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“disallowance u/s 14A”

DisallowancesSection 14ASection 14A2,938 judgments

The decision most relied on for disallowance u/s 14A is CIT v. Corrtech Energy (P.) Ltd. (223 Taxmann 130), cited in 579 judgments on BharatTax.

Leading authorities on disallowance u/s 14A

CIT v. Corrtech Energy (P.) Ltd.
223 Taxmann 130 · 2014 · High Court
579
citing judgments

Disallowance under Section 14A read with Rule 8D is not warranted if the assessee has not earned any exempt income in the relevant assessment year.

CIT v. Gem Plus Jewellery India Ltd.
330 ITR 175 · 2011 · High Court
207
citing judgments

Disallowances made under various sections, such as for PF/ESIC contributions, result in an increase in business profits, and these enhanced profits are eligible for deduction under Sections 10A and 10AA. Similarly, gains from foreign exchange fluctuations directly linked to export sales are also eligible for deduction under Section 10A.

Cargo Motors (P.) Ltd. v. DCIT
145 Taxmann.com 641 · 2022 · High Court
46
citing judgments

The disallowance under Section 14A read with Rule 8D, particularly Rule 8D(iii) for administrative expenses, should only consider investments that have actually yielded exempt income during the relevant assessment year. Section 14A empowers the Assessing Officer to determine expenditure related to income not forming part of total income.

Sobha Developers Ltd. v. DCIT
125 Taxmann.com 72 · 2021 · High Court
44
citing judgments

Disallowance under section 14A is a notional disallowance and cannot be added back while computing Book Profits under section 115JB for Minimum Alternate Tax purposes.

Tata Industries Ltd. v. ITO
181 TTJ 600 · 2016 · ITAT
29
citing judgments

Disallowance under Section 14A cannot exceed the exempt income earned by the assessee. Even if interest expenditure is considered, it cannot be solely attributed to earning exempt dividend income as investors also consider potential capital gains.

PCIT v. J.J. Glastronics (P.) Ltd.
139 Taxmann.com 375 · 2022 · High Court
28
citing judgments

Additions made under Section 14A of the Income-tax Act, read with Rule 8D, cannot be considered for computing book profit under Section 115JB of the Act.

M/s.Bajaj Allianz General Insurance Co. Ltd. v. ACIT
38 DTR 282 · 2010 · Reported
26
citing judgments

Section 14A of the Income-tax Act is not applicable to insurance businesses governed by specific provisions of Section 44 and Schedule 1. Profit on sale of investments by insurance companies is not taxable, especially after the deletion of sub-rule (b) of Rule 5 of the First Schedule.

PCIT v. Dipesh Lalchand Shah
143 Taxmann.com 419 · 2022 · High Court
18
citing judgments

Disallowance under section 14A cannot be made if the assessee has not earned any exempt income in the relevant assessment year. This applies even if the assessee has made investments in shares or has income from a partnership that is negative.

Judgments citing disallowance u/s 14A

Dy. Commissioner of Income-Tax, Mumbai vs. Palchin Real Estate Pvt Ltd, Mumbai

In the result, the appeal of Revenue is dismissed

ITA 2553/MUM/2023[2018-19]Status: DisposedITAT Mumbai29 Feb 2024AY 2018-19

Bench: SHRI ABY T. VARKEY (Judicial Member), SHRI S RIFAUR RAHMAN (Accountant Member)

For Appellant: Shri K. Shivram & Rahul HakaniFor Respondent: Shri Solgy Jose t. Kottaram (CIT
Section 14ASection 270A

value of claimed) investment (B) Total 2(I + II) 43,29,89,844 4.5. Amount of Rs.43,29,89,844/- is, therefore, disallowed u/s 14A read with rule 8D and added to the total income of the assessee company. I am satisfied that the assessee has underreported its income ... applicable in its case, 4 A.Y. 2018-19 M/s. Palchin Real Estate Pvt. Ltd. is not acceptable and hence the disallowance u/s. 14A is worked out at Rs.43,29,89,844/- (para 4.4.). 4.7. In view of the above, amount of Rs.43,29,89,844/- is, therefore, disallowed u/s 14A

Dy. Commissioner of Income Tax, Central Circle-3(3), Mumbai vs. M/S. Welspun Steel Ltd, Mumbai

ITA 2169/MUM/2023[2017-2018]Status: DisposedITAT Mumbai29 Feb 2024AY 2017-2018
For Appellant: Shri Madhur Agrawal/Shri Mani
Section 132Section 139(1)Section 143(2)Section 153ASection 19Section 250

IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI BR BASKARAN, AM AND SHRI ABY T. VARKEY, JM

M/S Trident Group Limited, Chandigarh vs. Pr.CIT-1, Chandigarh

In the result, appeal of the assessee stands allowed

ITA 307/CHANDI/2023[2018-19]Status: DisposedITAT Chandigarh27 Feb 2024AY 2018-19

Bench: Shri Sanjay Garg & Shri Vikram Singh Yadavआयकर अपील सं./Ita No 307/Chd/2023 "नधा"रण वष" / Assessment Year : 2018-19 M/S Trident Group Ltd., Vs The Pr.Cit, Sco 20-21, Sector 9-D, Chandigarh. Chandigarh. "थायीलेखासं./Pan No: Aaecm1012H अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee By: Shri Ashwani Kumar, Ca & Shri Aditya Kumar, Ca राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 14.02.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 27.02.2024 आदेश/Order Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Revision Order Of The Ld. Principal Commissioner Of Income Tax (In Short ‘The Ld.Pcit’) Dated 27.03.2023 U/S 263 Of The Income Tax Act, 1961 (In Short ‘The Act’) Pertaining To 2018-19 Assessment Year.

