SUPER AUTO FORGE PRIVATE LTD.,CHENNAI vs. ACIT, CHENNAI

ITA 1008/CHNY/2014Status: DisposedITAT Chennai06 January 2016AY 2008-097 pages
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What did the Tribunal hold?

The Tribunal directed the Assessing Officer to disallow 2% of exempt income as expenditure under Section 14A. However, it upheld the disallowance of setting off SEZ losses against normal business income.

What were the facts?

The assessee claimed dividend income as exempt and sought to set off losses from an SEZ unit against normal business income. The Assessing Officer disallowed a portion of expenditure under Section 14A and disallowed the set-off of SEZ losses.

What were the issues?

Whether expenditure attributable to exempt income is disallowable under Section 14A, and whether losses from an SEZ unit can be set off against normal business income.

Which sections of the Income-tax Act were involved?

Section 14A,Section 10AA,Section 70,Section 71

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Cases cited in this judgment(5)Show list

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Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI

Before: SHRI CHANDRA POOJARI & SHRI G. PAVAN KUMAR

For Respondent: Shri. V. Vivekanandan, IRS, CIT

PER G. PAVAN KUMAR, JUDICIAL MEMBER:

This appeal filed by the assessee is directed against order of Commissioner of Income-tax (Appeals)-VI, Chennai in ITA

No.1270/13-14/A-VI, Dated 21.02.2014 for the assessment year 2008- 2009 passed u/s.143(3) r.w.s.92CA(4) and 250 of the Income Tax Act,

1961.

ITA No.1008/Mds/2014. :- 2 -:

2.

The assessee has raised two grounds i.e (i) disallowance

u/s.14

The order continues below.

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