How many judgments cite South Indian Bank Ltd. v. CIT?

508 judgments on BharatTax cite South Indian Bank Ltd. v. CIT (438 ITR 1), spanning 2011 to 2026.

Which sections of the Income Tax Act does South Indian Bank Ltd. v. CIT come up under?

It is most often cited in judgments turning on Section 14A, Section 143(3), Section 115JB, Section 8D, Section 153A, Section 36(1)(viia).

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 367,154 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 14A Section 143(3)Section 115JB Section 8D Section 153A Section 36(1)(viia)Section 36(1)(vii)Section 36(1)(iii)

Read the full judgment

Issues it is cited on

section 10(33)section 80ab section 10(15)section 80m section 54e section 14a(1)section 36(1)(viii)section 54ec section 14a(2)section 36(1)(vii)disallowance under section 14a disallowance of interest expenditure

Judgments citing South Indian Bank Ltd. v. CIT

Assistant Commissioner of Income Tax 3(4), Mumbai, Aaykar Bhavan vs. Idbi Bank Ltd, Parth Plazamorbi

In the result, all the aforesaid appeals of the Revenue and CO of the assessee are dismissed

ITA 5959/MUM/2024[2013-14]Status: DisposedITAT Mumbai24 Feb 2025AY 2013-14

Bench: Shri Sandeep Gosain & Shri Prabhash Shankarआयकर अपील सं./Ita Nos.5900, 5958 & 5959/Mum/2024 (निर्धारण वर्ा / Assessment Years : 2021-22, 2018-19 & 2013-14) Assistant Commissioner Of Vs. Idbi Bank Ltd., Income Tax -3(4), Apulki Cornermenon, Mumbai Piston Compound, Toap 416122, Kolhapur Maharashtra स्थायी लेखा सं./Pan No. : Aabci8842G (अपीलधर्थी /Appellant) .. (प्रत्यर्थी / Respondent) प्रत्याक्षेप सं../C.O. No.280/Mum/2024 (Arising Out Of Ita No. 5959/Mum/2024) Assessment Year: 2013-14 Idbi Bank Ltd., Vs. Assistant Commissioner Apulki Cornermenon, Of Income Tax -3(4), Piston Compound, Mumbai Toap 416122, Kolhapur Maharashtra स्थायी लेखा सं./Pan No. : Aabci8842G (अपीलधर्थी /Appellant) .. (प्रत्यर्थी / Respondent)

For Appellant: Shri C. Naresh, ARFor Respondent: Shri R.A. Dhyani, CIT,DR

Section 250

…s of accounts are maintained. The AO failed to appreciate that the Act nowhere requires separate books of accounts to be maintained and the same has been elaborately discussed and appellants claim allowed by Hon'ble Supreme Court in case of South Indian Bank (438 ITR 1). Therefore, it is respectfully submitted that the very basis of recording of satisfaction was not correct and hence as held by Hon'ble Supreme Court in case of Godrej & Boyce Manufacturing Company Ltd (81 taxmann.com 111), the entire disallowance made needs to be deleted. 19.2 Without prejudice to the above, the issue of disallowance u/s 14A will…

Assistant Commissioner of Income Tax 3(4), Mumbai vs. Idbi Bank Ltd, Panchanantala Road

In the result, all the aforesaid appeals of the

ITA 5958/MUM/2024[2018-19]Status: DisposedITAT Mumbai24 Feb 2025AY 2018-19

Bench: Shri Sandeep Gosain & Shri Prabhash Shankarआयकर अपील सं./Ita Nos.5900, 5958 & 5959/Mum/2024 (निर्धारण वर्ष / Assessment Years : 2021-22, 2018-19 & 2013-14) Assistant Commissioner Of Income Tax -3(4), Mumbai Vs. Idbi Bank Ltd., Apulki Cornermenon, Piston Compound, Toap 416122, Kolhapur Maharashtra स्थायी लेखा सं./Pan No. : Aabci8842G (अपीलार्थी/Appellant) .. (प्रत्यर्थी / Respondent) प्रत्याक्षेप सं../C.O. No.280/Mum/2024 (Arising Out Of Ita No. 5959/Mum/2024)

For Respondent: Shri C. Naresh, AR

Section 250

ACIT 3(4), Mumbai vs. Idbi Bank Limited, Mumbai

In the result, all the aforesaid appeals of the Revenue and CO of the assessee are dismissed

