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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

DCIT, Madurai vs. The Ramco Cements Limited, Rajapalayam

The appeals of the revenue stand dismissed

ITA 1363/CHNY/2016[2012-13]Status: DisposedITAT Chennai03 Jul 2024AY 2012-13

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm 1. आयकरअपील सं./ Ita No.957/Chny/2016 (िनधा;रण वष; / Assessment Year: 2010-11) & 2. आयकरअपील सं./ Ita No.958/Chny/2016 (िनधा;रण वष; / Assessment Year: 2012-13) & 3. आयकरअपील सं./ Ita No.2196/Chny/2019 (िनधा;रण वष; / Assessment Year: 2014-15) The Ramco Cements Limited Dcit बनाम (Formerly Known As Madras Cements Ltd) Corporate Circle -2, Ramamandiram, / Vs. Madurai. Rajapalayam-626 117. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aabcm-8375-L (अपीलाथ"/Appellant) : (" थ" / Respondent) & 4. आयकरअपील सं./ Ita No.1274/Chny/2016 (िनधा;रण वष; / Assessment Year: 2010-11) & 5. आयकरअपील सं./ Ita No.1363/Chny/2016 (िनधा;रण वष; / Assessment Year: 2012-13) & 6. आयकरअपील सं./ Ita No.1897/Chny/2017 (िनधा;रणवष; / Assessment Year: 2013-14) Dcit The Ramco Cements Limited बनाम/ Corporate Circle -2, (Formerly Known As Madras Cements Ltd) Ramamandiram, Vs. Madurai. Rajapalayam-626 117. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aabcm-8375-L (अपीलाथ"/Appellant) : (" थ" / Respondent)

For Appellant: Shri J.Prabhakar (CA) &For Respondent: Mrs. Jothi Lakshmi Nayak (CIT)-Ld.DR

results in creation of asset for a third party of which the assessee is not the owner shall be regarded as revenue expenditure. Disallowance u/s 14A_r.w Rule 8D-Rs 91,54,895 14. The Hon'ble Commissioner of Income Tax (Appeals) erred in sustaining the addition of Rs.91 ... opportunity to the Appellant 17. The Hon'ble CIT(A) erred, in facts and law, in adjudicating on the issue of applying the disallowance u/s 14A for re-computation of Book Profits since no such re-computation of Book profits was made by the AO and consequently no such ground

DCIT, Madurai vs. The Ramco Cements Ltd., Rajapalayam

The appeals of the revenue stand dismissed

ITA 1274/CHNY/2016[2010-11]Status: DisposedITAT Chennai03 Jul 2024AY 2010-11

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm 1. आयकरअपील सं./ Ita No.957/Chny/2016 (िनधा;रण वष; / Assessment Year: 2010-11) & 2. आयकरअपील सं./ Ita No.958/Chny/2016 (िनधा;रण वष; / Assessment Year: 2012-13) & 3. आयकरअपील सं./ Ita No.2196/Chny/2019 (िनधा;रण वष; / Assessment Year: 2014-15) The Ramco Cements Limited Dcit बनाम (Formerly Known As Madras Cements Ltd) Corporate Circle -2, Ramamandiram, / Vs. Madurai. Rajapalayam-626 117. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aabcm-8375-L (अपीलाथ"/Appellant) : (" थ" / Respondent) & 4. आयकरअपील सं./ Ita No.1274/Chny/2016 (िनधा;रण वष; / Assessment Year: 2010-11) & 5. आयकरअपील सं./ Ita No.1363/Chny/2016 (िनधा;रण वष; / Assessment Year: 2012-13) & 6. आयकरअपील सं./ Ita No.1897/Chny/2017 (िनधा;रणवष; / Assessment Year: 2013-14) Dcit The Ramco Cements Limited बनाम/ Corporate Circle -2, (Formerly Known As Madras Cements Ltd) Ramamandiram, Vs. Madurai. Rajapalayam-626 117. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aabcm-8375-L (अपीलाथ"/Appellant) : (" थ" / Respondent)

