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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

Dy CIT CC 6(4), Mumbai vs. Arshiya Ltd., Mumbai

ITA 971/MUM/2020[2013-14]Status: DisposedITAT Mumbai08 Apr 2024AY 2013-14

Bench: Shri Aby T Varkey & Shri Amarjit Singh

For Appellant: Ajay ChandraFor Respondent: Piyush Chhajed
Section 10(34)Section 143(2)Section 143(3)Section 14A

subsidiary company was made out of its own fund, therefore, no direct expenditure was incurred during the year for making any disallowance u/s 14A of the Act. After considering the submission of the assessee material placed on the record and finding of the 1d. CIT(A) we find that ... facts and in the circumstances of the case and in law, the Id. CIT(A) has erred in restricting the disallowance u/s 14A to the extent of exempt income as against the disallowance computed by the Assessing Officer in accordance with the provisions of Rule 8D(2) of the Income

M/S Arshiya Ltd., Mumbai vs. DCIT CC 6 (4), Mumbai

In the result, the appeal of the revenue vide ITA No

ITA 7900/MUM/2019[2013-14]Status: DisposedITAT Mumbai08 Apr 2024AY 2013-14

Bench: Shri Aby T Varkey & Shri Amarjit Singhacit, Cc-6(4) Vs. M/S Arshiya Ltd. R. No. 32(1), 308, Level 3, Ceejay Ground Floor, Aayakar House, F Block Shiv Bhavan, M.K. Road, Sagar Estate, Dr. A.B. Mumbai -400 020 Road, Worli, Mumbai – 400018 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaaci2679A Appellant .. Respondent Dcit, Cc-6(4) Vs. M/S Arshiya Ltd. R. No. 1925, 19Th Floor, 308, Level 3, Ceejay Air India Building, House, F Block Shiv Nariman Point, Sagar Estate, Dr. A.B. Mumbai -400 021 Road, Worli, Mumbai – 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaaci2679A Appellant .. Respondent M/S Arshiya Ltd. Vs. Dcit, Cc-6(4) 308, Level 3, Ceejay R. No. 1925, 19Th Floor, House, F Block Shiv Sagar Air India Building, Estate, Dr. A.B. Road, Nariman Point, Worli, Mumbai – 400018 Mumbai -400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaaci2679A Appellant .. Respondent

For Appellant: Ajay ChandraFor Respondent: Piyush Chhajed
Section 10(34)Section 143(2)Section 143(3)Section 14A

subsidiary company was made out of its own fund, therefore, no direct expenditure was incurred during the year for making any disallowance u/s 14A of the Act. After considering the submission of the assessee material placed on the record and finding of the ld. CIT(A) we find that ... facts and in the circumstances of the case and in law, the Id. CIT(A) has erred in restricting the disallowance u/s 14A to the extent of exempt income as against the disallowance computed by the Assessing Officer in accordance with the provisions of Rule 8D(2) of the Income

ACIT CC 6(4), Mumbai vs. Arshiya Ltd, Mumbai

In the result, the appeal of the revenue vide ITA No

ITA 3952/MUM/2015[2011-12]Status: FixedITAT Mumbai08 Apr 2024AY 2011-12

Bench: Shri Aby T Varkey&

For Respondent: Piyush Chhajed
Section 10(34)Section 143(2)Section 143(3)Section 14A

subsidiary company was made out of its own fund, therefore, no direct expenditure was incurred during the year for making any disallowance u/s 14A of the Act. After considering the submission of the assessee material placed on the record and finding of the ld. CIT(A) we find that ... Limited". On the facts and in the circumstances of the case and in law, the Id. CIT(A) has erred in restricting the disallowance u/s 14A to the extent of exempt income as against the disallowance computed by the Assessing Officer in accordance with the provisions of Rule

Dy. Commissioner of Income Tax, Central Circle-3(3), Mumbai vs. Avaada Ventures Private Limited, Mumbai

In the result, all the appeals of the Revenue are dismissed as well as Cross Objections of the assessee are dismissed as infructuous

ITA 4342/MUM/2023[2017]Status: DisposedITAT Mumbai05 Apr 2024

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI S RIFAUR RAHMAN (Accountant Member)

Section 132Section 132(4)Section 139(1)Section 143(3)Section 153A

have gone through the submission of the assessee and contention of the AO. The assessee has submitted that for the purpose of computing disallowance u/s 14A, the amount of disallowance shall be restricted to the amount of exempt income earned by the assessee. This is as per the ratio

