Pr.CIT v. Shalimar Pettel Feeds Ltd.

453 ITR 547High Court2023#9802 most cited

What is Pr.CIT v. Shalimar Pettel Feeds Ltd. authority for?

The disallowance under Section 14A read with Rule 8D cannot exceed the exempt income earned by the assessee.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2023 to 2026.

Also referred to as

Pr.CIT v. Shalimar Pettel Feeds Ltd. · 453 ITR 547 · Section 14A · Rule 8D · disallowance of expenditure · exempt income · investment income

Sections most often in play

Section 14ASection 115JBSection 250Section 142(1)Section 143(3)Section 2(24)(x)Section 36(1)(iii)Section 40a(ia)

Issues it is cited on

section 10(34)disallowance of interest expendituredisallowance u/s 14asection 115jbsection 14aprincipal commissioner of income-taxrule 46adisallowance under section 14asection 115jsection 37(1)section 37scrutiny assessment

Judgments citing Pr.CIT v. Shalimar Pettel Feeds Ltd.

Veedol Corporation Limited, Kolkata vs. DCIT, Circle 4(1), Kolkata

The appeal of the assessee is partly allowed

ITA 1945/KOL/2025[2017-2018]Status: DisposedITAT Kolkata13 Jan 2026AY 2017-2018

Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm Dcit, Circle 4(1) Veedol Corporation Limited Aaykar Bhawan Poorva, Yule House, 8, Dr. Rajendra 8Th Floor, P-7, Chowringhee Prasad Sarani, Kolkata-700001, Vs. Square, Kolkata-700069, West Bengal West Bengal (Appellant) (Respondent) Pan No. Aabct1122C Assessee By : Shri Anup Sinha, Ar Revenue By : Shri Bonnie Debbarma, Dr Date Of Hearing: 29.10.2025 Date Of Pronouncement: 13.01.2026

For Appellant: Shri Anup Sinha, ARFor Respondent: Shri Bonnie Debbarma, DR
Section 10(34)Section 14A

…(Cal.), Principal Commissioner of Income-tax vs. REI Agro Ltd. [2022] 140 taxmann.com 71 (Calcutta)[07-03-2022], Principal Commissioner of Income-tax vs. Shalimar Pellet Feeds Ltd. [2022] 138 taxmann.com 124 (Calcutta)/[2022] 287 Taxman 134 (Calcutta)/[2023] 453 ITR 547 (Calcutta)[22-02-2022], ACIT vs. Vireet Investment (P.) Ltd. [2017] 58 ITR(T) 313 (Delhi - Trib.) (SB)[16-06-2017], Electrosteel Castings Ltd. vs. Deputy Commissioner of Income Tax, Central Circle-4(4), Kolkata [2021] 125 taxmann.com 308 (Kolkata - Trib.)/[2021] 189 ITD 183 (Kolkata - Trib.)[28-02-2019]. We, therefore respectfully following the r…

Basant Properties Limited, Kolkata vs. A.C.I.T., Circle - 5(1), Kolkata

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

ITA 1765/KOL/2025[2017-2018]Status: DisposedITAT Kolkata17 Dec 2025AY 2017-2018

Bench: Shri Rajesh Kumar (Accountant Member), Shri Pradip Kumar Choubey (Judicial Member)

Section 14ASection 250

…ssing Officer computed aggregate disallowance of Rs.13,98,994/- on total investments and thereby made further disallowance u/s 14A of Rs.12,00,925/-. We find that the Hon’ble jurisdictional Calcutta High Court in the case of PCIT Vs Shalimar Pellet Foods Ltd (453 ITR 547) wherein the methodology adopted by the assessee for computing disallowance of Rs.1,98,969/- as per Rule 8D with reference to dividend yielding investments has been approved and it has been held that, the disallowance under section 14A as per rule 8D is to be computed by taking into consideration only those shares which had yielded dividend incom…

