case of in Maxopp Investment Ltd. Vs CIT (Supra), the Hon'ble Supreme Court has held that the disallowance under Section 14A r.w. Rule 8D is to be restricted to the amount of exempt dividend income earned. In the present case,…

DCIT, Circle-1(1)(2), Surat vs. J K Paper Ltd, Surat

In the result, all these three appeals of the Revenue are dismissed

ITA 156/SRT/2020[2013-14]Status: DisposedITAT Surat06 May 2022AY 2013-14

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 10(1)Section 115JSection 254(1)Section 271(1)(c)Section 41(1)

…r by following the decisions in the case of Jivraj Tea Ltd 41 CCIT 47 (Ahd. Trib) which has been upheld by the Hon'ble Gujarat High Court in TA No. 185 of 2015 dated 09/04/2015, Harish M Kukreja in ITA No. 3508/Ahd/2016 dated 29/01/2019, State Bank of Patiala 393 ITR 476 and the SLP dismissed by the Hon'ble Supreme Court in Diary No. 24323 of 2018 dated 08/10/2018. We also noted that in the case of in Maxopp Investment Ltd. Vs CIT (Supra), the Hon'ble Supreme Court has held that the disallowance under Section 14A r.w. Rule 8D is to be restricted to the amount of exempt dividend income earned. In the present case,…

Dy CIT. CC- 1(4), Mumbai vs. M/S. D.B. Realty Ltd., Mumbai

In the result, the appeal filed by the revenue is hereby ordered to be dismissed

ITA 90/MUM/2021[2017-18]Status: DisposedITAT Mumbai21 Apr 2022AY 2017-18
For Appellant: Ms. Pooja RenderFor Respondent: Shri Sanjeev Kashyap (DR)
Section 143(1)Section 143(2)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.90/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2017-18) DCIT, Central Circle-1(4) बिधम/ M/s. D.B. Realty Ltd 9th Floor, 902, Pratishtha D.B. House, Yashodham, Vs. Bhavan, Old CGO Building, Gen. A.K. Vaidya Marg, (Annexe), M. K. Road, Goregaon (E), Mumbai- Mumbai-400020. 400063. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACCD5174F (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue by: Shri Sanjeev Kashyap (DR) Assessee by: Ms. Pooja Render सुनवाई की तारीख / Date of Hearing…

Steel Authority of India Employees Co.-Op. Credit Society Ltd., Kolkata vs. ACIT, Cir.-28, Kolkata

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

ITA 425/KOL/2020[2008]Status: DisposedITAT Kolkata18 Apr 2022

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

…decision dated 12.02.2018 had decided a large number of appeals which inter alia included Maxopp Investment Ltd (supra) as well as appeal filed by the Revenue in the case of State Bank of Patiala, decided by the Hon’ble Punjab & Haryana High Court reported in 391 ITR 218 wherein it was held that provisions of Section 14A cannot be applied to shares & securities held as ‘stock-in-trade’ by banking companies in the course of their banking business. It is noted that Revenue’s appeal in the case of State Bank of Patiala was dismissed by the Hon’ble Supreme Court, by holding as under: 36. There is yet another aspect…

ACIT, Cir.-29, Kolkata vs. Steel Authority of India Emp.Co.Op.Cr. Society Ltd, Kolkata

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

ITA 269/KOL/2021[2014-15]Status: DisposedITAT Kolkata18 Apr 2022AY 2014-15

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

…decision dated 12.02.2018 had decided a large number of appeals which inter alia included Maxopp Investment Ltd (supra) as well as appeal filed by the Revenue in the case of State Bank of Patiala, decided by the Hon’ble Punjab & Haryana High Court reported in 391 ITR 218 wherein it was held that provisions of Section 14A cannot be applied to shares & securities held as ‘stock-in-trade’ by banking companies in the course of their banking business. It is noted that Revenue’s appeal in the case of State Bank of Patiala was dismissed by the Hon’ble Supreme Court, by holding as under: 36. There is yet another aspect…

ACIT, Cir.-29, Kolkata vs. Steel Authority of India Emp.Co.Op.Cr. Society Ltd, Kolkata

