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

DCIT (Ltu), New Delhi vs. M/S. Dalmia Cement (Bharat) Ltd., New Delhi

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

ITA 4317/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…

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

In the result, the appeal filed by the assessee is partly allowed and appeal filed by the Revenue is dismissed

ITA 4867/MUM/2017[2001-02]Status: DisposedITAT Mumbai13 Nov 2023AY 2001-02

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

For Appellant: Shri Madhur Agarwal, Ld. ARFor Respondent: Shri Anil Sant, Ld. DR
Section 14ASection 250Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER Standard Chartered Bank Taxation Department, 23-25, M. G. Road, 3rd Floor, Fort, Mumbai-400 001 PAN: AABCS4681D ..... Appellant Vs. DDIT (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent & DDIT (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ...... Appellant Vs. Standard Chartered Bank Taxation Department, 23-25, M. G. Road, 3rd Floor, Fort, Mumbai-400 001 PAN: AABCS4681D ...... Respondent Page 1…

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

In the result, ground raised by the revenue is dismissed

ITA 3458/MUM/2009[2000-01]Status: DisposedITAT Mumbai13 Nov 2023AY 2000-01

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

For Appellant: Shri Madhur Agarwal, Ld. ARFor Respondent: Shri Anil Sant, Ld. DR
Section 14ASection 250Section 40Section 44C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER Standard Chartered Bank Taxation Department, 23-25, M. G. Road, 3rd Floor, Fort, Mumbai-400 001 PAN: AABCS4681D ..... Appellant Vs. DDIT (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent & DDIT (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ...... Appellant Vs. Standard Chartered Bank Taxation Department, 23-25, M. G. Road, 3rd Floor, Fort, Mumbai-400 001 PAN: AABCS4681D ...... Respondent Appell…

M/S. Standard Chartered Bank, Mumbai vs. DDIT (I.T) - 2(1), Mumbai

In the result, the appeal of revenue is partly allowed

ITA 3377/MUM/2006[1998-1999]Status: DisposedITAT Mumbai13 Nov 2023AY 1998-1999

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

For Appellant: Shri Madhur Agarwal, Ld. ARFor Respondent: Shri Anil Sant, Ld. DR
Section 115JSection 145Section 195Section 195(1)Section 250Section 40Section 90(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER Standard Chartered Bank Taxation Department, 23-25, M. G. Road, 3rd Floor, Fort, Mumbai-400 001 PAN: AABCS4681D ..... Appellant Vs. DDIT (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent & DDIT (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ...... Appellant Vs. Standard Chartered Bank Taxation Department, 23-25, M. G. Road, 3rd Floor, Fort, Mumbai-400 001 PAN: AABCS4681D ...... Respondent Appell…

ACIT Central Circle - 26, New Delhi vs. Punj Lloyd Ltd, New Delhi

In the result, appeal of the Revenue is dismissed

ITA 6562/DEL/2019[2015-16]Status: DisposedITAT Delhi30 Oct 2023AY 2015-16

Bench: Dr. Brr Kumar & Ms. Astha Chandraasstt. Year: 2015-16

For Appellant: Shri Rajat Jain, CAFor Respondent: Shri Vivek Vardhan, Sr. DR
Section 143(3)Section 14A

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE DR. BRR KUMAR, ACCOUNTANT MEMBER AND MS. ASTHA CHANDRA, JUDICIAL MEMBER Asstt. Year: 2015-16 ACIT, Vs. Punj Lloyd Ltd. Central Circle-26, 17-18, New Delhi. Punjlloyd House, Nehru Place, New Delhi-110 019 PAN AAACP0305Q (Appellant) (Respondent) Assessee by: Shri Rajat Jain, CA Shri Akshat Jain, CA Department by: Shri Vivek Vardhan, Sr. DR Date of Hearing: 29.08.2023 Date of 30.10.2023 pronouncement: O R D E R PER ASTHA CHANDRA, JM The appeal filed by the Revenue is directed against the order dated 04.06.2019 of the Ld. Commissioner of Income Tax…

Cyqyator Media Private Limited, Mumbai vs. Assistant Commissioner of Income Tax Central Circle-6(2)(1), Mumbai

