SHRI KHARATI RAM PURI,MUMBAI vs. CIT (A)-8, MUMBAI

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ITA 7965/MUM/2019Status: DisposedITAT Mumbai25 August 2021AY 2013-143 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal found that the disallowance made by the AO was not justified as it exceeded the actual indirect expenses incurred by the assessee. The assessee had already made a proportionate disallowance. Therefore, the impugned disallowance was deleted.

What were the facts?

The assessee earned exempt dividend income and suo-moto disallowed a small amount. The AO, however, computed a higher disallowance under Section 14A based on Rule 8D(2)(iii). This disallowance was confirmed by the CIT(A).

What were the issues?

The primary issue was the correctness of the disallowance of expenses incurred for earning exempt income under Section 14A, particularly the application of Rule 8D.

Which sections of the Income-tax Act were involved?

Section 14A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “H” BENCH, MUMBAI

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

For Appellant: Shri Raghunath Sarangapani– Ld. AR
For Respondent: Shri Ashish Heliwal– Ld. Sr. DR

आयकर अपीलीय अधिकरण “एच” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI माननीय श्री विकास अिस्थी, न्यावयक सदस्य एवं माननीय श्री मनोज कुमार अग्रवाल ,लेखा सदस्य के समक्ष। BEFORE HON’BLE SHRI VIKAS AWASTHY, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing through Video Conferencing Mode) आयकरअपील सं./ (धििाारण वर्ा / Assessment Year: 2013-14) Shri Kharati Ram Puri ACIT- Circle 3(1)(1) 3rd floor, Mittal Court, 50, Sunita, G. D. Somani Marg, बिाम/ Vs. Cuffe Parade, Mumbai-400 005 Nariman Point, Mumbai-400 021 स्थायीलेखासं./ जीआइआरसं./ PAN/GIR No. AAEPP-8874-D (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee by : Shri Raghunath Sarangapani– Ld. AR Revenue by : Shri Ashish Heliwal– Ld. Sr. DR सुनवाई की तारीख/ : 23/08/2021 Date of Hearing घोषणा की तारीख / : 25/08/2021 Date of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member)

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