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

ACIT, Corporate Circle-3(1), Chennai vs. M/S Tvs Motor Company Limited, Chennai

In the result the appeal of the Revenue is dismissed

ITA 6/CHNY/2023[2016-17]Status: DisposedITAT Chennai29 May 2024AY 2016-17

Bench: Shri Mahavir Singh & Shri Amitabh Shuklaआयकर अपील िं./Ita No. 06/Chny/2023 निर्धारण वर्ा /Assessment Year: 2016-17. The Asst. Commissioner Of M/S. Tvs Motor Company Ltd., Income Tax, Vs. Chaitanya, No.12, Corporate Circle-3(1), Khader Nawaz Khan Road, Chennai. Nungambakkam, Chennai – 600 006. [Pan: Aaacs7032B] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलधर्थी की ओर से/ Assessee By : Shri Vikaram Vijayaraghavan, Advocate प्रत्यर्थी की ओर से /Revenue By : Shri A. Sasikumar, Cit ुनवाई की तारीख/Date Of Hearing : 01.05.2024 घोषणा की तारीख /Date Of Pronouncement : 29.05.2024 आदेश / O R D E R

For Appellant: Shri Vikaram VijayaraghavanFor Respondent: Shri A. Sasikumar, CIT
Section 12Section 153(1)Section 250(6)Section 9Section 92C

…आयकर अपीलीय अधिकरण, ‘डी’ न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI श्री महावीर स िंह, उपाध्यक्ष एविं श्री अमिताभ शुक्ला, लेखा दस्य के मक्ष BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENT AND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकर अपील िं./ITA No. 06/Chny/2023 निर्धारण वर्ा /Assessment Year: 2016-17. The Asst. Commissioner of M/s. TVS Motor Company Ltd., Income Tax, Vs. Chaitanya, No.12, Corporate Circle-3(1), Khader Nawaz Khan Road, Chennai. Nungambakkam, Chennai – 600 006. [PAN: AAACS7032B] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलधर्थी की ओर से/ Assessee by : Shri Vikaram…

Tata International Ltd, Mumbai vs. DCIT RG 14(3)1), Mumbai

In the result, the ground no

ITA 1195/MUM/2015[2010-11]Status: DisposedITAT Mumbai28 May 2024AY 2010-11

Bench: Shri Anikesh Banerjee & Miss Padmavathy S.

For Appellant: Shri Nitesh Joshi a/w Ninad PatadeFor Respondent: Ms. Dhivya Ruth SR.DR
Section 143(3)Section 144C(5)Section 92CSection 92C(2)

…he disallowance under rule 8D(2)(iii) restricted to 0.5% of only those investments which have yielding income amount to Rs.2255.02 lakhs which works out to Rs.11.28 lakhs. The Ld.AR respectfully relied on the following order. 15.2.South Indian Bank Ltd vs CIT 438 ITR 1 (SC) “28. The above conclusion is reached because nexus has not been established between expenditure disallowed and earning of exempt income. The respondents as earlier noted, have failed to substantiate their argument that assessee was required to maintain separate accounts. Their reliance on Honda Siel (supra) to project such an obligation on the…

Dy. Commissioner of Income-Tax 1(3)1, Aayakar Bhawan vs. Grindwell Norton Limited, Leela Business Park Mumbai

In the result, appeal of the Revenue is dismissed and cross objections of the assessee are allowed, in aforesaid terms

ITA 785/MUM/2024[2014-15]Status: DisposedITAT Mumbai17 May 2024AY 2014-15

Bench: Shri Vikas Awasthy () & Shri Gagan Goyal ()

Section 14ASection 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL Mumbai “K” Bench, Mumbai. Before Shri Vikas Awasthy (Judicial Member) & Shri Gagan Goyal (Accountant Member) I.T.A. No. 785/Mum/2024 (A.Y. 2014-15) Vs. Grindwell Norton Limited DCIT-1(3)1 Room No. 535 Leela Business Park Aayakar Bhavan 5th Level, Andheri Kurla M.K. Road Road, J.B. Nagar, S.O. Mumbai-400 020. Mumbai-400 059. (Appellant) (Respondent) C.O. No. 54/Mum/2024 (A.Y. 2014-15) Vs. DCIT-1(3)1 Grindwell Norton Limited Leela Business Park Room No. 535 5th Level, Andheri Kurla Aayakar Bhavan Road, J.B. Nagar, S.O. M.K. Road Mumbai-400 059. Mumbai-400 020. (Appellant) (R…

