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 366,470 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

Pg Foils Limited, Ahmedabad vs. The Dy.CIT, Circle-3(1)(1), Ahmedabad

In the result, the appeal of the assessee is partly allowed

ITA 1581/AHD/2025[2018-19]Status: DisposedITAT Ahmedabad06 Jan 2026AY 2018-19

Bench: Shri Tr Senthil Kumar & Shri Narendra Prasad Sinha

Section 143(3)Section 14ASection 801A

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE SHRI TR SENTHIL KUMAR, JUDICIAL MEMBER AND SHRI NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER ITA Nos. 1580 & 1581/AHD/2025 Assessment Years: 2016-17 & 2018-19 PG Foils Limited Deputy Commissioner of 6, Neptune Tower, Income Tax, Circle - 3 Ashram Road, (1)(1), Vs. Ahmedabad - 380009 Ahmedabad - 380015 [PAN – AAACP 9274 C] (Appellant) (Respondent) Assessee by Shri M S Chhajed, AR Revenue by Shri Yogesh Mishra, Sr. DR Date of Hearing 17.12.2025 Date of Pronouncement 06.01.2026 O R D E R PER NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER: These two appeals a…

Pg Foils Limited, Ahmedabad vs. The Dy.CIT, Circle-3(1)(1), Ahmedabad

In the result, the appeal of the assessee is partly allowed

ITA 1580/AHD/2025[2016-17]Status: DisposedITAT Ahmedabad06 Jan 2026AY 2016-17

Bench: Shri Tr Senthil Kumar & Shri Narendra Prasad Sinha

Section 143(3)Section 14ASection 801A

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE SHRI TR SENTHIL KUMAR, JUDICIAL MEMBER AND SHRI NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER ITA Nos. 1580 & 1581/AHD/2025 Assessment Years: 2016-17 & 2018-19 PG Foils Limited Deputy Commissioner of 6, Neptune Tower, Income Tax, Circle - 3 Ashram Road, (1)(1), Vs. Ahmedabad - 380009 Ahmedabad - 380015 [PAN – AAACP 9274 C] (Appellant) (Respondent) Assessee by Shri M S Chhajed, AR Revenue by Shri Yogesh Mishra, Sr. DR Date of Hearing 17.12.2025 Date of Pronouncement 06.01.2026 O R D E R PER NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER: These two appeals a…

Dalmia Cement (Bharat) Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

ITA 5417/DEL/2017[2014-15]Status: DisposedITAT Delhi31 Dec 2025AY 2014-15

Bench: Ms. Madhumita Roy & Shri Amitabh Shukla, Accountnat Member [Assessment Year: 2013-14] The Assistant Commissioner Of M/S Dalmia Cement Bharat Ltd. Income Tax, Circle-1, Dalmiapuram, Williams Road, Vs Tamilnadu, 621651 Cantonment, Trichy, Tamil Nadu-620001 Pan-Aadca9414C Assessee Revenue Cross Objection No.63/Chny/2018 (Arising Out Of Ita No.3157/Chny2017) [Assessment Year: 2013-14] M/S Dalmia Cement Bharat Ltd. The Assistant Commissioner Of Dalmiapuram, Income Tax, Circle-1, Tamilnadu-621651 Vs Williams Road, Cantonment, Trichy, Tamil Nadu-620001 Pan- Aadca9414C Assessee Revenue [Assessment Year: 2014-15] The Assistant Commissioner Of M/S Dalmia Cement Bharat Ltd. Income Tax, Circle-1, Dalmiapuram, Williams Road, Vs Tamilnadu, 621651 Cantonment, Trichy, Tamil Nadu-620001 Pan-Aadca9414C Assessee Revenue

Section 14ASection 32(1)(iia)

…support of its arguments, the ld. Counsel has placed on record a voluminous paper book indicating availability of surplus own funds. The appellant assessee has placed reliance upon the decision of Hon’ble Apex Court in South Indian Bank Ltd. -vs.- CIT (2021) 438 ITR 1 (SC) holding that in case interest free own funds available with assessee exceeds its Investments, it could be presumed that Investments were made through assessee own funds. Hence, no disallowance u/s 14A could be made. The said decision of Apex Court was stated to have been followed in the case of DCIT – vs.- Dalmia Bharat Sugar & Industries Limi…

