Siva Industries & Holdings Ltd. v. ACIT

54 SOT 49Income Tax Appellate Tribunal2012#2060 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 366,339 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

ITO 3(2)(2), Mumbai vs. Millennium Appliances India Ltd, Mumbai

The appeal of the Revenue is dismissed

ITA 5149/MUM/2015[2011-12]Status: DisposedITAT Mumbai18 Jan 2018AY 2011-12

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2011-12 Income Tax Officer-3(2)(2), M/S Millenium Room No.673, 6Th Floor, Appliances India Ltd. बनाम/ Aayakar Bhavan, 171-C, Mittal Court, Vs. M.K. Road, Nariman Point, Mumbai-400020 Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaccm7838D

Section 143(3)Section 144CSection 14ASection 153A

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘बी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, ‘B’ MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी राजेश कुमार, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Rajesh Kumar, Accountant Member Assessment Year: 2011-12 Income Tax Officer-3(2)(2), M/s Millenium Room No.673, 6th Floor, Appliances India Ltd. बनाम/ Aayakar Bhavan, 171-C, Mittal Court, Vs. M.K. Road, Nariman Point, Mumbai-400020 Mumbai-400021 (राज"व /Revenue) ("नधा"रती /Assessee) PAN. No.AACCM7838D राज"व क" ओर से / Revenue by Shri Sumar Kumar-DR "नधा"रती क" ओर से / Assessee by Sh…

ACIT, New Delhi vs. M/S Wave Industries Pvt. Ltd., New Delhi

The appeals of the Revenue are dismissed

ITA 6607/DEL/2016[2013-14]Status: DisposedITAT Delhi08 Nov 2017AY 2013-14

Bench: Shri N.K. Saini & Shri Joginder Singh

Section 14ASection 14A(2)

…आयकर अपील"य अ"धकरण, "द"ल", "यायपीठ, ‘जी’,"द"ल"। IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “G”, DELHI "ी एन.के. सैनी, लेखा सद"य एवं "ी जो"ग"दर "संह, "या"यक सद"य, के सम! Before Shri N.K. Saini, Accountant Member and Shri Joginder Singh, Judicial Member, ITA Nos.6606 & 6607/Del/2016 Assessment Year: 2013-14 ACIT, M/s Wave Infratech Pvt Ltd. Central Circle-29, C-1, Sec-3, Noida, बनाम/ Room No.318, U.P.-201301 Vs. 3rd Floor, ARA Centre, Or Jhandewalan Extn. M/s Wave Infratech Pvt. Ltd. New Delhi Mezzaine Floor, M-4, South Extension, Part-II, New Delhi-110049 (राज"व /Revenue) ("नधा&'रती /Assessee) PAN. No.…

ACIT, New Delhi vs. M/S Wave Infratech Pvt. Ltd., Noida

The appeals of the Revenue are dismissed

ITA 6606/DEL/2016[2013-14]Status: DisposedITAT Delhi08 Nov 2017AY 2013-14

Bench: Shri N.K. Saini & Shri Joginder Singh

Section 14ASection 14A(2)

…आयकर अपील"य अ"धकरण, "द"ल", "यायपीठ, ‘जी’,"द"ल"। IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES “G”, DELHI "ी एन.के. सैनी, लेखा सद"य एवं "ी जो"ग"दर "संह, "या"यक सद"य, के सम! Before Shri N.K. Saini, Accountant Member and Shri Joginder Singh, Judicial Member, ITA Nos.6606 & 6607/Del/2016 Assessment Year: 2013-14 ACIT, M/s Wave Infratech Pvt Ltd. Central Circle-29, C-1, Sec-3, Noida, बनाम/ Room No.318, U.P.-201301 Vs. 3rd Floor, ARA Centre, Or Jhandewalan Extn. M/s Wave Infratech Pvt. Ltd. New Delhi Mezzaine Floor, M-4, South Extension, Part-II, New Delhi-110049 (राज"व /Revenue) ("नधा&'रती /Assessee) PAN. No.…

Ddb Mudra P.Ltd, Mumbai vs. DCIT Cir 6(3), Mumbai

The appeal of the assessee is partly allowed

ITA 5656/MUM/2016[2011-12]Status: DisposedITAT Mumbai02 Nov 2017AY 2011-12

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2011-12 M/S Ddb Mudra Pvt. Ltd. Dcit, Opp. Grand Hyatt, Circle-6(3), बनाम/ Santacruz (E) Mumbai Vs. Mumbai-400055 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacm5763H

