DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2(1), PUNE vs. M/S. VASCON ENGINEERS LIMITED, PUNE

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ITA 155/PUN/2019Status: DisposedITAT Pune29 September 2022AY 2015-168 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 Tribunal held that the CIT(A) correctly deleted the disallowance under Section 14A r.w. Rule 8D, following the precedent set in the assessee's own case and the decision of the Bombay High Court. The Tribunal found that the assessee had sufficient interest-free funds to cover its investments.

What were the facts?

The Revenue appealed against the CIT(A)'s order deleting the disallowance made under Section 14A read with Rule 8D. The CIT(A) had followed the ITAT's decision in the assessee's own case for a prior assessment year.

What were the issues?

Whether the disallowance under Section 14A read with Rule 8D was justified when the assessee had sufficient interest-free funds and made strategic investments.

Which sections of the Income-tax Act were involved?

Section 14A

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, “B” BENCH, PUNE

Before: SHRI S.S.GODARA, JM & SHRI G.D. PADMAHSHALI, AM

For Appellant: Shri Darpan Kirpalani
For Respondent: Shri M.G.Jasnani
Hearing: 28.09.2022Pronounced: 29.09.2022

आदेश की प्रधतधलधप अग्रेधषत / Copy of the Order forwarded to : अपीलाथी / The Appellant. 1. प्रत्यथी / The Respondent. 2. 3. The CIT(A)-12, Pune. 4. The Pr.CIT Central, Pune. धवभागीय प्रधतधनधध, आयकर अपीलीय अधधकरण, “बी” बेंच, 5. पुणे / DR, ITAT, “B” Bench, Pune. गार्ा फ़ाइल / Guard File. आदेशानुसार / BY ORDER, 6. // True Copy // Senior Private Secretary आयकर अपीलीय अधधकरण, पुणे / ITAT, Pune.

M/s. Vascon Engineers Ltd., S.No. Details Date Initials 1 Draft dictated on 28.09.2022 2 Draft placed before author 29.09.2022 Draft proposed & placed before the Second 3 Member 4 Draft discussed/approved by Second Member 5 Approved Draft comes to the Sr. PS/PS 6 Kept for pronouncement on 7 Date of uploading of Order 8 File sent to Bench Clerk 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

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