Shankar Chemicals Works v. ACIT

12 Taxmann.com 461Reported decision2011#10107 most cited

What is Shankar Chemicals Works v. ACIT authority for?

Expenditure in relation to earning exempt income is to be disallowed under Section 14A, even if no exempt income is actually earned. If interest-bearing borrowed funds are used for share investments and no dividend income or only meagre dividend income is received, the entire interest expenditure is subject to disallowance.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,315 Indian tax judgments — from 2016 to 2023.

Also referred to as

Shankar Chemicals Works v. ACIT · Section 14A · exempt income · expenditure · disallowance · interest expenditure · borrowed funds · share investment · dividend income

Judgments citing Shankar Chemicals Works v. ACIT

M/S. Century Silicon City, Bangalore vs. DCIT, Circle-1(2)(1, Bangalore

In the result, the appeals of the assessees are allowed

ITA 1102/BANG/2022[2015-16]Status: DisposedITAT Bangalore10 Mar 2023AY 2015-16

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri K. Sankar Ganesh, D.R
Section 143(3)

…ITA Nos.1073 to 1075/Bang/2022 Century Sheltors, Bangalore & ITA Nos.1100 to 1102/Bang/2022 Century Silicon City, Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER ITA Nos.1073 to 1075/Bang/2022 Assessment Years: 2013-14 to 2015-16 Century Sheltors No.10/1, Lakshminarayana Complex Palace Road ACIT Vs. Vasanthnagar Circle-2(2) Bangalore 560 052 Bangalore PAN NO : AAFFC5111R APPELLANT RESPONDENT ITA Nos.1100 to 1102/Bang/2022 Assessment Years: 2013-14 to 2015-16 Century Silicon City No.10/1, Laks…

M/S. Century Silicon City, Bangalore vs. DCIT, Circle-1(2)(1, Bangalore

In the result, the appeals of the assessees are allowed

ITA 1101/BANG/2022[2014-15]Status: DisposedITAT Bangalore10 Mar 2023AY 2014-15

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri K. Sankar Ganesh, D.R
Section 143(3)

…ITA Nos.1073 to 1075/Bang/2022 Century Sheltors, Bangalore & ITA Nos.1100 to 1102/Bang/2022 Century Silicon City, Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER ITA Nos.1073 to 1075/Bang/2022 Assessment Years: 2013-14 to 2015-16 Century Sheltors No.10/1, Lakshminarayana Complex Palace Road ACIT Vs. Vasanthnagar Circle-2(2) Bangalore 560 052 Bangalore PAN NO : AAFFC5111R APPELLANT RESPONDENT ITA Nos.1100 to 1102/Bang/2022 Assessment Years: 2013-14 to 2015-16 Century Silicon City No.10/1, Laks…

M/S. Century Silicon City, Bangalore vs. DCIT, Circle-1(2)(1, Bangalore

In the result, the appeals of the assessees are allowed

ITA 1100/BANG/2022[2013-14]Status: DisposedITAT Bangalore10 Mar 2023AY 2013-14

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri K. Sankar Ganesh, D.R
Section 143(3)

…ITA Nos.1073 to 1075/Bang/2022 Century Sheltors, Bangalore & ITA Nos.1100 to 1102/Bang/2022 Century Silicon City, Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER ITA Nos.1073 to 1075/Bang/2022 Assessment Years: 2013-14 to 2015-16 Century Sheltors No.10/1, Lakshminarayana Complex Palace Road ACIT Vs. Vasanthnagar Circle-2(2) Bangalore 560 052 Bangalore PAN NO : AAFFC5111R APPELLANT RESPONDENT ITA Nos.1100 to 1102/Bang/2022 Assessment Years: 2013-14 to 2015-16 Century Silicon City No.10/1, Laks…

Century Sheltors, Bangalore vs. ACIT, Circle-2(2), Bangalore

In the result, the appeals of the assessees are allowed

ITA 1075/BANG/2022[2015-16]Status: DisposedITAT Bangalore10 Mar 2023AY 2015-16

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri K. Sankar Ganesh, D.R
Section 143(3)

…ITA Nos.1073 to 1075/Bang/2022 Century Sheltors, Bangalore & ITA Nos.1100 to 1102/Bang/2022 Century Silicon City, Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER ITA Nos.1073 to 1075/Bang/2022 Assessment Years: 2013-14 to 2015-16 Century Sheltors No.10/1, Lakshminarayana Complex Palace Road ACIT Vs. Vasanthnagar Circle-2(2) Bangalore 560 052 Bangalore PAN NO : AAFFC5111R APPELLANT RESPONDENT ITA Nos.1100 to 1102/Bang/2022 Assessment Years: 2013-14 to 2015-16 Century Silicon City No.10/1, Laks…

Century Sheltors, Bangalore vs. ACIT, Circle-2(2), Bangalore

In the result, the appeals of the assessees are allowed

ITA 1074/BANG/2022[2014-15]Status: DisposedITAT Bangalore10 Mar 2023AY 2014-15

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri K. Sankar Ganesh, D.R
Section 143(3)

…ITA Nos.1073 to 1075/Bang/2022 Century Sheltors, Bangalore & ITA Nos.1100 to 1102/Bang/2022 Century Silicon City, Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER ITA Nos.1073 to 1075/Bang/2022 Assessment Years: 2013-14 to 2015-16 Century Sheltors No.10/1, Lakshminarayana Complex Palace Road ACIT Vs. Vasanthnagar Circle-2(2) Bangalore 560 052 Bangalore PAN NO : AAFFC5111R APPELLANT RESPONDENT ITA Nos.1100 to 1102/Bang/2022 Assessment Years: 2013-14 to 2015-16 Century Silicon City No.10/1, Laks…

