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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

Addl. CIT, Special Range- 7, New Delhi vs. Ptc India Financial Services Ltd, New Delhi

In the result, the appeals of the assessee for AY 2013-14 and 2014-15

ITA 7433/DEL/2017[2014-15]Status: DisposedITAT Delhi29 Nov 2023AY 2014-15

Bench: Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year 2013-14 & Asstt. Year 2014-15

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Shri Vivek Vardhan, Sr. DR
Section 234BSection 36(1)(viii)Section 37

reasonable method adopted by the assessee. Hence reference to Rule 8D is not called for. Strategic investments be not considered while computing disallowance under section 14A vis a vis Rule 8D. Hence no further disallowance be made under section 14A r.w. Rule 8D. 24. The Ld. AO did not accept

Ptc India Financial Services Ltd., New Delhi vs. DCIT, Circle- 19(2), New Delhi

In the result, the appeals of the assessee for AY 2013-14 and 2014-15

ITA 7273/DEL/2017[2014-15]Status: DisposedITAT Delhi29 Nov 2023AY 2014-15

Bench: Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year 2013-14 & Asstt. Year 2014-15

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Shri Vivek Vardhan, Sr. DR
Section 234BSection 36(1)(viii)Section 37

reasonable method adopted by the assessee. Hence reference to Rule 8D is not called for. Strategic investments be not considered while computing disallowance under section 14A vis a vis Rule 8D. Hence no further disallowance be made under section 14A r.w. Rule 8D. 24. The Ld. AO did not accept

ACIT, New Delhi vs. M/S. Ptc India Financial Services Ltd., New Delhi

In the result, the appeals of the assessee for AY 2013-14 and 2014-15

ITA 2175/DEL/2017[2013-14]Status: DisposedITAT Delhi29 Nov 2023AY 2013-14

Bench: Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year 2013-14 & Asstt. Year 2014-15

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Shri Vivek Vardhan, Sr. DR
Section 234BSection 36(1)(viii)Section 37

reasonable method adopted by the assessee. Hence reference to Rule 8D is not called for. Strategic investments be not considered while computing disallowance under section 14A vis a vis Rule 8D. Hence no further disallowance be made under section 14A r.w. Rule 8D. 24. The Ld. AO did not accept

M/S. Ptc India Financial Services Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessee for AY 2013-14 and 2014-15

ITA 2162/DEL/2017[2013-14]Status: DisposedITAT Delhi29 Nov 2023AY 2013-14

Bench: Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year 2013-14 & Asstt. Year 2014-15

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Shri Vivek Vardhan, Sr. DR
Section 234BSection 36(1)(viii)Section 37

reasonable method adopted by the assessee. Hence reference to Rule 8D is not called for. Strategic investments be not considered while computing disallowance under section 14A vis a vis Rule 8D. Hence no further disallowance be made under section 14A r.w. Rule 8D. 24. The Ld. AO did not accept

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)

options and market price at the time of grant of options) of Rs. 2.48.85,009 under section 37(1) of the Act 4. Disallowance under section 14A of the Act read with Rule 8D of the Income-tax Rules, 1962 4.1 On the facts and in the circumstances ... Without prejudice to the above, the Ld. AO and Hon'ble DRP erred in not considering thecontention of the Appellant while computing the disallowance under section 14A readwith Rule 8D disregarding the fact that no interest expenditure has been incurred to earn exempt income and sufficient owned funds are available

Sicom Ltd, Mumbai vs. Dy Commissioner of Income Tax Circle 3(3)(1), Mumbai

In the result, the appeal filed by the assesee is partly allow for statistical purpose and the appeal filed by the revenue is allowed for statistical purposes

