Rupee Finance and Management (P.) Ltd. v. Dy. CIT

81 Taxmann.com 249Income Tax Appellate Tribunal2017#9146 most cited

What is Rupee Finance and Management (P.) Ltd. v. Dy. CIT authority for?

An assessee cannot be held to its original voluntary disallowance if it was made under a wrong belief, especially after a tribunal has ruled in its favor, as the Income Tax Act aims to tax real income.

12

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2019 to 2025.

Also referred to as

Rupee Finance and Management · Dy. CIT · voluntary disallowance · wrong belief · real income · mandate of Income Tax Act · tribunal decision · cannot resile from position · assessment procedure

Sections most often in play

Section 133(6)Section 115-OSection 143(2)Section 143(3)Section 147Section 14ASection 17(2)(vi)Section 17(iv)

Issues it is cited on

perquisite valuesection 17(2)(iiia)section 10(15)strategic investmentsection 17disallowance under section 14afair market valuemercantile system of accountingdisallowance u/s 14asection 133section 14asection 154

Judgments citing Rupee Finance and Management (P.) Ltd. v. Dy. CIT

Bajaj Electricals Ltd, Mumbai vs. Addl CIT 2(1), Mumbai

ITA 111/MUM/2016[2011-12]Status: DisposedITAT Mumbai01 Jul 2025AY 2011-12

Bench: Hon'Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

Section 115Section 14ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE HON'BLE JUSTICE (RETD.) C V BHADANG, PRESIDENT & MS PADMAVATHY S, AM I.T.A. No. 4172/Mum/2013 (Assessment Year: 2009-10) Bajaj Electricals Limited, 45/47, Bombay Life Building, Veer Nariman Road, Fort, Mumbai-400001. PAN: AAACB2484Q Vs. Addl.CIT-2(1), Aayakar Bhavan, M.K. Road, Mumbai-400020. Appellant) : Respondent) I.T.A. No. 110/Mum/2016 (Assessment Year: 2010-11) Bajaj Electricals Limited, 51, Mulla House, M.G. Road, Fort, mumbai-400001. PAN: AAACB2484Q Appellant) Vs. Addl.CIT-2(1), Aayakar Bhavan, M.K. Road, Mumbai-400020. : Respondent) I.T.A. No.…

Bajaj Electricals Ltd, Mumbai vs. Addl CIT 2(1), Mumbai

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

ITA 110/MUM/2016[2010-11]Status: DisposedITAT Mumbai01 Jul 2025AY 2010-11

Bench: Hon’Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

For Respondent: Shri Rakesh Ranjan-CIT-DR &
Section 115Section 14ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE HON’BLE JUSTICE (RETD.) C V BHADANG, PRESIDENT & MS PADMAVATHY S, AM I.T.A. No. 4172/Mum/2013 (Assessment Year: 2009-10) Bajaj Electricals Limited, Addl.CIT-2(1), 45/47, Bombay Life Building, Veer Aayakar Bhavan, M.K. Road, Vs. Nariman Road, Fort, Mumbai-400001. Mumbai-400020. PAN: AAACB2484Q Appellant) : Respondent) I.T.A. No. 110/Mum/2016 (Assessment Year: 2010-11) Bajaj Electricals Limited, Addl.CIT-2(1), 51, Mulla House, M.G. Road, Aayakar Bhavan, M.K. Road, Vs. Fort, mumbai-400001. Mumbai-400020. PAN: AAACB2484Q Appellant) : Respondent) I.T.A. No.…

