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Documents citing Maruti Udyog Ltd. vs Dy. Cit on 11 October, 2004

Jammu And Kashmir Bank Ltd. vs Assistant Commissioner Of Income Tax on 8 February, 2008

In the case of Maruti Udyog Ltd. v. Dy. CIT (supra), the Tribunal has held that any expenditure which is proved to have nexus directly or indirectly with the funds for earning exempt income has to be disallowed. The extent and magnitude of disallowance is to be determined at the time of completing the assessment. But this does not vitiate the order of CIT Jammu, so far it relates to non-consideration of disallowance of expenditure under Section 14A of the Act.
Income Tax Appellate Tribunal - Amritsar Cites 47 - Cited by 1 - Full Document

Deputy Commissioner Of Income Tax vs Glaxo Smithkline Consumer Healthcare ... on 20 July, 2007

49. The Revenue has also relied on the decision of Tribunal Delhi Bench in the case of Maruti Udyog Ltd. v. Dy. CIT (supra). In that case also, the Tribunal has overwhelmingly discussed the effect of the expression "incurring of liability". While considering the above, the Tribunal has not read the proviso to Section 43B together with Expln. 2 and also it has completely overlooked the prominent expression of "irrespective of the previous year". The decision also has relied on various decisions mentioned above and which were held not relevant.
Income Tax Appellate Tribunal - Chandigarh Cites 111 - Cited by 43 - Full Document

Cybertech Systems & Software Ltd. vs Assistant Cit, Range 8(1) on 30 November, 2005

18. The next ground in the assessee's appeal relates to allocation of 1 % of the dividend receipts as expenses incurred for earning the dividend income. We have heard both the sides and direct the assessing officer to follow the ratio laid down by the Delhi Bench of the Tribunal in the case of Maruti Udyog Ltd. v. Dy. CIT(2005) 92 ITD 119 (Del). It is ordered accordingly.
Income Tax Appellate Tribunal - Mumbai Cites 20 - Cited by 3 - Full Document

Harrisons Malayalam Ltd. vs Asstt. Cit on 11 May, 2007

43. We have heard the rival submissions of the parties. It is an admitted fact that tea business is one of the principal activities of the assessee. The assessee contributed the building fund in the capacity as a member of the Tea Trade Association. We have already referred to the decision of the Hon'ble Supreme Court in the case of Sasoon J. David & Co. (P.) Ltd. (supra), that the expression "wholly and exclusively" in Section 37(1) does not made "necessarily". In this case also, the association provides certain services to the assessee-company and also represents the grievances of the assessee in respect of its business before different forums and Government. In our opinion this expenditure can be treated as out of commercial expediency and an allowable expenditure. We, therefore, direct the assessing officer to allow the expenditure. In the result, the relevant ground taken by the assessee is allowed.
Income Tax Appellate Tribunal - Cochin Cites 28 - Cited by 3 - Full Document

Abu-Dhabi Commercial Bank Ltd, Mumbai vs Assessee on 26 July, 2012

17. As regards the plea taken by the ld. D.R. that the issue may be set aside to the file of the A.O. for considering the issue in the light of the provisions of section 14A of the Act, we find that even after insertion of section 14A, inserted by Finance Act, 2001 w.r.e.f. 1-4-1962, the A.O. has not invoked the provisions of section 14A of the Act. However, on appeal the ld. CIT(A) while examining the applicability of provisions of section 14A relied upon the decision of the Tribunal in the case of Maruti Udyog Ltd. vs. Dy. CIT (2005) 92 ITD 119 (Del.) 10 ITA 6530/M/2006 ITA 3463/M/2010 ITA 581/M/2007 C.O. 114/M/2007 wherein it has been held that even after deduction of section 14A, the Revenue has to establish the nexus of borrowed fund with tax free investment. In the absence thereof and keeping in view that neither the A.O. has invoked the provisions of section 14A and nor such ground has been taken by the Revenue despite the finding given by the ld. CIT(A) in this regard, we are of the view that the plea taken by the ld. D.R. at this stage is not maintainable and hence we reject the same. This being so, we respectfully following the consistent view of the Tribunal in assessee's own case (supra) decline to interfere with the order passed by the ld. CIT(A) in deleting the disallowance made by the A.O. The grounds taken by the Revenue are, therefore, rejected.
Income Tax Appellate Tribunal - Mumbai Cites 14 - Cited by 0 - Full Document

Essel Propack Ltd, Mumbai vs Addl Cit Rg 6(2), Mumbai on 11 September, 2017

Although this case relates to the claim of the deduction u/s 43B but the proposition laid down in this case is equally applicable to the facts of the case of the assessee. We have already held that he profit of the assessee cannot be effected if the assessee followed the inclusive method of accounting or the exclusive method of accounting because in any case the stock is increased to that extent the debit side in the P & L account which will be increased by the increase in value of opening stock as well as the cost of the purchase due to the inclusion of the excise duty incurred by the assessee at the time of the purchase of the raw materials. In view of the aforesaid discussion the second ground is allowed.
Income Tax Appellate Tribunal - Mumbai Cites 19 - Cited by 15 - Full Document
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