South Indian Bank Ltd. v. CIT

438 ITR 1Supreme Court of India2021#132 most cited

What is South Indian Bank Ltd. v. CIT authority for?

The mixed fund theory is affirmed, holding that no disallowance of interest expenditure under Section 14A can be made if the assessee possesses sufficient non-interest bearing funds, such as capital and reserves, to cover investments made in tax-free securities.

508

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2011 to 2026.

Also referred to as

South Indian Bank Ltd. v. CIT · South Indian Bank · 438 ITR 1 · Section 14A · disallowance of interest expenditure · mixed fund theory · non-interest bearing funds · tax-free investments · exempt income · Section 8D · expenditure relating to exempt income

Also reported as

130 Taxmann.com 178283 Taxmann 17810 SCC 153228 CTR 440

Sections most often in play

Section 14ASection 143(3)Section 115JBSection 8DSection 153ASection 36(1)(viia)Section 36(1)(vii)Section 36(1)(iii)
Read the full judgment

Issues it is cited on

section 10(33)section 80absection 10(15)section 80msection 54esection 14a(1)section 36(1)(viii)section 54ecsection 14a(2)section 36(1)(vii)disallowance under section 14adisallowance of interest expenditure

Judgments citing South Indian Bank Ltd. v. CIT

Infina Finance Private Limited, Mumbai vs. ACIT Circle 2(2)(1), Mumbai

In the result, the captioned appeals are allowed for statistical purposes

ITA 414/MUM/2024[2018-2019]Status: DisposedITAT Mumbai16 Oct 2024AY 2018-2019

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Raj Kumar Chauhan, Hon’Ble

For Appellant: Shri Madhur Agarwal, A/RFor Respondent: Shri Krishna Kumar, Sr. D/R
Section 14A

…the judgment of the Punjab and Haryana High Court in State Bank of Patiala also fail, though law in this respect has been clarified hereinabove.” 7. The same view was followed by the Hon’ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT [2021] 438 ITR 1 (SC). The relevant findings read as follows:- “23. It would now be appropriate to advert in some detail to Maxopp Investment Ltd. v. CIT10. This case interestingly is relied by both sides’ counsel. Writing for the Bench, Justice Dr. A.K. Sikri noted the objective for incorporation of Section 14A in the Act in the following words: - “3…………. The purp…

Infina Finance Private Limited, Mumbai vs. Neac, Delhi

In the result, the captioned appeals are allowed for statistical purposes

ITA 413/MUM/2024[2020-2021]Status: DisposedITAT Mumbai16 Oct 2024AY 2020-2021

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Raj Kumar Chauhan, Hon’Ble

For Appellant: Shri Madhur Agarwal, A/RFor Respondent: Shri Krishna Kumar, Sr. D/R
Section 14A

…the judgment of the Punjab and Haryana High Court in State Bank of Patiala also fail, though law in this respect has been clarified hereinabove.” 7. The same view was followed by the Hon’ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT [2021] 438 ITR 1 (SC). The relevant findings read as follows:- “23. It would now be appropriate to advert in some detail to Maxopp Investment Ltd. v. CIT10. This case interestingly is relied by both sides’ counsel. Writing for the Bench, Justice Dr. A.K. Sikri noted the objective for incorporation of Section 14A in the Act in the following words: - “3…………. The purp…

Bhima Jewellers and Diamonds, Attingal vs. The Additional Or Joint Or Deputy Or Assistant Commissioner of Income Tax, Delhi

In the result, the appeal filed by the assessee is partly allowed

ITA 623/COCH/2023[2018-19]Status: DisposedITAT Cochin15 Oct 2024AY 2018-19

Bench: Shri Waseem Ahmed & Shri Soundararajan Kassessment Years : 2018-19 The Asst. Commissioner Of Bhima Jewellers & Diamonds, Vs. M M Hall Lms Junction, Attingal, Income Tax, Trivandrum – 695 101. Circle – 1(1), Trivandrum. Pan – Aamfb 3260 F The Addl/Joint/Dy./Asst. Commissioner Of Income Tax, Nfac, Delhi. Appellant Respondent Assessee By : Shri R Krishnan, Ca Revenue By : Smt. Giriy Albert, Sr. Dr Date Of Hearing : 19.09.2024 Dateof Pronouncement : 15.10.2024 O R D E R Per Waseem Ahmed:

