VINOD LODHA,JAIPUR vs. ACIT, JAIPUR

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ITA 1020/JPR/2016Status: DisposedITAT Jaipur28 February 2017AY 2012-134 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the disallowance under Section 14A cannot exceed the actual expenses incurred by the assessee. Since the total incurred expenses were Rs. 1,24,984/-, the disallowance was restricted to this amount.

What were the facts?

The assessee had exempt income and the Assessing Officer (AO) disallowed expenses under Section 14A read with Rule 8D. The CIT(A) upheld a disallowance of Rs. 2,99,831/- under Rule 8D(2)(iii) while deleting another part of the disallowance.

What were the issues?

Whether the disallowance of expenses under Section 14A read with Rule 8D can exceed the actual expenses incurred by the assessee in relation to exempt income.

Which sections of the Income-tax Act were involved?

Section 14A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JAIPUR BENCHES, JAIPUR

Before: SHRI KUL BHARAT, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ ITA No.1020/JP/16

For Appellant: Shri Sitaram Sharma, CA jktLo dh vksj ls@
Hearing: 28.02.2017

आदेश की प्रतिलिपि अग्रेषित@ब्वचल वf जीम वतकमत वितूंतकमक जवरू

1.

vihykFkhZ@The Appellant- Shri Vinod Lodha, Jaipur izR;FkhZ@ The Respondent- The ACIT, Circle-6, Jaipur 2. vk;dj vk;qDr@ CIT –II, Jaipur 3. vk;dj vk;qDr¼vihy½@The CIT(A) –II, Jaipur 4. विभागीय प्रतिनिधि] आयकर अपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत 5. xkMZ QkbZy@ Guard File (ITA No. 1020/JP/2016) 6.

vkns'kkuqlkj@ By order,

सहायक पंजीकार@ Aेेपेजंदज. त्महपेजतंत.

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