ITA 5900/MUM/2024[2021-22]Status: DisposedITAT Mumbai24 Feb 2025AY 2021-22

For Appellant: Shri C. Naresh, ARFor Respondent: Shri R.A. Dhyani, CIT,DR

Section 250

Sarbinder Singh Bindra, New Delhi vs. ACIT Circle-47(1), New Delhi

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

ITA 7591/DEL/2019[2016-17]Status: DisposedITAT Delhi19 Feb 2025AY 2016-17

Bench: Shri Vikas Awasthy & Shri Manish Agarwalsarbinder Singh Bindra Asst. Cit, 362, 2Nd Floor, Circle-47(1), Naya Katra, Chandni Vs. Delhi. Chowk, Delhi-110006. Pan-Aaepb2783P (Appellant) (Respondent)

Section 154

…, a presumption would arise that investments were out of interest free funds. Hon’ble Supreme Court in East India Pharmaceutical Works Ltd. vs. CIT (1997) 224 ITR 627, Munjal Sales Corporation v. CIT (2008) 298 ITR 298 and South India Bank Ltd. vs. CIT (2021) 438 ITR 1 has also approved the mixed fund theory, inasmuch, in South India Ltd. (supra), it has been held by the Apex Court that no disallowance of interest cannot be made where non-interest bearing funds are more than the investment made in tax free securities. 12. On the other hand, the Ld. SR. DR vehemently supported the orders of the lower authorities…

Vodafone Idea Limited (Earlier Known As Vodafone India Ltd. Which Stands Merged With Idea Cellular Ltd. and Consequently Known As Idea Ltd.), Mumbai vs. ACIT - Circle- 5 (3)(2), Mumbai

Appeal are allowed for statistical purposes

ITA 316/MUM/2019[2014-15]Status: DisposedITAT Mumbai18 Feb 2025AY 2014-15

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Ketan Ved; Shri Ninad PatadeFor Respondent: Date

Section 115JSection 143(3)Section 144CSection 144C(13)Section 144C(5)Section 14ASection 194HSection 32(1)Section 40Section 92C

…premise that the Appellant has utilised funds from common pool of funds comprising of interest bearing borrowed funds and interest free own funds for making investment yielding tax free income. We note that in the case of South Indian Bank Ltd. Vs. CIT [2021] 438 ITR 1 (SC), cited on behalf of the Appellant, it has been held by the Hon’ble Supreme Court that where the interest-free owned funds available with the assessee are more than the investments made in the tax- free securities, the presumption would be that investments in tax- free securities have been made out of interest-free own funds and proportionate d…

Bajaj Holdings & Investment Ltd ( Formerly Bajaj Auto Ltd), Mumbai vs. ACIT Ltu, Mumbai

ITA 5299/MUM/2010[2006-07]Status: DisposedITAT Mumbai17 Feb 2025AY 2006-07

Section 143(3)

…than the investments of INR.1296.70 Crores considered by the Assessing Officer for the purpose of computing the amount of disallowance of interest expenses. As per the judgment of Hon’ble Supreme Court in the case of South Indian Bank Ltd. Vs. CIT:[2021] 438 ITR 1 (SC) and the judgment of the Hon’ble Bombay High Court in the case of CIT Vs. HDFC Bank Ltd. (366 ITR 505) Bom there was presumption in the favour of the Assessee that the tax-free investments were made out of interest-free own funds and therefore, no disallowance of interest expenses was warranted even if the provisions of Rule 8D of the IT…

Bajaj Holdings & Investments Ltd ( Formerly Known As Bajaj Auto Ltd), Mumbai vs. Addl CIT RG 3(1), Mumbai

The appeals are partly allowed

ITA 6838/MUM/2008[2004-2005]Status: DisposedITAT Mumbai17 Feb 2025AY 2004-2005

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Ms. Vasanti PatelFor Respondent: Shri Ankush Kapoor

Section 143(3)

…more than the investments of INR.1296.70 Crores considered by the Assessing Officer for the purpose of computing the amount of disallowance of interest expenses. As per the judgment of Hon’ble Supreme Court in the case of South Indian Bank Ltd. Vs. CIT:[2021] 438 ITR 1 (SC) and the judgment of the Hon’ble Bombay High Court in the case of CIT Vs. HDFC Bank Ltd. (366 ITR 505) Bom there was presumption in the favour of the Assessee that the tax-free investments were made out of interest-free own funds and therefore, no disallowance of interest expenses was warranted even if the provisions of Rule 8D of the IT Rules…