Dalmia Cement (Bharat) Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

ITA 5416/DEL/2017[2013-14]Status: DisposedITAT Delhi31 Dec 2025AY 2013-14

Bench: Ms. Madhumita Roy & Shri Amitabh Shukla, Accountnat Member [Assessment Year: 2013-14] The Assistant Commissioner Of M/S Dalmia Cement Bharat Ltd. Income Tax, Circle-1, Dalmiapuram, Williams Road, Vs Tamilnadu, 621651 Cantonment, Trichy, Tamil Nadu-620001 Pan-Aadca9414C Assessee Revenue Cross Objection No.63/Chny/2018 (Arising Out Of Ita No.3157/Chny2017) [Assessment Year: 2013-14] M/S Dalmia Cement Bharat Ltd. The Assistant Commissioner Of Dalmiapuram, Income Tax, Circle-1, Tamilnadu-621651 Vs Williams Road, Cantonment, Trichy, Tamil Nadu-620001 Pan- Aadca9414C Assessee Revenue [Assessment Year: 2014-15] The Assistant Commissioner Of M/S Dalmia Cement Bharat Ltd. Income Tax, Circle-1, Dalmiapuram, Williams Road, Vs Tamilnadu, 621651 Cantonment, Trichy, Tamil Nadu-620001 Pan-Aadca9414C Assessee Revenue

Section 14ASection 32(1)(iia)

…support of its arguments, the ld. Counsel has placed on record a voluminous paper book indicating availability of surplus own funds. The appellant assessee has placed reliance upon the decision of Hon’ble Apex Court in South Indian Bank Ltd. -vs.- CIT (2021) 438 ITR 1 (SC) holding that in case interest free own funds available with assessee exceeds its Investments, it could be presumed that Investments were made through assessee own funds. Hence, no disallowance u/s 14A could be made. The said decision of Apex Court was stated to have been followed in the case of DCIT – vs.- Dalmia Bharat Sugar & Industries Limi…

ACIT Circle 1, Trichy vs. Dalmia Cement Bharat Ltd., Dalmiapuram

ITA 3158/CHNY/2017[2014-15]Status: DisposedITAT Chennai31 Dec 2025AY 2014-15

Bench: Ms. Madhumita Roy & Shri Amitabh Shukla, Accountnat Member [Assessment Year: 2013-14] The Assistant Commissioner Of M/S Dalmia Cement Bharat Ltd. Income Tax, Circle-1, Dalmiapuram, Williams Road, Vs Tamilnadu, 621651 Cantonment, Trichy, Tamil Nadu-620001 Pan-Aadca9414C Assessee Revenue Cross Objection No.63/Chny/2018 (Arising Out Of Ita No.3157/Chny2017) [Assessment Year: 2013-14] M/S Dalmia Cement Bharat Ltd. The Assistant Commissioner Of Dalmiapuram, Income Tax, Circle-1, Tamilnadu-621651 Vs Williams Road, Cantonment, Trichy, Tamil Nadu-620001 Pan- Aadca9414C Assessee Revenue [Assessment Year: 2014-15] The Assistant Commissioner Of M/S Dalmia Cement Bharat Ltd. Income Tax, Circle-1, Dalmiapuram, Williams Road, Vs Tamilnadu, 621651 Cantonment, Trichy, Tamil Nadu-620001 Pan-Aadca9414C Assessee Revenue

Section 14ASection 32(1)(iia)

…support of its arguments, the ld. Counsel has placed on record a voluminous paper book indicating availability of surplus own funds. The appellant assessee has placed reliance upon the decision of Hon’ble Apex Court in South Indian Bank Ltd. -vs.- CIT (2021) 438 ITR 1 (SC) holding that in case interest free own funds available with assessee exceeds its Investments, it could be presumed that Investments were made through assessee own funds. Hence, no disallowance u/s 14A could be made. The said decision of Apex Court was stated to have been followed in the case of DCIT – vs.- Dalmia Bharat Sugar & Industries Limi…