Century Sheltors, Bangalore vs. ACIT, Circle-2(2), Bangalore

In the result, the appeals of the assessees are allowed

ITA 1073/BANG/2022[2013-14]Status: DisposedITAT Bangalore10 Mar 2023AY 2013-14

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri K. Sankar Ganesh, D.R
Section 143(3)

…ITA Nos.1073 to 1075/Bang/2022 Century Sheltors, Bangalore & ITA Nos.1100 to 1102/Bang/2022 Century Silicon City, Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER ITA Nos.1073 to 1075/Bang/2022 Assessment Years: 2013-14 to 2015-16 Century Sheltors No.10/1, Lakshminarayana Complex Palace Road ACIT Vs. Vasanthnagar Circle-2(2) Bangalore 560 052 Bangalore PAN NO : AAFFC5111R APPELLANT RESPONDENT ITA Nos.1100 to 1102/Bang/2022 Assessment Years: 2013-14 to 2015-16 Century Silicon City No.10/1, Laks…

Gujarat Urja Vikas Nigam Ltd., Baroda vs. The Dy.CIT, Circle-1(1), Baroda

In the result, appeal I.T

ITA 3437/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad26 Apr 2019AY 2008-09
For Appellant: Shri J.P. Shah, A.RFor Respondent: Shri/Ms. Rita Dokania, Sr. D.R
Section 115JSection 143(3)Section 147Section 148Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH Before: Shri Rajpal Yadav, Judicial Member And Shri Amarjit Singh, Accountant Member ITA Nos. 3358, 1988, 3359 & 3360 /Ahd/2015 A. Y. 2008-09, 2010-11, 2011-12 & 2012-13 The DCIT, Gujarat Urja Vikas Circle-1(1)(1), Nigam Ltd. Sardar Vadodara Vs Patel Vidyut Bhavan (Appellant) Race Course Circle, Baroda-390007 PAN: AACCG2861L (Respondent) ITA Nos. 3437, 2014, 3438 & 3439/Ahd/ 2015 A. Y. 2008-09, 2010-11, 2011-12 & 2012-13 Gujarat Urja Vikas Nigam The DCIT, Ltd. Sardar Patel Vidyut Circle-1(1)(1), Bhavan Race Course Vs Vadodara Circle, Baroda-390007…

The Dy.Commissioner of Income Tax, Circle-1(1)(1)(1), Vadodara vs. Gujarat Urja Vikas Nigam Ltd., Baroda

In the result, appeal I.T

ITA 3358/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad26 Apr 2019AY 2008-09
For Appellant: Shri J.P. Shah, A.RFor Respondent: Shri/Ms. Rita Dokania, Sr. D.R
Section 115JSection 143(3)Section 147Section 148Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH Before: Shri Rajpal Yadav, Judicial Member And Shri Amarjit Singh, Accountant Member ITA Nos. 3358, 1988, 3359 & 3360 /Ahd/2015 A. Y. 2008-09, 2010-11, 2011-12 & 2012-13 The DCIT, Gujarat Urja Vikas Circle-1(1)(1), Nigam Ltd. Sardar Vadodara Vs Patel Vidyut Bhavan (Appellant) Race Course Circle, Baroda-390007 PAN: AACCG2861L (Respondent) ITA Nos. 3437, 2014, 3438 & 3439/Ahd/ 2015 A. Y. 2008-09, 2010-11, 2011-12 & 2012-13 Gujarat Urja Vikas Nigam The DCIT, Ltd. Sardar Patel Vidyut Circle-1(1)(1), Bhavan Race Course Vs Vadodara Circle, Baroda-390007…

Pahilajrai Jaikishan, Mumbai vs. DCIT 19(3), Mumbai

In the result, the appeal is allowed

ITA 994/MUM/2014[2010-11]Status: DisposedITAT Mumbai01 Feb 2016AY 2010-11

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

Section 14Section 143(2)Section 143(3)Section 14ASection 37(1)Section 40

…आयकर अपील"य अ"धकरण “सी” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11) A.C.I.T. 19(3), Mumbai M/s Pahilajrai Jaikishin Room No – 305, 3rd Floor, Makhija Chambers, 6th Floor, बनाम/ Piramal Chambers, Parel, 196, Turner Road, Mumbai – 400 012. Bandra (West), Mumbai- 400 050. v. आयकर अपील सं./I.T.A. No.994/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11) M/s Pahilajrai Jaikishin D.C.I.T. 19(3), Mumbai Makhija Chambers,…

Asst CIT 19(3), Mumbai vs. Pahilajrai Jaikishin, Mumbai

In the result, the appeal is allowed

ITA 1562/MUM/2014[2010-11]Status: DisposedITAT Mumbai01 Feb 2016AY 2010-11

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

Section 14Section 143(2)Section 143(3)Section 14ASection 37(1)Section 40

…आयकर अपील"य अ"धकरण “सी” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11) A.C.I.T. 19(3), Mumbai M/s Pahilajrai Jaikishin Room No – 305, 3rd Floor, Makhija Chambers, 6th Floor, बनाम/ Piramal Chambers, Parel, 196, Turner Road, Mumbai – 400 012. Bandra (West), Mumbai- 400 050. v. आयकर अपील सं./I.T.A. No.994/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11) M/s Pahilajrai Jaikishin D.C.I.T. 19(3), Mumbai Makhija Chambers,…

Shankar Chemicals Works v. ACIT (12 Taxmann.com 461) — Cited in 10 Judgments | BharatTax