REI Agro Ltd. v. DCIT

144 ITD 141Income Tax Appellate Tribunal2013#221 most cited

What is REI Agro Ltd. v. DCIT authority for?

Disallowance under Section 14A read with Rule 8D applies only to investments that have yielded exempt income in the year under consideration.

346

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2015 to 2026.

Also referred to as

REI Agro Ltd v DCIT · Section 14A disallowance · Rule 8D · exempt income · dividend yielding investments · non-yielding investments · expenditure disallowance · Rule 8D application · Section 115JB · exempt income computation

Also reported as

35 Taxmann.com 404160 TTJ 107144 ITR 141

Sections most often in play

Section 14ASection 115JBSection 250Section 143(3)Section 8DSection 142(1)Section 143(2)Section 37(1)

Issues it is cited on

disallowance under section 14adisallowance u/s 14asection 14asection 10previous yearcompanysection 14indiatotal incomepersonbusinessinterest

Judgments citing REI Agro Ltd. v. DCIT

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

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

ITA 6021/DEL/2012[2008-09]Status: DisposedITAT Delhi09 Nov 2017AY 2008-09

Bench: Shri N.K. Saini & Shri K.N. Charry

Section 143(3)Section 144CSection 144C(5)Section 14ASection 35DSection 43BSection 92C

…d in Pr.CIT vs. U.K. Paints (India) (P.) Ltd.: 244 Taxman 309 (Del.), Joint Investments P. Ltd. v. CIT: 275 CTR 471 (Del.), Minda Investments Ltd. vs. DCIT: 138 TTJ 240 ( Del.) , ACIT vs. MMTC Limited: ITA No. 724/Del/2014 (Del. Trib.), REI Agro Ltd vs. DCIT: 144 ITD 141 (Revenue appeal dismissed by Calcutta High Court in appeal No. GA No.3581 of 2013)., CIT v. Abhishek Industries Ltd - 231 Taxman 85 (P&H), 6.7. Second contention raised on behalf of the assessee is that the assessee is an operating company engaged in manufacture of automobiles and the entire expenditure incurred was in relation to the manufactur…

DCIT, Cir-6(1), Kolkata vs. M/S Drp Trading & Investments Pvt. Ltd., Kolkata

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

ITA 83/KOL/2016[2012-2013]Status: DisposedITAT Kolkata08 Nov 2017AY 2012-2013

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 83/Kol/2016 Assessment Year : 2012-13 Dcit, Circle-6(1), Kolkata -Vs- M/S Drp Trading & Investments Pvt. Ltd. [Pan: Aaacd 9817 H] (Appellant) (Respondent)

For Appellant: Shri Avinash Mishra, CITFor Respondent: Shri A.K. Tulsian, FCA
Section 132Section 133ASection 143(2)Section 143(3)Section 14ASection 153C

…o account only dividend bearing investments while computing 2 3 M/s DRP Trading & Investments Pvt. Ltd. A.Yr.2012-13 disallowance under Rule 8D(2)(iii) of the Rules in the light of the decision of this tribunal in the case of REI Agro Ltd vs DCIT reported in 144 ITD 141 (Kolkata Trib). With regard to disallowance under Rule 8D(2)(i) of the Rules, the assessee gave the workings of disallowance at Rs 1,57,976/-. The ld CITA observed that assessee has made investments in shares and securities and at the same time, it is involved in trading of shares and securities also. Therefore, proportionate disallowance of dire…

Govind Commercial Co. Ltd., Kolkata vs. The DCIT, Cir-7, Kolkata

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

ITA 60/KOL/2016[2010-11]Status: DisposedITAT Kolkata08 Nov 2017AY 2010-11

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 60/Kol/2016 Assessment Year : 2010-11 Govind Commercial Co. Ltd. -Vs- Dcit, Circle-7, Kolkata [Pan: Aabcg 1643 D] (Appellant) (Respondent)

For Appellant: Nilima Joshi, FCAFor Respondent: Shri S.Yaden, Addl. CIT
Section 143(3)Section 14A