For Appellant: Shri R Krishnan, CAFor Respondent: Smt. GirIy Albert, Sr. DR

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH : BY VIRTUAL HEARING BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER AND SHRI SOUNDARARAJAN K, JUDICIAL MEMBER Assessment Years : 2018-19 The Asst. Commissioner of Bhima Jewellers & Diamonds, Vs. M M Hall LMS Junction, Attingal, Income Tax, Trivandrum – 695 101. Circle – 1(1), Trivandrum. PAN – AAMFB 3260 F The Addl/Joint/Dy./Asst. Commissioner of Income Tax, NFAC, Delhi. APPELLANT RESPONDENT Assessee by : Shri R Krishnan, CA Revenue by : Smt. GirIy Albert, Sr. DR Date of hearing : 19.09.2024 Dateof Pronouncement : 15.10.2024 O R D E R PER WASEEM AHMED, ACCOUNTANT M…

Nlc India Limited, Cuddalore vs. DCIT, Non Corp. Circle 8(1), Chennai

In the result, the appeals of the assessee are allowed

ITA 271/CHNY/2024[2020-21]Status: DisposedITAT Chennai15 Oct 2024AY 2020-21

Bench: SHRI MANU KUMAR GIRI (Judicial Member), SHRI S.R. RAGHUNATHA (Accountant Member)

For Appellant: Shri Raghavan Ramabadran, AdvFor Respondent: Shri R. Clement Ramesh Kumar, IRS, CIT
Section 115JSection 142(1)Section 143(2)Section 144CSection 14A

…that whether investments are out of own funds of assessee or from borrowed funds. 8. We find it necessary to reproduce here the relevant portion of the Hon’ble Supreme Court judgment in the case of South Indian Bank Ltd. Vs Commissioner of Income Tax [2021] 438 ITR 1 (SC) dated 09.09.2021 which held as under: ‘’17. In a situation where the assessee has mixed fund (made up partly of interest free funds and partly of interestbearing funds) and payment is made out of that mixed fund, the investment must be considered to have been made out of Page 9 of 22 the interest free fund. To put it another way, in respect of…

Nlc India Limited, Cuddalore vs. DCIT, Non Corp. Circle 8(1), Chennai

In the result, the appeals of the assessee are allowed

ITA 270/CHNY/2024[2018-19]Status: DisposedITAT Chennai15 Oct 2024AY 2018-19

Bench: HON’BLE SHRI MANU KUMAR GIRI, JUDICIAL MEMBER AND HON’BLE SHRI S.R. RAGHUNATHA (Accountant Member)

For Appellant: Shri Raghavan Ramabadran, AdvFor Respondent: Shri R. Clement Ramesh Kumar, IRS, CIT
Section 115JSection 142(1)Section 143(2)Section 144CSection 14A

…that whether investments are out of own funds of assessee or from borrowed funds. 8. We find it necessary to reproduce here the relevant portion of the Hon’ble Supreme Court judgment in the case of South Indian Bank Ltd. Vs Commissioner of Income Tax [2021] 438 ITR 1 (SC) dated 09.09.2021 which held as under: ‘’17. In a situation where the assessee has mixed fund (made up partly of interest free funds and partly of interestbearing funds) and payment is made out of that mixed fund, the investment must be considered to have been made out of Page 9 of 22 the interest free fund. To put it another way, in respect of…

Vardhman Textiles Limited, Ludhiana vs. ACIT-Circle-1, Ludhiana

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

ITA 61/CHANDI/2020[2015-16]Status: DisposedITAT Chandigarh14 Oct 2024AY 2015-16

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

For Appellant: Shri Tejmohan Singh, Advocate and Shri Pankaj Gupta, AdvocateFor Respondent: Smt. Kusum Bansal, CIT, DR
Section 80I

…company as on 31/03/2015 were less than the aggregate of its fixed assets and current assets, showing all borrowed funds were invested in fixed assets and current assets only. Reliance has been placed on “South Indian Bank Ltd. Vs. CIt, (2021) dt. 09/09/2021, 438 ITR 1(SC). It has further been contended that out of total Portfolio Management Service (PMS) expenses, the assessee allocated amount in proportionate manner and it further made disallowance under Rule 8D (2)(iii) is related to exempt income, thereby making suomoto disallowance of Rs. 11,79,624/-. It has been further submitted that the AO has not found a…

