How many judgments cite Southern Petro Chemical Industries v. DCIT?

34 judgments on BharatTax cite Southern Petro Chemical Industries v. DCIT (3 SOT 157), spanning 2015 to 2026.

Which sections of the Income Tax Act does Southern Petro Chemical Industries v. DCIT come up under?

It is most often cited in judgments turning on Section 115JB, Section 14A, Section 92CA(3), Section 37(1), Section 250, Section 80G.

Southern Petro Chemical Industries v. DCIT

3 SOT 157Income Tax Appellate Tribunal2005#3518 most cited

What is Southern Petro Chemical Industries v. DCIT authority for?

Proportionate management expenses are deductible when computing exempt dividend income, as investment decisions are strategic and involve top management.

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2026.

Also referred to as

Southern Petro Chemical Industries · 14A · exempt income · dividend income · management expenses · deductible · strategic investment · proportionate expenses · section 10(33) · Chennai ITAT

Sections most often in play

Section 115JB Section 14A Section 92CA(3)Section 37(1)Section 250 Section 80G Section 143(3)Section 37

Issues it is cited on

section 2(7)section 120(4)(b)section 120(1)section 2(7a)section 14a(3)section 163 section 115ja section 14a(1)section 120 section 43a strategic investment section 156

Judgments citing Southern Petro Chemical Industries v. DCIT

DCIT, Chennai vs. M/S. Southern Petrochemical Industries Corpn. Ltd., Chennai

In the result, the appeal filed by Revenue in ITA No

ITA 1466/CHNY/2009[2003-04]Status: DisposedITAT Chennai16 Dec 2019AY 2003-04

Bench: Shri N.R.S. Ganesan & Shri Ramit Kochar"नधा(रण वष( /Assessment Year: 2003-04

For Appellant: Mr. R.Vijayaraghavan, AdvFor Respondent: Mr. M.Srinivasa Rao, CIT

Section 143(3)Section 35

…l relates to disallowance of proportionate interest relatable to interest free advances to group companies. The Jurisdictional Tribunal, in the assessee’s own case, had occasion to consider the nature of such advances and in its order reported in SPIC v. DCIT(93 TTJ 161) , as also in its order for assessment year 2000-01 in ITA no. 2252/Mds/2003 dated 20-10- 2004 had held that the concerned sister concerns were operating in the same field and there was a close nexus between the raw materials and finished products of the assessee company and its subsidiaries to whom advances has been granted. Interest had not been…

DCIT 5(2)(1), Mumbai vs. K. Girdharilal International Ltd., Mumbai

In the result, appeals filed by the revenue are hereby ordered to be dismissed

ITA 4036/MUM/2018[2011-12]Status: DisposedITAT Mumbai28 Aug 2019AY 2011-12

Bench: Shri Amarjit Singh, Jm & Shri G. Manjunatha, Am आयकर अपील सं/ I.T.A. Nos. 4036 To 4038 /Mum/2018 (निर्धारण वर्ा / Assessment Years: 2011-12, 2012-13 & 2013-14) Dy. Commissioner Of बिधम/ M/S. K. Girdharlal International Pvt. Ltd. Income Tax 5(2)(1) Vs. 1011 Prasad Chambers, Room No. 571, 5Th Floor, Opera House, Mumbai- Aayakar Bhavan, M.K. 400004. Road, Mumbai-400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacck6101F (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Manoj Kumar Singh (Dr) Assessee By: Ms. Veena Purohit (Ar) सुनवाई की तारीख / Date Of Hearing: 20/08/2019 घोषणा की तारीख /Date Of Pronouncement: 28/08/2019 आदेश / O R D E R Per Amarjit Singh, Jm: The Above Mentioned Appeals Have Been Filed By The Revenue Against The Order Dated 21.03.2018 Passed By The Commissioner Of Income Tax (Appeals)-10, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Ys.2011-12, 2012-13 & 2013-14. Ita. No.4036/M/2018:- 2. The Revenue Has Filed The Present Appeal Against The Order Dated 21.03.2018 Passed By The Commissioner Of Income Tax (Appeals)-10

For Appellant: Ms. Veena Purohit (AR)For Respondent: Shri Manoj Kumar Singh (DR)

