Tata Industries Ltd. v. ITO

181 TTJ 600Income Tax Appellate Tribunal2016#4114 most cited

What is Tata Industries Ltd. v. ITO authority for?

Disallowance under Section 14A cannot exceed the amount of exempt income earned by the assessee. The Assessing Officer is directed to verify and restrict the disallowance to the exempt income.

29

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2024.

Also referred to as

Tata Industries Ltd. v. ITO · Section 14A · disallowance · exempt income · rule 8D · restricted disallowance · eligible business · ITAT Mumbai

Also reported as

85 Taxmann.com 190

Sections most often in play

Section 1961: Section 10(34)Section 1961: Section 115JBSection 1961: Section 142(2)Section 1961: Section 143(3)(ii)Section 1961: Section 14ASection 1961: Section 14A(1)Section 1961: Section 14A(2)Section 1961: Section 14A(3)

Issues it is cited on

eligible assesseestatement under section 132(4)eligible businesssection 44aaddition under section 68section 44addisallowance under section 14ashare application moneydisallowance u/s 14arule 46asection 44long term capital gain

Judgments citing Tata Industries Ltd. v. ITO

TATA INDUSTRIES LIMITED,MUMBAI vs. ADDL.C.I.T., RANGE-2(3), MUMBAI

ITA 3676/MUM/2009[2005-06]Status: DisposedITAT Mumbai07 Jun 2024AY 2005-06
For Respondent: Shri P.C Chhottary
Section 115JSection 143(3)Section 143(3)(ii)Section 14A

…year 4.5. The Learned Authorised Representative for the Appellant submitted that in identical facts and circumstances in the case of the Appellant for the Assessment Year 2004-05, the Tribunal has, vide order dated 20/07/2016, passed in ITA No. 4894/Mum/2008 [181 TTJ 600 (Mumbai - Trib)] decided this issue raised in Ground No. 1 in favour of the Appellant by restricting the disallowance under Section 14A of the Act to the amount of exempt income. 4.6. However, the Learned Special Counsel for the Revenue appearing before us vehemently insisted that the issue required reconsideration. Learned Special Counsel for Re…

GAYATRI COMMERCIAL PREMISES CO-OP SOCIETY LTD,MUMBAI vs. CPC/ITO.22(1)(4), MUMBAI

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

ITA 114/MUM/2023[2019-20]Status: DisposedITAT Mumbai31 May 2023AY 2019-20

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No.114/Mum/2023 (निर्धारण वर्ा / Assessment Years: 2019-20) Gayatri Commercial Premises बिधम/ Cpc/Ito, 22 (1)(4) Co-Op, Society Ltd. 3Rd Floor, Piramal Chambers Vs. Unit No. 102/103, Behind Lalbaugh Mumbai- 400034 Mittal Ind. Estate Andheri Kurla Andheri (East) Mumbai- 400059 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaag5064D (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri. N.R. Agarwal Revenue By: Shri. Krishna Kumar, (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 15/03/2023 घोषणा की तारीख /Date Of Pronouncement: 31/05/2023 आदेश/Order Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Cit(A)/Nfac Dated 13-12-2022 For Ay 2019-20 Confirming The Addition Of Rs. 93,20,286/-. 2. The Assessee Society Has Raised The Following Grounds Of Appeal Reads As Under: - “1. The Ld. Cit(A) Erred In Confirming The Addition Of Rs.93,20,286/- As A Business Income In Order Passed U/S 143(1) & 154 Of The Act By Cpc. 2. The Ld. Cit(A) Erred In Not Granting Deduction Under Mutuality Principal.” 3. The Regarding Ground No. 1, The Ld. Cit(A) Has Dismissed The Ground Of Appeal Of The Assessee By Observing As Under: - “The Ld. Cit(A) Has Rejected The Assessees’S The Ground Of Appeal By Observing At Para No. 7 Of The Impugned Order As Under:-

