Wimco Seedlings v. DCIT

107 ITD 267Income Tax Appellate Tribunal2007#2969 most cited

What is Wimco Seedlings v. DCIT authority for?

There can be no presumption that an assessee must have incurred expenditure to earn tax-free income. Disallowance under section 14A requires actual expenditure, not notional or estimated amounts.

40

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2015 to 2025.

Also referred to as

Wimco Seedlings v DCIT · 107 ITD 267 · Section 14A · disallowance of expenses · exempt income · actual expenditure · no presumption of expenditure

Sections most often in play

Section 10(34)Section 14ASection 2(19AA)Section 2(22)Section 37(1)Section 40(a)(ia)Section 45Section 47(vib)

Issues it is cited on

valuation of sharesbook profitsdisallowance under section 14asection 32section 115jcapital expendituresection 115jbincome-tax officersection 14asection 115section 11previous year

Judgments citing Wimco Seedlings v. DCIT

JCIT(OSD), Cir-3(1)(2), Ahmedabad vs. Reckitt Benckiser Healthcare (India) Ltd, Haryana

In the result, appeal of the Revenue is dismissed

ITA 1225/AHD/2018[2011-12]Status: DisposedITAT Ahmedabad18 Feb 2025AY 2011-12

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamble

For Appellant: Shri Dhinal Shah, ARFor Respondent: Shri V. Nand Kumar, CIT-DR
Section 115JSection 143(3)Section 2Section 250Section 391Section 45

…re actually incurred for earning tax free income is to be disallowed and it cannot be assumed that the expenses may have been incurred for earning tax free income. • Reliance in placed on the Delhi Tribunal decision in case of Wimco Seedlings Limited vs DCIT (107 ITD 267), wherein it is held that there can be no presumption that the assessee must have incurred expenditure to earn tax free income. • All the investments yielding exempt income were made out of own funds. As per audited financial statements of RBHIL, RBHIL had own funds of Rs. 137,47,75,048 (share capital of Rs.9,05,15,220plus free reserves of Rs. 12…

Reckitt Benckiser Healthcare India Pvt. Ltd., ( Formerly Known As Reckitt Benckiser Healthcare India Ltd., Haryana vs. DCIT, Circle-3(1)(2), Ahmedabad

In the result, appeal of the Revenue is dismissed

ITA 1184/AHD/2018[2011-12]Status: FixedITAT Ahmedabad18 Feb 2025AY 2011-12

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamble

For Appellant: Shri Dhinal Shah, ARFor Respondent: Shri V. Nand Kumar, CIT-DR
Section 115JSection 143(3)Section 2Section 250Section 391Section 45

…re actually incurred for earning tax free income is to be disallowed and it cannot be assumed that the expenses may have been incurred for earning tax free income. • Reliance in placed on the Delhi Tribunal decision in case of Wimco Seedlings Limited vs DCIT (107 ITD 267), wherein it is held that there can be no presumption that the assessee must have incurred expenditure to earn tax free income. • All the investments yielding exempt income were made out of own funds. As per audited financial statements of RBHIL, RBHIL had own funds of Rs. 137,47,75,048 (share capital of Rs.9,05,15,220plus free reserves of Rs. 12…

Thomas Cook (India) Ltd., Mumbai vs. Addl/ Jt/ Dy/CIT/Asstt/ITO, National E-Assessment Centre, Delhi

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

ITA 1218/MUM/2021[2016-17]Status: DisposedITAT Mumbai24 Nov 2023AY 2016-17

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon'Ble

Section 92CSection 92C(3)

…rd would lie on the AO, not only to show that some expenditure was factually incurred but also to show its relationship with the income exempt from taxIn the regard, reliance is placed on the following legal precedents:  WIMCO Seedlings Ltd. Vs Dy.CIT [2007] 109 TTJ 462 (Del) (TM) "It has been held in this case that burden would lie on the AO not only to show that some expenditure was factually incurred, but also to show its relationship with the income exempt from tax.  MarutiUdyog Ltd. VsDy.CIT [2005] 92 TTJ 987 (Del.) "It was, inter alia, held in this case that onus is on the Revenue to prove that interest p…