ACIT Circle 1, Trichy vs. Dalmia Cement Bharat Ltd., Dalmiapuram

ITA 3157/CHNY/2017[2013-14]Status: DisposedITAT Chennai31 Dec 2025AY 2013-14

Bench: Ms. Madhumita Roy & Shri Amitabh Shukla, Accountnat Member [Assessment Year: 2013-14] The Assistant Commissioner Of M/S Dalmia Cement Bharat Ltd. Income Tax, Circle-1, Dalmiapuram, Williams Road, Vs Tamilnadu, 621651 Cantonment, Trichy, Tamil Nadu-620001 Pan-Aadca9414C Assessee Revenue Cross Objection No.63/Chny/2018 (Arising Out Of Ita No.3157/Chny2017) [Assessment Year: 2013-14] M/S Dalmia Cement Bharat Ltd. The Assistant Commissioner Of Dalmiapuram, Income Tax, Circle-1, Tamilnadu-621651 Vs Williams Road, Cantonment, Trichy, Tamil Nadu-620001 Pan- Aadca9414C Assessee Revenue [Assessment Year: 2014-15] The Assistant Commissioner Of M/S Dalmia Cement Bharat Ltd. Income Tax, Circle-1, Dalmiapuram, Williams Road, Vs Tamilnadu, 621651 Cantonment, Trichy, Tamil Nadu-620001 Pan-Aadca9414C Assessee Revenue

Section 14ASection 32(1)(iia)

…support of its arguments, the ld. Counsel has placed on record a voluminous paper book indicating availability of surplus own funds. The appellant assessee has placed reliance upon the decision of Hon’ble Apex Court in South Indian Bank Ltd. -vs.- CIT (2021) 438 ITR 1 (SC) holding that in case interest free own funds available with assessee exceeds its Investments, it could be presumed that Investments were made through assessee own funds. Hence, no disallowance u/s 14A could be made. The said decision of Apex Court was stated to have been followed in the case of DCIT – vs.- Dalmia Bharat Sugar & Industries Limi…

ACIT, Circle-2(1)(1), Mumbai vs. M/S Bank of India, Mumbai

In the result, appeal of the revenue is dismissed

ITA 1549/MUM/2023[2013-2014]Status: DisposedITAT Mumbai23 Dec 2025AY 2013-2014

Bench: MS. SUCHITRA RAGHUNATH KAMBLE (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

For Appellant: Shri P. J. Pardiwala, Sr. Advocate and Shri C. Naresh, CAFor Respondent: Shri Satya Pal Kumar, CIT DR
Section 10Section 115JSection 143(3)Section 14ASection 90

…ified hereinabove." 7. The judgment of the Punjab and Haryana Court in the case of State Bank of Patiala (supra) was also cited with approval by the Supreme Court in a subsequent judgment South Indian Bank Ltd. v. CIT [2021] 130 taxmann.com 178/283 Taxman 178/438 ITR 1 and held as under:- "25.... The Punjab and Haryana High Court, in the case of Pr CIT v. State Bank of Patiala [2017] 88 taxmann.com 667/393 ITR 476 (Punj. & Har.), while adverting to the CBDT Circular, concluded correctly that shares and securities held by a bank are stock-in-trade, and all income received on such shares and securities must be cons…

Bank of India, Mumbai vs. The ACIT-2(1)(1), Mumbai

ITA 1397/MUM/2023[2013-14]Status: DisposedITAT Mumbai23 Dec 2025AY 2013-14

Bench: Ms. Suchitra Raghunath Kamble & Shri Girish Agrawal

Section 10Section 115JSection 143(3)Section 14ASection 90

…fied hereinabove." 7. The judgment of the Punjab and Haryana Court in the case of State Bank of Patiala (supra) was also cited with approval by the Supreme Court in a subsequent judgment South Indian Bank Ltd. v. CIT [2021] 130 taxmann.com 178/283 Τахтап 178/438 ITR 1 and held as under:- "25.... The Punjab and Haryana High Court, in the case of Pr CIT v. State Bank of Patiala [2017] 88 taxтапп.com 667/393 ITR 476 (Punj. & Har.), while adverting to the CBDT Circular, concluded correctly that shares and securities held by a bank are stock-in-trade, and all income received on such shares and securities must be con…