ACIT, Circle-1, Ludhiana vs. M/S Vardhman Textiles Ltd., Ludhiana

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

ITA 117/CHANDI/2020[2015-16]Status: DisposedITAT Chandigarh14 Oct 2024AY 2015-16

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

For Appellant: Shri Tejmohan Singh, Advocate and Shri Pankaj Gupta, AdvocateFor Respondent: Smt. Kusum Bansal, CIT, DR
Section 80I

…company as on 31/03/2015 were less than the aggregate of its fixed assets and current assets, showing all borrowed funds were invested in fixed assets and current assets only. Reliance has been placed on “South Indian Bank Ltd. Vs. CIt, (2021) dt. 09/09/2021, 438 ITR 1(SC). It has further been contended that out of total Portfolio Management Service (PMS) expenses, the assessee allocated amount in proportionate manner and it further made disallowance under Rule 8D (2)(iii) is related to exempt income, thereby making suomoto disallowance of Rs. 11,79,624/-. It has been further submitted that the AO has not found a…

M/S Vardhman Textiles Limited, Ludhiana vs. ACIT, C-1, Ludhiana

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

ITA 486/CHANDI/2019[2013-14]Status: DisposedITAT Chandigarh14 Oct 2024AY 2013-14

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

For Appellant: Shri Tejmohan Singh, Advocate and Shri Pankaj Gupta, AdvocateFor Respondent: Smt. Kusum Bansal, CIT, DR
Section 80I

…company as on 31/03/2015 were less than the aggregate of its fixed assets and current assets, showing all borrowed funds were invested in fixed assets and current assets only. Reliance has been placed on “South Indian Bank Ltd. Vs. CIt, (2021) dt. 09/09/2021, 438 ITR 1(SC). It has further been contended that out of total Portfolio Management Service (PMS) expenses, the assessee allocated amount in proportionate manner and it further made disallowance under Rule 8D (2)(iii) is related to exempt income, thereby making suomoto disallowance of Rs. 11,79,624/-. It has been further submitted that the AO has not found a…

DCIT, C-1, Ludhiana vs. M/S Vardhman Textiles Limited, Ludhiana

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

ITA 260/CHANDI/2019[2014-15]Status: DisposedITAT Chandigarh14 Oct 2024AY 2014-15

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

For Appellant: Shri Tejmohan Singh, Advocate and Shri Pankaj Gupta, AdvocateFor Respondent: Smt. Kusum Bansal, CIT, DR
Section 80I

…company as on 31/03/2015 were less than the aggregate of its fixed assets and current assets, showing all borrowed funds were invested in fixed assets and current assets only. Reliance has been placed on “South Indian Bank Ltd. Vs. CIt, (2021) dt. 09/09/2021, 438 ITR 1(SC). It has further been contended that out of total Portfolio Management Service (PMS) expenses, the assessee allocated amount in proportionate manner and it further made disallowance under Rule 8D (2)(iii) is related to exempt income, thereby making suomoto disallowance of Rs. 11,79,624/-. It has been further submitted that the AO has not found a…

M/S Vardhman Textiles Limited, Ludhiana vs. DCIT, C-1, Ludhiana

In the result, appeals of the Assessee are partly allowed whereas the Cross appeals of the Revenue are dismissed

ITA 187/CHANDI/2019[2014-15]Status: DisposedITAT Chandigarh14 Oct 2024AY 2014-15

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. SHRI. KRINWANT SAHAY (Accountant Member)

For Appellant: Shri Tejmohan Singh, Advocate and Shri Pankaj Gupta, AdvocateFor Respondent: Smt. Kusum Bansal, CIT, DR
Section 80I

…company as on 31/03/2015 were less than the aggregate of its fixed assets and current assets, showing all borrowed funds were invested in fixed assets and current assets only. Reliance has been placed on “South Indian Bank Ltd. Vs. CIt, (2021) dt. 09/09/2021, 438 ITR 1(SC). It has further been contended that out of total Portfolio Management Service (PMS) expenses, the assessee allocated amount in proportionate manner and it further made disallowance under Rule 8D (2)(iii) is related to exempt income, thereby making suomoto disallowance of Rs. 11,79,624/-. It has been further submitted that the AO has not found a…