A. Vairaprakasam, Sivakasi vs. ACIT, Virudhunagar

In the result, appeal filed by the assessee is dismissed

ITA 703/CHNY/2022[2015-16]Status: DisposedITAT Chennai16 Jan 2023AY 2015-16

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita No.: 703/Chny/2022 िनधा"रण वष" / Assessment Year: 2015-16 A. Vairaprakasam, The Assistant Commissioner Of 4, Chairamn Shanmugam V. Income Tax, Road, Virudhunagar Circle-1, Sivakasi. Virudhunagar. [Pan: Aajpv-8360-P] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : None ""यथ" क" ओर से/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 16.01.2023 घोषणा क" तारीख/Date Of Pronouncement : 16.01.2023

For Appellant: NoneFor Respondent: Shri. P. Sajit Kumar, JCIT
Section 14ASection 14A(2)

…आयकर अपीलीय अिधकरण, ‘बी’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी महावीर "सह, उपा"य" एवं एवं "ी जी. मंजुनाथ, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENT AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.: 703/Chny/2022 िनधा"रण वष" / Assessment Year: 2015-16 A. Vairaprakasam, The Assistant Commissioner of 4, Chairamn Shanmugam v. Income Tax, Road, Virudhunagar Circle-1, Sivakasi. Virudhunagar. [PAN: AAJPV-8360-P] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant by : None ""यथ" क" ओर से/Respondent by : Shri. P. Sajit Kumar, JCIT सुनवाई…

Wns Global Services P. Ltd., Mumbai vs. Addl/Jt/Dy/Asstt/CIT/ITO, Nationa Faceless Assessment Centre, Dilhi

In the result, appeal filed by the assessee is allowed

ITA 1259/MUM/2021[2016-17]Status: DisposedITAT Mumbai09 Dec 2022AY 2016-17

Bench: Shri Vikas Awasthy & Shri Gagan Goyalwns Global Services Pvt. Ltd., Pl 10, Gate No.4, Godrej & Boyce Complex, Pirojshanagar, Lbs Marg, Vikhroli (West), Mumbai-400079. Pan: Aaacw2598L ...... Appellant Vs.. Addl./Jt/Dy./Acit/Ito/Nfac, Room No. 455, Circle-14(3)(1), Mumbai. ..... Respondent Appellant/Assessee By : Sh. Porus Kaka, Sr. Adv. & Sh. Manish Kant Respondent/Revenue By : Sh. Jasdeep Singh, Cit-Dr

For Appellant: Sh. Porus Kaka, Sr. Adv. &For Respondent: Sh. Jasdeep Singh, CIT-DR
Section 143(3)Section 144C(13)Section 92B

…age any estimate of expenditure or attribution of any notional expenses to earn such exempt income. In this regard, reliance is placed on the following judgments. CIT vs. K. Raheja Corporation Pvt. Ltd (ITA No. 1260/2009) Wimco Seedlings Limited v DCIT [2006] 107 ITD 267 (Mum) Justice Sam P. Bharucha [2012] 25 taxmann.com 381 (Mum) The words 'in relation to income' used under section 14A of the Act would have to be interpreted to mean a direct and proximate relationship between the expenditure and the exempt income. Further, the words 'expenditure incurred by the assessee' refers to actual expenditure incurred by…

The DCIT, Circle-1(1)(1), Ahmedabad vs. Astral Polytechnik Ltd., Ahmedabad

In the result, we do not find any merit in the appeal of Revenue

ITA 1966/AHD/2018[2015-16]Status: DisposedITAT Ahmedabad27 Jan 2022AY 2015-16
For Appellant: Shri Vartik Chokshi, A.R. & Shri BirenFor Respondent: Shri S. S. Shukla,Sr. DR
Section 14ASection 250

…. Reliance Utilities and Power Ltd. 313 ITR 340 (viii) Hon’ble Gujrat High Court in CIT Vs. UTI Bank Ltd. 32 Taxman.com 370 (2013) (ix) Hon’ble Gujrat High Court in CIT Vs. Suzlon Energy Limited 215 Taxman 272(2013). (x) ITAT Delhi in Wimco Seedlings Vs. DCIT 109 TTJ 462 (xi) ITAT Mumbai in Daga Global Chemicals Pvt. Ltd. Vs. ACIT 7.4 But the Ld. AO was not satisfied and made addition. He relied upon following decisions: (i) Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT (ii) Hon’ble Rajasthan High Court in Rajasthan State Warehousing Corp. Ltd. Vs. CIT 242 ITR 450 (iii) Maruti Ud…

