SARIF HOSSAIN,KOLKATA vs. ITO, WARD - 8(2), KOLKATA, KOLKATA

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ITA 1816/KOL/2018Status: DisposedITAT Kolkata24 April 2019AY 2012-132 pages

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

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal noted that the assessee had not derived any exempt income in the impugned assessment year. Therefore, the disallowance made by the lower authorities was deleted.

What were the facts?

The assessee's appeal for assessment year 2012-13 challenged the disallowance of administrative expenses under Section 14A read with Rule 8D(2)(iii). The lower authorities had disallowed 0.5% of the average value of investments.

What were the issues?

Whether disallowance of expenses 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

Income Tax Appellate Tribunal, KOLKATA BENCH “D” KOLKATA

Before: Shri S.S.Godara & Dr. A.L. Saini

आदेश /O R D E R PER S.S.Godara, Judicial Member:- This assessee’s appeal for assessment year 2012-13 arises against the Commissioner of Income Tax (Appeals)-18, Kolkata’s order dated 26.06.2018 passed in case No.190/2015-16/CIT(A)-18/Wd-8(2)/F.SL No.2431/18-19/Kol, involving proceedings u/s 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file perused.

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