Section 14ASection 14A(2)

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘सी’ ,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, ‘C’ MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी राजेश कुमार, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Rajesh Kumar, Accountant Member Assessment Year: 2011-12 M/s DDB Mudra Pvt. Ltd. DCIT, Opp. Grand Hyatt, Circle-6(3), बनाम/ Santacruz (E) Mumbai Vs. Mumbai-400055 ("नधा"रती /Assessee) (राज"व /Revenue) PAN. No.AAACM5763H "नधा"रती क" ओर से / Assessee by Shri Rishabh Shah Shri Rajat Mittal-DR राज"व क" ओर से / Revenue by 02/11/2017 सुनवाई क" तार"ख / Date of Hearing : 02/11/2017 आदेश…

Zoom Entertainment Network Ltd, Mumbai vs. Asst CIT Cir 11(1), Mumbai

The appeal of the assessee is allowed

ITA 3453/MUM/2016[2010-11]Status: DisposedITAT Mumbai21 Apr 2017AY 2010-11

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2010-11 Zoom Entertainment Acit, Network Limited, Circle-11(1), बनाम/ 1St Floor, Trade Garden Aayakar Bhavan, Vs. Kamala Mills Compound Mumbai-400020 Senapati Bapat Marg, Lower Parel, Mumbai-400013 Pan No.Aaacz2897B ("नधा"रती /Assessee) (राज"व /Revenue)

Section 143(3)Section 144CSection 14ASection 14A(2)Section 153A

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ’ ए, मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “A”, MUMBAI "ी जोिग"दर "सह, "याियक सद"य एवं "ी राजे"", लेखा सद"य, के सम" । Before Shri Joginder Singh, Judicial Member and Shri Rajendra, Accountant Member Assessment Year-2010-11 Zoom Entertainment ACIT, Network Limited, Circle-11(1), बनाम/ 1st Floor, Trade Garden Aayakar Bhavan, Vs. Kamala Mills Compound Mumbai-400020 Senapati Bapat Marg, Lower Parel, Mumbai-400013 PAN No.AAACZ2897B ("नधा"रती /Assessee) (राज"व /Revenue) "नधा"रती क" ओर से / Assessee by Shri S. Venkatraman राज"व क" ओर से / Revenue by Shri Rajesh Kum…

ITO 10(2)(1), Mumbai vs. Jpa Solutions P.Ltd, Mumbai

The appeal of the Revenue is dismissed

ITA 4640/MUM/2015[2011-12]Status: DisposedITAT Mumbai01 Sept 2016AY 2011-12

Bench: Shri Joginder Singh, Assessment Year:2011-12 Income Tax Officer-10(2)(1), M/S Jpa Solutions Pvt. Ltd. Room No.408, 4Th Floor, 102, Man Gouse, S.V. Road, बनाम/ Aayakar Bhavan, Vile Parle (West), Vs. M.K. Marg, Mumbai-400056 Mumbai-400020 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aabcj7151K

Section 14A

…unts/claim of the assessee. My view find support from the decision in CIT vs Hero Cycles Ltd. 323 ITR 158 (P & H), Reliance Utilities and Power Ltd. 313 ITR 340 (Bom.), DCIT vs Jindal Photo Ltd. (Del. Trib.) and Shiva Industries & Holdings Ltd. vs ACIT (2011) 59 DTR 182. The Hon'ble jurisdictional High Court in Reliance Utilities & Power Ltd. categorically held that if interest free funds are available with the assessee, which are sufficient to meet the investment and at the same time assessee raised a loan, it can be presumed that the investment was made from the available interest free funds. Since, the assesse…

Saurashtra Fuels P.Ltd, Mumbai vs. Asst CIT Cir 3(3), Mumbai

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

ITA 7452/MUM/2013[2010-11]Status: DisposedITAT Mumbai25 Aug 2016AY 2010-11

Bench: Shri Shailendra Kumar Yadav, Jm & Shri Rajesh Kumar, Am आयकर अपीऱ सं./I.T.A. No.7452/Mum/2013 (ननधधारण वषा / Assessment Year : 2010-11) बनधम/ M/S Saurashtra Fuels Pvt Ltd- Asstt Commissioner Of Income 93-C, Mittal Tower, Tax, Circle-3(3), Vs. Nariman Point, Room No.609, Aayakar Bhavan, Mumbai-400021 Mumbai-400020

