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

Shriram Ownership Trust, Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee for both

ITA 406/CHNY/2017[2013-14]Status: DisposedITAT Chennai05 May 2017AY 2013-14

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…

M/S. Narayani Sons. Pvt. Ltd vs. ACIT, CC-Xxx, Kolkata

In the result, appeal by the Assessee is allowed

ITA 2160/KOL/2014[2009-2010]Status: DisposedITAT Kolkata03 May 2017AY 2009-2010

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am]

For Appellant: Shri Shikha Agarwal, ACAFor Respondent: Shri Abhijit Dutta, Addl. CIT. Sr.DR
Section 139Section 139(1)Section 2(24)(x)Section 36Section 36(1)(va)Section 43Section 43B

…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 20…

Orix Auto Infrastructure Services Ltd, Mumbai vs. DCIT 10(3)(1), Mumbai

ITA 4480/MUM/2016[2011-12]Status: HeardITAT Mumbai17 Apr 2017AY 2011-12

Bench: Shri D.T. Garasia, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. No. 4480/Mum/2016

For Appellant: Dr. Anupama Singla, Ld. DR
Section 115JSection 143(3)Section 14A

…ITA No.4480/M/2016 Orix Auto Infrastructure Services Limited Assessment Year 2011-12 आयकर अपील"य अ"धकरण “जी” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI "ी डी.ट". गरा"सया,"या"यक सद"य एवं "ी मनोज कुमार अ"वाल, लेखा सद"य के सम" । BEFORE SHRI D.T. GARASIA, JM AND SHRI MANOJ KUMAR AGGARWAL, AM आयकर अपील सं./I.T.A. No. 4480/Mum/2016 ("नधा"रण वष" / Assessment Year: 2011-12) Orix Auto Infrastructure Deputy Commissioner of Services Limited Income Tax – 10(3)(1) Plot No. 94 [erstwhile DCIT-10(1)] Room No. 404, 4th Floor बनाम/ Marol Coop. Industrial Estate Aaykar Bhawan Andheri Kurla Road V…

Multi Commodity Exchange of (I) Ltd, Mumbai vs. DCIT Cen Cir 46, Mumbai

In the result, the appeals in ITA Nos

ITA 6690/MUM/2013[2008-09]Status: DisposedITAT Mumbai07 Apr 2017AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

Section 14Section 143(3)Section 148Section 14ASection 153ASection 2Section 254

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SRI MAHAVIR SINGH, JM AND SRI RAJESH KUMAR, AM ITA No.6688/Mum/2013 (A.Y:2006-07) ITA No.6690/Mum/2013 (A.Y:2008-09) Multi Commodity Exchange of Dy. Commissioner of Income Tax, (I) Ld. Central Circle-46 Exchange Square, CTS No. 255 Mumbai Vs. Suren Rd, Chakala, Mumbai-400 093 PAN No. AADCM9239K Appellant .. Respondent .. S/Shri Chetan Karia & Assessee by Rajesh Shah, AR Revenue by .. Shri Suman Kumar, DR Date of hearing .. 02-02-2017 Date of pronouncement .. 07-04-2017 O R D E R PER MAHAVIR SINGH, JM: These five appeals by the assessee are arising ou…

Multi Commodity Exchange of (I) Ltd, Mumbai vs. DCIT Cen Cir 46, Mumbai

In the result, the appeals in ITA Nos

ITA 6687/MUM/2013[2005-06]Status: DisposedITAT Mumbai07 Apr 2017AY 2005-06

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

Section 14Section 143(3)Section 148Section 14ASection 153ASection 2Section 254

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SRI MAHAVIR SINGH, JM AND SRI RAJESH KUMAR, AM ITA No.6688/Mum/2013 (A.Y:2006-07) ITA No.6690/Mum/2013 (A.Y:2008-09) Multi Commodity Exchange of Dy. Commissioner of Income Tax, (I) Ld. Central Circle-46 Exchange Square, CTS No. 255 Mumbai Vs. Suren Rd, Chakala, Mumbai-400 093 PAN No. AADCM9239K Appellant .. Respondent .. S/Shri Chetan Karia & Assessee by Rajesh Shah, AR Revenue by .. Shri Suman Kumar, DR Date of hearing .. 02-02-2017 Date of pronouncement .. 07-04-2017 O R D E R PER MAHAVIR SINGH, JM: These five appeals by the assessee are arising ou…

ITO, WD-3(3), Kolkata vs. M/S Sri Sudhir Jain, Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 1427/KOL/2014[2009-2010]Status: DisposedITAT Kolkata05 Apr 2017AY 2009-2010

