ACIT- CIRCLE-6(2)(1), MUMBAI vs. CG POWER & INDUSTRIAL SOLUTION LTD. (FORMERLY KNOWN AS CROMPTON GREAVES LTD.), MUMBAI

ITA 2955/MUM/2018Status: DisposedITAT Mumbai25 November 2022AY 2010-1120 pages
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What did the Tribunal hold?

The Tribunal upheld the deletion of interest disallowance under Section 14A based on the assessee's own funds exceeding investments. The expenditure disallowance under Section 14A was restored to the AO for factual verification. Other claims by the assessee were either dismissed or restored.

What were the facts?

The assessee company, engaged in manufacturing and sales of various appliances, had dividend income and claimed deductions under various sections. The Assessing Officer made additions, and the CIT(A) granted partial relief, leading to cross-appeals.

What were the issues?

The key issues involved disallowance of expenses related to exempt income, claims for deductions on scientific research expenditure, and the head under which rental and service charge income should be assessed.

Which sections of the Income-tax Act were involved?

Section 14A,Section 35(2AB),Section 80IC,Section 24

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Cases cited in this judgment(7)Show list

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Income Tax Appellate Tribunal, “C” Bench, Mumbai

For Appellant: Shri Neeraj Agarwal,CA
For Respondent: Shri Sandeep Raj
Hearing: 05.09.2022Pronounced: 25.11.2022

Heard together (2 matters)

I.T.A. No. 2955/Mum/2018
I.T.A. No. 3335/Mum/2018

Read from the judgment's own cause title. This page is filed under one of them.

Per B.R.Baskaran (AM) :-

These cross appeals are directed against the order passed by Learned CIT(A)-12, Mumbai and they relate to the assessment year 2010-11. 2. The assessee is in appeal in respect of the following issues

a) disallowance made under section 14A of the Act b) disallowance made under section 35(2AB) of the Act c) disallowance made under section 8

The order continues below.

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