FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

disallowance to be made under section 14A even if assessees do not have separate account showing the expenditure incurred on investments made for earning tax free income. The Court then observed that whether section 14A of the Act prior to the introduction of sub-sections (2

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

disallowance to be made under section 14A even if assessees do not have separate account showing the expenditure incurred on investments made for earning tax free income. The Court then observed that whether section 14A of the Act prior to the introduction of sub-sections (2

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

disallowance to be made under section 14A even if assessees do not have separate account showing the expenditure incurred on investments made for earning tax free income. The Court then observed that whether section 14A of the Act prior to the introduction of sub-sections (2

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

disallowance to be made under section 14A even if assessees do not have separate account showing the expenditure incurred on investments made for earning tax free income. The Court then observed that whether section 14A of the Act prior to the introduction of sub-sections (2

THEDCIT, COCHIN vs. M.S COCHIN INTERNATIONAL AIRPORT LTD, COCHIN

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

disallowance can be made on account of interest expenditure under section 14A. From these and a conspectus of several other judicial ratios held by the Hon'ble Courts and Tribunals, it is clear that the Appellant cannot be prevented, u/s 14A or u/s 2

THE DCIT, COCHIN vs. M.S COCHIN INTERNATIONAL AIRPORT LTD, COCHIN

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

disallowance can be made on account of interest expenditure under section 14A. From these and a conspectus of several other judicial ratios held by the Hon'ble Courts and Tribunals, it is clear that the Appellant cannot be prevented, u/s 14A or u/s 2

THE DCIT, COCHIN vs. M/S.COCHIN INTERNATIONAL AIRPORT LTD, COCHIN

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

disallowance can be made on account of interest expenditure under section 14A. From these and a conspectus of several other judicial ratios held by the Hon'ble Courts and Tribunals, it is clear that the Appellant cannot be prevented, u/s 14A or u/s 2

THE DCIT, COCHIN vs. M/S.COCHIN INTERNATIONAL AIRPORT LTD, COCHIN

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

disallowance can be made on account of interest expenditure under section 14A. From these and a conspectus of several other judicial ratios held by the Hon'ble Courts and Tribunals, it is clear that the Appellant cannot be prevented, u/s 14A or u/s 2

ACIT, CIRCLE 1(1), TRIVANDRUM, TRIVANDRUM vs. HLL LIFECARE LTD, TRIVANDRUM

In the result, the Special Bench decision in the case of Cheminvest

Bench: Shri Inturi Rama Rao & Shri Prakash Chand Yadav

disallowance of the expenditure incurred in relation to income exempted from tax. From 11th May 2001, a proviso was inserted in Section 14A to clarify that it could not be used to reopen or rectify a completed assessment. Sub-section (2

VAM GROUP HI-TECH ENGINEERING PRIVATE LIMITED,ALAPPUZHA vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, ALAPPUZHA, ALAPPUZHA

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

Bench: Shri Waseem Ahmed & Shri Soundararajan K.Vam Group Hi-Tech Engineering Dcit, Circle - 1 Pvt. Ltd. Alappuzha X/685, Vam House, Vs. Pathirappally P.O., Alappuzha 688521 [Pan: Aaacv6606N] (Appellant) (Respondent)

disallowance of Rs. 2,87,000/- under the provisions of section 14A r.w. rule 8D of I.T. Rules. 3. The AO, during

CONDIS INDIA HEALTHCARE PRIVATE LIMITED,TRIVANDRUM vs. ACIT CIRCLE 1(1), TRIVANDRUM

In the result, the appeals ITA Nos

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

disallowance Condis India Healthcare Pvt. Ltd. u/s 14A of the Act. The relevant funding of the Hon’ble Supreme Court reads as under: - “41. Having regard to the language of Section 14A(2

CONDIS INDIA HEALTHCARE PRIVATE LIMITED,TRIVANDRUM vs. ACIT CIRCLE 1(1), TRIVANDRUM

In the result, the appeals ITA Nos

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

disallowance Condis India Healthcare Pvt. Ltd. u/s 14A of the Act. The relevant funding of the Hon’ble Supreme Court reads as under: - “41. Having regard to the language of Section 14A(2

