BENNETT PROPERTY HOLDINGS COMPANY LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - 1 (1) (1), MUMBAI, MUMBAI

ITA 502/MUM/2024Status: DisposedITAT Mumbai12 December 2024AY 2017-1830 pages
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What did the Tribunal hold?

The Tribunal held that the AO erred in invoking Rule 8D without recording specific dissatisfaction with the assessee's accounts. It directed the AO to recompute the disallowance under Section 14A by excluding investments not yielding exempt income.

What were the facts?

The assessee company, engaged in rental income and business centers, faced scrutiny for assessment years 2017-18 and 2018-19. The Assessing Officer (AO) made disallowances under Section 14A and denied set-off of accumulated losses and unabsorbed depreciation.

What were the issues?

Whether the AO properly invoked Section 14A read with Rule 8D without sufficient objective satisfaction, and whether accumulated losses and unabsorbed depreciation of a demerged undertaking are eligible for set-off.

Which sections of the Income-tax Act were involved?

Section 14A,Section 72A,Section 115JB

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Cases cited in this judgment(4)Show list

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Heard together (4 matters)

ITA No. 502/MUM/2024
ITA No. 302/MUM/2024
ITA No. 556/MUM/2024
ITA No. 557/MUM/2024

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IN THE INCOME TAX APPELLATE TRIBUNAL "B" BENCH, MUMBAI SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA No. 502/MUM/2024 ITA No. 302/MUM/2024 (Assessment Year: 2017-18) (Assessment Year: 2018-19) Bennett Property Holdings Company Limited Appellant 5th Floor, Times Tower, Kamala Mills Compound S.B. Marg, Lower Parel(W), Mumbai-400 013 Maharashtra. [PAN: AAECB3780H] Vs Respondent Deputy Commissioner of Income Tax Circle 1(1)(1), Mumbai Aayakar Bhavan, Mumbai-400 020 Appellant Vs Respondent ITA No. 556/MUM/2024 ITA No. 557/MUM/2024 (Assessment Year: 2017-18) (Assessment Year: 2018-19) Assistant Commissioner of Income Tax Circle 1(1)(1), Mumbai 579A, Aaykar Bhavan, M.K. Road, Mumbai-400 020 Bennett Property Holdings Company Limited Appellant 5th Floor, Times Tower, Kamala Mills Compound S.B. Marg, Lower Parel(W), Mumbai-400 013 Maharashtra [PAN: AAECB3780H] Vs Respondent Appearance For the Appellant/Assessee Shri Madhur Agarwal & Shri Fenil Bhatt For the Respondent/Department : Shri Kailash C. Kanojiya & Ms. Kaveeta Punit Kaushik Date Conclusion of hearing : 25.09.2024 Pronouncement of order : 12.12.2024 ORDER Per Bench: 1. This is a batch of four appeals

The order continues below.

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