National Bearing Co (Jaipur) Limited, Kolkata vs. DCIT, Circle 5(1), Kolkata

In the result, appeal of the assessee is allowed

ITA 1233/KOL/2025[2017-2018]Status: HeardITAT Kolkata07 Aug 2025AY 2017-2018

Bench: SHRI GEORGE MATHAN (Judicial Member)

For Appellant: Shri Akkal Dudhewala, ARFor Respondent: Shri Somnath Das Biswas, Sr. DR
Section 14A

…iture are to be 2 considered for disallowance u/s.14A of the Act read with rule 8D. It was the submission that the issue is squarely covered by the decision of the Hon’ble Jurisdictional High Court in the case of Shalimar Pellet Feeds Ltd., reported in [2023] 453 ITR 547 (Cal), wherein the Hon’ble Jurisdictional High Court has categorically held that for the purpose of computing the disallowance u/s.14A r.w.rule 8D only such investments are to be considered which have yielded the exempt income. It was the submission that the addition as made by the Assessing Officer and as confirmed by the ld. CIT(A) is liable to…

Nagreeka Foils Ltd., Kolkata vs. D.C.I.T., Circle - 3, Kolkata

In the result, all the three appeals filed by the assessee for AYs

ITA 1930/KOL/2024[2011-2012]Status: DisposedITAT Kolkata22 Jul 2025AY 2011-2012

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 143(3)Section 14ASection 250Section 36

…आयकर अपीलीय अधिकरण कोलकाता 'बी' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘B’ BENCH, KOLKATA श्री प्रदीप कुमार चौबे, न्याधयक सदस्य एवं श्री राकेश धमश्रा, लेखा सदस्य के समक्ष Before SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER I.T.A. Nos.: 1788, 1930 & 1789/KOL/2024 Assessment Years: 2010-11, 2011-12 & 2013-14 D.C.I.T., Circle-3(1), Kolkata Nagreeka Foils Ltd. D.C.I.T., Circle-3, Kolkata Vs. D.C.I.T., Circle-6(3), Kolkata (Appellant) (Respondent) PAN: AAACN8548H Appearances: Assessee represented by : Akshay Ringasia. CA. Department represented by : Kapil Ma…

Nagreeka Foils Ltd., Kolkata vs. D.C.I.T., Circle - 3(1), Kolkata

In the result, all the three appeals filed by the assessee for AYs

ITA 1788/KOL/2024[2010-2011]Status: DisposedITAT Kolkata22 Jul 2025AY 2010-2011

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 143(3)Section 14ASection 250Section 36

…आयकर अपीलीय अधिकरण कोलकाता 'बी' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘B’ BENCH, KOLKATA श्री प्रदीप कुमार चौबे, न्याधयक सदस्य एवं श्री राकेश धमश्रा, लेखा सदस्य के समक्ष Before SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER I.T.A. Nos.: 1788, 1930 & 1789/KOL/2024 Assessment Years: 2010-11, 2011-12 & 2013-14 D.C.I.T., Circle-3(1), Kolkata Nagreeka Foils Ltd. D.C.I.T., Circle-3, Kolkata Vs. D.C.I.T., Circle-6(3), Kolkata (Appellant) (Respondent) PAN: AAACN8548H Appearances: Assessee represented by : Akshay Ringasia. CA. Department represented by : Kapil Ma…

Morgan Credits Pvt Ltd, Mumbai vs. CIT (A)-54, Mumbai

In the result both the appeals filed by the assessee are treated as allowed for statistical purposes

ITA 1245/MUM/2023[2018-19]Status: DisposedITAT Mumbai20 Sept 2023AY 2018-19

Bench: Shri B.R. Baskaran (Am) & Shri Narender Kumar Choudhry (Jm)

Section 14A

…dered for computing ‘average value of investments’ for the purposes of Rule 8D of IT Rules. In support this submission, Ld A.R placed his reliance on the decision of Hon'ble Kolkata High Court decision in the case of PCIT Vs. Shalimar Pellet Feeds Ltd. (2023) 453 ITR 547 and also on the decision rendered by Hon'ble High Court of Delhi in the case of Cargo Motors (P) Ltd. Vs. DCIT (2023) 453 ITR 554. Accordingly learned AR prayed that the Assessing Officer may be directed to follow the above said decisions and compute the average value of the investment by considering only those investments which have yielded exem…

