INCOME TAX OFFICER, WARD-2(2), HYDERABAD vs. GMR AEROSPACE ENGINEERING CO.LTD,(FORMERLY KNOWN AS MAS GMR AEROSPACE ENGINEERING LIMITED ), HYDERABAD

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ITA 1188/HYD/2018Status: DisposedITAT Hyderabad22 June 2021AY 2013-143 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that Section 14A read with Rule 8D applies only in relation to an assessee's exempt income. Since the assessee had no exempt income, the disallowance was not justified.

What were the facts?

The Revenue appealed against the CIT(A)'s order which deleted an addition made under Section 14A. The addition was on account of disallowance related to exempt income, but the assessee had not received any exempt income during the relevant previous year.

What were the issues?

Whether disallowance under Section 14A is applicable when no exempt income has been earned by the assessee in the relevant assessment year.

Which sections of the Income-tax Act were involved?

Section 14A

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, HYDERABAD BENCHES “A” : HYDERABAD

Before: SHRI S.S.GODARA & SHRI LAXMI PRASAD SAHU

BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Assessment Year: 2013-14 Income Tax Officer, M/s.GMR Aerospace Engineering Ward-2(2), Vs Co. Ltd., HYDERABAD (formerly known as MAS GMR Aerospace Engineering Limited), HYDERABAD [PAN: AACCD8269K] (Appellant) (Respondent) For Revenue : Smt. M.Narmada, DR For Assessee : Shri A.V.Raghuram, AR Date of Hearing : 21-06-2021 Date of Pronouncement : 22-06-2021 O R D E R PER S.S.GODARA, J.M. : This Revenue’s appeal for AY.2013-14 arises from the CIT(A)-4, Hyderabad’s order dated 12-03-2018 passed in case No.0197/2016-17/ACIT,Cir-16(2)/CIT(A)-4/Hyd/17-18, in proceedings u/s.143(3) of the Income Tax Act, 1961 [in short, ‘the Act’]. Heard both the parties. Case file perused.

2.

At the outset, we notice that this Revenue’s appeal suffers from delay of 05 days as attributable to the reasons mentioned in the petition/affidavit and on account of no objection from assessee’s side. This delay stands condoned therefore.

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