ACIT, Mumbai vs. Reliance Power Ltd, Mumbai

ITA 3989/MUM/2025[2016-17]Status: DisposedITAT Mumbai17 Dec 2025AY 2016-17

Bench: Shri Amit Shukla, Jm & Shri Arun Khodpia, Am Acit-15(3)(1), Aayakar Bhavan, Room No. 460, 4Th Floor, M.K. Road, Mumbai-400020. Vs. Revenue-अपीलार्थी / Appellant Assessee By Revenue By Date Of Hearing Date Of Pronouncement

Section 115JSection 14Section 143(3)Section 14ASection 37(1)

…r of Hon'ble Supreme Court, it has to be presumed that the investments were made from the interest-free funds available with the assessee. The appellant has also relied upon the decision of Hon'ble Supreme Court in the case of South Indian Bank Limited (2021) 130 Taxmann.com 178(SC), where it has been held that when interest-free funds were available to the assessee which were sufficient to meet its investments, investments would be presumed to be made out of assessee's own funds and proportionate disallowance was not warranted under section 14A on the ground that separate accounts were not maintained by the asse…

Hincon Holdings Limited, Mumbai vs. ITO, Ward 15(2)(1), Mumbai

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

ITA 2961/MUM/2025[2017-18]Status: DisposedITAT Mumbai15 Dec 2025AY 2017-18

Bench: Hon’Ble Shri Sandeep Gosainhincon Holdings Ltd Vs. Ito, Ward 15(2)(1) Hincon House, Lbs Marg Mumbai. Vikhroli (W), Mumbai – 400 083 Pan/Gir No. Aaach2592M (Applicant) (Respondent)

Section 143(3)Section 14ASection 250Section 45

…has relied on the below case laws and held that shares held as stock in trade are to be excluded for the purpose of computing disallowance under section 14A: a. Maxopp Investment Ltd. vs. CIT [2018] 402 ITR 640 (SC) b. South Indian Bank Ltd. vs. CIT [2021] 438 ITR 1 (SC) c. ACIT v. Vireet Investment Ltd. 82 taxmann.com 415 d. PCIT vs. Punjab National Bank [2022] 140 taxmann.com 131 (Delhi) e. Religare Securities Ltd. in ITA No. 7291/Del/2019 5 Hincon Holdings Ltd, Mumbai. 12. The Appellant further relies on the following decisions: a. Geecee Ventures Ltd v. DCIT [2025] 174 taxmann.com 1285 (Mumbai - Trib…

DCIT 2(3)(2), Mumbai vs. Icici Bank Ltd, Mumbai

In the result, ground no. 3 of appeal of

ITA 1550/MUM/2016[2009-10]Status: DisposedITAT Mumbai21 Nov 2025AY 2009-10

Bench: Shri Pawan Singh & Shri Girish Agrawal(Physical Hearing) Icici Bank Limited, Dcit, 2(3)(2), Mumbai, Icici Bank Towers, North East Wing, Vs Aayakarbhavan, 1St Floor, Bandrakurla Complex, Mumbai – 400020. Bandra (East), Mumbai – 400051. [Pan No. Aaaci1195H] Appellant / Assessee Respondent / Revenue (Physical Hearing) Dcit, 2(3)(2), Mumbai, Icici Bank Limited Aayakar Bhavan, Vs Icici Bank Towers, North East Wing, 1St Floor, Bandrakurla Complex, Mumbai – 400020. Bandra (East), Mumbai – 400051. [Pan No. Aaaci1195H] Appellant / Assessee Respondent / Revenue

Section 10(15)Section 14ASection 254(1)Section 92CSection 92C(3)(c)

…-09 in accepting the claim of assessee that interest free funds exceeded the value of investment yielding exempt income and there no interest could be disallowed under section 14A. The ld. AR also relied upon the decision of Supreme Court in South India Bank 438 ITR 1 and CIT vs UTI Bank 447 ITR 662 (SC). The ld. AR further submits that so far as grounds of appeal in her ICICI Bank Limited ITA No. 1550/Mum/2016 (AY 2009-10) appeal is concerned the revised working of disallowance under section 14A r.w.r. 8D is furnished, details of which are available at page no. 456 of paper book no. 2. As per revised worki…