…ded the dividend to the assessee during the year under appeal and prayed for consideration of the same for making disallowance under Rule 8D(2)(iii) in accordance with the decision of Co-ordinate Bench of this Tribunal in the case of REI Agro Ltd. reported in 144 ITD 141 (Kol-Tribunal). We find 2 3 Govind Commercial Co. Ltd. A.Yr.2010-11 lot of force in the argument of the Ld. AR in this regard and accordingly direct the Ld. AO to make disallowance under Rule 8D(2)(iii) by considering only dividend bearing investments thereon. The Ld. AO is also directed to reduce the sum of Rs. 48,113/- already disallowed by th…

DCIT, Circle-12(2), Kolkata vs. M/S. Prachar Communication Ltd., Howrah

In the result, the appeal of the revenue is dismissed and Cross Objection of the assessee is partly allowed for statistical purposes

ITA 2262/KOL/2014[2009-2010]Status: DisposedITAT Kolkata01 Nov 2017AY 2009-2010

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 2262/Kol/2014 Assessment Year : 2009-10 Dcit, Circle-12(2), Kolkata -Vs- M/S Pracher Communication Ltd. [Pan: Aabcp 5657 L] (Appellant) (Respondent)

For Appellant: Shri David Z. Chowngthu, Addl. CIT DRFor Respondent: Shri S. Jhajharia, AR
Section 143(3)Section 32

…efore the ld CITA among other additions. The ld CITA directed the ld AO to compute the disallowance under Rule 8D(2)(ii) and Rule 8D(2)(iii) in the light of the decision of the co-ordinate bench of this tribunal in the case of REI Agro Ltd vs DCIT reported in 144 ITD 141 wherein it was held that the disallowance u/s 14A read with Rule 8D could be made subject to following conditions:- a) Satisfaction has to be recorded by the ld AO in the assessment order in terms of Rule 8D(1) . b) Disallowance under Rule 8D(2)(ii) can only be made in respect of interest which cannot be attributed to any specific source of incom…

D.C.I.T., Circle-4, Kolkata vs. M/S Keventer Agro Ltd., Kolkata

In the result, assessee’s appeal is allowed

ITA 2768/KOL/2013[2010-2011]Status: DisposedITAT Kolkata18 Oct 2017AY 2010-2011

Bench: Hon’Ble Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

Section 143(3)Section 40(1)(a)Section 41(1)

…ion the investment which has given rise to this income which does not form part of the total income. In holding so we find guidance & support from the order of Coordinate Bench of this Tribunal in the case of REI Agro Ltd. v. Dy. CIT [2013] 35 taxmann.com 404/144 ITD 141 (Kol.) which was also affirmed by the Hon'ble Calcutta High Court vide Order dated 09.04.2014 in GA No. 3581 of 2013, wherein it was held that the disallowance as per Rule 8D shall be made by taking into consideration only those shares, which have yielded dividend income in the year under consideration. Therefore we direct the AO to make the disa…

M/S Keventer Agro Limited, Kolkata vs. Addl.C.I.T., Range-4, Kolkata

In the result, assessee’s appeal is allowed

ITA 2576/KOL/2013[2010-2011]Status: DisposedITAT Kolkata18 Oct 2017AY 2010-2011

Bench: Hon’Ble Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

Section 143(3)Section 40(1)(a)Section 41(1)

…ion the investment which has given rise to this income which does not form part of the total income. In holding so we find guidance & support from the order of Coordinate Bench of this Tribunal in the case of REI Agro Ltd. v. Dy. CIT [2013] 35 taxmann.com 404/144 ITD 141 (Kol.) which was also affirmed by the Hon'ble Calcutta High Court vide Order dated 09.04.2014 in GA No. 3581 of 2013, wherein it was held that the disallowance as per Rule 8D shall be made by taking into consideration only those shares, which have yielded dividend income in the year under consideration. Therefore we direct the AO to make the disa…