CONDIS INDIA HEALTHCARE PRIVATE LIMITED,TRIVANDRUM vs. ACIT CIRCLE 1(1), TRIVANDRUM

In the result, the appeals ITA Nos

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

disallowance Condis India Healthcare Pvt. Ltd. u/s 14A of the Act. The relevant funding of the Hon’ble Supreme Court reads as under: - “41. Having regard to the language of Section 14A(2

M/S.MUTHOOT BANKERS,TRIVANDRUM vs. THE ACIT, CIRCLE-1(2), TRIVANDRUM, TRIVNDRUM

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

Bench: Shri Chandra Poojari & Shri Soundararajan K.Muthoot Bankers Acit, Circle - 1(2) Punnen Road Aayakar Bhavan Vs. Trivandrum 695034 Kowdiar Pan – Aaefm0671P Trivandrum 625003 (Appellant) (Respondent) Assessee By: Shri Sreenivasan, Ca Revenue By: Shri V. Swarnalatha, Sr. Dr Date Of Hearing: 10.07.2024 Date Of Pronouncement: 06.08.2024 O R D E R Per: Soundararajan K., J.M. This Appeal Filed By The Assessee Challenges The Order Of The National Faceless Appeal Centre, Delhi [Cit(A)] Dated 21.03.2023 Passed Under Section 250 Of The Income Tax Act, 1961 (The Act) In Respect Of Assessment Year (Ay) 2014-15. 2. The Brief Facts Of The Case Are That The Assessee Is A Financial Institution Lending & Accepting Deposits. During Course Of Their Business They Received Dividend Income Of Rs.1,49,12,212/- Which Is Exempt Income & Claimed No Expenditure Incurred Towards Earning Of Exempt Income. The Assessing Officer (Ao) Not Accepted The Case Of The Assessee, Had Invoked S.14 Of The Income Tax Act, 1961 (The Act) & Disallowed The Expenditure Incurred In Connection With Exempted Income & Applied Rule 8D Of The I.T. Rules & Made A Disallowance Of Rs.1,07,06,276/- As Per S. 14A R.W.R. 8D. As Against The 2 Muthoot Bankers Said Order The Assessee Filed Appeal Before The Cit(A) & Contended That The Disallowance U/S. 14A Of The Act Is Not Correct, Which Was Rejected By The Ld. Cit(A) And, Therefore, The Assessee Had Filed This Appeal Before The Tribunal.

disallowance of indirect interest expenditure by invoking the provisions of section 14A of the I.T. Act r.w. rules 8D(2

THE DCIT, CIRCLE 1(1), TRIVANDRUM vs. M/S KERALA STATE INDUSTRIAL DEVELOPMENT CORPORATION LTD, TRIVANDRUM

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

Section 14A in favour of the assessee and against the Revenue by ordering to restrict the disallowance u/s 14A of the Income tax Act by considering only those dividend yielding investments which generate exempt income. This is against Rule 8D of Income Tax Rules, 1962 and the 2

MUTHOOT BANKERS,TRIVANDRUM vs. THE ACIT CIRCLE 1(2), TRIVANDRUM

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

2. It emerges at the outset that the assessee’s identical sole substantive question which invites our apt adjudication in both these cases is that of section 14A r.w. rule 8D disallowance

MUTHOOT BANKERS,TRIVANDRUM vs. THE ACIT CIRCLE 1(2), TRIVANDRUM

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

2. It emerges at the outset that the assessee’s identical sole substantive question which invites our apt adjudication in both these cases is that of section 14A r.w. rule 8D disallowance

THE ACIT, KOCHI vs. M/S.COCHIN SHIPYARD LTD, KOCHI

In the result, all the appeals by the revenue are dismissed

Bench: Smt. Beena Pillai & Ms. Padmavathy S.

2 of 10 (i) Disallowance of additional depreciation claimed by the assessee u/s. 32(1)(iia) – AY 2009-10 to 2013-14 (ii) Disallowance made u/s. 40(a)(ia) on the payment made by the assessee to an overseas entity towards brokerage and commission – AY 2010-11 to 2013-14 (iii) Disallowance u/s.14A – AY 2012-13 & 2013-14 Additional depreciation