Icici Bank Ltd, Mumbai vs. DCIT 2(3)(2), Mumbai

In the result, ground no. 3 of appeal of

ITA 4418/MUM/2015[2009-10]Status: DisposedITAT Mumbai21 Nov 2025AY 2009-10

Bench: Shri Pawan Singh & Shri Girish Agrawal(Physical Hearing) Icici Bank Limited, Dcit, 2(3)(2), Mumbai, Icici Bank Towers, North East Wing, Vs Aayakarbhavan, 1St Floor, Bandrakurla Complex, Mumbai – 400020. Bandra (East), Mumbai – 400051. [Pan No. Aaaci1195H] Appellant / Assessee Respondent / Revenue (Physical Hearing) Dcit, 2(3)(2), Mumbai, Icici Bank Limited Aayakar Bhavan, Vs Icici Bank Towers, North East Wing, 1St Floor, Bandrakurla Complex, Mumbai – 400020. Bandra (East), Mumbai – 400051. [Pan No. Aaaci1195H] Appellant / Assessee Respondent / Revenue

Section 10(15)Section 14ASection 254(1)Section 92CSection 92C(3)(c)

…-09 in accepting the claim of assessee that interest free funds exceeded the value of investment yielding exempt income and there no interest could be disallowed under section 14A. The ld. AR also relied upon the decision of Supreme Court in South India Bank 438 ITR 1 and CIT vs UTI Bank 447 ITR 662 (SC). The ld. AR further submits that so far as grounds of appeal in her ICICI Bank Limited ITA No. 1550/Mum/2016 (AY 2009-10) appeal is concerned the revised working of disallowance under section 14A r.w.r. 8D is furnished, details of which are available at page no. 456 of paper book no. 2. As per revised worki…

DCIT, Circle - 19(1), Delhi vs. Punjab National Bank, Maharashtra

In the result, appeal of assessee in ITA No

ITA 3039/DEL/2024[2020-21]Status: DisposedITAT Delhi17 Nov 2025AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri K. Sampath, AdvFor Respondent: Shri Jitender Singh, CIT-DR
Section 115JSection 36(1)Section 36(1)(via)Section 36(1)(vii)Section 36(1)(viia)

…by the orders of the Hon'ble High Court of Delhi in ITA 194/2024 dated 09.12.2024; ITA 194/2024 dated 06.12.2024; ITA 193/2024 dated 06.12.2024. The Hon'ble High Court of Delhi has followed the apex Court's decision in South Indian Bank Ltd. vs. CIT (2021) 438 ITR 1. Respectfully following the same, we dismiss Ground No. 1 of the Revenue. 14. Ground No. 2 relates to decision of the ld. CIT(A) in not appreciating the provisions of Rule 37BA(2) of the I.T. Rules. At the very outset, the ld. counsel for the assessee submitted that this issue be decided in favour of the assessee and against the revenue. 15. Per…

Punjab National Bank, Delhi vs. DCIT, Circle-19(1), Delhi

In the result, appeal of assessee in ITA No

ITA 2712/DEL/2024[2020-21]Status: DisposedITAT Delhi17 Nov 2025AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

For Appellant: Shri K. Sampath, AdvFor Respondent: Shri Jitender Singh, CIT-DR
Section 115JSection 36(1)Section 36(1)(via)Section 36(1)(vii)Section 36(1)(viia)

…by the orders of the Hon'ble High Court of Delhi in ITA 194/2024 dated 09.12.2024; ITA 194/2024 dated 06.12.2024; ITA 193/2024 dated 06.12.2024. The Hon'ble High Court of Delhi has followed the apex Court's decision in South Indian Bank Ltd. vs. CIT (2021) 438 ITR 1. Respectfully following the same, we dismiss Ground No. 1 of the Revenue. 14. Ground No. 2 relates to decision of the ld. CIT(A) in not appreciating the provisions of Rule 37BA(2) of the I.T. Rules. At the very outset, the ld. counsel for the assessee submitted that this issue be decided in favour of the assessee and against the revenue. 15. Per…

ACIT, Chennai vs. Updater Services Limited, Chennai

In the result, the grounds of appeal raised by both the assessee and the Revenue, as well as the grounds raised in the cross-objections filed by the assessee, are treated as allowed for statistical...