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

ITA 268/KOL/2021[2012-13]Status: DisposedITAT Kolkata18 Apr 2022AY 2012-13

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

…decision dated 12.02.2018 had decided a large number of appeals which inter alia included Maxopp Investment Ltd (supra) as well as appeal filed by the Revenue in the case of State Bank of Patiala, decided by the Hon’ble Punjab & Haryana High Court reported in 391 ITR 218 wherein it was held that provisions of Section 14A cannot be applied to shares & securities held as ‘stock-in-trade’ by banking companies in the course of their banking business. It is noted that Revenue’s appeal in the case of State Bank of Patiala was dismissed by the Hon’ble Supreme Court, by holding as under: 36. There is yet another aspect…

ACIT, Cir.-29, Kolkata vs. M/S Steel Authority of India Employees Co-Op. Cr. Society Ltd., Kolkata

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

ITA 258/KOL/2021[2013-14]Status: DisposedITAT Kolkata18 Apr 2022AY 2013-14

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

…decision dated 12.02.2018 had decided a large number of appeals which inter alia included Maxopp Investment Ltd (supra) as well as appeal filed by the Revenue in the case of State Bank of Patiala, decided by the Hon’ble Punjab & Haryana High Court reported in 391 ITR 218 wherein it was held that provisions of Section 14A cannot be applied to shares & securities held as ‘stock-in-trade’ by banking companies in the course of their banking business. It is noted that Revenue’s appeal in the case of State Bank of Patiala was dismissed by the Hon’ble Supreme Court, by holding as under: 36. There is yet another aspect…

Steel Authority of India Employees Cooperative Credit Society Ltd., Kolkata vs. ACIT, Cir.-28, Kolakta

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

ITA 428/KOL/2020[2014-15]Status: DisposedITAT Kolkata18 Apr 2022AY 2014-15

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

…decision dated 12.02.2018 had decided a large number of appeals which inter alia included Maxopp Investment Ltd (supra) as well as appeal filed by the Revenue in the case of State Bank of Patiala, decided by the Hon’ble Punjab & Haryana High Court reported in 391 ITR 218 wherein it was held that provisions of Section 14A cannot be applied to shares & securities held as ‘stock-in-trade’ by banking companies in the course of their banking business. It is noted that Revenue’s appeal in the case of State Bank of Patiala was dismissed by the Hon’ble Supreme Court, by holding as under: 36. There is yet another aspect…

Steel Authority of India Employees Co.Op. Credit Society Ltd., Kolkata vs. ACIT, Cir.-28, Kolkata

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

ITA 427/KOL/2020[2013-14]Status: DisposedITAT Kolkata18 Apr 2022AY 2013-14

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

…decision dated 12.02.2018 had decided a large number of appeals which inter alia included Maxopp Investment Ltd (supra) as well as appeal filed by the Revenue in the case of State Bank of Patiala, decided by the Hon’ble Punjab & Haryana High Court reported in 391 ITR 218 wherein it was held that provisions of Section 14A cannot be applied to shares & securities held as ‘stock-in-trade’ by banking companies in the course of their banking business. It is noted that Revenue’s appeal in the case of State Bank of Patiala was dismissed by the Hon’ble Supreme Court, by holding as under: 36. There is yet another aspect…

Hdfc Bank Ltd (Successor to Businss of Centurion Bank of Punjab Ltd), Mumbai vs. DCIT 2(3), Mumbai

In the result, appeal is partly allowed

ITA 374/MUM/2012[2008-09]Status: DisposedITAT Mumbai13 Jan 2022AY 2008-09

Bench: Shri G.S.Pannu (Hon’Ble) & Shri Saktijit Dey (Hon’Ble)

