Siva Industries & Holdings Ltd. v. ACIT

54 SOT 49Income Tax Appellate Tribunal2012#2077 most cited

What is Siva Industries & Holdings Ltd. v. ACIT authority for?

Disallowance under section 14A read with Rule 8D is applicable to expenses incurred for earning exempt dividend income, even if the assessee has not admitted such expenses, empowering the Assessing Officer to determine the amount.

56

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2023.

Also referred to as

Siva Industries & Holdings Ltd. v. ACIT · 54 SOT 49 · Section 14A · Rule 8D · disallowance of expenditure · exempt dividend income · expenses for exempt income · Assessing Officer determination · ITAT Chennai · computation of disallowance

Also reported as

59 DTR 182149 TTJ 23369 Taxmann.com 400

Judgments citing Siva Industries & Holdings Ltd. v. ACIT

JCIT(OSD), CIR-II(1). , KOLKATA vs. M./S AA INFRAPROPERTIES PVT. LTD, KOLKATA

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

ITA 201/KOL/2023[2015-16]Status: DisposedITAT Kolkata13 Jul 2023AY 2015-16

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Ble

For Appellant: Shri Akkal Dudhewala, FCAFor Respondent: Shri G.H. Sema, CIT D/R

…e Delhi High Court in case of CIT Vs. Cotton Naturals (l) Pvt. Ltd. [276 CTR 475] ii. Chennai Bench of Tribunal in case of Siva Industries & Holdings Ltd. Vs. ACIT [145 TTJ (Chennai) 497] iii. The Mumbai Tribunal in case of Tata Autocomp System Ltd. Vs. ACIT [149 TTJ 233]. The said decision has been affirmed by the Hon'ble Bombay High Court in case of CIT vs. Tata Autocomp System Ltd. (374 ITR 516). Applying this settled proposition of law, to the instant case, it is noted that loan transaction is denominated in Indian Currency and thus domestic prime lending rate (PLR) may be reasonably used as a benchmark. The…

JCIT (OSD), CIR-11(1), , KOLKATA vs. M/S. AA INFRAPROPERTIES PVT. LTD, KOLKATA

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

ITA 200/KOL/2023[2014-15]Status: DisposedITAT Kolkata13 Jul 2023AY 2014-15

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Ble

For Appellant: Shri Akkal Dudhewala, FCAFor Respondent: Shri G.H. Sema, CIT D/R

…e Delhi High Court in case of CIT Vs. Cotton Naturals (l) Pvt. Ltd. [276 CTR 475] ii. Chennai Bench of Tribunal in case of Siva Industries & Holdings Ltd. Vs. ACIT [145 TTJ (Chennai) 497] iii. The Mumbai Tribunal in case of Tata Autocomp System Ltd. Vs. ACIT [149 TTJ 233]. The said decision has been affirmed by the Hon'ble Bombay High Court in case of CIT vs. Tata Autocomp System Ltd. (374 ITR 516). Applying this settled proposition of law, to the instant case, it is noted that loan transaction is denominated in Indian Currency and thus domestic prime lending rate (PLR) may be reasonably used as a benchmark. The…

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 1(1), RAIPUR vs. MESERS VANDANA ISPAT LIMITED, RAIPUR

In the result, the appeal of revenue is dismissed

ITA 183/RPR/2019[2013-14]Status: DisposedITAT Raipur31 Oct 2022AY 2013-14
For Appellant: Shri R.B.Doshi, CAFor Respondent: Shri G.N.Singh, Sr. DR
Section 68

…the case of M. A. Alagappan Vs ACIT (ITA No 3280/Mds/2016) wherein it was held that it is not necessary to earn exempt income for making disallowance u/s 14A and the similar decision has also held in the cases of (i) Sira Industries & Holding Pvt. Ltd. (2012) 54 SOT 49(Chen), (ii) Technopark Advisory Pvt. Ltd (2012) 50 SOT 31(Del), (iii) Relaxo Footwear Ltd (2012) 50 SOT 102 (Del) and (iv) India Infrastructure Developers Ltd (2009) 121 ITD 315 (Del)? 23. “Whether on points of law and on facts & circumstances of the case, the Ld. CIT(A) was justified in deleting the addition by ignoring the; circular no. 05/2014 d…

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE -1(1), RAIPUR vs. M/S R.N. NAVNIRMAN PRIVATE LIMITED, RAIPUR