DCIT, Circle-8(1), Kolkata vs. Itc Limited, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1223/KOL/2017[2011-12]Status: DisposedITAT Kolkata10 May 2024AY 2011-12

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “सी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date o…

DCIT, Circle-8(1), Kolkata vs. Itc Limited, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1222/KOL/2017[2010-11]Status: DisposedITAT Kolkata10 May 2024AY 2010-11

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “ए’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date of…

Itc Limited, Kolkata vs. ACIT, Range-8, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1166/KOL/2017[2011-12]Status: DisposedITAT Kolkata10 May 2024AY 2011-12

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “सी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date o…

Itc Limited, Kolkata vs. ACIT, Range-8, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1068/KOL/2017[2010-11]Status: DisposedITAT Kolkata10 May 2024AY 2010-11

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “सी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date o…

DCIT 2(2)(2), Mumbai vs. The Hongkong and Shanghai Banking Corp Ltd, Mumbai

In the result, assessee’s appeals are allowed wherein

ITA 4786/MUM/2016[2005-06]Status: DisposedITAT Mumbai30 Apr 2024AY 2005-06

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

Section 10(15)(iv)Section 10(34)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER & The Hongkong & Vs. The Joint Director of Shanghai Banking Income Tax Corporation Ltd. (International Srnior Vice President Taxation)-3, Mumbai Tax, 1st Floor, Scindia India Area Management House 5th Floor, Hongkong N.M. Marg, Ballard Bank Building, Estate, Mumbai – 400 52/60, MG Road 038 Fort, Mumbai – 400 001 PAN/GIR No.AAACT4652J (Appellant) .. (Respondent) & Deputy Commissioner Vs. The Hongkong & Shanghai of Income Tax-(IT)- Banking Corporation Ltd. 2(2)(2), Srnior Vice Pre…

The Hong Kong & Shanghai Banking Corporation Ltd., Mumbai vs. Jt. Director of Income Tax (International Taxation) - Range -3, Mumbai

In the result, assessee’s appeals are allowed wherein

ITA 4765/MUM/2016[2005-06]Status: DisposedITAT Mumbai30 Apr 2024AY 2005-06

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

Section 10(15)(iv)Section 10(34)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER & The Hongkong & Vs. The Joint Director of Shanghai Banking Income Tax Corporation Ltd. (International Srnior Vice President Taxation)-3, Mumbai Tax, 1st Floor, Scindia India Area Management House 5th Floor, Hongkong N.M. Marg, Ballard Bank Building, Estate, Mumbai – 400 52/60, MG Road 038 Fort, Mumbai – 400 001 PAN/GIR No.AAACT4652J (Appellant) .. (Respondent) & Deputy Commissioner Vs. The Hongkong & Shanghai of Income Tax-(IT)- Banking Corporation Ltd. 2(2)(2), Srnior Vice Pre…

DDIT (It) 3(1), Mumbai vs. Hongkong & Sanghai Banking Corporation Ltd, Mumbai

In the result, assessee’s appeals are allowed wherein

ITA 7824/MUM/2010[2004-05]Status: DisposedITAT Mumbai30 Apr 2024AY 2004-05

Bench: IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA No.7336/Mum/2010 (Assessment Year :2004-05) & ITA No.4765/Mum/2016 (Assessment Year :2005-06) The Hongkong & Shanghai Banking Corporation Ltd. Srnior Vice President Tax, India Area Management 5th Floor, Hongkong Bank Building, 52/60, MG Road Fort, Mumbai – 400 001 (Appellant) Vs. The Joint Director of Income Tax (International Taxation)-3, Mumbai 1st Flo

