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Income Tax Appellate Tribunal, “SMC” BENCH, KOLKATA
Before: DR. MANISH BORAD, HON’BLE & SHRI PRADIP KUMAR CHOUBEY, HON’BLE
PER DR. MANISH BORAD, ACCOUNTANT MEMBER :
The present appeal is directed at the instance of the assessee against the order of the National Faceless Appeal Centre (hereinafter the “ld. CIT(A)”) dt. 19/12/2023, passed u/s 250 of the Income Tax Act, 1961 (“the Act”) for the Assessment Year 2013-14. 2. Though the assessee has raised several grounds of appeal, but its sole grievance is in respect of the disallowance confirmed by the ld. CIT(A) amounting to Rs.27,59,132/- made by the ld. Assessing Officer u/s 14A of the Act.
At the outset, the ld. Counsel for the assessee has submitted that no exempt income was earned during the year and, therefore, in view
2 Assessment Year: 2014-15 Mamta Choraria
of the settled judicial precedents, disallowance u/s 14A of the Act, is uncalled for. The ld. D/R failed to revert the contentions made by the assessee.
We, therefore, considering the admitted fact that, the assessee has not earned any exempt income during the year, and in view of the judgment of the Hon'ble Delhi High Court in the case of PCIT Vs. Era Infrastructure (India) Ltd. (ITA 204/2022) judgment dt. 20/07/2022, wherein it has been held that the amendment made in Section 14A of the Act by Finance Act, 2022, will be applicable prospectively and also that disallowance u/s 14A of the Act should not exceed the exempt income earned by the assessee during the year, delete the alleged disallowance of Rs. 27,59,132/- and allow the effective grounds raised by the assessee.
In the result, appeal of the assessee is allowed. Order pronounced in the Court on 8th May, 2024 at Kolkata. (PRADIP KUMAR CHOUBEY) ACCOUNTANT MEMBER Kolkata, Dated 08/05/2024 *SC SrPs Assessment Year: 2014-15 Mamta Choraria
आदेश क" "ितिलिप अ"ेिषत/Copy of the Order forwarded to : 1. अपीलाथ" / The Assessee
""यथ" / The Respondent 3. संबंिधत आयकर आयु" / Concerned Pr. CIT 4. आयकर आयु" अपील ( ) / The CIT(A)- 5. िवभागीय "ितिनिध ,आयकर अपीलीय अिधकरण, कोलकाता/DR,ITAT, Kolkata, 6. गाड" फाई/ Guard file.
आदेशानुसार/ BY ORDER,