Section 10(34)Section 115JSection 143(1)Section 143(2)Section 14A

…penses connected with exempt income have to be disallowed u/s 14A regardless of whether they are direct or indirect, fixed or variable and managerial or financial in accordance with law. Also it has been held in Siva Industries and Holidays Ltd V/s CIT (2012) 54 SOT 49 (Chennai) that even in the year where no exempt income is earned or received by the appellant, disallowance u/s 14A can be made 4 7452/Mum/2013 In view of the above, the addition o f Rs.1,58,35,981/- made by the AO is confirmed.” 7. The ld. AR vehemently submitted before us that the ld. CIT(A) has completely ignored the facts placed before him q…

Sanjeev S Reniwal, Mumbai vs. ACIT Cen Cir 38, Mumbai

Appeals are allowed

ITA 1486/MUM/2015[2009-10]Status: DisposedITAT Mumbai09 Aug 2016AY 2009-10

Bench: Shri Joginder Singh, Assessment Year: 2009-10 Mr. Rakesh S Reniwal, Acit, 156, Maker Chamber Vi, Central Circle-38, बनाम/ 220 Jamnalal Bajaj Marg, Aayakar Bhavan, Vs. Nariman Point, M.K. Road, Mumbai-400021 Mumbai-400020 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aafpa4201N Assessment Year: 2009-10 Mr. Rajeev S Reniwal, Acit, 156, Maker Chamber Vi, Central Circle-38, बनाम/ 220 Jamnalal Bajaj Marg, Aayakar Bhavan, Vs. Nariman Point, M.K. Road, Mumbai-400021 Mumbai-400020 "नधा"रती / Assessee राज"व / Revenue P.A. No.Admpr3334D Assessment Year: 2009-10

Section 14A

…. My view find support from the decision in CIT Rakesh S. Reniwal & Ors. vs Hero Cycles Ltd. 323 ITR 158 (P & H), Reliance Utilities and Power Ltd. 313 ITR 340 (Bom.), DCIT vs Jindal Photo Ltd. (Del. Trib.) and Shiva Industries & Holdings Ltd. vs ACIT (2011) 59 DTR 182. The Hon'ble jurisdictional High Court in Reliance Utilities & Power Ltd. categorically held that if interest free funds are available with the assessee, which are sufficient to meet the investment and at the same time assessee raised a loan, it can be presumed that the investment was made from the available interest free funds. Since, the assesse…

Rajeev S Reniwal, Mumbai vs. ACIT Cen Cir 38, Mumbai

Appeals are allowed

ITA 1485/MUM/2015[2009-10]Status: DisposedITAT Mumbai09 Aug 2016AY 2009-10

Bench: Shri Joginder Singh, Assessment Year: 2009-10 Mr. Rakesh S Reniwal, Acit, 156, Maker Chamber Vi, Central Circle-38, बनाम/ 220 Jamnalal Bajaj Marg, Aayakar Bhavan, Vs. Nariman Point, M.K. Road, Mumbai-400021 Mumbai-400020 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aafpa4201N Assessment Year: 2009-10 Mr. Rajeev S Reniwal, Acit, 156, Maker Chamber Vi, Central Circle-38, बनाम/ 220 Jamnalal Bajaj Marg, Aayakar Bhavan, Vs. Nariman Point, M.K. Road, Mumbai-400021 Mumbai-400020 "नधा"रती / Assessee राज"व / Revenue P.A. No.Admpr3334D Assessment Year: 2009-10

Section 14A

…. My view find support from the decision in CIT Rakesh S. Reniwal & Ors. vs Hero Cycles Ltd. 323 ITR 158 (P & H), Reliance Utilities and Power Ltd. 313 ITR 340 (Bom.), DCIT vs Jindal Photo Ltd. (Del. Trib.) and Shiva Industries & Holdings Ltd. vs ACIT (2011) 59 DTR 182. The Hon'ble jurisdictional High Court in Reliance Utilities & Power Ltd. categorically held that if interest free funds are available with the assessee, which are sufficient to meet the investment and at the same time assessee raised a loan, it can be presumed that the investment was made from the available interest free funds. Since, the assesse…