For Appellant: Shri J.Prabhakar (CA) &For Respondent: Mrs. Jothi Lakshmi Nayak (CIT)-Ld.DR

results in creation of asset for a third party of which the assessee is not the owner shall be regarded as revenue expenditure. Disallowance u/s 14A_r.w Rule 8D-Rs 91,54,895 14. The Hon'ble Commissioner of Income Tax (Appeals) erred in sustaining the addition of Rs.91 ... opportunity to the Appellant 17. The Hon'ble CIT(A) erred, in facts and law, in adjudicating on the issue of applying the disallowance u/s 14A for re-computation of Book Profits since no such re-computation of Book profits was made by the AO and consequently no such ground

The ACIT, Circle-2(1)(2), Ahmedabad vs. Kunvarji Finance Pvt. Ltd., Ahmedabad

ITA 2147/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad02 Jul 2024AY 2014-15

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar, Accountnat Member Assessment Year : 2014-15 The Acit Kunvarji Finance Pvt.Ltd. Circle-2(1)(2) Vs Block B, 1St Floor Ahmedabad Siddhi Vinayak Tower Off S.G. Highway Mouje Makarba, Ahmedabad Pan: Aaack 8759 R अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Bandish Soparkar, Ar Revenue By : Smt. Malarkodi R., Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 20/06/2024 घोषणा क" तार"ख /Date Of Pronouncement: 02/07/2024 आदेश/O R D E R Per Shri Makarand V. Mahadeokar, Am:

For Appellant: Shri Bandish Soparkar, ARFor Respondent: Smt. Malarkodi R., Sr.DR
Section 106Section 143(1)Section 143(3)Section 14A

which no specific administrative cost is required. The Assessing Officer, however, not satisfied with the submission of the assessee, calculated the disallowance u/s 14A as determined in accordance with Rule 8D. 4.3. During the course of proceedings before the Ld.CIT(A), the assessee placed reliance on some judicial proceedings ... Rs.13,970/- is found correct and the same is confirmed and relief is granted for the balance disallowance. In other words, the disallowance u/s. 14A is confirmed to the extent of Rs.13,970/-. The related grounds of appeal are accordingly partly allowed.” 5. The Ld.Counsel for the assessee reiterated

Assistant Commissioner of Income Tax- 4(2)(1), Mumbai vs. Gupshup Technology India Private Limited, Mumbai

In the result, the appeal of the revenue is dismissed

ITA 2327/MUM/2024[2011]Status: DisposedITAT Mumbai02 Jul 2024

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

For Appellant: Shri Ashish Kumar Agrawal, Sr
Section 143(3)Section 14ASection 153Section 153BSection 92C

facts and circumstances of the case, the Ld CIT(A)/NFAC is right in deleting the disallowance made by AO on account of disallowance u/s 14A of Rs 46,09,170/-?” 2. The assessee is a Private Limited company incorporated in 2005 as a subsidiary of Webaroo Inc. The assessee ... here in this case final assessment order has been passed on 30/04/2015 and therefore, not only the whole transfer pricing adjustment but also disallowance u/s. 14A made on corporate tax deserves to be quashed as the final assessment order itself is barred by limitation. In support of the said contention

The Dy.Commissioner of Income Tax, Circle-1(1)(2), Ahmedabad vs. M/S. Cadila Pharmaceuticals Ltd., Ahmedabad

In the result, Revenue’s appeal is allowed in part

ITA 74/AHD/2020[2010-11]Status: DisposedITAT Ahmedabad01 Jul 2024AY 2010-11

Bench: Shri TR Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

For Appellant: Parin Shah, A.RsFor Respondent: Dr. Darsi Suman Ratnam, CIT
Section 143(3)Section 35

disallowance of product registration expense of Rs.1,76,84,264/-. The ground of the Revenue is dismissed. 13. Ground Number- 12 & 13: Disallowance u/s 14A 13.1 Ground No.12 pertains to restriction of addition of Rs.72,74,923/- made under Section 14A of the Act to Rs.5,208/- only ... Tribunal on this issue in assesse’s own case in the earlier years (supra). It is a settled position that the disallowance u/s 14A of the Act can’t exceed the exempt income earned. We, therefore, do not see any reason to interfere with the order