In the result, appeal of the assessee is partly allowed in the terms aforesaid

ITA 2370/MUM/2023[2015-16]Status: DisposedITAT Mumbai23 Oct 2023AY 2015-16

Bench: Shri Vikas Awasthy& Shri Amarjit Singh आअसं.2370 /मुं/2023 (िन.व. 2015-16) Cyquator Media Services Private Limited, 18Th Floor, A Wing Marathon Futurex, N.M.Joshi Marg, Lower Parel, Mumbai – 400 013. Pan: Aaecp-0069-P ...... अपीलाथ"/Appellant बनाम Vs. Asstt.Commissioner Of Income Tax Central Circle – 6(2)(1), Mumbai Aaykar Bhavan, M.K.Road, Mumbai – 400 021 ..... "ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Shri Jay Bhansali "ितवादी "ारा/Respondent By : Shri Prabhat Kumar Gupta सुनवाई क" ितिथ/ Date Of Hearing : 18/10/2023 घोषणा क" ितिथ/ Date Of Pronouncement : 23/10/2023 आदेश/Order Per Vikas Awasthy, Jm: This Appeal By The Assessee Is Directed Against The Order Of Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre, Delhi[ In Short ‘The Cit(A)’] Dated 21/06/2023, For The Assessment Year 2015- 16. 2. The Assessee In Appeal Has Raised As Many As Eight Grounds. All The Grounds Of Appeal Are In Respect Of A Single Issue I.E. Disallowance U/S. 14A Of 2 The Income Tax Act, 1961 [In Short ‘The Act’] R.W. Rule 8D Of The Income Tax Rules, 1962 [In Short ‘The Rules’].

For Appellant: Shri Jay BhansaliFor Respondent: Shri Prabhat Kumar Gupta
Section 14A

…आयकर अपीलीय अिधकरण मुंबई पीठ “सी ”,मुंबई "ी िवकास अव"थी, "याियक सद"य एवं "ी अमरजीत "सह, लेखाकार सद"य के सम" IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “ C ”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER& SHRI AMARJIT SINGH , ACCOUNTANT MEMBER आअसं.2370 /मुं/2023 (िन.व. 2015-16) Cyquator Media Services Private Limited, 18th Floor, A Wing Marathon Futurex, N.M.Joshi Marg, Lower Parel, Mumbai – 400 013. PAN: AAECP-0069-P ...... अपीलाथ"/Appellant बनाम Vs. Asstt.Commissioner of Income Tax Central Circle – 6(2)(1), Mumbai Aaykar Bhavan, M.K.Road, Mumbai – 400 021 ..... "ितवादी/Respondent अपीलाथ" "ारा/ A…

Rajesh Agrawal, Raipur vs. Deputy Commissioner of Income Tax, Raipur-1(1), Raipur

In the result, the appeal of the assessee is allowed in terms of our aforesaid observations

ITA 249/RPR/2022[2010-11]Status: DisposedITAT Raipur19 Oct 2023AY 2010-11

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.249/Rpr/2022 "नधा"रण वष" / Assessment Year : 2010-11 Rajesh Agrawal C/O. M/S. Chhattisgarh Steel Traders, 15/343, Main Road, Jawahar Nagar, Raipur (C.G.)-492 001. Pan : Acppa2905F .......अपीलाथ" / Appellant बनाम / V/S. The Deputy Commissioner Of Income Tax, Raipur-1(1), Raipur (C.G.) ……""यथ" / Respondent

For Appellant: Shri Ravi Agrawal, CAFor Respondent: Shri Satya Prakash Sharma, Sr. DR
Section 143(2)Section 143(3)Section 36(1)(iii)