Morgan Credits Pvt Ltd, Mumbai vs. CIT (A)-54, Mumbai

In the result both the appeals filed by the assessee are treated as allowed for statistical purposes

ITA 1244/MUM/2023[2017-18]Status: DisposedITAT Mumbai20 Sept 2023AY 2017-18

Bench: Shri B.R. Baskaran (Am) & Shri Narender Kumar Choudhry (Jm)

Section 14A

…dered for computing ‘average value of investments’ for the purposes of Rule 8D of IT Rules. In support this submission, Ld A.R placed his reliance on the decision of Hon'ble Kolkata High Court decision in the case of PCIT Vs. Shalimar Pellet Feeds Ltd. (2023) 453 ITR 547 and also on the decision rendered by Hon'ble High Court of Delhi in the case of Cargo Motors (P) Ltd. Vs. DCIT (2023) 453 ITR 554. Accordingly learned AR prayed that the Assessing Officer may be directed to follow the above said decisions and compute the average value of the investment by considering only those investments which have yielded exem…

DCIT-5(2)(1), Mumbai vs. Jsw Investments Pvt Ltd., Mumbai

In the result, the appeals of the assessee and appeal of the revenue are partly allowed for statistical purposes

ITA 1088/MUM/2023[2014-15]Status: DisposedITAT Mumbai31 Jul 2023AY 2014-15

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1085 & 1086/Mum/2023 (A.Ys. 2013-14 & 2014-15) Jsw Investment Pvt. Ltd. Vs. Dy. Cit-5(2)(1) Jsw Centre, Bandra 21, 3Rd Floor, Mittal Kurla Complex, Court, 22, Bandra (East), Nariman Point, Mumbai – 400 051 Mumbai – 400 020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aajcs2498G Appellant .. Respondent

For Appellant: Hiro RaiFor Respondent: Lieder Panicker
Section 10(34)Section 115JSection 143(3)Section 14A

…t income the ld. Counsel has placed reliance on the decision of Hon’ble Bombay High Court in the case of Nirved Traders Pvt. Ltd. Vs. DCIT (2020) 421 ITR 142 (Bom) and the Hon’ble High Court of Calcutta in the case Pr.CIT Vs. Shalimar Pettel Feeds Ltd. (2023) 453 ITR 547 P a g e | 5 ITA Nos. 1085 to 1088/Mum/2023 JSW Investment Pvt. Ltd. Vs. DCIT-5(2)(1) (Cal) and the Hon’ble Bombay High Court in the case of Pr.CIT Vs. HSBC Investment Direct (I) Ltd. (2020) 421 ITR 125 (Bom). Regarding contention of the assessee that only those investments should be considered for computing disallowance u/s 14A which yielded exe…

DCIT-5(2)(1), Mumbai vs. Jsw Investments Pvt Ltd., Mumbai

In the result, the appeals of the assessee and appeal of the revenue are partly allowed for statistical purposes

ITA 1087/MUM/2023[2013-14]Status: DisposedITAT Mumbai31 Jul 2023AY 2013-14

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1085 & 1086/Mum/2023 (A.Ys. 2013-14 & 2014-15) Jsw Investment Pvt. Ltd. Vs. Dy. Cit-5(2)(1) Jsw Centre, Bandra 21, 3Rd Floor, Mittal Kurla Complex, Court, 22, Bandra (East), Nariman Point, Mumbai – 400 051 Mumbai – 400 020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aajcs2498G Appellant .. Respondent

For Appellant: Hiro RaiFor Respondent: Lieder Panicker
Section 10(34)Section 115JSection 143(3)Section 14A