The ACIT, Vapi Circle, Vapi vs. M/S. N.R. Agarwal Industries Ltd., Vapi

In the result the ground No

ITA 1526/AHD/2016[2011-12]Status: DisposedITAT Surat05 Jul 2021AY 2011-12

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Virtual Hearing) I.T.(Ss)A’S No.14,15,16/Ahd/2016, Ita’S No.1302,1303& 3032/Ahd/2016 Assessment Years: 2007-08, 09-10, 10-11; 2011-12,12-13& 2013-14 N.R.Agarwal Industries Ltd., Vs The Acit/Dcit, Circle-3, Plot No.169 To 169, Phase No.1, Surat. Gidc, Vapi. [Pan: Aaacn 7721 N] अपीलाथ" / Appellant ""थ"/Respondent

Section 132Section 143(3)Section 153ASection 40Section 80I

…court in case of CIT v/s UTI Bank Limited [32 taxman.com 370(2013)],  Decision of Ahmedabad ITAT in case of ACIT v/s Sarabhai Holding Pvt. Ltd. [I.T.A. No.2328/Ahd/2012],  Decision of Third Member division of Delhi ITAT in case of Wimco Seedlings Vs. DCIT (109 TTJ 462) and  Decision of Delhi Tribunal in case of Malwa Investments Limited Vs. DICT (3 DTR 455). 66. Alternatively, the ld. Sr counsel submits that that out of total investments exempt dividend income has been earned on investments amounting to Rs.6,09,000/- from shares of Bank of 49 NR Aggarwal Industries Ltd. Assessment Years: 2007-08 to 2013-14…

N.R. Agarwal Industries Ltd., Vapi vs. The Asstt. Commissioner of Income Tax, Circle-3, Surat

In the result the ground No

ITA 1302/AHD/2016[2011-12]Status: DisposedITAT Surat05 Jul 2021AY 2011-12

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Virtual Hearing) I.T.(Ss)A’S No.14,15,16/Ahd/2016, Ita’S No.1302,1303& 3032/Ahd/2016 Assessment Years: 2007-08, 09-10, 10-11; 2011-12,12-13& 2013-14 N.R.Agarwal Industries Ltd., Vs The Acit/Dcit, Circle-3, Plot No.169 To 169, Phase No.1, Surat. Gidc, Vapi. [Pan: Aaacn 7721 N] अपीलाथ" / Appellant ""थ"/Respondent

Section 132Section 143(3)Section 153ASection 40Section 80I

…court in case of CIT v/s UTI Bank Limited [32 taxman.com 370(2013)],  Decision of Ahmedabad ITAT in case of ACIT v/s Sarabhai Holding Pvt. Ltd. [I.T.A. No.2328/Ahd/2012],  Decision of Third Member division of Delhi ITAT in case of Wimco Seedlings Vs. DCIT (109 TTJ 462) and  Decision of Delhi Tribunal in case of Malwa Investments Limited Vs. DICT (3 DTR 455). 66. Alternatively, the ld. Sr counsel submits that that out of total investments exempt dividend income has been earned on investments amounting to Rs.6,09,000/- from shares of Bank of 49 NR Aggarwal Industries Ltd. Assessment Years: 2007-08 to 2013-14…

Vedanta Ltd, Gurgaon vs. ACIT, Circle- 26(2), New Delhi

ITA 12/DEL/2020[2014-15]Status: FixedITAT Delhi18 Sept 2020AY 2014-15

Bench: Shri N.K. Billaiya & Shri Kuldip Singh[Assessment Year: 2014-15]

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Anupam Kant Garg, CIT-DR
Section 143(3)Section 153

…4A of the Act. In ―Maruti Udyog Vs. DCIT, 92 ITD 119 (Del.), it has been held that before making any disallowance u/s 14A of the Act, the onus to establish the nexus of the same with the exempt income, is on the revenue. In ―Wimco Seedlings Limited Vs. DCIT", 107 ITD 267 (Del.) (TM), it has been held that there can be no presumption that the assessee must have incurred expenditure to earn tax free income. Similar are the decisions in: 1. Punjab National Bank Vs. DCIT, 103 TTJ 908 (Del.); 2. Vidyut Investment Ltd., 10 SOT 284 (Del.); and 3. D.J. Mehta Vs. Income Tax Officer, 290 ITR 238 (Mum.) (AT) In view of the…

Wimco Seeding Ltd vs. JCIT, Spl. Range-22

In the result, appeal of the assessee for all these three years are allowed as indicated above