DCIT 2(1)(1), Mumbai vs. Bajaj Electricals Ltd, Mumbai

ITA 5750/MUM/2015[2011-12]Status: DisposedITAT Mumbai01 Jul 2025AY 2011-12

Bench: Hon'Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

For Appellant: Shri Nitesh S. Joshi, ARFor Respondent: Shri Rakesh Ranjan-CIT-DR &
Section 115Section 14ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE HON'BLE JUSTICE (RETD.) C V BHADANG, PRESIDENT & MS PADMAVATHY S, AM I.T.A. No. 4172/Mum/2013 (Assessment Year: 2009-10) Bajaj Electricals Limited, 45/47, Bombay Life Building, Veer Nariman Road, Fort, Mumbai-400001. PAN: AAACB2484Q Vs. Addl.CIT-2(1), Aayakar Bhavan, M.K. Road, Mumbai-400020. Appellant) : Respondent) I.T.A. No. 110/Mum/2016 (Assessment Year: 2010-11) Bajaj Electricals Limited, 51, Mulla House, M.G. Road, Fort, mumbai-400001. PAN: AAACB2484Q Vs. Appellant) : Respondent) I.T.A. No. 5749/Mum/2015 (Assessment Year: 2010-11) Dy. CIT-2(1)(1)…

DCIT 2(1)(1), Mumbai vs. Bajaj Electricals Ltd, Mumbai

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

ITA 5749/MUM/2015[2010-11]Status: DisposedITAT Mumbai01 Jul 2025AY 2010-11

Bench: Hon’Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

For Respondent: Shri Rakesh Ranjan-CIT-DR &
Section 115Section 14ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE HON’BLE JUSTICE (RETD.) C V BHADANG, PRESIDENT & MS PADMAVATHY S, AM I.T.A. No. 4172/Mum/2013 (Assessment Year: 2009-10) Bajaj Electricals Limited, Addl.CIT-2(1), 45/47, Bombay Life Building, Veer Aayakar Bhavan, M.K. Road, Vs. Nariman Road, Fort, Mumbai-400001. Mumbai-400020. PAN: AAACB2484Q Appellant) : Respondent) I.T.A. No. 110/Mum/2016 (Assessment Year: 2010-11) Bajaj Electricals Limited, Addl.CIT-2(1), 51, Mulla House, M.G. Road, Aayakar Bhavan, M.K. Road, Vs. Fort, mumbai-400001. Mumbai-400020. PAN: AAACB2484Q Appellant) : Respondent) I.T.A. No.…

Bajaj Electricals Ltd, Mumbai vs. Addl CIT 2(1), Mumbai

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

ITA 4172/MUM/2013[2009-10]Status: DisposedITAT Mumbai01 Jul 2025AY 2009-10

Bench: Hon’Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

For Respondent: Shri Rakesh Ranjan-CIT-DR &
Section 115Section 14ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE HON’BLE JUSTICE (RETD.) C V BHADANG, PRESIDENT & MS PADMAVATHY S, AM I.T.A. No. 4172/Mum/2013 (Assessment Year: 2009-10) Bajaj Electricals Limited, Addl.CIT-2(1), 45/47, Bombay Life Building, Veer Aayakar Bhavan, M.K. Road, Vs. Nariman Road, Fort, Mumbai-400001. Mumbai-400020. PAN: AAACB2484Q Appellant) : Respondent) I.T.A. No. 110/Mum/2016 (Assessment Year: 2010-11) Bajaj Electricals Limited, Addl.CIT-2(1), 51, Mulla House, M.G. Road, Aayakar Bhavan, M.K. Road, Vs. Fort, mumbai-400001. Mumbai-400020. PAN: AAACB2484Q Appellant) : Respondent) I.T.A. No.…

Amitabh Das Mundhra, Kolkata vs. D.C.I.T., CC-11(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 965/KOL/2024[2020-2021]Status: DisposedITAT Kolkata09 Oct 2024AY 2020-2021