Bench: Shri N. V. Vasudevan & Shri M. Balaganesh, I.T.A. No. 1427/Kol/2014 Assessment Year – 2009-10 I.T.O. Ward-(3)(3), Kolkata. M/S Sri Sudhir Jain -Vs- 13,B. B. Ganguly Street, Room No.-205, [Pan]: Aeupj6167K] Kolkata-12 (Appellant) (Respondent)

Section 143(3)Section 14ASection 2

…98/-. The Ld. CIT(A) deleted the disallowance u/s 14A of the Act by following the co-ordinate 3 I.T.A. No. 1427/Kol/2014 Assessment Year – 2009-10 M/s Sri Sudhir Jain bench decision of this Tribunal in the case of REI Agro Ltd. vs. DCIT reported in (2013) 144 ITD 141 (Kolkata) in the Kolkata Tribunal wherein it was held that disallowance under rule 8D is to be computed only on shares held as investments on which exempt dividend has been earned. He further held that since the assessee had already offered suo moto disallowance of Rs.50,280/-, u/s 14A of the Act, the Ld. AO is accordingly directed to work out th…

M/S. Larigo Investment Pvt Ltd., Kolkata vs. DCIT, CC-Xxx, Kolkata

In the result, the appeal filed by the assessee is allowed for statistical purpose

ITA 2159/KOL/2014[2009-2010]Status: DisposedITAT Kolkata24 Mar 2017AY 2009-2010

Bench: Shri Waseem Ahmed & Shri S.S. Viswanethra Ravi

Section 14A

…hat the only investment, which has given rise to the exempt income should be taken into consideration and application of Rule 8D(2)(iii) of the I T Rules is bad under law and placed reliance on the order of Kolkata Tribunal in the case of REI Agro reported in 144 ITD 141(Kol). On the other hand, the ld. DR has relied on the orders of the AO and the CIT-A. 4. Heard rival submissions and perused the material available on record. We find that except observing that the assessee has earned dividend income and nothing was shown by the AO in his order that the assessee earned income as dividend income and resorted to a…

DCIT, Cir-4, Kolkata vs. M/S Star Paper Mills Ltd., Kolkata

In the result, the appeal filed by the revenue is partly allowed for statistical purpose

ITA 480/KOL/2014[2008-2009]Status: DisposedITAT Kolkata22 Mar 2017AY 2008-2009

Bench: Shri M.Balaganesh & Shri S.S. Viswanethra Ravi

Section 43B

…ccordingly deleted. Ground No. 2 is allowed.” 12. The ld. DR relied on the order of AO. On the contrary, the Ld. AR of the assessee submits that it is covered by the order of this Tribunal in the case of REI Agro Ltd supra in ITA No. 1331/Kol/2011 reported in 144 ITD 141 (Kol). 13. Heard rival submissions and perused the material available on record. We find that except observing that the assessee has earned dividend income and nothing was shown by the AO in his order that the assessee earned income as dividend income and resorted to apply the method as provided under rule 8D(2)(iii) and computed the expenses ba…

D.C.I.T., Circle-4, Kolkata vs. M/S. Rossell India Ltd., Kolkata

In the result, Revenue’s appeal stands dismissed

ITA 2774/KOL/2013[2009-2010]Status: DisposedITAT Kolkata15 Mar 2017AY 2009-2010

Bench: Shri Aby.T Varkey & Shri Waseem Ahmedassessment Year:2009-10 Dcit, Circle-4, Kolkata V/S. M/S Rossell India Ltd. P-7, Chowringhee 21/1A/3, Darga Road, Square, Kolkata-69 Jindal Towers, Block B, 4Th Floor, Park Circus, Kolkta-700 017 [Pan Noaabcr 3736 J] .. अपीलाथ" /Appellant ""यथ"/Respondent

Section 10(34)Section 115JSection 143(3)Section 14A

…terest expenditure on such loans are not required to be considered for Rule 8D(2)9ii) purposes. Reliance is placed on the decisions of the Kolkata ITAT in the case of ACIT vs. Champion Commercial Co. Ltd. (2013) 152 TTJ 241 (Kol), DCT vs. REI Agro Ltd. (2013) 144 ITD 141 (Kol) and the decision of the Chennai ITAT in the case of ACIT vs. Best & Crompton Engineering Ltd. (2013) 60 SOT 53 (Chennai). vi) Without prejudice to above, in case any interest expenditure is at all required to be disallowed, the same has to be netted off against the interest income and only the difference, if any, can be considered for disal…

