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

Assistant Commissioner of Income Tax (Central)-2, Raipur vs. Abhishekh Steel Industries Ltd., Raipur

In the result, appeal of the revenue is dismissed in terms of our aforesaid observations

ITA 107/RPR/2018[2013-14]Status: DisposedITAT Raipur17 Oct 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.107/Rpr/2018 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner Of Income Tax (Central)-2, Raipur (C.G.) .......अपीलाथ"/Appellant बनाम / V/S. M/S. Abhishek Steel Industries Ltd. B-8 & 9, Sector C, Urla Industrial Area, Sarona, Raipur (C.G.) Pan : Aaeca3704G ……""यथ" / Respondent

For Appellant: Shri Veekaas S Sharma, CAFor Respondent: Shri P.K Mishra, CIT-DR
Section 132Section 143(2)Section 143(3)Section 14A

…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.107/RPR/2018 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner of Income Tax (Central)-2, Raipur (C.G.) .......अपीलाथ"/Appellant बनाम / V/s. M/s. Abhishek Steel Industries Ltd. B-8 & 9, Sector C, Urla Industrial Area, Sarona, Raipur (C.G.) PAN : AAECA3704G ……""यथ" / Respondent Assessee by :Shri Veekaas S Sharma, CA Revenue by :Shri P.K Mishra, CIT-DR सुनवाई क" तार"ख / Date of Hearing : 03.08.2022…

M/S Vrushal Trading Pvt Ltd., Mumbai vs. ITO 11 (3)(3), Mumbai

In the result, the present appeal is partly allowed

ITA 7937/MUM/2019[2012-13]Status: DisposedITAT Mumbai17 Oct 2022AY 2012-13
For Appellant: Shri Rajen DamaniFor Respondent: Ms. Vranda U Matkarni
Section 143(3)Section 14ASection 37

…erred in making addition of INR 2,39,138/-under Section 14A of the Act. He contended that the investments were made out of interest-free own funds and in view of the judgment of the Hon‟ble Supreme Court in the case of South Indian Bank Limited Vs. CIT: [2021]438 ITR 1 (SC) there was presumption in favour of the Appellant. Per contra, the Ld. Departmental Representative relied upon the order passed by the authorities below. 11 ITA. No. 7937/Mum/2019 Assessment Year: 2012-13 9.2. We have considered the rival submission and perused the material on record. As rightly contended by the Ld. Authorised Representative…

Kumar Urban Development P Ltd (Pune Mumbai Realty P Ltd Merged With River View Properties Pvt.Ltd. Merged With Kumar Urban Development P Ltd), Pune vs. Deputy Commissioner of Income-Tax, Circle - 4, Pune

In the result, the appeal of the assessee in ITA

ITA 357/PUN/2018[2013-14]Status: HeardITAT Pune28 Sept 2022AY 2013-14

Bench: Shri S. S. Godara & Shri Inturi Rama Raoआयकर अपील सं. / Ita Nos.1323 & 357/Pun/2018 िनधा"रण वष" / Assessment Years: 2012-13 & 2013-14 Kumar Urban Development Vs. Dcit, Circle-4, Pune. Pvt. Ltd., (Pune Mumbai Reality Private Limited Merged With River View Properties Pvt. Ltd. & River View Properties Pvt. Ltd. Merged With Kumar Urban Development Pvt. Ltd.) 10Th Floor, Kumar Business Center, Cts No.29, Bund Garden Road, Pune-411001. Pan : Aadcp8622M Appellant Respondent Assessee By : Shri Nikhil Pathak Revenue By : Shri B. Koteswararao Date Of Hearing : 08.09.2022 Date Of Pronouncement : 28.09.2022 आदेश / Order Per Inturi Rama Rao, Am: These Are The Appeals Filed By The Assessee Directed Against The Different Orders Of Ld. Commissioner Of Income Tax (Appeals)-2 & 3, Pune [‘The Cit(A)’] Dated 15.05.2017 & 08.11.2017 For The Assessment Years 2012-13 & 2013-14 Respectively. 2. First, We Shall Take Up The Appeal In Ita No.1323/Pun/2018 For A.Y. 2012-13 For Adjudication.