The Tinplate Company of India, Kolkata vs. DCIT, Circle-3, Kolkata

In the result, all the appeals of assessee are partly allowed for statistical purposes

ITA 166/KOL/2017[2007-08]Status: DisposedITAT Kolkata04 Oct 2017AY 2007-08

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And डॉ. अजु"न लाल सैनी, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 43B

…der of Hon’ble Jurisdictional High Court in CIT, Kol-2 Vs. M/s. Jayshree Tea & Industries Ltd (supra). 10. Now coming to the action of the Ld. CIT(A)’s direction in respect to application of Rule 8D(2)(iii) this Tribunal has consistently held in REI Agro Ltd. 144 ITD 141 in which the coordinate Bench of the Tribunal held that only investment which has given rise to the exempted income should be taken into consideration. This order of the Tribunal has been upheld by the Hon’ble Calcutta High court vide its order dated 23.12.2013. We find force in the argument of the Ld. AR in the facts and circumstances of the cas…

The Tinplate Company of India, Kolkata vs. DCIT, Circle-3, Kolkata

In the result, all the appeals of assessee are partly allowed for statistical purposes

ITA 165/KOL/2017[2006-07]Status: DisposedITAT Kolkata04 Oct 2017AY 2006-07

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And डॉ. अजु"न लाल सैनी, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 43B

…der of Hon’ble Jurisdictional High Court in CIT, Kol-2 Vs. M/s. Jayshree Tea & Industries Ltd (supra). 10. Now coming to the action of the Ld. CIT(A)’s direction in respect to application of Rule 8D(2)(iii) this Tribunal has consistently held in REI Agro Ltd. 144 ITD 141 in which the coordinate Bench of the Tribunal held that only investment which has given rise to the exempted income should be taken into consideration. This order of the Tribunal has been upheld by the Hon’ble Calcutta High court vide its order dated 23.12.2013. We find force in the argument of the Ld. AR in the facts and circumstances of the cas…

The Tinplate Company of India Ltd., Kolkata vs. DCIT, Cir-3, Kolkata

In the result, all the appeals of assessee are partly allowed for statistical purposes

ITA 969/KOL/2015[2009-2010]Status: DisposedITAT Kolkata04 Oct 2017AY 2009-2010

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And डॉ. अजु"न लाल सैनी, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 43B

…der of Hon’ble Jurisdictional High Court in CIT, Kol-2 Vs. M/s. Jayshree Tea & Industries Ltd (supra). 10. Now coming to the action of the Ld. CIT(A)’s direction in respect to application of Rule 8D(2)(iii) this Tribunal has consistently held in REI Agro Ltd. 144 ITD 141 in which the coordinate Bench of the Tribunal held that only investment which has given rise to the exempted income should be taken into consideration. This order of the Tribunal has been upheld by the Hon’ble Calcutta High court vide its order dated 23.12.2013. We find force in the argument of the Ld. AR in the facts and circumstances of the cas…

The Tinplate Company of India Ltd., Kolkata vs. DCIT, Cir-3, Kolkata

In the result, all the appeals of assessee are partly allowed for statistical purposes

ITA 968/KOL/2015[2008-2009]Status: DisposedITAT Kolkata04 Oct 2017AY 2008-2009

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And डॉ. अजु"न लाल सैनी, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 43B

…der of Hon’ble Jurisdictional High Court in CIT, Kol-2 Vs. M/s. Jayshree Tea & Industries Ltd (supra). 10. Now coming to the action of the Ld. CIT(A)’s direction in respect to application of Rule 8D(2)(iii) this Tribunal has consistently held in REI Agro Ltd. 144 ITD 141 in which the coordinate Bench of the Tribunal held that only investment which has given rise to the exempted income should be taken into consideration. This order of the Tribunal has been upheld by the Hon’ble Calcutta High court vide its order dated 23.12.2013. We find force in the argument of the Ld. AR in the facts and circumstances of the cas…

