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“disallowance under section 14A”

DisallowancesSection 14ASection 14A2,288 judgments

The decision most relied on for disallowance under section 14A is CIT v. Reliance Petroproducts Pvt. Ltd. (322 ITR 158), cited in 2,228 judgments on BharatTax.

Leading authorities on disallowance under section 14A

CIT v. Reliance Petroproducts Pvt. Ltd.
322 ITR 158 · 2010 · Supreme Court
2,228
citing judgments

Penalty under Section 271(1)(c) for furnishing inaccurate particulars or concealment of income is not automatically leviable if the assessee has made a full disclosure of all particulars and the addition or disallowance arises from a difference of opinion.

CIT v. Reliance Utilities & Power Ltd.
313 ITR 340 · 2009 · High Court
2,118
citing judgments

Where an assessee claims that investments were made out of own funds, interest disallowance under Section 14A read with Rule 8D may not apply if the assessee demonstrates the availability of sufficient interest-free funds to cover such investments.

Maxopp Investment Ltd. v. CIT
402 ITR 640 · 2018 · Supreme Court
1,596
citing judgments

Disallowance under Section 14A is not automatic and requires the Assessing Officer to record satisfaction before applying Rule 8D. Only investments yielding exempt income are considered for disallowance, irrespective of their strategic nature.

Cheminvest Ltd. v. CIT
378 ITR 33 · 2015 · High Court
1,569
citing judgments

A disallowance under Section 14A of the Income-tax Act, 1961, for expenditure incurred in relation to exempt income cannot be made if the assessee has not earned any exempt income during the relevant previous year.

S.A. Builders Ltd. v. CIT
288 ITR 1 · 2007 · Supreme Court
1,484
citing judgments

Interest paid on borrowed funds cannot be disallowed merely because the assessee made interest-free advances, provided those advances were made for business purposes and commercial expediency. The Revenue cannot dictate a businessman's commercial decisions, but the assessee bears the onus to prove the business expediency.

CIT v. HDFC Bank Ltd.
366 ITR 505 · 2014 · High Court
1,261
citing judgments

When an assessee possesses interest-free funds sufficient to cover investments yielding tax-free income, it is presumed that such investments were made from these interest-free funds, precluding disallowance of interest expenditure under Section 14A.

Godrej & Boyce Mfg. Co. Ltd. v. DCIT
328 ITR 81 · 2010 · High Court
1,183
citing judgments

Rule 8D, for computing disallowance under Section 14A for expenses related to exempt income, applies from Assessment Year 2008-09 onwards; for prior years, a reasonable disallowance must be made. The disallowance under Section 14A cannot exceed the actual exempt income earned.

ACIT v. Vireet Investment Pvt. Ltd.
165 ITD 27 · 2017 · ITAT
882
citing judgments

No disallowance under section 14A can be made while computing book profits under section 115JB unless the expenditure is debited to the profit and loss account and satisfies clause (f) of Explanation 1 to section 115JB(2).

Judgments citing disallowance under section 14A

The Deputy Commissioner of Income Tax, Circle - 2(1), Mangalore vs. Karnataka Bank Limited., Mangalore

In the result, the appeal of the assessee is partly allowed for statistical purposes and the revenue’s appeal is dismissed

ITA 161/PAN/2019[2015-16]Status: DisposedITAT Bangalore30 Sept 2024AY 2015-16

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K., Judciial Member Assessment Year : 2015-16

For Appellant: Shri Ananthan S. & Smt. Lalitha Rameswaran, CAsFor Respondent: Shri D.K. Mishra, CIT(DR)(ITAT), Bengaluru
Section 115JSection 14ASection 234BSection 36(1)(vii)Section 36(1)(viia)Section 40Section 41(4)

this section. Therefore, any expenditure relatable to earning of income exempt under section 10(2A) and section 10(35) of the Act is disallowed under section 14A of the Act and is added back to book profit under clause (f) of section 115JB of the Act, the same would amount ... section 115JB(2) are debited to the statement of profit and loss account, then only the provisions of section 115JB would apply. The disallowance under section 14A of the Act is a notional disallowance and therefore, by taking recourse to section 14A of the Act, the amount cannot be added