For Appellant: Shri Nikhil PathakFor Respondent: Shri B. Koteswararao
Section 143(3)Section 36(1)(iii)Section 41(1)Section 41(1)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER आयकर अपील सं. / ITA Nos.1323 & 357/PUN/2018 िनधा"रण वष" / Assessment Years: 2012-13 & 2013-14 Kumar Urban Development Vs. DCIT, Circle-4, Pune. Pvt. Ltd., (Pune Mumbai Reality Private Limited merged with River View Properties Pvt. Ltd. and River View Properties Pvt. Ltd. merged with Kumar Urban Development Pvt. Ltd.) 10th Floor, Kumar Business Center, CTS No.29, Bund Garden Road, Pune-411001. PAN : AADCP8622M Appellant Respondent Assessee by : Shri Nikhil Pathak Revenue…

Kumar Urban Development P Ltd (Pune Mumbai Realty P Ltd Merged With River View Properties Pvt. Ltd Merged With Kumar Urban Development P Ltd), Pune vs. Deputy Commissioner of Income-Tax, Circle - 4, Pune

In the result, the appeal of the assessee in ITA

ITA 1323/PUN/2018[2012-13]Status: HeardITAT Pune28 Sept 2022AY 2012-13

Bench: Shri S. S. Godara & Shri Inturi Rama Raoआयकर अपील सं. / Ita Nos.1323 & 357/Pun/2018 िनधा"रण वष" / Assessment Years: 2012-13 & 2013-14 Kumar Urban Development Vs. Dcit, Circle-4, Pune. Pvt. Ltd., (Pune Mumbai Reality Private Limited Merged With River View Properties Pvt. Ltd. & River View Properties Pvt. Ltd. Merged With Kumar Urban Development Pvt. Ltd.) 10Th Floor, Kumar Business Center, Cts No.29, Bund Garden Road, Pune-411001. Pan : Aadcp8622M Appellant Respondent Assessee By : Shri Nikhil Pathak Revenue By : Shri B. Koteswararao Date Of Hearing : 08.09.2022 Date Of Pronouncement : 28.09.2022 आदेश / Order Per Inturi Rama Rao, Am: These Are The Appeals Filed By The Assessee Directed Against The Different Orders Of Ld. Commissioner Of Income Tax (Appeals)-2 & 3, Pune [‘The Cit(A)’] Dated 15.05.2017 & 08.11.2017 For The Assessment Years 2012-13 & 2013-14 Respectively. 2. First, We Shall Take Up The Appeal In Ita No.1323/Pun/2018 For A.Y. 2012-13 For Adjudication.

For Appellant: Shri Nikhil PathakFor Respondent: Shri B. Koteswararao
Section 143(3)Section 36(1)(iii)Section 41(1)Section 41(1)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER आयकर अपील सं. / ITA Nos.1323 & 357/PUN/2018 िनधा"रण वष" / Assessment Years: 2012-13 & 2013-14 Kumar Urban Development Vs. DCIT, Circle-4, Pune. Pvt. Ltd., (Pune Mumbai Reality Private Limited merged with River View Properties Pvt. Ltd. and River View Properties Pvt. Ltd. merged with Kumar Urban Development Pvt. Ltd.) 10th Floor, Kumar Business Center, CTS No.29, Bund Garden Road, Pune-411001. PAN : AADCP8622M Appellant Respondent Assessee by : Shri Nikhil Pathak Revenue…

Express Industrial Services P. Ltd., Mumbai vs. ACIT Circle-3(A)(2), Mumbai

In the result appeal of the assessee is allowed for statistical purposes

ITA 1571/MUM/2020[2014-15]Status: DisposedITAT Mumbai28 Sept 2022AY 2014-15
Section 10(34)Section 143(3)Section 14A

…3 M/s. Express Industrial Services Pvt. Ltd., exempt income to the assessee had been made out of interest free funds available with the assessee by placing reliance on the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd reported in 438 ITR 1 (SC). We direct that there could be no disallowance of interest in terms of Rule 8D(2)(ii) of the Rules. The ld. AO is directed accordingly to delete the same. 3.2. With regard to disallowance made under Rule 8D(2)(iii) of the rules is concerned, we direct the ld.AO to consider only those investments which had actually yielded exempt income to the…