Cadila Pharmaceuticals Ltd., Ahmedabad vs. The Asst. Commissioner of Income Tax, Circle-1(1)(2), Ahmedabad

In the result, Revenue’s appeal is allowed in part

ITA 53/AHD/2020[2010-11]Status: DisposedITAT Ahmedabad01 Jul 2024AY 2010-11

Bench: Shri TR Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

For Appellant: Parin Shah, A.RsFor Respondent: Dr. Darsi Suman Ratnam, CIT
Section 143(3)Section 35

disallowance of product registration expense of Rs.1,76,84,264/-. The ground of the Revenue is dismissed. 13. Ground Number- 12 & 13: Disallowance u/s 14A 13.1 Ground No.12 pertains to restriction of addition of Rs.72,74,923/- made under Section 14A of the Act to Rs.5,208/- only ... Tribunal on this issue in assesse’s own case in the earlier years (supra). It is a settled position that the disallowance u/s 14A of the Act can’t exceed the exempt income earned. We, therefore, do not see any reason to interfere with the order

DCIT (Ltu)-1, Mumbai vs. Aditya Birla Nuvo Ltd, Mumbai

ITA 5935/MUM/2017[2012-13]Status: DisposedITAT Mumbai01 Jul 2024AY 2012-13

Bench: Shri Pavan Kumar Gadale, Jm & Ms Padmavathy S, Am Ι.Τ.Α. No. 5848/Mum/2017 (Assessment Year: 2012-13) Aditya Birla Nuvo Limited (Since Amalgamated With Grasim Industries Ltd.), Corporate Finance Division, A2, Aditya Birla Centre, A Wing, 2Nd Floor, S.K. Ahire Marg, Worli, Mumbai-400030. Pan: Aaaci1747H Vs. The Acit- Ltu-1, World Trade Centre, 29Th Floor, Centre-1, Cuffe Parade, Mumbai-400005. Appellant) : Respondent) Ι.Τ.Α. No. 5935/Mum/2017 (Assessment Year: 2012-13) The Dcit- Ltu-1, World Trade Centre, 29Th Floor, Centre-1, Cuffe Parade, Mumbai-400005. Aditya Birla Nuvo Limited (Since Amalgamated With Grasim Industries Ltd.), Corporate Finance Division, A2, Aditya Birla Centre, A Wing, 2Nd Floor, S.K. Ahire Marg, Vs. Worli, Mumbai-400030. Pan : Aaaci1747H Respondent) Appellant) Appellant/Assessee By : Shri Ronak Doshi / Riken Shah, Ar Revenue/Respondent By : Shri Ashish Kumar Agrawal, Sr. Dr. Date Of Hearing : 25.06.2024 Date Of Pronouncement : 01.07.2024 Order Per Padmavathy S, Am: These Cross Appeals By The Assessee & The Revenue Are Against The Order Of The Commissioner Of Income Tax (Appeals)-55, Mumbai Dated 27.06.2017 For

For Appellant: Shri Ronak Doshi / Riken ShahFor Respondent: Shri Ashish Kumar Agrawal, Sr
Section 10BSection 115JSection 14ASection 32(1)(iia)Section 37Section 40Section 43BSection 80I

tabulated below: Assessee Ground No. 1 2 3 4 5 6 7 Additional Ground No.1 Additional Ground No.2 Additional Ground No.3 Issues Disallowance u/s 14A of the Act Upholding the action of AO in adding the disallowance u/s 14A of the Act to book profits u/s 115JB ... charging it to tax under normal provisions of the Act and excluding it while computing book profits u/s 115JB of the Act. Issues Disallowance u/s 14A of the Act Disallowance u/s 40(a)(ia) on year end provisions Deleting the addition on account of CENVAT Credit on valuation of stock

Aditya Birla Nuvo Ltd (Since Amalgamated With Grasim Industries Limited), Mumbai vs. Asst CIT (Ltu) 1, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 5848/MUM/2017[2012-13]Status: DisposedITAT Mumbai01 Jul 2024AY 2012-13

