DCIT - 10 (3)(2), MUMBAI vs. PARAJAPE PROPERTIES & INVESTMENT PVT. LTD., MUMBAI

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ITA 5043/MUM/2018Status: DisposedITAT Mumbai04 April 2019AY 2013-142 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The Tribunal dismissed the appeal as withdrawn based on the appellant's submission. The appellant cited recent Supreme Court decisions that disallow disallowance under Section 14A if no exempt income is earned.

What were the facts?

The Revenue filed an appeal against the deletion of an addition made under Section 14A. The addition was made despite the assessee not earning any exempt income during the relevant assessment year.

What were the issues?

Whether disallowance under Section 14A can be made when no exempt income has been earned by the assessee in the relevant assessment year.

Which sections of the Income-tax Act were involved?

Section 14A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “C” MUMBAI

Before: SHRI RAVISH SOOD & SHRI N.K. PRADHAN

For Respondent: Mr. Abi Rama Kartikiyen, DR
Hearing: 04/04/2019Pronounced: 04/04/2019

ORDER PER N.K. PRADHAN, A.M. The appellant has filed a written submission stating as under: “In the above referred case appeal was filed before the Hon’ble ITAT although the tax effect involved was before the prescribed monetary limit as specified in CBDT Circular No. 03/2018 dated 11.07.2018. The appeal had been filed considering the circular of CBDT No. 05/2014 dated 11.02.2014, specifically clarifying that disallowance u/s 14A of the Act needs to be done even if no exempt income has been earned by the assessee during the previous year related to the concerned year. In the light of Apex Court recent decision in the case of Chettinad Logistics Pvt. Ltd. [Special Leave Petition (Civil) Diary No. 15631 of 2018] upholding the decision of Hon’ble Madras High Court that no disallowance u/s 14A can be made if there was no exempt income in the relevant AY and also in light

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