For Appellant: Shri. N.R. AgarwalFor Respondent: Shri. Krishna Kumar, (Sr. AR)
Section 143(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI AMARJIT SINGH, AM आयकर अपील सं/ I.T.A. No.114/Mum/2023 (निर्धारण वर्ा / Assessment Years: 2019-20) Gayatri Commercial Premises बिधम/ CPC/ITO, 22 (1)(4) Co-Op, Society Ltd. 3rd Floor, Piramal Chambers Vs. Unit No. 102/103, Behind Lalbaugh Mumbai- 400034 Mittal Ind. Estate Andheri Kurla Andheri (East) Mumbai- 400059 स्थधयी लेखध सं./जीआइआर सं./PAN/GIR No. : AAAAG5064D (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee by: Shri. N.R. Agarwal Revenue by: Shri. Krishna Kumar, (Sr. AR) सुनवाई की तारीख / Date of Hear…

DCIT -CC- 8(4), MUMBAI vs. BERMACO ENERGY SYSTEM LTD., MUMBAI

In the result, appeals filed by the Revenue are dismissed and the appeals filed by the assessee are dismissed

ITA 3752/MUM/2018[2008-09]Status: DisposedITAT Mumbai30 Sept 2022AY 2008-09

Bench: Shri B.R. Baskaran () & Smt. Kavitha Rajagopal ()

Section 132Section 143(3)Section 153ASection 250Section 44A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI B.R. BASKARAN (ACCOUNTANT MEMBER) & SMT. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA No.2852/Mum/2018 - AY 2007-08 ITA No.2853/Mum/2018 - AY 2008-09 ITA No.2854/Mum/2018 - AY 2009-10 M/s Bermaco Energy System Ltd vs Deputy Commissioner of Income- D-73/1, TTC Industrial Area, MIDC tax, Central Circle 8(4), Mumbai 6th Floor, Room No.658, Aayakar Road, Turbhe, Navi Mumbai-400 705 PAN : AAACB2727N Bhavan, M.K. Road, Mumbai-400 020 APPELLANT RESPONDENT ITA No.3749/Mum/2018 - AY 2009-10 ITA No.3750 /Mum/2018 - AY 2010-11 ITA No.3751/Mum/2018 - AY…

DCIT -CC- 8(4), MUMBAI vs. BERMACO ENERGY SYSTEM LTD., MUMBAI

In the result, appeals filed by the Revenue are dismissed and the appeals filed by the assessee are dismissed

ITA 3751/MUM/2018[2007-08]Status: DisposedITAT Mumbai30 Sept 2022AY 2007-08

Bench: Shri B.R. Baskaran () & Smt. Kavitha Rajagopal ()

Section 132Section 143(3)Section 153ASection 250Section 44A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI B.R. BASKARAN (ACCOUNTANT MEMBER) & SMT. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA No.2852/Mum/2018 - AY 2007-08 ITA No.2853/Mum/2018 - AY 2008-09 ITA No.2854/Mum/2018 - AY 2009-10 M/s Bermaco Energy System Ltd vs Deputy Commissioner of Income- D-73/1, TTC Industrial Area, MIDC tax, Central Circle 8(4), Mumbai 6th Floor, Room No.658, Aayakar Road, Turbhe, Navi Mumbai-400 705 PAN : AAACB2727N Bhavan, M.K. Road, Mumbai-400 020 APPELLANT RESPONDENT ITA No.3749/Mum/2018 - AY 2009-10 ITA No.3750 /Mum/2018 - AY 2010-11 ITA No.3751/Mum/2018 - AY…

DCIT - CC - 8(4), MUMBAI vs. BERMACO ENERGY SYSTEM LTD., MUMBAI

In the result, appeals filed by the Revenue are dismissed and the appeals filed by the assessee are dismissed

ITA 3750/MUM/2018[2010-11]Status: DisposedITAT Mumbai30 Sept 2022AY 2010-11

Bench: Shri B.R. Baskaran () & Smt. Kavitha Rajagopal ()

Section 132Section 143(3)Section 153ASection 250Section 44A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI B.R. BASKARAN (ACCOUNTANT MEMBER) & SMT. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA No.2852/Mum/2018 - AY 2007-08 ITA No.2853/Mum/2018 - AY 2008-09 ITA No.2854/Mum/2018 - AY 2009-10 M/s Bermaco Energy System Ltd vs Deputy Commissioner of Income- D-73/1, TTC Industrial Area, MIDC tax, Central Circle 8(4), Mumbai 6th Floor, Room No.658, Aayakar Road, Turbhe, Navi Mumbai-400 705 PAN : AAACB2727N Bhavan, M.K. Road, Mumbai-400 020 APPELLANT RESPONDENT ITA No.3749/Mum/2018 - AY 2009-10 ITA No.3750 /Mum/2018 - AY 2010-11 ITA No.3751/Mum/2018 - AY…

