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

Reliance Power Limited, Mumbai vs. Deputy Commissioner of Income Tax Circle, 15(3)(1), Mumbai

In the result we do not find any merit in the appeal of the learned assessing officer

ITA 3043/MUM/2023[2015-16]Status: DisposedITAT Mumbai22 Jan 2024AY 2015-16

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

For Appellant: Mr. Jitendra Sanghavi C AFor Respondent: Ms Sanyogita Nagpal CIT DR
Section 115Section 115JSection 14Section 143Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI RAHUL CHAUDHARY, JM ITA No. 3043/Mum/2023&ITA No 3424/M/2023 [A Y: 2015-16] & ITA no 3044/Mum/2023& ITA No 3423/Mum/2023 [ AY 2018-19] The Deputy Commissioner of Reliance Power Ltd income tax – 15 (3) (1), H Block, first floor Mumbai Dhirubhai Ambani knowledge city, Room number 483, fourth Vs. Koparkhairane, floor, Aaykar Bhavan, Mumbai Navi Mumbai 7 400020 (Appellant) (Respondent) PAN No. AAACR2365L The Deputy Commissioner of Reliance Power Ltd income tax – 15 (3) (1), H Block, first floor Mumbai Dhirubhai Ambani…

Sde Engineers Private Limited, Hyderabad vs. ITO, Ward-3(1), Hyderabad

In the result, all the three appeals filed by the assessee are allowed for statistical purposes

ITA 842/HYD/2017[2012-13]Status: DisposedITAT Hyderabad19 Dec 2023AY 2012-13

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

For Appellant: Shri S. Rama Rao, AdvocateFor Respondent: Shri Shakeer Ahmed, DR
Section 143(3)Section 80I

…g Officer. 23. Aggrieved with such order of the learned CIT (A) the assessee is in appeal before the Tribunal. 24. The learned Counsel for the assessee referring to the decision of the Hon'ble Supreme Court in the case of South Indian Bank Ltd v. CIT (2021) 438 ITR 1 submitted that the Hon'ble Supreme Court in the said decision has held that where interest free own funds available with the assessee-banks exceeded their investments in tax-free securities, investments would be presumed to be made out of assessee’s own funds and proportionate disallowance was not warranted u/s 14A on the ground that separate accou…

Sde Engineers Pvt.Ltd., Hyd, Hyderabad vs. DCIT, Circle-3(1), Hyderabad

In the result, all the three appeals filed by the assessee are allowed for statistical purposes

ITA 205/HYD/2016[2011-12]Status: DisposedITAT Hyderabad19 Dec 2023AY 2011-12

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

For Appellant: Shri S. Rama Rao, AdvocateFor Respondent: Shri Shakeer Ahmed, DR
Section 143(3)Section 80I

…g Officer. 23. Aggrieved with such order of the learned CIT (A) the assessee is in appeal before the Tribunal. 24. The learned Counsel for the assessee referring to the decision of the Hon'ble Supreme Court in the case of South Indian Bank Ltd v. CIT (2021) 438 ITR 1 submitted that the Hon'ble Supreme Court in the said decision has held that where interest free own funds available with the assessee-banks exceeded their investments in tax-free securities, investments would be presumed to be made out of assessee’s own funds and proportionate disallowance was not warranted u/s 14A on the ground that separate accou…

Sde Engineers Pvt.Ltd., Hyd, Hyderabad vs. DCIT, Circle-3(1), Hyderabad

In the result, all the three appeals filed by the assessee are allowed for statistical purposes

ITA 204/HYD/2016[2006-07]Status: DisposedITAT Hyderabad19 Dec 2023AY 2006-07

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

For Appellant: Shri S. Rama Rao, AdvocateFor Respondent: Shri Shakeer Ahmed, DR
Section 143(3)Section 80I

…g Officer. 23. Aggrieved with such order of the learned CIT (A) the assessee is in appeal before the Tribunal. 24. The learned Counsel for the assessee referring to the decision of the Hon'ble Supreme Court in the case of South Indian Bank Ltd v. CIT (2021) 438 ITR 1 submitted that the Hon'ble Supreme Court in the said decision has held that where interest free own funds available with the assessee-banks exceeded their investments in tax-free securities, investments would be presumed to be made out of assessee’s own funds and proportionate disallowance was not warranted u/s 14A on the ground that separate accou…

