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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

M/S Praxair India Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Ltpu Circle-1, Bangalore

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

ITA 2839/BANG/2017[2013-14]Status: DisposedITAT Bangalore25 Aug 2022AY 2013-14
For Appellant: Sri.T.Suryanarayana, Senior AdvocateFor Respondent: Sri.Bijoy Kumar Panda, CIT-DR
Section 143(2)Section 143(3)Section 14ASection 37

being a representative of the company in their management also needs to be factored in. Considering all these aspects, the AO made the disallowance under section 14A read with rule 8D totally amounting to Rs. 5,99,10,687 and added the same to total income under regular provisions ... assessee. 28.3 In the present case, the AO has recorded vague, stereotyped reasons de hors the accounts of the assessee for making the disallowance under section 14A. There is no satisfaction of the AO having regard to the accounts of the assessee. Further, the Hon’ble Karnataka High Court

Wns Global; Services Pvt Ltd., Mumbai vs. Dy CIT Circle- 14 (3)(1), Mumbai

In the result appeal filed by the assessee is partly allowed

ITA 295/MUM/2020[2015-16]Status: DisposedITAT Mumbai23 Aug 2022AY 2015-16

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Cross Objection No. 52/Mum/2020 (Arising In Ita No. 2383/Mum/2019 For A.Y. 10-11)

For Appellant: ShriFor Respondent: Shri Tejandra Pal Singh, DR

Mutual Funds. (e) Without prejudice to all the above grounds, the learned AO/Hon'ble DRP has erred in adding the amount of alleged disallowance under Section 14A read with Rule 8D of the Rules in the computation of 'Book Profits' under Section 115JB of the Act. 8. The learned

Radha Madhav Investment P. Ltd., Mumbai vs. Dy CIT, Circle- 3(3)(1), Mumbai

In the result, appeal filed by the assessee is dismissed

ITA 1593/MUM/2020[2014-15]Status: DisposedITAT Mumbai23 Aug 2022AY 2014-15

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleradha Madhav Investments Private Limited V. Dcit – Central Circle – 3(3)(1) 11-A Mittal Chambers Aayakar Bhavan, M.K. Road Dr. Rajani Patel Marg Mumbai - 400020 Nariman Point, Mumbai-400021 Pan: Aaacr4063M (Appellant) (Respondent) Assessee By : Shri Madhur Agarwal Department By : Smt Mahita Nair

For Appellant: Shri Madhur AgarwalFor Respondent: Smt Mahita Nair
Section 115JSection 143(2)Section 14ASection 263

under normal provisions of the Act and book profit at ₹.23,63,86,245. The Assessing Officer computed the disallowance under section 14A read with Rule 8D at ₹.1,50,64,809 by including aforesaid investments in partnership firm. Since, the assessee had already disallowed ... Mumbai and Ld.CIT(A) confirmed the addition of ₹.1,39,59,439/- to income under normal provisions of the Act and deleted the disallowance under section 14A to book profit. Aggrieved by the addition of ₹.1,39,59,439, the assessee is in appeal before us. 5. Assessee has raised

DCIT-14(3)(1), Mumbai vs. Wns Global Services Pvt Ltd., Mumbai

In the result appeal filed by the assessee is partly allowed

ITA 2383/MUM/2019[2010-11]Status: DisposedITAT Mumbai23 Aug 2022AY 2010-11

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Cross Objection No. 52/Mum/2020 (Arising In Ita No. 2383/Mum/2019 For A.Y. 10-11)

For Appellant: ShriFor Respondent: Shri Tejandra Pal Singh, DR

Mutual Funds. (e) Without prejudice to all the above grounds, the learned AO/Hon'ble DRP has erred in adding the amount of alleged disallowance under Section 14A read with Rule 8D of the Rules in the computation of 'Book Profits' under Section 115JB of the Act. 8. The learned

