MULTIPLIER SHARE AND STOCK ADVISOR P.LTD,MUMBAI vs. DCIT 4(3)(2), MUMBAI

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ITA 3659/MUM/2016Status: DisposedITAT Mumbai19 September 2018AY 2012-138 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the disallowance under Section 14A should be restricted to the extent of exempt income earned. It also held that Section 2(22)(e) is not applicable to loans received from an individual director.

What were the facts?

The assessee received dividend income and incurred expenses. The Assessing Officer (AO) made a disallowance under Section 14A read with Rule 8D, which was confirmed by the CIT(A). The CIT(A) also enhanced the income by invoking Section 2(22)(e) for a loan received from a director.

What were the issues?

Whether disallowance under Section 14A can exceed exempt income and whether a loan from a director is covered under Section 2(22)(e).

Which sections of the Income-tax Act were involved?

Section 14A,Section 2(22)(e)

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Income Tax Appellate Tribunal, MUMBAI BENCHES “G”, MUMBAI

Before: SHRI B.R. BASKARAN (AM) & SHRI RAM LAL NEGI (JM)

For Appellant: Shri Hiro Rai (Advocate)
For Respondent: Shri V. Vidhyadhar (Sr. DR)
Hearing: 16/07/2018Pronounced: 19/09/2018

आदेशप्रतितितिअग्रेतिि/Copy of the Order forwarded to : 1. अपील र्थी/ The Appellant 2. प्रत्यर्थी/ The Respondent. 3. आयकरआय क्त(अपील) / The CIT(A)- आयकरआय क्त/ CIT 4.

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