Stci Finance Ltd, Mumbai vs. DCIT RG (OSD) 1(2), Mumbai

In the result, appeal filed by the assessee is allowed and appeal of the Revenue is

ITA 6321/MUM/2014[2010-11]Status: DisposedITAT Mumbai29 Sept 2017AY 2010-11

Bench: Shri G.S. Pannu & Shri Pawan Singhstci Finance Limited The Dcit (Osd) -1(2), A/B 1-802, A Wing, 8Th Floor, Aayakar Bhavan, Churchgate, Marathon Innova, Marathon Mumbai-400020. Nextgen Compound, Off Vs. Ganpatrao Kadam Marg, Lower Parel (W), Mumbai-400013 Pan: Aagcs9709K (Appellant) (Respondent) The Dcit (Osd) -1(2), Stci Finance Limited A/B 1-802, A Wing, 8Th Floor, Aayakar Bhavan, Churchgate, Mumbai-400020. Marathon Innova, Marathon Vs. Nextgen Compound, Off Ganpatrao Kadam Marg, Lower Parel (W), Mumbai-400013 Pan: Aagcs9709K (Appellant) (Respondent) Assessee By Shri Karthik Natrajan & : Ms. Hetal Vora, (Ar) Revenue By : Shri V. Justin (Sr. Dr) Date Of Hearing : 22.08.2017 Date Of Pronouncement : 29.09.2017 Order Under Section 254(1) Of Income Tax Act Per Pawan Singh: 1. These Two Appeal U/S 253 Of The Income-Tax Act (The Act) Are Directed Against The Order Of Ld. Cit(A)-2, Mumbai Dated 14.06.2014 For The Assessment Year (Ay)

For Respondent: Shri V. Justin (Sr. DR)
Section 115JSection 143(3)Section 14ASection 14A(2)Section 250Section 253Section 254(1)

…dered and not the total investment at the beginning of the year and at the end of the year. In support of his submission, the ld. AR of the assessee relied upon the decision of ACB India Ltd. vs. ACIT (TS-176-HC-2015 Del-O) and REI Agro Ltd. vs. DCIT (2014) 160 TTJ 107 (Kol. Trib). In third alternative argument, the ld. AR submits that the disallowance ought to be restricted to the actual dividend received during the year. The ld. AR of the assessee argued that disallowance under section 14A r.w.r 8D cannot exceed the dividend received during the year to buttress his submission, the ld. AR of the assessee rel…

Asst CIT 1(3), Mumbai vs. Stci Ltd, Mumbai

In the result, appeal filed by the assessee is allowed and appeal of the Revenue is

ITA 6125/MUM/2014[2010-11]Status: DisposedITAT Mumbai29 Sept 2017AY 2010-11

Bench: Shri G.S. Pannu & Shri Pawan Singhstci Finance Limited The Dcit (Osd) -1(2), A/B 1-802, A Wing, 8Th Floor, Aayakar Bhavan, Churchgate, Marathon Innova, Marathon Mumbai-400020. Nextgen Compound, Off Vs. Ganpatrao Kadam Marg, Lower Parel (W), Mumbai-400013 Pan: Aagcs9709K (Appellant) (Respondent) The Dcit (Osd) -1(2), Stci Finance Limited A/B 1-802, A Wing, 8Th Floor, Aayakar Bhavan, Churchgate, Mumbai-400020. Marathon Innova, Marathon Vs. Nextgen Compound, Off Ganpatrao Kadam Marg, Lower Parel (W), Mumbai-400013 Pan: Aagcs9709K (Appellant) (Respondent) Assessee By Shri Karthik Natrajan & : Ms. Hetal Vora, (Ar) Revenue By : Shri V. Justin (Sr. Dr) Date Of Hearing : 22.08.2017 Date Of Pronouncement : 29.09.2017 Order Under Section 254(1) Of Income Tax Act Per Pawan Singh: 1. These Two Appeal U/S 253 Of The Income-Tax Act (The Act) Are Directed Against The Order Of Ld. Cit(A)-2, Mumbai Dated 14.06.2014 For The Assessment Year (Ay)