ITA 143/RPR/2018[2014-15]Status: DisposedITAT Raipur23 Sept 2022AY 2014-15

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.143/Rpr/2018 "नधा"रण वष" / Assessment Year : 2014-15 The Assistant Commissioner Of Income Tax-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. R.N. Navnirman Pvt. Ltd. Vandana Building, Raipur (C.G.) Pan : Aadcr0896D ……""यथ" / Respondent Assessee By :Shri R.B Doshi, Ca Revenue By :Shri Sanjay Kumar, Sr. Dr

For Appellant: Shri R.B Doshi, CAFor Respondent: Shri Sanjay Kumar, Sr. DR
Section 14ASection 14A(2)Section 14A(3)Section 250(4)Section 68

…आयकर अपील"य अ"धकरण "यायपीठ रायपुर म"। IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR BEFORE SHRI RAVISH SOOD, JUDICIAL MEMBER AND SHRI ARUN KHODPIA, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.143/RPR/2018 "नधा"रण वष" / Assessment Year : 2014-15 The Assistant Commissioner of Income Tax-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/s. M/s. R.N. Navnirman Pvt. Ltd. Vandana Building, Raipur (C.G.) PAN : AADCR0896D ……""यथ" / Respondent Assessee by :Shri R.B Doshi, CA Revenue by :Shri Sanjay Kumar, Sr. DR सुनवाई क" तार"ख / Date of Hearing : 25.07.2022 घोषणा क" तार"ख / Date of Pronouncement : 23.09.…

ACIT, CIRCLE - 4(2), KOLKATA vs. M/S. MANAKSIA LTD., , KOLKATA

In the result the appeal of the revenue is dismissed and the cross objection of the assessee is partly allowed

ITA 1611/KOL/2019[2014-15]Status: DisposedITAT Kolkata22 Apr 2022AY 2014-15

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year : 2014-15 Acit, Circle-4(2), Kolkata M/S. Manaksia Limited 8/1, Lalbazar Street Vs Kolkata – 700 001 Pan : Aaach6882J अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) C.O. No. 13/Kol/2021 Assessment Year : 2014-15 M/S. Manaksia Limited Acit, Circle-4(2), Kolkata 8/1, Lalbazar Street Vs Kolkata – 700 001 Pan : Aaach6882J अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S.K. Tulsiyan, Advocae & Ms. Lata Goyal, Aca Revenue By : Shri Tushal Dhawal Singh, Cit, D/R

For Appellant: Shri S.K. Tulsiyan, Advocae & Ms. Lata Goyal, ACAFor Respondent: Shri Tushal Dhawal Singh, CIT, D/R
Section 143(3)Section 250Section 253Section 5

…cy i.e. USD, the LIBOR (US) rate has been rightly applied for benchmarking. To buttress his submission, the ld. Counsel for the assessee relied on the decision of the co-ordinate Bench of ITAT Chennai in the case of Siva Industries and Holdings Ltd. vs. ACIT [145 TTJ 497 CHY] and on the decision of the Co-ordinate Bench of ITAT Mumbai in the case of Tata Autocomp Assessment Year : 2014-15 C.O. No. 13/Kol/2021 Assessment Year : 2014-15 M/s. Manaksia Limited 12 System Ltd. vs. ACIT [149 TTJ 223 (Mum)] which was confirmed by the Hon’ble Bombay High Court. 10.2 On the second issue of adjustment made in respect of…

SUBBUNADAR CHANDRASEKAR @ S.C.SEKAR,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal filed by the assessee for the assessment year 2011-12 is allowed for statistical purposes and the appeal for the assessment year 2012-13 is partly allowed for statistical ...

ITA 364/CHNY/2016[2012-13]Status: DisposedITAT Chennai24 Jan 2022AY 2012-13

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.363 & 364/Chny/2016 िनधा"रण वष"/Assessment Years: 2011-12 & 2012-13 Shri Subbunadar Chandrasekar Vs. The Deputy Commissioner Of @ S.C. Sekar, No. 19, Thambusamy Income Tax, Company Circle Vi(3), Road, Kilpauk, Chennai 600 010. 121, Nungambakkam High Road, [Pan:Aaepc4430C] Chennai 600 034. (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri D. Anand, Advocate ""थ" की ओर से/Respondent By : Shri G. Johnson, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 17.01.2022 घोषणा की तारीख /Date Of Pronouncement : 24.01.2022 आदेश /O R D E R Per V. Durga Rao: Both The Appeals Filed By The Same Assessee Are Directed Against Different Orders Of The Ld. Commissioner Of Income Tax (Appeals)-15, Chennai Both Dated 15.12.2015 Relevant To The Assessment Years 2011- 12 & 2012-13. Both The Appeals Were Heard Together & Being Disposed Of By This Common Order For The Sake Of Brevity.

