THE BRAITHWAITE BURN & JESSOP CONSTRUCTION COMPANY LTD.,KOLKATA vs. ITO, WARD - 11(1), KOLKATA, KOLKATA

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ITA 985/KOL/2018Status: DisposedITAT Kolkata14 November 2018AY 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 held that disallowance under Section 14A read with Rule 8D is not sustainable in the absence of any exempt income. It also held that disallowance of employer's contribution to ESI is not sustainable if deposited before the due date of filing the return.

What were the facts?

The assessee challenged the disallowance of 0.5% of average investments under Rule 8D(2)(iii) and the disallowance of employer's contribution to ESI. The disallowance under Rule 8D was made despite no exempt income being derived, and the ESI contribution was deposited before the due date for filing the return.

What were the issues?

Whether disallowance under Section 14A and Rule 8D is permissible without exempt income, and whether disallowance of employer's ESI contribution is valid if deposited before the return filing due date.

Which sections of the Income-tax Act were involved?

Section 14A,Section 36(1)(iv),Section 139(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “SMC” KOLKATA

Before: Shri S.S, Godara

O R D E R

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