M/S. INDIVAR REALTORS PRIVATE LIMITED,KOLKATA vs. ITO, WARD - 1(2), KOLKATA

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ITA 1968/KOL/2018Status: DisposedITAT Kolkata22 March 2019AY 2013-142 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 held that the disallowance provisions under Section 14A read with Section 8D are not applicable if the assessee has not derived any exempt income in the relevant previous year. Therefore, the impugned disallowance was deleted.

What were the facts?

The assessee challenged a disallowance of administrative expenditure made under Section 14A read with Section 8D of the Income Tax Act. The assessee argued that no exempt income was earned in the impugned assessment year.

What were the issues?

Whether disallowance under Section 14A read with Section 8D is permissible in the absence of any exempt income earned by the assessee.

Which sections of the Income-tax Act were involved?

Section 14A,Section 8D

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “SMC” KOLKATA

Before: Shri S.S, Godara

आदेश /O R D E R This assessee’s appeal for assessment year 2013-14, arises against the Commissioner of Income-tax (Appeals)-1, Kolkata’s order dated 18.06.2018 passed in case No.164067661270416/CIT(A)-1/Kol//Ward-1(2)/2016-17, involving proceedings u/s. 147 r.w.s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’.

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