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 57

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “बी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी "द"प कुमार चौबे, "या"यक सद"यके सम" [Before Shri Rajesh Kumar, Accountant Member &Shri Pradip Kumar Choubey, Judicial Member] I.T.A. No. 965/Kol/2024 Assessment Year: 2020-21 Amitabh Das Mundhra Vs. DCIT, C.C-11(1), Kolkata (PAN: AIPPM 5957 K) ( अपीलाथ" ) Respondent / ""यथ" Appellant / Date of Hearing / सुनवाई 30.07.2024 क" "त"थ Date of Pronouncement/ 09.10.2024 आदेश उ"घोषणा क" "त"थ For the Appellant/ Shri Ravi Tulsiyan, A.R "नधा"रती क" ओर से For the Respondent/ Shri P. P. Ba…

DCIT- 8(2)(1), Mumbai vs. Piramal Estates Private Limited, Mumbai

In the result, all the appeals of the revenue are dismissed

ITA 2015/MUM/2023[2010-11]Status: DisposedITAT Mumbai20 Dec 2023AY 2010-11

Bench: Shri Kuldip Singh & Shri Gagan Goyal

For Appellant: Shri Ronak Doshi/Priyank Gandhi/MsFor Respondent: Shri N. V. Nadkarni, Ld. CIT-DR
Section 14ASection 24Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA No. 1936/Mum/2023 (A.Y.2011-12) ITA No. 2016/Mum/2023 (A.Y.2013-14) & DCIT Circle 8(2) (1), R. No. 624, 6th floor, Aayakar Bhavan, M. K. Road, Mumbai-400 020 PAN: AACCA7777K ....... Appellant Vs. Piramal Estates Pvt. Ltd. 8th floor, Piramal Tower, Ganpatrao Kadam Marg, Lower Parel (W), Mumbai-400 013 ..... Respondent Appellant by : Shri Ronak Doshi/Priyank Gandhi/Ms. Jinal Jain, Ld. ARs Respondent by : Shri N. V. Nadkarni, Ld. CIT-DR Date of hearing : 08/11/2023 D…

Hdfc Bank Ltd, Mumbai vs. DCIT 2(3)(1), Mumbai

In the result, appeal of the revenue is dismissed

ITA 5672/MUM/2017[2012-13]Status: DisposedITAT Mumbai16 Jul 2021AY 2012-13

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () M/S Hdfc Bank Limited Acit-2(3)(1) Hdfc Bank House Vs. Aayakar Bhavan, Senapati Bapat Marg, Mumbai Lower Parel, Mumbai – 400 013

For Appellant: Shri J.D. Mistry, A.RFor Respondent: Shri Manoj Mishra, D.R
Section 143(1)Section 143(2)Section 143(3)Section 14ASection 36(1)(viia)

…ITA Nos.5672 & 5660/Mum/2017 A.Y. 2012-13 1 M/s HDFC Bank Limited Vs. ACIT-2(3)(1) IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H” MUMBAI BEFORE SHRI S.RIFAUR RAHMAN (ACCOUNTANT MEMBER) AND SHRI RAVISH SOOD (JUDICIAL MEMBER) M/s HDFC Bank Limited ACIT-2(3)(1) HDFC Bank House Vs. Aayakar Bhavan, Senapati Bapat Marg, Mumbai Lower Parel, Mumbai – 400 013 PAN No. AAACH2702H (Assessee) (Revenue) ACIT, Circle -2(3)(1) M/s HDFC Bank Limited R. No. 552, 5th Floor, Vs. HDFC Bank House Aayakar Bhavan, M.K. Road Senapati Bapat Marg, Mumbai – 400 020 Lower Parel, Mumbai – 400 013 PAN No. AAACH2702H (Revenue) (…

Jiten Bhavanji Vora, Mumbai vs. DCIT, CC- 7(4), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 6670/MUM/2019[2016-17]Status: DisposedITAT Mumbai21 Oct 2020AY 2016-17
Section 132Section 271A