ITA 1616/CHNY/2025[2017]Status: DisposedITAT Chennai14 Nov 2025

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:1339 /Chny/2025 िनधा#रण वष# / Assessment Year: 2017-18 M/S. Updater Services Limited (Formerly Dcit, Known As Updater Services Private Vs. Central Circle -2(3), Limited), No.2/302-A, Uds Salai, Chennai. Off Old Mahabalipuram Road, Thoraipakkam, Chennai – 600 097. [Pan:Aaacu-6845-J] (अपीलाथ%/Appellant) (&'थ%/Respondent)

For Appellant: Shri. K. Prasanna, C.AFor Respondent: Ms. E. Pavuna Sundari, C.I.T
Section 115QSection 250Section 263Section 391Section 77A

…आयकर अपीलीय अिधकरण, ‘ए’ "ायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी एस एस िव"ने" रिव, "ाियक सद" एवं "ी एस. आर. रघुनाथा, लेखा सद" के सम" BEFORE SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.:1339 /Chny/2025 िनधा#रण वष# / Assessment Year: 2017-18 M/s. Updater Services Limited (formerly DCIT, known as Updater Services Private vs. Central Circle -2(3), Limited), No.2/302-A, UDS Salai, Chennai. Off Old Mahabalipuram Road, Thoraipakkam, Chennai – 600 097. [PAN:AAACU-6845-J] (अपीलाथ%/Appellant) (&'थ%/Respondent) आयकर अपील सं./…

M/S. Updater Services Ltd., Chennai vs. DCIT, Central Circle-2(3), Chennai

In the result, the grounds of appeal raised by both the assessee and the Revenue, as well as the grounds raised in the cross-objections filed by the assessee, are treated as allowed for statistical...

ITA 1339/CHNY/2025[2017-18]Status: DisposedITAT Chennai14 Nov 2025AY 2017-18

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:1339 /Chny/2025 िनधा#रण वष# / Assessment Year: 2017-18 M/S. Updater Services Limited (Formerly Dcit, Known As Updater Services Private Vs. Central Circle -2(3), Limited), No.2/302-A, Uds Salai, Chennai. Off Old Mahabalipuram Road, Thoraipakkam, Chennai – 600 097. [Pan:Aaacu-6845-J] (अपीलाथ%/Appellant) (&'थ%/Respondent)

For Appellant: Shri. K. Prasanna, C.AFor Respondent: Ms. E. Pavuna Sundari, C.I.T
Section 115QSection 250Section 263Section 391Section 77A

…आयकर अपीलीय अिधकरण, ‘ए’ "ायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी एस एस िव"ने" रिव, "ाियक सद" एवं "ी एस. आर. रघुनाथा, लेखा सद" के सम" BEFORE SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.:1339 /Chny/2025 िनधा#रण वष# / Assessment Year: 2017-18 M/s. Updater Services Limited (formerly DCIT, known as Updater Services Private vs. Central Circle -2(3), Limited), No.2/302-A, UDS Salai, Chennai. Off Old Mahabalipuram Road, Thoraipakkam, Chennai – 600 097. [PAN:AAACU-6845-J] (अपीलाथ%/Appellant) (&'थ%/Respondent) आयकर अपील सं./…

Indraprastha Gas Limited, Delhi vs. JCIT OSD Range-10, Delhi

In the result, the appeal of the assessee is allowed as above

ITA 2422/DEL/2025[2018-19]Status: DisposedITAT Delhi30 Oct 2025AY 2018-19

Bench: Shri Vijay Pal Rao, Hon’Ble & Shri Avdhesh Kumar Mishra

Section 14ASection 32(1)(iia)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’: NEW DELHI BEFORE SHRI VIJAY PAL RAO, HON’BLE VICE PRESIDENT AND SHRI AVDHESH KUMAR MISHRA, ACCOUNTANT MEMBER ITA No.2422/Del/2025, A.Y. 2018-19 Indraprastha Gas Limited Joint Commissioner of Plot No. 4, IGL Bhawan, Income Tax (OSD), Range-10, Sector-4, R. K. Puram, Vs. C. R. Building, I. P. Estate, New Delhi- 110022 New Delhi PAN: AAACI5076R (Appellant) (Respondent) Appellant by Sh. Rajat Jain, CA Sh. Ashish Mendiratta, CA Respondent by Sh. Jitender Singh, CIT DR Date of Hearing 30/09/2025 Date of Pronouncement 30/10/2025 ORDER PER AVDHESH KUMAR MISHRA,…