Section 14A

…d in case of South Indian Bank Ltd vs CIT Civil Appeal No.9606 of 2011 judgement dated 09-09-2021. Additionally, he also relied upon the following decisions:- 1. CIT vs Karnataka State Co-operative Apex Bank 251 ITR 194 (SC) 2. PCIT vs State Bank of Patiala 391 ITR 218 (P&H High Court) 3. CIT vs M/s India Advantage Securities Ltd (Bom HC) (ITA No1131 of 2013) 4.DCITvsM/s India Advantage Securities Ltd(TM)(Mum)(ITA 6711/M/20-11) 5.HDFC Bank Ltd vs DCIT (Bom HC) (383 ITR 529(para 18-10) 6 6.HDFC Bank Ltd vs ACIT (ITA No.6173/M/16, order dated 08/07/2020(TM) Para 3.7 7. PCIT vs Punjab & Sind Bank (ITA No.904/9…

JCIT(OSD), Circle-1, Salem vs. Arthanari Loom Centre9Textiles) P Ltd, Salem

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

ITA 518/CHNY/2020[2013-14]Status: DisposedITAT Chennai05 Jan 2022AY 2013-14

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. No.518/Chny/2020 िनधा"रण वष"/Assessment Year: 2013-14 The Assistant Commissioner Of M/S. Arthanari Loom Centre (Textiles) Income Tax, Circle 1, Vs. Pvt. Ltd., 78, Sabapathykadu, Salem 636 007. Erumapalayam, Salem 636 015. [Pan: Aabca6496L] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By Shri G. Johnson, Addl. Cit : ""थ" की ओर से/Respondent By Shri N. Arjunraj, C.A. : सुनवाई की तारीख/ Date Of Hearing 30.12.2021 : घोषणा की तारीख /Date Of Pronouncement : 05.01.2022 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Revenue Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals), Salem, Dated 29.10.2019 Relevant To The Assessment Year 2013-14. 2. Brief Facts Of The Case Are That The Assessee Is Engaged In The Business Of Manufacturer Of Cotton Fabrics & Filed Its Return Of Income For The Assessment Year 2013-14 On 28.11.2013 Declaring Total Income Of ₹.6,45,25,480/-. The Case Was Selected For Scrutiny & After

Section 143(3)Section 14ASection 263

…आयकर अपीलीय अिधकरण, ‘सी’ "ायपीठ, चे"ई IN THE INCOME-TAX APPELLATE TRIBUNAL ‘C’ BENCH, CHENNAI "ी वी. दुगा" राव, "ाियक सद" एवं "ी मनोज कुमार अ"वाल, लेखा सद" के सम" । Before Shri V. Durga Rao, Judicial Member & Shri Manoj Kumar Aggarwal, Accountant Member आयकर अपील सं./I.T.A. No.518/Chny/2020 िनधा"रण वष"/Assessment Year: 2013-14 The Assistant Commissioner of M/s. Arthanari Loom Centre (Textiles) Income Tax, Circle 1, Vs. Pvt. Ltd., 78, Sabapathykadu, Salem 636 007. Erumapalayam, Salem 636 015. [PAN: AABCA6496L] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant by Shri G. Johnson, Addl. CIT : ""थ"…

M/S. Syndicate Bank, Manipal vs. Deputy Commissioner of Income Tax, Circle-1, Udupi

In the result, the appeal filed by the assessee and the appeal of the revenue are treated as partly allowed for statistical purposes

ITA 1884/BANG/2018[2013-14]Status: DisposedITAT Bangalore27 Dec 2021AY 2013-14

Bench: Shri George George K. & Shri B.R. Baskaranassessment Year : 2013-14

For Appellant: Shri S. Ananthan, A.RFor Respondent: Shri Pradeep Kumar, D.R
Section 115JSection 143(3)Section 14ASection 36(1)(vii)Section 36(1)(viia)Section 40

…(1)(viia) of the Act on an amount greater than the amount debited to Profit and Loss account as “provision”. In this regard, the Tribunal had followed the decision rendered by Hon’ble Punjab and Haryana High Court in the case of State Bank of Patiala vs. CIT (272 ITR 53)(P&H). Accordingly, the Ld CIT(A) held that the assessee is entitled for deduction u/s 36(1)(viia) ITA No.1884/Bang/2018 & M/s. Canara Bank, Bangalore Page 4 of 20 to the extent PBDD is so created. Accordingly, he directed the AO to verify and allow the deduction as per the decision of ITAT. 5.2 We heard the parties and perused the record. Befo…

