PRIME CENTRE AND DEVELOPERS PRIVATE LIMITED,PUNE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), PUNE, PUNE

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ITA 784/PUN/2023Status: DisposedITAT Pune04 August 2023AY 2013-145 pages
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What did the Tribunal hold?

The Tribunal held that disallowance under Section 14A can only be made to the extent of exempt income earned. Following precedents, the disallowance was restricted to the actual amount of tax-free dividend income received by the assessee.

What were the facts?

The assessee, a real estate developer, made investments in shares and earned tax-free dividend income. The Assessing Officer made disallowances under Section 14A read with Rule 8D(2)(iii), which were partly sustained by the CIT(A).

What were the issues?

Whether disallowance under Section 14A can exceed the amount of exempt income earned, and the applicability of amendments to Section 14A.

Which sections of the Income-tax Act were involved?

Section 14A

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Income Tax Appellate Tribunal, PUNE BENCH, ‘B’ PUNE

Before: SHRI R.S. SYAL & SHRI S.S.VISWANETHRA RAVI

For Appellant: Shri Suhas Bora
For Respondent: Shri Uma Shankar Prasad

आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अदधकरण ,पुणे / ITAT, Pune

Date 1. Draft dictated on 03-08-2023 Sr.PS 2. Draft placed before author 04-08-2023 Sr.PS 3. Draft proposed & placed before JM the second member 4. Draft discussed/approved by JM Second Member. 5. Approved Draft comes to the Sr.PS Sr.PS/PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order. *

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