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

Dy. Commissioner of Income Tax, Central Circle-3(3), Mumbai vs. Phulchand Exports Private Limited, Mumbai

In the result, appeals of the Revenue in ITA No

ITA 3103/MUM/2025[2019-20]Status: DisposedITAT Mumbai04 Aug 2025AY 2019-20

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri Shankarlal Jain & Shri Satish KumarFor Respondent: Shri R.A Dhyani, (CIT-DR)
Section 132Section 143(3)Section 14ASection 153ASection 36(1)(iii)

…presumed that the investments were made from the interest-free funds available with the assessee. Reliance was also placed on the jurisdictional High Court in the case of Reliance Utilities & Power Ltd. 313 ITR 340 (Bom), South Indian Bank Ltd. v. CIT (2021) 438 ITR 1 (SC) as well. 11. We have carefully considered all the relevant facts of the case, rival submissions, provisions of the law and legal position emerging from the above cited decisions of various courts of law including those of hon'ble Supreme Court. We find that the Reserves etc. in the form surplus fund far exceeded the borrowings. Therefore, resp…

Dy. Commissioner of Income Tax, Central Circle- 3(3), Mumbai vs. Phulchand Exports Private Limited, Mumbai

In the result, appeals of the Revenue in ITA No

ITA 3102/MUM/2025[2018-19]Status: DisposedITAT Mumbai04 Aug 2025AY 2018-19

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri Shankarlal Jain & Shri Satish KumarFor Respondent: Shri R.A Dhyani, (CIT-DR)
Section 132Section 143(3)Section 14ASection 153ASection 36(1)(iii)

…presumed that the investments were made from the interest-free funds available with the assessee. Reliance was also placed on the jurisdictional High Court in the case of Reliance Utilities & Power Ltd. 313 ITR 340 (Bom), South Indian Bank Ltd. v. CIT (2021) 438 ITR 1 (SC) as well. 11. We have carefully considered all the relevant facts of the case, rival submissions, provisions of the law and legal position emerging from the above cited decisions of various courts of law including those of hon'ble Supreme Court. We find that the Reserves etc. in the form surplus fund far exceeded the borrowings. Therefore, resp…

Dy. Commissioner of Income Tax, Central Circle-3(3), Mumbai vs. Prateek Apparels Private Limited, Karnataka

In the result, appeals of the Revenue in ITA No

ITA 3099/MUM/2025[2018-19]Status: DisposedITAT Mumbai04 Aug 2025AY 2018-19

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri Shankarlal Jain & Shri Satish KumarFor Respondent: Shri R A Dhyani, (CIT DR)
Section 132Section 132(4)Section 143(3)Section 153ASection 36(1)(iii)

…he funds advanced free of interest no disallowance out of interest was called for by the AO. 12. In the subsequent appeal, before the ld.CIT(A) the same contentions were made relying on judgment of hon'ble Supreme Court in South Indian Bank Ltd. v. CIT (2021) 438 ITR 1 (SC) and Reliance Industries Ltd. v. CIT (2019) 410 ITR 466 (SC), where sufficient own funds are available, a presumption arises that investments are made from such funds, and no interest disallowance is warranted. Further, there is no material on record to establish any nexus between the borrowed funds and interest free advances. Accordingly, the…

Dy. Commissioner of Income Tax, Central Circle -3(3), Mumbai vs. Prateek Apparels Private Limited, Karnataka

In the result, appeals of the Revenue in ITA No

ITA 2936/MUM/2025[2014-15]Status: DisposedITAT Mumbai04 Aug 2025AY 2014-15

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Shri Shankarlal Jain & Shri Satish KumarFor Respondent: Shri R A Dhyani, (CIT DR)
Section 132Section 132(4)Section 143(3)Section 153ASection 36(1)(iii)

