“disallowance under section 14A”

Reliance Power Limited, Mumbai vs. Deputy Commissioner of Income Tax Circle 15(3)(1), Mumbai

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

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

exempt under section 10(34) and section 10(35) of the Act. Further, it was observed that the assessee has made suo moto disallowance under section 14A of the Act of Rs. 52,54,152 being the expenses related to exempt income. Since the assessee has not computed the disallowance ... assessee. The AO also reduced the book loss to Rs. 44,10,72,393 after making the addition of the aforesaid disallowance under section 14A read with Rule 8D of the Rules. 6. The learned CIT(A), vide impugned order, dismissed the appeal filed by the assessee and upheld

Reliance Power Limited, Mumbai vs. Deputy Commissioner of Income Tax .Circle 15(3)(1), Mumbai

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

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

exempt under section 10(34) and section 10(35) of the Act. Further, it was observed that the assessee has made suo moto disallowance under section 14A of the Act of Rs. 52,54,152 being the expenses related to exempt income. Since the assessee has not computed the disallowance ... assessee. The AO also reduced the book loss to Rs. 44,10,72,393 after making the addition of the aforesaid disallowance under section 14A read with Rule 8D of the Rules. 6. The learned CIT(A), vide impugned order, dismissed the appeal filed by the assessee and upheld

Asst CIT (Ltu) 1, Mumbai vs. Grasim Industries Limited (As A Successor to Aditya Birla Nuvo Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

assessee and the Revenue are in appeal before the Tribunal against the order of the CIT(A). ITA No. 1065/Mum/2017-Assessee's appeal. Disallowance under section 14A of the Act and adding the disallowance to book profits under section 115JB of the Act. – Ground No. 1 & 2. 4. During the year ... crores but confirmed the disallowance of Rs.17,82,82,009 towards indirect expenses. With regard to the contention of the assessee that disallowance under section 14A should not be added to the book profits under section 115JB, the CIT(A) upheld the decision

Grasim Industries Limited (As A Successor to Aditya Birla Nuvo Ltd), Mumbai vs. Addl CIT Ltu, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

assessee and the Revenue are in appeal before the Tribunal against the order of the CIT(A). ITA No. 1065/Mum/2017-Assessee's appeal. Disallowance under section 14A of the Act and adding the disallowance to book profits under section 115JB of the Act. – Ground No. 1 & 2. 4. During the year ... crores but confirmed the disallowance of Rs.17,82,82,009 towards indirect expenses. With regard to the contention of the assessee that disallowance under section 14A should not be added to the book profits under section 115JB, the CIT(A) upheld the decision

ACIT, Cir-2(1)(1), Mumbai vs. M/S. Bank of India, Mumbai

The appeal is dismissed and appeal of assessee is allowed

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhry, Jm M/S Bank Of India Acit, Circle 2(1)(1) Room No.575, 5Th Floor, C5 Block Star House, Bandra Kurla Complex, Aaykar Bhavan, Vs. M.K. Road, Bandra East, Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaacb0472C M/S Bank Of India Acit, Circle 2(1)(1) C5 Block Star House, Room No.575, 5Th Floor, Bandra Kurla Complex, Aaykar Bhavan, Vs. Bandra East, M.K. Road, Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Assessee By : Mr . C Naresh Ca Revenue By : Shri Sanjay Deshmukh Cit Dr & Shri P D Chougule, Addl. Cit Date Of Hearing: 3/7/2023 & 08.12.2023 Date Of Pronouncement : 21.12.2023

available both interest free and loans fund then presumption would arise that investment is made out of interest free fund for calculation of disallowance under Section 14A read with Rule 8D2(ii) when the issue of mixed fund as pending before larger Bench of Supreme Court. More so when ... 4491/Mum/2016 dated 25th May, 2018, which restored the matter before the learned Assessing Officer for considering the arguments of the assessee against disallowance under Section 14A of the Act. ITA Nos. 1228 & 1094/Mum/2023 Bank of India; A.Y. 2011-12 05. The learned Assessing Officer passed the consequent order on 26th