Deputy Commissioner of Income Tax, Mumbai vs. Avaada Ventures Pvt. Ltd, Andheri

In the result, all the appeals of the Revenue are

ITA 3613/MUM/2023[2016-17]Status: DisposedITAT Mumbai05 Apr 2024AY 2016-17
Section 132Section 132(4)Section 139(1)Section 143(3)Section 153A

have gone through the submission of the assessee and contention of the AO. The assessee has submitted that for the purpose of computing disallowance u/s 14A, the amount of disallowance shall be restricted to the amount of exempt income earned by the assessee. This is as per the ratio

M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd), Mumbai vs. Dy Comm of Income Tax- Central Circle-7(2), Mumbai

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

ITA 320/MUM/2023[2012-13]Status: DisposedITAT Mumbai05 Apr 2024AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

For Appellant: Shri S. S. Nagar & Shri BFor Respondent: Dr. Mahesh Akhade (DR)
Section 132Section 143(2)Section 153A

ground Nos. 2 & 3 are as follows: 2. On the facts and circumstances of the case, the respondent wishes to claim that no disallowance u/s 14A r.w rule 8D should be made in computing book profit u/s 115JB of the Act. 3. On the facts and circumstances of the case ... DCIT (ITA No. 149 of 2017) and PCIT vs HSBC Invest Direct (India) Ltd. (ITA No. 1672 of 2016) has held that the disallowance u/s 14A of the Act cannot exceed the exempt income so earned by the assessee. Following the binding decisions of the Hon’ble jurisdictional High Court

DCIT, Central Circle 3(3), Mumbai vs. Avaada Ventures Pvt. Ltd, Mumbai

ITA 2750/MUM/2023[2014-15]Status: DisposedITAT Mumbai05 Apr 2024AY 2014-15
Section 132Section 132(4)Section 139(1)Section 143(3)Section 153A

IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI S RIFAUR RAHMAN, ACCOUNTANT

DCIT, Central Circle- 3(3), Mumbai vs. Avaada Ventures Pvt. Ltd, Mumbai

In the result, all the appeals of the Revenue are

ITA 2749/MUM/2023[2013-14]Status: DisposedITAT Mumbai05 Apr 2024AY 2013-14
Section 132Section 132(4)Section 139(1)Section 143(3)Section 153A

have gone through the submission of the assessee and contention of the AO. The assessee has submitted that for the purpose of computing disallowance u/s 14A, the amount of disallowance shall be restricted to the amount of exempt income earned by the assessee. This is as per the ratio

DCIT, CC-7(2), Mumbai vs. M/S. Patanjali Foods Ltd., ( Formerly Known As Ruchi Soya Industries Ltd, Mumbai

In the result, the appeal and cross objections of the assessee are

ITA 1176/MUM/2023[2012-13]Status: DisposedITAT Mumbai05 Apr 2024AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. बनाम / M/S. Patanjali Foods Ltd Vs. (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. Cross Objection No.51/Mum/2023 (Arising Out Of I.T. A. No. 1172/Mum/2023) (निर्धारण वर्ष / Assessment Year: 2010-11) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. बनाम / Dcit, Central Circle-7(2) Vs. Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. & आयकर अपील सं/ I.T. A. No. 320/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) बनाम / Vs. Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaci1220M 2

For Appellant: Shri S. S. Nagar & Shri BFor Respondent: Dr. Mahesh Akhade (DR)
Section 132Section 143(2)Section 153A

ground Nos. 2 & 3 are as follows: 2. On the facts and circumstances of the case, the respondent wishes to claim that no disallowance u/s 14A r.w rule 8D should be made in computing book profit u/s 115JB of the Act. 3. On the facts and circumstances of the case ... DCIT (ITA No. 149 of 2017) and PCIT vs HSBC Invest Direct (India) Ltd. (ITA No. 1672 of 2016) has held that the disallowance u/s 14A of the Act cannot exceed the exempt income so earned by the assessee. Following the binding decisions of the Hon'ble jurisdictional High Court

DCIT, CC-7(2), Mumbai vs. M/S. Patanjali Foods Ltd., ( Formerly Known As Ruchi Soya Industries Ltd, Mumbai