Greaves Cotton Ltd., Mumbai vs. DCIT Cir 6(3), Mumbai

In the result, appeal by assessee is partly allowed in the terms aforesaid

ITA 7742/MUM/2014[2010-11]Status: DisposedITAT Mumbai22 Aug 2022AY 2010-11

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.7742/मुं/2014 ("न.व. 2010-11) Greaves Cotton Ltd. 3Rd Floor, Motilal Oswal Tower, Junction Of Gokhale & Sayani Road, Prabhadevi, Mumbai 400 025. Pan: Aaacg-2062-M ...... अपीलाथ" /Appellant बनाम Vs. Dy. Commissioner Of Income Tax, Circle 6(3), Aaykar Bhavan, M.K.Road, ..... ""तवाद"/Respondent Mumbai 400 020. अपीलाथ" "वारा/ Appellant By : Smt. Aarti Vissanji, Advocate ""तवाद" "वारा/Respondent By : Smt. Vranda U. Matkari, Sr.A.R सुनवाई क" "त"थ/ Date Of Hearing : 27/05/2022 घोषणा क" "त"थ/ Date Of Pronouncement : 22/08/2022 आदेश/ Order

For Appellant: Smt. Aarti Vissanji, AdvocateFor Respondent: Smt. Vranda U. Matkari, Sr.A.R
Section 10(54)Section 115OSection 143(3)Section 14A

impugned order. The gist of the additions/disallowances assailed in appeal are as under: Ground A: Transfer Pricing Adjustments – Rs.27,42,175/- Ground B: Disallowance under section 14A r.w.r. 8D- Rs,11,10,355/- Ground C: Unutilized Cenvat Credit – Rs.9,32,524/- Ground D: Capital Receipt treated as Long Term Capital

Chatwani and Shah Private Limited, Mumbai vs. Dy CIT Central Circle(1)(2), Mumbai

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

ITA 1483/MUM/2022[2013-2014]Status: DisposedITAT Mumbai18 Aug 2022AY 2013-2014

Bench: The Ao That It Did Not Incur Any Expense To Earn Exempt Income. The Assessing Officer Did Not Agree With The Contentions Of The Assessee. He Observed That The Assessee Would Have Incurred Some Portion Of Expenses Out Of Administrative Cost, Manpower Cost, Finance Cost, Postage Etc., In Earning Exempt Income. Accordingly He Proceeded To Compute Disallowance Under Section 14A Read With Rule 8D Of The I.T. Rules. The Assessing Officer Computed Disallowance At Rs. 5,67,238/-, Which Consisted Of Interest Disallowance Of Rs. 4,14,653/-Under Rule 8D(2)(Ii) & Administrative

Section 14A

brief. During the year under consideration the assessee has earned exempt dividend income of Rs.1,53,347/-, but did not make any disallowance under section 14A of the Act. The assessee claimed before the AO that it did not incur any expense to earn exempt income. The Assessing Officer ... some portion of expenses out of administrative cost, manpower cost, finance cost, postage etc., in earning exempt income. Accordingly he proceeded to compute disallowance under section 14A read with rule 8D of the I.T. Rules. The Assessing Officer computed disallowance at Rs. 5,67,238/-, which consisted of interest disallowance

Creative Ashtech Powr Projects P. Ltd., Mumbai vs. Asst. CIT-14(1)(2), Mumbai

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

ITA 946/MUM/2021[2012-13]Status: DisposedITAT Mumbai18 Aug 2022AY 2012-13

Bench: Shri Baskaran B.R & Shri Pavan Kumar Gadalecreative Ashtech Power Vs. Acit – 14(1)(2) Projects Pvt Ltd., Aayakar Bhavan, 7Th Floor, Raheja Point I, M.K.Road, Opp Vakola Market, Mumbai – 400020. Nehru Road,Santacruz (E) Mumbai- 400055. Pan/Gir No. : Aadcd1054F Appellant .. Respondent Appellant By : Mr. Amit Khatiwala.Ar Respondent By : Mr. Ganesh Bare. Cit Dr Date Of Hearing 22.08.2022 Date Of Pronouncement 24.08.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of The Cit(A)- National Faceless Appeal Centre (Nfac), Delhi, Passed U/S 154 & 250 Of The Income Tax Act, 1961. The Assessee Has Raised The Following Grounds Of Appeal:

For Appellant: Mr. Amit Khatiwala.ARFor Respondent: Mr. Ganesh Bare. CIT DR
Section 115JSection 143(3)Section 14ASection 154

grounds on merit are as under: COMPUTATION OF BOOK PROFIT U/S. 115JB OF THE ACT Creative Ashtech Power Projects, Mumbai. B. ADDITION OF DISALLOWANCE UNDER SECTION 14A OF THE ACT WHILE COMPUTING BOOK PROFIT UNDER SECTION 115JB OF THE ACT: 3. On the facts and in the circumstances