Moorgate Industries India Pvt Ltd, Mumbai vs. DCIT Central Circle 3(3), Mumbai

In the result the appeal filed by the assessee stands partly allowed

ITA 4282/MUM/2025[2011-12]Status: DisposedITAT Mumbai28 Oct 2025AY 2011-12

Bench: Smt. Beena Pillai () & Shri Arun Khodpia ()

Section 14ASection 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI (JUDICIAL MEMBER) AND SHRI ARUN KHODPIA (ACCOUNTANT MEMBER) I.T.A. No. 4282/Mum/2025 Assessment Year: 2011-12 Moorgate Industries Vs. DCIT Central Circle- India Pvt Ltd 3(3) 1505, 15th Floor, Plot No B Central Circle 3(3), 3, Maurya Garden, N R Kautilya Bhavan Shalimar Maurya bldg, N Bandra-Kurla R Shalimar Maurya Bldg, Complex, Mumbai- Linking Road, Andheri, 400051 Mumbai-400102 PAN: AAHCS9299R (Appellant) (Respondent) Appellant by Shri Gunjan Kakkad Respondent by Shri Annavaran Kosuri, SR. A.R. Date of Hearing 04.09.2025 Date…

Srivaru Agro Pvt. Ltd. (Successor to Manoj Mercantile Credit Pvt. Ltd.), Kolkata vs. A.C.I.T., CC-1(4), Kolkata

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

ITA 98/KOL/2025[2016-2017]Status: DisposedITAT Kolkata22 Oct 2025AY 2016-2017

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

Section 139Section 143(2)Section 143(3)Section 14ASection 234Section 250

…ing balance was ₹11,81,85,000/-. The assessee had shareholders’ funds of ₹13,48,71,557/- and the short-term borrowings were only ₹1.70 Crore. The Ld. AR relied upon the decision of the Hon'ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT [2021] 10 SCC 153 (SC) before the Ld. CIT(A) and also submitted that Hon'ble Supreme Court has held that no disallowance can be made when own funds are higher than the investments made. The assessee relied upon several other citations, namely REI Agro v DCIT 144 ITD 141 (ITAT, Kolkata Bench), which order has been upheld by the Hon'ble Calcutta High Court. The asses…

DCIT Central Circle-06, New Delhi vs. Praveen Kumar Jolly, New Delhi

In the result, appeal of the Revenue in No

ITA 1654/DEL/2023[2011-12]Status: DisposedITAT Delhi15 Oct 2025AY 2011-12

Bench: Shri Yogesh Kumar U.S. & Shri Manish Agarwal[Assessment Year : 2011-12] Dcit, Vs Praveen Kumar Jolly, Central Circle-06, 39/1, East Patel Nagar, New Delhi New Delhi-110008. Pan-Aagpj0144C Appellant Respondent

Section 139(1)Section 147Section 148Section 250Section 68

…ITA No.1654/Del/2023 & C.O-134/Del/2023 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI “A” BENCH: NEW DELHI BEFORE SHRI YOGESH KUMAR U.S., JUDICIAL MEMBER & SHRI MANISH AGARWAL, ACCOUNTANT MEMBER [Assessment Year : 2011-12] DCIT, vs Praveen Kumar Jolly, Central Circle-06, 39/1, East Patel Nagar, New Delhi New Delhi-110008. PAN-AAGPJ0144C APPELLANT RESPONDENT C.O.No.-134/Del/2023 [In ITA No.1654/Del/2023] [Assessment Year : 2011-12] Praveen Kumar Jolly, vs DCIT, 39/1, East Patel Nagar, Central Circle-06, New Delhi-110008. New Delhi PAN-AAGPJ0144C APPELLANT RESPONDENT Revenue by Shri Ajay Kumar Arora, Sr.DR Assessee b…