Section 10(34)Section 143(1)Section 143(2)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, JM AND SHRI G. MANJUNATHA, AM आयकर अपील सं/ I.T.A. Nos. 4036 to 4038 /Mum/2018 (निर्धारण वर्ा / Assessment Years: 2011-12, 2012-13 & 2013-14) Dy. Commissioner of बिधम/ M/s. K. Girdharlal International Pvt. Ltd. Income Tax 5(2)(1) Vs. 1011 Prasad Chambers, Room No. 571, 5th Floor, Opera House, Mumbai- Aayakar Bhavan, M.K. 400004. Road, Mumbai-400020. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACCK6101F (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue by: Shri Manoj Kumar Singh (DR) Assessee by: Ms. Veena Purohit (AR) सुनवाई क…

ACIT, New Delhi vs. M/S. Housing & Urban Development Corporation Ltd., New Delhi

In the result, Assessee’s appeal vide ITA No

ITA 6151/DEL/2014[2007-08]Status: DisposedITAT Delhi21 Dec 2018AY 2007-08

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Sh. Gagan Kumar, Adv. &For Respondent: Sh. K.J. Singh, CIT (DR)

Section 143(3)Section 14ASection 263

…g period and redemption of investment at the opportune time. These decisions are generally taken in the meetings of Board of Directors, for which administrative expenses and other expenses are incurred. As held in Southern Petrochemicals Inds. Vs. DCIT (2005) 3 SOT 157 (Chennai), it is not correct to say that dividend income can be earned by incurring no or nominal expenditure. After comprehensive consideration of all the relevant aspects of the case including the provisions of law, it was held in the decision supra that investment decision are very strategic decisions in which to management is involved and there…

M/S. Housing & Urban Development Corporation Ltd. (Hudco), New Delhi vs. DCIT, New Delhi

In the result, Assessee’s appeal vide ITA No

ITA 5705/DEL/2014[2007-08]Status: DisposedITAT Delhi21 Dec 2018AY 2007-08

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Sh. Gagan Kumar, Adv. &For Respondent: Sh. K.J. Singh, CIT (DR)

Section 143(3)Section 14ASection 263

Mps Limited, Chennai vs. DCIT, Chennai

In the result, the assessee’s appeal is treated as allowed for statistical

ITA 963/CHNY/2015[2010-11]Status: DisposedITAT Chennai03 Apr 2018AY 2010-11

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: Shri. Vikram Vijayaraghavan, AdvocateFor Respondent: Shri. M. Srinivasa Rao, CIT

Section 14A

…ii) of the Rules. 8. Per contra, the DR supported the order of the DRP. He invited our attention to the DRP order and submitted that the DRP relied on the :-8-: jurisdictional bench of ITAT, Chennai in the case of Southern Petro Chemical Industries vs DCIT 93 TTJ 161, which has approved the disallowance of proportionate management expenses while computing the dividend income. The Special Bench decision of ITAT in the case of Cheminvest Ltd. vs ITO [2009] 121 ITD 318 (Del) (SB). The AO has relied on the decision of the Delhi ITAT in the case of Escorts Ltd., vs ACIT 102 TTJ 522 etc. 9. We heard the rival su…

Spaco Technologies (India) P. Ltd., Mumbai vs. DCIT 5(3), Mumbai

In the result appeal of the assessee is partly allowed as indicated above

ITA 2882/MUM/2016[2011-12]Status: DisposedITAT Mumbai22 Jan 2018AY 2011-12

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2882/Mum/2016 (नििाारण वर्ा / Assessment Year: 2011-12) M/S. Spaco Technologies बिाम/ Dcit, Circle 5(3), Aayakar (India) P. Ltd., Bhavan, Mumbai 901, Prasad Chambers, V. Opera House, Mumbai- 400004 स्थायी ऱेखा सं./ Pan : Aabcs5307E (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri. M.C. NaniwadekarFor Respondent: Shri. Rajat Mittal

Section 10(33)Section 143(3)Section 14A

…indirect management and administrative expenses qualify for disallowance u/s 14A and there is no decision so far by a similar forum contradicting the above findings. Similar view was also taken by IT, Chennai in the case of Southern Petrochemical Industries (93 TTJ 161) as under: “... Whether to invest or not to invest and whether to retain the investments or to liquidate the same very strategic decisions which the management is called upon to take. These are mind-boggling decisions and top management Is involved in taking these decisions. This decision-making process very complicated and requires very careful a…