…he funds advanced free of interest no disallowance out of interest was called for by the AO. 12. In the subsequent appeal, before the ld.CIT(A) the same contentions were made relying on judgment of hon'ble Supreme Court in South Indian Bank Ltd. v. CIT (2021) 438 ITR 1 (SC) and Reliance Industries Ltd. v. CIT (2019) 410 ITR 466 (SC), where sufficient own funds are available, a presumption arises that investments are made from such funds, and no interest disallowance is warranted. Further, there is no material on record to establish any nexus between the borrowed funds and interest free advances. Accordingly, the…

Phulchand Exports Pvt Ltd, Mumbai vs. Asst. Commissioner of Income Tax Central Circle 3(3), Mumbai

In the result, appeals of the Revenue in ITA No

ITA 2415/MUM/2025[2018-19]Status: DisposedITAT Mumbai04 Aug 2025AY 2018-19

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

For Appellant: Respondent byFor Respondent: Shri Shankarlal Jain & Shri Satish Kumar
Section 132Section 143(3)Section 14ASection 153ASection 36(1)(iii)

…presumed that the investments were made from the interest-free funds available with the assessee. Reliance was also placed on the jurisdictional High Court in the case of Reliance Utilities & Power Ltd. 313 ITR 340 (Bom), South Indian Bank Ltd. v. CIT (2021) 438 ITR 1 (SC) as well. 11. We have carefully considered all the relevant facts of the case, rival submissions, provisions of the law and legal position emerging from the above cited decisions of various courts of law including those of hon'ble Supreme Court. We find that the Reserves etc. in the form surplus fund far exceeded the borrowings. Therefore, resp…

Hira Power & Steels Limited, Raipur vs. Deputy Commissioner of Income Tax-1, Raipur

In the result ground no 6 of the appeal of the assessee is partly allowed for statistical purposes

ITA 233/RPR/2025[2012-13]Status: DisposedITAT Raipur31 Jul 2025AY 2012-13

Bench: Shri Partha Sarathi Chaudhury & Shri Arun Khodpiaआयकर अपील सं. / Ita No.233/Rpr/2025 "नधा"रण वष" / Assessment Year : 2012-13 Hira Power & Steels Limited 557, Urla Industrial Area, Urla Industrial Complex, Raipur (C.G.)-493 221 Pan: Aabcj0138Q ........अपीलाथ" / Appellant बनाम / V/S. The Deputy Commissioner Of Income Tax-1(1), Raipur (C.G.)

For Appellant: Shri R.B Doshi, CAFor Respondent: Dr. Priyanka Patel, Sr. DR
Section 14A

…said investment and in such scenario, disallowance u/s. 14A r.w.Rule 8D(1) (ii) & (iii) is uncalled for and bad in law, hence deleted. In this respect, we refer to the judgment of the Hon’ble Supreme Court in the case of South Indian Bank Ltd. Vs. CIT (2021) 438 ITR 1 (SC), wherein on the aforesaid issue it has been held and observed as follows: “20. Applying the same logic, the disallowance would be legally impermissible for the investment made by the assessees in bonds/shares using interest free funds, under Section 14A of the Act. In other words, if investments in securities is made out of common funds and th…

ACIT Circle 6 1 1 Mumbai, Mumbai vs. M/S Cyquator Media Services Pvt Ltd, Mumbai

In the result, the appeal of the Revenue is dismissed

ITA 4048/MUM/2025[2013-14]Status: DisposedITAT Mumbai31 Jul 2025AY 2013-14

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 115JSection 143(3)Section 14ASection 14A(2)

…that the investments were made out of such funds, thereby ruling out disallowance under section 6 Cyquator Media Services Pvt. Ltd., 14A. This view finds further affirmation in the judgment of the Hon’ble Supreme Court in South Indian Bank Ltd. v. CIT [2021] 438 ITR 1 (SC), which enunciates the same principle with authoritative clarity. 14. In the backdrop of the settled legal position and the factual matrix, we find no infirmity in the order of the learned CIT(A) in deleting the disallowance made under section 14A, both under the normal provisions and under section 115JB. The Revenue has not brought on record…

