ASIAN HOSPITALS & HEALTHCARE PVT LTD.,MUMBAI vs. ITO WARD WARD 5(1)(1), MUMBAI

PDF · subscribers
ITA 734/MUM/2020Status: DisposedITAT Mumbai28 September 2021AY 2012-133 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the disallowance under Section 14A cannot exceed the exempt income earned by the assessee. Therefore, the disallowance was restricted to the exempt income.

What were the facts?

The assessee earned exempt dividend income of Rs. 4,080/- but did not offer any disallowance under Section 14A, claiming no expenditure was incurred. The AO, however, computed an indirect expense disallowance of Rs. 1.45 Lacs under Rule 8D(2)(iii).

What were the issues?

Whether the disallowance under Section 14A can exceed the exempt income earned by the assessee.

Which sections of the Income-tax Act were involved?

Section 14A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH, MUMBAI

Before: HON’BLE SHRI VIKAS AWASTHY, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri Nishith Khatri – Ld. AR
For Respondent: Shri Brajendra Kumar – Ld. DR

O R D E R

More judgments on Section 14A

All 15,875 judgments and leading authorities on Section 14A →

Recent GST High Court judgments

Search GST case law →