Rakesh S. Reniwal, Mumbai vs. ACIT Cen Cir 38, Mumbai

Appeals are allowed

ITA 1447/MUM/2015[2009-10]Status: DisposedITAT Mumbai09 Aug 2016AY 2009-10

Bench: Shri Joginder Singh, Assessment Year: 2009-10 Mr. Rakesh S Reniwal, Acit, 156, Maker Chamber Vi, Central Circle-38, बनाम/ 220 Jamnalal Bajaj Marg, Aayakar Bhavan, Vs. Nariman Point, M.K. Road, Mumbai-400021 Mumbai-400020 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aafpa4201N Assessment Year: 2009-10 Mr. Rajeev S Reniwal, Acit, 156, Maker Chamber Vi, Central Circle-38, बनाम/ 220 Jamnalal Bajaj Marg, Aayakar Bhavan, Vs. Nariman Point, M.K. Road, Mumbai-400021 Mumbai-400020 "नधा"रती / Assessee राज"व / Revenue P.A. No.Admpr3334D Assessment Year: 2009-10

Section 14A

…. My view find support from the decision in CIT Rakesh S. Reniwal & Ors. vs Hero Cycles Ltd. 323 ITR 158 (P & H), Reliance Utilities and Power Ltd. 313 ITR 340 (Bom.), DCIT vs Jindal Photo Ltd. (Del. Trib.) and Shiva Industries & Holdings Ltd. vs ACIT (2011) 59 DTR 182. The Hon'ble jurisdictional High Court in Reliance Utilities & Power Ltd. categorically held that if interest free funds are available with the assessee, which are sufficient to meet the investment and at the same time assessee raised a loan, it can be presumed that the investment was made from the available interest free funds. Since, the assesse…

Baba Global Ltd., Delhi vs. DCIT, New Delhi

Accordingly we direct the AO to restrict the addition to the exempt income. Accordingly this ground is partly allowed in favour of the assessee

ITA 1086/DEL/2015[2006-07]Status: DisposedITAT Delhi05 May 2016AY 2006-07

Bench: Shri I.C. Sudhir & Shri Prashant Maharishi

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Sanjay Kumar, Sr. DR
Section 143(3)Section 144CSection 14ASection 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH “I-2” NEW DELHI) BEFORE SHRI I.C. SUDHIR AND SHRI PRASHANT MAHARISHI ITA Nos. 1086 to 1091/Del/2015 Assessment Years: 2006-07 to 2011-12 Baba Global Ltd., vs. DCIT, 4873-Chandni Chowk, Central Circle-29, Delhi. New Delhi (PAN: AAACB6357N) (Appellant) (Respondent) Assessee by: Shri Ved Jain, Adv. Department by: Shri Sanjay Kumar, Sr. DR Date of hearing : 08 .02.2016 Date of pronouncement: 05:05.2016 ORDER PER I.C. SUDHIR: JUDICIAL MEMBER These are six appeals filed by the assessee against the action of the learned DRP upholding the order passed by the AO under Sect…

M/S. Ufo Moviez India Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal is partly allowed in the terms indicated above

ITA 1123/DEL/2014[2009-10]Status: DisposedITAT Delhi08 Jan 2016AY 2009-10
Section 143(3)Section 14A

…150 basis points above LIBOR and in the range of 140-170 basis points above LIBOR. In contrast to this comparable case, the interest charged in the present case is 247 points above the LIBOR rate. In the case of Siva Industries & Holdings Ltd Vs ACIT [(2012) 145 TTJ 497 (Chennai)], dealing with the assessment year 2006-07 and while referring to LIBOR at 4.42, interest rate on advances to subsidiary at 6%, which was thus 158 points above the LIBOR rate, was held to be an arm’s length price. In view of these discussions, it cannot be said that the advance to subsidiary, at 247 basis points above the LIBOR, is not…

Ufo Moviez India Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeal is thus partly allowed in the terms indicated above

ITA 6321/DEL/2012[2008-09]Status: DisposedITAT Delhi08 Jan 2016AY 2008-09
Section 143(3)Section 14A

