MAHARASHTRA SCOOTERS LIMITED,PUNE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 9, PUNE

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ITA 3059/PUN/2017Status: DisposedITAT Pune15 November 2018AY 2012-134 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted that a similar issue for preceding years was restored to the AO with specific directions. Following the precedent, the Tribunal set aside the impugned order and remitted the matter back to the AO.

What were the facts?

The assessee earned exempt dividend income and did not offer any disallowance under Section 14A. The AO invoked Rule 8D and made a disallowance of Rs. 52,86,109. The CIT(A) confirmed this disallowance.

What were the issues?

Whether the disallowance made under Section 14A read with Rule 8D for expenses incurred in relation to exempt dividend income was justified.

Which sections of the Income-tax Act were involved?

Section 14A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “SMC”, PUNE

Before: SHRI R.S. SYAL

For Appellant: Shri Kishor Phadke
For Respondent: Shri Rajesh Gawli

आदेशानुसार आदेशानुसार/ BY ORDER, आदेशानुसार आदेशानुसार

// True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune

ITA No.3059/PUN/2017 Maharashtra Scooters Ltd.,

Date 1. Draft dictated on 14-11-18 Sr.PS 2. Draft placed before author 15.11.18 3. Draft proposed & placed before the - second member 4. Draft discussed/approved by Second - Member. 5. Approved Draft comes to the Sr.PS/PS 6. Kept for pronouncement on 7. File sent to the Bench Clerk 8. Date on which file goes to the AR 9. Date on which file goes to the Head Clerk. 10. Date of dispatch of Order.

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