ITA 2757/DEL/2002[1991-1992]Status: DisposedITAT Delhi22 Jun 2020AY 1991-1992

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Rakhi Vimal, Sr. DR
Section 139(1)Section 147Section 148

…A) vide order dated 31.03.1997 held that indirect expenses in the form of 50% of Bhagwala office expenses and 50% of R&D activity expenses) should be allocated to the agricultural income. On further appeal, the Tribunal vide order dated 21.12.2006 reported in 107 ITD 267 (TM), set- aside the order of the CIT (A) and deleted the entire addition/disallowance made in the assessment order. 7. In the meanwhile, reassessments proceedings were initiated under section 147 vide separate notices dated 04.06.1997 issued under section 148 of the Act for assessment year 1989-90 to 1991-92. In the reassessment proceedings comp…

Wimco Seeding Ltd vs. JCIT, Spl. Range-22

In the result, appeal of the assessee for all these three years are allowed as indicated above

ITA 2756/DEL/2002[1990-1991]Status: DisposedITAT Delhi22 Jun 2020AY 1990-1991

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Rakhi Vimal, Sr. DR
Section 139(1)Section 147Section 148

…A) vide order dated 31.03.1997 held that indirect expenses in the form of 50% of Bhagwala office expenses and 50% of R&D activity expenses) should be allocated to the agricultural income. On further appeal, the Tribunal vide order dated 21.12.2006 reported in 107 ITD 267 (TM), set- aside the order of the CIT (A) and deleted the entire addition/disallowance made in the assessment order. 7. In the meanwhile, reassessments proceedings were initiated under section 147 vide separate notices dated 04.06.1997 issued under section 148 of the Act for assessment year 1989-90 to 1991-92. In the reassessment proceedings comp…

Wimco Seeding Ltd vs. JCIT, Spl. Range-22

In the result, appeal of the assessee for all these three years are allowed as indicated above

ITA 2755/DEL/2002[1989-1990]Status: DisposedITAT Delhi22 Jun 2020AY 1989-1990

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Rakhi Vimal, Sr. DR
Section 139(1)Section 147Section 148

…A) vide order dated 31.03.1997 held that indirect expenses in the form of 50% of Bhagwala office expenses and 50% of R&D activity expenses) should be allocated to the agricultural income. On further appeal, the Tribunal vide order dated 21.12.2006 reported in 107 ITD 267 (TM), set- aside the order of the CIT (A) and deleted the entire addition/disallowance made in the assessment order. 7. In the meanwhile, reassessments proceedings were initiated under section 147 vide separate notices dated 04.06.1997 issued under section 148 of the Act for assessment year 1989-90 to 1991-92. In the reassessment proceedings comp…

The ACIT, (OSD)Circle-8, Ahmedabad vs. Torrent Power Ltd., Ahmedabad

In the result, the appeal of the Revenue and the Cross-objection of the assessee, both are dismissed

ITA 1668/AHD/2012[2006-07]Status: DisposedITAT Ahmedabad05 Mar 2020AY 2006-07

Bench: Shri Sandeep Gosain & Shri Amarjit Singh

For Appellant: Shri Vartik ChowkshiFor Respondent: Shri Samir Tekriwal, CIT-DR
Section 115JSection 14Section 143(3)Section 14A

….l4A can be made only if there is an actual nexus between tax-free income and expenditure incurred on the same. In this connection reliance may be placed on the following judicial pronouncements: I. Wimco Seedlings Ltd. vs. Deputy Commissioner of Income Tax 107 ITD 267 II. Indo-German International (P.) Ltd. vs. Deputy Commissioner of Income Tax 185 Taxman 103 III. Deputy Commissioner of Income-tax, Range 3(1), Mumbai vs. Beck India Ltd. 26 SOT 141 IV. Impulse (India) (P.) Ltd. :vs_ _ Assistant Commissioner. of Income-tax (OSD), New Delhi 22 SOT 368. V. CIT vs. Hero Cycles Ltd. [2010] 189 Taxman 50 (P& H Hi…