For Respondent: Shri V. Justin (Sr. DR)
Section 115JSection 143(3)Section 14ASection 14A(2)Section 250Section 253Section 254(1)

…dered and not the total investment at the beginning of the year and at the end of the year. In support of his submission, the ld. AR of the assessee relied upon the decision of ACB India Ltd. vs. ACIT (TS-176-HC-2015 Del-O) and REI Agro Ltd. vs. DCIT (2014) 160 TTJ 107 (Kol. Trib). In third alternative argument, the ld. AR submits that the disallowance ought to be restricted to the actual dividend received during the year. The ld. AR of the assessee argued that disallowance under section 14A r.w.r 8D cannot exceed the dividend received during the year to buttress his submission, the ld. AR of the assessee rel…

DCIT, CC-2(3), Kolkata vs. Shri Vivek Jain, Kolkata

In the result the appeals by the revenue are dismissed and the Cross Objections by the assessees are partly allowed

ITA 1283/KOL/2015[2012-2013]Status: DisposedITAT Kolkata18 Aug 2017AY 2012-2013

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri J.Sudhakar Reddy, Am] I.T.A No. 1282/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -Vs- Shri Vikash Jain Kolkata. Kolkata [Pan : Actpj 6174 D] (Respondent) (Appellant) I.T.A No. 1283/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -Vs- Shri Vivek Jain Kolkata. Kolkata [Pan : Actpj 6173 E] (Respondent) (Appellant) C.O.Nos.58&59/Kol/2015 (A/O Ita Nos.1282 & 1283/Kol/2015) Shri Vikash Jain & Shri Vivek Jain -Vs- D.C.I.T., Central Circle-2(3) Kolkata Kolkata [Pan : Actpj 6174D & Actpj 6173 E] (Cross Objectors) (Respondent) For The Revenue : Shri Sallong Yaden, Addl. Cit For The Assessee : None Date Of Hearing : 14.08.2017. Date Of Pronouncement : 18.08.2017. Order Per N.V.Vasudevan, Jm

For Appellant: NoneFor Respondent: Shri Sallong Yaden, Addl. CIT
Section 140ASection 143Section 14ASection 234Section 234B

…D 33 (Delhi) wherein it was held that there can be no disallowance of expenses u/s.14A of the Act, if there is no exempt income during the relevant previous year. It was brought to our notice that the Hon’ble ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581 of 201…

DCIT, Cen. Cir-2(3), Kolkata vs. Shri Vikash Jain, Kolkata

In the result the appeals by the revenue are dismissed and the Cross Objections by the assessees are partly allowed

ITA 1282/KOL/2015[2012-2013]Status: DisposedITAT Kolkata18 Aug 2017AY 2012-2013

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri J.Sudhakar Reddy, Am] I.T.A No. 1282/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -Vs- Shri Vikash Jain Kolkata. Kolkata [Pan : Actpj 6174 D] (Respondent) (Appellant) I.T.A No. 1283/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -Vs- Shri Vivek Jain Kolkata. Kolkata [Pan : Actpj 6173 E] (Respondent) (Appellant) C.O.Nos.58&59/Kol/2015 (A/O Ita Nos.1282 & 1283/Kol/2015) Shri Vikash Jain & Shri Vivek Jain -Vs- D.C.I.T., Central Circle-2(3) Kolkata Kolkata [Pan : Actpj 6174D & Actpj 6173 E] (Cross Objectors) (Respondent) For The Revenue : Shri Sallong Yaden, Addl. Cit For The Assessee : None Date Of Hearing : 14.08.2017. Date Of Pronouncement : 18.08.2017. Order Per N.V.Vasudevan, Jm

For Appellant: NoneFor Respondent: Shri Sallong Yaden, Addl. CIT
Section 140ASection 143Section 14ASection 234Section 234B