…आयकर अपील"य अ"धकरण "यायपीठ रायपुर म"। IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR BEFORE SHRI RAVISH SOOD, JUDICIAL MEMBER AND SHRI ARUN KHODPIA, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.249/RPR/2022 "नधा"रण वष" / Assessment Year : 2010-11 Rajesh Agrawal C/o. M/s. Chhattisgarh Steel Traders, 15/343, Main Road, Jawahar Nagar, Raipur (C.G.)-492 001. PAN : ACPPA2905F .......अपीलाथ" / Appellant बनाम / V/s. The Deputy Commissioner of Income Tax, Raipur-1(1), Raipur (C.G.) ……""यथ" / Respondent Assessee by : Shri Ravi Agrawal, CA Revenue by : Shri Satya Prakash Sharma, Sr. DR सुनवाई क" तार"ख / Date of…

M/S. Canara Bank (Erstwhile Syndicate Bank), Bangalore vs. The Deputy Commissioner of Income Tax, Circle-2(1)(1), Bangalore

ITA 389/BANG/2023[2015-16]Status: DisposedITAT Bangalore26 Sept 2023AY 2015-16

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 147Section 250Section 36(1)(viia)Section 5

…lant Bank. “ 7. The ld. AR further relied on the following case laws:- Sr. Name of the Party Citation No. 1. DSP MERILL LYNCH CAPITAL [2023] 456 ITR 768 (SC) LTD. 2. UNITED GLASS MFG CO. LTD. 2012 (9) TMI 914 - SUPREME COURT 3. SOUTH INDIAN BANK LTD. [2021] 438 ITR 1 (SC) 4. CANARA BANK 2023 (1) TMI 243 - KARNATAKA HIGH COURT 5. DSP MERILL LYNCH CAPITAL [2023] 21 ITR-OL 710 (Born) LTD. 6. CANARA BANK. ERSTWHILE 2023 (5) TMI 543 - ITAT SYNDICATE BANK) BANGALORE 7. THE KARNATAKA BANK LTD. 2022 (5) TMI 1537 - ITAT BENGALURU 8. UNION BANK OF INDIA, 2022 (3) TMI 1131 -ITAT (ERSTWHILE CORPORATION BANGALORE BANK) 9. N…

M/S. Canara Bank (Erstwhile Syndicate Bank), Bangalore vs. The Deputy Commissioner of Income Tax, Circle-2(1)(1), Bangalore

ITA 388/BANG/2023[2014-15]Status: DisposedITAT Bangalore26 Sept 2023AY 2014-15

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 147Section 250Section 36(1)(viia)Section 5

…lant Bank. “ 7. The ld. AR further relied on the following case laws:- Sr. Name of the Party Citation No. 1. DSP MERILL LYNCH CAPITAL [2023] 456 ITR 768 (SC) LTD. 2. UNITED GLASS MFG CO. LTD. 2012 (9) TMI 914 - SUPREME COURT 3. SOUTH INDIAN BANK LTD. [2021] 438 ITR 1 (SC) 4. CANARA BANK 2023 (1) TMI 243 - KARNATAKA HIGH COURT 5. DSP MERILL LYNCH CAPITAL [2023] 21 ITR-OL 710 (Born) LTD. 6. CANARA BANK. ERSTWHILE 2023 (5) TMI 543 - ITAT SYNDICATE BANK) BANGALORE 7. THE KARNATAKA BANK LTD. 2022 (5) TMI 1537 - ITAT BENGALURU 8. UNION BANK OF INDIA, 2022 (3) TMI 1131 -ITAT (ERSTWHILE CORPORATION BANGALORE BANK) 9. N…

Makson Health Care P Ltd, Mandideep vs. The DCIT/Accit-1(1), Bhopal

In the result, both appeals filed by the assesse in ITANo

ITA 35/IND/2023[2014-15]Status: DisposedITAT Indore26 Sept 2023AY 2014-15

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 36(1)(i)

…which shows that the assessee’s own interest free funds are more than sufficient to advance the interest free loans to the sister concern. In support of his contention he has relied upon the Hon’ble Supreme Court in case of South Indian Bank Ltd v. CIT (2021) 438 ITR 1 (SC). Thus, the Sr. counsel has submitted that on the legal point this issue is now covered by the judgment of Hon’ble Supreme Court however, since the availability of interest free fund was not verified and examined by the authorities below ttherefore, this issue may be set aside to the record of the AO for limited purpose of verification of the a…

