Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Yes Bank Limited, Dy. Commissioner of Income Tax Versus Addl. Commissioner of Income Tax, Yes Bank Limited.

2016 (1) TMI 1095 - ITAT MUMBAI

Disallowance u/s 14A - Held that:- Since the object of the assessee in making investment is to hold them as stock-in-trade. Accordingly, we are of the view that the methodology prescribed under Rule 8D(2)(iii) cannot be applied to the facts and circumstances of the instant case. Accordingly, we modify the order of the ld. CIT(A) and direct the AO to restrict the addition under Rule 8D(2)(iii) to ₹ 5,93,655/- Decided partly in favour of assessee.

Deduction claimed under section 3 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

07 [2015 (1) TMI 1012 - ITAT MUMBAI ] - Decided against revenue - ITA No. 3357/Mum/2013, ITA No. 3388/Mum/2013 - Dated:- 1-1-2016 - B. R. Baskaran, AM And Amarjit Singh, JM For the Appellants : Shri Yogesh Thar & Yogesh Jain For the Respondent : Shri K Krishna Murty ORDER Per B R Baskaran, AM These cross appeals are directed against the order dated 27-02-2013 passed by Ld CIT(A)-13, Mumbai and they relate to the assessment year 2008-09. 2. The assessee is carrying on banking business. The fi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ary, the Ld D.R submitted that the disallowance of administrative expenses under Rule 8D(2)(iii) is required to be made even if the interest free funds have been used for making investments. In this regard, he placed reliance on the following case law:- (a) Escorts Ltd (102 TTJ 522) (b) Southern Petro chemical industries (93 TTJ 161) (c) Smt. Leena Ramachandran (339 ITR 293)(Ker) 4. We heard the rival contentions on this issue and perused the record. We agree with the contention of the assessee .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

and restore the same to the file of the AO with the direction to examine this issue by following the ratio rendered in the case of HDFC Bank Ltd (supra) and also any other decision that may be relied upon by the assessee and take appropriate decision in accordance with the law. 5. With regard to the expenditure which requires to be disallowed under Rule 8D (2)(iii), the ld.AR submitted that there is no requirement to make any disallowance during the year under consideration, since the assessee h .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e object of the assessee in making investment is to hold them as stock-in-trade. Accordingly, we are of the view that the methodology prescribed under Rule 8D(2)(iii) cannot be applied to the facts and circumstances of the instant case. Accordingly, we modify the order of the ld. CIT(A) and direct the AO to restrict the addition under Rule 8D(2)(iii) to ₹ 5,93,655/-. 7. The next issue urged by the assessee relates to deduction of ₹ 3.28 crs. claimed under section 35D of the Act. The .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version