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

The appeal stand partly allowed in terms of our above order

ITA 607/CHNY/2023[2017-18]Status: DisposedITAT Chennai18 Dec 2023AY 2017-18

Bench: Hon’Ble Shri V. Durga Rao, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.607/Chny/2023 (िनधा"रण वष" / Assessment Year: 2017-18) Idfc First Bank Limited Dcit., (Earlier Known As Idfc Bank Limited) Corporate Circle-2(2), बनाम/ Vs. Krm Tower, 7Th Floor, Chennai. No.1Harrinton Road, Chetpet, Chennai-600 031. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aadci-6523-Q (अपीलाथ"/Appellant) : (!"थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Niraj Sheth (Advocate)- Ld.Ar !"थ"कीओरसे/Respondent By : Shri J.Premanand (Cit)-Ld. Sr. Dr सुनवाईकीतारीख/Date Of Hearing : 12-12-2023 घोषणाकीतारीख /Date Of Pronouncement : 19-12-2023 आदेश / O R D E R Manoj Kumar Aggarwal ()

For Appellant: Shri Niraj Sheth (Advocate)- Ld.ARFor Respondent: Shri J.Premanand (CIT)-Ld. Sr. DR
Section 115JSection 14A

…/s 14A, Ld. AR submitted that Tax free Bonds which have been considered in the computations, constitute stock-in-trade for assessee bank and the same is to be excluded as per the decision of Hon’ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT (130 Taxmann.com 178). The Ld. AR submitted that if this item is removed, the disallowance would fall much below suo-motu disallowance as offered by the assessee. Having considered case records, our adjudication would be as under. 3. The assessee earned exempt income of Rs.124.22 Crores and offered suo-motu disallowance of Rs.118.53 Lacs. However, Ld. AO, inv…

Indiabullas Housing Finance Limited, Mumbai vs. DCIT, Central Circle-6(4), Mumbai

ITA 821/MUM/2023[2018-2019]Status: DisposedITAT Mumbai18 Dec 2023AY 2018-2019
For Appellant: Shri K. Gopal &For Respondent: Shri Rakesh Garg
Section 143(1)Section 143(3)Section 14ASection 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL "C" BENCH, MUMBAI SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA No. 822/MUM/2023 (Assessment Year: 2018-19) (Assessment Year: 2019-20) Indiabulls Housing Finance Limited, 5th Floor, Building No. 27, K G Marg, Connaught Place, New Delhi - 110001 [PAN: AABCI3612A] …………… Appellant Deputy Commissioner of Income Tax, Circle 6(4), Mumbai, Vs Room No. 1925, 19th Floor, Air India Building, Nariman Point, Mumbai - 400021 ……………. Respondent & ITA No. 1033/MUM/2023 (Assessment Year: 2018-19) (Assessment Year: 2019-20) Deputy Commissioner of Income Tax…

Larsen & Toubro Ltd, Mumbai vs. DCIT RG 2(2), Mumbai

ITA 6589/MUM/2013[2004-05]Status: DisposedITAT Mumbai11 Dec 2023AY 2004-05
For Appellant: Shri J. D. Mistry, Sr. AdvocateFor Respondent: Dr. Yogesh Kamat
Section 115JSection 143(3)Section 14ASection 40A(9)Section 80HSection 92C

…d that the burden was on the Appellant to show that the investment were made from own funds. The reasoning given by the CIT(A) is contrary to the judgment of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. Vs Commissioner of Income Tax: [2021] 438 ITR 1 (SC) given the facts of the present case noted hereinabove, it would be 37 presumed that investments were made out of own funds and therefore, proportionate disallowance of interest expenses under Section 14A of the Act was not warranted on the ground that separate accounts were not maintained by Appellant for investments and other expenditure incu…

DCIT RG. - 6(3), Mumbai vs. M/S. Kansai Nerolac Paints Ltd., Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 4607/MUM/2017[2011-12]Status: DisposedITAT Mumbai04 Dec 2023AY 2011-12

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…ubmitted that the assessee's own funds to the tune of Rs.593.69 cr. far exceeded the total investments made Rs.232.14 cr. and the disallowance under Rule 8D(2)(ii) is not warranted in the light of the judgment of the Hon’ble Supreme Court in South Indian Bank 438 ITR 1 and Reliance Utilities & Power Ltd. 313 ITR 340 (Bom) and others. The ld AR further submitted that this contention has been accepted by the Hon’ble ITAT in the Assessee’s case for Assessment Year 2007-08. With regard to the disallowance made under Rule 8D(2)(iii) the ld AR submitted that the investments that have yielded exempt income alone can be…

M/S. Kansai Nerolac Paints Ltd., Mumbai vs. DCIT RG. - 6(3), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 4562/MUM/2017[2011-12]Status: DisposedITAT Mumbai04 Dec 2023AY 2011-12

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…ubmitted that the assessee's own funds to the tune of Rs.593.69 cr. far exceeded the total investments made Rs.232.14 cr. and the disallowance under Rule 8D(2)(ii) is not warranted in the light of the judgment of the Hon’ble Supreme Court in South Indian Bank 438 ITR 1 and Reliance Utilities & Power Ltd. 313 ITR 340 (Bom) and others. The ld AR further submitted that this contention has been accepted by the Hon’ble ITAT in the Assessee’s case for Assessment Year 2007-08. With regard to the disallowance made under Rule 8D(2)(iii) the ld AR submitted that the investments that have yielded exempt income alone can be…