ITA 1694/MUM/2023[2013-2014]Status: DisposedITAT Mumbai22 Nov 2023AY 2013-2014

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadale, Judicialmember Sicom Ltd, Vs. Dy Commissioner Of Solitaire Corporate Income Tax Circle Park, Bldg No.04, 3(3)(1), Chakala, Andheri(E), 6Th Floor, Room No. Mumbai-400093. 609,Aayakar Bhavan, Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent) Dy Commissioner Of Vs. Sicom Ltd, Income Tax Circle Solitaire Corporate Park, 3(3)(1), Bldg No.04, Chakala, 6Th Floor, Room No. Andheri(E), 609,Aayakar Bhavan, Mumbai-400093. Maharishi Karve Road, Mumbai- 400020. "थायी लेखा सं./जीआइआर सं.Pan/Gir No. Aaacs5524J (अपीलाथ"/Applicant) (""यथ"/Respondent)

Section 10(34)Section 14ASection 234BSection 36(1)(ii)Section 36(1)(iii)

given to subsidiary which was wholly and exclusively for the purpose of business, thereby notional interest cannot be disallowed on such advances, II. Disallowance under section 14A of the Act in respect of dividend income exempt under section 10(34) of the Act 5. erred in confirming total disallowance ... year after insertion of Rule 8D) wherein the Hon'ble Tribunal has held that interest expense cannot be disallowed under Section 14A of the Act, 9. erred in not appreciating the fact that the Ld. CIT(A) in AY 2004-05 to AY 2007-08 and Assessing Officer

ACIT 16(1), Mumbai vs. 9X Media P.Ltd, Mumbai

ITA 4600/MUM/2017[2012-13]Status: DisposedITAT Mumbai21 Nov 2023AY 2012-13

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ashok Rao, CAFor Respondent: Ms. Riddhi Mishra, CIT DR
Section 115Section 14ASection 35D

Appeals) ought to have deleted the additions of Rs.1,11,950/- made to the book profits of your Appellant an account of disallowance under section 14A of the Act. 4. On the facts and in the circumstances of the cases the Ld. CIT (Appeals) ought to have quantified the brought ... house production cost of programmes) and in amortizing the balance 15% over three equal installments in the immediately succeeding years. Disallowance under section 14A 11. On the facts and the circumstances of the case, the Ld. CIT (Appeals) was not justified in upholding the addition by the Ld. Assessing Officer

9X Media P.Ltd, Mumbai vs. Asst CIT 16(1), Mumbai

ITA 3606/MUM/2017[2012-13]Status: DisposedITAT Mumbai21 Nov 2023AY 2012-13

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ashok Rao, CAFor Respondent: Ms. Riddhi Mishra, CIT DR
Section 115Section 14ASection 35D

Appeals) ought to have deleted the additions of Rs.1,11,950/- made to the book profits of your Appellant an account of disallowance under section 14A of the Act. 4. On the facts and in the circumstances of the cases the Ld. CIT (Appeals) ought to have quantified the brought ... house production cost of programmes) and in amortizing the balance 15% over three equal installments in the immediately succeeding years. Disallowance under section 14A 11. On the facts and the circumstances of the case, the Ld. CIT (Appeals) was not justified in upholding the addition by the Ld. Assessing Officer

ACIT 16(1), Mumbai vs. 9X Media P.Ltd, Mumbai

ITA 7477/MUM/2016[2011-12]Status: DisposedITAT Mumbai21 Nov 2023AY 2011-12

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ashok Rao, CAFor Respondent: Ms. Riddhi Mishra, CIT DR
Section 115Section 14ASection 35D

Appeals) ought to have deleted the additions of Rs.1,11,950/- made to the book profits of your Appellant an account of disallowance under section 14A of the Act. 4. On the facts and in the circumstances of the cases the Ld. CIT (Appeals) ought to have quantified the brought ... house production cost of programmes) and in amortizing the balance 15% over three equal installments in the immediately succeeding years. Disallowance under section 14A 11. On the facts and the circumstances of the case, the Ld. CIT (Appeals) was not justified in upholding the addition by the Ld. Assessing Officer

9X Media P.Ltd, Mumbai vs. JCIT RG 11(1), Mumbai

ITA 7052/MUM/2016[2011-12]Status: DisposedITAT Mumbai21 Nov 2023AY 2011-12

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Ashok Rao, CAFor Respondent: Ms. Riddhi Mishra, CIT DR
Section 115Section 14ASection 35D

