ACIT 3 (1)(1), MUMBAI vs. M/S BASMATI SECURITIES PVT LTD., MUMBAI

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ITA 8023/MUM/2019Status: DisposedITAT Mumbai07 June 2021AY 2015-162 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The CIT(A) correctly deleted the disallowance under Section 14A because the assessee had not earned any exempt income during the year. This aligns with judicial precedent from the Hon'ble Apex Court.

What were the facts?

The revenue appealed against the deletion of disallowance under Section 14A. The Assessing Officer had made the disallowance, but the CIT(A) deleted it.

What were the issues?

Whether disallowance under Section 14A can be made when no exempt income is earned by the assessee.

Which sections of the Income-tax Act were involved?

Section 14A

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI

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

For Respondent: Shri Sanjay J. Sethi– Ld. DR

आयकर अपीलीय अधिकरण “एक-सदस्य मामला ” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” 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: 2015-16) ACIT-3(1)(1) M/s Basmati Securities Pvt. Ltd R. No. 607, 6th floor बिाम/ R. No. 5, GF, Heera Mahal Bldg Aaykar Bhavan, M. K. Road, 250 Kalbadevi, Vs. Mumbai – 400 020 Mumbai-400 002 स्थायीलेखासं./ जीआइआरसं./ PAN/GIR No. AAACB-4324-K (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee by : None Revenue by : Shri Sanjay J. Sethi– Ld. DR सुनवाई की तारीख/ : 07/06/2021 Date of Hearing घोषणा की तारीख / : 07/06/2021 Date of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member)

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