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Documents citing Data Base Industries vs Income-Tax Officer on 11 October, 1990

Welspun Investments & Commercials Pvt. ... vs Ito - 8(3)(4), Mumbai on 28 January, 2019

Only regular income the appellant can earn from investment in a company is in the form of dividend which is exempt. Moreover, except for making a verbal claim that the investment is part of business strategy and commercial expediency, the appellant has not furnished even an iota of evidence to show as to how the investment is beneficial/ commercially expedient for the business being carried out by the appellant. Therefore, I'm of the opinion that investment in the subsidiaries is required to be considered for the purpose of making disallowance under section 14A of the IT Act. Reliance in this regard is placed on the decision of ITAT, Mumbai in the case of Tata Industries Ltd. Vs ITO [2016] [18] TTJ 600 (Mumbai-Trib) where it has been held that even in the 'investment and finance companies whose business is to promote companies, investment in subsidiaries is to be considered for the purpose of making disallowance u u/s 14A of the IT Act.
Income Tax Appellate Tribunal - Mumbai Cites 19 - Cited by 0 - Full Document

M/S.Indian Additives Ltd vs The Deputy Commissioner Of Income-Tax on 10 November, 2011

In support of such arguments, the learned counsel for the assessee has placed reliance on another unreported judgment of a Division Bench of this Court in Tax Case (Appeal) No.524 of 2010, dated 16.8.2010 [M/s.COTTON BASE vs. THE INCOME TAX OFFICER], wherein considering the fact that the authorities below have not properly assessed the matter with regard to the claim of the assessee therein that the interest income attributable to the deposits comprising export realisation is eligible for deduction under Section 80-HHC of the Act, a Division Bench of this Court has remitted the matter back to the Tribunal for consideration.
Madras High Court Cites 19 - Cited by 0 - E D Rao - Full Document

Mangal Keshav Securities Ltd, Mumbai vs Dcit 4(3)(2), Mumbai on 27 June, 2018

The Ld. Authorized Representative for the assessee submitted that above cited judgment of the coordinate Bench in the case of Tata Industries Ltd (supra), is squarely applicable to the assessee under consideration and therefore, prayed the Bench that 7 ITA No.209/MUM/2017 (Mangal Keshav Securities Ltd.) disallowance U/s 14A should be restricted to Rs.40,068/-, to the extent of the dividend earned, though the assessee himself disallowed Rs.2,64,000/- by mistake.
Income Tax Appellate Tribunal - Mumbai Cites 10 - Cited by 1 - Full Document

Gvk Airport Developers Limited ... vs Ito, Ward-2(2), Hyderabad, Hyderabad on 5 July, 2018

• As provided above, the Appellant would like to submit that the existing structure is necessary for the Appellant to help in maintaining controlling interest/majority stake in the operating SPV's (i.e. at MIAPL or BIAL level)". ( page 156 of Paper book) 6.9. It was the submission that these contentions were considered in the case of Principal CIT Vs. Sesa Resources Ltd., [250 Taxman 182] (Bombay) and in the case of Tata Industries Ltd., Vs. ITO [181 TTJ 600] (Mumbai-Trib) in the case of Dy. CIT Vs. Enercon India Ltd., (82 taxmann.com 334) (Mumbai-Trib). It was submitted that the expenditure is allowable.
Income Tax Appellate Tribunal - Hyderabad Cites 33 - Cited by 1 - Full Document

Acit 2(1)(2), Mumbai vs Tml Drivelines Ltd, Mumbai on 28 September, 2018

"7.1 On the other hand, the appellant submitted that it has not earned any income which is exempt from tax. Accordingly, the question of making any disallowance under section 14A of the IT Act does not arise. The appellant has further relied upon the Hon'ble ITAT decision in the case of Tata Industries Ltd. vs ITO (47 CCH 498) (group concern of the appellant), in which the Hon'ble ITAT has held that the disallowance u/s 14A of the IT Act would not apply if no exempt income has been received or receivable in the relevant previous year. Respectfully following the decision of the ITAT, Mumbai in the case of one of the group concern namely Tata Industries Ltd., the AO is directed to follow the decision of the Hon'ble ITAT, hence Ground No. 2.1 is allowed.
Income Tax Appellate Tribunal - Mumbai Cites 10 - Cited by 0 - Full Document

Global Trading & Investment,, ... vs The Income Tax Officer, Ward-5(2)(3),, ... on 26 June, 2018

2. When this appeal was called out for hearing, it has been noticed that the entire dividend income during the year was Rs. 508/-; whereas the disallowance made by the Assessing Officer u/s 14A, as sustained by the learned CIT(A), is Rs.5,22,140/-. Learned Departmental Representative fairly accepts that by now the legal position is well settled by series of orders of this Tribunal, including in the case of Tata Industries Limited vs. ITO, [2016] 181 TTJ 600 (Mumbai - Trib.), that the disallowance u/s 14A cannot exceed the exempt income in respect of which the disallowance has been so invoked. In this view of the matter and following the legal position so settled, we deem it fit and proper to restrict the disallowance to Rs.508/-. We order accordingly.
Income Tax Appellate Tribunal - Ahmedabad Cites 4 - Cited by 0 - Full Document
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