M/S. Ashok Leyland Ltd., Chennai vs. DCIT, Ncc-8(1), Ltu-II, Chennai

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

ITA 2379/CHNY/2024[2012-13]Status: DisposedITAT Chennai12 Feb 2025AY 2012-13

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

For Appellant: Mr.R. VijayaraghavanFor Respondent: Mr.Nathala Ravi Babu, CIT

Section 14A

…आयकर अपीलीय अिधकरण, ‘बी’"यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH: CHENNAI "ीएबीटी. वक", "ाियक सद" एवं एवं एवं एवं "ीअिमताभशु"ा, लेखासद"केसम" BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकरअपीलसं./ITA No. 2379/Chny/2024 िनधा"रणवष"/Assessment Year: 2012-13 v. M/s. Ashok Leyland Ltd., The DCIT, No.1, Sardar Patel Road, NCC-8(1), LTU-II, Guindy, Chennai-600 032. Chennai-600 034. [PAN: AAACA 4651 L] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant by : Mr.R. Vijayaraghavan, Advocate & Mr. Vikram Vijayaraghavan, Advocate ""यथ" क" ओर स…

Deputy Commissioner of Income Tax, Kolkata vs. Dollar Holding Pvt. Ltd., Kolkata

In the result, both the appeals of the Revenue are dismissed

ITA 1729/KOL/2024[2017-18]Status: DisposedITAT Kolkata11 Feb 2025AY 2017-18

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

For Appellant: Shri A.K. Tulsyan, ARFor Respondent: Shri Abhijit Kundu, DR

Section 14ASection 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, KOLKATA BEFORE SHRI RAJESH KUMAR, AM AND SHRI PRADIP KUMAR CHOUBEY, JM ITA No. 1728 & 1729/KOL/2024 (Assessment Years:2015-16 & 2017-18) Dollar holding Pvt. Ld. Dy. Commissioner of Income Tax 32, OM Tower, 15 th Floor, 110, Shantipally, Aaykar Bhavan, J.L. Nehru Road, Poorva, Kolkata-700107, West Vs. Kolkata-700071, Bengal West Bengal (Appellant) (Respondent) PAN No. AADC7708B Assessee by : Shri A.K. Tulsyan, AR Revenue by : Shri Abhijit Kundu, DR Date of hearing: 18.11.2024 Date of pronouncement : 11.02.2025 O R D E R Per Rajesh Kumar, AM: These are appeals pre…

Deputy Commissoenr of Income Tax, Kolkata vs. Dollar Holding Pvt. Ltd., Kolkata

In the result, both the appeals of the Revenue are dismissed

ITA 1728/KOL/2024[2015-16]Status: DisposedITAT Kolkata11 Feb 2025AY 2015-16

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

For Appellant: Shri A.K. Tulsyan, ARFor Respondent: Shri Abhijit Kundu, DR

Section 14ASection 68Section 69C

Assistant Commissioner of Income Tax, Madurai vs. Ramco Industries Limited, Chennai

In the result, appeal of the Revenue is dismissed

ITA 2787/CHNY/2024[2010]Status: DisposedITAT Chennai05 Feb 2025

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.2787/Chny/2024 िनधा"रण वष"/Assessment Year: 2010-11 Vs. M/S.Ramco Industries Limited The Acit, Corporate Circle-2, 98A, Auras Corporation Centre, Madurai. Dr.Radhakrishnan Road, Mylapore, Chennai-600 004. [Pan: Aaacr-5284-J] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Ms.R.Anita,Addl.CITFor Respondent: Mr. S.Muralidhar, F.C.A &

Section 143(3)Section 14ASection 263

…आयकर अपीलीय अिधकरण, ‘सी’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH: CHENNAI "ी एबी टी. वक", "ाियक सद" एवं "ी जगदीश, लेखा सद" के सम" BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI JAGADISH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2787/Chny/2024 िनधा"रण वष"/Assessment Year: 2010-11 vs. M/s.Ramco Industries Limited The ACIT, Corporate Circle-2, 98A, Auras Corporation Centre, Madurai. Dr.Radhakrishnan Road, Mylapore, Chennai-600 004. [PAN: AAACR-5284-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant by : Ms.R.Anita,Addl.CIT ""यथ" क" ओर से /Respondent by : Mr. S.Muralidh…

Makson Health Care Pvt Ltd Makson Industries Pvt Ltd Before Merger, Mandideep Raisen vs. The DCIT -10-2 (2), Mumbai

Appeal is allowed for statistical purpose

ITA 213/IND/2024[2012-13]Status: DisposedITAT Indore31 Jan 2025AY 2012-13

Bench: Shri B.M. Biyani & Shri Udayan Das Guptaassessment Year:2012-13 Makson Health Care Pvt. Dcit 10(2)(2) Ltd. Mumbai Plot No.6A, Akvn Industrial Area, बनाम/ Mandideep, Vs. Raisen (M.P.)

