HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

14A on the interest component relating to the investments in shares which yielded dividend income have been made out of owned funds and therefore, no part of such interest expenditure is allocable on this account. Our observations and findings on this aspect are not repeated here as already dealt elaborately in the above paragraphs. 13.5. With respect to allocation made

ADDL CIT RG 1(1), MUMBAI vs. HDFC LTD, MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

14A on the interest component relating to the investments in shares which yielded dividend income have been made out of owned funds and therefore, no part of such interest expenditure is allocable on this account. Our observations and findings on this aspect are not repeated here as already dealt elaborately in the above paragraphs. 13.5. With respect to allocation made

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

14A on the interest component relating to the investments in shares which yielded dividend income have been made out of owned funds and therefore, no part of such interest expenditure is allocable on this account. Our observations and findings on this aspect are not repeated here as already dealt elaborately in the above paragraphs. 13.5. With respect to allocation made

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

14A on the interest component relating to the investments in shares which yielded dividend income have been made out of owned funds and therefore, no part of such interest expenditure is allocable on this account. Our observations and findings on this aspect are not repeated here as already dealt elaborately in the above paragraphs. 13.5. With respect to allocation made

HDFC BANK LIMITED (AS SUCCESSOR TO HDFC LTD),MUMBAI vs. DCIT 2(3)(1), MUMBAI

2 | As at \nMarch 31, 2004 | As at \nMarch 31, 2005 \nRupees | Rupees | Rupees \n---|---|---\nSPECIAL RESERVE No. I | 194,35,94,700 | 934,35,94,700\nLess: Transfer to Provision for Contingencies | 50,00,00,000 | 40,00,00,000 \nSPECIAL RESERVE No. II | 144,35,94,700 | 194,35,94,700 \nOpening Balance

PAHILAJRAI JAIKISHAN,MUMBAI vs. DCIT 19(3), MUMBAI

In the result, the appeal is allowed

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

Section 14A of the Act read with Rule 8D(2)(iii) of Income Tax Rules, 1962 as per method vide formula laid down under Rule 8D(2)(iii) of Income Tax Rules, 1962 to cover administrative and other indirect expenses, which disallowance also we uphold. It is noteworthy that Rule 8D of Income Tax Rules, 1962 is held

ASST CIT 19(3), MUMBAI vs. PAHILAJRAI JAIKISHIN, MUMBAI

In the result, the appeal is allowed

Bench: Shri Shailendra Kumar Yadav & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1562/Mum/2014 ("नधा"रण वष" / Assessment Year: 2010-11)

Section 14A of the Act read with Rule 8D(2)(iii) of Income Tax Rules, 1962 as per method vide formula laid down under Rule 8D(2)(iii) of Income Tax Rules, 1962 to cover administrative and other indirect expenses, which disallowance also we uphold. It is noteworthy that Rule 8D of Income Tax Rules, 1962 is held

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT 1(1), MUMBAI

section, Assessing Officer has no power to bifurcate on \npro-rata basis and deduct a part of it from the gross dividend income. \nThere is no scope for any estimation of expenditure and hence no scope \n54 \nHDFC Bank Ltd. \nITA No.4315/MUM/2007 and Ors. \nAYs 2002-03 to 2020-21 \nfor allocation of notional expenditure. The deductions contemplated are \nthe

ACIT-1(1)(1), MUMBAI vs. M/S HOUSING DEVELOPMENT FINANCE CORPORATION LTD, MUMBAI

Section \n36(1)(viii) speaks only of special reserve created under that section \nwithout making any distinction between reserve created before the \namendment introduced by the Finance Act, 1997, in the said section \neffective from 01.04.1998 and reserve created post amendment. By \nreferring to section 41(4A) according to which, withdrawal from the \nspecial reserve created and maintained

DCIT(CC)-8(3) , MUMBAI vs. SHAPOORJI PALLONJI AND COMPANY PRIVATE LIMITED, MUMBAI

In the result, the cross-objection of the assessee is partly\nallowed, whereas the appeal of the Revenue is dismissed

