POONAWALLA INVESTMENTS & INDUSTRIES PVT. LTD.,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,

ITA 245/PUN/2016Status: DisposedITAT Pune28 February 2018AY 2006-0718 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that disallowance under Section 14A in a non-abated assessment under Section 153C is not sustainable without incriminating material. Other grounds related to gratuity scheme contributions were dismissed, while disallowance of Portfolio Management Services (PMS) fees was allowed.

What were the facts?

The assessee, engaged in stud farm activities, faced a search and seizure action. Assessments were completed under Section 153C read with Section 143(3) of the Income Tax Act. The appeals dealt with disallowances under Section 14A and other expenses.

What were the issues?

Whether disallowance under Section 14A can be made in a non-abated assessment under Section 153C without incriminating material. The allowability of expenses like gratuity contributions and PMS fees were also examined.

Which sections of the Income-tax Act were involved?

Section 14A,Section 153C,Section 143(3),Section 36(1)(v)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(4)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE

For Appellant: Shri R.S. Abhyankar
For Respondent: Ms. Nirupama Kotru, CIT-DR
Hearing: 26.02.2018Pronounced: 28.02.2018

आदेश आदेश आदेश

PER D. KA

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 14A

All 15,875 judgments and leading authorities on Section 14A →

Recent GST High Court judgments

Search GST case law →