THE DCIT 3(2), MUMBAI vs. M/S. LEH HOLDING PVT. LTD, MUMBAI

Accordingly, this appeal is also dismissed

Bench: Shri G.S.Pannu & Shri Joginder Singhthe Dcit – 3(2), Room No.608,6Th Floor, Aaykar Bhavan, Mumbai 400020 ... Appellant Vs. M/S. Kargil Holding Pvt. Ltd. 707,Maker Chamber-V, Nariman Point Mumbai 400021 Pan: Aaack6575E .... Respondent The Dcit – 3(2), Room No.608,6Th Floor, Aaykar Bhavan, Mumbai 400020 ......Appellant Vs. M/S. Leh Holding Pvt. Ltd. 707,Maker Chamber-V, Nariman Point Mumbai 400021 Pan: Aaace4694E .... Respondent Appellant By : Shri G.N.Makwana Respondent By : Shri Rahul R. Sarda

section 80M of the Act with regard to the dividend distributed by it. Ostensibly, similar is the fact-situation in the case before us. The following discussion in the order of the Tribunal dated 30/10/2009(supra) is relevant:- “5. We have heard the learned DR and learned AR. The reasons on which Assessing Officer had disallowed

DCIT 2(2), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

In the result appeal filed by the assessee for assessment year 2006 – 07 and 2007 – 08 is partly allowed

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal , Jm A.Y.2006-07 [ By Assessee] &

disallowance under section 80M of the Act on the presumption that when the funds available to the assessee were both

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

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

disallowed u/s. 14A of the Act. IV. Discount on grant of stock options (ESOP/ESOS) to employees. V. Computation of amount eligible for deduction u/s. 80M of the Act. VI. Deduction of income by the amount credited to lease equalisation account. VII. Assessment of amount withdrawn from reserve created under section

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

disallowed u/s. 14A of the Act. IV. Discount on grant of stock options (ESOP/ESOS) to employees. V. Computation of amount eligible for deduction u/s. 80M of the Act. VI. Deduction of income by the amount credited to lease equalisation account. VII. Assessment of amount withdrawn from reserve created under section

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

disallowed u/s. 14A of the Act. IV. Discount on grant of stock options (ESOP/ESOS) to employees. V. Computation of amount eligible for deduction u/s. 80M of the Act. VI. Deduction of income by the amount credited to lease equalisation account. VII. Assessment of amount withdrawn from reserve created under section

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

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

disallowed u/s. 14A of the Act. IV. Discount on grant of stock options (ESOP/ESOS) to employees. V. Computation of amount eligible for deduction u/s. 80M of the Act. VI. Deduction of income by the amount credited to lease equalisation account. VII. Assessment of amount withdrawn from reserve created under section

M/S. INDUSTRIAL DEVELOP,MENT BANK OF INDIA,MUMBAI vs. THE DY CIT RG 3(1), MUMBAI

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 3371/Mum/2004 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 3372/Mum/2004 (Inaqa-Arna Baya- / Assessment Year 1999-00) Aayakr Apila Sam./ Ita No. 3373/Mum/2004 (Inaqa-Arna Baya- / Assessment Year 2000-01) Industrial Development Bank Of The Dy. Commissioner Of Income India, Taxation Cell, 3 Rd Floor, Tax, Range 3(1), 6 Th Floor, Room Vs. Idbi Tower, Wtc Complex, No. 623, Aayakar Bhavan, M.K. Cuffe Parade, Mumbai-400 005 Road, Mumbai-400 020 .. (P`%Yaqaai- / Respondent) (Apilaaqai- / Appellant) स्थामी रेखा िं./Pan No. Aaaci1105R Aayakr Apila Sam./ Ita No. 4744/Mum/2005 (Inaqa-Arna Baya- / Assessment Year 2001-02) Aayakr Apila Sam./ Ita No. 5962/Mum/2008 (Inaqa-Arna Baya- / Assessment Year 2002-03) Aayakr Apila Sam./ Ita No. 3907/Mum/2009 (Inaqa-Arna Baya- / Assessment Year 2003-04) Aayakr Apila Sam./ Ita No. 3908/Mum/2009 (Inaqa-Arna Baya- / Assessment Year 2004-05) Aayakr Apila Sam./ Ita No. 3909/Mum/2009 (Inaqa-Arna Baya- / Assessment Year 2005-06) Aayakr Apila Sam./ Ita No. 2488/Mum/2010 (Inaqa-Arna Baya- / Assessment Year 2006-07) Aayakr Apila Sam./ Ita No. 13/Mum/2011

disallowance of deduction by Assessing Officer in respect of dividend income under Section 80M of the Act. 29 | P a g e IDBI

STATE BANK OF INDIA,MUMBAI vs. ADDL CIT CIR 2(2), MUMBAI

disallowance under \nsection 80M of the Act on the presumption that when the \nfunds available to the assessee were both interest free and \nloans, the investments made would be out of the interest free \nfunds available with the assessee, provided the interest free \nfunds were sufficient to meet the investments. The resultant \nSLP of the Revenue challenging the Bombay High

STATE BANK OF INDIA,MUMBAI vs. DCIT CIR 2(2), MUMBAI

disallowance under\nsection 80M of the Act on the presumption that when the\nfunds available to the assessee were both interest free and\nloans, the investments made would be out of the interest free\nfunds available with the assessee, provided the interest free\nfunds were sufficient to meet the investments. The resultant\nSLP of the Revenue challenging the Bombay High

