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“disallowance u/s 14A”

DisallowancesSection 14ASection 14A2,938 judgments

The decision most relied on for disallowance u/s 14A is CIT v. Corrtech Energy (P.) Ltd. (223 Taxmann 130), cited in 579 judgments on BharatTax.

Leading authorities on disallowance u/s 14A

CIT v. Corrtech Energy (P.) Ltd.
223 Taxmann 130 · 2014 · High Court
579
citing judgments

Disallowance under Section 14A read with Rule 8D is not warranted if the assessee has not earned any exempt income in the relevant assessment year.

CIT v. Gem Plus Jewellery India Ltd.
330 ITR 175 · 2011 · High Court
207
citing judgments

Disallowances made under various sections, such as for PF/ESIC contributions, result in an increase in business profits, and these enhanced profits are eligible for deduction under Sections 10A and 10AA. Similarly, gains from foreign exchange fluctuations directly linked to export sales are also eligible for deduction under Section 10A.

Cargo Motors (P.) Ltd. v. DCIT
145 Taxmann.com 641 · 2022 · High Court
46
citing judgments

The disallowance under Section 14A read with Rule 8D, particularly Rule 8D(iii) for administrative expenses, should only consider investments that have actually yielded exempt income during the relevant assessment year. Section 14A empowers the Assessing Officer to determine expenditure related to income not forming part of total income.

Sobha Developers Ltd. v. DCIT
125 Taxmann.com 72 · 2021 · High Court
44
citing judgments

Disallowance under section 14A is a notional disallowance and cannot be added back while computing Book Profits under section 115JB for Minimum Alternate Tax purposes.

Tata Industries Ltd. v. ITO
181 TTJ 600 · 2016 · ITAT
29
citing judgments

Disallowance under Section 14A cannot exceed the exempt income earned by the assessee. Even if interest expenditure is considered, it cannot be solely attributed to earning exempt dividend income as investors also consider potential capital gains.

PCIT v. J.J. Glastronics (P.) Ltd.
139 Taxmann.com 375 · 2022 · High Court
28
citing judgments

Additions made under Section 14A of the Income-tax Act, read with Rule 8D, cannot be considered for computing book profit under Section 115JB of the Act.

M/s.Bajaj Allianz General Insurance Co. Ltd. v. ACIT
38 DTR 282 · 2010 · Reported
26
citing judgments

Section 14A of the Income-tax Act is not applicable to insurance businesses governed by specific provisions of Section 44 and Schedule 1. Profit on sale of investments by insurance companies is not taxable, especially after the deletion of sub-rule (b) of Rule 5 of the First Schedule.

PCIT v. Dipesh Lalchand Shah
143 Taxmann.com 419 · 2022 · High Court
18
citing judgments

Disallowance under section 14A cannot be made if the assessee has not earned any exempt income in the relevant assessment year. This applies even if the assessee has made investments in shares or has income from a partnership that is negative.

Judgments citing disallowance u/s 14A

Century Real Estate Holdings Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

In the result, the appeal of the assessee is partly allowed

ITA 580/BANG/2022[2013-14]Status: DisposedITAT Bangalore30 Nov 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2013-14

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri Gudimella V.P. Pavan Kumar, D.R

funds far exceed the value of investments, it should be considered that investments have been made out of interest free funds and no disallowance u/s. 14A towards any interest expenditure can be made. This view was again confirmed by the Hon'ble Bombay High Court in CIT v. HDFC Bank ... amount cross charged to the partnership firms and the net amount would have been charged to the profit & loss account. The disallowance u/s 14A of the Act is called for out of the above said net amount. 8. We notice that the assessee has earned exempt income as detailed below

Take Solutions Limited, Chennai vs. ACIT Corporate Circle 3(1), Chennai

The appeal stands partly allowed

ITA 1367/CHNY/2019[2012-13]Status: DisposedITAT Chennai29 Nov 2022AY 2012-13

Bench: Hon’Ble Shri V. Durga Rao & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri K. Prasanna (CA) – Ld. ARFor Respondent: Shri AR. V Sreenivasan (Addl.CIT) – Ld. DR
Section 143(3)Section 14A

No.175/Mds/2017 order dated 05-12-2017 to the file of Ld. AO for fresh adjudication. The sole subject matter of the appeal is disallowance u/s 14A read with Rule 8D. 2. The Ld. AR submitted that own funds far exceed the investments made by the assessee and all the investments