ITA 1175/MUM/2023[2012-13]Status: DisposedITAT Mumbai05 Apr 2024AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. बनाम / M/S. Patanjali Foods Ltd Vs. (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. Cross Objection No.51/Mum/2023 (Arising Out Of I.T. A. No. 1172/Mum/2023) (निर्धारण वर्ष / Assessment Year: 2010-11) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. बनाम / Dcit, Central Circle-7(2) Vs. Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. & आयकर अपील सं/ I.T. A. No. 320/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) बनाम / Vs. Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaci1220M 2

For Appellant: Shri S. S. Nagar & Shri BFor Respondent: Dr. Mahesh Akhade (DR)
Section 132Section 143(2)Section 153A

ground Nos. 2 & 3 are as follows: 2. On the facts and circumstances of the case, the respondent wishes to claim that no disallowance u/s 14A r.w rule 8D should be made in computing book profit u/s 115JB of the Act. 3. On the facts and circumstances of the case ... Rs.62,70,016) made by them u/s 14A of the Act ought to be deleted. The assessee has further prayed that no disallowance u/s 14A read with Rule 8D was not warranted while computing book profit u/s 115JB of the Act. 9.2 Heard both the parties. It is noted that

DCIT, CC-7(2), Mumbai vs. M/S. Patanjali Foods Ltd., ( Formerly Known As Ruchi Soya Industries Ltd, Mumbai

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

ITA 1172/MUM/2023[2010-11]Status: DisposedITAT Mumbai05 Apr 2024AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

For Appellant: Shri S. S. Nagar & Shri BFor Respondent: Dr. Mahesh Akhade (DR)
Section 132Section 143(2)Section 153A

ground Nos. 2 & 3 are as follows: 2. On the facts and circumstances of the case, the respondent wishes to claim that no disallowance u/s 14A r.w rule 8D should be made in computing book profit u/s 115JB of the Act. 3. On the facts and circumstances of the case ... DCIT (ITA No. 149 of 2017) and PCIT vs HSBC Invest Direct (India) Ltd. (ITA No. 1672 of 2016) has held that the disallowance u/s 14A of the Act cannot exceed the exempt income so earned by the assessee. Following the binding decisions of the Hon’ble jurisdictional High Court

Turakhia Overseas Pvt. Ltd., Ahmedabad vs. The ACIT, Circle-4(1)(2), Ahmedabad

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

ITA 677/AHD/2023[2015-16]Status: DisposedITAT Ahmedabad03 Apr 2024AY 2015-16

Bench: Shri Waseem Ahmed & Smt. Madhumita Royआयकर अपील सं./Ita No.677/Ahd/2023 ("नधा"रण वष"/Assessment Year : 2015-16)

For Appellant: Shri Parin Shah, ARFor Respondent: Shri B.P. Makwana, Sr.DR
Section 142(1)Section 143(2)Section 143(3)Section 145ASection 14ASection 32Section 36(1)(iii)

value Rs.12,52,238/- without appreciating the law and facts of the case properly. (u/s.145A) The learned CIT(A) has erred in Confirming disallowance u/s 14A Rs.2,73,643/- without appreciating the law and facts of the case properly.” (u/s.14A r.w.r.8D) Your appellant craves leave to add, alter, amend ... material on record. During the course of assessment, the Assessing Officer has Turakhia Overseas Pvt.Ltd. vs. ACIT Asst.Year – 2015-16 computed the disallowance u/s. 14A as per method prescribed in Rule 8D of the I. T. Rule, 1962 to the amount for Rs. 1,54,816/-. However

ACIT, Meerut vs. Sh. Ashish Gupta, Meerut

In the result, the appeal of the Revenue is dismissed

ITA 328/DEL/2021[2017-18]Status: DisposedITAT Delhi02 Apr 2024AY 2017-18

Bench: Sh. C. N. Prasaddr. B. R. R. Kumar

For Appellant: Sh. Rohit Agarwal, CAFor Respondent: Sh. Kanv Bali, Sr. DR
Section 14ASection 14A(2)Section 48

with reference to calculated average investment of Rs.50 Crore, but as the total expenses claimed were only Rs.21,04,632/-,he restricted the disallowance u/s 14A of the Income Tax Act, 1961 at that amount. 6. Before the ld. CIT(A), the assessee has submitted that in order to make ... held that where expenses claimed by the assessee do not relate to earning of exempt income and hence no disallowance u/s 14A read with Rule 8D can be made. 10. The assessee has claimed expenses of Rs. 80,415/- on securities transaction tax, in the total expenses of Rs.21