Dy CIT CC-1(4), Mumbai vs. M/S. Marine Drive Hospitality & Realty P. Ltd., Mumbai

In the result both the appeals filed by the revenue are dismissed

ITA 70/MUM/2021[2013-14]Status: DisposedITAT Mumbai03 Nov 2021AY 2013-14

Bench: Shri M Balaganesh & Shri Pavan Kumar Gadale & Dcit, Cc – 1(4), Vs. M/S. Marine Drive 9Th Floor, 902, Pratishta Hospitality & Reality Bhavan, Old Cgo Bldg Pvt Ltd., (Annexe), Mk Road, Ground Floor, Db Mumbai – 400 020. House, Gen. Ak Vaidya Marg, Goregaon (E), Mumbai – 400 063. Pan/Gir No. : Aaccn1891R Appellant .. Respondent

For Appellant: Shri. Suresh Parisamy. DRFor Respondent: Ms. Hema Kataria. AR
Section 143(1)Section 143(2)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI M BALAGANESH, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & DCIT, CC – 1(4), Vs. M/s. Marine Drive 9th Floor, 902, Pratishta Hospitality & Reality Bhavan, Old CGO Bldg Pvt ltd., (Annexe), MK Road, Ground Floor, DB Mumbai – 400 020. House, Gen. AK Vaidya Marg, Goregaon (E), Mumbai – 400 063. PAN/GIR No. : AACCN1891R Appellant .. Respondent Appellant by : Shri. Suresh Parisamy. DR Respondent by : Ms. Hema Kataria. AR Date of Hearing 09.11.2021 Date of Pronouncement 12.11.2021 आदेश / O R D E R PER PAVAN KUMAR GADALE JM: These a…

I.T.O., Ward-1(4), Kolkata vs. M/S Neelanchal Mercantile Pvt. Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 95/KOL/2020[2012-13]Status: DisposedITAT Kolkata26 Oct 2021AY 2012-13

Bench: Shri Sanjay Garg & Shri Manish Boradi.T.A. No.95/Kol/2020 Assessment Year: 2012-13 Ito, Ward-1(4), Kolkata......………………………….……………..Appellant Vs. M/S Neelanchal Mercantile Pvt. Ltd…….……........……...…..…..Respondent 14, Princep Street, 1St Floor, Kolkata-700072. [Pan:Aaacn8842N] Appearances By: Shri Tushar Dhawal Singh, Cit, Appeared On Behalf Of The Appellant. None Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : September 07, 2021 Date Of Pronouncing The Order : October 26, 2021 Hearing Through Video Conferencing Order Per Shri Sanjay Garg: The Present Appeal Has Been Preferred By The Revenue Against The Order Dated 14.11.2019 Of The Commissioner Of Income Tax (Appeals)-7, Kolkata (Hereinafter Referred To As ‘Cit’) Passed U/S 143(3) Of The Income Tax Act. No One Has Put In Appearance On Behalf Of The Assessee. However, After Going 2. Through The Impugned Order & The Available Records On The File & After Hearing The Ld. Dr, We Proceed To Adjudicate The Appeal. 3. The Sole Issue Involved In The Appeal Is Relating To Disallowance Made By The Assessing Officer U/S 14A R.W. Rule 8D In Respect Disallowance Of Expenditure On Tax Exemption Income Of The Assessee. 4. A Perusal Of The Impugned Order Of The Ld. Cit(A) Reveals That The Ld. Cit(A) While Relying Upon The Decision Of The Hon’Ble Supreme Court In The Cases Of Pcit Vs. State Bank Of Patiala [(2017) 78 Taxmann.Com 3(Sc)] & Maxopp Investment Ltd. Vs. Cit [(2018) 91 Taxmann.Com 154(Sc)] Has Restricted The Disallowance To The Extent Of