Tata Industries Ltd, Mumbai vs. Dy CIT Circle- 2 (3)(1), Mumbai

In the result, the appeal of the assessee is allowed and appeal of the revenue is partly allowed

ITA 217/MUM/2020[2016-17]Status: DisposedITAT Mumbai29 Nov 2022AY 2016-17
Section 115Section 115BSection 143(3)Section 80G

Asst Year 2016-17 M/s. Tata Industries Ltd 3. The only issue to be decided in this appeal is with regard to the disallowance u/s 14A of the Act both under normal provisions of the Act as well as in the computation of book profits u/s 115JB ... decision taken in assessee’s own case for the A.Y. 2015-16 and A.Y. 2014-15 directed the ld. AO to rework the disallowance u/s 14A of the Act read with Rule 8D of the Rules by excluding the value of such investments where the dividend received M/s. Tata Industries

DCIT Cent. Cir-2(3), Mumbai vs. Soma Enterprises, Mumbai

In the result, the appeals of the revenue are dismissed and cross objections of the assessee are dismissed

ITA 1818/MUM/2021[2017-18]Status: DisposedITAT Mumbai28 Nov 2022AY 2017-18
Section 127(2)Section 132Section 143(2)Section 153A

Income from business and profession (As per return of income) Add: 62,48,834 (i) Addition on account of disallowance u/s 14A (as per para-4) (ii) Disallowance of Helicopter expenses 1,57,91,007 9,00,000 (iii) Disallowance of salary expense ( as per para ... under:- Particulars S.N. Amount (Rs.) Amount (Rs.) I 6,14,93,431 Income from profit/ gains of business/ profession (as per ROI) Add: Disallowance u/s 14A r.w.r.SD (para 4] 5,87,013 6,20,80,444 Gross Total Income 6,20,80,444 Less: b/f business loss

DCIT Central Cir 2(3), Mumbai vs. Soma Enterprises Ltd, Hyderabad

In the result, the appeals of the revenue are dismissed and cross objections of the assessee are dismissed

ITA 1817/MUM/2021[2016-17]Status: DisposedITAT Mumbai28 Nov 2022AY 2016-17
Section 127(2)Section 132Section 143(2)Section 153A

Income from business and profession (As per return of income) Add: 62,48,834 (i) Addition on account of disallowance u/s 14A (as per para-4) (ii) Disallowance of Helicopter expenses 1,57,91,007 9,00,000 (iii) Disallowance of salary expense ( as per para ... under:- Particulars S.N. Amount (Rs.) Amount (Rs.) I 6,14,93,431 Income from profit/ gains of business/ profession (as per ROI) Add: Disallowance u/s 14A r.w.r.SD (para 4] 5,87,013 6,20,80,444 Gross Total Income 6,20,80,444 Less: b/f business loss

Hari Kumar Ruliram Sharma, Mumbai vs. Income Tax Officer, Ward-17(1) (5), Mumbai

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

ITA 1941/MUM/2022[2014-15]Status: DisposedITAT Mumbai25 Nov 2022AY 2014-15

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Hari Kumar Ruliram Sharma, Income Tax Officer, Ward-17(1)(5), 110 Sterling Chambers, Poona Aayakar Bhavan, M.K. Road, Street, Masjit Bunder (East), Vs. Churchgate, Mumbai-400-009. Mumbai-400020. Pan No. Aaups 1542 F Appellant Respondent : Assessee By Mr. M. Subramanian, Ar : Revenue By Mr. Tejinder Pal Singh Anand, Dr Date Of Hearing : 21/11/2022 : Date Of Pronouncement 25/11/2022

For Respondent: Assessee by Mr. M. Subramanian, AR
Section 14ASection 2(22)(e)Section 9

Income for deemed dividend u/s 2(22)(e) of the Income-tax Act, 1961 (in short ‘the Act’) and disallowance u/s 14A of ₹9,56,024/ short ‘the Act’) and disallowance u/s 9,56,024/-. On Hari Kumar Ruliram Sharma 3 further appeal, the Ld. First Appellate Authority upheld

ACIT- Circle-6(2)(1), Mumbai vs. Cg Power & Industrial Solution Ltd. (Formerly Known As Crompton Greaves Ltd.), Mumbai

In the result, the appeal filed by the assessee is treated as allowed and the appeal of the revenue is dismissed