Bank of India, Mumbai vs. DCIT-2(1)(1), Mumbai

The appeal is dismissed and appeal of assessee is allowed

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhry, Jm M/S Bank Of India Acit, Circle 2(1)(1) Room No.575, 5Th Floor, C5 Block Star House, Bandra Kurla Complex, Aaykar Bhavan, Vs. M.K. Road, Bandra East, Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaacb0472C M/S Bank Of India Acit, Circle 2(1)(1) C5 Block Star House, Room No.575, 5Th Floor, Bandra Kurla Complex, Aaykar Bhavan, Vs. Bandra East, M.K. Road, Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Assessee By : Mr . C Naresh Ca Revenue By : Shri Sanjay Deshmukh Cit Dr & Shri P D Chougule, Addl. Cit Date Of Hearing: 3/7/2023 & 08.12.2023 Date Of Pronouncement : 21.12.2023

available both interest free and loans fund then presumption would arise that investment is made out of interest free fund for calculation of disallowance under Section 14A read with Rule 8D2(ii) when the issue of mixed fund as pending before larger Bench of Supreme Court. More so when ... 4491/Mum/2016 dated 25th May, 2018, which restored the matter before the learned Assessing Officer for considering the arguments of the assessee against disallowance under Section 14A of the Act. ITA Nos. 1228 & 1094/Mum/2023 Bank of India; A.Y. 2011-12 05. The learned Assessing Officer passed the consequent order on 26th

Deputy Commissioner of Income Tax, Central Circle -3(2), Mumbai vs. Viraj Profiles Private Limited, Mumbai

In the result, appeal filed by the assessee is partly allowed as per above directions

Bench: Shri Narender Kumar Choudhry, Hon’Ble & Shri S. Rifaur Rahman, Hon'Bleviraj Profiles Pvt Ltd V. Dy. Cit - Central Circle- 3(2) (Formerly Known As Viraj Profiles Limited) Room No. 1923, 19Th Floor 1St Floor, Viraj Towers Air India Building Jn Of Andheri Kurla Road Nariman Point W.E. Highway, Andheri (E) Mumbai- 400021 Mumbai- 400093 Pan: Aabcv1740N (Appellant) (Respondent) Dy. Cit - Central Circle- 3(2) V. Viraj Profiles Pvt Ltd (Formerly Known As Viraj Profiles Limited) Room No. 1923, 19Th Floor 1St Floor, Viraj Towers Air India Building, Nariman Jn Of Andheri Kurla Road Point W.E. Highway, Andheri (E) Mumbai- 400021 Mumbai- 400093 Pan: Aabcv1740N (Appellant) (Respondent) Assessee Represented By : Shri. Mani Jain Department Represented By : Shri. Ujjawal Kumar Chavan

pressed, accordingly, the same are dismissed as not pressed. 22. With regard to Ground No. 7 which is in respect of disallowance under section 14A of the Act, brief facts of the case are, at the time of assessment Assessing Officer observed that assessee has earned the exempt income ... response assessee has claimed that it has not incurred or claimed any expenditure for earning exempt income, therefore, no disallowance under section 14A was warranted. Assessing Officer observed that as per amended Rule 8D applicable w.e.f. 2nd June, 2016 provides for disallowance of 1% of the annual average value

DCIT- 8(2)(1), Mumbai vs. Piramal Estates Private Limited, Mumbai

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

Bench: Shri Kuldip Singh & Shri Gagan Goyal

have also applied our mind to the decisions relied upon Notably, before the first appellate authority, the assesses had specifically pleaded that no disallowance under section 14A r/w rule 8D can be made in the absence of any exempt income earned by the assessee during the year. The fact that ... case, as per the ratio laid down in the decisions cited before us by the learned Sr. Counsel for the assessee, no disallowance under section 14A r/w rule 8D can be made. It needs to be observed, the SLP filed by the Revenue against the decision

Viraj Profiles Private Limited, Mumbai vs. Dy. Commissioner of Income Tax, Central Circle-3(2), Mumbai

In the result, appeal filed by the assessee is partly allowed as per above directions

Bench: Shri Narender Kumar Choudhry, Hon’Ble & Shri S. Rifaur Rahman, Hon'Bleviraj Profiles Pvt Ltd V. Dy. Cit - Central Circle- 3(2) (Formerly Known As Viraj Profiles Limited) Room No. 1923, 19Th Floor 1St Floor, Viraj Towers Air India Building Jn Of Andheri Kurla Road Nariman Point W.E. Highway, Andheri (E) Mumbai- 400021 Mumbai- 400093 Pan: Aabcv1740N (Appellant) (Respondent) Dy. Cit - Central Circle- 3(2) V. Viraj Profiles Pvt Ltd (Formerly Known As Viraj Profiles Limited) Room No. 1923, 19Th Floor 1St Floor, Viraj Towers Air India Building, Nariman Jn Of Andheri Kurla Road Point W.E. Highway, Andheri (E) Mumbai- 400021 Mumbai- 400093 Pan: Aabcv1740N (Appellant) (Respondent) Assessee Represented By : Shri. Mani Jain Department Represented By : Shri. Ujjawal Kumar Chavan