Section 143(3)Section 36(1)(ii)

…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…

Deputy Commissioner of Income Tax-1(3)(1), Mumbai vs. Sps Finquest Limited, Mumbai

ITA 4367/MUM/2024[2017-18]Status: DisposedITAT Mumbai31 Jan 2025AY 2017-18

Bench: CIT(A) challenging the above addition/disallowance made by the Assessing Officer. The CIT(A) allowed the appeal preferred by the Assessee and deleted the disallowance of INR.5,48,313/- made under Section 14A of the Act as well as the addition of INR.10,00,00,000/- made under Section 68 of the Act.

For Appellant: Shri Devendra JainFor Respondent: Shri Kishor Dhule

Section 143(3)Section 14ASection 250Section 68

…nt previous year (as noted by the Assessing Officer in Paragraph 3.4 of the Assessment Order) stood at 21.56 Crores. Therefore, the Assessee had sufficient interest free own funds to cover investments made. In the case of South Indian Bank Ltd. Vs. CIT [2021] 438 ITR 1 (SC) it has been held by the Hon’ble Supreme Court that where the interest-free owned funds available with the assessee are more than the investments made in the tax- free securities, the presumption would be that investments in tax- free securities have been made out of interest-free own funds and 3 Assessment Year 2017-2018 proportionate disallow…

Deputy Commissioner of Income-Tax, CC-3(2), Central Range-3, Mumbai, Air India Building, Nariman Point vs. Aarti Durgs Limited, Sion (E)

In the result, all the three appeals of the revenue are dismissed

ITA 3071/MUM/2023[2014-2015]Status: DisposedITAT Mumbai29 Jan 2025AY 2014-2015

Bench: Shri Saktijit Dey & Smt. Renu Jauhri

For Appellant: Shri S. S. Nagar & Shri Vipul JainFor Respondent: Dr. K. R. Subash &

Section 139Section 14ASection 2(24)Section 250

…IN THE INCOME-TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT & SMT. RENU JAUHRI, ACCOUNTANT MEMBER ITA No. 3071/MUM/2023 (A.Y. 2014-15) ACIT-CC 3(2), v/s. Aarti Drugs Ltd. 1913, 19th Floor, Air India बनाम Plot No. 9 D, 3rd Floor, Building, Nariman Point, Mahendra Industrial Mumbai-400021 Estate, Road No. 29, Sion East, Mumbai-400022 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACA4410D Appellant/अपीलार्थी .. Respondent/प्रतिवादी Assessee by : Shri S. S. Nagar & Shri Vipul Jain Revenue by : Dr. K. R. Subash & Shri Ram Krishn Kedia Date of Hearing 31.12.2024 Date of Pronouncement…

DCIT CC 3(2), Central Range-3, Mumbai, Air India Building, Nariman Point vs. Aarti Durgs Limited, Sion (E)

In the result, all the three appeals of the revenue are dismissed

ITA 3070/MUM/2023[2013-14]Status: DisposedITAT Mumbai29 Jan 2025AY 2013-14

Bench: Shri Saktijit Dey & Smt. Renu Jauhri

For Appellant: Shri S. S. Nagar & Shri Vipul JainFor Respondent: Dr. K. R. Subash &

Section 139Section 14ASection 2(24)Section 250

…IN THE INCOME-TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT & SMT. RENU JAUHRI, ACCOUNTANT MEMBER ITA No. 3070/MUM/2023 (A.Y. 2013-14) ITA No. 3071/MUM/2023 (A.Y. 2014-15) ITA No. 3068/MUM/2023 (Α.Υ. 2015-16) ACIT-CC 3(2), v/s. Aarti Drugs Ltd. 1913, 19th Floor, Air India बनाम Plot No. 9 D, 3rd Floor, Building, Nariman Point, Mahendra Industrial Mumbai-400021 Estate, Road No. 29, Sion East, Mumbai-400022 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACA4410D Appellant/अपीलार्थी .. Respondent/प्रतिवादी Assessee by : Shri S. S. Nagar & Shri Vipul Jain Revenue by : Dr. K. R. Subash & S…

Deputy Commissioner of Income-Tax, CC-3(2), Central Range-3, Mumbai, Air India Building, Nariman Point vs. Aarti Durgs Limited, Sion (E)