ITA 2955/MUM/2018[2010-11]Status: DisposedITAT Mumbai25 Nov 2022AY 2010-11
Section 14Section 14ASection 35Section 80I

Power & Industrial Solution Ltd. (formerly known as Crompton Greaves Ltd.) any expenditure in earning exempt income. Accordingly, it was contended that no disallowance u/s 14A of the Act could have been made by the AO without recording such dissatisfaction. In support of this contention, the assessee also placed reliance

Aachman Vanijya Pvt.Ltd., Mumbai vs. DCIT- CC- 8(4), Mumbai

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

ITA 1511/MUM/2021[2018-19]Status: DisposedITAT Mumbai22 Nov 2022AY 2018-19

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Aachman Vanijya Pvt. Ltd., V. Dcit – Central Circle – 8(4) Main Building, 2Nd Floor 6Th Floor, Aayakar Bhavan Kolkata, West Bengal-700001 M.K. Road, Mumbai - 400020 Pan: Aacca5165H (Appellant) (Respondent) Assessee Represented By : None Department Represented By : Shri Jagadish Jangid

Section 132Section 143(1)Section 143(2)Section 14A

dividend income of ₹.31,09,110/- and claimed it as exempt income. During the assessment proceedings assessee was asked to submit working of disallowance u/s. 14A r.w. Rule 8D of I.T. Rules. Accordingly, assessee furnished its submissions on disallowance u/s. 14A of the Act. After considering the submissions made ... assessee, Assessing Officer calculated the disallowance u/s. 14A r.w. Rule 8D of I.T. Rules as under: - 8D(2)(i) Direct Expenses : ₹.81,694/- 8D(2)(ii) 1% of average investments: ₹.26,55,11,063/- : ₹.26,55,110/- Total Disallowance u/s. 14A r.w. Rule 8D : ₹.27,36,804/- 6. Since assessee

M/S. Trianz Holdings Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle-7(1)(1), Bangalore

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

ITA 322/BANG/2022[2017-18]Status: DisposedITAT Bangalore22 Nov 2022AY 2017-18

Bench: Shri George George K, Jm & Shri Laxmi Prasad Sahu, Am It(Tp)A No.322/Bang/2022 : Asst.Year 2017-2018 M/S.Trianz Holdings Private The Additional /Dy./ Limited No.165/2, 6Th Floor Addl/Jt.Commissioner Of V. Kalyani Magnum, Doraisani Palya Income-Tax, Nfac, Delhi Iim Post, Bannerghatta Road Bangalore – 560 076. Pan : Aafca8051P. (Appellant) (Respondent)

For Appellant: Sri.Ankur Pai, AdvocateFor Respondent: Sri.Manjunath Karkihalli, CIT –DR
Section 10ASection 115JSection 143(1)Section 143(2)Section 143(3)Section 14ASection 92C

separate international transaction was upheld by the DRP (refer page 66 of the DRP’s order). On the corporate tax front, the disallowance u/s 14A of the I.T.Act made by the A.O. was upheld by the DRP. The DRP, however, accepted the objections of the assessee and directed ... delete the amount of disallowance u/s 14A of the I.T.Act, which was added to the book profit u/s 115JB of the I.T.Act. The DRP also rejected the claim of the assessee for higher profits u/s 10AA of the I.T.Act. 6. Pursuant to the DRP’s directions, the A.O. passed

M/S United Spirits Limited, Bangalore vs. Joint Commissioner of Income Tax Special Range-7, Bangalore

In the result, ground 7 is allowed for statistical purposes

ITA 3091/BANG/2018[2014-15]Status: DisposedITAT Bangalore22 Nov 2022AY 2014-15

Bench: Shri George George K, Jm & Shri Laxmi Prasad Sahu, Am It(Tp)A No.3091/Bang/2018 : Asst.Year 2014-2015 M/S.United Spirits Limited The Joint Commissioner Of 6Th Floor, Ub Towers, Income-Tax, Special Range-7 V. Bangalore. # 24 Vittal Mallya Road Bangalore – 560 001. Pan : Aaccm8043J. (Appellant) (Respondent)

