STRIDES SHASUN LTD,NAVI MUMBAI vs. DCIT CIR 15(3)(2), MUMBAI

ITA 932/MUM/2017Status: DisposedITAT Mumbai15 January 2024AY 2012-13Bench: SHRI VIKAS AWASTHY (Judicial Member), SHRI AMARJIT SINGH (Accountant Member)1 pages
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What did the Tribunal hold?

The tribunal held that imputing interest on delayed payment of receivables from Associated Enterprises (AEs) was unwarranted, following the jurisdictional High Court's decision. It also allowed the additional ground regarding Section 14A disallowance, directing deletion of the addition as no exempt income was earned.

What were the facts?

The assessee appealed against the final assessment order for AY 2012-13. The appeal raised multiple grounds, but the assessee pressed only a few, arguing they were covered by previous tribunal decisions in its own case. The primary issues involved interest on delayed realization of export proceeds and interest on share application money pending allotment.

What were the issues?

Whether interest on delayed realization of export proceeds from AEs is exigible when the assessee has a uniform policy of not charging interest from both AEs and non-AEs. Whether disallowance under Section 14A is permissible when no exempt income has been earned by the assessee.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 144C(13),Section 14A

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Income Tax Appellate Tribunal, MUMBAI BENCH “ H ”, MUMBAI

Hearing: 26/10/2023

PER VIKAS AWASTHY, JM: This appeal by the assessee is directed against the final assessment order dated 23/01/2017 passed u/s. 143(3) r.w.s. 144C(13) of the Income Tax Act, 1961 [in short ‘the Act’], for the Assessment Year 2012-13. 2. The assessee in appeal has raised as many as 12 grounds. Shri Nitesh Jo

The order continues below.

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