Kansai Nerolac Paints Ltd, Mumbai vs. DCIT RG 6(2), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 3642/MUM/2016[2010-11]Status: DisposedITAT Mumbai04 Dec 2023AY 2010-11

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…ubmitted that the assessee's own funds to the tune of Rs.593.69 cr. far exceeded the total investments made Rs.232.14 cr. and the disallowance under Rule 8D(2)(ii) is not warranted in the light of the judgment of the Hon’ble Supreme Court in South Indian Bank 438 ITR 1 and Reliance Utilities & Power Ltd. 313 ITR 340 (Bom) and others. The ld AR further submitted that this contention has been accepted by the Hon’ble ITAT in the Assessee’s case for Assessment Year 2007-08. With regard to the disallowance made under Rule 8D(2)(iii) the ld AR submitted that the investments that have yielded exempt income alone can be…

Kansai Nerolac Paints Limited (Erstwhile Known As Goodlass Nerolac Paints Limited), Mumbai vs. Addl. CIT, Range 6 (2), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 3385/MUM/2014[2009-10]Status: DisposedITAT Mumbai04 Dec 2023AY 2009-10

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…ubmitted that the assessee's own funds to the tune of Rs.593.69 cr. far exceeded the total investments made Rs.232.14 cr. and the disallowance under Rule 8D(2)(ii) is not warranted in the light of the judgment of the Hon’ble Supreme Court in South Indian Bank 438 ITR 1 and Reliance Utilities & Power Ltd. 313 ITR 340 (Bom) and others. The ld AR further submitted that this contention has been accepted by the Hon’ble ITAT in the Assessee’s case for Assessment Year 2007-08. With regard to the disallowance made under Rule 8D(2)(iii) the ld AR submitted that the investments that have yielded exempt income alone can be…

Kansai Nerolac Paints Limited (Erstwhile Known As Goodlass Nerolac Paints Limited), Mumbai vs. Addl CIT, Range 6 (2), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 3384/MUM/2014[2008-09]Status: DisposedITAT Mumbai04 Dec 2023AY 2008-09

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…ubmitted that the assessee's own funds to the tune of Rs.593.69 cr. far exceeded the total investments made Rs.232.14 cr. and the disallowance under Rule 8D(2)(ii) is not warranted in the light of the judgment of the Hon’ble Supreme Court in South Indian Bank 438 ITR 1 and Reliance Utilities & Power Ltd. 313 ITR 340 (Bom) and others. The ld AR further submitted that this contention has been accepted by the Hon’ble ITAT in the Assessee’s case for Assessment Year 2007-08. With regard to the disallowance made under Rule 8D(2)(iii) the ld AR submitted that the investments that have yielded exempt income alone can be…

Sicom Ltd, Mumbai vs. Dy Commissioner of Income Tax Circle 3(3)(1), Mumbai

In the result, the appeal filed by the assesee is partly allow for statistical purpose and the appeal filed by the revenue is allowed for statistical purposes

ITA 1694/MUM/2023[2013-2014]Status: DisposedITAT Mumbai22 Nov 2023AY 2013-2014

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadale, Judicialmember Sicom Ltd, Vs. Dy Commissioner Of Solitaire Corporate Income Tax Circle Park, Bldg No.04, 3(3)(1), Chakala, Andheri(E), 6Th Floor, Room No. Mumbai-400093. 609,Aayakar Bhavan, Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent) Dy Commissioner Of Vs. Sicom Ltd, Income Tax Circle Solitaire Corporate Park, 3(3)(1), Bldg No.04, Chakala, 6Th Floor, Room No. Andheri(E), 609,Aayakar Bhavan, Mumbai-400093. Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent)

Section 10(34)Section 14ASection 234BSection 36(1)(ii)Section 36(1)(iii)

…ediency. (a) No disallowance under section 36(1)(iii) of the Act when loans are given out of own surplus funds: • Copy of Hon'ble Tribunal Order in Appellant's own case for AY 2009-10 (ITA No.42/M/2020) dated 27 August 2021) • South India Bank vs CIT (2021) (130 Taxmann.com 178) (SC) • PCIT vs Shapoorji Pallonji & Co Ltd (2020) (423 ITR 220) (Bombay HC) affirmed by Hon'ble Supreme Court in (2022) (141 taxmann.com 509)(SC) • CIT vs Reliance Utilities and Power Limited (2009) (313 ITR 340)(Bombay HC) • Ashita Janani vs ITO (ITA No. 1842/Mum/2020) dated 28 March 2022 • Wanbury Ltd vs DCIT (ITA No. 2587/Mum/2019) da…