Indi Stock Pvt Ltd., Kolkata vs. ITO, WD-6(2), Kolkata

In the result, the appeal of the assessee is dismissed

ITA 851/KOL/2014[2006-2007]Status: DisposedITAT Kolkata30 Nov 2017AY 2006-2007

Bench: Shri P.M. Jagtap

Section 143(3)Section 14A

…trative expenses are incurred. It is, therefore, not correct to say that dividend income can be earned by incurring no or nominal expenditure. This has also been held by Chennai Bench of the Hon'ble Tribunal in Southern petrochemical Industries v. DCIT [2005] 3 SOT 157; 93 TTJ (Chennai) 161 Therefore, it is not reasonable to contend that no expenditure was incurred for earning of exempt income. It is seen that in the immediately preceding year i.e. A.Y. 2005-06, my predecessor had, vide order dated 18.03.2008 in appeal No. 311/CIT(A)-VII07-08IWd-6(2) upheld the action of the assessing officer in making disallowan…

Narendra Ambwani, Mumbai vs. DCIT 5(2)(1), Mumbai

In the result, the appeal of assessee is partly allowed

ITA 7628/MUM/2016[2012-13]Status: DisposedITAT Mumbai16 Nov 2017AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Narendra Ambwani The Deputy Commissioner 1201, Sterling Sea Face, Of Income Tax, Circle- Vs. Dr. Annie B. Road, Worli, 5(2)(1), Mumbai Mumbai-400 018 Appellant .. Respondent Pan No. Aeipa8788F

For Appellant: Mrugakshi K. Joshi, ARFor Respondent: Arju Garodia, DR

Section 10(34)Section 143(3)Section 14A

…agement and administrative expenses qualify for disallowance under section 14A and there is no decision so far by any similar forum contradicting the above findings. Similar view was also taken by ITAT Chennai in the case of Southern Petrochemical Industries (93 TTJ 161) as under: - “…whether to invest or not to invest and whether to retain the investments or to liquidate the same very strategic decisions which the management is called upon to take. These are mind-boggling decisions and top management is involved in taking these decisions. This decision- making process is very complicated and requires very caref…

Mata Securities India P.Ltd, Mumbai vs. Asst CIT Cir 4(3), Mumbai

In the result, the appeal is allowed for statistical purpose

ITA 6431/MUM/2014[2010-11]Status: DisposedITAT Mumbai28 Dec 2016AY 2010-11

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year 2010-11

For Appellant: Ms D. Hariya, ARFor Respondent: Shri S.K.Poddar, DR

Section 143(3)Section 14A

…ead with Rule 8D at Rs. 1,99,993/-. 4. The assessee preferred appeal against the above disallowance made by the AO before the learned CIT(A). Relying on the decision in the case of Cheminvest Ltd. vs. ITO 317 ITR 86 (AT), Southern Petro Chemicals Industries (3 SOT 157), ACIT vs. Citicorp Finance (India) Ltd. (108 ITD 457), ITO vs. Daga Capital Management Pvt. Ltd. vide its order dated 20.10.2008, in ITA no. 8057/Mum/03, the learned CIT(A) 3 upheld the disallowance of Rs. 1,99,993/- made by the A.O. u/s 14A of the Act. 5. Before us, the learned counsel of the assessee submits that as per its financial statement…

Sonphankhi Shares & Securities P.Ltd, Mumbai vs. ITO WD 4(2)(2), Mumbai

In the result, assessee company appeal in ITA No 7068/Mum/2012 for assessment year 2009-10 is partly allowed

ITA 7068/MUM/2012[2009-10]Status: DisposedITAT Mumbai03 Aug 2016AY 2009-10

Bench: Shri Saktijit Dey & Shri Ramit Kochar

For Respondent: Dr. Suman Ratnam Darsi

Section 143(2)Section 143(3)Section 14ASection 234ASection 271(1)(c)Section 73

…is therefore not correct to say that dividend income can be earned by incurring no or nominal expenditure. This aspect of the matter has also received careful attention of Chennai Bench of this Tribunal in Southern Petro Chemical Industries v. Dy. CIT (2005) 3 SOT 157 (Chennai- Trib). After comprehensive consideration of all the relevant aspects of the ITA 7068/Mum/2012 22 case including the provisions of law, the Chennai Bench has held that investment decisions are very strategic decisions in which top management is involved and therefore proportionate management expenses are required to be deducted while com…

Saurashtra Fuels P.Ltd, Mumbai vs. DCIT Cir 3(3), Mumbai

In the result, assessee appeal in ITA No 7274/Mum/2012 for assessment year 2009-10 is partly allowed

ITA 7273/MUM/2012[2007-08]Status: DisposedITAT Mumbai06 Jun 2016AY 2007-08

Bench: Shri Saktijit Dey & Shri Ramit Kochar

For Respondent: Shri Ritesh Mishra(D.R.)