For Appellant: Sri.Percy Pardiwala, Senior Counsel and Sri.Ankur Pai, AdvocateFor Respondent: Sri. Manjunath Karkihalli, CIT –DR
Section 115PSection 143(2)Section 143(3)Section 14ASection 234BSection 36(1)(iii)Section 92C

ordered accordingly. 23 IT(TP)A No.3091/Bang/2018 M/s.United Spirits Limited. 8.2 In the result, ground 3 is allowed for statistical purposes. Disallowance u/s 14A of the I.T.Act (Ground 4) (Corporate Tax Issue) 9. The Assessing Officer by invoking the provisions of section 14A of the I.T.Act, had disallowed ... following the assessee’s own case for assessment year 2012-2013 (supra) had restored the matter to the AO to re-compute the disallowance u/s 14A of the I.T.Act. 9.1 The learned DR also agreed that on identical facts, disallowance u/s 14A of the I.T.Act was restored to the files

Rama Chandiramani, Chennai vs. ITO, Corporate Ward - 5 (4), Chennai

The appeal stands partly allowed in terms of our above order

ITA 55/CHNY/2020[2015-16]Status: DisposedITAT Chennai21 Nov 2022AY 2015-16

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: NoneFor Respondent: Shri R. Mohan Reddy (CIT) –Ld. DR
Section 14ASection 153C

Assessing Officer [AO] u/s.153C r.w.s. 143(3) of the Act on 19-11-2018. The sole issue that fall for our consideration is disallowance u/s 14A. 2. At the time of hearing, none appeared for the assessee. Accordingly, the appeal was proceeded with the able assistance ... During assessment proceedings, it transpired that the assessee earned income from mutual fund and dividend income which were exempt from tax. However, no disallowance u/s 14A was made on the ground that no expenses could be attributable to such activity. However, Ld. AO computed disallowance of Rs.16.07 Lacs

DCIT Cent. Cir 8(3), Mumbai vs. M/S 63 Moon Technologies India Ltd, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 1515/MUM/2022[2011-12]Status: DisposedITAT Mumbai21 Nov 2022AY 2011-12

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Sukhsagar SyalFor Respondent: M/s. Vatsalaa Jha
Section 250

facts and under the circumstances of the case and in Law, the Id. CIT(A), Mumbai has erred in deleting the disallowance u/s 14A of the Income Tax Act, 1961 thereby overlooking the computational procedure laid down in Rule 8D of the IT Rules, 1962 which has to be necessarily ... followed whenever a disallowance u/s 14A was to be made? 3. The brief facts of the case are: The assessee is a company and is engaged in the business of application products, software development services, and software consultant etc. For the year under consideration assessee e-filed its return

Dandvati Investments & Trading Company P.Ltd, Mumbai vs. Asst CIT Cir 1(1), Mumbai

In the result, appeal by the Revenue is dismissed

ITA 1916/MUM/2014[2006-07]Status: DisposedITAT Mumbai21 Nov 2022AY 2006-07

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.3638/मुं/2012(िन.व. 2006-07) आअसं.1916/मुं/2014(िन.व. 2006-07) Dandvati Investments & Trading Company Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacd-3925-E ...... अपीलाथ"/Appellant बनाम Vs. Additional Commissioner Of Income Range 2(1) Mumbai. Aaykar Bhavan, M.K.Road, ..... "ितवाद"/Respondent Mumbai – 400 020 आअसं.3635/मुं/2012 (िन.व. 2006-07) आअसं.1915/मुं/2014 (िन.व. 2006-07) M/S. Firestorm Electronics Corporation Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacf-4730-D ...... अपीलाथ"/Appellant बनाम Vs. Assistant Commissioner Of Income Tax Circle -1(1), Mumbai.Room No.533, 5Th Floor,Aaykar Bhavan, M.K.Road, Mumbai – 400 020..... "ितवाद"/Respondent

For Appellant: Shri Yogesh Thar & Ms.Ikshu ShahFor Respondent: Shri Hoshang Boman Irani /
Section 143(3)Section 14A

income of Rs.69,99,52,184/-. In scrutiny assessmen, the Assessing Officer vide assessment order dated 31/12/2008 made addition/disallowances on following counts: (i) Disallowance u/s. 14A r.w.r. 8D Rs.48,03,858/-. (ii) Capital gains on sale of shares Rs.65,25,00,000/-. (iii) Disallowance of bad debts Rs.1 ... earned. The ld. Authorized Representative for the assessee submitted that estimation of disallowance by CIT(A) is on higher side, he prayed that disallowance u/s. 14A of the Act should be restricted to 1% of the exempt income earned during the relevant period. In support of his submissions

