M/S. SALARPURIA HOMES PVT. LTD.,KOLKATA vs. A.C.I.T., CIRCLE - 1(2), KOLKATA, KOLKATA

ITA 1360/KOL/2024Status: DisposedITAT Kolkata13 September 2024AY 2014-2015Bench: Shri Sonjoy Sarma, Judicial Member Shri Rakesh Mishra (Accountant Member)7 pages
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What did the Tribunal hold?

The Tribunal held that disallowance under Section 14A read with Rule 8D is not permissible if no exempt income is earned by the assessee. The amendment by the Finance Act, 2022, is prospective and cannot be applied retrospectively.

What were the facts?

The assessee company had investments in equity shares, but earned no exempt income during the assessment year. The Assessing Officer disallowed expenses under Section 14A read with Rule 8D, which was upheld by the CIT(A).

What were the issues?

Whether disallowance under Section 14A read with Rule 8D can be made in the absence of exempt income. Applicability of the Finance Act, 2022 amendment to Section 14A.

Which sections of the Income-tax Act were involved?

Section 14A

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Income Tax Appellate Tribunal, “C” BENCH KOLKATA

Per Sonjoy Sarma, Judicial Member:

This appeal filed by the assessee pertaining to the Assessment Year (in short ‘AY’) 2014-15 is directed against the order passed u/s 250 of the Income Tax Act, 1961 (in short the ‘Act’) by the Addl./JCIT(A)-13, Mumbai, dated 27.05.2024 arising out of Assessment Order dated 14.12.2016, passed under Section 143(3) of the Act.

2.

The Assessee has raised the following grounds of appeal: M/s Salarpuria Homes Pvt

The order continues below.

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