DCIT, Central Circle-6, New Delhi, Income Tax Department vs. Late Shri Som Prakash Sethi Through Legal Heir Shri Aman Sethi, S

In the result, the appeal of the revenue is dismissed

ITA 3444/DEL/2023[2017-18]Status: DisposedITAT Delhi16 Jul 2025AY 2017-18

Bench: Shri Vikas Awasthy & Shri M. Balaganeshdcit, Vs. Shri Aman Sethi (Legal Heir Of Central Circle-6, Late Shri Som Prakash Sethi New Delhi Through Legal Heir Shri Aman Sethi, 521, Gk-2, Delhi (Appellant) (Respondent) Pan: Abyps3902L Assessee By : Shri Akash Ojha, Adv Revenue By: Shri Mahesh Kumar, Cit (Dr) Date Of Hearing 21/05/2025 Date Of Pronouncement 16/07/2025

For Appellant: Shri Akash Ojha, AdvFor Respondent: Shri Mahesh Kumar, CIT (DR)
Section 143(3)Section 37(1)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G”: NEW DELHI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER DCIT, Vs. Shri Aman Sethi (legal heir of Central Circle-6, Late Shri Som Prakash Sethi New Delhi through Legal Heir Shri Aman Sethi, 521, GK-2, Delhi (Appellant) (Respondent) PAN: ABYPS3902L Assessee by : Shri Akash Ojha, Adv Revenue by: Shri Mahesh Kumar, CIT (DR) Date of Hearing 21/05/2025 Date of pronouncement 16/07/2025 O R D E R PER M. BALAGANESH, A. M.: 1. The appeal in ITA No.3444/Del/2023 for AY 2017-18, arises out of the order of ld. Commissioner of Income Tax (Ap…

Epack Polymers Private Limited, Gautam Budh Nagar vs. ACIT Circle-8(2), New Delhi

Appeal is allowed in above terms

ITA 3403/DEL/2023[2017-18]Status: DisposedITAT Delhi09 Jul 2025AY 2017-18

Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI S. RIFAUR RAHMAN (Accountant Member)

Section 143(3)Section 36(1)(iii)

…0 crores hereinabove. This clinching facts and figures have gone unrebutted from the Revenue side. 2 | P a g e 5. We thus conclude in light of CIT vs. Reliance Utilities and Power Ltd. (2009) 313 ITR 340 (Bom) as well as South Indian Bank Ltd. Vs. CIT [2021] 438 ITR 1 (SC) that necessary presumption which would arise in such an instance would be that of advancement of interest free funds only to the assessee’s sister concern. We thus find no reason to sustain the impugned section 36(1)(iii) disallowance of Rs.90,20,116/- which is directed to be deleted in very terms. No other ground or argument has been pressed…

ACIT, Ltu-2, Chennai vs. Ashok Leyland Limited, Chennai

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

ITA 2618/CHNY/2019[2015-16]Status: DisposedITAT Chennai07 Jul 2025AY 2015-16

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

For Appellant: Mr.R. Vijayaraghavan, AdvFor Respondent: Mr.A. Sasikumar, CIT
Section 115JSection 143(3)Section 14A

…आयकर अपीलीय अिधकरण, ’डी’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI "ी एबी टी. वक", "ाियक सद" एवं एवं एवं एवं "ी अिमताभ शु"ा, लेखा सद" के सम" BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2330/Chny/2019 िनधा"रण वष"/Assessment Year: 2015-16 v. M/s. Ashok Leyland Ltd., The ACIT, 1, Sardar Patel Road, Large Taxpayer Unit-2, Guindy, Chennai-600 032. Chennai. [PAN: AAACA 4651 L] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ITA No.2618/Chny/2019 िनधा"रण वष"/Assessment Year: 2015-16 v. The ACIT, M/s. Ashok Leyland Ltd.…