Section 10(15)(iv)Section 10(34)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER & The Hongkong & Vs. The Joint Director of Shanghai Banking Income Tax Corporation Ltd. (International Srnior Vice President Taxation)-3, Mumbai Tax, 1st Floor, Scindia India Area Management House 5th Floor, Hongkong N.M. Marg, Ballard Bank Building, Estate, Mumbai – 400 52/60, MG Road 038 Fort, Mumbai – 400 001 PAN/GIR No.AAACT4652J (Appellant) .. (Respondent) & Deputy Commissioner Vs. The Hongkong & Shanghai of Income Tax-(IT)- Banking Corporation Ltd. 2(2)(2), Srnior Vice Pre…

The Hongkong & Shanghai Banking Corporation Ltd, Mumbai vs. DDIT (It) 3(1), Mumbai

In the result, assessee’s appeals are allowed wherein

ITA 7336/MUM/2010[2004-05]Status: DisposedITAT Mumbai30 Apr 2024AY 2004-05

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL, ACCOUNTANT MEMBER & The Hongkong & Shanghai Banking Corporation Ltd. Srnior (Vice President)

Section 10(15)(iv)Section 10(34)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER & The Hongkong & Vs. The Joint Director of Shanghai Banking Income Tax Corporation Ltd. (International Srnior Vice President Taxation)-3, Mumbai Tax, 1st Floor, Scindia India Area Management House 5th Floor, Hongkong N.M. Marg, Ballard Bank Building, Estate, Mumbai – 400 52/60, MG Road 038 Fort, Mumbai – 400 001 PAN/GIR No.AAACT4652J (Appellant) .. (Respondent) & Deputy Commissioner Vs. The Hongkong & Shanghai of Income Tax-(IT)- Banking Corporation Ltd. 2(2)(2), Srnior Vice Pre…

M/S. Atul Ltd., Ahmedabad vs. The Dy.CIT, Circle-1(1)(2), Ahmedabad

The appeal of the assessee is partly allowed in the above terms for statistical purpose

ITA 446/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad26 Apr 2024AY 2010-11

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarit(Tp)A No.446/Ahd/2015 Assessment Year : 2010-11 M/S.Atul Limited Dcit, Cir.1(1)(2) Atul House Vs Ahmedabad. Gi Patel Marg Ahmedabad 380 014. Pan : Aabca 2390 M

For Appellant: Shri S.N. Soparkar, Sr.Advocate &For Respondent: Dr.Darsi Suman Ratnam, CIT-DR
Section 143(3)Section 144Section 92C

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ ‘D’ अहमदाबाद। अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD ] ] BEFORE SMT.ANNAPURNA GUPTA, ACCOUNTANT MEMBER AND SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER IT(TP)A No.446/Ahd/2015 Assessment Year : 2010-11 M/s.Atul Limited DCIT, Cir.1(1)(2) Atul House Vs Ahmedabad. GI Patel Marg Ahmedabad 380 014. PAN : AABCA 2390 M (Applicant) (Responent) Assessee by : Shri S.N. Soparkar, Sr.Advocate & Shri Parin Shah, AR Revenue by : Dr.Darsi…

Agarwal Industries Private Limited, Hyderabad vs. Income Tax Officer, Ward-1(2), Hyderabad

In the result, appeal filed by the assessee is partly allowed for statistical purposes

ITA 812/HYD/2019[2014-15]Status: DisposedITAT Hyderabad22 Mar 2024AY 2014-15

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumar

For Appellant: Shri Sunil Kumar Jain, CAFor Respondent: Smt. K. Haritha, CIT(DR) and Smt. Sheetal Sarin, DR
Section 37Section 37(1)

…notional interest in the hands of the assessee in case the assessee is having own funds and interest free funds which were advanced to its sister concern, is no more res integra and the hon’ble Supreme Court in the case of South Indian Bank Ltd vs. CIT (2021) 10 SCC 153 had examined this issue and held as under: 17. In a situation where the assessee has mixed fund (made up partly of interest free funds and partly of interest-bearing funds) and payment is made out of that mixed fund, the investment must be considered to have been made out of the interest free fund. To put it another way, in respect of payment Pa…