TATA CHEMICALS LTD,MUMBAI vs. DCIT 2(3), MUMBAI

In the result, the appeal of assessee is allowed and that of the Revenue is dismissed

Bench: Sri Mahavir Singh, Jm & Sri G Manjunatha, Am Aayakr Apila Sam./ Ita No. 7325/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 2003-04) Tata Chemicals Limited The Deputy Commissioner Bombay House, Fort, Of Income Tax Vs. Mumbai-400 001 M.K. Road, Mumbai-400 020 (Apilaaqai- / Appellant) .. (P`%Yaqaai- / Respondent) स्थायी लेखा िं./Pan No. Aaact4059M Aayakr Apila Sam./ Ita No. 7377/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 2003-04) The Deputy Commissioner Of Tata Chemicals Limited Income Tax Bombay House, Fort, Vs. M.K. Road, Mumbai-400 001 Mumbai-400 020 .. (Apilaaqai- / Appellant) (P`%Yaqaai- / Respondent) अपीलाथी की ओर े / Appellant By : Shri Nitesh Joshi, Ar प्रत्यथी की ओर े / Respondent By : Shri R. Manjunatha Swamy, Dr ुनवाई की तारीख / Date Of Hearing: 12-02-2019 घोषणा की तारीख / Date Of Pronouncement : 10-05-2019 Aadosa / O R D E R महावीर स िंह, न्याययक दस्य/ Per Mahavir Singh, Jm:

section 80M of the Act. c. Expenses disallowed under section 36(1)(iii) & 37(1) of the Act. d. Disallowance

ACIT 2(3), MUMBAI vs. TATA CHEMICALS LTD, MUMBAI

In the result, the appeal of assessee is allowed and that of the Revenue is dismissed

Bench: Sri Mahavir Singh, Jm & Sri G Manjunatha, Am Aayakr Apila Sam./ Ita No. 7325/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 2003-04) Tata Chemicals Limited The Deputy Commissioner Bombay House, Fort, Of Income Tax Vs. Mumbai-400 001 M.K. Road, Mumbai-400 020 (Apilaaqai- / Appellant) .. (P`%Yaqaai- / Respondent) स्थायी लेखा िं./Pan No. Aaact4059M Aayakr Apila Sam./ Ita No. 7377/Mum/2013 (Inaqa-Arna Baya- / Assessment Year 2003-04) The Deputy Commissioner Of Tata Chemicals Limited Income Tax Bombay House, Fort, Vs. M.K. Road, Mumbai-400 001 Mumbai-400 020 .. (Apilaaqai- / Appellant) (P`%Yaqaai- / Respondent) अपीलाथी की ओर े / Appellant By : Shri Nitesh Joshi, Ar प्रत्यथी की ओर े / Respondent By : Shri R. Manjunatha Swamy, Dr ुनवाई की तारीख / Date Of Hearing: 12-02-2019 घोषणा की तारीख / Date Of Pronouncement : 10-05-2019 Aadosa / O R D E R महावीर स िंह, न्याययक दस्य/ Per Mahavir Singh, Jm:

section 80M of the Act. c. Expenses disallowed under section 36(1)(iii) & 37(1) of the Act. d. Disallowance

HDFC BANK LTD (SUCCESSOR TO BUSINSS OF CENTURION BANK OF PUNJAB LTD),MUMBAI vs. DCIT 2(3), MUMBAI

In the result, appeal is partly allowed

Bench: Shri G.S.Pannu (Hon’Ble) & Shri Saktijit Dey (Hon’Ble)

disallowance under Section 80M of the Act on the presumption that when the funds available to the assessee were both

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

INDUSTRIAL DEVELOPMENT BANK OF INDIA ,MUMBAI vs. JT. CIT- 19 , MUMBA

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

Bench: Shri G.S. Pannu & Shri Pawan Singhindustrial Development Bank Of Joint Commissioner Of Income India, Taxation Cell, Icbi Tower, –Tax, Range -19, 4Th Floor, Wtc Complex, Cuff 6Th Floor, Aayakar Bhavan, Prade, Mumbai-400005 Mumbai-400020 Vs Pan: Aaci 1105 R Appellant Respondent Appellant By : Sh. Satish Mody Ar Respondent By : Sh. Awungshi Ginson ( Sr.Dr) Date Of Hearing : 23.04.2019 Date Of Pronouncement : 21.06.2019 Orderunder Section 254(1)Of Income Tax Act Per Pawan Singh; 1. This Appeal By Assessee Under Section 253 Of Income Tax Act Is Directed Against The Order Of Learned Commissioner Of Income

disallowance of deduction under section 80M. The ld. AR of the assessee submits that this ground of appeal is covered

ICICI BANK LTD,MUMBAI vs. DCIT RG 3(1), MUMBAI

In the result, appeal of the revenue in I

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Raj Kumar Chauhan, Hon’Ble

disallowance under Section 80M of the Act on the presumption that when the funds available to the assessee were both

D.C.I.T., CIRCLE 3(1), MUMBAI vs. ICICI BANK LTD., MUMBAI

In the result, appeal of the revenue in I

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Raj Kumar Chauhan, Hon’Ble

disallowance under Section 80M of the Act on the presumption that when the funds available to the assessee were both

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

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