For Appellant: Shri D. Anand, AdvocateFor Respondent: Shri G. Johnson, Addl. CIT
Section 143(1)Section 143(3)Section 68

…le 8D(2)(iii) and brought to tax. On appeal, respectfully following the ratio of the judgements of Delhi Special Bench in the case of M/s. Chem Invest Ltd. v. ITO 121 ITD 318 and ITAT Chennai in the case of Shiva Industries & Holdings Ltd. v. ACIT reported in 54 SOT 49 Chennai (2012), the ld. CIT(A) confirmed the disallowance made under section 14A of the Act. 10. We have heard the rival contentions and perused the materials available on record. Admittedly, the assessee has earned dividend income to the tune of ₹.7,32,500/-. However, the assessee has not admitted any expenses incurred for earning the dividend in…

SUBBUNADAR CHANDRASEKAR @ S.C.SEKAR,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal filed by the assessee for the assessment year 2011-12 is allowed for statistical purposes and the appeal for the assessment year 2012-13 is partly allowed for statistical ...

ITA 363/CHNY/2016[2011-12]Status: DisposedITAT Chennai24 Jan 2022AY 2011-12

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.363 & 364/Chny/2016 िनधा"रण वष"/Assessment Years: 2011-12 & 2012-13 Shri Subbunadar Chandrasekar Vs. The Deputy Commissioner Of @ S.C. Sekar, No. 19, Thambusamy Income Tax, Company Circle Vi(3), Road, Kilpauk, Chennai 600 010. 121, Nungambakkam High Road, [Pan:Aaepc4430C] Chennai 600 034. (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri D. Anand, Advocate ""थ" की ओर से/Respondent By : Shri G. Johnson, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 17.01.2022 घोषणा की तारीख /Date Of Pronouncement : 24.01.2022 आदेश /O R D E R Per V. Durga Rao: Both The Appeals Filed By The Same Assessee Are Directed Against Different Orders Of The Ld. Commissioner Of Income Tax (Appeals)-15, Chennai Both Dated 15.12.2015 Relevant To The Assessment Years 2011- 12 & 2012-13. Both The Appeals Were Heard Together & Being Disposed Of By This Common Order For The Sake Of Brevity.

For Appellant: Shri D. Anand, AdvocateFor Respondent: Shri G. Johnson, Addl. CIT
Section 143(1)Section 143(3)Section 68

…le 8D(2)(iii) and brought to tax. On appeal, respectfully following the ratio of the judgements of Delhi Special Bench in the case of M/s. Chem Invest Ltd. v. ITO 121 ITD 318 and ITAT Chennai in the case of Shiva Industries & Holdings Ltd. v. ACIT reported in 54 SOT 49 Chennai (2012), the ld. CIT(A) confirmed the disallowance made under section 14A of the Act. 10. We have heard the rival contentions and perused the materials available on record. Admittedly, the assessee has earned dividend income to the tune of ₹.7,32,500/-. However, the assessee has not admitted any expenses incurred for earning the dividend in…

J.B. CHEMICALS AND PHARMACEUTICAL LTD,MUMBAI vs. DCIT CEN CIR 2(1), MUMBAI

In the result, appeal by the assessee is partly allowed

ITA 7389/MUM/2016[2010-11]Status: DisposedITAT Mumbai23 Mar 2021AY 2010-11

Bench: Vikas Awasthy & Shri N.K.Pradhanआअसं. 7389/मुं/2016 ("न.व. 2010-11) J.B.Chemicals & Pharmaceuticals Ltd., B Wing, 4Th Floor, Hind Cycle Road, Worli, Mumbai 400 030 Pan: Aaacj1482G ...... अपीलाथ" /Appellant बनाम Vs. The Dy. Cit, Central Circle -2(1), Cgo Building, 8Th Floor, Mumbai 400 020 ..... ""तवाद"/Respondent

For Appellant: Shri Percy J. Pardiwalla with Shri Niraj D. ShethFor Respondent: Shri Sushil Kumar Mishra
Section 115Section 37(1)

