DCIT-5(3)(2), MUMBAI vs. M/S.WINSOME DIAMONDS AND JEWELLERY LIMITED (FORMERLY KNOWN AS M/S. SU-RAJ DIAMONDS & JEWELLERY LTD), MUMBAI

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ITA 3982/MUM/2018Status: DisposedITAT Mumbai20 August 2019AY 2014-153 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 no disallowance under Section 14A is warranted if the assessee has not earned any exempt income during the year. This decision was based on established judicial precedents.

What were the facts?

The Assessing Officer disallowed Rs. 944.61 Lacs under Section 14A for the assessment year 2014-15, despite the assessee claiming no exempt income was earned. The disallowance was computed as per Rule 8D.

What were the issues?

The primary issue was whether disallowance under Section 14A is permissible when no exempt income has been 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(2)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

Before: HON’BLE SHRI C.N. PRASAD, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI माननीय "ी सी. एन. "साद,"ाियक सद" एवं माननीय "ी मनोज कुमार अ"वाल ,लेखा सद" के सम"। BEFORE HON’BLE SHRI C.N. PRASAD, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकर अपील सं./ (िनधा"रण वष" / Assessment Year: 2014-15) DCIT-5(3)(2) M/s Winsome Diamonds and Jewellery Ltd. Room No.573, 5th Floor [Formerly known as Su-Raj diamond and Jewellery Ltd.] बनाम/ 906-908, The Plaza, 55 Gamdevi Aaykar Bhavan Vs. Near Dharm Palace M.K. Road Grant Road, Mumbai-400 007. Mumbai-400 020. "थायीलेखासं./जीआइआरसं./PAN/GIR No. AAACS-5516-N (अपीलाथ"/Appellant) (""थ" / Respondent) : Assessee by : None Revenue by : Chaudhary Arun Kumar Singh - Ld.Sr.AR सुनवाई की तारीख/ : 20/08/2019 Date of Hearing घोषणा की तारीख / : 20/08/2019 Date of Pronouncement आदेश / O R D E R Per Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by revenue for Assessment Year [in short referred to as ‘AY’] 2014-15 contest the order of Ld. Commissioner of Income- Tax (Appeals)-10 Mumbai, [in short referred to as ‘CIT(A)’], Appeal No. CIT(A)-10, Mumbai/11101/2016-17 dated 23/03/2018 qua deletion of disallowance u/s 14A.

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