Kedar Shashank Ranade, Pune vs. ACIT, Circle -2, Pune

In the result, the appeal filed by the assessee is allowed

ITA 1233/PUN/2024[2018-19]Status: DisposedITAT Pune14 Oct 2024AY 2018-19

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2018-19

For Appellant: Shri Nikhil S PathakFor Respondent: Shri Ramnath P Murkunde
Section 142(1)Section 143(1)Section 270A(2)(a)Section 36(1)(iii)

…o the four persons. Referring to the decision of the Hon’ble Bombay High Court in the case of CIT vs. Reliance Utilities Ltd. reported in 313 ITR 340 (Bom) and the decision of the Hon'ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT reported in 438 ITR 1 (SC), he submitted that since the own capital of the assessee is much more than the amount of interest free loans given by the assessee, no disallowance u/s 36(1)(iii) of the Act is called for. 10. So far as the second issue is concerned, he submitted that the assessee has paid interest on unsecured loans running from 17% to 23%. He submitted that…

State Bank of India, Mumbai vs. DCIT Cir 2(2), Mumbai

ITA 4105/MUM/2014[2007-08]Status: DisposedITAT Mumbai11 Oct 2024AY 2007-08

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal , Jm

Section 14Section 143Section 36Section 41

…Page | 1 IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS KAVITHA RAJAGOPAL , JM ITA No. 3868/MUM/2013 A.Y.2006-07 [ by Assessee] & ITA No . 4952/MUM /2013 [By AO ] Vs. ITA No 4128/MUM /2014 [ By AO] & ITA no 4105/MUM/2014 [By Assessee] A.Y .2007-08 State Bank of India The Additional 3rd Floor, Commissioner of Income tax Corporate Centre Circle 2 (2) Mumbai Madam Cama Road Room No 545, Aykar Bhavan Nariman Point Maharishi Karve Road Mumbai 400021 Mumbai 400020 (Appellant) (Respondent) PAN AAACS8577K Assessee by Shri Ketan Ved &Abdulkadir Jawad Wala Revenue by Shri P…

DCIT 2(2), Mumbai vs. State Bank of India, Mumbai

In the result appeal filed by the assessee for assessment year 2006 – 07 and 2007 – 08 is partly allowed

ITA 4952/MUM/2013[2006-07]Status: DisposedITAT Mumbai11 Oct 2024AY 2006-07

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal , Jm A.Y.2006-07 [ By Assessee] &

Section 14Section 143Section 36Section 41

…` IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS KAVITHA RAJAGOPAL , JM A.Y.2006-07 [ by Assessee] & ITA No. 4952/MUM /2013 [By AO ] ITA No 4128/MUM /2014 A.Y.2007-08 [ By AO] & [By Assessee] Vs. State Bank of India The Additional 3rd Floor, Commissionerof Income tax Corporate Centre Circle 2 (2) Mumbai Madam Cama Road Room No 545, Aykar Bhavan Nariman Point Maharishi Karve Road Mumbai 400021 Mumbai 400020 (Appellant) (Respondent) PAN AAACS8577K Assessee by Shri Ketan Ved &Abdulkadir Jawad Wala Revenue by Shri P C Chhhotaray Special Counsel Shri Dr Kishor Dhule…

State Bank of India, Mumbai vs. Addl CIT Cir 2(2), Mumbai

In the result appeal filed by the assessee for assessment

ITA 3868/MUM/2013[2006-07]Status: DisposedITAT Mumbai11 Oct 2024AY 2006-07

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal , Jm

Section 14Section 143Section 36Section 41

…Page | 1 IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS KAVITHA RAJAGOPAL , JM ITA No. 3868/MUM/2013 [ by Assessee] & ITA No . 4952/MUM /2013 [By AO ] Vs. ITA No 4128/MUM /2014 [ By AO] & ITA no 4105/MUM/2014 [By Assessee] A.Y .2006-07 A.Y .2007-08 State Bank of India 3 r d Floor, Corporate Centre Madam Cama Road Nariman Point Mumbai 400021 The Add it ional Commissionerof Income tax Circle 2 (2) Mumbai Room No 545 , Aykar Bhavan Maharishi Karve Road Mumbai 400020 (Appellant) (Respondent) PAN AAACS8577K Assessee by Shri Ketan Ved &Abdulka…