Bench: Shri Pavan Kumar Gadale, Jm & Ms Padmavathy S, Am

Section 10BSection 115JSection 14ASection 32(1)(iia)Section 37Section 40Section 43BSection 801A

assessee and the Revenue raised various grounds pertaining to the following issues as tabulated below: Assessee Ground No. Issues 1 Disallowance u/s 14A of the Act 2 Upholding the action of AO in adding the disallowance u/s 14A of the Act to book profits u/s 115JB ... under normal provisions of the Act and excluding it while computing book profits u/s 115JB of the Act. Revenue Ground No. Issues 1 Disallowance u/s 14A of the Act 2 Disallowance u/s 40(a)(ia) on year end provisions 3 Deleting the addition on account of CENVAT Credit on valuation

Sundaram Finance Limited, Chennai vs. DCIT, Circle-1, Ltu, Chennai

ITA 636/CHNY/2023[2018-19]Status: DisposedITAT Chennai28 Jun 2024AY 2018-19

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

been made by the Assessee : (i) Recovery of bad debt written off in the books of amalgamating companies (ii) Depreciation on UPS (iii)Disallowance u/s. 14A r.w.r. 8D of the Act :-6-: ITA. Nos:07, 08, 09, 26, 27, 28, 79, 80 & 81/Chny/2022 ITA No: 636/Chny/2023 (iv) Interest Income ... Rs.2.18 Crores, totaling to Rs.60.71 crores and same was claimed as exempt U/s.10 of the Act. However, the assessee did not offer any disallowance u/s 14A. Considering the fact that the assessee had made substantial investment of Rs.945.99 Crores during the year which were shown as ‘current investments

Sundram Finance Lomited, Chennai vs. ACIT, Circle-1, Ltu, Chennai

ITA 81/CHNY/2022[2017-18]Status: DisposedITAT Chennai28 Jun 2024AY 2017-18

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

been made by the Assessee : (i) Recovery of bad debt written off in the books of amalgamating companies (ii) Depreciation on UPS (iii)Disallowance u/s. 14A r.w.r. 8D of the Act :-6-: ITA. Nos:07, 08, 09, 26, 27, 28, 79, 80 & 81/Chny/2022 ITA No: 636/Chny/2023 (iv) Interest Income ... Rs.2.18 Crores, totaling to Rs.60.71 crores and same was claimed as exempt U/s.10 of the Act. However, the assessee did not offer any disallowance u/s 14A. Considering the fact that the assessee had made substantial investment of Rs.945.99 Crores during the year which were shown as ‘current investments

Sundaram Finance Limited, Chennai vs. ACIT, Circle-A. Ltu, Chennai

ITA 80/CHNY/2022[2016-17]Status: DisposedITAT Chennai28 Jun 2024AY 2016-17

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

been made by the Assessee : (i) Recovery of bad debt written off in the books of amalgamating companies (ii) Depreciation on UPS (iii)Disallowance u/s. 14A r.w.r. 8D of the Act :-6-: ITA. Nos:07, 08, 09, 26, 27, 28, 79, 80 & 81/Chny/2022 ITA No: 636/Chny/2023 (iv) Interest Income ... Rs.2.18 Crores, totaling to Rs.60.71 crores and same was claimed as exempt U/s.10 of the Act. However, the assessee did not offer any disallowance u/s 14A. Considering the fact that the assessee had made substantial investment of Rs.945.99 Crores during the year which were shown as ‘current investments

Sundaram Finance, Chennai vs. DCIT, Ltu-1, Chennai

ITA 79/CHNY/2022[2015-16]Status: DisposedITAT Chennai28 Jun 2024AY 2015-16

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

been made by the Assessee : (i) Recovery of bad debt written off in the books of amalgamating companies (ii) Depreciation on UPS (iii)Disallowance u/s. 14A r.w.r. 8D of the Act :-6-: ITA. Nos:07, 08, 09, 26, 27, 28, 79, 80 & 81/Chny/2022 ITA No: 636/Chny/2023 (iv) Interest Income ... Rs.2.18 Crores, totaling to Rs.60.71 crores and same was claimed as exempt U/s.10 of the Act. However, the assessee did not offer any disallowance u/s 14A. Considering the fact that the assessee had made substantial investment of Rs.945.99 Crores during the year which were shown as ‘current investments