M/S. Karnataka Bank Limited, Mangaluru vs. The Deputy Commissioner of Income Tax. Circle- 2(1), Mangaluru

In the result, the appeal of the assessee is partly allowed for statistical purposes and the revenue’s appeal is dismissed

ITA 1107/BANG/2019[2015-16]Status: DisposedITAT Bangalore30 Sept 2024AY 2015-16

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K., Judciial Member Assessment Year : 2015-16

For Appellant: Shri Ananthan S. & Smt. Lalitha Rameswaran, CAsFor Respondent: Shri D.K. Mishra, CIT(DR)(ITAT), Bengaluru
Section 115JSection 14ASection 234BSection 36(1)(vii)Section 36(1)(viia)Section 40Section 41(4)

this section. Therefore, any expenditure relatable to earning of income exempt under section 10(2A) and section 10(35) of the Act is disallowed under section 14A of the Act and is added back to book profit under clause (f) of section 115JB of the Act, the same would amount ... section 115JB(2) are debited to the statement of profit and loss account, then only the provisions of section 115JB would apply. The disallowance under section 14A of the Act is a notional disallowance and therefore, by taking recourse to section 14A of the Act, the amount cannot be added

DCIT 2(3)(1), Mumbai vs. Hdfc Bank Limited, Mumbai

Accordingly, (a) all the grounds raised by the Revenue are dismissed, (b) Cross Objection 1 (1

ITA 3372/MUM/2023[2015-16]Status: DisposedITAT Mumbai30 Sept 2024AY 2015-16

Bench: SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Yogesh Thar a/w ChaitanyaFor Respondent: Shri Biswanath Das
Section 143(3)Section 14ASection 153

erred in invoking provisions of Rule 8D of the Income Tax Rules, 1962 (“the Rules” for the purpose of disallowance under section 14A of the Act. 2.1.2. The Ld. Assessing Officer erred in disallowing broken period interest paid on securities classified under the category of ‘Held to maturity

ACIT-1(1)(1), Mumbai vs. M/S Bennett Coleman & Company Limited, Mumbai

Appeal of the assessee is allowed and revenue is dismissed

ITA 1520/MUM/2023[2018-2019]Status: DisposedITAT Mumbai30 Sept 2024AY 2018-2019

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Rahul Chaudhary, Hon'Bleι.Τ.Α. No.1387/Mum/2023 (Assessment Year: 2018-19) Bennett Coleman & Co Ltd. The Times Of India Building, Dr. Dadabhai Naoroji Road Fort, Mumbai-400 001 [Pan: Aaacb4373Q] Vs National Faceless Assessment Centre, Delhi अपीलार्थी/ (Appellant) प्रत्य्थी / (Respondent) Ι.Τ.Α. No.1520/Mum/2023 (Assessment Year: 2018-19) Acit-1(1)(1), Mumbai Vs Bennett Coleman & Co Ltd. The Times Of India Building, Dr. Dadabhai Naoroji Road Fort, Mumbai-400 001 [Pan: Aaacb4373Q] Assessee By : Shri P.J. Pardiwala A/W. Shri Madhur Agrawal, Shri Jas Sanghavi, Shri Yash Prakash & Shri Vikas Poojary Revenue By : Shri S. Srinivasu Cit Dr A/W. Shri Ashok Ambastha, Sr. Dr सुनवाई की तारीख/Date Of Hearing : 12.09.2024 घोषणा की तारीख /Date Of Pronouncement: 30.09.2024 2 आदेश/Order आयकर अपीलीय अधिकरण Income Tax Appellate Tribunal Ι.Τ.Α. No.1387/Mum/2023 & 1520/Mum/2023 Bennett Coleman & Co. Ltd. Per Narendra Kumar Billaiya, Am

For Appellant: Shri P.J. Pardiwala a/w. Shri MadhurFor Respondent: Shri S. Srinivasu CIT DR a/w. Shri Ashok
Section 10(38)Section 115JSection 14ASection 14A(2)Section 153

years? 5. Whether in the facts and circumstances of the case and in law, the Ld. CIT(A) was justified in upholding the disallowance under Section 14A of the Act notwithstanding the fact that the non-interest-bearing funds of the Appellant are in excess of the investments yielding exempt