Ashok Leyland Limited, Chennai vs. ACIT, Chennai

ITA 2330/CHNY/2019[2015-16]Status: DisposedITAT Chennai07 Jul 2025AY 2015-16

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.2330/Chny/2019 निर्धारण वर्ष/Assessment Year: 2015-16 M/S. Ashok Leyland Ltd., 1, Sardar Patel Road, Guindy, Chennai-600 032. [Pan: Aaaca 4651 L] (अपीलार्थी/Appellant) V. The Acit, Large Taxpayer Unit-2, Chennai. (प्रत्यर्थी/Respondent) आयकर अपील सं./Ita No.2618/Chny/2019 निर्धारण वर्ष/Assessment Year: 2015-16 The Acit, Large Taxpayer Unit-2, Chennai. V. M/S. Ashok Leyland Ltd., 1, Sardar Patel Road, Guindy, Chennai-600 032. [Pan: Aaaca 4651 L] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Assessee By : Mr.R. Vijayaraghavan, Adv. & Mr.Vikram Vijayaraghavan, Adv. Department By : Mr.A. Sasikumar, Cit सुनवाईकीतारीख/Date Of Hearing : 02.05.2025 घोषणाकीतारीख /Date Of Pronouncement : 07.07.2025

For Appellant: Mr.R. Vijayaraghavan, AdvFor Respondent: Mr.A. Sasikumar, CIT
Section 115JSection 143(3)Section 14A

…आयकर अपीलीय अधिकरण, 'डी' न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL 'D' BENCH: CHENΝΑΙ श्री एबी टी. वर्की, न्यायिक सदस्य एवं श्री अमिताभ शुक्ला, लेखा सदस्य के समक्ष BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2330/Chny/2019 निर्धारण वर्ष/Assessment Year: 2015-16 M/s. Ashok Leyland Ltd., 1, Sardar Patel Road, Guindy, Chennai-600 032. [PAN: AAACA 4651 L] (अपीलार्थी/Appellant) v. The ACIT, Large Taxpayer Unit-2, Chennai. (प्रत्यर्थी/Respondent) आयकर अपील सं./ITA No.2618/Chny/2019 निर्धारण वर्ष/Assessment Year: 2015-16 The ACIT, Large Taxpayer…

DCIT, Delhi vs. Punjab National Bank, Delhi

In the result, the appeal of the Revenue in ITA No

ITA 2948/DEL/2024[2017-18]Status: DisposedITAT Delhi04 Jul 2025AY 2017-18

Bench: Ms. Madhumita Roy & Shri Naveen Chandra

For Appellant: Shri K. Sampath, CAFor Respondent: Ms. Harpreet Kaur Hansra, Sr. DR
Section 14ASection 32(1)Section 36(1)(viii)Section 43B

…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. 4 of the Revenue. 22. Ground No. 5 pertains to depreciation on Goodwill. Page 16 of 23 ITA No. 2948/DEL/2024 [A.Y. 2017-18] The Dy. CI.T. Vs. Punjab National Bank 23. During the FY 2002-03, erstwhile Nedungadi Bank Ltd was merged with this Bank and excess of liabilities over assets of ENBL…

Thomas John Muthoot, Thiruvananthapuram vs. Deputy Commissioner of Income Tax/Central Circle, Trivandrum

In the result, the appeal filed by the assessee stands dismissed

ITA 903/COCH/2023[2017-18]Status: DisposedITAT Cochin23 May 2025AY 2017-18

Bench: Shri Inturi Rama Rao, Am & Shri Prakash Chand Yadav, Jm

For Appellant: Shri R. Krishnan, CAFor Respondent: Shri Sundarasan S. CIT-DR &
Section 143(3)Section 14A