D.C.I.T Cir - 5, Kolkata vs. M/S Essel Mining & Industries Ltd., Kolkata

In the result, appeal of assessee as well as appeal of Revenue is partly allowed

ITA 2073/KOL/2013[2008-09]Status: DisposedITAT Kolkata10 Mar 2017AY 2008-09

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 10(34)Section 143(3)Section 14ASection 14A(2)

…. Since this issue raised by the ld. counsel for the assessee as an alternative contention is squarely covered in favour of the assessee by the decision of the Coordinate Bench of this Tribunal in the case of REI Agro Ltd. v. Dy. CIT [2013] 35 taxmann.com 404/144 ITD 141 (Kol.), we direct the Assessing Officer to compute the disallowance as per Rule 8D by taking into consideration only those shares, which have yielded dividend income in the year under consideration. The alternative contention of the ld. counsel for the assessee is accordingly accepted. Thus, the issue raised by the assessee in its appeal is partl…

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

In the result, appeal by the Assessee is partly allowed and appeal by the revenue is dismissed

ITA 883/KOL/2014[2010-2011]Status: DisposedITAT Kolkata08 Mar 2017AY 2010-2011

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am]

For Appellant: Shri S.D.Verma, Advocate and Shri Sanjeev Kadel, FCAFor Respondent: None
Section 139(5)

…IT(A) confirmed the order of the AO. Hence Gr.No.3 by the Assessee before the Tribunal. 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…

DCIT, Cir-12, Kolkata vs. M/S Krishi Rasayan Exports Pvt. Ltd., Kolkata

In the result, appeal by the Assessee is partly allowed and appeal by the revenue is dismissed

ITA 1018/KOL/2014[2010-2011]Status: DisposedITAT Kolkata08 Mar 2017AY 2010-2011

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am]

For Appellant: Shri S.D.Verma, Advocate and Shri Sanjeev Kadel, FCAFor Respondent: None
Section 139(5)

…IT(A) confirmed the order of the AO. Hence Gr.No.3 by the Assessee before the Tribunal. 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…

M/S Kalyani Barter (P) Ltd., Kolkata vs. The ITO, WD-2(3), Kolkata

In the result the assessee’s appeal is dismissed and the revenue’s appeal is partly allowed

ITA 681/KOL/2015[2010-2011]Status: DisposedITAT Kolkata03 Mar 2017AY 2010-2011

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

Section 10(34)Section 143(3)Section 14A

…ead of taking the value of shares, which actually yielded dividend income during the year under consideration. In this regard, he relied on the decision of the Coordinate Bench of this Tribunal in the case of REI Agro Ltd. v. Dy. CIT [2013] 35 taxmann.com 404/144 ITD 141 (Kol.), wherein it was held that the value of only those shares are required to be considered in computation as per Rule 8D, which have yielded dividend income. He pointed out that the said decision rendered by the Coordinate Bench of this Tribunal in the case of REI Agro Ltd. (supra) has been affirmed by the Hon'ble Calcutta High Court vide its…

DCIT Cen Cir 4(4) Cen RG 4, Mumbai vs. Uma Polymers Ltd, Mumbai

In the result, appeal of the Revenue is dismissed whereas appeal of the assessee is allowed in part

ITA 3884/MUM/2015[2011-12]Status: DisposedITAT Mumbai03 Mar 2017AY 2011-12
Section 10(34)Section 143(3)Section 14A

…investment while computing average investment in rule 8D (2)(iii). For this purpose reliance was placed on the following judicial pronouncements.  Coal India Ltd., vs.Addl.CIT (2015) 172 TTJ 0103 (Kol) M/s. Uma Polymers Ltd.,  REI Agro Ltd., vs. DCIT (2013) 144 ITD 141 (Kol Bench) 11. On the other hand, learned DR relied on the order of the lower authorities. 12. We have considered rival contentions and carefully gone through the orders of the authorities below. We had also deliberated on the judicial pronouncements referred by lower authorities in their respective orders as well as cited by learned AR during t…

Uma Polymers Ltd, Mumbai vs. DCIT Cir 3(3), Mumbai

In the result, appeal of the Revenue is dismissed whereas appeal of the assessee is allowed in part

ITA 3329/MUM/2015[2011-12]Status: DisposedITAT Mumbai03 Mar 2017AY 2011-12
Section 10(34)Section 143(3)Section 14A