DCIT (Ltu), New Delhi vs. M/S Dalmia Bharat Sugar and Industries Ltd., New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 5677/DEL/2016[2011-12]Status: DisposedITAT Delhi14 Nov 2023AY 2011-12

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…8D while computing the income under normal provisions of the Act as well as book profits u/s 115JB of the Act. 14. The ld. Counsel for the assessee placing reliance on the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. Vs. CIT (438 ITR 31) submits that if investments in securities/shares etc. are made out of common funds and if such interest free common funds available with assessee are more than the investments made no disallowance u/s 14A is warranted. Ld. Counsel for the assessee referring to balance sheet as on 31.03.2008 submits that the assessee has share capital, reserve a…

Dalmia Bharat Sugar and Industries Ltd., New Delhi vs. DCIT (Ltu), New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 5019/DEL/2016[2011-12]Status: DisposedITAT Delhi14 Nov 2023AY 2011-12

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…8D while computing the income under normal provisions of the Act as well as book profits u/s 115JB of the Act. 14. The ld. Counsel for the assessee placing reliance on the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. Vs. CIT (438 ITR 31) submits that if investments in securities/shares etc. are made out of common funds and if such interest free common funds available with assessee are more than the investments made no disallowance u/s 14A is warranted. Ld. Counsel for the assessee referring to balance sheet as on 31.03.2008 submits that the assessee has share capital, reserve a…

DCIT (Ltu), New Delhi vs. M/S. Dalmia Bharat Sugar & Industries Ltd., New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 4572/DEL/2014[2010-11]Status: DisposedITAT Delhi14 Nov 2023AY 2010-11

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…8D while computing the income under normal provisions of the Act as well as book profits u/s 115JB of the Act. 14. The ld. Counsel for the assessee placing reliance on the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. Vs. CIT (438 ITR 31) submits that if investments in securities/shares etc. are made out of common funds and if such interest free common funds available with assessee are more than the investments made no disallowance u/s 14A is warranted. Ld. Counsel for the assessee referring to balance sheet as on 31.03.2008 submits that the assessee has share capital, reserve a…

DCIT(Ltu), New Delhi vs. M/S. Dalmia Bharat Sugar & Industries Ltd., New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 4447/DEL/2014[2009-10]Status: DisposedITAT Delhi14 Nov 2023AY 2009-10

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…8D while computing the income under normal provisions of the Act as well as book profits u/s 115JB of the Act. 14. The ld. Counsel for the assessee placing reliance on the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. Vs. CIT (438 ITR 31) submits that if investments in securities/shares etc. are made out of common funds and if such interest free common funds available with assessee are more than the investments made no disallowance u/s 14A is warranted. Ld. Counsel for the assessee referring to balance sheet as on 31.03.2008 submits that the assessee has share capital, reserve a…

Dalmia Bharat Sugar and Industries Ltd., New Delhi vs. DCIT (Ltu), New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 4394/DEL/2014[2010-11]Status: DisposedITAT Delhi14 Nov 2023AY 2010-11

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…8D while computing the income under normal provisions of the Act as well as book profits u/s 115JB of the Act. 14. The ld. Counsel for the assessee placing reliance on the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. Vs. CIT (438 ITR 31) submits that if investments in securities/shares etc. are made out of common funds and if such interest free common funds available with assessee are more than the investments made no disallowance u/s 14A is warranted. Ld. Counsel for the assessee referring to balance sheet as on 31.03.2008 submits that the assessee has share capital, reserve a…

Dalmia Bharat Sugar and Industries Ltd., New Delhi vs. DCIT (Ltu), New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 4393/DEL/2014[2009-10]Status: DisposedITAT Delhi14 Nov 2023AY 2009-10

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…8D while computing the income under normal provisions of the Act as well as book profits u/s 115JB of the Act. 14. The ld. Counsel for the assessee placing reliance on the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. Vs. CIT (438 ITR 31) submits that if investments in securities/shares etc. are made out of common funds and if such interest free common funds available with assessee are more than the investments made no disallowance u/s 14A is warranted. Ld. Counsel for the assessee referring to balance sheet as on 31.03.2008 submits that the assessee has share capital, reserve a…

M/S. Dalmia Bharat Sugar and Industries Limited, New Delhi vs. DCIT, New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 4338/DEL/2014[2008-09]Status: DisposedITAT Delhi14 Nov 2023AY 2008-09

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

…8D while computing the income under normal provisions of the Act as well as book profits u/s 115JB of the Act. 14. The ld. Counsel for the assessee placing reliance on the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. Vs. CIT (438 ITR 31) submits that if investments in securities/shares etc. are made out of common funds and if such interest free common funds available with assessee are more than the investments made no disallowance u/s 14A is warranted. Ld. Counsel for the assessee referring to balance sheet as on 31.03.2008 submits that the assessee has share capital, reserve a…