Bennett Coleman & Co. Ltd, Mumbai vs. National Faceless Assessment Centre., Delhi

ITA 1387/MUM/2023[2018--2019]Status: DisposedITAT Mumbai30 Sept 2024

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Rahul Chaudhary, Hon'Bleι.Τ.Α. No.1387/Mum/2023 (Assessment Year: 2018-19) Bennett Coleman & Co Ltd. The Times Of India Building, Dr. Dadabhai Naoroji Road Fort, Mumbai-400 001 [Pan: Aaacb4373Q] Vs National Faceless Assessment Centre, Delhi अपीलार्थी/ (Appellant) प्रत्य्थी / (Respondent) Ι.Τ.Α. No.1520/Mum/2023 (Assessment Year: 2018-19) Acit-1(1)(1), Mumbai Vs Bennett Coleman & Co Ltd. The Times Of India Building, Dr. Dadabhai Naoroji Road Fort, Mumbai-400 001 [Pan: Aaacb4373Q] Assessee By : Shri P.J. Pardiwala A/W. Shri Madhur Agrawal, Shri Jas Sanghavi, Shri Yash Prakash & Shri Vikas Poojary Revenue By : Shri S. Srinivasu Cit Dr A/W. Shri Ashok Ambastha, Sr. Dr सुनवाई की तारीख/Date Of Hearing : 12.09.2024 घोषणा की तारीख /Date Of Pronouncement: 30.09.2024 2 आदेश/Order आयकर अपीलीय अधिकरण Income Tax Appellate Tribunal Ι.Τ.Α. No.1387/Mum/2023 & 1520/Mum/2023 Bennett Coleman & Co. Ltd. Per Narendra Kumar Billaiya, Am

For Appellant: Shri P.J. Pardiwala a/w. Shri MadhurFor Respondent: Shri S. Srinivasu CIT DR a/w. Shri Ashok
Section 10(38)Section 115JSection 14ASection 14A(2)Section 153

years? 5. Whether in the facts and circumstances of the case and in law, the Ld. CIT(A) was justified in upholding the disallowance under Section 14A of the Act notwithstanding the fact that the non-interest-bearing funds of the Appellant are in excess of the investments yielding exempt

DCIT, Central Circle- 1(3), Ahmedabad vs. M/S Lok Prakashan Ltd., Ahmedabad

The appeal of the Revenue is dismissed accordingly

ITA 480/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad27 Sept 2024AY 2018-19

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.290 & 291/Ahd/2023 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 Respectively Lok Prakashan Limited The Acit बनाम/ Gujarat Samachar Bhavan Central Circle-1(3) V/S. J.P. Chowk, Khanpur Ahmedabad – 380 009 Ahmedabad – 380 001 (अपीलाथ%/ Appellant) ('( यथ%/ Respondent) "थायी लेखा सं./Pan: Aaacl 2742 F

For Appellant: Shri Vartik Choksi, ARFor Respondent: Shri Prathvi Raj Meena, CIT-DR
Section 143(3)Section 14ASection 250

assessee preferred an appeal before CIT(A) against this order of AO, who partly allowed the appeal, directing a recalculation of the disallowance under Section 14A of the Act based on revised computations as per Rule 8D and deleted the disallowance of business development expenditure ... aside and that of the A.O be restored to the above extent. 5.1. As evident, there are two grounds in these cross appeals, Disallowance under Section 14A and Disallowance of Business Development Expenses. For a clear and coherent resolution of the cross-appeals we deal with them

DCIT, Central Circle - 1(3), Ahmedabad vs. M/S Lok Prakashan Ltd., Ahmedabad

The appeal of the Revenue is dismissed accordingly

ITA 479/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad27 Sept 2024AY 2017-18

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.290 & 291/Ahd/2023 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 Respectively Lok Prakashan Limited The Acit बनाम/ Gujarat Samachar Bhavan Central Circle-1(3) V/S. J.P. Chowk, Khanpur Ahmedabad – 380 009 Ahmedabad – 380 001 (अपीलाथ%/ Appellant) ('( यथ%/ Respondent) "थायी लेखा सं./Pan: Aaacl 2742 F