Dy. Commissioner of Income Tax, Mumbai vs. Care Ratings Ltd., Mumbai

In the result, appeal of the revenue is partly allowed

ITA 4027/MUM/2024[2017]Status: DisposedITAT Mumbai10 Oct 2024

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Raj Kumar Chauhan, Hon’Ble

For Appellant: Ms. Priyanka Jain, A/RFor Respondent: Shri Krishna Kumar, Sr. D/R
Section 10Section 143(1)Section 14A

…ed sufficient funds of its own. Drawing support from the decision of the Hon’ble Jurisdictional High Court in the case of HDFC Bank reported in I.T.A. No. 4027/Mum/2024 3 383 ITR 52 and the Hon’ble Supreme Court in the case of South Indian Bank V/s CIT (2021) 438 ITR 1 (SC), deleted the entire addition made by the AO. 5. Before us, the ld. D/R fairly submitted that the assessee has no interest-bearing funds and, therefore, there is no question of application of Rule 8D(1) but Rule 8D(2) squarely applies and the assessee ought to have made certain disallowance suo-moto in respect of administrative expenses. The ld…

DCIT, Central Circle- 1(3), Ahmedabad vs. M/S Lok Prakashan Ltd., Ahmedabad

The appeal of the Revenue is dismissed accordingly

ITA 480/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad27 Sept 2024AY 2018-19

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.290 & 291/Ahd/2023 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 Respectively Lok Prakashan Limited The Acit बनाम/ Gujarat Samachar Bhavan Central Circle-1(3) V/S. J.P. Chowk, Khanpur Ahmedabad – 380 009 Ahmedabad – 380 001 (अपीलाथ%/ Appellant) ('( यथ%/ Respondent) "थायी लेखा सं./Pan: Aaacl 2742 F

For Appellant: Shri Vartik Choksi, ARFor Respondent: Shri Prathvi Raj Meena, CIT-DR
Section 143(3)Section 14ASection 250

…आयकर अपीलीय अिधकरण, अहमदाबाद "ायपीठ “डी“,अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ D ” BENCH, AHMEDABAD "ी टी.आर. से""ल कुमार, "ाियक सद" एवं "ी मकरंद वसंत महादेवकर, लेखा सद" के सम#। ] ] BEFORE SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER आयकर अपील सं /ITA Nos.290 & 291/Ahd/2023 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 respectively Lok Prakashan Limited The ACIT बनाम/ Gujarat Samachar Bhavan Central Circle-1(3) v/s. J.P. Chowk, Khanpur Ahmedabad – 380 009 Ahmedabad – 380 001 (अपीलाथ%/ Appellant) ('( यथ%/ Respondent) "थायी लेखा सं./PAN: AAACL 2742 F…

DCIT, Central Circle - 1(3), Ahmedabad vs. M/S Lok Prakashan Ltd., Ahmedabad

The appeal of the Revenue is dismissed accordingly

ITA 479/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad27 Sept 2024AY 2017-18

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.290 & 291/Ahd/2023 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 Respectively Lok Prakashan Limited The Acit बनाम/ Gujarat Samachar Bhavan Central Circle-1(3) V/S. J.P. Chowk, Khanpur Ahmedabad – 380 009 Ahmedabad – 380 001 (अपीलाथ%/ Appellant) ('( यथ%/ Respondent) "थायी लेखा सं./Pan: Aaacl 2742 F

For Appellant: Shri Vartik Choksi, ARFor Respondent: Shri Prathvi Raj Meena, CIT-DR
Section 143(3)Section 14ASection 250

…आयकर अपीलीय अिधकरण, अहमदाबाद "ायपीठ “डी“,अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ D ” BENCH, AHMEDABAD "ी टी.आर. से""ल कुमार, "ाियक सद" एवं "ी मकरंद वसंत महादेवकर, लेखा सद" के सम#। ] ] BEFORE SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER आयकर अपील सं /ITA Nos.290 & 291/Ahd/2023 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 respectively Lok Prakashan Limited The ACIT बनाम/ Gujarat Samachar Bhavan Central Circle-1(3) v/s. J.P. Chowk, Khanpur Ahmedabad – 380 009 Ahmedabad – 380 001 (अपीलाथ%/ Appellant) ('( यथ%/ Respondent) "थायी लेखा सं./PAN: AAACL 2742 F…