Section 143(2)Section 143(3)Section 14ASection 80M

…is therefore not correct to say that dividend income can be earned by incurring no or nominal expenditure. This aspect of the matter has also received careful attention of Chennai Bench of this Tribunal in Southern Petro Chemical Industries v. Dy. CIT (2005) 3 SOT 157 (Chennai- Trib). After comprehensive consideration of all the relevant aspects of the case including the provisions of law, the Chennai Bench has held that investment decisions are very strategic decisions in which top management is involved and therefore proportionate management expenses are required to be deducted while computing the exempt incom…

DCIT 7(3), Mumbai vs. Yes Bank Ltd, Mumbai

In the result, the appeal of the assessee is treated as partly allowed and appeal of the revenue is dismissed

ITA 3388/MUM/2013[2008-09]Status: DisposedITAT Mumbai01 Jan 2016AY 2008-09

Bench: S/Shri B.R.Baskaran, Am & Amarjit Singh, Jm आमकय अऩीर सं./I.T.A. No.3357/Mum/2013 (ननधधायण वषा / Assessment Year:2008-09) Yes Bank Limited, बनाम/ Addl.Commissioner Of Income 9Th Floor, Nehru Centre, Tax 7(3), Vs. Discovery Of India Building, Room No.614, 6Th Floor, Dr.A B Road, Worli, Mumbai- Aayakar Bhavan, 400018 M K Road, Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.3388/Mum/2013 (ननधधायण वषा / Assessment Year:2008-09) बनाम/ Dy.Commissioner Of Income Yes Bank Limited, 9Th Floor, Nehru Centre, Tax 7(3), Vs. Discovery Of India Building, Room No.615, 6Th Floor, Dr.A B Road, Worli, Aayakar Bhavan, Mumbai-400018 M K Road, Mumbai-400020 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

Section 14ASection 35D

…expenses under Rule 8D(2)(iii) is required to be made even if the interest free funds have been used for making investments. In this regard, he placed reliance on the following case law:- (a) Escorts Ltd (102 TTJ 522) (b) Southern Petro chemical industries (93 TTJ 161) (c) Smt. Leena Ramachandran (339 ITR 293)(Ker). 4. We heard the rival contentions on this issue and perused the record. We agree with the contention of the assessee that no disallowance under Rule 8D(2)(i) and (ii) is required to be made, if the non- interest bearing funds available with the assessee are more than the amount of investment which g…

Yes Bank Ltd, Mumbai vs. Addl CIT 7(3), Mumbai

In the result, the appeal of the assessee is treated as partly allowed and appeal of the revenue is dismissed

ITA 3357/MUM/2013[2008-09]Status: DisposedITAT Mumbai01 Jan 2016AY 2008-09

Section 14ASection 35D

M/S. Numeric Power Systems Ltd., Now Known As, Chennai vs. ITO (OSD), Chennai

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

ITA 1344/CHNY/2012[2008-09]Status: DisposedITAT Chennai20 Nov 2015AY 2008-09

Bench: Shri A. Mohan Alankamony & Shri G. Pavan Kumar

For Appellant: Shri. Philip George, AdvocateFor Respondent: Shri. P. Radhakrishnan, IRS, JCIT

Section 10Section 10BSection 143(1)Section 143(3)Section 44A

…that the provisions of Sec. 14A are not applicable for the assessment year 2008-09 and the ld.CIT(A) relying on High Court and Supreme Court decisions followed judicial precedent of Jurisdictional ITAT Bench in Southern Petro Chemical Industries vs. DCIT (93 TTJ 161) and concluded that Rule 8D is applicable to the present assessment year and there is no dispute or mistake by Assessing Officer in calculating disallowance and :- 7 -: confirmed the order of the Assessing Officer. Aggrieved by the order of CIT(A), the assessee has assailed appeal before the Tribunal. The ld.AR argued that ld.CIT(A) erred in con…