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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

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

decided in favour of the assessee. It is ordered accordingly. 25 IT(TP)A No.2839/Bang/2017. M/s.Praxair India Private Limited. Grounds 22 & 23 (Disallowance u/s 14A of the I.T.Act in computation of total income under regular provisions and book profits) 23. The grounds in respect of disallowance u/s 14A ... adjustments other than those which are prescribed in section 115JB itself can be made to the book profit.” 24. The A.O. made disallowance u/s 14A of the I.T.Act amounting to Rs.5,99,10,687 computed as per Rule 8D(ii) of the Income-tax Rules, 1962 (refer pages

Dy CIT, CC-8(1), Mumbai vs. M/S Ramond Ltd., Mumbai

In the result, the appeal of the revenue stand dismissed

ITA 28/MUM/2021[2005-06]Status: DisposedITAT Mumbai23 Aug 2022AY 2005-06

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singhdcit, Cc-8(1) Vs. M/S Raymond Limited Room No. 656, 6Th Floor, New Hind House, Aayakar Bhavan, M.K. Norottam Morarji Marg, Road, Ballard Estate, Mumbai – 400 020 Mumbai - 400001 स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No: Aaacr4896A Respondent .. Appellant

For Appellant: Shri Madhur AgrawalFor Respondent: Smt. Mahita Nair
Section 143(3)Section 14A

Raymond Limited 2. On the facts and circumstances of the case and law, the Ld. CIT(A) erred in treating the disallowance u/s 14A upto 10% of the exempt income unreasonable when there are many expenses to earn exempt income which cannot be separated from the expenditure done to earn ... rule 8D.” 2. Fact in brief is that vide order dated 28.10.2015 the ITAT set aside the issue pertaining to determining the disallowance u/s 14A to the file of the A.O for computing the disallowance on reasonable basis as held by the Hon’ble Bombay High Court in Godrej & Boyce

Hikal Ltd, Mumbai vs. DCIT Cir 3(1), Mumbai

In the result appeal of the assessee for A

ITA 5388/MUM/2012[2009-10]Status: DisposedITAT Mumbai23 Aug 2022AY 2009-10
Section 10ASection 10BSection 143(3)

Taloja unit of the assessee which has nothing to do with the Bangalore Pharma unit and R &D unit apart from making disallowance u/s 14A of the Act. Asst Year 2003-04 – 143(3) dt 10.1.2006 – Pg 245 of Paper Book The division wise profitability statement is enclosed in page ... Taloja unit of the assessee which has nothing to do with the Bangalore Pharma unit and R &D unit apart from making disallowance u/s 14A of the Act. Asst Year 2004-05 – 143(3) dt 23.2.2006 – Pg 258 of Paper Book We find that the ld AO had accepted

Hikal Ltd, Mumbai vs. DCIT Cir 3(1), Mumbai

In the result appeal of the assessee for A

ITA 5387/MUM/2012[2008-09]Status: DisposedITAT Mumbai23 Aug 2022AY 2008-09
Section 10ASection 10BSection 143(3)

Taloja unit of the assessee which has nothing to do with the Bangalore Pharma unit and R &D unit apart from making disallowance u/s 14A of the Act. Asst Year 2003-04 – 143(3) dt 10.1.2006 – Pg 245 of Paper Book The division wise profitability statement is enclosed in page ... Taloja unit of the assessee which has nothing to do with the Bangalore Pharma unit and R &D unit apart from making disallowance u/s 14A of the Act. Asst Year 2004-05 – 143(3) dt 23.2.2006 – Pg 258 of Paper Book We find that the ld AO had accepted

DCIT (OSD) Cir 3(1), Mumbai vs. Hikal Ltd, Mumbai

In the result appeal of the assessee for A

ITA 5372/MUM/2012[2009-10]Status: DisposedITAT Mumbai23 Aug 2022AY 2009-10
Section 10ASection 10BSection 143(3)