ACIT, Circle- 4(2), New Delhi vs. Best Auto Ltd., New Delhi

ITA 6707/DEL/2017[2012-13]Status: DisposedITAT Delhi28 Mar 2024AY 2012-13

Bench: Shri G.S. Pannu & Shri Anubhav Sharmaassessment Year: 2012-13

Section 130Section 143(3)Section 14ASection 194ASection 68

circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition on account of disallowance u/s 14A r.w.s. 8D amounting to Rs. 2,16,623/- ignoring CBDT's circular No. 5/2014 dated 11.02.2014 wherein it has clarified that Rule 8D read with section 14A

Express Publications (Madurai)Private Ltd., Chennai vs. DCIT, Corporate Circle-II(1), Chennai

Appeal stand dismissed

ITA 754/CHNY/2023[2012-13]Status: DisposedITAT Chennai27 Mar 2024AY 2012-13

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपीलसं./ Ita No.730/Chny/2023 (िनधा*रणवष* / Assessment Year: 2010-11) & 2. आयकरअपीलसं./ Ita No.737/Chny/2023 (िनधा*रणवष* / Assessment Year: 2011-12) & 3. आयकरअपीलसं./ Ita No.754/Chny/2023 (िनधा*रणवष* / Assessment Year: 2012-13) M/S. Express Publications (Madurai) Dcit P. Ltd. Corporate Circle-Ii(1) बनाम/ C/O. Sri T.N. Seetharaman, Advocate Chennai. Vs. 384 (Old No.196) Lloyds Road, Chennai-600 086. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaci-0842-D (अपीलाथ"/Appellant) : (" थ" / Respondent) & 4. आयकरअपीलसं./ Ita No.1219/Chny/2023 (िनधा*रणवष* / Assessment Year: 2012-13) Dcit M/S. Express Publications (Madurai) P. Corporate Circle-Ii(1) Ltd. बनाम/ Vs. Chennai C/O. Sri T.N.Seetharaman, Advocate 384 (Old No.196) Lloyds Road, Chennai-600 086. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaci-0842-D (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ" कीओरसे/ Assessee By : Shri T.N. Seetharaman (Advocate)- Ld.Ar " थ"कीओरसे/Revenue By : Shri D. Hema Bhupal (Jcit)-Ld. Dr सुनवाई की तारीख/Date Of Hearing : 20-03-2024 घोषणा की तारीख /Date Of Pronouncement : 27-03-2024

For Appellant: Shri T.N. Seetharaman (Advocate)- Ld.ARFor Respondent: Shri D. Hema Bhupal (JCIT)-Ld. DR
Section 143(3)Section 36(1)(iii)

relaunch expenses have already been decided by us at appropriate places in AY 2010-11. The remaining grievance of the assessee is (i) Disallowance u/s 14A; (ii) Disallowance of prior period items. (iii) Disallowance of late payment of Employee’s contribution to PF / ESI. The same are adjudicated as under ... Disallowance u/s 14A 8.1 In this year, Ld. AO made interest disallowance u/s 36(1)(iii) and also made another disallowance u/s 14A. It was observed that the assessee made investments of Rs.32.64 Corers in related concerns. The investments were capable of earning exempt income. Therefore, disallowance u/s 14A would

Express Publications (Madurai)Private Ltd., Chennai vs. DCIT, Corporate Circle-II(1), Chennai

Appeal stand dismissed

ITA 737/CHNY/2023[2011-12]Status: DisposedITAT Chennai27 Mar 2024AY 2011-12

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपीलसं./ Ita No.730/Chny/2023 (िनधा*रणवष* / Assessment Year: 2010-11) & 2. आयकरअपीलसं./ Ita No.737/Chny/2023 (िनधा*रणवष* / Assessment Year: 2011-12) & 3. आयकरअपीलसं./ Ita No.754/Chny/2023 (िनधा*रणवष* / Assessment Year: 2012-13) M/S. Express Publications (Madurai) Dcit P. Ltd. Corporate Circle-Ii(1) बनाम/ C/O. Sri T.N. Seetharaman, Advocate Chennai. Vs. 384 (Old No.196) Lloyds Road, Chennai-600 086. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaci-0842-D (अपीलाथ"/Appellant) : (" थ" / Respondent) & 4. आयकरअपीलसं./ Ita No.1219/Chny/2023 (िनधा*रणवष* / Assessment Year: 2012-13) Dcit M/S. Express Publications (Madurai) P. Corporate Circle-Ii(1) Ltd. बनाम/ Vs. Chennai C/O. Sri T.N.Seetharaman, Advocate 384 (Old No.196) Lloyds Road, Chennai-600 086. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaci-0842-D (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ" कीओरसे/ Assessee By : Shri T.N. Seetharaman (Advocate)- Ld.Ar " थ"कीओरसे/Revenue By : Shri D. Hema Bhupal (Jcit)-Ld. Dr सुनवाई की तारीख/Date Of Hearing : 20-03-2024 घोषणा की तारीख /Date Of Pronouncement : 27-03-2024