Sundaram Finance Ltd, Chennai vs. DCIT, Large Taxpayer Unit-1, Chennai

ITA 9/CHNY/2018[2011-12]Status: DisposedITAT Chennai28 Jun 2024AY 2011-12

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

been made by the Assessee : (i) Recovery of bad debt written off in the books of amalgamating companies (ii) Depreciation on UPS (iii)Disallowance u/s. 14A r.w.r. 8D of the Act :-6-: ITA. Nos:07, 08, 09, 26, 27, 28, 79, 80 & 81/Chny/2022 ITA No: 636/Chny/2023 (iv) Interest Income ... Rs.2.18 Crores, totaling to Rs.60.71 crores and same was claimed as exempt U/s.10 of the Act. However, the assessee did not offer any disallowance u/s 14A. Considering the fact that the assessee had made substantial investment of Rs.945.99 Crores during the year which were shown as ‘current investments

Sundaram Finance Ltd, Chennai vs. DCIT, Large Taxpayer Unit-1, Chennai

ITA 8/CHNY/2018[2011-12]Status: DisposedITAT Chennai28 Jun 2024AY 2011-12

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

been made by the Assessee : (i) Recovery of bad debt written off in the books of amalgamating companies (ii) Depreciation on UPS (iii)Disallowance u/s. 14A r.w.r. 8D of the Act :-6-: ITA. Nos:07, 08, 09, 26, 27, 28, 79, 80 & 81/Chny/2022 ITA No: 636/Chny/2023 (iv) Interest Income ... Rs.2.18 Crores, totaling to Rs.60.71 crores and same was claimed as exempt U/s.10 of the Act. However, the assessee did not offer any disallowance u/s 14A. Considering the fact that the assessee had made substantial investment of Rs.945.99 Crores during the year which were shown as ‘current investments

Sundaram Finance Ltd, Chennai vs. DCIT, Large Taxpayer Unit-1, Chennai

ITA 7/CHNY/2018[2010-11]Status: DisposedITAT Chennai28 Jun 2024AY 2010-11

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

been made by the Assessee : (i) Recovery of bad debt written off in the books of amalgamating companies (ii) Depreciation on UPS (iii)Disallowance u/s. 14A r.w.r. 8D of the Act :-6-: ITA. Nos:07, 08, 09, 26, 27, 28, 79, 80 & 81/Chny/2022 ITA No: 636/Chny/2023 (iv) Interest Income ... Rs.2.18 Crores, totaling to Rs.60.71 crores and same was claimed as exempt U/s.10 of the Act. However, the assessee did not offer any disallowance u/s 14A. Considering the fact that the assessee had made substantial investment of Rs.945.99 Crores during the year which were shown as ‘current investments

DCIT, Chennai vs. M/S, Sundaram Finance Ltd., Chennai

ITA 28/CHNY/2018[2011-12]Status: DisposedITAT Chennai28 Jun 2024AY 2011-12

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

been made by the Assessee : (i) Recovery of bad debt written off in the books of amalgamating companies (ii) Depreciation on UPS (iii)Disallowance u/s. 14A r.w.r. 8D of the Act :-6-: ITA. Nos:07, 08, 09, 26, 27, 28, 79, 80 & 81/Chny/2022 ITA No: 636/Chny/2023 (iv) Interest Income ... Rs.2.18 Crores, totaling to Rs.60.71 crores and same was claimed as exempt U/s.10 of the Act. However, the assessee did not offer any disallowance u/s 14A. Considering the fact that the assessee had made substantial investment of Rs.945.99 Crores during the year which were shown as ‘current investments