Appeals) ought to have deleted the additions of Rs.1,11,950/- made to the book profits of your Appellant an account of disallowance under section 14A of the Act. 4. On the facts and in the circumstances of the cases the Ld. CIT (Appeals) ought to have quantified the brought ... house production cost of programmes) and in amortizing the balance 15% over three equal installments in the immediately succeeding years. Disallowance under section 14A 11. On the facts and the circumstances of the case, the Ld. CIT (Appeals) was not justified in upholding the addition by the Ld. Assessing Officer

S J P Constructions Private Limited, Surat vs. Deputy Commissioner of Income Tax, Circle 2(1)(2), Surat

In the result, ground No. 1 to 3 of the appeal are allowed for statistical purpose

ITA 430/SRT/2023[2015-16]Status: DisposedITAT Surat20 Nov 2023AY 2015-16

Bench: Shri Pawan Singh & Dr Arjun Lal Sainiआ.अ.सं./Ita No.430/Srt/2023 (Ay 2015-16) (Hearing In Physical Court) S J P Constructions Pvt. Ltd. Deputy Commissioner Of E-3300, Radhakrishna Textile Income Tax, Circle-2(1)(2) Vs Market, Ring Road, Surat- Surat, Aaykar Bhavan, 395002 Income Tax Colony, Pan No. Aajcs 4313 C Athwa, Surat-395001 अपीलाथ"/Appellant ""थ" /Respondent

Section 143(3)Section 14ASection 234ASection 254(1)

Income Tax Rules, 1962 and worked out the disallowance under third limb of Rule 8D(2). The Assessing Officer worked out the disallowance under section 14A of Rs. 90,246/-. 4. Feeling aggrieved by the additions / disallowances in the assessment order, the assessee filed appeal before Ld.CIT(A). Before Ld.CIT ... assessee challenged the disallowance, depreciation and interest expenses. No ground of appeal against the disallowance under section 14A was raised. The appeal of assessee was dismissed by Ld.CIT(A) by 5 SJP Constructions Pvt. Ltd. holding that six notices of fixing the date of hearing in appeal was served / issued

Assistant Commissioner of Income Tax, Central Circle -2, Surat vs. M/S Aalidhar Textool Engineers Pvt. Ltd., Surat

In the result, the grounds of appeal raised by Revenue are partly allowed

ITA 226/SRT/2023[2017-18]Status: DisposedITAT Surat20 Nov 2023AY 2017-18

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 133(6)Section 14ASection 254(1)Section 80G

both the years, Revenue has raised certain common grounds of appeal. On the grounds of appeal in both the appeals relate to disallowance under section 14A of Income Tax Act, thus both the appeals were clubbed, heard and are decided by common order to avoid the conflicting decision ... 226/SRT/2023 & 288/SRT/2022/AYs.2017-18 & 2018-19 ACIT vs. Aalidhar Textool Engineers Pvt. Ltd. exempt income. The Assessing Officer recorded that “it seems that disallowance under section 14A has not been calculated as per the Act”. The Assessing Officer issued show cause notice as to why disallowance should not be made in accordance

Asst. Commissioner of Income Tax, CC-2, Surat vs. Aalidhaara Textool Engineers Pvt. Ltd, Surat

In the result, the grounds of appeal raised by Revenue are partly allowed

ITA 288/SRT/2022[2018-19]Status: DisposedITAT Surat20 Nov 2023AY 2018-19

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 133(6)Section 14ASection 254(1)Section 80G

both the years, Revenue has raised certain common grounds of appeal. On the grounds of appeal in both the appeals relate to disallowance under section 14A of Income Tax Act, thus both the appeals were clubbed, heard and are decided by common order to avoid the conflicting decision ... 226/SRT/2023 & 288/SRT/2022/AYs.2017-18 & 2018-19 ACIT vs. Aalidhar Textool Engineers Pvt. Ltd. exempt income. The Assessing Officer recorded that “it seems that disallowance under section 14A has not been calculated as per the Act”. The Assessing Officer issued show cause notice as to why disallowance should not be made in accordance