For Appellant: Shri T.N. Seetharaman (Advocate)- Ld.ARFor Respondent: Shri D. Hema Bhupal (JCIT)-Ld. DR
Section 143(3)Section 36(1)(iii)

relaunch expenses have already been decided by us at appropriate places in AY 2010-11. The remaining grievance of the assessee is (i) Disallowance u/s 14A; (ii) Disallowance of prior period items. (iii) Disallowance of late payment of Employee’s contribution to PF / ESI. The same are adjudicated as under ... Disallowance u/s 14A 8.1 In this year, Ld. AO made interest disallowance u/s 36(1)(iii) and also made another disallowance u/s 14A. It was observed that the assessee made investments of Rs.32.64 Corers in related concerns. The investments were capable of earning exempt income. Therefore, disallowance u/s 14A would

Express Publications (Madurai)Private Ltd., Chennai vs. DCIT, Corporate Circle-II(1), Chennai

Appeal stand dismissed

ITA 730/CHNY/2023[2010-11]Status: DisposedITAT Chennai27 Mar 2024AY 2010-11

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपीलसं./ Ita No.730/Chny/2023 (िनधा*रणवष* / Assessment Year: 2010-11) & 2. आयकरअपीलसं./ Ita No.737/Chny/2023 (िनधा*रणवष* / Assessment Year: 2011-12) & 3. आयकरअपीलसं./ Ita No.754/Chny/2023 (िनधा*रणवष* / Assessment Year: 2012-13) M/S. Express Publications (Madurai) Dcit P. Ltd. Corporate Circle-Ii(1) बनाम/ C/O. Sri T.N. Seetharaman, Advocate Chennai. Vs. 384 (Old No.196) Lloyds Road, Chennai-600 086. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaci-0842-D (अपीलाथ"/Appellant) : (" थ" / Respondent) & 4. आयकरअपीलसं./ Ita No.1219/Chny/2023 (िनधा*रणवष* / Assessment Year: 2012-13) Dcit M/S. Express Publications (Madurai) P. Corporate Circle-Ii(1) Ltd. बनाम/ Vs. Chennai C/O. Sri T.N.Seetharaman, Advocate 384 (Old No.196) Lloyds Road, Chennai-600 086. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaci-0842-D (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ" कीओरसे/ Assessee By : Shri T.N. Seetharaman (Advocate)- Ld.Ar " थ"कीओरसे/Revenue By : Shri D. Hema Bhupal (Jcit)-Ld. Dr सुनवाई की तारीख/Date Of Hearing : 20-03-2024 घोषणा की तारीख /Date Of Pronouncement : 27-03-2024

For Appellant: Shri T.N. Seetharaman (Advocate)- Ld.ARFor Respondent: Shri D. Hema Bhupal (JCIT)-Ld. DR
Section 143(3)Section 36(1)(iii)

relaunch expenses have already been decided by us at appropriate places in AY 2010-11. The remaining grievance of the assessee is (i) Disallowance u/s 14A; (ii) Disallowance of prior period items. (iii) Disallowance of late payment of Employee’s contribution to PF / ESI. The same are adjudicated as under ... Disallowance u/s 14A 8.1 In this year, Ld. AO made interest disallowance u/s 36(1)(iii) and also made another disallowance u/s 14A. It was observed that the assessee made investments of Rs.32.64 Corers in related concerns. The investments were capable of earning exempt income. Therefore, disallowance u/s 14A would

Income Tax Officer, Chennai vs. Express Publications(Madurai) Private Limited, Chennai