Firestorm Electronics Corporation P.Ltd, Mumbai vs. Asst CIT Cir 1(1), Mumbai

In the result, appeal by the Revenue is dismissed

ITA 1915/MUM/2014[2006-07]Status: DisposedITAT Mumbai21 Nov 2022AY 2006-07

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.3638/मुं/2012(िन.व. 2006-07) आअसं.1916/मुं/2014(िन.व. 2006-07) Dandvati Investments & Trading Company Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacd-3925-E ...... अपीलाथ"/Appellant बनाम Vs. Additional Commissioner Of Income Range 2(1) Mumbai. Aaykar Bhavan, M.K.Road, ..... "ितवाद"/Respondent Mumbai – 400 020 आअसं.3635/मुं/2012 (िन.व. 2006-07) आअसं.1915/मुं/2014 (िन.व. 2006-07) M/S. Firestorm Electronics Corporation Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacf-4730-D ...... अपीलाथ"/Appellant बनाम Vs. Assistant Commissioner Of Income Tax Circle -1(1), Mumbai.Room No.533, 5Th Floor,Aaykar Bhavan, M.K.Road, Mumbai – 400 020..... "ितवाद"/Respondent

For Appellant: Shri Yogesh Thar & Ms.Ikshu ShahFor Respondent: Shri Hoshang Boman Irani /
Section 143(3)Section 14A

income of Rs.69,99,52,184/-. In scrutiny assessmen, the Assessing Officer vide assessment order dated 31/12/2008 made addition/disallowances on following counts: (i) Disallowance u/s. 14A r.w.r. 8D Rs.48,03,858/-. (ii) Capital gains on sale of shares Rs.65,25,00,000/-. (iii) Disallowance of bad debts Rs.1 ... earned. The ld. Authorized Representative for the assessee submitted that estimation of disallowance by CIT(A) is on higher side, he prayed that disallowance u/s. 14A of the Act should be restricted to 1% of the exempt income earned during the relevant period. In support of his submissions

Dandvati Investments & Trading Company P Ltd, Mumbai vs. Addl CIT RG 2(1), Mumbai

In the result, appeal by the Revenue is dismissed

ITA 3638/MUM/2012[2006-07]Status: DisposedITAT Mumbai21 Nov 2022AY 2006-07

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.3638/मुं/2012(िन.व. 2006-07) आअसं.1916/मुं/2014(िन.व. 2006-07) Dandvati Investments & Trading Company Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacd-3925-E ...... अपीलाथ"/Appellant बनाम Vs. Additional Commissioner Of Income Range 2(1) Mumbai. Aaykar Bhavan, M.K.Road, ..... "ितवाद"/Respondent Mumbai – 400 020 आअसं.3635/मुं/2012 (िन.व. 2006-07) आअसं.1915/मुं/2014 (िन.व. 2006-07) M/S. Firestorm Electronics Corporation Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacf-4730-D ...... अपीलाथ"/Appellant बनाम Vs. Assistant Commissioner Of Income Tax Circle -1(1), Mumbai.Room No.533, 5Th Floor,Aaykar Bhavan, M.K.Road, Mumbai – 400 020..... "ितवाद"/Respondent

For Appellant: Shri Yogesh Thar & Ms.Ikshu ShahFor Respondent: Shri Hoshang Boman Irani /
Section 143(3)Section 14A

income of Rs.69,99,52,184/-. In scrutiny assessmen, the Assessing Officer vide assessment order dated 31/12/2008 made addition/disallowances on following counts: (i) Disallowance u/s. 14A r.w.r. 8D Rs.48,03,858/-. (ii) Capital gains on sale of shares Rs.65,25,00,000/-. (iii) Disallowance of bad debts Rs.1 ... earned. The ld. Authorized Representative for the assessee submitted that estimation of disallowance by CIT(A) is on higher side, he prayed that disallowance u/s. 14A of the Act should be restricted to 1% of the exempt income earned during the relevant period. In support of his submissions