Standard Chartered Bank, Mumbai vs. DDIT(It) 2 (1), Mumbai

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

ITA 1683/MUM/2019[2002-03]Status: DisposedITAT Mumbai15 Mar 2024AY 2002-03

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Rahul Chaudhary, Hon'Bleorder Per S. Rifaur Rahman (Am) 1. These Cross Appeals Are Filled By The Assessee & Revenue Against Different Orders Of Learned Commissioner Of Income Tax (Appeals)-57, Mumbai (Hereinafter In Short "Ld.Cit(A)"] Dated 28.12.2018 For The A.Ys.2002-03 & 2003-04. 2. Since The Issues Raised In All The Appeals Are Identical, Therefore, For The Sake Of Convenience, These Appeals Are Clubbed, Heard & Disposed Off By This Consolidated Order. Revenue Appeals

Section 195Section 28Section 9(1)(v)

…ITA NO.1407 & 2936/MUM/2019 (A.Ys: 2002-03 & 2003-04) Asst. CIT (I.T)- 4(2)(2) Room No. 1624, 16th Floor Air India Building, Nariman Point Mumbai - 400021 (Appellant) V. M/s. Standard Chartered Bank Ltd., Crescenzo, 7th Floor C-38/39, G-Block Behind MCA Club, Bandra Kurla Complex Bandra (E), Mumbai – 400051 PAN: AABCS4681D (Respondent) ITA NO.1683 & 2839/MUM/2019 (A.Ys: 2002-03 & 2003-04) M/s. Standard Chartered Bank Ltd., Tax Department Crescenzo, 7th Floor C-38/39, G-Block Behind MCA Club, Bandra Kurla Complex Bandra (E), Mumbai – 400051 PAN: AABCS4681D (Appellant) V. Asst. CIT (Intl. Taxation)- 4(2)(2) 17th Fl…

Idfc First Bank Limited, Chennai vs. ACIT-Corp Circle-2(2), Chennai

In the result, the appeal filed by the assessee is partly-allowed for statistical purposes

ITA 776/CHNY/2023[2016-17]Status: DisposedITAT Chennai08 Mar 2024AY 2016-17

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri Niraj Sheth, AdvocateFor Respondent: Shri V. Nandakumar, CIT
Section 1Section 143(3)Section 14A

…ministrative expenses directly relatable to earn this exempt income at Rs.5,23,970/-. The ld.counsel for the assessee stated that the issue now stands covered by the decision of Hon’ble Supreme Court in the case of South Indian Bank Ltd., vs. CIT, reported in 130 Taxmann.com 178, wherein it is held that wherever the assessee bank keep shares and securities and held the same as stock-in-trade and not bought to maintain Statutory Liquidity Ratio and also not kept as investment, income arising out of those is attributable to business of banking and hence, provisions of section 14A of the Act does not apply to the ca…

Il & Fs Financial Services Limited, Mumbai vs. DCIT-Circle-14(1)(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 3421/MUM/2023[2012-13]Status: DisposedITAT Mumbai26 Feb 2024AY 2012-13

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI AMARJIT SINGH (Accountant Member)

Section 143(3)Section 14A

…de even though they have yielded dividend income should be considered for the purpose of disallowance or not. Before us, the ld. Counsel for the assessee had strongly relied upon the judgement of Hon’ble Supreme Court in the case of Maxopp Investment vs. CIT (438 ITR 1). Secondly, judgement of Hon’ble Delhi High Court in the case of PCIT vs. Punjab National Bank, 449 ITR 468 and also that SLP filed by the Revenue has been dismissed by the Hon’ble Supreme Court. 6. The ld. D.R. submitted that the Hon’ble Supreme Court have clearly held that even shares held as stock in trade, the disallowance u/s. 14A get trigger…

Dy. Commissioner of Income Tax, CC-4(2), Central Range-4, Mumbai vs. M/S Neev Infrastructure Pvt Ltd, Mumbai

