ITO, NEW DELHI vs. M/S. KAMA HOLDINGS LTD., NEW DELHI

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ITA 2993/DEL/2014Status: DisposedITAT Delhi27 March 2017AY 2008-0913 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to restrict the disallowance under Section 14A, finding no justification for further disallowance under Rule 8D(2)(ii). It also upheld the deletion of prior period expenses except for Rs. 12,32,814/- related to raw material received in the current year.

What were the facts?

The Revenue appealed the CIT(A)'s order which partly allowed the assessee's appeal. The assessee, engaged in manufacturing, had revised its return claiming prior period expenses. The AO had made disallowances under Section 14A and for prior period expenses.

What were the issues?

Whether the CIT(A) erred in restricting the disallowance under Section 14A and Rule 8D, and whether prior period expenses were correctly treated.

Which sections of the Income-tax Act were involved?

Section 14A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH “D”, NEW DELHI

Before: SHRI H.S. SIDHU & SHRI L.P. SAHU

not need any interference on our part, therefore, we uphold the order of the Ld. CIT(A) on the issue in dispute and accordingly, we dismiss the ground no. 3 raised by the Revenue.

9.

In the result, the Appeal filed by the Revenue stands dismissed. Order pronounced in the Open Court on 27/03/2017.

Sd/- Sd/-

[L.P. SAHU] [H.S. SIDHU] ACCOUNTANT MEMBER JUDICIAL MEMBER Date 27/3/2017 “SRBHATNAGAR”

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