Firestorm Electronics Corporaiton P.Ltd, Mumbai vs. Addl CIT RG 2(1), Mumbai

In the result, appeal by the Revenue is dismissed

ITA 3635/MUM/2012[2006-07]Status: DisposedITAT Mumbai21 Nov 2022AY 2006-07

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.3638/मुं/2012(िन.व. 2006-07) आअसं.1916/मुं/2014(िन.व. 2006-07) Dandvati Investments & Trading Company Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacd-3925-E ...... अपीलाथ"/Appellant बनाम Vs. Additional Commissioner Of Income Range 2(1) Mumbai. Aaykar Bhavan, M.K.Road, ..... "ितवाद"/Respondent Mumbai – 400 020 आअसं.3635/मुं/2012 (िन.व. 2006-07) आअसं.1915/मुं/2014 (िन.व. 2006-07) M/S. Firestorm Electronics Corporation Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacf-4730-D ...... अपीलाथ"/Appellant बनाम Vs. Assistant Commissioner Of Income Tax Circle -1(1), Mumbai.Room No.533, 5Th Floor,Aaykar Bhavan, M.K.Road, Mumbai – 400 020..... "ितवाद"/Respondent

For Appellant: Shri Yogesh Thar & Ms.Ikshu ShahFor Respondent: Shri Hoshang Boman Irani /
Section 143(3)Section 14A

income of Rs.69,99,52,184/-. In scrutiny assessmen, the Assessing Officer vide assessment order dated 31/12/2008 made addition/disallowances on following counts: (i) Disallowance u/s. 14A r.w.r. 8D Rs.48,03,858/-. (ii) Capital gains on sale of shares Rs.65,25,00,000/-. (iii) Disallowance of bad debts Rs.1 ... earned. The ld. Authorized Representative for the assessee submitted that estimation of disallowance by CIT(A) is on higher side, he prayed that disallowance u/s. 14A of the Act should be restricted to 1% of the exempt income earned during the relevant period. In support of his submissions

ACIT 2(1), Mumbai vs. Firestorm Electronics Corp Ltd, Mumbai

In the result, appeal by the Revenue is dismissed

ITA 3538/MUM/2012[2006-07]Status: DisposedITAT Mumbai21 Nov 2022AY 2006-07

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.3638/मुं/2012(िन.व. 2006-07) आअसं.1916/मुं/2014(िन.व. 2006-07) Dandvati Investments & Trading Company Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacd-3925-E ...... अपीलाथ"/Appellant बनाम Vs. Additional Commissioner Of Income Range 2(1) Mumbai. Aaykar Bhavan, M.K.Road, ..... "ितवाद"/Respondent Mumbai – 400 020 आअसं.3635/मुं/2012 (िन.व. 2006-07) आअसं.1915/मुं/2014 (िन.व. 2006-07) M/S. Firestorm Electronics Corporation Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacf-4730-D ...... अपीलाथ"/Appellant बनाम Vs. Assistant Commissioner Of Income Tax Circle -1(1), Mumbai.Room No.533, 5Th Floor,Aaykar Bhavan, M.K.Road, Mumbai – 400 020..... "ितवाद"/Respondent

For Appellant: Shri Yogesh Thar & Ms.Ikshu ShahFor Respondent: Shri Hoshang Boman Irani /
Section 143(3)Section 14A

income of Rs.69,99,52,184/-. In scrutiny assessmen, the Assessing Officer vide assessment order dated 31/12/2008 made addition/disallowances on following counts: (i) Disallowance u/s. 14A r.w.r. 8D Rs.48,03,858/-. (ii) Capital gains on sale of shares Rs.65,25,00,000/-. (iii) Disallowance of bad debts Rs.1 ... earned. The ld. Authorized Representative for the assessee submitted that estimation of disallowance by CIT(A) is on higher side, he prayed that disallowance u/s. 14A of the Act should be restricted to 1% of the exempt income earned during the relevant period. In support of his submissions