M/S Wavell Investments Pvt. Ltd., Mumbai vs. Asst. CIT Circle-2(3)(1), Mumbai

Appeal of the assessee is allowed for statistical purposes

ITA 1644/MUM/2019[2015-16]Status: DisposedITAT Mumbai17 Aug 2022AY 2015-16

Bench: Shri Vikas Awasthy, Jm & Shri Prashant Maharishi, Am M/S Wavell Investment Pvt. Ltd. Jt. Cit (Osd) 15, Mohindra House, 2(3)(1) Room No. 552, 5 Th Floor, J N Heredia Marg, Vs. Ballard Estate, Aayakar Bhavan, Mumbai-400 020 Mumbai-400 038 (Respondent) (Appellant) Pan No. Aaacw0598C M/S Wavell Investment Pvt. Ltd. Jt. Cit (Osd) 15, Mohindra House, 2(3)(1) Room No. 552, 5 Th Floor, J N Heredia Marg, Vs. Ballard Estate, Aayakar Bhavan, Mumbai-400 020 Mumbai-400 038 (Respondent) (Appellant) Assessee By : Ms Ritika Agarwal, Ar Revenue By : Shri Hoshang B. Irani, Dr Date Of Hearing: 09.06.2022 Date Of Pronouncement : 17.08.2022

For Appellant: Ms Ritika Agarwal, ARFor Respondent: Shri Hoshang B. Irani, DR
Section 14ASection 36(1)(i)Section 36(1)(ii)Section 56(2)Section 56(2)(viib)

November 2017, the learned Assessing Officer issued notice for invoking Rule 8D of the Rules for working out the disallowance under Section 14A of the Act. Assessee did not respond and therefore, the learned Assessing Officer made a disallowance of ₹3,46,18,729/- as per Rule 8D under Section ... 1644/Mum/2019 M/s Wavell Investment Pvt. Ltd.; A.Y. 5–16 iii. With respect to the disallowance under Section 14A of the Act of ₹ 3,46,18,729/-, he found that exempt income is only ₹17,910/-, disallowance cannot exceed exempt income. Accordingly, he restricted the disallowance under Section 14A

Jt. CIT(OSD)-2(3)(1), Mumbai vs. M/S Wavell Investment Pvt. Ltd., Mumbai

Appeal of the assessee is allowed for statistical purposes

ITA 1288/MUM/2019[2015-16]Status: DisposedITAT Mumbai17 Aug 2022AY 2015-16

Bench: Shri Vikas Awasthy, Jm & Shri Prashant Maharishi, Am M/S Wavell Investment Pvt. Ltd. Jt. Cit (Osd) 15, Mohindra House, 2(3)(1) Room No. 552, 5 Th Floor, J N Heredia Marg, Vs. Ballard Estate, Aayakar Bhavan, Mumbai-400 020 Mumbai-400 038 (Respondent) (Appellant) Pan No. Aaacw0598C M/S Wavell Investment Pvt. Ltd. Jt. Cit (Osd) 15, Mohindra House, 2(3)(1) Room No. 552, 5 Th Floor, J N Heredia Marg, Vs. Ballard Estate, Aayakar Bhavan, Mumbai-400 020 Mumbai-400 038 (Respondent) (Appellant) Assessee By : Ms Ritika Agarwal, Ar Revenue By : Shri Hoshang B. Irani, Dr Date Of Hearing: 09.06.2022 Date Of Pronouncement : 17.08.2022

For Appellant: Ms Ritika Agarwal, ARFor Respondent: Shri Hoshang B. Irani, DR
Section 14ASection 36(1)(i)Section 36(1)(ii)Section 56(2)Section 56(2)(viib)

November 2017, the learned Assessing Officer issued notice for invoking Rule 8D of the Rules for working out the disallowance under Section 14A of the Act. Assessee did not respond and therefore, the learned Assessing Officer made a disallowance of ₹3,46,18,729/- as per Rule 8D under Section ... 1644/Mum/2019 M/s Wavell Investment Pvt. Ltd.; A.Y. 5–16 iii. With respect to the disallowance under Section 14A of the Act of ₹ 3,46,18,729/-, he found that exempt income is only ₹17,910/-, disallowance cannot exceed exempt income. Accordingly, he restricted the disallowance under Section 14A

Assistant Commissioner of Income Tax Circle-2(3)(1), Mumbai vs. Tata Sons Limited, Mumbai