…investment while computing average investment in rule 8D (2)(iii). For this purpose reliance was placed on the following judicial pronouncements.  Coal India Ltd., vs.Addl.CIT (2015) 172 TTJ 0103 (Kol) M/s. Uma Polymers Ltd.,  REI Agro Ltd., vs. DCIT (2013) 144 ITD 141 (Kol Bench) 11. On the other hand, learned DR relied on the order of the lower authorities. 12. We have considered rival contentions and carefully gone through the orders of the authorities below. We had also deliberated on the judicial pronouncements referred by lower authorities in their respective orders as well as cited by learned AR during t…

Spencer'S Retail Limited, Kolkata vs. DCIT, Cir-5, Kolkata

In the result the appeal of the assessee is allowed

ITA 96/KOL/2014[2008-2009]Status: DisposedITAT Kolkata01 Mar 2017AY 2008-2009

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 96/Kol/2014 Assessment Year : 2008-09

For Appellant: Shri D.S.Damle, FCAFor Respondent: Shri Anand Kumar Singh, JCIT

…has since been reversed by the 9 10 M/s. Spencer’s Retail Limited A.Yr.2008-09 Hon’ble Delhi High Court in the case of Cheminvest Ltd. Vs CIT 317 ITD 33 (Delhi). 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…

DCIT (Ltu), New Delhi vs. M/S. Exl Service.Com (India) Pvt. Ltd., New Delhi

In the result, the appeal by the assessee as well as ofthe department are partly allowed for statistical purposes

ITA 615/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Jan 2017AY 2010-11

Bench: Sh. N. K. Saini, Am & Sh. Kuldip Singh, Jm Ita No. 302/Del/2015 : Asstt. Year : 2010-11 Exl Service.Com (India) Pvt. Ltd., Vs Deputy Commissioner Of Income 414, 4Th Floor, Dlf Jasola, Tax, Large Tax Payer Unit, Tower-B, Plot No. 10 & 11, Dda New Delhi District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Ita No. 615/Del/2015 : Asstt. Year : 2010-11 Deputy Commissioner Of Income Vs Exl Service.Com (India) Pvt. Ltd., 414, 4Th Floor, Dlf Jasola, Tower- Tax, Circle-1 (Ltu), New Delhi-110017 B, Plot No. 10 & 11, Dda District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Pan No. Aaace5174C Assessee By : Sh. Ajay Vohra, Adv. Sh. Abhishek Agarwal, Adv. Revenue By : Sh. Piyush Jain, Cit Dr Date Of Hearing : 07.10.2017 Date Of Pronouncement : 03.01.2017 Order Per N. K. Saini, Am:

For Appellant: Sh. Ajay Vohra, AdvFor Respondent: Sh. Piyush Jain, CIT DR
Section 143(3)Section 92D

…ncome during the year should have been taken into consideration as against total investments appearing in the balance sheet for the relevant year. The reliance was placed on the following case laws: " ACB India Ltd. Vs ACIT 374 ITR 108 " REI Agro Ltd. Vs DCIT 144 ITD 141 (Kol.) 34. It was contended that the assessee had made the investments in shares of subsidiary company, viz. Exl Support Services Pvt. Ltd., out of commercial expediency, which would accordingly, not fall within the purview of Section 14A of the Act. The reliance was placed on the following case laws: " CIT Vs Bharat Hotels Ld. in ITA Nos. 535 &…

Exl Service.Com (India) Pvt. Ltd., New Delhi vs. DCIT (Ltu), New Delhi

In the result, the appeal by the assessee as well as ofthe department are partly allowed for statistical purposes

ITA 302/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Jan 2017AY 2010-11

Bench: Sh. N. K. Saini, Am & Sh. Kuldip Singh, Jm Ita No. 302/Del/2015 : Asstt. Year : 2010-11 Exl Service.Com (India) Pvt. Ltd., Vs Deputy Commissioner Of Income 414, 4Th Floor, Dlf Jasola, Tax, Large Tax Payer Unit, Tower-B, Plot No. 10 & 11, Dda New Delhi District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Ita No. 615/Del/2015 : Asstt. Year : 2010-11 Deputy Commissioner Of Income Vs Exl Service.Com (India) Pvt. Ltd., 414, 4Th Floor, Dlf Jasola, Tower- Tax, Circle-1 (Ltu), New Delhi-110017 B, Plot No. 10 & 11, Dda District Centre, Jasola, New Delhi-110044 (Appellant) (Respondent) Pan No. Aaace5174C Assessee By : Sh. Ajay Vohra, Adv. Sh. Abhishek Agarwal, Adv. Revenue By : Sh. Piyush Jain, Cit Dr Date Of Hearing : 07.10.2017 Date Of Pronouncement : 03.01.2017 Order Per N. K. Saini, Am:

For Appellant: Sh. Ajay Vohra, AdvFor Respondent: Sh. Piyush Jain, CIT DR
Section 143(3)Section 92D

…ncome during the year should have been taken into consideration as against total investments appearing in the balance sheet for the relevant year. The reliance was placed on the following case laws: " ACB India Ltd. Vs ACIT 374 ITR 108 " REI Agro Ltd. Vs DCIT 144 ITD 141 (Kol.) 34. It was contended that the assessee had made the investments in shares of subsidiary company, viz. Exl Support Services Pvt. Ltd., out of commercial expediency, which would accordingly, not fall within the purview of Section 14A of the Act. The reliance was placed on the following case laws: " CIT Vs Bharat Hotels Ld. in ITA Nos. 535 &…

Brics Gilt Finance P.Ltd, Mumbai vs. DCIT 1(2), Mumbai

In the result appeal filed by the assessee is hereby Allowed for statistical purpose

ITA 1157/MUM/2014[2010-11]Status: DisposedITAT Mumbai29 Dec 2016AY 2010-11

Bench: Shri G.S.Pannu, Am & Shri Amarjit Singh, Jm आयकरअपीलसं/I.T.A. No.1157/Mum/2014 (िनधा"रणवष" / Assessment Year: 2010-11) Brics Gilt Finance Private बनाम/ Deputy Commissioner Of Ltd. Income Tax 1(2) Vs. 4Th Floor, Sadhna House, Room No.537, 570 P.B.Marg, Aayakar Bhavan, M.K.Road, Behind Mahindra Towers, New Marine Lines, Worli, Mumbai - 400020 Mumbai – 400018 "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aaacj8885B (अपीलाथ"/Appellant) .. (""थ" /Respondent)

For Appellant: Shri Ronak G. Doshi &For Respondent: Shri M. Rajan
Section 10(34)Section 143(1)Section 143(2)Section 14A

…ich has actually generated tax free income for the disallowance u/s.14A of the Act and in this regard the assessee has also placed reliance on the ACB India Ltd. Vs. Assistant Commissioner of Income Tax (62 taxmann.com 71)(Del. HC) and REI Agro Ltd, Vs. DCIT (144 ITD 141) (Kol) and All Bank Finance A.Y. 2010-11 Ltd. Vs. JCIT (ITA No.465/Kol/2013)(Kol). The said law has legally interpreted the consideration of disallowance with regard to the investment which actually generated the tax free income. Anyhow in view of the above said facts and circumstances of the case, we are of the view that the finding of the CIT(…

DCIT, CC-Xix, Kolkata vs. M/S International Conveyors Pvt. Ltd., Kolkata

In the result, appeals filed by the revenue in IT(SS)A No

ITA 1366/KOL/2014[2008-2009]Status: DisposedITAT Kolkata05 Dec 2016AY 2008-2009

Bench: Dr. A.L.Saini, Am & Shri K. Narasimha Chary, Jm It(Ss)A No.131/Kol/2014 ("नधा"रण वष" / Assessment Year :2008-2009) Dcit, Cc-Xix, Kolkata Vs. M/S.International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) It(Ss)A No.90/Kol/2014 ("नधा"रण वष" / Assessment Year :2009-2010) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K (अपीलाथ" /Appellant) .. (""यथ" / Respondent) It(Ss)A No.91/Kol/2014 ("नधा"रण वष" / Assessment Year :2010-2011) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) It(Ss)A No.92/Kol/2014 ("नधा"रण वष" / Assessment Year :2011-2012) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri A.K.Tibrewal, FCAFor Respondent: Shri Niraj Kumar, CIT DR
Section 14ASection 153Section 153ASection 43BSection 80

…le 8D(2)(ii) and the AO is directed to delete the same. As far as the disallowance under Rule 50(2)(iii) is concerned, the AO is directed to re-calculate the disallowance as per the decision of the Hon'ble !TAT, Kolkata in the case of REI Agro Ltd. Vs. DCIT, 144 ITD 141 by considering the average value of only those investment on which exempt income has been earned. In view of above, the ground no. 2 is partly allowed. 11. I have considered the submission of the appellant and perused the assessment order. I have also gone through the assessment order for the A.Y. 2008-09 and the appeal order of the CIT(A) dated…