…accordingly he gave up this contention. However, he submits that that the AO cannot resort to provisions of section 14A, as the own funds far exceed the cost of investments. In view of the decision of the Hon'ble Supreme Court in the case of South Indian Bank 438 ITR 1 the matter may be restored to the file of the AO to decide the applicability of provisions of section 14A of the Act. 8. On the other hand, the CIT-DR vehemently opposed the above contentions and submits that the appellant never took this plea before the lower authorities. 9. We have heard the rival contentions and perused the material available…

Thomas John Muthoot, Thiruvananthapuram vs. Deputy Commissioner of Income Tax/Central Circle, Trivandrum

In the result, the appeal filed by the assessee stands dismissed

ITA 902/COCH/2023[2016-17]Status: DisposedITAT Cochin23 May 2025AY 2016-17

Bench: Shri Inturi Rama Rao, Am & Shri Prakash Chand Yadav, Jm

For Appellant: Shri R. Krishnan, CAFor Respondent: Shri Sundarasan S. CIT-DR &
Section 143(3)Section 14A

…accordingly he gave up this contention. However, he submits that that the AO cannot resort to provisions of section 14A, as the own funds far exceed the cost of investments. In view of the decision of the Hon'ble Supreme Court in the case of South Indian Bank 438 ITR 1 the matter may be restored to the file of the AO to decide the applicability of provisions of section 14A of the Act. 8. On the other hand, the CIT-DR vehemently opposed the above contentions and submits that the appellant never took this plea before the lower authorities. 9. We have heard the rival contentions and perused the material available…

Thomas John Muthoot, Thiruvananthapuram vs. Deputy Commissioner of Income Tax, Central Circle-1, Trivandrum

In the result, the appeal filed by the assessee stands dismissed

ITA 901/COCH/2023[2015-2016]Status: DisposedITAT Cochin23 May 2025AY 2015-2016

Bench: Shri Inturi Rama Rao, Am & Shri Prakash Chand Yadav, Jm

For Appellant: Shri R. Krishnan, CAFor Respondent: Shri Sundarasan S. CIT-DR &
Section 143(3)Section 14A

…accordingly he gave up this contention. However, he submits that that the AO cannot resort to provisions of section 14A, as the own funds far exceed the cost of investments. In view of the decision of the Hon'ble Supreme Court in the case of South Indian Bank 438 ITR 1 the matter may be restored to the file of the AO to decide the applicability of provisions of section 14A of the Act. 8. On the other hand, the CIT-DR vehemently opposed the above contentions and submits that the appellant never took this plea before the lower authorities. 9. We have heard the rival contentions and perused the material available…

Thomas John Muthoot, Thiruvananthapuram vs. Deputy Commissioner of Income Tax/Central Circle, Trivandrum

In the result, the appeal filed by the assessee stands dismissed

ITA 900/COCH/2023[2014-15]Status: DisposedITAT Cochin23 May 2025AY 2014-15

Bench: Shri Inturi Rama Rao, Am & Shri Prakash Chand Yadav, Jm

For Appellant: Shri R. Krishnan, CAFor Respondent: Shri Sundarasan S. CIT-DR &
Section 143(3)Section 14A

…accordingly he gave up this contention. However, he submits that that the AO cannot resort to provisions of section 14A, as the own funds far exceed the cost of investments. In view of the decision of the Hon'ble Supreme Court in the case of South Indian Bank 438 ITR 1 the matter may be restored to the file of the AO to decide the applicability of provisions of section 14A of the Act. 8. On the other hand, the CIT-DR vehemently opposed the above contentions and submits that the appellant never took this plea before the lower authorities. 9. We have heard the rival contentions and perused the material available…

Thomas John Muthoot, Trivandrum vs. Assisstant Commissioner of Income-Tax /Circle-1, Thiruvalla, Trivandrum