Haldia Petrochemicals Limited vs. Commissioner of Income Tax Kolkata IV

ITA/131/2019HC Calcutta26 Sept 2022

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Supratim Bhattacharya Date : September 26, 2022. Appearance: Mr. Ajoy Gaggar, Adv. Mr. Hiranmay Gangopadhyay, Adv. … For Appellant Mr. Soumen Bhattacharjee, Adv. …For Respondent The Court :- We Have Heard Mr. Ajoy Gaggar, Learned Standing Counsel With Mr. Gangopadhyay, Learned Advocate For The Appellant & Mr. Soumen Bhattacharjee, Learned Advocate For The Respondent. This Appeal Filed By The Assessee Under Section 260A Of The Income Tax Act, 1961 (The Act) Is Directed Against The Order Dated 6Th July, 2018 Passed By The Income Tax Appellate Tribunal “A” Bench, Kolkata (Tribunal) In Ita No.1533/Kol/2015 For The Assessment Year 2004-2005. The Appeal Was Admitted On August 22, 2019 To Decide The Following Substantial Questions Of Law:- (A) For That The Tribunal Was Not Justified In Law In Directing Disallowance Of 1% Of The Appellant’S Dividend Income Under Section 14A Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”) When The Appellant’S Case Was That No Expenditure Was Incurred By It In Relation To The Dividend Income & Its Purported Findings In That Behalf Are Arbitrary, Unreasonable & Perverse.

Section 14ASection 260A

…pellant and Mr. Soumen Bhattacharjee, learned Advocate for the respondent. The legal issue involved in the instant case is squarely covered by the decision of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. Vs. Commissioner of Income Tax, 2021 10 SCC 153. The Hon’ble Supreme Court held proportionate disallowance of interest is not warranted under Section 14A of the Act for investment made in tax free bonds/security which yield tax free dividends and interest to assessee’s and in those situations where the interest free own funds available with the assessee exceeds their investment. The Hon’ble S…

Pr. Commissioner of Income Tax -7 vs. M/S Ptc India Financial Services Limited

ITA/349/2022HC Delhi22 Sept 2022

Bench: HON'BLE MR. JUSTICE MANMOHAN,HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA

Section 14ASection 32

…refore, the Appellate Authorities upheld the suo moto disallowance of Rs. 16,05,000/- made by the assessee after taking 20% of employee cost and 5% of the administrative cost. 5. The Supreme Court in South India Bank Ltd. v. Commissioner of Income Tax, [2021] 10 SCC 153 has held that where the assessee has mixed funds (made up partly of interest free funds and partly of interest bearing funds) and the payment is made out of mixed fund, the investment must be considered to have been made out of the interest free fund. The Supreme Court in the said judgment held “...in respect of payment made out of mixed fund, it…

Commissioner of Income Tax (Large Tax Payers Unit) Kolkata vs. M/S Century Plyboards (I) Ltd

ITA/65/2021HC Calcutta15 Sept 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE SUPRATIM BHATTACHARYA

Section 14ASection 260ASection 80I

…ntiate their argument that the assessee was required to maintain separate accounts. Their reliance on Honda Siel (supra) to project such an obligation on the assessee, is already negated. The 3 [2021] 438 ITR 1(SC) Page 12 of 12 learned counsel for the Revenue has failed to refer to any statutory provision which obligate the assessee to maintain separate accounts which might justify proportionate disallowance.” 15. In the light of the above legal settled position and the factual discussion done by the tribunal, the revenue has not made out any cas…

Commissioner of Income Tax (Large Tax Payers Unit), Kolkata vs. M/S. Century Plyboards (I) Ltd

ITA/159/2018HC Calcutta15 Sept 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE SUPRATIM BHATTACHARYA

Section 14ASection 260ASection 80I

…ntiate their argument that the assessee was required to maintain separate accounts. Their reliance on Honda Siel (supra) to project such an obligation on the assessee, is already negated. The 3 [2021] 438 ITR 1(SC) Page 12 of 12 learned counsel for the Revenue has failed to refer to any statutory provision which obligate the assessee to maintain separate accounts which might justify proportionate disallowance.” 15. In the light of the above legal settled position and the factual discussion done by the tribunal, the revenue has not made out any cas…