DCIT -CC -8 (4), MUMBAI vs. BERMACO ENERGY SYSTEM LTD., MUMBAI

In the result, appeals filed by the Revenue are dismissed and the appeals filed by the assessee are dismissed

ITA 3749/MUM/2018[2009-10]Status: DisposedITAT Mumbai30 Sept 2022AY 2009-10

Bench: Shri B.R. Baskaran () & Smt. Kavitha Rajagopal ()

Section 132Section 143(3)Section 153ASection 250Section 44A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI B.R. BASKARAN (ACCOUNTANT MEMBER) & SMT. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA No.2852/Mum/2018 - AY 2007-08 ITA No.2853/Mum/2018 - AY 2008-09 ITA No.2854/Mum/2018 - AY 2009-10 M/s Bermaco Energy System Ltd vs Deputy Commissioner of Income- D-73/1, TTC Industrial Area, MIDC tax, Central Circle 8(4), Mumbai 6th Floor, Room No.658, Aayakar Road, Turbhe, Navi Mumbai-400 705 PAN : AAACB2727N Bhavan, M.K. Road, Mumbai-400 020 APPELLANT RESPONDENT ITA No.3749/Mum/2018 - AY 2009-10 ITA No.3750 /Mum/2018 - AY 2010-11 ITA No.3751/Mum/2018 - AY…

BERMACO ENERGY SYSTEM LIMITED,MUMBAI vs. DCIT , CC- 47 , MUMBAI

In the result, appeals filed by the Revenue are dismissed and the appeals filed by the assessee are dismissed

ITA 2854/MUM/2018[2009-10]Status: DisposedITAT Mumbai30 Sept 2022AY 2009-10

Bench: Shri B.R. Baskaran () & Smt. Kavitha Rajagopal ()

Section 132Section 143(3)Section 153ASection 250Section 44A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI B.R. BASKARAN (ACCOUNTANT MEMBER) & SMT. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA No.2852/Mum/2018 - AY 2007-08 ITA No.2853/Mum/2018 - AY 2008-09 ITA No.2854/Mum/2018 - AY 2009-10 M/s Bermaco Energy System Ltd vs Deputy Commissioner of Income- D-73/1, TTC Industrial Area, MIDC tax, Central Circle 8(4), Mumbai 6th Floor, Room No.658, Aayakar Road, Turbhe, Navi Mumbai-400 705 PAN : AAACB2727N Bhavan, M.K. Road, Mumbai-400 020 APPELLANT RESPONDENT ITA No.3749/Mum/2018 - AY 2009-10 ITA No.3750 /Mum/2018 - AY 2010-11 ITA No.3751/Mum/2018 - AY…

BERMACO ENERGY SYSTEM LIMITED,MUMBAI vs. DCIT - CC- 47, MUMBAI

In the result, appeals filed by the Revenue are dismissed and the appeals filed by the assessee are dismissed

ITA 2853/MUM/2018[2008-09]Status: DisposedITAT Mumbai30 Sept 2022AY 2008-09

Bench: Shri B.R. Baskaran () & Smt. Kavitha Rajagopal ()

Section 132Section 143(3)Section 153ASection 250Section 44A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI B.R. BASKARAN (ACCOUNTANT MEMBER) & SMT. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA No.2852/Mum/2018 - AY 2007-08 ITA No.2853/Mum/2018 - AY 2008-09 ITA No.2854/Mum/2018 - AY 2009-10 M/s Bermaco Energy System Ltd vs Deputy Commissioner of Income- D-73/1, TTC Industrial Area, MIDC tax, Central Circle 8(4), Mumbai 6th Floor, Room No.658, Aayakar Road, Turbhe, Navi Mumbai-400 705 PAN : AAACB2727N Bhavan, M.K. Road, Mumbai-400 020 APPELLANT RESPONDENT ITA No.3749/Mum/2018 - AY 2009-10 ITA No.3750 /Mum/2018 - AY 2010-11 ITA No.3751/Mum/2018 - AY…