ACIT, Chennai vs. M/S Sundaram Finance Ltd, Chennai

ITA 27/CHNY/2018[2011-12]Status: DisposedITAT Chennai28 Jun 2024AY 2011-12

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

been made by the Assessee : (i) Recovery of bad debt written off in the books of amalgamating companies (ii) Depreciation on UPS (iii)Disallowance u/s. 14A r.w.r. 8D of the Act :-6-: ITA. Nos:07, 08, 09, 26, 27, 28, 79, 80 & 81/Chny/2022 ITA No: 636/Chny/2023 (iv) Interest Income ... Rs.2.18 Crores, totaling to Rs.60.71 crores and same was claimed as exempt U/s.10 of the Act. However, the assessee did not offer any disallowance u/s 14A. Considering the fact that the assessee had made substantial investment of Rs.945.99 Crores during the year which were shown as ‘current investments

DCIT, Chennai vs. M/S, Sundaram Finance Ltd., Chennai

ITA 26/CHNY/2018[2010-11]Status: DisposedITAT Chennai28 Jun 2024AY 2010-11

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

been made by the Assessee : (i) Recovery of bad debt written off in the books of amalgamating companies (ii) Depreciation on UPS (iii)Disallowance u/s. 14A r.w.r. 8D of the Act :-6-: ITA. Nos:07, 08, 09, 26, 27, 28, 79, 80 & 81/Chny/2022 ITA No: 636/Chny/2023 (iv) Interest Income ... Rs.2.18 Crores, totaling to Rs.60.71 crores and same was claimed as exempt U/s.10 of the Act. However, the assessee did not offer any disallowance u/s 14A. Considering the fact that the assessee had made substantial investment of Rs.945.99 Crores during the year which were shown as ‘current investments

Deputy Commissioner of Income Tax, Circle 1(1) Tps, Mangaluru vs. Mangalore Refinery and Petrochemicals Ltd, Mangaluru

In the result, the appeal filed by the revenue stands dismissed and assessee appeal stands partly allowed for statistical purposes

ITA 714/BANG/2023[2019-20]Status: DisposedITAT Bangalore28 Jun 2024AY 2019-20

Bench: Shri Chandra Poojari & Smt Beena Pillaiassessment Year : 2019-20

For Respondent: Shri D.K. Mishra, CIT-DR
Section 115JSection 142(1)Section 143(2)Section 14A

working. Tax effect relating to each ground of Grounds of Appeal appeal(see note below) 1. CIT(A) erred in restricting the disallowance u/s. 14A to Rs.52,51,373/- when assessee itself admitted such disallowance at Rs.1,90,18,417/- as evident from page 11&12 of the order ... computation and without distinguishing the same with computation made by the AO u/r. 8D(ii). 3. CIT(A) erred in restricting the disallowance u/s. 14A to only direct expenses like salary, interest etc. for which Rule 8D(ii) is applicable and ignoring the purpose of Rule 8D(ii). 4. Whether

Mangalore Refinery and Petrochemicals Limited, Mangalore vs. Additional/Joint/Deputy/Assistant Commissioner of Income Tax/ Income Tax Officer, National Faceless Assessment Centre, Delhi

In the result, the appeal filed by the revenue stands dismissed and assessee appeal stands partly allowed for statistical purposes

ITA 152/PAN/2023[2019-20]Status: DisposedITAT Bangalore28 Jun 2024AY 2019-20

Bench: Shri Chandra Poojari & Smt Beena Pillaiassessment Year : 2019-20

For Respondent: Shri D.K. Mishra, CIT-DR
Section 115JSection 142(1)Section 143(2)Section 14A

working. Tax effect relating to each ground of Grounds of Appeal appeal(see note below) 1. CIT(A) erred in restricting the disallowance u/s. 14A to Rs.52,51,373/- when assessee itself admitted such disallowance at Rs.1,90,18,417/- as evident from page 11&12 of the order ... computation and without distinguishing the same with computation made by the AO u/r. 8D(ii). 3. CIT(A) erred in restricting the disallowance u/s. 14A to only direct expenses like salary, interest etc. for which Rule 8D(ii) is applicable and ignoring the purpose of Rule 8D(ii). 4. Whether