AMBATTUR CLOTHING LTD.,CHENNAI vs. DCIT, CHENNAI

ITA 910/CHNY/2015Status: DisposedITAT Chennai28 December 2015AY 2010-1122 pages
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What did the Tribunal hold?

The Tribunal held that while Rule 8D might not be strictly applicable for the assessment year 2008-09, Section 14A is applicable. They directed the Assessing Officer to disallow 2% of exempt income towards expenditure. For other issues, the Tribunal dismissed the grounds or partly allowed the appeals.

What were the facts?

The assessee appealed against orders related to disallowance under Section 14A, exclusion of interest on margin money for Section 10B deduction, and levy of interest. The primary dispute involved the disallowance of expenses related to earning exempt income.

What were the issues?

The key issues were the disallowance of expenses incurred in relation to exempt income under Section 14A and the eligibility of interest on margin money for deduction under Section 10B.

Which sections of the Income-tax Act were involved?

Section 14A,Section 10B,Section 234B,Section 234C

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Cases cited in this judgment(14)Show list

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Income Tax Appellate Tribunal, “B” BENCH, CHENNAI

Before: SHRI CHANDRA POOJARI & SHRI V. DURGA RAO

For Appellant: Shri. T. Banusekar, C.A
For Respondent: Shri. Rajib Kumar Hota, IRS, CIT
Hearing: 12.10.2015Pronounced: 28.12.2015

PER CHANDRA POOJARI, ACCOUNTANT MEMBER These appeals by the assessee are directed against different orders of the Commissioner of Income-tax (Appeals)-I, Chennai, for the above assessment years.

I.T.A.Nos.1436 & 1643/Mds/14 & :- 2 -: I.T.A. No.910/Mds/2015. 2. First we take up ITA No.1436/Mds/2014 for adjudication. The first ground raised by the assessee in this

The order continues below.

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