Taloja unit of the assessee which has nothing to do with the Bangalore Pharma unit and R &D unit apart from making disallowance u/s 14A of the Act. Asst Year 2003-04 – 143(3) dt 10.1.2006 – Pg 245 of Paper Book The division wise profitability statement is enclosed in page ... Taloja unit of the assessee which has nothing to do with the Bangalore Pharma unit and R &D unit apart from making disallowance u/s 14A of the Act. Asst Year 2004-05 – 143(3) dt 23.2.2006 – Pg 258 of Paper Book We find that the ld AO had accepted

Capita India Pvt Limited (Capita India), Mumbai vs. Nafc Delhi, Delhi

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

ITA 732/MUM/2022[2017-18]Status: DisposedITAT Mumbai18 Aug 2022AY 2017-18
Section 143(3)Section 14A

made in accordance with Rule 8D of IT Rules. 12.3 In the written submissions, the assessee has made alternative computation for disallowance u/s 14A at Rs.5,52,490/- by apportioning the common expenses between business income and exempt income in proportionate ratio. In the facts and circumstances of the case

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

been applied in computation of book profits u/s. 115JB of the Act. 4. Without prejudice to the above, the Appellant submits that the disallowance u/s. 14A r.w. Rule 8D for computing income under normal provisions of the Act and consequently clause (f) of Explanation 1 to section 115JB ought ... which have yielded exempt income during the year and excluding those investmentson which exempt income was not received during the year. ii) The disallowance u/s. 14A of the Act and clause (f) of Explanation 1 to section 115JB ought to be restricted to the extent of exempt income

Deputy Commissioner of Income Tax, Central Circle-1(2), Bengaluru vs. M/S. Bharath Infra Exports & Imports Limited, Bengaluru

In the result, the appeal of revenue is partly allowed

ITA 2/BANG/2021[2010-11]Status: DisposedITAT Bangalore18 Aug 2022AY 2010-11

Bench: Shri George George K & Shri Laxmi Prasad Sahuassessment Year : 2010-11

For Appellant: Shri Narendra Sharma, AdvocateFor Respondent: Shri Narayana K.R, Addl.DIT (DR)
Section 133ASection 14ASection 69

case the order passed by the CIT(A) is set aside and appeal of the revenue is allowed. 10. In regard to disallowance u/s 14A, the ld.DR relied on the order of the AO and submitted that the amendment made by the Finance Act 2022 is retrospective amendment. Therefore ... rightly calculated disallowance u/s 14A r.w.r 8D. 11. The ld.AR in ground No.1 with regard to sec.14A relied on the order of the CIT(A) and he submitted that no exempt income is Page 20 of 23 received, hence no disallowance can be made by the revenue authorities as decided

Jt. Comm of Income Tax (OSD), CC - 7(2), Mumbai vs. M/S. Rajamundry Expressway Pvt. Ltd, Mumbai

In the result, the appeal of the revenue is dismissed

ITA 1587/MUM/2021[2014-15]Status: DisposedITAT Mumbai17 Aug 2022AY 2014-15

Bench: Us :-

Section 143(3)Section 32(1)(ii)Section 37(1)Section 40A(2)Section 801ASection 80I

they are covered in favour of the assessee . 7. The Ground No. 10 raised by the revenue is challenging the deletion of disallowance u/s 14A of the Act while computing book profits u/s 115JB of the Act. 7.1. We have heard the rival submissions and perused the materials available ... record. We find from the perusal of the assessment order , no disallowance u/s 14A of the Act by the ld. AO while computing the book profits u/s 115JB of the Act. Hence there was no occasion for the ld. CIT(A) to have adjudicated this issue

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)

appeal as under:- “1. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in restricting the disallowance u/s 14A to exempt income earned by the assessee, when there is no provision in the Income Tax Act 1961 and Income Tax Rules 1962 which ... restricts the disallowance u/s 14A to the exempt income earned by the assessee." 03. The assessee in ITA No. 1644/Mum/2019 has raised concise grounds of appeal as under:- “1. BECAUSE the CIT(A) has erred in law and on facts in upholding the disallowance

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)

appeal as under:- “1. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in restricting the disallowance u/s 14A to exempt income earned by the assessee, when there is no provision in the Income Tax Act 1961 and Income Tax Rules 1962 which ... restricts the disallowance u/s 14A to the exempt income earned by the assessee." 03. The assessee in ITA No. 1644/Mum/2019 has raised concise grounds of appeal as under:- “1. BECAUSE the CIT(A) has erred in law and on facts in upholding the disallowance