M/S. Coromandel Sugars Ltd., Chennai vs. DCIT, CC - 1 (2), Chennai

In the result, the appeals filed by the assessee in ITA

ITA 3391/CHNY/2019[2013-14]Status: DisposedITAT Chennai16 Nov 2022AY 2013-14

Bench: Shri Mahavir Singhand Shri G. Manjunathaआयकरअपीलसं./Ita Nos.: 3390 & 3391/Chny/2019 िनधा"रण वष"/Assessment Years: 2005-06 & 2013 - 14 Coromandel Sugars Ltd., The Dcit, No.93, Santhome High Road, Vs. Corporate Circle -1(2), R.A. Puram, Chennai. Chennai – 600 028. Pan: Aaaci 2702G (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri R. Vijayaraghavan, Advocate ""यथ" क" ओर से/Respondent By : Shri Ar.V. Sreenivasan, Addl.Cit सुनवाई क" तार"ख/Date Of Hearing : 02.11.2022 घोषणा क" तार"ख/Date Of Pronouncement : 16.11.2022 आदेश /O R D E R Per Mahavir Singh: These Appeals By The Assessee Are Arising Out Of The Common Order Of The Commissioner Of Income Tax (Appeals)-4(I/C), Chennai In Ita Nos.434 & 433/16-17/Cit(A)-4/Ays 2005-06 & 2013-14 Dated 09.09.2019. The Assessments Were Framed U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter The ‘Act’) By The Acit, Company Circle Ii(3), Chennai For The Assessment Year 2005-06

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri AR.V. Sreenivasan, Addl.CIT
Section 143(3)

there are decisions of the various courts and decisions of the ITAT Chennai Bench following such decisions wherein it was held that the disallowance u/s 14A should not exceed the dividend income. In fact this view was also confirmed in the above decision of the Supreme Court. I therefore restrict ... disallowance u/s 14A to the extent of dividend income of Rs. 20,26,000/- and the balance disallowance made by the AO is deleted. Thus addition to the extent of Rs. 20,26,000/- is - 18 - ITA Nos.3390 & 3391/Chny/2019 sustained and the balance

M/S. Coromandel Sugars Ltd., Chennai vs. DCIT, CC - 1 (2), Chennai

In the result, the appeals filed by the assessee in ITA

ITA 3390/CHNY/2019[2005-06]Status: DisposedITAT Chennai16 Nov 2022AY 2005-06

Bench: Shri Mahavir Singhand Shri G. Manjunathaआयकरअपीलसं./Ita Nos.: 3390 & 3391/Chny/2019 िनधा"रण वष"/Assessment Years: 2005-06 & 2013 - 14 Coromandel Sugars Ltd., The Dcit, No.93, Santhome High Road, Vs. Corporate Circle -1(2), R.A. Puram, Chennai. Chennai – 600 028. Pan: Aaaci 2702G (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri R. Vijayaraghavan, Advocate ""यथ" क" ओर से/Respondent By : Shri Ar.V. Sreenivasan, Addl.Cit सुनवाई क" तार"ख/Date Of Hearing : 02.11.2022 घोषणा क" तार"ख/Date Of Pronouncement : 16.11.2022 आदेश /O R D E R Per Mahavir Singh: These Appeals By The Assessee Are Arising Out Of The Common Order Of The Commissioner Of Income Tax (Appeals)-4(I/C), Chennai In Ita Nos.434 & 433/16-17/Cit(A)-4/Ays 2005-06 & 2013-14 Dated 09.09.2019. The Assessments Were Framed U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter The ‘Act’) By The Acit, Company Circle Ii(3), Chennai For The Assessment Year 2005-06

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri AR.V. Sreenivasan, Addl.CIT
Section 143(3)

there are decisions of the various courts and decisions of the ITAT Chennai Bench following such decisions wherein it was held that the disallowance u/s 14A should not exceed the dividend income. In fact this view was also confirmed in the above decision of the Supreme Court. I therefore restrict ... disallowance u/s 14A to the extent of dividend income of Rs. 20,26,000/- and the balance disallowance made by the AO is deleted. Thus addition to the extent of Rs. 20,26,000/- is - 18 - ITA Nos.3390 & 3391/Chny/2019 sustained and the balance

Keystone Realtors Pvt Ltd, Mumbai vs. Dy CIT CC 2(4), Mumbai

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

ITA 611/MUM/2020[2014-15]Status: DisposedITAT Mumbai14 Nov 2022AY 2014-15

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Naresh KumarFor Respondent: Shri Rakesh Ranjan
Section 14ASection 250Section 37

erred in confirming the order of learned assessing officer with regards to disallowance u/s. 14A of the Income Tax Act, 1961 of Rs. 54,33,62,192/- in relation to exempt income earned during the year under consideration. It is submitted that the disallowance made by the learned assessing officer ... Without prejudice to the above, it is submitted that no amount of interest on secured loan should be taken into consideration while making disallowance u/s. 14A r.w.r. 8D of the Income Tax Rules, 1962 for the year under consideration. Further it is submitted that the net interest expenses