Commissioner of Income Tax (Large Tax Payers Unit) Kolkata vs. Century Plyboards (India) Ltd

ITA/39/2021HC Calcutta15 Sept 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE SUPRATIM BHATTACHARYA

Section 14ASection 260ASection 80I

…ntiate their argument that the assessee was required to maintain separate accounts. Their reliance on Honda Siel (supra) to project such an obligation on the assessee, is already negated. The 3 [2021] 438 ITR 1(SC) Page 12 of 12 learned counsel for the Revenue has failed to refer to any statutory provision which obligate the assessee to maintain separate accounts which might justify proportionate disallowance.” 15. In the light of the above legal settled position and the factual discussion done by the tribunal, the revenue has not made out any cas…

Pr. Commissioner of Income Tax vs. Ms. Pnb Housing Finance Ltd

In the result, the appeals filed by the

ITA/308/2022HC Delhi07 Sept 2022

Bench: HON'BLE MR. JUSTICE MANMOHAN,HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA

Section 14ASection 36(1)(viii)

…ed hereinabove.” 7. The judgment of the Punjab and Haryana Court in the case of State Bank of Patiala was also cited with approval by the Supreme Court in a subsequent judgment reported as South Indian Bank Ltd. v. Commissioner of Income-taxreported in [2021] 438 ITR 1 (SC) 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 c…

Gangadhar Narsingdas Agrawal (HUF), Margao vs. Asstt. Comm. of Income Tax Circle 1, Margao

In the result, appeal of the assessee is allowed

ITA 140/PAN/2018[2011-12]Status: DisposedITAT Panaji30 Aug 2022AY 2011-12

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2011-12 M/S. Gangadhar Narsingdas Assistant Commissioner Of Agrawal (Huf) Income-Tax, Circle-1, 1St Floor, Anand Bhavan, Vs. Margao-Goa. Old Station Rod, Margao- Goa 403601 (Pan: Aabhg4804R) (Appellant) (Respondent) Present For: Appellant By : Shri Nishant Thakkar, Advocate Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 16.06.2022 Date Of Pronouncement : 30.08.2022 O R D E R Per Girish Agrawal: This Appeal By The Assessee Is Directed Against The Order Of Ld. Cit(A), Panaji-1 Vide Ita No. 42/Mrg/2014-15 Dated 16.03.2018 For A.Y. 2011-12 Passed Against The Assessment Order U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) By Acit, Circle-1, Margao, Goa Dated 25.03.2014. 2. Shri Nishant Thakkar, Advocate Appeared On Behalf Of The Assessee & Shri Mayur Kamble, Sr. Dr Appeared On Behalf Of The Revenue.

For Appellant: Shri Nishant Thakkar, AdvocateFor Respondent: Shri Mayur Kamble, Sr. DR
Section 10(34)Section 143(3)Section 14ASection 3

…IN THE INCOME TAX APPELLATE TRIBUNAL : PANAJI BENCH: GOA BEFORE SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2011-12 M/s. Gangadhar Narsingdas Assistant Commissioner of Agrawal (HUF) Income-tax, Circle-1, 1st floor, Anand Bhavan, Vs. Margao-Goa. Old Station Rod, Margao- Goa 403601 (PAN: AABHG4804R) (Appellant) (Respondent) Present for: Appellant by : Shri Nishant Thakkar, Advocate Respondent by : Shri Mayur Kamble, Sr. DR Date of Hearing : 16.06.2022 Date of Pronouncement : 30.08.2022 O R D E R PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal by the asse…

JCIT (OSD), Circle 14, Pune vs. Kumar Builder Mumbai Realty Private Limited, Pune

In the result, the appeal filed by the Revenue in ITA

ITA 22/PUN/2020[2014-15]Status: DisposedITAT Pune22 Aug 2022AY 2014-15

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Nikhil S. PathakFor Respondent: Shri Abhinay Kumbhar &
Section 143(3)Section 14ASection 36(1)(iii)Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI S. S. VISWANETHRA RAVI, JUDICIAL MEMBER Sl. ITA No. Name of Appellant Name of Respondent Asst. No. Year 1-2 20/PUN/2020 JCIT (OSD), Circle- Kumar Urban 2013-14 21/PUN/2020 14, Pune. Development Private 2014-15 Limited, 10th Floor, Kumar Business Centre, CTS No.29, Opp. Pune Central Bund Garden, Pune-411001. PAN : AAACK7659N 3 22/PUN/2020 JCIT (OSD), Circle- Kumar Builder 2014-15 14, Pune. Mumbai Realty Private Limited, 10th Floor, Kumar Business Centre, CTS No.29, Opp. Pune Central Bund Garden, Pune-4…