Appeal stand dismissed

ITA 1219/CHNY/2023[2012-2013]Status: DisposedITAT Chennai27 Mar 2024AY 2012-2013

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपीलसं./ Ita No.730/Chny/2023 (िनधा*रणवष* / Assessment Year: 2010-11) & 2. आयकरअपीलसं./ Ita No.737/Chny/2023 (िनधा*रणवष* / Assessment Year: 2011-12) & 3. आयकरअपीलसं./ Ita No.754/Chny/2023 (िनधा*रणवष* / Assessment Year: 2012-13) M/S. Express Publications (Madurai) Dcit P. Ltd. Corporate Circle-Ii(1) बनाम/ C/O. Sri T.N. Seetharaman, Advocate Chennai. Vs. 384 (Old No.196) Lloyds Road, Chennai-600 086. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaci-0842-D (अपीलाथ"/Appellant) : (" थ" / Respondent) & 4. आयकरअपीलसं./ Ita No.1219/Chny/2023 (िनधा*रणवष* / Assessment Year: 2012-13) Dcit M/S. Express Publications (Madurai) P. Corporate Circle-Ii(1) Ltd. बनाम/ Vs. Chennai C/O. Sri T.N.Seetharaman, Advocate 384 (Old No.196) Lloyds Road, Chennai-600 086. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaci-0842-D (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ" कीओरसे/ Assessee By : Shri T.N. Seetharaman (Advocate)- Ld.Ar " थ"कीओरसे/Revenue By : Shri D. Hema Bhupal (Jcit)-Ld. Dr सुनवाई की तारीख/Date Of Hearing : 20-03-2024 घोषणा की तारीख /Date Of Pronouncement : 27-03-2024

For Appellant: Shri T.N. Seetharaman (Advocate)- Ld.ARFor Respondent: Shri D. Hema Bhupal (JCIT)-Ld. DR
Section 143(3)Section 36(1)(iii)

relaunch expenses have already been decided by us at appropriate places in AY 2010-11. The remaining grievance of the assessee is (i) Disallowance u/s 14A; (ii) Disallowance of prior period items. (iii) Disallowance of late payment of Employee’s contribution to PF / ESI. The same are adjudicated as under ... Disallowance u/s 14A 8.1 In this year, Ld. AO made interest disallowance u/s 36(1)(iii) and also made another disallowance u/s 14A. It was observed that the assessee made investments of Rs.32.64 Corers in related concerns. The investments were capable of earning exempt income. Therefore, disallowance u/s 14A would

Asst. CIT-2(1)(1), Mumbai vs. Bajaj Consultants Pvt Ltd, Mumbai

The appeal are dismissed

ITA 2854/MUM/2023[2020-21]Status: DisposedITAT Mumbai27 Mar 2024AY 2020-21

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Ravi GanatraFor Respondent: Shri Ashok Kumar Ambastha
Section 143Section 143(3)Section 14A

good financial growth and had huge reserve and surplus to make investments in Shares, Mutual funds and Bonds. It had made suo motto disallowance u/s 14A of Rs. 4,13,683/- (salary Rs. 3,68,719/- + Demat charges Rs. 44,964/-). The other expenses debited relate to its main business ... mixed with expenses related to financial services. Separate ledger a/c is maintained for with expenditure. b) Thus, disallowance u/s 14A in Rule 8D cannot be made due to following reasons:  All investments made out of own funds and no borrowed funds used and no interest debited

ACIT-2(1)(1), Mumbai vs. Bajaj Consultants Private Limited, Mumbai

The appeal are dismissed

ITA 2853/MUM/2023[2018-19]Status: DisposedITAT Mumbai27 Mar 2024AY 2018-19

Bench: or at the time of hearing. 4. The relevant facts in brief are that Assessee is a private limited company engaged in the business of financial services. The Assessee filed return of income for the Assessment Year 2018-19 on 19/10/2018 declaring total income of INR 49,21,70,290/-. The case of the Assessee was selected for scrutiny. The Assessing Officer completed the assessment under Section 143(3) read with Section 143(3A) and 143(3B) of the Act vide order, dated 09/04/2021, after making, in

For Appellant: Shri Ravi GanatraFor Respondent: Shri Ashok Kumar Ambastha
Section 143Section 143(3)Section 14A

good financial growth and had huge reserve and surplus to make investments in Shares, Mutual funds and Bonds. It had made suo motto disallowance u/s 14A of Rs. 4,13,683/- (salary Rs. 3,68,719/- + Demat charges Rs. 44,964/-). The other expenses debited relate to its main business ... mixed with expenses related to financial services. Separate ledger a/c is maintained for with expenditure. b) Thus, disallowance u/s 14A in Rule 8D cannot be made due to following reasons:  All investments made out of own funds and no borrowed funds used and no interest debited