…THE INCOME TAX APPELLATE TRIBUNAL “SMC” Bench, Mumbai Shri Shamim Yahya (AM) I.T.A. No. 6670/Mum/2019 (Assessment Year 2016-17) Jiten Bhavanji Vora Dy. CIT CC-7(4) Vs. 402, Saral Apartment Room No. 655 Marve Road, Malad W 6th Floor Mumbai-400 064. Aayakar Bhavan M.K. Road PAN : AAAPV3821G Mumbai-400 020. (Appellant) (Respondent) Assessee by Dr. K. Shivram & Mr. Rahul Hakani Department by Shri Somnath Wajale Date of Hearing 06.10.2020 Date of Pronouncement 21.10.2020 O R D E R This appeal by the assessee is directed against the order of Learned Commissioner of Income Tax (Appeals) [in short learned CIT(A)]…

Gmr Enterprises Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal filed by the assessee for Assessment Year 2013-14

ITA 2148/BANG/2016[2013-14]Status: DisposedITAT Bangalore08 Feb 2019AY 2013-14

Bench: Shri Arun Kumar Garodia & Shri Laliet Kumar

For Appellant: Shri Sunil Jain, CAFor Respondent: Ms. Neera Malhotra, CIT (DR-II)
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER AND SHRI LALIET KUMAR, JUDICIAL MEMBER ITA Nos. 2145, 2146 & 2148/Bang/2016 Assessment Years : 2010-11, 2011-12 &2013-14 M/s. GMR Enterprises Private Limited, (Successor to GMR Projects The Deputy Commissioner Private Limited), of Income Tax, vs. No. 25/1, Skip House, Central Circle 2(2), Museum Road, Bangalore. Bangalore – 560 025. PAN: AAACN6998D APPELLANT RESPONDENT Appellant by : Shri Sunil Jain, CA Respondent by : Ms. Neera Malhotra, CIT (DR-II) Date of hearing : 07.02.2019 Date of Pronouncement…

Gmr Enterprises Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal filed by the assessee for Assessment Year 2013-14

ITA 2146/BANG/2016[2011-12]Status: DisposedITAT Bangalore08 Feb 2019AY 2011-12

Bench: Shri Arun Kumar Garodia & Shri Laliet Kumar

For Appellant: Shri Sunil Jain, CAFor Respondent: Ms. Neera Malhotra, CIT (DR-II)
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER AND SHRI LALIET KUMAR, JUDICIAL MEMBER ITA Nos. 2145, 2146 & 2148/Bang/2016 Assessment Years : 2010-11, 2011-12 &2013-14 M/s. GMR Enterprises Private Limited, (Successor to GMR Projects The Deputy Commissioner Private Limited), of Income Tax, vs. No. 25/1, Skip House, Central Circle 2(2), Museum Road, Bangalore. Bangalore – 560 025. PAN: AAACN6998D APPELLANT RESPONDENT Appellant by : Shri Sunil Jain, CA Respondent by : Ms. Neera Malhotra, CIT (DR-II) Date of hearing : 07.02.2019 Date of Pronouncement…

Gmr Enterprises Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, the appeal filed by the assessee for Assessment Year 2013-14

ITA 2145/BANG/2016[2010-11]Status: DisposedITAT Bangalore08 Feb 2019AY 2010-11

Bench: Shri Arun Kumar Garodia & Shri Laliet Kumar

For Appellant: Shri Sunil Jain, CAFor Respondent: Ms. Neera Malhotra, CIT (DR-II)
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER AND SHRI LALIET KUMAR, JUDICIAL MEMBER ITA Nos. 2145, 2146 & 2148/Bang/2016 Assessment Years : 2010-11, 2011-12 &2013-14 M/s. GMR Enterprises Private Limited, (Successor to GMR Projects The Deputy Commissioner Private Limited), of Income Tax, vs. No. 25/1, Skip House, Central Circle 2(2), Museum Road, Bangalore. Bangalore – 560 025. PAN: AAACN6998D APPELLANT RESPONDENT Appellant by : Shri Sunil Jain, CA Respondent by : Ms. Neera Malhotra, CIT (DR-II) Date of hearing : 07.02.2019 Date of Pronouncement…