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” (Virtual Court Hearing) BENCH KOLKATA Before Shri Sanjay Garg, Judicial Member and Shri Manish Borad, Accountant Member I.T.A. No.95/Kol/2020 Assessment Year: 2012-13 ITO, Ward-1(4), Kolkata......………………………….……………..Appellant vs. M/s Neelanchal Mercantile Pvt. Ltd…….……........……...…..…..Respondent 14, Princep Street, 1st Floor, Kolkata-700072. [PAN:AAACN8842N] Appearances by: Shri Tushar Dhawal Singh, CIT, appeared on behalf of the appellant. None appeared on behalf of the Respondent. Date of concluding the hearing : September 07, 2021 Date of pronouncing the order : Octob…

DCIT, Cen. Circle-4(1), Mumbai vs. M/S. Runwal Developers Pvt. Ltd., Mumbai

ITA 6102/MUM/2019[2016-17]Status: DisposedITAT Mumbai06 Sept 2021AY 2016-17

Bench: Shri Pramod Kumar, Vp & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No. 6102/Mum/2019 (निर्धारण वर्ा / Assessment Year:2016-17) Dcit, Cen, Circle-4(10) बिधम/ M/S. Runwal Developers Room No.1918, 19Th Floor, Pvt. Ltd. Vs. 1St Floor, Runwal Chambers, Air India Building, Nariman Point, Mumbai-400021. First Road, Chembur, Mumbai-400022. आयकर अपील सं/ I.T.A. No. 5294/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2016-17) M/S. Runwal Developers Pvt. बिधम/ Dcit, Cen, Circle-4(10) Room No.1918, 19Th Floor, Ltd. Vs. 1St Floor, Runwal Chambers, Air India Building, Nariman First Road, Chembur, Point, Mumbai-400021. Mumbai-400022. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacr0395J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Rishabh Shah Revenue By: Shri Bharat Andhle (Dr) सुनवाई की तारीख / Date Of Hearing: 22/06/2021 घोषणा की तारीख /Date Of Pronouncement: 06/09/2021 आदेश / O R D E R Per Amarjit Singh (Jm): The Assessee As Well As Revenue Have Filed The Above Mentioned Appeals Against The Order Dated 20.06.2019 Passed By The Commissioner Of Income Tax (Appeals) -52, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2016-17. Ita. No.6102/Mum/2019 2. The Revenue Has Filed The Present Appeal Against The Order Dated 20.06.2019 Passed By The Commissioner Of Income Tax (Appeals) -52, 5294/M/2019 A.Y. 2016-17 Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2016- 17. 3. The Revenue Has Raised The Following Grounds: -

For Appellant: Shri Rishabh ShahFor Respondent: Shri Bharat Andhle (DR)
Section 115JSection 139(9)Section 143(2)Section 144Section 14A

…er-ruled their decisions in the cases of Cheminvest Ltd. (supra) and Holcim India P. Ltd. (supra) holding that disallowance u/s. 14A can only be made if some exempt income has been earned. The Hon'ble Delhi High Court that in the case of State Bank of Patiala 391 ITR 218 which was also decided along with the case of Maxopp Investment Ltd. (supra), it has been held by the Hon‟ble Supreme Court that the action of the CIT A of enhancing the disallowance as per Rule 80 is not correct and the action of the AO of restricting the said disallowance to the amount of exempt income is the right course of action. The relevan…

ACIT, Circle-2(1)(1), Mumbai vs. M/S Bank of Baroda, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 5619/MUM/2019[2009-10]Status: DisposedITAT Mumbai08 Mar 2021AY 2009-10
Section 10(15)(iv)Section 143(3)Section 14A

…signed, wherein it was held that the Hon’ble Apex Court in the case of Maxopp Investment Ltd., reported in 402 ITR 640 had categorically upheld the findings recorded by the Hon’ble Punjab and Haryana High Court in the case of State Bank of Patiala reported in 78 Taxmann.com 3 (P & H) with regard to non- 4 M/s. Bank of Baroda applicability of provisions of Section 14A of the Act in respect of investments held as stock in trade in respect of banks. It was also held by this Tribunal that the Hon’ble Punjab and Haryana High Court in above mentioned case had further placed reliance on the CBDT Circular No.18 /2015 d…