…t income the ld. Counsel has placed reliance on the decision of Hon’ble Bombay High Court in the case of Nirved Traders Pvt. Ltd. Vs. DCIT (2020) 421 ITR 142 (Bom) and the Hon’ble High Court of Calcutta in the case Pr.CIT Vs. Shalimar Pettel Feeds Ltd. (2023) 453 ITR 547 P a g e | 5 ITA Nos. 1085 to 1088/Mum/2023 JSW Investment Pvt. Ltd. Vs. DCIT-5(2)(1) (Cal) and the Hon’ble Bombay High Court in the case of Pr.CIT Vs. HSBC Investment Direct (I) Ltd. (2020) 421 ITR 125 (Bom). Regarding contention of the assessee that only those investments should be considered for computing disallowance u/s 14A which yielded exe…

Jsw Investments Pvt Ltd., Mumbai vs. CIT (A)-10, Mumbai

In the result, the appeals of the assessee and appeal of the revenue are partly allowed for statistical purposes

ITA 1086/MUM/2023[2014-15]Status: DisposedITAT Mumbai31 Jul 2023AY 2014-15

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1085 & 1086/Mum/2023 (A.Ys. 2013-14 & 2014-15) Jsw Investment Pvt. Ltd. Vs. Dy. Cit-5(2)(1) Jsw Centre, Bandra 21, 3Rd Floor, Mittal Kurla Complex, Court, 22, Bandra (East), Nariman Point, Mumbai – 400 051 Mumbai – 400 020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aajcs2498G Appellant .. Respondent

For Appellant: Hiro RaiFor Respondent: Lieder Panicker
Section 10(34)Section 115JSection 143(3)Section 14A

…t income the ld. Counsel has placed reliance on the decision of Hon’ble Bombay High Court in the case of Nirved Traders Pvt. Ltd. Vs. DCIT (2020) 421 ITR 142 (Bom) and the Hon’ble High Court of Calcutta in the case Pr.CIT Vs. Shalimar Pettel Feeds Ltd. (2023) 453 ITR 547 P a g e | 5 ITA Nos. 1085 to 1088/Mum/2023 JSW Investment Pvt. Ltd. Vs. DCIT-5(2)(1) (Cal) and the Hon’ble Bombay High Court in the case of Pr.CIT Vs. HSBC Investment Direct (I) Ltd. (2020) 421 ITR 125 (Bom). Regarding contention of the assessee that only those investments should be considered for computing disallowance u/s 14A which yielded exe…

Jsw Investments Pvt Ltd., Mumbai vs. CIT, (A)-10, Mumbai

In the result, the appeals of the assessee and appeal of the revenue are partly allowed for statistical purposes

ITA 1085/MUM/2023[2013-14]Status: DisposedITAT Mumbai31 Jul 2023AY 2013-14

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1085 & 1086/Mum/2023 (A.Ys. 2013-14 & 2014-15) Jsw Investment Pvt. Ltd. Vs. Dy. Cit-5(2)(1) Jsw Centre, Bandra 21, 3Rd Floor, Mittal Kurla Complex, Court, 22, Bandra (East), Nariman Point, Mumbai – 400 051 Mumbai – 400 020 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aajcs2498G Appellant .. Respondent

For Appellant: Hiro RaiFor Respondent: Lieder Panicker
Section 10(34)Section 115JSection 143(3)Section 14A

…t income the ld. Counsel has placed reliance on the decision of Hon’ble Bombay High Court in the case of Nirved Traders Pvt. Ltd. Vs. DCIT (2020) 421 ITR 142 (Bom) and the Hon’ble High Court of Calcutta in the case Pr.CIT Vs. Shalimar Pettel Feeds Ltd. (2023) 453 ITR 547 P a g e | 5 ITA Nos. 1085 to 1088/Mum/2023 JSW Investment Pvt. Ltd. Vs. DCIT-5(2)(1) (Cal) and the Hon’ble Bombay High Court in the case of Pr.CIT Vs. HSBC Investment Direct (I) Ltd. (2020) 421 ITR 125 (Bom). Regarding contention of the assessee that only those investments should be considered for computing disallowance u/s 14A which yielded exe…

Pr.CIT v. Shalimar Pettel Feeds Ltd. (453 ITR 547) — Cited in 11 Judgments | BharatTax