JCIT (OSD), Circle 14, Pune vs. Kumar Urban Development Private Limited, Pune

In the result, the appeal filed by the Revenue in ITA

ITA 21/PUN/2020[2014-15]Status: DisposedITAT Pune22 Aug 2022AY 2014-15

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Nikhil S. PathakFor Respondent: Shri Abhinay Kumbhar &
Section 143(3)Section 14ASection 36(1)(iii)Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI S. S. VISWANETHRA RAVI, JUDICIAL MEMBER Sl. ITA No. Name of Appellant Name of Respondent Asst. No. Year 1-2 20/PUN/2020 JCIT (OSD), Circle- Kumar Urban 2013-14 21/PUN/2020 14, Pune. Development Private 2014-15 Limited, 10th Floor, Kumar Business Centre, CTS No.29, Opp. Pune Central Bund Garden, Pune-411001. PAN : AAACK7659N 3 22/PUN/2020 JCIT (OSD), Circle- Kumar Builder 2014-15 14, Pune. Mumbai Realty Private Limited, 10th Floor, Kumar Business Centre, CTS No.29, Opp. Pune Central Bund Garden, Pune-4…

JCIT (OSD), Circle 14, Pune vs. Kumar Urban Development Private Limited, Pune

In the result, the appeal filed by the Revenue in ITA

ITA 20/PUN/2020[2013-14]Status: DisposedITAT Pune22 Aug 2022AY 2013-14

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Ravisl.

For Appellant: Shri Nikhil S. PathakFor Respondent: Shri Abhinay Kumbhar &
Section 143(3)Section 14ASection 36(1)(iii)Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI S. S. VISWANETHRA RAVI, JUDICIAL MEMBER Sl. ITA No. Name of Appellant Name of Respondent Asst. No. Year 1-2 20/PUN/2020 JCIT (OSD), Circle- Kumar Urban 2013-14 21/PUN/2020 14, Pune. Development Private 2014-15 Limited, 10th Floor, Kumar Business Centre, CTS No.29, Opp. Pune Central Bund Garden, Pune-411001. PAN : AAACK7659N 3 22/PUN/2020 JCIT (OSD), Circle- Kumar Builder 2014-15 14, Pune. Mumbai Realty Private Limited, 10th Floor, Kumar Business Centre, CTS No.29, Opp. Pune Central Bund Garden, Pune-4…

Shreyans S Sanghavi, Deesa vs. The ACIT Circle, Palanpur

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

ITA 520/AHD/2020[2016-17]Status: DisposedITAT Ahmedabad10 Aug 2022AY 2016-17

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./Ita No. 520/Ahd/2020 िनधा"रण वष"/Asstt. Year: 2016-2017 Shreyans S. Sanghavi, A.C.I.T., 1St Floor, Swastik Bldg., Vs. Circle, Nr. City Police Station, Palanpur. Nr. Dena Bank, Main Bazar, Deesa-385535. Pan: Afbps1665R

For Appellant: Shri Mehul Shah, A.RFor Respondent: Shri Purushottam Kumar, Sr. DR
Section 14A

…आयकर अपीलीय अिधकरण, अहमदाबाद "ायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’ SMC” BENCH, AHMEDABAD BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER आयकर अपील सं./ITA No. 520/AHD/2020 िनधा"रण वष"/Asstt. Year: 2016-2017 Shreyans S. Sanghavi, A.C.I.T., 1st floor, Swastik Bldg., Vs. Circle, Nr. City Police Station, Palanpur. Nr. Dena Bank, Main Bazar, Deesa-385535. PAN: AFBPS1665R (Applicant) (Respondent) Assessee by : Shri Mehul Shah, A.R Revenue by : Shri Purushottam Kumar, Sr. DR सुनवाई की तारीख/Date of Hearing : 19/05/2022 घोषणा की तारीख /Date of Pronouncement: 10/08/202…

