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Truworth Infotech Private Limited, ... vs Income Tax Officer, Ward-2(2), Jaipur on 4 July, 2023
cites
The Advocates Act, 1961
The South Indian Bank Ltd. vs The Commissioner Of Income Tax on 9 September, 2021
The AO has also not denied the said facts. There being no income for shares hence
obviously there are no administrative and other expenses incurred. In such facts of
the case, no disallowance u/s 14A r.w. rule 8D is warranted as no borrowings were
used in acquisition of these shares nor any administrative expenses etc. were
incurred. The assessee also not earned exempt income and hence section 14A is
inapplicable. To this effect, we rely on the decision of Hon'ble Supreme in the case
of South Indian Bank Ltd. vs CIT, 438 ITR 1 wherein the Hon'ble Supreme Court
held as under:-
Asst.Commissioner Of Income Tax vs Gujarat Power Corporation Ltd. Thr. Its ... on 5 December, 2017
In CIT Vs.
Gujrat Power Corporation Ltd. (2013) 352 ITR 583 (GUJ.) the
Hon'ble High Court held that assessee using its own funds for
investments and using borrowed funds entirely for business purposes
and in absence of any finding that any expenditure by way of interest
was incurred in respect of investments disallowance u/s 14A of 1.T.
Act.61 is not justified.
Commissioner Of Income Tax-I vs M/S Reliance Energy Ltd (Formerly Bses ... on 28 April, 2021
In case of CIT Vs. Sazlon Energy Ltd. (2013)
354 ITR 630 (Guj). The court held that dividend income which was
tax free but such dividends were earned from investments made out of
interest free funds so that there could be no disallowance u/s 14A of I.
T. Act, 1961. In view of these judicial pronouncements it is submitted
that as the investment made by assessee company from its own
interest free funds so there can be no disallowance u/s 14A of 1.T.
Act, 1961.
Pr Commissioner Of Income Tax-5 vs M/S Novell Software Development ... on 16 January, 2021
In case of Principal CIT Vs. Novell
Software Development India P. Ltd. (2021) 434 ITR 154/278
Taxmann 390 The Hon'ble Karnataka High Court held that where
there is no exempt income earned by the assessee during the year no
disallowance u/s 14A was to be made similar legal view was upheld in
Bicom Ltd. Vs. Dy. CIT (2021) 431 ITR 326(Kar) and in case of Pr.
CIT Vs. Sterling Developers P. Ltd. (2021) 129 taxmann.com 116
(Kar).
M/S Apex Laboratories P. Ltd. vs The Deputy Commissioner Of Income Tax ... on 22 February, 2022
In case of Principal CIT Vs. Novell
Software Development India P. Ltd. (2021) 434 ITR 154/278
Taxmann 390 The Hon'ble Karnataka High Court held that where
there is no exempt income earned by the assessee during the year no
disallowance u/s 14A was to be made similar legal view was upheld in
Bicom Ltd. Vs. Dy. CIT (2021) 431 ITR 326(Kar) and in case of Pr.
CIT Vs. Sterling Developers P. Ltd. (2021) 129 taxmann.com 116
(Kar).
Rajasthan State Road Development & ... vs Assistant Commissioner Of Income Tax, ... on 24 July, 2018
The Madras High Court in case of CIT Vs. Tamilnadu Rood
Development Co. Ltd. (2021) 436 ITR 323/279 Taxman 125 held that
provisions of section 14A read with rule 8D would not be applicable if
there was no exempt income earned by the assessee during the year.
Pr. Commissioner Of Income Tax-1 vs Future First Info. Services Pvt. Ltd. on 14 July, 2022
The Delhi ITAT in case of Dy. CIT Vs. Futurz Next Services Ltd.
(2022) 139 taxmann.com 199 held that where assessee had not
received any exempt/dividend income during the year disallowance
u/s 14A was not permissible. There are plethora of High Court and
ITATS decisions holding the same view.
Principal Commissioner Of Income Tax vs M/S.Envestor Ventures Ltd on 18 January, 2021
In the case of Pr. CIT Vs.
Envestor Ventures Ltd. (2021) 431 ITR 221/278 Taxmann 377 (Mad.)