For Appellant: Shri Vartik Choksi, ARFor Respondent: Shri Prathvi Raj Meena, CIT-DR
Section 143(3)Section 14ASection 250

assessee preferred an appeal before CIT(A) against this order of AO, who partly allowed the appeal, directing a recalculation of the disallowance under Section 14A of the Act based on revised computations as per Rule 8D and deleted the disallowance of business development expenditure ... aside and that of the A.O be restored to the above extent. 5.1. As evident, there are two grounds in these cross appeals, Disallowance under Section 14A and Disallowance of Business Development Expenses. For a clear and coherent resolution of the cross-appeals we deal with them

Lok Prakashan Limited, Ahmedabad vs. ACIT, Central Circle-1(3), Ahmedabad

The appeal of the Revenue is dismissed accordingly

ITA 291/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad27 Sept 2024AY 2018-19

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.290 & 291/Ahd/2023 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 Respectively Lok Prakashan Limited The Acit बनाम/ Gujarat Samachar Bhavan Central Circle-1(3) V/S. J.P. Chowk, Khanpur Ahmedabad – 380 009 Ahmedabad – 380 001 (अपीलाथ%/ Appellant) ('( यथ%/ Respondent) "थायी लेखा सं./Pan: Aaacl 2742 F

For Appellant: Shri Vartik Choksi, ARFor Respondent: Shri Prathvi Raj Meena, CIT-DR
Section 143(3)Section 14ASection 250

assessee preferred an appeal before CIT(A) against this order of AO, who partly allowed the appeal, directing a recalculation of the disallowance under Section 14A of the Act based on revised computations as per Rule 8D and deleted the disallowance of business development expenditure ... aside and that of the A.O be restored to the above extent. 5.1. As evident, there are two grounds in these cross appeals, Disallowance under Section 14A and Disallowance of Business Development Expenses. For a clear and coherent resolution of the cross-appeals we deal with them

Lok Prakashan Limited, Ahmedabad vs. ACIT, Central Circle-1(3), Ahmedabad

The appeal of the Revenue is dismissed accordingly

ITA 290/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad27 Sept 2024AY 2017-18

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.290 & 291/Ahd/2023 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 Respectively Lok Prakashan Limited The Acit बनाम/ Gujarat Samachar Bhavan Central Circle-1(3) V/S. J.P. Chowk, Khanpur Ahmedabad – 380 009 Ahmedabad – 380 001 (अपीलाथ%/ Appellant) ('( यथ%/ Respondent) "थायी लेखा सं./Pan: Aaacl 2742 F

For Appellant: Shri Vartik Choksi, ARFor Respondent: Shri Prathvi Raj Meena, CIT-DR
Section 143(3)Section 14ASection 250

assessee preferred an appeal before CIT(A) against this order of AO, who partly allowed the appeal, directing a recalculation of the disallowance under Section 14A of the Act based on revised computations as per Rule 8D and deleted the disallowance of business development expenditure ... aside and that of the A.O be restored to the above extent. 5.1. As evident, there are two grounds in these cross appeals, Disallowance under Section 14A and Disallowance of Business Development Expenses. For a clear and coherent resolution of the cross-appeals we deal with them

Condis India Healthcare Private Limited, Trivandrum vs. ACIT Circle 1(1), Trivandrum

In the result, the appeals ITA Nos

ITA 356/COCH/2023[2015-16]Status: DisposedITAT Cochin27 Sept 2024AY 2015-16

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

For Appellant: Shri Rajakannan, AdvocateFor Respondent: Smt. Girly Albert, Sr. D.R
Section 10(34)Section 139Section 14A

before applying the theory of apportionment, the AO needs to record satisfaction that having regard to the kind of the assessee, suo moto disallowance under Section 14A was not correct. It will be in those cases where the assessee in his return has himself apportioned

Condis India Healthcare Private Limited, Trivandrum vs. ACIT Circle 1(1), Trivandrum

In the result, the appeals ITA Nos

ITA 355/COCH/2023[2014-15]Status: DisposedITAT Cochin27 Sept 2024AY 2014-15

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

For Appellant: Shri Rajakannan, AdvocateFor Respondent: Smt. Girly Albert, Sr. D.R
Section 10(34)Section 139Section 14A

before applying the theory of apportionment, the AO needs to record satisfaction that having regard to the kind of the assessee, suo moto disallowance under Section 14A was not correct. It will be in those cases where the assessee in his return has himself apportioned

