LEHRIKANT SUNDERJI BHADRA,MUMBAI vs. ACIT 25(2), MUMBAI

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ITA 7633/MUM/2014Status: DisposedITAT Mumbai08 August 2016AY 2010-114 pages
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What did the Tribunal hold?

The Tribunal held that the disallowance under Rule 8D(2)(ii) was not correct as the assessee's own funds were sufficient to cover investments. However, the disallowance under Rule 8D(2)(iii) was rightly applied.

What were the facts?

The assessee claimed interest expenses while having dividend income. The AO disallowed a portion of interest expenses under Section 14A read with Rule 8D, which was upheld by the CIT(A). The assessee appealed to the ITAT.

What were the issues?

Whether the disallowance of interest expenses under Section 14A read with Rule 8D was justified, considering the assessee's own funds and dividend income.

Which sections of the Income-tax Act were involved?

Section 14A

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Income Tax Appellate Tribunal, “A” BENCH, MUMBAI

Before: HON’BLE S/SHRI JOGINDER SINGH (JM), & RAJESH KUMAR,(AM)

Hearing: 27.7.2016

स्थधमी रेखध सं./जीआइआय सं./PAN/GIR No. :AABPB7078G अऩीरधथी ओय से / Appellant by: Shri None प्रत्मथी की ओय से/Respondent by Shri A Ramchandran सुनवधई की तधयीख / Date of Hearing : 27.7.2016 घोषणध की तधयीख /Date of Pronouncement : 08. 08.2016 आदेश / O R D E R

Per RAJESH KUMAR, Accountant Member:

1.

This is an appeal filed by the assessee and is directed against the order of the Ld. CIT(A)-35, Mumbai dated 17.10.2014 pertaining to A.Y 2010-11. None appeared on behalf of the assessee despite service of notice issued and served upon the assessee and therefore, we proceed to decide the appeal ex- parte without the presence of assessee, on the basis of material available before us and after hearing the ld.DR.

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