THE DY.CIT, CIRCLE-3(1)(1)., AHMEDABAD vs. N.K. INDUSTRIES LTD., AHMEDABAD

ITA 443/AHD/2023Status: DisposedITAT Ahmedabad25 April 2025AY 2013-14Bench: DR. B.R.R. KUMAR, VICE PRESIDENT MS. SUCHITRA KAMBLE (Judicial Member)1 pages
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What did the Tribunal hold?

The tribunal held that the addition on account of purchases without consideration was not justified as the assessee provided evidence of actual purchases and payments. Regarding Section 14A, no disallowance was warranted in the absence of exempt income.

What were the facts?

The appeals concerned the treatment of losses from transactions on the NSEL platform and disallowance under Section 14A. The assessee argued that NSEL transactions were for availing finance and losses represented the cost of garnering funds.

What were the issues?

Whether losses from NSEL transactions were speculative and deductible, and whether disallowance under Section 14A was applicable without exempt income.

Which sections of the Income-tax Act were involved?

Section 14A

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Income Tax Appellate Tribunal, “A” BENCH, AHMEDABAD

Before: DR. B.R.R. KUMARMS. SUCHITRA KAMBLE

For Appellant: Shri S.N. Soparkar, Sr. Advocate &, Shri Parin Shah, AR
For Respondent: Shri R.N. Dsouza, CIT-DR &, Shri B.P. Srivastava, Sr. DR
Hearing: 06.03.2025

PER: DR. B.R.R. KUMAR, VICE PRESIDENT:

These cross appeals have been filed by the Revenue and the Assessee against the orders of the Ld. Commissioner of Income-Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi (hereinafter referred to as "CIT(A)" for short) of even dated 30

The order continues below.

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