…mania. Secondly, as the underline currency for advancing loan was EURO, EURIBOR rates should be applied. To support his contention the ld. Counsel for the assessee placed reliance on the decision of Tribunal in the case of Tata Autocomp Systems Ltd. vs. ACIT, 149 TTJ 233(Mum). 3.4 The ld. Counsel for the assessee submitted that the assessee has raised additional ground of appeal claiming deduction in respect of Education Cess. He 5 contended that it is a legal issue and no new facts are required to be brought on record. In support of assessee’s claim of deduction on education cess paid on Income Tax and Divide…

ESSAR SHIPPING LIMITED ,MUMBAI vs. ACIT-5(1)(2), MUMBAI

In the result, ground No.10 is allowed for statistical purposes

ITA 7371/MUM/2017[2013-14]Status: DisposedITAT Mumbai06 Mar 2020AY 2013-14

Bench: Shri R.C.Sharma, Am & Shri Vikas Awasthy, Jm Essar Shipping Ltd., Vs. A.C.I.T.-5(1)(2), 11, K.K. Marg, Mahalaxmi, Mumbai. Mumbai-400034. Pan/Gir No.Aacce 3707 D (Appellant) .. (Respondent)

Section 115VSection 143(3)Section 144C(13)Section 144C(5)

…. Vs ACIT i) CIT v. Aurionpro Solutions Ltd (ITA No: 1869 of 2014) (Bombay High Court) ii) Cotton Naturals (I) Pvt. Ltd. v DCIT [276 CTR 445 (Del)] iii) Hinduja Global Solutions Ltd v Addl.CIT [145 lTD 361 (Mum)] iv) Siva Industries & Holding Ltd. vs. CIT [145 TTJ 497 (Chen)] v) 3F Industries Ltd. Jt. Cit [63 SOT 314 (Visak)] vi) M/s. Everest Kanto Cylinder Ltd. v. ACIT being ITA No.7073/Mum/2012 for 2008-09 dated 25.09.2014 21. Respectfully following the proposition laid down in the above judicial pronouncements, we direct the TPO/AO to restrict the adjustment by taking LIBOR rate. We direct accordingly.…

DCIT, CHENNAI vs. SHRIRAM EPC LIMITED, CHENNAI

In the result, the appeal filed by the Revenue in ITA

ITA 2014/CHNY/2016[2012-13]Status: DisposedITAT Chennai08 Jan 2020AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. A. Sundararajan, Addl. CIT
Section 143(3)

…nd which is exempt from income tax. 2.5 The Ld CIT (A) failed to note that the disallowance u/s 14A is attracted even in a case where there is no exempt income earned as held in the Chennai ITAT decision in the case of Siva Industries & Holdings Ltd Vs ACIT (54 SOT 49) and which is in conformity with department view as clarified vide circular no.5/2014. 2.6 The Ld CIT(A) erred in directing the AD to allow the excess depreciation on addition made to leased building of Rs.2,02,55,619/- 2.7 The Id. CIT(A) failed to note the facts that as per the explanation 1 to sec 32 of the IT Act which stated that if an assesse…

DCIT, CHENNAI vs. SHRIRAM EPC LIMITED, CHENNAI

In the result, the appeal filed by the Revenue in ITA

ITA 2013/CHNY/2016[2011-12]Status: DisposedITAT Chennai08 Jan 2020AY 2011-12

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. A. Sundararajan, Addl. CIT
Section 143(3)

…nd which is exempt from income tax. 2.5 The Ld CIT (A) failed to note that the disallowance u/s 14A is attracted even in a case where there is no exempt income earned as held in the Chennai ITAT decision in the case of Siva Industries & Holdings Ltd Vs ACIT (54 SOT 49) and which is in conformity with department view as clarified vide circular no.5/2014. 2.6 The Ld CIT(A) erred in directing the AD to allow the excess depreciation on addition made to leased building of Rs.2,02,55,619/- 2.7 The Id. CIT(A) failed to note the facts that as per the explanation 1 to sec 32 of the IT Act which stated that if an assesse…

DCIT, CHENNAI vs. SHRIRAM EPC LIMITED, CHENNAI

In the result, the appeal filed by the Revenue in ITA

ITA 2012/CHNY/2016[2010-11]Status: DisposedITAT Chennai08 Jan 2020AY 2010-11

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. A. Sundararajan, Addl. CIT
Section 143(3)