Poonawalla Shares & Securities Pvt.Ltd, Pune vs. Assistant Commissioner of Wealth-Tax, Circle-4, Pune

Appeal is partly allowed in above terms

ITA 380/PUN/2020[2016/17]Status: DisposedITAT Pune29 Jul 2022

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपीलसं. / Ita No.380/Pun/2020 िनधा"रण वष" / Assessment Year : 2016-17 Poonawalla Shares & Securities The Assistant Pvt. Ltd., Vs Commissioner Of Income 16-B,/1, Sarosh Bhavan, Tax, Dr.Ambedkar Road, Circle-4, Pune. Pune – 411001 Pan: Aaacp 6087 H Appellant/ Assessee Respondent /Revenue Assessee By Shri Percy Pardiwala – Ar Revenue By Shri M.G.Jasnani – Dr Date Of Hearing 08/07/2022 Date Of Pronouncement 29/07/2022 आदेश/ Order Per S.S.Godara, Jm: This Assessee’S Appeal For Assessment Year 2016-17 Is Directed Against The Commissioner Of Income Tax(Appeals)-3, Pune’S Order Dated 11.12.2019 Passed In Case No.Pn/Cit(A)-3/Cir 4/193/2018-19/428, In Proceedings U/S.143(3) Of The Income Tax Act, 1961 [In Short “The Act”].

Section 143(3)Section 14A

….आयकर अपीलीय अिधकरण “बी” "ायपीठ पुणे म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER आयकर अपीलसं. / ITA No.380/PUN/2020 िनधा"रण वष" / Assessment Year : 2016-17 Poonawalla Shares & Securities The Assistant Pvt. Ltd., Vs Commissioner of Income 16-B,/1, Sarosh Bhavan, Tax, Dr.Ambedkar Road, Circle-4, Pune. Pune – 411001 PAN: AAACP 6087 H Appellant/ Assessee Respondent /Revenue Assessee by Shri Percy Pardiwala – AR Revenue by Shri M.G.Jasnani – DR Date of hearing 08/07/2022 Date of pronouncement 29/07/2022 आदेश/ ORDER Per S.S.…

M/S. Berger Paints India Ltd., Kolkata vs. D.C.I.T., Circle - 10(1), Kolkata

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

ITA 2299/KOL/2019[2014-15]Status: DisposedITAT Kolkata29 Jul 2022AY 2014-15

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2014-15 Deputy Commissioner Of Berger Paints India Ltd. Income-Tax, Circle-10(1) Vs. 129, Park Street Kolkata Kolkata-17 (Pan: Aabcb0976E) (Appellant) (Respondent) & Assessment Year: 2014-15 Berger Paints India Ltd. Deputy Commissioner Of Vs. 129, Park Street Income-Tax, Circle-10(1) Kolkata-17 Kolkata (Appellant) (Respondent) Present For: Assessee : Shri J. P. Khaitan, Sr. Advocate & Shri Pratyush Jhunjhunwala, Advocate Revenue : Shri Amol Kamat, Cit, Dr Date Of Hearing : 19.07.2022 Date Of Pronouncement : 29.07.2022 O R D E R Per Girish Agrawal: Both These Cross Appeals By The Revenue & Assessee Are Arising Out Of Order Of Ld. Cit(A)-22, Kolkata Vide Appeal No. 14/Cit(A)-22/14-15/16-17/Kol Dated 31.02.2018 Against The Order Of Dcit, Circle-10(1), Kolkata Passed U/S 143(3) Of The Income-Tax Act,1961 (Hereinafter Referred To As The Act), Dated 31.12.2016 For Ay 2014-15. 2. Before Us, Shri J. P. Khaitan, Sr. Advocate & Shri Pratyush Jhunjhunwala, Advocate Appeared For The Assessee & Shri Amol Kamat, Cit, Dr Represented The Revenue. Ld. Counsel For The Ita No. 2299/Kol/2019 By Assessee Berger Paints India Ltd. Ays 2014-15 Assessee Has Placed On Record, A Brief Note On The Submissions Made Along With Paper Books & Chart Substantiate The Claims Made By The Assessee In The Assessment Year Under Appeal.

