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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri Satbeer Singh Godara & Shri Amarjit Singh
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 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.