…nd which is exempt from income tax. 2.5 The Ld CIT (A) failed to note that the disallowance u/s 14A is attracted even in a case where there is no exempt income earned as held in the Chennai ITAT decision in the case of Siva Industries & Holdings Ltd Vs ACIT (54 SOT 49) and which is in conformity with department view as clarified vide circular no.5/2014. 2.6 The Ld CIT(A) erred in directing the AD to allow the excess depreciation on addition made to leased building of Rs.2,02,55,619/- 2.7 The Id. CIT(A) failed to note the facts that as per the explanation 1 to sec 32 of the IT Act which stated that if an assesse…

DCIT, CHENNAI vs. SHRIRAM EPC LIMITED, CHENNAI

In the result, the appeal filed by the Revenue in ITA

ITA 2011/CHNY/2016[2009-10]Status: DisposedITAT Chennai08 Jan 2020AY 2009-10

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. A. Sundararajan, Addl. CIT
Section 143(3)

…nd which is exempt from income tax. 2.5 The Ld CIT (A) failed to note that the disallowance u/s 14A is attracted even in a case where there is no exempt income earned as held in the Chennai ITAT decision in the case of Siva Industries & Holdings Ltd Vs ACIT (54 SOT 49) and which is in conformity with department view as clarified vide circular no.5/2014. 2.6 The Ld CIT(A) erred in directing the AD to allow the excess depreciation on addition made to leased building of Rs.2,02,55,619/- 2.7 The Id. CIT(A) failed to note the facts that as per the explanation 1 to sec 32 of the IT Act which stated that if an assesse…

SHRIRAM EPC LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal filed by the Revenue in ITA

ITA 1740/CHNY/2016[2012-13]Status: DisposedITAT Chennai08 Jan 2020AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. A. Sundararajan, Addl. CIT
Section 143(3)

…nd which is exempt from income tax. 2.5 The Ld CIT (A) failed to note that the disallowance u/s 14A is attracted even in a case where there is no exempt income earned as held in the Chennai ITAT decision in the case of Siva Industries & Holdings Ltd Vs ACIT (54 SOT 49) and which is in conformity with department view as clarified vide circular no.5/2014. 2.6 The Ld CIT(A) erred in directing the AD to allow the excess depreciation on addition made to leased building of Rs.2,02,55,619/- 2.7 The Id. CIT(A) failed to note the facts that as per the explanation 1 to sec 32 of the IT Act which stated that if an assesse…

SHRIRAM EPC LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal filed by the Revenue in ITA

ITA 1604/CHNY/2016[2011-12]Status: DisposedITAT Chennai08 Jan 2020AY 2011-12

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. A. Sundararajan, Addl. CIT
Section 143(3)

…nd which is exempt from income tax. 2.5 The Ld CIT (A) failed to note that the disallowance u/s 14A is attracted even in a case where there is no exempt income earned as held in the Chennai ITAT decision in the case of Siva Industries & Holdings Ltd Vs ACIT (54 SOT 49) and which is in conformity with department view as clarified vide circular no.5/2014. 2.6 The Ld CIT(A) erred in directing the AD to allow the excess depreciation on addition made to leased building of Rs.2,02,55,619/- 2.7 The Id. CIT(A) failed to note the facts that as per the explanation 1 to sec 32 of the IT Act which stated that if an assesse…

DCIT, CIRCLE-8(1), KOLKATA, KOLKATA vs. M/S. GUJARAT NRE COKE LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

ITA 1151/KOL/2017[F.Y-2010-11]Status: DisposedITAT Kolkata06 Nov 2019

Bench: Sri J. Sudhakar Reddy& Sri Aby T. Varkey)

Section 115JSection 143(3)Section 144CSection 14ASection 250Section 92C

…transactions of the type under discussion.” 14. For the proposition that LIBOR can be held as benchmark. The ld. CIT(A) relied on the following decisions: i. Siva Industries & Holdings Ltd. vs. ACIT [145 TTJ (Chennai) 497] ii. Tata Autocomp System vs. ACIT [149 TTJ 233] iii. Aurinpro Solutions Ltd. vs. ACIT [36 CCH 006] 8 I.T.A. Nos. 1150 & 1151/Kol/2017 AYs: 2008-09 & 2010-11 M/s. Gujarat NRE Coke Ltd. 15. Thereafter in para 4 he held as follows: “4. I have also examined the contentions of the appellant wherein it has been argued that the impugned ALP computed by the Ld. TPO is erroneous and hence cannot be…

DCIT, CIRCLE-8(1), KOLKATA, KOLKATA vs. M/S. GUJARAT NRE COKE LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