Makson Healh Care P Ltd, Mandideep vs. The DCIT/ACIT1(1), Bhopal

In the result, both appeals filed by the assesse in ITANo

ITA 34/IND/2023[2013-14]Status: DisposedITAT Indore26 Sept 2023AY 2013-14

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 36(1)(i)

…which shows that the assessee’s own interest free funds are more than sufficient to advance the interest free loans to the sister concern. In support of his contention he has relied upon the Hon’ble Supreme Court in case of South Indian Bank Ltd v. CIT (2021) 438 ITR 1 (SC). Thus, the Sr. counsel has submitted that on the legal point this issue is now covered by the judgment of Hon’ble Supreme Court however, since the availability of interest free fund was not verified and examined by the authorities below ttherefore, this issue may be set aside to the record of the AO for limited purpose of verification of the a…

M/S. United Phosphorus Ltd., Mumbai vs. DCIT Cent. Cir. - 38, Mumbai

In the result, appeal of the revenue is partly allowed

ITA 4695/MUM/2005[1999-2000]Status: DisposedITAT Mumbai20 Sept 2023AY 1999-2000

Bench: Shri Amit Shukla & Shri Gagan Goyalm/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W), Mumbai – 400 052 Pan: Aaacu3440P ...... Appellant Vs. Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ..... Respondent Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ...... Appellant Vs. M/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W) Mumbai – 400 052 Pan: Aaacu3440P ...... Respondent (Now Known As Uniphos Enterprises Ltd.)

For Appellant: Ms. Vasanti B Patel / Shri KiritFor Respondent: Shri Rajneesh Yadav
Section 143(3)Section 37(1)

…s, we find no reason to interfere with the judgment of the High Court in regard to the first question. Accordingly, the appeals are dismissed in regard to the first question." 23. Further, reliance is placed on the below decisions: (i) South Indian Bank Ltd. (438 ITR 1) (SC) (ii) CIT vs HDFC Bank Ltd. (366 ITR 505) (Bom) (iii) HDFC Bank Ltd vs DCIT (284 CTR 414) (Bom) (iv). CIT vs. Reliance Utilities and Power Ltd (313 ITR 340) (Bom) 23. We have heard both the parties and found that the own funds Rs. 42,261.47 lakhs far exceed the investments in shares of Rs. 813.52 lakhs, no disallowance should be made in respe…

Hira Infra-Tek Ltd., Raipur vs. Assistant Commissioner of Income Tax, Circle-1(1), Raipur

In the result, appeal of the assessee is partly allowed for statical purposes, in terms of our aforesaid observations

ITA 77/RPR/2023[2012-13]Status: DisposedITAT Raipur15 Sept 2023AY 2012-13

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं./Ita No.77/Rpr/2023 िनधा"रण वष" /Assessment Year: 2012-13 V. Hira Infra-Tek Limited Acit Hira Arcade Near New Bus Stand, Circle – 1(1) Pandri, Raipur Raipur

For Respondent: Shri Satya Prakash Sharma
Section 143(3)Section 14A

…आयकर अपीलीय अिधकरण "यायपीठ रायपुर म"। IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH: RAIPUR "ी रवीश सूद, "ाियक सद", एवं "ी अ"ण खोडिपया, लेखा सद" के सम" BEFORE SHRI RAVISH SOOD, JUDICIAL MEMBER AND SHRI ARUN KHODPIA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.77/RPR/2023 िनधा"रण वष" /Assessment Year: 2012-13 v. Hira Infra-Tek Limited ACIT Hira Arcade Near New Bus Stand, Circle – 1(1) Pandri, Raipur Raipur [PAN: AAECR 1082 J] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" की ओर से/ Appellant by Shri R. B. Doshi, C.A. ""थ" की ओर से /Respondent by : Shri Satya Prakash Sharma, Sr. D.R. सुनवाई क" तार"ख/Date of Hear…

DCIT Cir 5(3)(2), Mumbai vs. The Great Eastern Shipping Co. Ltd, Mumbai

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

ITA 2077/MUM/2018[2014-15]Status: DisposedITAT Mumbai13 Sept 2023AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5 Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jeet Kamdar , Shri Falee HFor Respondent: Shri
Section 115Section 14Section 143Section 144C