In the result, appeal by the Revenue is dismissed

ITA 4323/MUM/2017[2011-12]Status: DisposedITAT Mumbai16 Aug 2022AY 2011-12

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Ms. Aarti Vissanji a/wFor Respondent: Shri Tejinder Pal Singh
Section 143(2)Section 143(3)Section 250Section 92C

raised in assessee’s appeal is allowed for statistical purpose. 15. In ground No. 10, assessee has raised various sub grounds pertaining to disallowance under section 14A of the Act. 16. The brief facts of the case pertaining to this issue, as emanating from the record, are: During the year ... crore and has an average investment of Rs. 35,609.34 crore in tax-free investments. The assessee suo moto worked out disallowance under section 14A of the Act at Rs. 825.92 crore, i.e. expenditure related to exempt income. The AO vide order passed under section 143(3) read with section

Tata Sons Ltd., Mumbai vs. ACIT, Cir 2(3)(1), Mumbai

In the result, appeal by the Revenue is dismissed

ITA 4221/MUM/2017[2011-12]Status: DisposedITAT Mumbai16 Aug 2022AY 2011-12

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Ms. Aarti Vissanji a/wFor Respondent: Shri Tejinder Pal Singh
Section 143(2)Section 143(3)Section 250Section 92C

raised in assessee’s appeal is allowed for statistical purpose. 15. In ground No. 10, assessee has raised various sub grounds pertaining to disallowance under section 14A of the Act. 16. The brief facts of the case pertaining to this issue, as emanating from the record, are: During the year ... crore and has an average investment of Rs. 35,609.34 crore in tax-free investments. The assessee suo moto worked out disallowance under section 14A of the Act at Rs. 825.92 crore, i.e. expenditure related to exempt income. The AO vide order passed under section 143(3) read with section

Dy CIT Central Circle-4(2), Mumbai vs. M/S Sheth Creators P. Ltd., Mumbai

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

ITA 2012/MUM/2020[2014-15]Status: DisposedITAT Mumbai12 Aug 2022AY 2014-15

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

also upheld the disallowance. 17. Before us the Ld. counsel Ld. counsel of the assessee submitted th of the assessee submitted that the disallowance under section 14A under section 14A of the Act should be restricted to should be restricted to the extent of exempted income earned. He further submitted

Sheth Creators P. Ltd., Mumbai vs. Dy CIT Central Circle-4(2), Mumbai

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

ITA 1858/MUM/2020[2014-15]Status: DisposedITAT Mumbai12 Aug 2022AY 2014-15

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

also upheld the disallowance. 17. Before us the Ld. counsel Ld. counsel of the assessee submitted th of the assessee submitted that the disallowance under section 14A under section 14A of the Act should be restricted to should be restricted to the extent of exempted income earned. He further submitted

Sheth Creators Pvt. Ltd., Mumbai vs. Dy CIT Cent. Cir-4(2), Mumbai

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

ITA 1857/MUM/2020[2017-18]Status: DisposedITAT Mumbai12 Aug 2022AY 2017-18

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

also upheld the disallowance. 17. Before us the Ld. counsel Ld. counsel of the assessee submitted th of the assessee submitted that the disallowance under section 14A under section 14A of the Act should be restricted to should be restricted to the extent of exempted income earned. He further submitted

Sheth Creators Pvt Ltd., Mumbai vs. Dy. CIT Central Circle 4(2), Mumbai

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

ITA 3696/MUM/2019[2016-17]Status: DisposedITAT Mumbai12 Aug 2022AY 2016-17

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

also upheld the disallowance. 17. Before us the Ld. counsel Ld. counsel of the assessee submitted th of the assessee submitted that the disallowance under section 14A under section 14A of the Act should be restricted to should be restricted to the extent of exempted income earned. He further submitted

Sheth Creators Pvt Ltd., Mumbai vs. Dy. CIT Central Circle 4(2), Mumbai

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

ITA 2620/MUM/2019[2015-16]Status: DisposedITAT Mumbai12 Aug 2022AY 2015-16

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

also upheld the disallowance. 17. Before us the Ld. counsel Ld. counsel of the assessee submitted th of the assessee submitted that the disallowance under section 14A under section 14A of the Act should be restricted to should be restricted to the extent of exempted income earned. He further submitted