14A by the learned CIT(A) is under\nchallenge before us by the Revenue and has not attained finality.\nThe issue remains sub judice and is actively contested. Therefore, it\ncannot be said, at this stage, that the basis of reopening has been\nfinally removed or accepted by the Department.\n9.13 In such a situation, the reassessment proceedings cannot

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD.),MUMBAI vs. ADDL/JT/DY/ACIT/ITO, NFAC , DELHI

Section 57(iii) and find that ld. \nUnder the said section, Assessing Officer has no power to bifurcate on \npro-rata basis and deduct a part of it from the gross dividend income. \nThere is no scope for any estimation of expenditure and hence no scope\n52 \nHDFC Bank Ltd. \nITA No.4315/MUM/2007 and Ors. \nAYs

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. THE ADDL CIT RG 1(1), MUMBAI

Section 57(iii) and find that ld. \nUnder the said section, Assessing Officer has no power to bifurcate on \npro-rata basis and deduct a part of it from the gross dividend income. \nThere is no scope for any estimation of expenditure and hence no scope \n53 \nHDFC Bank Ltd. \nITA No.4315/MUM/2007 and Ors. \nAYs

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RG 1(1), MUMBAI

Section 57(iii) and find that ld.\nUnder the said section, Assessing Officer has no power to bifurcate on\npro-rata basis and deduct a part of it from the gross dividend income.\nThere is no scope for any estimation of expenditure and hence no scope\n53\nHDFC Bank Ltd.\nITA No.4315/MUM/2007 and Ors.\nAYs

ACIT-1(1)(1), MUMBAI vs. M/S. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., DELHI

14A on the interest \ncomponent relating to the investments in shares which yielded dividend \nincome have been made out of owned funds and therefore, no part of \nsuch interest expenditure is allocable on this account. Our observations \nand findings on this aspect are not repeated here as already dealt \nelaborately in the above paragraphs. \n13. 5. With respect to allocation

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. ADDL CIT RG 1(1), MUMBAI

2. Ld. Counsel referred to the first appellate order for Assessment\nYear 2002-03 on the same issue wherein the matter had been set aside\nto the file of ld. Assessing Officer, owing to rectification application\npending before him in this respect. Ld. Assessing Officer was directed\nto decide the rectification application after verification of facts. In the\nyear under

HDFC BANK LIMITED( AS SUCCESSOR TO HDFC LTD),MUMBAI vs. DCIT- 2(3)(1), MUMBAI

Section 57(iii) and find that ld.\nUnder the said section, Assessing Officer has no power to bifurcate on\npro-rata basis and deduct a part of it from the gross dividend income.\nThere is no scope for any estimation of expenditure and hence no scope\n\n53\nHDFC Bank Ltd.\nITA No.4315/MUM/2007 and Ors.\nAYs

HDFC BANK LIMITED (AS SUCCESSOR TO HOUSING DEVELOPMENT FINANCE CORPORATION LTD),MUMBAI vs. DCIT RANGE-1(1)(2), MUMBAI

14A on the interest\ncomponent relating to the investments in shares which yielded dividend\nincome have been made out of owned funds and therefore, no part of\nsuch interest expenditure is allocable on this account. Our observations\nand findings on this aspect are not repeated here as already dealt\nelaborately in the above paragraphs.\n\n13. 5. With respect

DCIT CIR 1(1), MUMBAI vs. M/S HOUSING DEVELOPEMENT FINANCE CORPORATION LTD, MUMBAI

In the result, appeals of both, assessee and revenue are decided \nas per the table below: \n\nSr

14A on the interest \ncomponent relating to the investments in shares which yielded dividend \nincome have been made out of owned funds and therefore, no part of \nsuch interest expenditure is allocable on this account. Our observations \nand findings on this aspect are not repeated here as already dealt \nelaborately in the above paragraphs. \n\n13. 5. With respect