M/S. UZIND CORPORATION,NEW DELHI vs. ACIT, NEW DELHI

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ITA 3718/DEL/2015Status: DisposedITAT Delhi13 July 2018AY 2007-084 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the Assessing Officer correctly identified expenditure related to exempt income and made the disallowance as per the Tribunal's directions. Although Rule 8D was not directly applicable for the assessment year, its method was used to calculate indirect expenses, which was deemed justified.

What were the facts?

The assessee incurred expenditure related to securities and claimed other expenses indirectly related to exempt income. The Assessing Officer disallowed Rs. 2,47,023 under Section 14A, adopting the method prescribed in Rule 8D(2)(iii). This disallowance was confirmed by the CIT(A).

What were the issues?

Whether the disallowance under Section 14A was correctly made by the Assessing Officer, considering the applicability of Rule 8D for the assessment year 2007-08.

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, DELHI BENCH “C”, NEW DELHI

Before: SHRI P. M. JAGTAP & MS. SUCHITRA KAMBLE

For Appellant: Ms. Sweety Kothari, CA
For Respondent: Shri Arun Kumar Yadav, Sr.DR

confirming the same. In that view of the matter, we uphold the impugned order of the ld. CIT(A) on this issue and dismiss this appeal filed by the assessee.

4.

In the result, the appeal of the assessee is dismissed. Order pronounced in the open Court on this 13th day of July, 2018.

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