ITA 3068/MUM/2023[2015-16]Status: DisposedITAT Mumbai29 Jan 2025AY 2015-16

Bench: Shri Saktijit Dey & Smt. Renu Jauhri

For Appellant: Shri S. S. Nagar & Shri Vipul JainFor Respondent: Dr. K. R. Subash &

Section 139Section 14ASection 2(24)Section 250

…IN THE INCOME-TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, VICE PRESIDENT & SMT. RENU JAUHRI, ACCOUNTANT MEMBER ITA No. 3070/MUM/2023 (A.Y. 2013-14) ITA No. 3071/MUM/2023 (A.Y. 2014-15) ITA No. 3068/MUM/2023 (A.Y. 2015-16) ACIT-CC 3(2), 1913, 19th Floor, Air India Building, Nariman Point, Mumbai-400021 v/s. Aarti Drugs Ltd. बनाम | Plot No. 9 D, 3rd Floor, Mahendra Industrial Estate, Road No. 29, Sion East, Mumbai-400022 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACA4410D Appellant/अपीलार्थी .. Respondent/प्रतिवादी Assessee by : Shri S. S. Nagar & Shri Vipul Jain Revenue by : Dr. K. R. Subash &…

Hdfc Bank Limited( As Successor to Hdfc Ltd), Mumbai vs. DCIT- 2(3)(1), Mumbai

ITA 2666/MUM/2024[2014-15]Status: DisposedITAT Mumbai28 Jan 2025AY 2014-15

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate andFor Respondent: Shri Biswanath Das, CIT DR

…rms part of common borrowing since assessee had sufficient owned funds. We 40 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 also place our reliance on the decision of Hon'ble Supreme Court in the case of South Indian Bank vs. CIT [2021] 438 ITR 1 (SC). 10. 2. There are incidents in Assessment Years 2010-11 to 2013-14 where assessee has incurred interest expenditure directly relatable to earning of exempt income being interest on zero coupon non-convertible debentures since these were used for the purpose of making investment in shares of HDFC Bank Ltd. Assessee on this aspect has candidly…

Hdfc Bank Limited (As Successor to Hdfc Ltd), Mumbai vs. DCIT 2(3)(1), Mumbai

ITA 2665/MUM/2024[2015-16]Status: DisposedITAT Mumbai28 Jan 2025AY 2015-16

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

Section 143(3)

…est allocation which does not relate to any specific activity but forms part of common borrowing since assessee had sufficient owned funds. We also place our reliance on the decision of Hon'ble Supreme Court in the case of South Indian Bank vs. CIT [2021] 438 ITR 1 (SC). 10. 2. There are incidents in Assessment Years 2010-11 to 2013-14 where assessee has incurred interest expenditure directly relatable to earning of exempt income being interest on zero coupon non-convertible debentures since these were used for the purpose of making investment in shares of HDFC Bank Ltd. Assessee on this aspect has cand…

ACIT-2(3)(1), Mumbai vs. Hdfc Bank Limited (Merged Entity Housing Development Finance Corporation Limited), Mumbai

In the result, appeals of both, assessee and revenue are decided

ITA 2597/MUM/2024[2020-21]Status: DisposedITAT Mumbai28 Jan 2025AY 2020-21

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

Section 1

…part of common borrowing since assessee had sufficient owned funds. We HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 also place our reliance on the decision of Hon'ble Supreme Court in the case of South Indian Bank vs. CIT [2021] 438 ITR 1 (SC). 10. 2. There are incidents in Assessment Years 2010-11 to 2013-14 where assessee has incurred interest expenditure directly relatable to earning of exempt income being interest on zero coupon non-convertible debentures since these were used for the purpose of making investment in shares of HDFC Bank Ltd. Assessee on this aspect has can…

Hdfc Bank Ltd., (As Successor to Housing Development Finance Corporation Ltd), Mumbai vs. DCIT, Circle-2(3)(1), Mumbai

ITA 3717/MUM/2023[2020-21]Status: DisposedITAT Mumbai28 Jan 2025AY 2020-21

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate andFor Respondent: Shri Biswanath Das, CIT D

…re and to arrive at such dissatisfaction, he should give cogent reasons.” 40 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 also place our reliance on the decision of Hon'ble Supreme Court in the case of South Indian Bank vs. CIT [2021] 438 ITR 1 (SC). 10. 2. There are incidents in Assessment Years 2010-11 to 2013-14 where assessee has incurred interest expenditure directly relatable to earning of exempt income being interest on zero coupon non-convertible debentures since these were used for the purpose of making investment in shares of HDFC Bank Ltd. Assessee on this aspect has candidly…