Anand Veena Twisters Pvt Ltd, Mumbai vs. DCIT Central Circle 7 (1), Mumbai

In the result, all these three appeals filed by the assessee are allowed

ITA 2601/MUM/2023[2015-16]Status: DisposedITAT Mumbai17 Nov 2023AY 2015-16

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Vimal Punmiya, ARFor Respondent: Shri Ajay Chandra, CIT DR
Section 10Section 10(38)Section 115Section 115JSection 132Section 14Section 143(2)Section 14ASection 153A

dismissed. Anand Veena Twisters Pvt. Ltd; A.Y. 2013-14 to 2015-16 02. The two issues contested by the assessee is [1] Disallowance under Section 14A of the Actin normal computation of income and in computation of book profit u/s 115 JB of the Act [2] Disallowance of carried forward ... learned CIT (A), we find that search was conducted on 17th April, 2018, but with respect to the above two additions/ adjustments, i.e. disallowance under Section 14A and not allowing carried forward of the long term capital loss under Section 10(38) of the Act, were not based

Anand Veena Twisters Pvt Ltd, Mumbai vs. Dy, Commissioner of Income Tax Central Circle 7(1), Mumbai

In the result, all these three appeals filed by the assessee are allowed

ITA 2600/MUM/2023[2014-15]Status: DisposedITAT Mumbai17 Nov 2023AY 2014-15

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Vimal Punmiya, ARFor Respondent: Shri Ajay Chandra, CIT DR
Section 10Section 10(38)Section 115Section 115JSection 132Section 14Section 143(2)Section 14ASection 153A

dismissed. Anand Veena Twisters Pvt. Ltd; A.Y. 2013-14 to 2015-16 02. The two issues contested by the assessee is [1] Disallowance under Section 14A of the Actin normal computation of income and in computation of book profit u/s 115 JB of the Act [2] Disallowance of carried forward ... learned CIT (A), we find that search was conducted on 17th April, 2018, but with respect to the above two additions/ adjustments, i.e. disallowance under Section 14A and not allowing carried forward of the long term capital loss under Section 10(38) of the Act, were not based

Anand Veena Twisters Pvt Ltd, Mumbai vs. Dy Commissioner of Income Tax Central Circle 7(1), Mumbai

In the result, all these three appeals filed by the assessee are allowed

ITA 2599/MUM/2023[2013-14]Status: DisposedITAT Mumbai17 Nov 2023AY 2013-14

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Vimal Punmiya, ARFor Respondent: Shri Ajay Chandra, CIT DR
Section 10Section 10(38)Section 115Section 115JSection 132Section 14Section 143(2)Section 14ASection 153A

dismissed. Anand Veena Twisters Pvt. Ltd; A.Y. 2013-14 to 2015-16 02. The two issues contested by the assessee is [1] Disallowance under Section 14A of the Actin normal computation of income and in computation of book profit u/s 115 JB of the Act [2] Disallowance of carried forward ... learned CIT (A), we find that search was conducted on 17th April, 2018, but with respect to the above two additions/ adjustments, i.e. disallowance under Section 14A and not allowing carried forward of the long term capital loss under Section 10(38) of the Act, were not based

DCIT Circle-21(1), New Delhi vs. Resurgere Mines & Minerals India Ltd., Mumbai

In the result, the appeal of the revenue is partly allowed for statistical purpose

ITA 2955/DEL/2019[2009-10]Status: DisposedITAT Delhi17 Nov 2023AY 2009-10

Bench: Sh. N. K. Billaiya & Ms. Astha Chandraassessment Year: 2009-10 Dcit Resurgere Mines & Circle-21(1) Minerals India Limited, 15 New Delhi Vs. Morvi House, 28/30, Goa Street, Ballard Estate, Mumbai -400038 Maharashtra (Appellant) (Respondent) Appellant By Sh. P. N. Barnwal, Cit Dr Respondent By None Date Of Hearing: 08/11/2023 Date Of Pronouncement: 17/11/2023 Order Per N. K. Billaiya, Am: This Appeal By The Revenue Is Preferred Against The Order Of The Cit(A)-7, New Delhi Dated 29.01.2019 Pertaining To A.Y.2009- 10. 2. The Solitary Grievance Of The Revenue Is That The Cit(A) Erred In Deleting The Penalty Levied U/S. 271 (1)(C) Of The Act. (A) On The Issue Of Disallowance Of Rs.5,31,64,777/- Made On Account Of Valuation Of Stock.