BERMACO ENERGY SYSTEM LIMITED,MUMBAI vs. DCIT- CC-47 MUMBAI, MUMBAI

In the result, appeals filed by the Revenue are dismissed and the appeals filed by the assessee are dismissed

ITA 2852/MUM/2018[2007-08]Status: DisposedITAT Mumbai30 Sept 2022AY 2007-08

Bench: Shri B.R. Baskaran () & Smt. Kavitha Rajagopal ()

Section 132Section 143(3)Section 153ASection 250Section 44A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI B.R. BASKARAN (ACCOUNTANT MEMBER) & SMT. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA No.2852/Mum/2018 - AY 2007-08 ITA No.2853/Mum/2018 - AY 2008-09 ITA No.2854/Mum/2018 - AY 2009-10 M/s Bermaco Energy System Ltd vs Deputy Commissioner of Income- D-73/1, TTC Industrial Area, MIDC tax, Central Circle 8(4), Mumbai 6th Floor, Room No.658, Aayakar Road, Turbhe, Navi Mumbai-400 705 PAN : AAACB2727N Bhavan, M.K. Road, Mumbai-400 020 APPELLANT RESPONDENT ITA No.3749/Mum/2018 - AY 2009-10 ITA No.3750 /Mum/2018 - AY 2010-11 ITA No.3751/Mum/2018 - AY…

SHREE GLOBAL TRADEFIN LTD,MUMBAI vs. CIT ,CENTRAL CIRCLE 5(1), MUMBAI

In the result, appeal is allowed

ITA 511/MUM/2022[2015-16]Status: DisposedITAT Mumbai30 Aug 2022AY 2015-16
For Appellant: Sh. Vijay MehtaFor Respondent: Ms. Vrunda Matkarni
Section 119(2)(b)Section 143(3)Section 14A

…lf, the Tribunal can give relief to the assessee to the extent the assessee is over assessed. In this regard he relied upon the following judgments/decisions: - Marg Ltd. vs. CIT, Chennai: (2020) 275 Taxman 502 (Madras) - Tata Industries Ltd. vs. ITO, Mumbai 181 TTJ 600 (Mumbai) [20.07.2016] - DCIT vs. M/s Sundaram Multipap Limited : ITA No. 5327/Mum/2015 and CO. No. 272/Mum/2017, [20.04.2018] ITA. No. 511/Mum/2022 Assessment Year: 2015-16 7. In response the Ld. Departmental Representative relied upon the order passed by CIT(A) and submitted that the CIT(A) has rightly restricted the addition made by the AO und…

DCIT-14(3)(1), MUMBAI vs. M/S TITAN LABORATORIES PVT LTD., MUMBAI

In the result, appeals of the assessee are partly allowed as indicated above and appeal of the Revenue is dismissed

ITA 3762/MUM/2019[2011-12]Status: DisposedITAT Mumbai01 Oct 2021AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Nishit GandhiFor Respondent: Shri Bharat Andhale
Section 133ASection 35

…culated under rule 8D(2)(ii) is deleted. Similarly, disallowance under section 14A of the IT Act can not exceed the exempt income earned by the appellant. In view of the decision of the jurisdictional tribunal in the case of Tata Industries Ltd. Vs ITO [2016] 181 TTJ 600 (Mumbai - Trib.) and Future Corporate Resources Ltd. Vs DCIT [2017] 85 taxmann.com 190 (Mumbai - Trib.) and following other decisions, the AO is directed to verify and restrict the disallowance under section 14A of the IT Act to the exempt income earned by the appellant during the year. Therefore, this ground of appeal is allowed subject to verif…

TITIAN LABORATORIES P.LTD,MUMBAI vs. DCIT CIR 10(2), MUMBAI

In the result, appeals of the assessee are partly allowed as indicated above and appeal of the Revenue is dismissed

ITA 3345/MUM/2019[2011-12]Status: DisposedITAT Mumbai01 Oct 2021AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Nishit GandhiFor Respondent: Shri Bharat Andhale
Section 133ASection 35

