DCIT NON CORPORATE CIRCLE 2, CHENNAI vs. KESARI SANJEY KUNDALIA, CHENNAI

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ITA 2115/CHNY/2018Status: DisposedITAT Chennai01 January 20193 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 found no reason to interfere with the CIT(A)'s order as it had followed a coordinate bench decision. Consequently, the Revenue's appeal was dismissed.

What were the facts?

The Revenue appealed against the CIT(A)'s order restricting disallowances under Section 14A to the extent of exempt income earned. The CIT(A) had followed a coordinate bench decision which in turn followed the Delhi High Court ruling in Joint Investment P. Ltd. vs. CIT.

What were the issues?

Whether the disallowance under Section 14A should be restricted to the extent of exempt income earned, following established precedents.

Which sections of the Income-tax Act were involved?

Section 14A

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, ‘B’ BENCH : CHENNAI

Before: SHRI GEORGE MATHAN & SHRI A.MOHAN ALANKAMONY

आदेश / O R D E R

PER GEORGE MATHAN, JUDICIAL MEMBER

1.

This is an appeal filed by the Revenue against the order of the Commissioner of Income-tax (Appeals)-2, Chennai in ITA No.218/2016-17/A.Y.2014-15/CIT(A)-2 dated 16.05.2018 for the assessment year 2014-15.

ITA No.2115/chny/2018 :- 2 -: Mr.Karunakaran represented on behalf of the Assessee and 2. Mr.Guru Bashyam represented on behalf of the Revenue.

3.

It was submitted by ld.D.R that the appeal was against the action of Ld.CIT(A) in restricting the disallowances made u/s.14A of the Income Tax Act, 1961 read with Rules 8D of the Income Tax Rules, 1962 to the extent of exempt income earned. It was a submission that the Ld.CIT(A) had followed the decision of the Co-ordinate ‘B’ Bench of Chennai Tribunal in assessee's own case in & 1666/Mds/2017 for assessment years 2012- 13 & 2013-14 dated 21.12.2017 wherein the Tribunal had followed the decision of Hon’ble Delhi High Court in the case of Joint Investment P.

Ltd. Vs. CIT in 372 ITR 694 (Delhi). It was a submission that the order of the CIT(Appeals) was liable to be reversed.

4.

In reply, the ld.A.R vehemently supported the order of the ld.CIT(Appeals).

5.

We have considered the rival submissions. As it is noticed that Ld.CIT(A) has followed the decision of Co-ordinate Bench of this Tribunal in assessee's own case for assessment years 2012-13 & 2013-

ITA No.2115/chny/2018 :- 3 -:

14 dated 21.12.2017 wherein the Tribunal had followed the decision of Hon’ble Delhi High Court in the case of Joint Investment P. Ltd. Vs. CIT in 372 ITR 694 (Delhi), we find no reason to interfere with the order of the CIT(Appeals). Consequently, the appeal filed by the Revenue stands dismissed.

6.

In the result, the appeal of the Revenue is dismissed.

Order pronounced in the open court on 01 January, 2019, at Chennai.

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