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI NARENDER KUMAR CHOUDHARY , JM & & The Great Eastern Shipping Co. The Dy. Commissioner of Ltd. Income-tax, Kalyaniwalla & Mistry LLP Range-5(3), Esplanade House, 2 nd floor, Vs. Room No.525B, 5 th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) PAN No. AAACT1565C The Dy. Commissioner of Income- The Great Eastern Shipping Co. tax, Ltd. Range-5(3), Kalyaniwalla & Mistry LLP Vs. Esplanade House, 2 nd floor, Room No.525B, 5th Floor, M.K. Marg, 29, Hazarimal Soma…

The Great Eastern Shipping Co. Ltd, Mumbai vs. Asst CIT Cir 5(3)(2), Mumbai

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

ITA 1597/MUM/2018[2014-15]Status: DisposedITAT Mumbai13 Sept 2023AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jeet Kamdar , Shri Falee HFor Respondent: Shri
Section 115Section 14Section 143Section 144C

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI NARFENDRAKUMAR CHOUDHARY , JM & & The Great Eastern Shipping Co. The Dy. Commissioner of Ltd. Income-tax, Kalyaniwalla & Mistry LLP Range-5(3), Esplanade House, 2 n d floor, Vs. Room No.525B, 5th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) PAN No. AAACT1565C The Dy. Commissioner of Income- The Great Eastern Shipping Co. tax, Ltd. Range-5(3), Kalyaniwalla & Mistry LLP Vs. Esplanade House, 2 n d floor, Room No.525B, 5th Floor, M.K. Marg, 29, Hazarimal Som…

The Great Eastern Shipping Co. Ltd, Mumbai vs. Asst CIT Cir 5(3)(2), Mumbai

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

ITA 374/MUM/2017[2012-13]Status: DisposedITAT Mumbai13 Sept 2023AY 2012-13

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jeet Kamdar , Shri Falee HFor Respondent: Shri
Section 115Section 14Section 143Section 144C

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI NARFENDRAKUMAR CHOUDHARY , JM & & The Great Eastern Shipping Co. The Dy. Commissioner of Ltd. Income-tax, Kalyaniwalla & Mistry LLP Range-5(3), Esplanade House, 2 n d floor, Vs. Room No.525B, 5th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) PAN No. AAACT1565C The Dy. Commissioner of Income- The Great Eastern Shipping Co. tax, Ltd. Range-5(3), Kalyaniwalla & Mistry LLP Vs. Esplanade House, 2 n d floor, Room No.525B, 5th Floor, M.K. Marg, 29, Hazarimal Som…

The Great Eastern Shipping Co. Ltd, Mumbai vs. DCIT Cir 5(3)(2), Mumbai

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

ITA 1216/MUM/2015[2010-11]Status: DisposedITAT Mumbai13 Sept 2023AY 2010-11

Bench: Shri Prashant Maharishi, Am & Shri Narfendrakumar Choudhary , Jm & & The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 N D Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 N D Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jeet Kamdar , Shri Falee HFor Respondent: Shri
Section 115Section 14Section 143Section 144C

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI NARFENDRAKUMAR CHOUDHARY , JM & & The Great Eastern Shipping Co. The Dy. Commissioner of Ltd. Income-tax, Kalyaniwalla & Mistry LLP Range-5(3), Esplanade House, 2 n d floor, Vs. Room No.525B, 5th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) PAN No. AAACT1565C The Dy. Commissioner of Income- The Great Eastern Shipping Co. tax, Ltd. Range-5(3), Kalyaniwalla & Mistry LLP Vs. Esplanade House, 2 n d floor, Room No.525B, 5th Floor, M.K. Marg, 29, Hazarimal Som…

Apm Industries Ltd, Bhiwadi, Alwar vs. Deputy Commissioner of Income Tax, Central Circle - 1, Alwar