…culated under rule 8D(2)(ii) is deleted. Similarly, disallowance under section 14A of the IT Act can not exceed the exempt income earned by the appellant. In view of the decision of the jurisdictional tribunal in the case of Tata Industries Ltd. Vs ITO [2016] 181 TTJ 600 (Mumbai - Trib.) and Future Corporate Resources Ltd. Vs DCIT [2017] 85 taxmann.com 190 (Mumbai - Trib.) and following other decisions, the AO is directed to verify and restrict the disallowance under section 14A of the IT Act to the exempt income earned by the appellant during the year. Therefore, this ground of appeal is allowed subject to verif…

TITIAN LABORATORIES P.LTD,MUMBAI vs. DCIT CIR 10(2), MUMBAI

In the result, appeals of the assessee are partly allowed as indicated above and appeal of the Revenue is dismissed

ITA 3344/MUM/2019[2009-10]Status: DisposedITAT Mumbai01 Oct 2021AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Nishit GandhiFor Respondent: Shri Bharat Andhale
Section 133ASection 35

…culated under rule 8D(2)(ii) is deleted. Similarly, disallowance under section 14A of the IT Act can not exceed the exempt income earned by the appellant. In view of the decision of the jurisdictional tribunal in the case of Tata Industries Ltd. Vs ITO [2016] 181 TTJ 600 (Mumbai - Trib.) and Future Corporate Resources Ltd. Vs DCIT [2017] 85 taxmann.com 190 (Mumbai - Trib.) and following other decisions, the AO is directed to verify and restrict the disallowance under section 14A of the IT Act to the exempt income earned by the appellant during the year. Therefore, this ground of appeal is allowed subject to verif…

ACIT CIRCLE-16 (1), MUMBAI vs. M/S UTV SOFTWARE COMMUNICATIN LTD, MUMBAI

In the result, Revenue’s appeal is dismissed

ITA 6292/MUM/2019[2010-11]Status: DisposedITAT Mumbai31 Aug 2021AY 2010-11

Bench: Shri S. Rifaur Rahman & Shri Ravish Sood

For Appellant: Shri Ajit Jain a/wFor Respondent: Shri Vatsalya Saxena
Section 115JSection 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER AND SHRI RAVISH SOOD, JUDICIAL MEMBER ITA no.6292/Mum./2019 (Assessment Year : 2010–11) Asstt. Commissioner of Income Tax ……………. Appellant Circle–16(1), Mumbai v/s UTV Software Communication Ltd. 1st Floor, Building no.14, Solitaire Corporate Park, Guru Hargovindji Marg, Chakala ……………. Respondent Andheri (E), Mumbai 400 093 PAN – AAACU4122G Revenue by : Shri Vatsalya Saxena Assessee by : Shri Ajit Jain a/w Shri Siddhesh Chaugule Date of Hearing – 28.06.2021 Date of Order – 31.08.2021 O R D E R PER S. RIFAUR…

TIKUCHAND DURGAJI JOGAJI,MUMBAI vs. ACIT-17(3), MUMBAI

In the result, appeal of the assessee is partly allowed

ITA 156/MUM/2019[2015-16]Status: DisposedITAT Mumbai25 Mar 2021AY 2015-16

Bench: Shri Vikas Awasthyआअसं. 6797/मुं/2018 ("न.व. 2011-12) आअसं. 156/मुं/2019 ("न.व. 2015-16) Tikuchand Durgaji Jogani, 301, Gundecha Chambers, N.M.Road, Fort, Mumbai 400 023 Pan: Aaapj8019Q ...... अपीलाथ" /Appellant बनाम Vs. Ito-17(3) (4), Room No.135A, 1St Floor, Aaykar Bhavan, M.K.Road, Mumbai 400 020. ..... ""तवाद"/Respondent

For Appellant: Shri Ashok J. PatilFor Respondent: Shri Sanjay Sethi
Section 14A

…section 14A of the Act be restricted to the exempt income earned. To support this argument, he placed reliance on the following decisions of the Tribunal: i. Future Corporate Resources Ltd. vs. DCIT, 85 taxmann.com 190 (Mum); ii. Tata Industries Ltd. vs. ITO 181 TTJ 600 (Mum). 5. Per contra, Shri Sanjay Sethi representing the Department vehemently defended the impugned order and prayed for dismissing the appeal of assessee. The ld. Departmental Representative submitted that after considering frequency of transactions, time devoted by the assessee, motive of sale and purchase of shares, the Assessing Officer cam…

