South Indian Bank Ltd. v. CIT

State Bank of India, Mumbai vs. DCIT, Mumbai

In the result, the present appeal is partly allowed

…e could be made in the case of the Appellant as interest free funds far exceeded the investments made by the Appellant in securities earning tax free income as per the judgment of the Hon'ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT: [2021] 438 ITR 1 (SC). 6. Per contra, Ld. Departmental Representative relied upon paragraph 12 and 13 of the order passed by CIT(A) and submitted that the Hon'ble Supreme Court has in the case of Maxopp Investment Ltd. (supra) clearly held that provisions of Section 14A of the Act read with Rule 8D of the Rules shall apply even in case of an assessee holding share…

ACIT -3(1)(2), Mumbai vs. Hikal Ltd., Mumbai

In the result, the In the result, the appeal of Revenue for assessment year 2010

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2010-11 & Assessment Year: 2011-12 Acit-3(1)(2), Hikal Ltd., Room No. 607, 6Th Floor, 717/718, Maker Chambers V, Aayakar Bhavan, Vs. Nariman Point, Mumbai-400020. Mumbai-400021. Pan No. Aaach 0383 A Appellant Respondent : Revenue By Mr. Sanjay Vishwas Rao Deshmukh, Cit-Dr/ Mr. R.N. D’Souza, Dr Assessee By : Mr. Sanjay Parikh, Ar : Date Of Hearing 02/11/2022 Date Of Pronouncement : 28/12/2022

…now well nd it is now well Hikal Ltd. ITA Nos. 2320/M/2016 & 803/M/2017 settled by the Hon’ble Supreme Court in the case of South Indian settled by the Hon’ble Supreme Court in the case of settled by the Hon’ble Supreme Court in the case of Bank Ltd. (2021) 438 ITR 1 (SC) Ltd. (2021) 438 ITR 1 (SC) that presumption can be drawn that presumption can be drawn that the investments were made out of own funds where adequate that the investments were made out of own funds where adequate that the investments were made out of own funds where adequate such funds are available with the assessee and that no such funds are…

M/S. Mercator Ltd, Mumbai vs. The Dy CIT 5(2), Mumbai

In the result, the appeal filed by the revenue and CO by the asssessee are dismissed and the asseessee appeal is allowed for statistical purposes

Bench: Shri Baskaran Br & Shri Pavan Kumar Gadaleita No. 7278/Mum/2017 (A.Y: 2010-11) & Co No. 21/Mum/2019 (2010-11) (Arising Out Of Ita No. 29/Mum/2018) Mercator Ltd Vs. Dcit 3Rd Floor, Mittal Tower- Range 5(2) B Wing, Nariman Point Aayakar Bhavan, Mk Mumbai- 400021. Road, Mumbai-400020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacm5007A Appellant .. Respondent Dy. Cit Vs. Mercator Lines Ltd Range 5(2)(2), Rno.571 3Rd Floor, Mittal Tower- Aayakar Bhavan, Mk B Wing, Nariman Point Road, Mumbai – 400 021. Mumbai - 400020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacm5007A Appellant .. Respondent Assessee By : Mr.Nikhil Tiwari.Ar Revenue By : Mr.Krishnakumarmishra.Dr Date Of Hearing 30.11.2022 Date Of Pronouncement 22.12.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: 29/Mum/2018 & Co No. 21/Mum/2019 M/S. Mercator Ltd, Mumbai. The Cross Appeal Is Filed By The Assessee & The Revenue Against The Order Of The Commissioner Of Income Tax (Appeals) (Cit(A))-57, Mumbai Passed U/S 250 Of The Act & The Assessee Has Filed The Cross Objection(Co) In The Revenue Appeal.

…are more than the size of the investments, and hence no disallowance of interest is attributed under section 14A r.w,r 8D and relied on the following judicial decisions as under: (i.) The Honble Supreme Court in the case of South Indian Bank Ltd Vs CIT [2021] 438 ITR 1 SC hasobserved: Section 14A of the Income-tax Act, 1961 Expenditure incurred in relation to exempt income not includible in total income (General) Assessee-scheduled banks earned income from investments made in tax-free securities - Assessing Officer made proportionate disallowance of interest attributable to funds invested to earn tax free income…

M/S. Jk Investors (Bombay ) Ltd, Mumbai vs. DCIT Cent. Cir-8(1), Mumbai

In the result, the present appeal is allowed for statistical purposes

…herefore, are being taken up together. 7. The Ld. Authorised Representative for the Appellant appearing before us submitted that the Appellant is entitled to the benefit of judgment of the Hon‟ble Supreme Court in the case of South Indian Bank Ltd. vs. CIT : 438 ITR 1 as sufficient interest free funds were available with the Appellant for making the investment for the relevant Assessment Year. In this regard, he placed on record computation showing average value of total investments and details of own funds available with the Appellant for the Assessment Year 2011-12. He further submitted that while computing di…

M/S. Hindustan Lever Ltd vs. The Dy CIT 1(1)

…Assessment Year 2006-07 (ITA No. 7868/Mum./2010). He also submitted that since investments have been made out of surplus funds, no disallowance can be made in view of the judgment of the Hon‘ble Supreme Court in the case of South Indian Bank Limited Vs. CIT: 438 ITR 1 (SC)[09-09-2021]. The Learned Departmental Representative relied upon the assessment order. 45. We note that the Tribunal had, vide order dated 10.12.2012 passed in appeal for the Assessment Year 2006-07 (ITA No. 7868/Mum/2010), restricted the amount of disallowance to 0.5% of the income claimed as exempt. The relevant extract of the aforesaid dec…