Section 147Section 14ASection 271

read as under :- 17.1. Considering the totality of the facts and circumstances of the case, it is clear that assessee made suo motu disallowance under section 14A, but, assessing officer did not record any satisfaction as to how the disallowance made by the assessee was unreasonable or unsatisfactory

DCIT (Ltu), New Delhi vs. M/S Dalmia Bharat Sugar and Industries Ltd., New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 5677/DEL/2016[2011-12]Status: DisposedITAT Delhi14 Nov 2023AY 2011-12

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

relation to tax free income on bonds and M/s Dalmia Bharat Sugar & Industries Limited shares and as a corollary, there should be no disallowance under Section 14A of the Act. On the other hand, the counsel for the revenue refers to the reasoning ... paid on the borrowings/deposits, was considered to have been incurred to earn the tax-free income on bonds/shares and such proportionate amount was disallowed applying Section 14A of the Act. 17. In a situation where the assessee has mixed fund (made up partly of interest free funds and partly

Dalmia Bharat Sugar and Industries Ltd., New Delhi vs. DCIT (Ltu), New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 5019/DEL/2016[2011-12]Status: DisposedITAT Delhi14 Nov 2023AY 2011-12

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

relation to tax free income on bonds and M/s Dalmia Bharat Sugar & Industries Limited shares and as a corollary, there should be no disallowance under Section 14A of the Act. On the other hand, the counsel for the revenue refers to the reasoning ... paid on the borrowings/deposits, was considered to have been incurred to earn the tax-free income on bonds/shares and such proportionate amount was disallowed applying Section 14A of the Act. 17. In a situation where the assessee has mixed fund (made up partly of interest free funds and partly

DCIT (Ltu), New Delhi vs. M/S. Dalmia Bharat Sugar & Industries Ltd., New Delhi

In the result, appeals of the Revenue for AY 2009-10 to 2010-

ITA 4572/DEL/2014[2010-11]Status: DisposedITAT Delhi14 Nov 2023AY 2010-11

Bench: Shri Challa Nagendra Prasad & Shri M Balaganeshआ.अ.सं/.I.T.A Nos.4317/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4338/Del/2014 िनधा"रणवष"/Assessment Year:2008-09 बनाम Dalmia Cement (Bharat)Ltd. Dcit (Ltu) (Now Known As M/S Dalmia Bharat Vs. Nbcc Plaza, Pushp Sugar & Industries Ltd.) Vihar, 11Th & 12Th Floors, Sector-Iii, New Delhi. Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A Nos.4447/Del/2014 िनधा"रणवष"/Assessment Year:2009-10 बनाम Dcit (Ltu) Dalmia Cement (Bharat)Ltd. Nbcc Plaza, Pushp Vihar, Vs. (Now Known As M/S Dalmia Sector-Iii, New Delhi. Bharat Sugar & Industries Ltd.) 11Th & 12Th Floors, Hansalaya, 15, Barakhamba Road, New Delhi. Pan No. Aaacd2281K अपीलाथ" Appellant ""यथ"/Respondent

Section 80I

relation to tax free income on bonds and M/s Dalmia Bharat Sugar & Industries Limited shares and as a corollary, there should be no disallowance under Section 14A of the Act. On the other hand, the counsel for the revenue refers to the reasoning ... paid on the borrowings/deposits, was considered to have been incurred to earn the tax-free income on bonds/shares and such proportionate amount was disallowed applying Section 14A of the Act. 17. In a situation where the assessee has mixed fund (made up partly of interest free funds and partly