TIKUCHAND DURGAJI JOGANI,MUMBAI vs. ITO 17(3)(4), MUMBAI

In the result, appeal of the assessee is partly allowed

ITA 6797/MUM/2018[2011-12]Status: DisposedITAT Mumbai25 Mar 2021AY 2011-12

Bench: Shri Vikas Awasthyआअसं. 6797/मुं/2018 ("न.व. 2011-12) आअसं. 156/मुं/2019 ("न.व. 2015-16) Tikuchand Durgaji Jogani, 301, Gundecha Chambers, N.M.Road, Fort, Mumbai 400 023 Pan: Aaapj8019Q ...... अपीलाथ" /Appellant बनाम Vs. Ito-17(3) (4), Room No.135A, 1St Floor, Aaykar Bhavan, M.K.Road, Mumbai 400 020. ..... ""तवाद"/Respondent

For Appellant: Shri Ashok J. PatilFor Respondent: Shri Sanjay Sethi
Section 14A

…section 14A of the Act be restricted to the exempt income earned. To support this argument, he placed reliance on the following decisions of the Tribunal: i. Future Corporate Resources Ltd. vs. DCIT, 85 taxmann.com 190 (Mum); ii. Tata Industries Ltd. vs. ITO 181 TTJ 600 (Mum). 5. Per contra, Shri Sanjay Sethi representing the Department vehemently defended the impugned order and prayed for dismissing the appeal of assessee. The ld. Departmental Representative submitted that after considering frequency of transactions, time devoted by the assessee, motive of sale and purchase of shares, the Assessing Officer cam…

ITO 2 (1)(3), MUMBAI vs. CENTRUM CAPITAL LIMITED, MUMBAI

In the result, this appeal by the revenue stands dismissed and the cross objection

ITA 497/MUM/2019[2013-14]Status: DisposedITAT Mumbai05 Oct 2020AY 2013-14

Bench: Shri Shamim Yahya, Am & Shri Pavan Kumar Gadale, Jm Ito – 2(1)(3) Centrum Capital Limited Room Ni. 553, 5Th Floor, 2Nd Floor, Bombay Mutual Building, Aaykar Bhavan, M. K. Road, Vs. Dr. D. N. Road, Fort, Mumbai-400 020 Mumbai-400 001

For Appellant: Shri Jitendra JainFor Respondent: Shri Lalit Dehiya
Section 14Section 14A

…the disallowance should be restricted to Rs.22,82,187/-. being the suomotu disallowance done by the assessee. 8. In this regard, the learned counsel of the assessee relied upon the decision of this tribunal in the case of Tata Industries Ltd. v. ITO (2016) 181 TTJ 600 (Mum.), wherein the ITAT has upheld similar proposition by the assessee by referring to Article 265 of the Constitution of India for the proposition that no tax can be collected except through the authority of law. 4 ITA No. 497/Mum/2019 & CO No. 12/Mum/2020 Centrum Capital Limited 9. The ld. Departmental Representative (ld. DR for short) on t…

MIRAH HOSPITALITY & FOOD SOLUTIONS P.LTD,MUMBAI vs. DCIT CEN CIR 2(1), MUMBAI

ITA 4693/MUM/2018[2008-09]Status: DisposedITAT Mumbai24 Sept 2020AY 2008-09

Bench: The Itat In These Cases Against A Common Order Of Learned Cit(A) For A.Y. 2008-09, 2009-10 & 2010-11 Dated 28.5.2018. 2. Brief Facts Of The Case Are That The Assessee Is Engaged In The Business Of “Hotels & Resorts”, Filed The Return Of Income For The Ay 2009-2010 Declaring The Total Loss Of Rs.43,15,534/- After Set Off Of Ltcg Of Rs. 1,31,36,082/-. Assessee Is A Group Concern Of M/S. Twinkle Group. There Was A Search & Seizure Action On The Said M/S. Twinkle Group U/S 132 Of The Act. Accordingly, In Response To The Notice U/S 153A Of The Act, Assessee Filed The Return Of Income Declaring The Same Total Loss (Rs. (-) 43,15,334/-). Ao Completed The Assessment U/S 143(3) R.W.S 153A Of The Act Determining The Total Loss Of Rs. 3,82,977/- Which Include Certain Disallowances & Rs. 27,68,422/- Is One