Condis India Healthcare Private Limited, Trivandrum vs. ACIT Circle 1(1), Trivandrum

In the result, the appeals ITA Nos

ITA 354/COCH/2023[2013-14]Status: DisposedITAT Cochin27 Sept 2024AY 2013-14

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

For Appellant: Shri Rajakannan, AdvocateFor Respondent: Smt. Girly Albert, Sr. D.R
Section 10(34)Section 139Section 14A

before applying the theory of apportionment, the AO needs to record satisfaction that having regard to the kind of the assessee, suo moto disallowance under Section 14A was not correct. It will be in those cases where the assessee in his return has himself apportioned

Asst. Commissioner of Income-Tax-Circle 6(1)(2), Mumbai vs. 360 One Prime Ltd., Mumbai

In the result, the appeal of the Revenue is allowed for t, the appeal of the Revenue is allowed for t, the appeal of the Revenue is allowed for statistical purposes

ITA 3201/MUM/2024[2016-17]Status: DisposedITAT Mumbai27 Sept 2024AY 2016-17

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2016-17 Asst. Cit Circle-6(1)(2), 360 One Prime Ltd., Room No. 506, 5Th Floor, Aayakar Iifl Centre, Kamala City, Senapati Vs. Bhavan, M.K. Road, Bapat Marg, Lower Parel (W), Mumbai-400020. Mumbai-400013. Pan No. Aabcc 3347 E Appellant Respondent

For Appellant: Mr. Krishnakumar, Sr. DRFor Respondent: Mr. Pritesh Mehta
Section 115JSection 14A

year, while computing average investments for the purpose of working year, while computing average investments for the purpose of working out disallowances out disallowances under section 14A of the Act read with Rule 8D of the under section 14A of the Act read with Rule 8D of the Rules ... yield any exempt income during the financial year) while which did not yield any exempt income during the financial year) while computing disallowance under section 14A of the Act read with Rule computing disallowance under section 14A of the Act read with Rule computing disallowance under section 14A

DCIT-3(4), Mumbai vs. M/S Union of Bank of India, Mumbai

ITA 1819/MUM/2023[2016-17]Status: DisposedITAT Mumbai27 Sept 2024AY 2016-17

Bench: Shri Anikesh Banerjee, Jm & Shri Ms Padmavathy S, Am, Ι.Τ.Α. No.1440/Mum/2023 (Assessment Year: 2016-17) M/S Union Bank Of India, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021 Pan : Aaacu0564G Dcit, Circle-(Ltu) 2 29Th Floor, World Trade Centre, Vs. Cuffe Parade, Mumbai-400005. Appellant) : Respondent) Ι.Τ.Α. No.1819/Mum/2023 (Assessment Year: 2016-17) Dcit-3(4) 29Th Floor, Centre-1, World Trade Centre, Cuffe Parade, Mumbai-400005. Appellant) Vs. M/S Union Bank Of India, Central Accounts Dept., 6Th Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021 Pan : Aaacu0564G : Respondent) Ι.Τ.Α. No.1441/Mum/2023 (Assessment Year: 2017-18) M/S Union Bank Of India, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021 Pan : Aaacu0564G Dcit, Circle-(Ltu) 1 29Th Floor, World Trade Centre, Vs. Cuffe Parade, Mumbai-400005. Appellant) : Respondent) 2

For Appellant: Shri C. Naresh, ARFor Respondent: Shri Vivek Perampurna, CIT-DR
Section 115JSection 144Section 14ASection 36(1)(viii)

submissions made by rival sides and have examined the orders of authorities below. The assessee in appeal has raised solitary ground against the disallowance under section 14A r.w.r. 8D of the Act. The Revenue in ground No.1 of the appeal has impugned the finding of CIT(A) in restoring ... moto disallowance of Rs.9,20,164/- under section 14A for earning tax free income. The assessee in appeal has contended that no disallowance under section 14A of the Act is warranted as tax free income has been earned on shares/stock held as 'stock-n-trade'. In so far as contention