M/S. Unitech Infra- Con Ltd., New Delhi vs. DCIT, New Delhi

The appeal is allowed

ITA 6679/DEL/2015[2010-11]Status: DisposedITAT Delhi15 Nov 2019AY 2010-11

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

Section 14ASection 14A(2)Section 250

…476/- made by the Assessing Officer and pleaded that this was not just. The assessee also relied on several decided precedents during appellate proceedings before the learned CIT(A), which included the following decisions:- 1. Wimco Seedings Ltd. Vs. DCIT. 107 ITD 267 (Del) 2. Impulse (India) (P) Ltd. vs. ACIT, 22 SOT 368(Del). 3. Maruti Udyog Ltd. vs. DCIT, 92 ITD 119 (Del). 4. CIT vs. Walfort Share and Stock Brokers (P) Ltd. 326 ITR 1 (SC). 5. CIT vs. Calcutta Agency Ltd. [195] 19 ITR 191. 6. Saraswati Industrial Syndicate Ltd. vs. CIT [1982] 136 ITR 361. 7. The Printers House Pvt. Ltd. in ITA No. 227/2009 d…

Dy. Commissioner of Income Tax-6, Kanpur vs. Commercial Engineers & Body Builders Co. Ltd., Kanpur

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

ITA 658/LKW/2018[2014-15]Status: DisposedITAT Lucknow19 Jul 2019AY 2014-15

Bench: Shri. A. D. Jain & Shri T. S. Kapoor

For Appellant: Shri S. K. Maduk, CIT (DR)For Respondent: Shri B. L. Gupta, FCA
Section 143(3)Section 14ASection 32(1)(iia)

…4A of the Act. In “Maruti Udyog Vs. DCIT, 92 ITD 119 (Del.), it has been held that before making any disallowance u/s 14A of the Act, the onus to establish the nexus of the same with the exempt income, is on the revenue. In “Wimco Seedlings Limited Vs. DCIT”, 107 ITD 267 (Del.) (TM), it has been held that there can be no presumption that the assessee must have incurred expenditure to earn tax free income. Similar are the decisions in: 1. Punjab National Bank Vs. DCIT, 103 TTJ 908 (Del.); 2. Vidyut Investment Ltd., 10 SOT 284 (Del.); and 3. D.J. Mehta Vs. Income Tax Officer, 290 ITR 238 (Mum.) (AT) In view of the…

Dy. Commissioner of Income Tax-6, Kanpur vs. Commercial Engineers & Body Builders Co. Ltd., Kanpur

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

ITA 657/LKW/2018[2013-14]Status: DisposedITAT Lucknow19 Jul 2019AY 2013-14

Bench: Shri. A. D. Jain & Shri T. S. Kapoor

For Appellant: Shri S. K. Maduk, CIT (DR)For Respondent: Shri B. L. Gupta, FCA
Section 143(3)Section 14ASection 32(1)(iia)

…4A of the Act. In “Maruti Udyog Vs. DCIT, 92 ITD 119 (Del.), it has been held that before making any disallowance u/s 14A of the Act, the onus to establish the nexus of the same with the exempt income, is on the revenue. In “Wimco Seedlings Limited Vs. DCIT”, 107 ITD 267 (Del.) (TM), it has been held that there can be no presumption that the assessee must have incurred expenditure to earn tax free income. Similar are the decisions in: 1. Punjab National Bank Vs. DCIT, 103 TTJ 908 (Del.); 2. Vidyut Investment Ltd., 10 SOT 284 (Del.); and 3. D.J. Mehta Vs. Income Tax Officer, 290 ITR 238 (Mum.) (AT) In view of the…

DCIT, New Delhi vs. M/S Jsl Ltd., Hisar

Accordingly, ground number 2 of the appeal of the learned AO for 2007 – 08 is dismissed

ITA 4110/DEL/2013[2007-08]Status: DisposedITAT Delhi19 Nov 2018AY 2007-08

Bench: Smt Diva Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Kumar Parnav, Sr. DR
Section 92CSection 92C(2)

…tallurgical Design Co. Ltd : ITA No. 803/2008 (Delhi HC)  CIT v. Torrent Power Ltd.: 363 ITR 474 (Guj)  CIT Vs Ms. Sushma Kapoor : 319 ITR 299 (Delhi)  CIT v. Adarsh Kumar Goel: [2011] 199 Taxman 149 (Punj. &Har.)(Mag.)  Wimco Seedlings Limited vs. DCIT : 107 ITD 267 (Del.)(TM)  Minda Investments Ltd. v. DCIT: 138 TTJ 240 (Del.)  Maruti Udyog Limited V. DCIT: 92 ITD 119 (Del.)  ACIT v. Eicher Limited: 101 TTJ 369 (Del.)  DLF Ltd. vs. CIT: 27 SOT 22 (Del)  Punjab National Bank V. DCIT: 103 TTJ 908 (Del.)  Vidyut Investment Ltd: [2006] 10 SOT 284 (Del.)  Impulse (India) Pvt. Ltd.: (2008) 22 SOT 368 (Del.…