ITA 1537/MUM/2023[2015-16]Status: DisposedITAT Mumbai26 Feb 2024AY 2015-16

Bench: Shri Aby T Varkey & Shri Gagan Goyal

For Appellant: Shri Ashok Kumar Ambastha, Ld. DRFor Respondent: Shri Rahul Hakani, Ld. AR
Section 143(3)Section 14ASection 250Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI ABY T VARKEY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER 1. ITA No. 1537/Mum/2023 (A.Y. 2015-16) DCIT CC-4(2), Central Range-4, R. No. 1921, 19th Floor, Air India Building, Nariman Point, Mumbai-400 020 ..... Appellant Vs. M/s. Neev Infrastructure Pvt. Ltd. 101 Sunder Apartments, Nesbit Road, Mazgaon Circle Mazgaon, Mumbai-400 010 PAN: AABCC7395N ....... Respondent & 2. CO No. 111/Mum/2023 (A.Y.2015-16) M/s. Neev Infrastructure Pvt. Ltd. 101 Sunder Apartments, Nesbit Road, Mazgaon Circle Mazgaon, Mumbai-400 010 PAN: AAB…

Deputy Commissioner of Income Tax Circle 1(1), Mangaluru vs. Karnataka Bank Ltd., Mangaluru

In the result, the appeal of the revenue for AYs 2016-17 and

ITA 964/BANG/2023[2017-18]Status: DisposedITAT Bangalore19 Feb 2024AY 2017-18

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

For Appellant: Shri S. Ananthan, CAFor Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru
Section 115JSection 143(3)Section 14A

…(ii) | Proportionate Interest expenditure 10,23,99,134 8D(2)(iii) | % % of Average Investments 75,17,344 Total Disallowance 12,24,90,239 7. On appeal, the CIT(Appeals) following the Hon’ble Supreme Court decision in the case of South Indian Bank Ltd. (2021) 438 ITR 1 (SC) deleted the disallowance made u/r 8D(2)(ii) of Rs.10,23,99,134. However, he noted that the Hon’ble Supreme Court decision dealt only with interest expenditure and not direct administrative expenses. He also observed that the ITAT decisions relied on by the Bank deal only with recording of dissatisfaction by the AO and as such are not applicabl…

Deputy Commissioner of Income Tax Circle 1(1), Mangaluru vs. Karnataka Bank Ltd., Mangaluru

ITA 963/BANG/2023[2016-17]Status: DisposedITAT Bangalore19 Feb 2024AY 2016-17

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

Section 115JSection 143(3)Section 14A

…D(2)(ii) Proportionate Interest expenditure 10,23,99,134 8D(2)(iii) 1/2 % of Average Investments 75,17,344 Total Disallowance 12,24,90,239 7. On appeal, the CIT(Appeals) following the Hon'ble Supreme Court decision in the case of South Indian Bank Ltd. (2021) 438 ITR 1 (SC) deleted the disallowance made u/r 8D(2)(ii) of Rs.10,23,99,134. However, he noted that the Hon'ble Supreme Court decision dealt only with interest expenditure and not direct administrative expenses. He also observed that the ITAT decisions relied on by the Bank deal only with recording of dissatisfaction by the AO and as such are not applicabl…

Karnataka Bank Ltd, Mangalore vs. Assistant Commissioner of Income Tax, Mangalore

ITA 877/BANG/2023[2017-18]Status: DisposedITAT Bangalore19 Feb 2024AY 2017-18
Section 115JSection 143(3)Section 14A

…D(2)(ii) Proportionate Interest expenditure 10,23,99,134 8D(2)(iii) 1/2 % of Average Investments 75,17,344 Total Disallowance 12,24,90,239 7. On appeal, the CIT(Appeals) following the Hon'ble Supreme Court decision in the case of South Indian Bank Ltd. (2021) 438 ITR 1 (SC) deleted the disallowance made u/r 8D(2)(ii) of Rs.10,23,99,134. However, he noted that the Hon'ble Supreme Court decision dealt only with interest expenditure and not direct administrative expenses. He also observed that the ITAT decisions relied on by the Bank deal only with recording of dissatisfaction by the AO and as such are not applicabl…