…150 basis points above LIBOR and in the range of 140-170 basis points above LIBOR. In contrast to this comparable case, the interest charged in the present case is 247 points above the LIBOR rate. In the case of Siva Industries & Holdings Ltd Vs ACIT [(2012) 145 TTJ 497 (Chennai)], dealing with the assessment year 2006-07 and while referring to LIBOR at 4.42, interest rate on advances to subsidiary at 6%, which was thus 158 points above the LIBOR rate, was held to be an arm’s length price. In view of these discussions, it cannot be said that the advance to subsidiary, at 247 basis points above the LIBOR, is not…

Shriram Capital Limited, Chennai vs. DCIT, Chennai

In the result, the appeals filed by the assessee in ITA Nos

ITA 513/CHNY/2015[2011-2012]Status: DisposedITAT Chennai25 Jun 2015AY 2011-2012

Bench: Shri Chandra Poojari & Shri Challa Nagendra Prasadआयकर अपील सं./ I.T.A. Nos.512 &513 /Mds/2015 ("नधा"रण वष" / Assessment Year : 2010-2011 & 2011- 2012)

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. N. Rengaraj, IRS, CIT
Section 14A

…आयकर अपील"य अ"धकरण, ‘सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, CHENNAI "ी चं" पूजार", लेखा सद"य एवं "ी च"ला नागे"" "साद, "या"यक सद"य के सम" BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER & SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER आयकर अपील सं./ I.T.A. Nos.512 &513 /Mds/2015 ("नधा"रण वष" / Assessment Year : 2010-2011 & 2011- 2012) Shriram Capital Limited, The Deputy Commissioner of Mookambika Complex, Vs Income Tax, No.4, Lady Desika Road, Corporate Circle 6 (1), Mylapore, Chennai. Chennai 600 004. [PAN:AABCS 2726B] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से / Appella…

Shriram Capital Limited, Chennai vs. DCIT, Chennai

In the result, the appeals filed by the assessee in ITA Nos

ITA 512/CHNY/2015[2010-2011]Status: DisposedITAT Chennai25 Jun 2015AY 2010-2011

Bench: Shri Chandra Poojari & Shri Challa Nagendra Prasadआयकर अपील सं./ I.T.A. Nos.512 &513 /Mds/2015 ("नधा"रण वष" / Assessment Year : 2010-2011 & 2011- 2012)

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. N. Rengaraj, IRS, CIT
Section 14A

…आयकर अपील"य अ"धकरण, ‘सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, CHENNAI "ी चं" पूजार", लेखा सद"य एवं "ी च"ला नागे"" "साद, "या"यक सद"य के सम" BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER & SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER आयकर अपील सं./ I.T.A. Nos.512 &513 /Mds/2015 ("नधा"रण वष" / Assessment Year : 2010-2011 & 2011- 2012) Shriram Capital Limited, The Deputy Commissioner of Mookambika Complex, Vs Income Tax, No.4, Lady Desika Road, Corporate Circle 6 (1), Mylapore, Chennai. Chennai 600 004. [PAN:AABCS 2726B] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से / Appella…

DCIT vs. M/S Subramanya Construction & Developers Company Ltd

In the result, the appeal of the revenue is dismissed whereas the

ITA 404/BANG/2013[2009-10]Status: DisposedITAT Bangalore20 Feb 2015AY 2009-10

Bench: Shri Rajpal Yadav & Shri Abraham P George

For Appellant: Shri V. Chandrasekhar, AdvocateFor Respondent: Dr. P.K.Srihari, Addl. CIT
Section 14A

…m of no expenditure for earning exempt income. Reliance was placed on the decision of Hon’ble P&H High Court in the case of CIT Vs Hero Cycles Ltd.,323 ITR 518 and that of Chennai Bench of the Tribunal in the case of Siva Industries & Holdings Ltd., Vs ACIT 59 DTR 182. Assessee also pointed to the CIT(A) that investments were all made prior to the relevant previous year. 4 ITA No.404(B)/13 & C.O.No.89(B)/13 5. Learned CIT(A) after considering submissions and details filed by the assessee held that assessee had interest free funds which satisfied the requirement of the investments made by it. As per the CIT(A…