Lok Prakashan Limited, Ahmedabad vs. ACIT, Central Circle-1(3), Ahmedabad

The appeal of the Revenue is dismissed accordingly

ITA 291/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad27 Sept 2024AY 2018-19

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.290 & 291/Ahd/2023 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 Respectively Lok Prakashan Limited The Acit बनाम/ Gujarat Samachar Bhavan Central Circle-1(3) V/S. J.P. Chowk, Khanpur Ahmedabad – 380 009 Ahmedabad – 380 001 (अपीलाथ%/ Appellant) ('( यथ%/ Respondent) "थायी लेखा सं./Pan: Aaacl 2742 F

For Appellant: Shri Vartik Choksi, ARFor Respondent: Shri Prathvi Raj Meena, CIT-DR
Section 143(3)Section 14ASection 250

…आयकर अपीलीय अिधकरण, अहमदाबाद "ायपीठ “डी“,अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ D ” BENCH, AHMEDABAD "ी टी.आर. से""ल कुमार, "ाियक सद" एवं "ी मकरंद वसंत महादेवकर, लेखा सद" के सम#। ] ] BEFORE SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER आयकर अपील सं /ITA Nos.290 & 291/Ahd/2023 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 respectively Lok Prakashan Limited The ACIT बनाम/ Gujarat Samachar Bhavan Central Circle-1(3) v/s. J.P. Chowk, Khanpur Ahmedabad – 380 009 Ahmedabad – 380 001 (अपीलाथ%/ Appellant) ('( यथ%/ Respondent) "थायी लेखा सं./PAN: AAACL 2742 F…

Lok Prakashan Limited, Ahmedabad vs. ACIT, Central Circle-1(3), Ahmedabad

The appeal of the Revenue is dismissed accordingly

ITA 290/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad27 Sept 2024AY 2017-18

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.290 & 291/Ahd/2023 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 Respectively Lok Prakashan Limited The Acit बनाम/ Gujarat Samachar Bhavan Central Circle-1(3) V/S. J.P. Chowk, Khanpur Ahmedabad – 380 009 Ahmedabad – 380 001 (अपीलाथ%/ Appellant) ('( यथ%/ Respondent) "थायी लेखा सं./Pan: Aaacl 2742 F

For Appellant: Shri Vartik Choksi, ARFor Respondent: Shri Prathvi Raj Meena, CIT-DR
Section 143(3)Section 14ASection 250

…आयकर अपीलीय अिधकरण, अहमदाबाद "ायपीठ “डी“,अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ D ” BENCH, AHMEDABAD "ी टी.आर. से""ल कुमार, "ाियक सद" एवं "ी मकरंद वसंत महादेवकर, लेखा सद" के सम#। ] ] BEFORE SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER आयकर अपील सं /ITA Nos.290 & 291/Ahd/2023 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 respectively Lok Prakashan Limited The ACIT बनाम/ Gujarat Samachar Bhavan Central Circle-1(3) v/s. J.P. Chowk, Khanpur Ahmedabad – 380 009 Ahmedabad – 380 001 (अपीलाथ%/ Appellant) ('( यथ%/ Respondent) "थायी लेखा सं./PAN: AAACL 2742 F…

M/S Capricorn Lifestyle Pvt. Ltd., Pune vs. DCIT, Circle 1(1), Pune

In the result, the appeal filed by the assessee is partly allowed

ITA 376/PUN/2024[2021-22]Status: DisposedITAT Pune09 Sept 2024AY 2021-22

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2021-22

For Appellant: Shri Sanket M JoshiFor Respondent: Shri Ramnath P Murkunde
Section 143(2)

…n not appreciating that the impugned issue was no more res Integra and the same was squarely covered in favour of the assessee by the law laid down by Hon'ble Supreme Court in Reliance Industries Ltd. [410 ITR 466(SC)]and South Indian Bank Ltd. v. CIT [(2021) 438 ITR 1] and therefore, the disallowance of interest of Rs.52,59,935 ought to have been deleted. 4. The learned CIT(A) erred in confirming the disallowance of Rs.45,00,000 in respect of compensation paid by the appellant company to a third party towards cancellation of agreement to sale of land owned by its subsidiary company without appreciating that the…