Acira Consultancy Pvt. Ltd, Mumbai vs. ITO 5 (1)(4), Mumbai

In the result, appeal of assessee is partly allowed in the terms aforesaid

ITA 1274/MUM/2019[2014-15]Status: DisposedITAT Mumbai12 Aug 2022AY 2014-15

Bench: Shri G. S. Pannu & Shri Vikas Awasthyआअसं. 1274/मुं/2019 (िन.व. 2014-15) आअसं. 1275/मुं/2019 (िन.व. 2015-16) Acira Consultancy Pvt. Ltd. 511/C, 6Th Floor, Sunshine Chs Ltd. Off. Chandivli Farm, Raheja Vihar, Andheri (E), Mumbai-400072. Pan: Aaica9489N ...... अपीलाथ" /Appellant बनाम Vs. Ito-5(1)(4), Room No. 569, 5Th Floor, Aayakar Bhavan, M.K. Road, Mumbai-400020 ..... "ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : Sh. V.G. Ginde, Advocate With Sh. Kumar Kale, Advocate "ितवादी "ारा/Respondent By : Sh. Mehul Jain, Sr-Dr सुनवाई की ितिथ/ Date Of Hearing : 17/06/2022 घोषणा की ितिथ/ Date Of Pronouncement : 12/08/2022 आदेश/ Order

For Appellant: Sh. V.G. Ginde, Advocate with Sh. Kumar Kale, AdvocateFor Respondent: Sh. Mehul Jain, Sr-DR
Section 10(34)Section 14A

During the period relevant to AY under appeal, the assessee received dividend income of Rs. 68,88,070/-. The Assessing Officer (AO) computed disallowance under section 14A r.w.r. 8D to the tune of Rs. 36,03,819/-. The ld. Authorized Representative (AR) submitted that the prayer of the assessee ... assessee’s own case in ITA No. 1273/Mum/2019 (supra) has restored this issue back to the file of AO for re-computing disallowance under section 14A in accordance with the aforesaid decision of Special Bench. Accordingly, this issue is restored to the file of AO to re-compute disallowance under

Apl Logistics P.Ltd, Mumbai vs. DCIT 14(1)(1), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 2917/MUM/2015[2009-10]Status: DisposedITAT Mumbai12 Aug 2022AY 2009-10
Section 14ASection 36(1)(iii)Section 37(1)

referred to as ‘the Act’) and also rejection of alternate prayer of allowing interest expenditure under section 37(1) of the Act. (2) Disallowance under section 14A r.w.r 8D. 3. Narrating the facts of the case, the ld. Counsel for the assessee submitted that the assessee is engaged ... Rajeeva Lochan Kanoria, 208 ITR 616 (Cal.) & 2917 M 15- APL Logistics (India) Pvt. Ltd. 4. In respect of second issue relating to disallowance under section 14A r.w.r 8D, the ld. Counsel submitted that during the relevant period no exempt income was earned by the assessee, hence, no disallowance

Apl Logistics (India) P. Ltd, Mumbai vs. Asst CIT 10(1), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 6482/MUM/2013[2007-08]Status: DisposedITAT Mumbai12 Aug 2022AY 2007-08
Section 14ASection 36(1)(iii)Section 37(1)

referred to as ‘the Act’) and also rejection of alternate prayer of allowing interest expenditure under section 37(1) of the Act. (2) Disallowance under section 14A r.w.r 8D. 3. Narrating the facts of the case, the ld. Counsel for the assessee submitted that the assessee is engaged ... Rajeeva Lochan Kanoria, 208 ITR 616 (Cal.) & 2917 M 15- APL Logistics (India) Pvt. Ltd. 4. In respect of second issue relating to disallowance under section 14A r.w.r 8D, the ld. Counsel submitted that during the relevant period no exempt income was earned by the assessee, hence, no disallowance

Apl Logistics (India) P.Ltd, Mumbai vs. Asst CIT 10(1), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 6480/MUM/2013[2008-09]Status: DisposedITAT Mumbai12 Aug 2022AY 2008-09
Section 14ASection 36(1)(iii)Section 37(1)

referred to as ‘the Act’) and also rejection of alternate prayer of allowing interest expenditure under section 37(1) of the Act. (2) Disallowance under section 14A r.w.r 8D. 3. Narrating the facts of the case, the ld. Counsel for the assessee submitted that the assessee is engaged ... Rajeeva Lochan Kanoria, 208 ITR 616 (Cal.) & 2917 M 15- APL Logistics (India) Pvt. Ltd. 4. In respect of second issue relating to disallowance under section 14A r.w.r 8D, the ld. Counsel submitted that during the relevant period no exempt income was earned by the assessee, hence, no disallowance