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

upholding the enhancement of disallowance under Rule 8D and disregarding the erroneous conclusion reached by the AO, that the appellant has not computed disallowance u/s 14A as per Rule 8D, when in effect, the disallowance u/s.14A amounting to Rs. 825.92 crore as stated in the Tax Audit Report ... appearing in the balance sheet of the assessee, on the first day and the last day of the previous year. 1070 Total disallowance u/s 14A 17. Since the assessee had already disallowed a sum of Rs. 825.92 crore under section 14A, therefore, balance sum of Rs. 244.08 crore was disallowed

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

upholding the enhancement of disallowance under Rule 8D and disregarding the erroneous conclusion reached by the AO, that the appellant has not computed disallowance u/s 14A as per Rule 8D, when in effect, the disallowance u/s.14A amounting to Rs. 825.92 crore as stated in the Tax Audit Report ... appearing in the balance sheet of the assessee, on the first day and the last day of the previous year. 1070 Total disallowance u/s 14A 17. Since the assessee had already disallowed a sum of Rs. 825.92 crore under section 14A, therefore, balance sum of Rs. 244.08 crore was disallowed

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

Sheth Creators Private Limited Sheth Creator 5 ITA Nos. 2620/M/2019 & Four Ors. ITA Nos. 2620/M/2019 & Four Ors. 3. Additional Disallowance U/s 14A of Rs.19,52,896/ 3. Additional Disallowance U/s 14A of Rs.19,52,896/- : : 3.1. Commissioner of I.T. (A) erred in law and fact by confirming 3.1. Commissioner ... erred in law and fact by confirming 3.1. Commissioner of I.T. (A) erred in law and fact by confirming additional disallowance u/s. 14A of Rs. 19,52,896/ additional disallowance u/s. 14A of Rs. 19,52,896/- over and above over and above disallowance suo moto offered by the assessee

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

Sheth Creators Private Limited Sheth Creator 5 ITA Nos. 2620/M/2019 & Four Ors. ITA Nos. 2620/M/2019 & Four Ors. 3. Additional Disallowance U/s 14A of Rs.19,52,896/ 3. Additional Disallowance U/s 14A of Rs.19,52,896/- : : 3.1. Commissioner of I.T. (A) erred in law and fact by confirming 3.1. Commissioner ... erred in law and fact by confirming 3.1. Commissioner of I.T. (A) erred in law and fact by confirming additional disallowance u/s. 14A of Rs. 19,52,896/ additional disallowance u/s. 14A of Rs. 19,52,896/- over and above over and above disallowance suo moto offered by the assessee

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

Sheth Creators Private Limited Sheth Creator 5 ITA Nos. 2620/M/2019 & Four Ors. ITA Nos. 2620/M/2019 & Four Ors. 3. Additional Disallowance U/s 14A of Rs.19,52,896/ 3. Additional Disallowance U/s 14A of Rs.19,52,896/- : : 3.1. Commissioner of I.T. (A) erred in law and fact by confirming 3.1. Commissioner ... erred in law and fact by confirming 3.1. Commissioner of I.T. (A) erred in law and fact by confirming additional disallowance u/s. 14A of Rs. 19,52,896/ additional disallowance u/s. 14A of Rs. 19,52,896/- over and above over and above disallowance suo moto offered by the assessee

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

Sheth Creators Private Limited Sheth Creator 5 ITA Nos. 2620/M/2019 & Four Ors. ITA Nos. 2620/M/2019 & Four Ors. 3. Additional Disallowance U/s 14A of Rs.19,52,896/ 3. Additional Disallowance U/s 14A of Rs.19,52,896/- : : 3.1. Commissioner of I.T. (A) erred in law and fact by confirming 3.1. Commissioner ... erred in law and fact by confirming 3.1. Commissioner of I.T. (A) erred in law and fact by confirming additional disallowance u/s. 14A of Rs. 19,52,896/ additional disallowance u/s. 14A of Rs. 19,52,896/- over and above over and above disallowance suo moto offered by the assessee