In the result, appeal of the assessee is allowed

ITA 203/JPR/2023[2018-19]Status: DisposedITAT Jaipur12 Sept 2023AY 2018-19

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. No. 203/JP/2023 fu/kZkj.k o"kZ@Assessment Years : 2018-19 APM Industries Ltd. SP-147, Industrial Area Bhiwadi, Alwar cuke Vs. Deputy Commissioner of Income Tax Central Circle-01, Alwar LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AACCA 5114 G vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Sh. S. L. Poddar jktLo dh vksj ls@ Revenue by : Smt. Monisha Choudhary (JCIT) a l

For Appellant: Sh. S. L. PoddarFor Respondent: Smt. Monisha Choudhary (JCIT) a
Section 142(1)Section 143(2)Section 143(3)Section 194ASection 263Section 40Section 40A(7)

…essee. Therefore, bench does not concur with the findings of the Id. PCIT on the issue considering the facts and discussion so recorded here in above and after considering the decision in the case of South India Bank Ltd v/s Commissioner of Income Tax [2021] 438 ITR 1 (SC) and Hon’ble Supreme Court in the case of Commissioner of Income Tax (Large Tax Payer Unit) Vs. Reliance Industries Ltd, (2019) 410 ITR 466 SC where a Division Bench expressly held that where there is finding of fact that interest free funds available to assessee were sufficient to meet its investment it will be presumed that investments were…

D. Sathyamoorthi, Chennai vs. DCIT, Corporate Circle - 6 (1), Chennai

The appeal stand allowed

ITA 1749/CHNY/2019[2014-15]Status: DisposedITAT Chennai05 Sept 2023AY 2014-15

Bench: Hon’Ble Shri V. Durga Rao, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.1749/Chny/2019 (िनधा"रण वष" / Assessment Year: 2014-15) Shri D. Sathyamoorthi Dcit बनाम New No.11, Old No.5, Corporate Circle-6(1), Bishop Wallers Avenue(West), Chennai. / Vs. Mylapore, Chennai-600 004. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aasps-3613-H (अपीलाथ"/Appellant) : (!"थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri I.Dinesh (Advocate)-Ld.Ar !"थ" की ओरसे/Respondent By : Shri Ar.V. Sreenivasan (Addl.Cit)-Ld. Sr. Dr सुनवाई की तारीख/Date Of Hearing : 05-09-2023 घोषणा की तारीख /Date Of Pronouncement : 05-09-2023 आदेश / O R D E R

For Appellant: Shri I.Dinesh (Advocate)-Ld.ARFor Respondent: Shri AR.V. Sreenivasan (Addl.CIT)-Ld
Section 143(3)Section 14A

…आयकर अपीलीय अिधकरण “बी” "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHENNAI माननीय "ी वी. दुगा" राव, "ाियक सद! एवं माननीय "ी मनोज कुमार अ&वाल ,लेखा सद! के सम)। BEFORE HON’BLE SHRI V. DURGA RAO, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील सं./ ITA No.1749/Chny/2019 (िनधा"रण वष" / Assessment Year: 2014-15) Shri D. Sathyamoorthi DCIT बनाम New No.11, Old No.5, Corporate Circle-6(1), Bishop Wallers Avenue(West), Chennai. / Vs. Mylapore, Chennai-600 004. "थायीलेखासं./जीआइआरसं./PAN/GIR No. AASPS-3613-H (अपीलाथ"/Appellant) : (!"थ" / Respondent) अपीलाथ" की ओरसे/ Appellant by : Shri I.Dinesh (…

DCIT 10(2)(2), Mumbai vs. Mighty Construction P. Ltd, Mumbai

In the result, all the appeals raised by the Revenue are partly allowed

ITA 3016/MUM/2019[2013-14]Status: DisposedITAT Mumbai25 Aug 2023AY 2013-14
Section 36(1)(iii)

…nt own funds to make the investment which were to the extent of 53.61 Crores as against value of investment of Rs.33.5 Crores. This issue now stands covered by the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT reported in 438 ITR 1(SC). Accordingly, the action of the ld. CIT(A) deleting the said disallowance is upheld. Accordingly, this ground raised by the Revenue is also dismissed. 25. In so far as appeal for A.Y.2013-14 is concerned, again the most of the issues are similar. With regard to ground No.1(a) to 1(c) in respect of suppressed sales, we have already dealt this i…