M/S NASA AGRO INDUSTRIES PVT. LTD,FAZILKA vs. THE ASSTT. COMMISSIONER OF INCOME TAX,CIRCLE- II, BATHINDA

ITA 537/ASR/2017Status: DisposedITAT Amritsar21 February 2019AY 2014-158 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that Section 14A cannot be invoked if the assessee has not earned any exempt income during the relevant assessment year. Since the assessee admittedly earned no exempt income, the disallowance made under Section 14A was deleted.

What were the facts?

The assessee's appeal concerns disallowance under Section 14A read with Rule 8D for assessment years 2013-14 and 2014-15. The Assessing Officer made a disallowance, which the CIT(A) partly upheld, affirming a disallowance of Rs. 2,29,812/-.

What were the issues?

Whether disallowance under Section 14A is permissible when the assessee has not earned any exempt income during the assessment year.

Which sections of the Income-tax Act were involved?

Section 14A

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Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR

Before: SH. N.S.SAINI & SH. N.K.CHOUDHRY

For Respondent: Smt. Ratinder Kaur (Ld. DR)
Hearing: 19.02.2019Pronounced: 21.02.2019

PER N.K.CHOUDHRY, JM: The aforesaid appeals have been preferred by the Assessee/Appellant against the order dated 25.05.2017 passed by the Ld. CIT(A)-Bathinda, u/s 250(6) of the I.T. Act, 1961 (hereinafter called as ‘the Act’).

2.

In both the appeals the issue is identical and similar therefore for the sake of convenience and brevity have been taken into consideration simultaneously and facts of the ITA No.536/Asr/2017 shall be quoted in the order and result of the same shall mutatis mutandis apply to ITA No.537/Asr/2017. 3. The assessee has raised the following ground in ITA No.536/Asr/2017 which is as under: “On the facts & circumstances of the case, the Ld. CIT(

The order continues below.

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