…D 33 (Delhi) wherein it was held that there can be no disallowance of expenses u/s.14A of the Act, if there is no exempt income during the relevant previous year. It was brought to our notice that the Hon’ble ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581 of 201…

ACIT, Cir-40, Kolkata vs. M/S Assam Bengal Carriers, Kolkata

In the result, the appeals of the revenue are partly allowed

ITA 2385/KOL/2016[2013-14]Status: DisposedITAT Kolkata07 Jul 2017AY 2013-14

Bench: Hon’Ble Sri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 2384 & 2385/Kol/2016 Assessment Years : 2012-13 & 2013-14 A.C.I.T., Circle-40, -Vs.- M/S. Assam Bengal Carriers Kolkata Kolkata [Pan : Aaffa 0462 R] (Respondent) (Appellant) For The Appellant : Shri D.C.Mondal, Jcit For The Respondent : Shri V.N.Purohit, Fca Date Of Hearing : 09.06.2017. Date Of Pronouncement : 07.07.2017 Order

For Appellant: Shri D.C.Mondal, JCITFor Respondent: Shri V.N.Purohit, FCA
Section 143(3)Section 14A

…ding to the effect that investment made by the assessee firm in ABC India Ltd is a strategic investment . This fact has not been controverted by the revenue before us. It is already settled by the order of this tribunal in the case of REI Agro Ltd reported in 144 ITD 141 (Kol ITAT) wherein it was held that only dividend bearing investments must be considered for the purpose of disallowance u/s 14A of the Act read with Rule 8D of the Rules. We find that the issue of exclusion of strategic investments for the purpose of disallowance u/s 14A of the Act has been decided by the co-ordinate bench of this tribunal in th…

ACIT, Cir-40, Kolkata vs. M/S Assam Bengal Carriers, Kolkata

In the result, the appeals of the revenue are partly allowed

ITA 2384/KOL/2016[2012-13]Status: DisposedITAT Kolkata07 Jul 2017AY 2012-13

Bench: Hon’Ble Sri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 2384 & 2385/Kol/2016 Assessment Years : 2012-13 & 2013-14 A.C.I.T., Circle-40, -Vs.- M/S. Assam Bengal Carriers Kolkata Kolkata [Pan : Aaffa 0462 R] (Respondent) (Appellant) For The Appellant : Shri D.C.Mondal, Jcit For The Respondent : Shri V.N.Purohit, Fca Date Of Hearing : 09.06.2017. Date Of Pronouncement : 07.07.2017 Order

For Appellant: Shri D.C.Mondal, JCITFor Respondent: Shri V.N.Purohit, FCA
Section 143(3)Section 14A

…ding to the effect that investment made by the assessee firm in ABC India Ltd is a strategic investment . This fact has not been controverted by the revenue before us. It is already settled by the order of this tribunal in the case of REI Agro Ltd reported in 144 ITD 141 (Kol ITAT) wherein it was held that only dividend bearing investments must be considered for the purpose of disallowance u/s 14A of the Act read with Rule 8D of the Rules. We find that the issue of exclusion of strategic investments for the purpose of disallowance u/s 14A of the Act has been decided by the co-ordinate bench of this tribunal in th…

DCIT, Central Cir. VI, Kolkata vs. M/S J.K. Lakshmi Cement Ltd., Kolkata

In the result, assessee’s CO is partly allowed

ITA 611/KOL/2013[2009-2010]Status: DisposedITAT Kolkata26 May 2017AY 2009-2010

Bench: Shri Waseem Ahmed & Shri Partha Sarathi Chowdhury

Section 142(1)Section 143(3)Section 263Section 32

…dustries Ltd. order dated 14.5.2013 by ITAT, 'A' Bench, Kolkata in ITA No. 1811/Ko1l2012, AY 2009- 10. (ii) REI Agro Industries Ltd. v. DCIT, Central Circle - XVII, Kol in appeal No. 1331 and 1423 (Kol) of 2011 dt. 29.6.2013 for A.Y 2008-09 reported in (2013) 144 ITD 141 (Kol) 'A' Bench. In both the aforesaid cases it was held by the Hon'ble Co-ordinate Bench of this Tribunal that without recording satisfaction, no disallowance u/s 14A read with Rule 8D can be made. In this connection, Ld. AR also drawn to a decision of Hon'ble Delhi High Court dt. 25.2.2015 reported in (2015) 372 ITR 694 (Del.) in which also it…