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

Sheth Creators Private Limited Sheth Creator 5 ITA Nos. 2620/M/2019 & Four Ors. ITA Nos. 2620/M/2019 & Four Ors. 3. Additional Disallowance U/s 14A of Rs.19,52,896/ 3. Additional Disallowance U/s 14A of Rs.19,52,896/- : : 3.1. Commissioner of I.T. (A) erred in law and fact by confirming 3.1. Commissioner ... erred in law and fact by confirming 3.1. Commissioner of I.T. (A) erred in law and fact by confirming additional disallowance u/s. 14A of Rs. 19,52,896/ additional disallowance u/s. 14A of Rs. 19,52,896/- over and above over and above disallowance suo moto offered by the assessee

The Great Eastern Shipping Co., Mumbai vs. Addl.C.I.T. RG.5(3), Mumbai

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

ITA 197/MUM/2013[2008-09]Status: DisposedITAT Mumbai11 Aug 2022AY 2008-09
For Appellant: Shri Percy j. Pardiwalla, Sr. Advocate with S/Sh. Jitendra Jain& Rashid PoonawalFor Respondent: Dr.Yogesh Kamat , CIT and Shri Sambit Mishra
Section 115JSection 143(3)Section 14ASection 14A(2)

TRANSFER PRICING ISSUES: (i) Ground No.1:Against reallocation of interest expenditure pertaining tonon- tonnage activities to tonnage activities. (ii) Ground No.2 to 9: Disallowance u/s. 14A of the Act. (iii) Ground No. 10 to 12: Income received under tonnage business treated as non-tonnage income. (iv) Ground No.13: Disallowance ... Adjustment in respect of financial guarantee given on behalf of the Associated Enterprises. ADDITIONAL GROUNDS OF APPEAL: (i) Ground No.1: Disallowance u/s. 14A r.w.r 8D. (ii) Ground No.2: Challenge to recording of satisfaction u/s. 14A(2). (iii) Ground No.3: Inclusion of disallowance u/s. 14A while computing book profits u/s. 115JBof

Dy Commissioner of Income Tax, Circle-8(2)(1), Mumbai-400020 vs. M/S. PAN India Network Infravest Lt., Mumbai-400018

Accordingly, order of Ld. CIT(A) is confirmed and ground raised by revenue are dismissed

ITA 1061/MUM/2022[2017-18]Status: DisposedITAT Mumbai10 Aug 2022AY 2017-18

Bench: Shri Amit Shukla, Jm & Shri Prashant Maharishi, Am आयकरअपीलसं./ I.T.A. No. 1061/Mum/2022 (ननधधारणवर्ा / Assessment Year: 2017-18) M/S Pan India Network Dcit Cir-8(2)(1) Infravest Ltd. R. No. 624, 6Th Floor, बनाम/ Aayakar Bhavan, M. K. 135, Continental Vs. Road, Mumbai-400 020 Building, Dr. A. B. Road, Worli Mumbai-400 018 स्थधयीलेखधसं./जीआइआरसं./ Pan No. Aaccp2459H (अपीलधथी/Appellant) (प्रत्यथी / Respondent) : अपीलधथीकीओरसे/ Appellant By : Shri Jay Bhansali, Ld. Ar प्रत्यथीकीओरसे/Respondent By : Shri Shambhu Yadav, Ld. Dr सुनवधईकीतधरीख/ : 10.08.2022 Date Of Hearing घोर्णधकीतधरीख / : 10.08.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeal Has Been Filed By The Revenue Against The Impugned Order Dated 28.01.2022, Passed By Ld. Cit(A)-49, Mumbai For The Quantum Of Assessment Passed U/S 143(3) For Ay 2017-18. The Revenue Has Taken The Following Grounds:-

For Appellant: Shri Jay BhansaliFor Respondent: Shri Shambhu Yadav
Section 143(3)Section 14A

engaged in the business of data centre services. During the course of assessment proceedings, AO noted that assessee has not made any disallowance u/s 14A. After detail discussion, AO made disallowance under rule 8D amounting to Rs. 59,65,39,287/-. 3. Before Ld. CIT(A), assessee submitted that assessee