In the result, the appeal filed by the assessee stands dismissed

ITA 899/COCH/2023[2013-14]Status: DisposedITAT Cochin23 May 2025AY 2013-14

Bench: Shri Inturi Rama Rao, Am & Shri Prakash Chand Yadav, Jm

For Appellant: Shri R. Krishnan, CAFor Respondent: Shri Sundarasan S. CIT-DR &
Section 143(3)Section 14A

…accordingly he gave up this contention. However, he submits that that the AO cannot resort to provisions of section 14A, as the own funds far exceed the cost of investments. In view of the decision of the Hon'ble Supreme Court in the case of South Indian Bank 438 ITR 1 the matter may be restored to the file of the AO to decide the applicability of provisions of section 14A of the Act. 8. On the other hand, the CIT-DR vehemently opposed the above contentions and submits that the appellant never took this plea before the lower authorities. 9. We have heard the rival contentions and perused the material available…

Thomas John Muthoot, Trivandrum vs. Deputy Commissioner of Income Tax/Circle-1, Thiruvalla, Trivandrum

In the result, the appeal filed by the assessee stands dismissed

ITA 898/COCH/2023[2012-13]Status: DisposedITAT Cochin23 May 2025AY 2012-13

Bench: Shri Inturi Rama Rao, Am & Shri Prakash Chand Yadav, Jm

For Appellant: Shri R. Krishnan, CAFor Respondent: Shri Sundarasan S. CIT-DR &
Section 143(3)Section 14A

…accordingly he gave up this contention. However, he submits that that the AO cannot resort to provisions of section 14A, as the own funds far exceed the cost of investments. In view of the decision of the Hon'ble Supreme Court in the case of South Indian Bank 438 ITR 1 the matter may be restored to the file of the AO to decide the applicability of provisions of section 14A of the Act. 8. On the other hand, the CIT-DR vehemently opposed the above contentions and submits that the appellant never took this plea before the lower authorities. 9. We have heard the rival contentions and perused the material available…

Thomas John Muthoot, Thiruvananthapuram vs. Joint Commissioner of Income Tax, Thiruvalla Range, Thiruvananthapuram

In the result, the appeal filed by the assessee stands dismissed

ITA 897/COCH/2023[2011-12]Status: DisposedITAT Cochin23 May 2025AY 2011-12

Bench: Shri Inturi Rama Rao, Am & Shri Prakash Chand Yadav, Jm

For Appellant: Shri R. Krishnan, CAFor Respondent: Shri Sundarasan S. CIT-DR &
Section 143(3)Section 14A

…accordingly he gave up this contention. However, he submits that that the AO cannot resort to provisions of section 14A, as the own funds far exceed the cost of investments. In view of the decision of the Hon'ble Supreme Court in the case of South Indian Bank 438 ITR 1 the matter may be restored to the file of the AO to decide the applicability of provisions of section 14A of the Act. 8. On the other hand, the CIT-DR vehemently opposed the above contentions and submits that the appellant never took this plea before the lower authorities. 9. We have heard the rival contentions and perused the material available…

Thomas George Muthoot, Ernakulam vs. DCIT, Trivandrum

In the result, the appeal filed by the assessee stands dismissed

ITA 895/COCH/2023[2017-18]Status: DisposedITAT Cochin23 May 2025AY 2017-18

Bench: Shri Inturi Rama Rao, Am & Shri Prakash Chand Yadav, Jm

For Appellant: Shri R. Krishnan, CAFor Respondent: Shri Sundarasan S. CIT-DR &
Section 143(3)Section 14A

…accordingly he gave up this contention. However, he submits that that the AO cannot resort to provisions of section 14A, as the own funds far exceed the cost of investments. In view of the decision of the Hon'ble Supreme Court in the case of South Indian Bank 438 ITR 1 the matter may be restored to the file of the AO to decide the applicability of provisions of section 14A of the Act. 8. On the other hand, the CIT-DR vehemently opposed the above contentions and submits that the appellant never took this plea before the lower authorities. 9. We have heard the rival contentions and perused the material available…