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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri Satbeer Singh Godara & Shri Amarjit Singh
IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member and Shri Amarjit Singh, Judicial Member
ITA No. 904/Coch/2023 (Assessment Year: 2020-21)
Preethi John Muthoot DCIT, Central Circle - 1 Moothoot Centre, Punnen Road Aayakar Bhavan vs. Thiruvananthapuram 695001 Kawdiar [PAN: ACRPJ5145J] Trivandrum 695003 (Appellant) (Respondent)
Appellant by: Shri Sreenivasan, CA Respondent by: Dr. S. Pandian, CIT-DR
Date of Hearing: 19.08.2024 Date of Pronouncement: 23.10.2024
O R D E R Per Bench This assessee’s appeal for A.Y. 2020-21 arises against CIT(A)-3, Kochi’s DIN & Order No. ITBA/APLS/S/250/2023-24/1057573704(1) dated 31.10.2023 in proceedings u/s. 250 of the Income Tax Act, 1961 (the Act).
Heard both parties. Case file perused.
It emerges at the outset that both the learned lower authorities have made section 14A r.w. rule 8D disallowance of Rs.69,35,551/-; without even giving a categorical finding about the assessee having not derived any exempt income as per her books of account pertaining to the relevant previous year. This being the clinching admitted fact, case law in CIT v. Corrtech Energy Pvt. Ltd. [2015] 372 ITR 97 (Guj.); Cheminvest Ltd., vs. CIT [2015] 378 ITR 33 (Del.); PCIT vs. Avantha
2 ITA No. 904/Coch/2023 Preethi John Muthoot Realty Ltd., [2024] 164 taxmann.com 376 (Cal.) and CIT vs. Chettinad Logistics (P) Ltd., [2018] 95 taxmann.com 250 (SC), have already settled this issue in assessee’s favour and against the department that the impugned sec.14A r.w. Rule 8D disallowance does not apply when no exempt income is derived in the relevant previous year. The assessee succeeds in her sole substantive grievance in very terms.
This assessee’s appeal is allowed.
Order pronounced in the open court on 23rd October, 2024. Sd/- Sd/- (Amarjit Singh) (Satbeer Singh Godara) Accountant Member Judicial Member
Cochin, Dated: 23rd October, 2024 n.p. Copy to: 1. The Appellant 2. The Respondent 3. The Pr. CIT concerned 4. The Sr. DR, ITAT, Cochin 5. Guard File By Order
Assistant Registrar ITAT, Cochin