ACIT 3(2)(1), Mumbai vs. Mukund Global Finance Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 809/MUM/2017[2012-13]Status: DisposedITAT Mumbai15 May 2017AY 2012-13

Bench: Shri R.C.Sharma, Am Acit – 3 (2) (1), Mumbai Vs. M/S. Mukund Global 3Rd Finance Ltd., Floor, Bajaj Bhavan, 226, Jamnalal Bajaj Marg, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacm8384N Appellant) Respondent) ..

Section 115JSection 14Section 143(3)Section 14A

…8 (DeL); • CIT vs. Abhishek Industries Ltd. ([2015] 231 Taxman 85) (Punjab & Haryana) • Auchtel Products Ltd (_jTA No. 3183,2649 & 3185/Mum/2011) (Order dated 30 April 2012); • DCIT vs. Jindal Photo Ltd (2011-TIOL-653-ITAT-Del); • REI Agro Ltd. v. DCIT [2013] 144 ITD 141 (Kol); • ACIT v. Magarpatta Township Development & Construction Co. Ltd 3 M/s.Mukund Global Finance Ltd., [2015] 152 ITD 469 (Pune); • Fali S Nariman vs. Addnl. CIT [2015] 68 SOT 134 (Mum. ITAT) • ACIT vs. Pawan Kumar Jhunjhunwala [2016] 66 Taxmann.com 13 (Kol. ITAT) • Damodar Valley Corporation vs. CIT [2016] 66 Taxmann.com 25 (Kol. ITAT) • CIT…

Krishi Rasayan Exports Pvt. Ltd., Kolkata vs. ACIT, Range-12, Kolkata

In the result, the appeals of the assessee being

ITA 1953/KOL/2014[2011-2012]Status: DisposedITAT Kolkata12 May 2017AY 2011-2012

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

Section 115JSection 143(3)Section 14A

…the extent of exempt income vide paragraph no. 29 of its order, which reads as under:- “29. We have heard the submission of the learned counsel for the Assessee. It was brought to our notice that the Hon'ble ITAT, Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon'ble Calcutta High Court in G.A.No.3581…

Shriram Ownership Trust, Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee for both

ITA 407/CHNY/2017[2014-15]Status: DisposedITAT Chennai05 May 2017AY 2014-15

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. Nos. 406 & 407/Mds/2017 "नधा"रण वष" /Assessment Years : 2013-2014 & 2014-2015. Shriram Ownership Trust, Vs. The Deputy Commissioner Of No.4, Shriram House, I Floor, Income Tax, Burkit Road, T. Nagar, Non Corporate Circle 2, Chennai 600 017. Chennai 600 034. [Pan Aagts 2243H] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. Shaji P. Jacob, IRS, Addl. CIT
Section 144ASection 14ASection 160(1)Section 161(1)Section 2(31)Section 56Section 56(1)Section 56(2)Section 56(2)(vii)

…ccording to him, by virtue of decision of Delhi Bench of the Tribunal in the case of Interglobe Enterprises Ltd vs. DCIT ( in ITA Nos.1362, 1032 & 1580/Del/2013, dated 04.04.2014) and that of Kolkata Bench of the Tribunal in the case of Rei Agro Ltd vs. DCIT 144 ITD 141, only investments giving rise to dividend income claimed as exempt could be considered for calculation u/s. 14A of the Act. Reliance was also placed on the decision of Co-ordinate Bench in the case of Computer Age Management Services (P) Ltd vs. ACIT (ITA No.1259 to 1261/Mds/2014). Per contra, ld. Departmental Representative submitted that 31…