ITA 1150/KOL/2017[2008-09]Status: DisposedITAT Kolkata06 Nov 2019AY 2008-09

Bench: Sri J. Sudhakar Reddy& Sri Aby T. Varkey)

Section 115JSection 143(3)Section 144CSection 14ASection 250Section 92C

…transactions of the type under discussion.” 14. For the proposition that LIBOR can be held as benchmark. The ld. CIT(A) relied on the following decisions: i. Siva Industries & Holdings Ltd. vs. ACIT [145 TTJ (Chennai) 497] ii. Tata Autocomp System vs. ACIT [149 TTJ 233] iii. Aurinpro Solutions Ltd. vs. ACIT [36 CCH 006] 8 I.T.A. Nos. 1150 & 1151/Kol/2017 AYs: 2008-09 & 2010-11 M/s. Gujarat NRE Coke Ltd. 15. Thereafter in para 4 he held as follows: “4. I have also examined the contentions of the appellant wherein it has been argued that the impugned ALP computed by the Ld. TPO is erroneous and hence cannot be…

DCIT, CIRCLE - 10(1), KOLKATA , KOLKATA vs. M/S. A.A. INFRAPROPERTIES PVT. LTD., , KOLKATA

In the result, the appeal of the Revenue is dismissed

ITA 55/KOL/2018[2013-14]Status: DisposedITAT Kolkata04 Oct 2019AY 2013-14
For Appellant: Dr. P. K. Srihari, CIT(DR)For Respondent: Shri Ravi Tulsiyan, FCA
Section 144CSection 40A(2)(b)Section 92C

…. The Delhi High Court in case of CIT Vs. Cotton Naturals (I) Pvt. Ltd. [276 CTR 475] b. Chennai Bench of Tribunal in case of Siva Industries & Holdings Ltd. Vs. ACIT [145 TTJ(Chennai) 497] c. The Mumbai Tribunal in case of Tata Autocomp System Ltd. Vs. ACIT [149 TTJ 233]. The said decision has been affirmed by the Hon'ble Bombay High Court in case of CIT Vs.Tata Autocomp System Ltd. (374 ITR 516) 5. However, for the case at hand it is observed that the loan transaction is denominated in Indian Currency and therefore there is much merit in the argument of the appellant-company / Ld. A.R that the domestic prime le…

SVL LIMITED,CHENNAI vs. ITO CORPORATE WARD 6(3), CHENNAI

In the result, the appeal filed by the Revenue in ITA

ITA 3004/CHNY/2017[2014-15]Status: DisposedITAT Chennai16 Sept 2019AY 2014-15

Bench: Shri George Mathan & Shri Inturi Rama Rao

For Appellant: Mr. S.Sridhar, AdvFor Respondent: Mr. M.Srinivasa Rao, CIT
Section 115JSection 143(3)Section 14A

…interest in a particular year. 2.3) The Ld CIT(A) failed to appreciate that disallowance u/s.14A is attracted even in a case where there is no exempt income earned as held in the Chennai ITAT decision in the case of M/s.Siva Industries & Holding Ltd Vs ACIT (54 SOT 49) and which is in conformity' with department view as clarified vide Circular No.5/2014 to the effect that disallowance will be attracted even when there is no exempt income. 2.4) The Ld CIT(A) erred in directing the AO to delete the addition made to book profits computed u/s.115JB being expenditure incurred to earn exempt income even though cl.(f)…

DCIT CORPORATE CIRCLE 6(2), CHENNAI vs. SVL LIMITED, CHENNAI

In the result, the appeal filed by the Revenue in ITA

ITA 2734/CHNY/2017[2014-15]Status: DisposedITAT Chennai16 Sept 2019AY 2014-15

Bench: Shri George Mathan & Shri Inturi Rama Rao

For Appellant: Mr. S.Sridhar, AdvFor Respondent: Mr. M.Srinivasa Rao, CIT
Section 115JSection 143(3)Section 14A

…interest in a particular year. 2.3) The Ld CIT(A) failed to appreciate that disallowance u/s.14A is attracted even in a case where there is no exempt income earned as held in the Chennai ITAT decision in the case of M/s.Siva Industries & Holding Ltd Vs ACIT (54 SOT 49) and which is in conformity' with department view as clarified vide Circular No.5/2014 to the effect that disallowance will be attracted even when there is no exempt income. 2.4) The Ld CIT(A) erred in directing the AO to delete the addition made to book profits computed u/s.115JB being expenditure incurred to earn exempt income even though cl.(f)…

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