DCIT-3(4), Mumbai vs. M/S Union of Bank of India, Mumbai

ITA 1818/MUM/2023[2017-18]Status: DisposedITAT Mumbai27 Sept 2024AY 2017-18

Bench: Shri Anikesh Banerjee, Jm & Shri Ms Padmavathy S, Am, Ι.Τ.Α. No.1440/Mum/2023 (Assessment Year: 2016-17) M/S Union Bank Of India, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021 Pan : Aaacu0564G Dcit, Circle-(Ltu) 2 29Th Floor, World Trade Centre, Vs. Cuffe Parade, Mumbai-400005. Appellant) : Respondent) Ι.Τ.Α. No.1819/Mum/2023 (Assessment Year: 2016-17) Dcit-3(4) 29Th Floor, Centre-1, World Trade Centre, Cuffe Parade, Mumbai-400005. Vs. M/S Union Bank Of India, Central Accounts Dept., 6Th Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021 Pan : Aaacu0564G Appellant) : Respondent) Ι.Τ.Α. No.1441/Mum/2023 (Assessment Year: 2017-18) M/S Union Bank Of India, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021 Pan : Aaacu0564G Dcit, Circle-(Ltu) 1 29Th Floor, World Trade Centre, Vs. Cuffe Parade, Mumbai-400005. Appellant) : Respondent) 2

For Appellant: Shri C. Naresh, ARFor Respondent: Shri Vivek Perampurna, CIT-DR
Section 115JSection 144Section 14ASection 36(1)(viii)

submissions made by rival sides and have examined the orders of authorities below. The assessee in appeal has raised solitary ground against the disallowance under section 14A r.w.r. 8D of the Act. The Revenue in ground No.1 of the appeal has impugned the finding of CIT(A) in restoring ... moto disallowance of Rs.9,20,164/- under section 14A for earning tax free income. The assessee in appeal has contended that no disallowance under section 14A of the Act is warranted as tax free income has been earned on shares/stock held as 'stock-n-trade'. In so far as contention

Union Bank of India, Mumbai vs. DCIT, Cir - (Ltu)-2, Mumbai

ITA 1441/MUM/2023[2017-18]Status: DisposedITAT Mumbai27 Sept 2024AY 2017-18

Bench: Shri Anikesh Banerjee, Jm & Shri Ms Padmavathy S, Am, Ι.Τ.Α. No.1440/Mum/2023 (Assessment Year: 2016-17) M/S Union Bank Of India, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021 Pan : Aaacu0564G Dcit, Circle-(Ltu) 2 29Th Floor, World Trade Centre, Vs. Cuffe Parade, Mumbai-400005. Appellant) : Respondent) Ι.Τ.Α. No.1819/Mum/2023 (Assessment Year: 2016-17) Dcit-3(4) 29Th Floor, Centre-1, World Trade Centre, Cuffe Parade, Mumbai-400005. Vs. M/S Union Bank Of India, Central Accounts Dept., 6Th Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021 Pan : Aaacu0564G Appellant) : Respondent) Ι.Τ.Α. No.1441/Mum/2023 (Assessment Year: 2017-18) M/S Union Bank Of India, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021 Pan : Aaacu0564G Dcit, Circle-(Ltu) 1 29Th Floor, World Trade Centre, Vs. Cuffe Parade, Mumbai-400005. Appellant) : Respondent) 2

Section 115JSection 144Section 14ASection 36(1)(viii)

submissions made by rival sides and have examined the orders of authorities below. The assessee in appeal has raised solitary ground against the disallowance under section 14A r.w.r. 8D of the Act. The Revenue in ground No.1 of the appeal has impugned the finding of CIT(A) in restoring ... moto disallowance of Rs.9,20,164/- under section 14A for earning tax free income. The assessee in appeal has contended that no disallowance under section 14A of the Act is warranted as tax free income has been earned on shares/stock held as 'stock-n-trade'. In so far as contention