For Appellant: Shri J. P. Khaitan, Sr. Advocate and Shri Pratyush Jhunjhunwala, AdvocateFor Respondent: Shri Amol Kamat, CIT, DR
Section 143(3)Section 14ASection 80Section 80ISection 8O

…IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCH “B”, KOLKATA BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2014-15 Deputy Commissioner of Berger Paints India Ltd. Income-tax, Circle-10(1) Vs. 129, Park Street Kolkata Kolkata-17 (PAN: AABCB0976E) (Appellant) (Respondent) & Assessment Year: 2014-15 Berger Paints India Ltd. Deputy Commissioner of Vs. 129, Park Street Income-tax, Circle-10(1) Kolkata-17 Kolkata (Appellant) (Respondent) Present for: Assessee : Shri J. P. Khaitan, Sr. Advocate and Shri Pratyush Jhunjhunwala, Advocate Revenue : Shri Amol Kama…

M/S. Berger Paints India Ltd., Kolkata vs. D.C.I.T., Circle-10(1), Kolkata

In the result, both the appeals of the revenue are partly allowed and appeals of assessee are dismissed

ITA 2295/KOL/2019[2010-11]Status: DisposedITAT Kolkata29 Jul 2022AY 2010-11

Bench: Shri Sanjay Garg & Shri Girish Agrawalita Nos.917 & 918/Kol/2017 Assessment Year: 2009-10 & 2010-11 Deputy Commissioner Of Berger Paints India Ltd. Income-Tax Vs. 129, Park Street Circle-10(1) Kolkata-17 Kolkata (Pan: Aabcb0976E) (Appellant) (Respondent) &

For Appellant: Shri J. P. Khaitan, Sr. AdvocateFor Respondent: Shri Tushar Dhawan Singh & Shri David Z
Section 143(3)Section 14ASection 80Section 8OSection 92B

…IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCH “C”, KOLKATA BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA Nos.917 & 918/Kol/2017 Assessment Year: 2009-10 & 2010-11 Deputy Commissioner of Berger Paints India Ltd. Income-tax Vs. 129, Park Street Circle-10(1) Kolkata-17 Kolkata (PAN: AABCB0976E) (Appellant) (Respondent) & ITA Nos.2294 & 2295/Kol/2019 Assessment Year: 2009-10 & 2010-11 Berger Paints India Ltd. Deputy Commissioner of 129, Park Street Income-tax Vs. Kolkata-17 Circle-10(1) (PAN: AABCB0976E) Kolkata (Appellant) (Respondent) Present for: Assessee : Shri…

M/S. Berger Paints India Ltd., Kolkata vs. D.C.I.T., Circle-10(1), Kolkata

In the result, both the appeals of the revenue are partly allowed and appeals of assessee are dismissed

ITA 2294/KOL/2019[2009-10]Status: DisposedITAT Kolkata29 Jul 2022AY 2009-10

Bench: Shri Sanjay Garg & Shri Girish Agrawalita Nos.917 & 918/Kol/2017 Assessment Year: 2009-10 & 2010-11 Deputy Commissioner Of Berger Paints India Ltd. Income-Tax Vs. 129, Park Street Circle-10(1) Kolkata-17 Kolkata (Pan: Aabcb0976E) (Appellant) (Respondent) &

For Appellant: Shri J. P. Khaitan, Sr. AdvocateFor Respondent: Shri Tushar Dhawan Singh & Shri David Z
Section 143(3)Section 14ASection 80Section 8OSection 92B

…IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCH “C”, KOLKATA BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA Nos.917 & 918/Kol/2017 Assessment Year: 2009-10 & 2010-11 Deputy Commissioner of Berger Paints India Ltd. Income-tax Vs. 129, Park Street Circle-10(1) Kolkata-17 Kolkata (PAN: AABCB0976E) (Appellant) (Respondent) & ITA Nos.2294 & 2295/Kol/2019 Assessment Year: 2009-10 & 2010-11 Berger Paints India Ltd. Deputy Commissioner of 129, Park Street Income-tax Vs. Kolkata-17 Circle-10(1) (PAN: AABCB0976E) Kolkata (Appellant) (Respondent) Present for: Assessee : Shri…