pressed, accordingly, the same are dismissed as not pressed. 22. With regard to Ground No. 7 which is in respect of disallowance under section 14A of the Act, brief facts of the case are, at the time of assessment Assessing Officer observed that assessee has earned the exempt income ... response assessee has claimed that it has not incurred or claimed any expenditure for earning exempt income, therefore, no disallowance under section 14A was warranted. Assessing Officer observed that as per amended Rule 8D applicable w.e.f. 2nd June, 2016 provides for disallowance of 1% of the annual average value

Edelweiss Asset Management Ltd, Mumbai vs. ACIT, Circle-3(1)(2), Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri Kuldip Singh, Jm & Ms Padmavathy S, Am

treating as capital expenditure. The Appellant prays that its claim be allowed as business expenditure under the provisions of the Act. Disallowance under section 14A of the Act: 4. On the facts and in the circumstances of the case and in law, the Ld. NFAC erred in upholding the action ... while computing the assessed income had taken the loss as per the original return of income and made the addition towards disallowance under section 14A of the Act. The AO however had considered the loss filed by the assessee as per the revised return of income in the computation sheet

Atc Global Logistics Private Limited, Mumbai vs. Assistant Commissioner of Income Tax, Circle2(1)(1), Mumbai

In the result, appeal filed by assessee is partly allowed

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

were duly served on the assessee. The Assessing Officer (AO) completed the assessment by making an addition of Rs. 6,21,921/- as disallowance under section 14A r.w.r. 8D (2)(iii), and Rs. 4,00,000/- towards depreciation on assets sold claimed by the assessee as a deduction ... appeal before the Ld. CIT(A) who confirmed the order of the AO. Aggrieved, the assessee is in appeal before the Tribunal. Disallowance under section 14A 4. During the year under consideration, the assessee has earned a dividend income of Rs. 28,32,555/-. The AO during the course

Indiabullas Housing Finance Limited, Mumbai vs. DCIT, Central Circle-6(4), Mumbai

appeal by Assessee 6. Ground No. i. & ii. raised by the Revenue and Ground 1 raised by the Assessee pertains to disallowance under Section 14A of the Act. 6.1. The facts relevant to the adjudication of the issues for consideration are that during the assessment proceedings, the Assessing Officer noted ... been claimed exempt under the provisions of the Act. Therefore, the Assessing Officer asked the Assessee to show cause as to why disallowance under Section 14A of the Act should not be made by invoking the provisions contained in Rule 8D of the Rules. In response, the Assessee filed

DCIT, Circle- 4(1)(1), Mumbai vs. Businessmatch Services (India) Pvt. Ltd., Mumbai

Accordingly, ITA number 2455/M/2023 for assessment year 2017 – 18 filed by the assessing officer is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

Section 68 of the Act. 07. The learned Assessing Officer further found that assessee has earned dividend income of ₹4,60,006/- and disallowance under Section 14A of the Act of ₹9,60,000/- was made, suo moto. The learned Assessing Officer show caused the assessee for application of disallowance ... deleted by the co-ordinate bench, was also deleted. 011. The learned CIT (A) with respect to the disallowance under Section 14A of the Act has categorically held that assessee has dividend income of ₹4,66,066/- and it has exempt income earned of ₹4,66,066/- and suo moto

ACIT, Circle-4(1)(1), Mumbai vs. M/S. Businessmatch Services (India) Pvt Ltd, Mumbai

Accordingly, ITA number 2455/M/2023 for assessment year 2017 – 18 filed by the assessing officer is dismissed

Bench: Shri Aby T Varkey, Jm & Shri Prashant Maharishi, Am

Section 68 of the Act. 07. The learned Assessing Officer further found that assessee has earned dividend income of ₹4,60,006/- and disallowance under Section 14A of the Act of ₹9,60,000/- was made, suo moto. The learned Assessing Officer show caused the assessee for application of disallowance ... deleted by the co-ordinate bench, was also deleted. 011. The learned CIT (A) with respect to the disallowance under Section 14A of the Act has categorically held that assessee has dividend income of ₹4,66,066/- and it has exempt income earned of ₹4,66,066/- and suo moto