M/S. SRI VISHNU SHANKAR MILLS LTD.,RAJAPALAYAM vs. ITO, CORP WARD 1, MADURAI

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ITA 577/CHNY/2019Status: DisposedITAT Chennai27 February 2020AY 2014-1511 pages
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What did the Tribunal hold?

The Tribunal deleted the disallowance under Rule 8D(2)(ii) as the assessee had sufficient own interest-free funds. However, for disallowance under Rule 8D(2)(iii), the matter was remanded to the AO for fresh adjudication as the assessee did not discharge its primary onus.

What were the facts?

The assessee claimed dividend income as exempt. The Assessing Officer disallowed expenses under Section 14A read with Rule 8D, both under normal provisions and for book profit computation. The CIT(A) upheld the disallowance.

What were the issues?

Whether expenses related to exempt income are disallowable under Section 14A when the assessee has sufficient own funds, and how such disallowances should be treated for book profit computation.

Which sections of the Income-tax Act were involved?

Section 14A,Section 115JB

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Cases cited in this judgment(5)Show list

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Income Tax Appellate Tribunal, ‘A’ BENCH: CHENNAI

Before: SHRI N.R.S. GANESAN & SHRI RAMIT KOCHAR

Hearing: 30.01.2020
1.

अपीलाथ*/Appellant 4. आयकर आयु4त/CIT 5. 2वभागीय +�त�न�ध/DR 2. +,यथ*/Respondent 6. गाड' फाईल/GF 3. आयकर आयु4त (अपील)/CIT(A)

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