Union Bank of India, Mumbai vs. DCIT, Cir - (Ltu)-2, Mumbai

ITA 1440/MUM/2023[2016-17]Status: DisposedITAT Mumbai27 Sept 2024AY 2016-17

Bench: Shri Anikesh Banerjee, Jm & Shri Ms Padmavathy S, Am, Ι.Τ.Α. No.1440/Mum/2023 (Assessment Year: 2016-17) M/S Union Bank Of India, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021 Pan : Aaacu0564G Dcit, Circle-(Ltu) 2 29Th Floor, World Trade Centre, Vs. Cuffe Parade, Mumbai-400005. Appellant) : Respondent) Ι.Τ.Α. No.1819/Mum/2023 (Assessment Year: 2016-17) Dcit-3(4) 29Th Floor, Centre-1, World Trade Centre, Cuffe Parade, Mumbai-400005. Vs. M/S Union Bank Of India, Central Accounts Dept., 6Th Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021 Pan : Aaacu0564G Appellant) : Respondent) Ι.Τ.Α. No.1441/Mum/2023 (Assessment Year: 2017-18) M/S Union Bank Of India, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021 Pan : Aaacu0564G Dcit, Circle-(Ltu) 1 29Th Floor, World Trade Centre, Vs. Cuffe Parade, Mumbai-400005. Appellant) : Respondent) 2

For Appellant: Shri C. Naresh, ARFor Respondent: Shri Vivek Perampurna, CIT-DR
Section 115JSection 144Section 14ASection 36(1)(viii)

submissions made by rival sides and have examined the orders of authorities below. The assessee in appeal has raised solitary ground against the disallowance under section 14A r.w.r. 8D of the Act. The Revenue in ground No.1 of the appeal has impugned the finding of CIT(A) in restoring ... moto disallowance of Rs.9,20,164/- under section 14A for earning tax free income. The assessee in appeal has contended that no disallowance under section 14A of the Act is warranted as tax free income has been earned on shares/stock held as 'stock-n-trade'. In so far as contention

Vam Group Hi-Tech Engineering Private Limited, Alappuzha vs. The Deputy Commissioner of Income Tax, Circle-1, Alappuzha

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

ITA 346/COCH/2024[2012-13]Status: DisposedITAT Cochin26 Sept 2024AY 2012-13

Bench: Shri Waseem Ahmed & Shri Soundararajan K.Vam Group Hi-Tech Engineering Dcit, Circle - 1 Pvt. Ltd. Alappuzha X/685, Vam House, Vs. Pathirappally P.O., Alappuzha 688521 [Pan: Aaacv6606N] (Appellant) (Respondent)

For Appellant: Shri R. KrishnanFor Respondent: Smt. Girly Albert, Sr. D.R
Section 10(34)Section 14A

held as under: 3 Vam Group Hi-Tech Engineering Pvt. Ltd. 6. In a series of judgments it has been held that the disallowance under section 14A of the Act read with rule 8D of the Rules cannot exceed the exempt income. In this regard, it would be useful

Nahar Industrial Enterprises Limited, Ludhiana vs. DCIT, Circle-1, Ludhiana

In the result, the disallowance so made by the AO invoking Section 14A r/w Rule 8D and sustained by the ld CIT(A) is hereby directed to be deleted

ITA 896/CHANDI/2024[2022-23]Status: DisposedITAT Chandigarh25 Sept 2024AY 2022-23

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

For Appellant: Shri Navdeep Sharma, AdvocateFor Respondent: Smt. Kusum Bansal, CIT DR
Section 10(34)Section 143(2)Section 14A

claim of the assessee having regard to the account of the assessee and hence Rule 8D was invoked to compute the amount of disallowance under Section 14A of the Act read with explanation thereto. At the same time, it was fairly admitted by the Ld DR that the assessee

Eris Lifesciences Ltd., Ahmedabad vs. The Pr. CIT, Ahmedabad-1, Ahmedabad

In the result, appeal of the assessee is allowed

ITA 1073/AHD/2024[2018-19]Status: DisposedITAT Ahmedabad25 Sept 2024AY 2018-19

Bench: Ms. Suchitra Kamble & Shri Makarand Vasant Mahadeokarassessment Year: 2018-19

Section 115JSection 143(3)Section 144BSection 14ASection 263Section 80I

assessed income of Rs.6.05,77,835/-. The Assessing Officer has made addition of Rs.11,62,133/- on account of disallowance under Section 14A, addition of Rs.69,39,723/- on account of disallowance of channel partners/retail promotion expenses as grouped under the head other selling & Distribution expenses, addition of Rs.33