Section 115JSection 132Section 143(3)Section 14ASection 153A

…v. CIT 2. 286 CTR 457 (P&H) Pr. CIT v. Empire Package Pvt. Ltd 3. 96 CCH 87 (Madras) Tecpro Systems Ltd. v. UOI 4. 102 taxmann.com 438(Mum. - Trib.) ACIT v. Glenmark Pharmaceuticals Ltd. 5. 46 ITR(Trib) 70 (Mum. - Trib.) Daga Global Chemicals Ltd. v. ACIT 6. 181 TTJ 600 (Mum. - Trib.) Tata Industries Ltd v. ITO III Qua book profit under section 115JB, no adjustment made regarding section 14A in original assessment. In remand proceedings pursuant to order of the Hon'ble Tribunal, Ld. AO has no jurisdiction to make the said adjustment 1. 234 ITR 548 (Bom.) MurlidharBhagwandas v. CIT 2. 19 ITR(Trib) 126 (Mum. - Tr…

S. VINODKUMAR DIAMONDS P.TLD,MUMBAI vs. DCIT 5(3), MUMBAI

In the result this ground of appeal is also partly allowed

ITA 79/MUM/2015[2009-10]Status: DisposedITAT Mumbai03 Aug 2020AY 2009-10

Bench: Shri Pawan Singh & Shri Rajesh Kumars. Vinodkumar Diamonds, Dcit – 5(3), बनाम/ Pvt Ltd., Mumbai. Vs. Off No. Bw 3010, Bharat Diamond Bourse, Bandra (E), Mumbai – 400051 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaics514N .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri P.J. Pardiwala, SeniorFor Respondent: Shri Uodol Raj Singh, Sr-DR
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER & SHRI RAJESH KUMAR, ACCOUNTANT MEMBER S. Vinodkumar Diamonds, DCIT – 5(3), बनाम/ Pvt Ltd., Mumbai. Vs. Off No. BW 3010, Bharat Diamond Bourse, Bandra (E), Mumbai – 400051 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAICS514N .. (अपीलाथ" /Appellant) (""यथ" / Respondent) अपीलाथ" ओर से / Appellant by : Shri P.J. Pardiwala, Senior Advocate with Sh. Madhur Aggarwal Advocate ""यथ" क" ओर से/Respondent by : Shri Uodol Raj Singh, Sr-DR 30/07/2020 सुनवाई क" तार"ख / Date of Hearing घोषणा क" तार"ख /Date of Pronouncement 03/08 /20…

SIROYA DEVELOPERS PVT.LTD.,MUMBAI vs. SIROYA DEVELOPERS PVT. LTD., MUMBAI

The appeal of the assessee is partly allowed in terms of our aforesaid observations

ITA 3668/MUM/2018[2012-13]Status: DisposedITAT Mumbai10 Jan 2020AY 2012-13

Bench: Shri Manoj Kumar Aggarwal & Shri Ravish Soodm/S Siroya Developers Pvt. Ltd. Dy. Commissioner Of Income-Tax-3(3)(2), 808, Raheja Chambers, Aayakar Bhavan, M.K. Road, Nariman Point, Vs. Mumbai – 400 020 Mumbai – 400 021

For Appellant: Shri B.V. JhaveriFor Respondent: Shri N. Padmanaban, Sr. A.R
Section 10(34)Section 115JSection 143(1)Section 143(2)Section 143(3)Section 14A

…e High Court of Punjab and Haryana in the case of Pr. CIT Vs. Empire Package (P) Ltd. (2017) 81 taxman.com 108 (P & H). Apart from that, we find that a similar view had been taken by the ITAT, Mumbai in the case of viz. (i) Tata Industries Ltd. Vs. ITO (2016) 181 TTJ 600 (Mum) and (ii) Future Corporate Resources Ltd. Vs. DCIT (2017) 85 taxman 190 (Mum). Accordingly, finding ourselves to be in agreement with the claim of the ld. A.R that the disallowance under Sec. 14A cannot exceed the amount of the exempt income received by the assessee during the year under consideration, we direct the A.O to restrict the disal…

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Tata Industries Ltd. v. ITO (181 TTJ 600) — Cited in 29 Judgments | BharatTax