Jindal Stainless Ltd., Hisar vs. DCIT, New Delhi

Accordingly, ground number 2 of the appeal of the learned AO for 2007 – 08 is dismissed

ITA 6337/DEL/2012[2008-09]Status: DisposedITAT Delhi19 Nov 2018AY 2008-09

Bench: Smt Diva Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Kumar Parnav, Sr. DR
Section 92CSection 92C(2)

…tallurgical Design Co. Ltd : ITA No. 803/2008 (Delhi HC)  CIT v. Torrent Power Ltd.: 363 ITR 474 (Guj)  CIT Vs Ms. Sushma Kapoor : 319 ITR 299 (Delhi)  CIT v. Adarsh Kumar Goel: [2011] 199 Taxman 149 (Punj. &Har.)(Mag.)  Wimco Seedlings Limited vs. DCIT : 107 ITD 267 (Del.)(TM)  Minda Investments Ltd. v. DCIT: 138 TTJ 240 (Del.)  Maruti Udyog Limited V. DCIT: 92 ITD 119 (Del.)  ACIT v. Eicher Limited: 101 TTJ 369 (Del.)  DLF Ltd. vs. CIT: 27 SOT 22 (Del)  Punjab National Bank V. DCIT: 103 TTJ 908 (Del.)  Vidyut Investment Ltd: [2006] 10 SOT 284 (Del.)  Impulse (India) Pvt. Ltd.: (2008) 22 SOT 368 (Del.…

DCIT -1(3)(2), Mumbai vs. Tata Lockheed Martinaerostructures Ltd., Hyderabad

In the result , appeal of the Revenue is partly allowed as indicated above

ITA 2667/MUM/2016[2011-12]Status: DisposedITAT Mumbai08 Aug 2018AY 2011-12

Bench: Shri Saktijit Dey & Shri Ramit Kochar

For Appellant: Ms. Arati VissanjiFor Respondent: Shri V. Justin,DR
Section 143(3)Section 14A

…P. Ltd. (2011) 336 ITR 434 (P&H) (g) CIT v. Hero Cycles Ltd. (2010) 323 ITR 518 (P&H) (h) CIT v. Winsome Textile Industries Ltd. 319 ITR 204 (P&H) (i) Godrej & Boyce Manufacturing Co Ltd, 328 ITR 81 (Bombay High Court) (j) Wimco Seedlings Ltd. v. DCIT (2007) 107 ITD 267 (Del) (TM) (k) Relaxo Footwears Ltd.,V. ACIT (2012) 50 SOT 102 (DEL); (I) Chanakya International Pvt. Ltd.v. ACIT (2013) 36 CCH 032 (Mum); (m) Justice Ram P Bharucha v. Addl. CIT (2012) 53 SOT 192. 5. Our attention was drawn to the judgments of Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd, Hon’ble Kolkata Tribunal in the c…

DCIT Cir 3(3)(2), Mumbai vs. Tulip Hotels P.Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 5151/MUM/2015[2011-12]Status: DisposedITAT Mumbai14 Mar 2018AY 2011-12

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Dcit Cir 3(3)(2) Vs. M/S. Tulip Hotels Pvt.Ltd., R.No.609, 6Th Floor Chandermukhi Building Aayakar Bhavan (Basement), Behind The M.K.Road, Oberoi Nariman Point Mumbai – 400 020 Mumbai – 400 021 Pan/Gir No. Aaact9446Q Appellant) .. Respondent)

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

…e investments made by the assessee in its subsidiary are not to be reckonedh for disallowance u/s. 14A r.w.r. 8D. " 5.1.9 Similarly, with respect to apportionment of expenses u/r 8D I find guidance in the following decisions: (a) Wimco Seedlings Ltd. v. DCIT, 107 ITD 267 (Delhi) (TM) wherein it is has been held that section 14A cannot be extended to disallow expenditure which is assumed to have been incurred for purpose cf earning tax free income. (b) Union Bank of India v. ACIT, ITA No. 5347/Mum/2007 wherein the Hon'ble Members following the decision in the case of Wimco Seedlincs Ltd. v. DCIT, 107 O 267 (Delhi)…

Wimco Seedlings v. DCIT (107 ITD 267) — Cited in 40 Judgments | BharatTax