For Appellant: Shri Ashwani Kumar, CA and Shri Aditya Kumar, CAFor Respondent: Smt. Kusum Bansal, CIT DR
Section 14ASection 263

income from which was exempt from taxation. He further noted that for the purpose of disallowance u/s 14A in relation to expenditure incurred for earning of tax exempt income, the assessee had suo-moto disallowed a sum of Rs.14,06,578/- only whereas as per the formula prescribed under Rule ... submitted that as per the provisions of Section 14A of the Income Tax Act, the assessee had given the suo-moto computation of disallowance u/s 14A of the Income Tax Act. Further referring to the provisions of Section 14A of the Income Tax Act, it was submitted that recourse

M/S V-Con Integrated Solutions Private Limited, Mohali vs. The PCIT, Chandigarh-1

In the result, appeal of the assessee stands allowed

ITA 232/CHANDI/2023[2018-19]Status: DisposedITAT Chandigarh27 Feb 2024AY 2018-19

Bench: Shri Sanjay Garg & Shri Vikram Singh Yadavआयकर अपील सं./Ita No 232/Chd/2023 "नधा"रण वष" / Assessment Year : 2018-19 M/S V-Con Integrated Solutions Pvt.Ltd., Vs The Pcit, Plot F-141, Phase-8B, Mohali, Chandigarh-1. Rupnagar. "थायीलेखासं./Pan No: Aabci9928H अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee By: Shri Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 14.02.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 27.02.2024

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Kusum Bansal, CIT DR
Section 143(3)Section 14ASection 36(1)(iii)Section 80J

this issue. 3.2 The ld. PCIT further observed that the assessee had made certain investments, income from which was exempt and therefore, the disallowance u/s 14A of the Act in respect of making those investments was attracted, however, the AO has not examined the said issue. 3.3 The ld. PCIT

ACIT, C.C.-1., Raipur vs. M/S Ace Trexim Pvt.Ltd., Raipur

In the result, the appeal of the revenue stands dismissed

ITA 441/KOL/2020[2010-11]Status: DisposedITAT Kolkata27 Feb 2024AY 2010-11

Bench: Shri Sanjay Garg & Shri Girish Agrawali.T.A. No.441/Kol/2020 Assessment Year: 2010-11 Acit(Central Circle)-1, Raipur…………............…...……………....Appellant Vs. M/S Ace Trexim Pvt. Ltd.…...…..........................................…..…..... Respondent Abipn, House No.11, Jal Vihar Colony, Raipur(C.G), Chhatisgarh. [Pan: Aagca5027N] Appearances By: Shri Amuldeep Kaur, Addl. Cit, Appeared On Behalf Of The Appellant. Shri A.K. Tibrewal, Ar & Saurabh Gupta, Fca, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : January 24, 2024 Date Of Pronouncing The Order : February 27, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Revenue Against The Order Dated 31.01.2020 Of The Commissioner Of Income Tax(Appeals)-4, Kolkata [Hereinafter Referred To As The ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Revenue In This Appeal Has Taken The Following Grounds Of Appeal: “1. On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Erred In Law In Deleting The Addition Of Rs.2,20,00,000/- Made By The Assessing Officer On Account Of Unexplained Funds Of The Said Amount Received From M/S Solvent Real Estate Pvt. Ltd. 2. On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Erred In Law In Not Appreciating The Reliability Of The Relevant Substantial Information Received From Investigation Wing Of Kolkata & Also Erred In Ignoring That The Assessing Officer Had Made Efforts To Confront Such

Section 147Section 148Section 250

said M/s Solvent Real Estate Pvt. Ltd. had invested Rs.9,96,50,000/- in shares and the Assessing Officer had also computed the disallowance u/s 14A r.w.r. 8D of the Act upon such investments. The ld. CIT(A) noted that in the aforesaid assessment order in the case

DCIT-3(1)(1), Mumbai vs. Ecgc Limited, Mumbai

In the result, all the appeals of the assessee are partly allowed

ITA 3813/MUM/2023[2016-17]Status: DisposedITAT Mumbai27 Feb 2024AY 2016-17

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopal

For Appellant: Shri Vijay Mehta, A.R. a/wFor Respondent: Shri Biswanath Das, D.R
Section 10(38)Section 14ASection 234B

profits and gains of a business shall be added back. Since only section 30 to 43B are to be applied therefore no disallowance u/s 14A of the Act to be made. During the course of appellate proceedings before the AO the assessee has also referred the decision of ITAT, Mumbai ... invoke the other provisions of the Act for carrying out the disallowance or adjustment in the income. Thus, we hold that, no disallowance u/s 14A can be made in the case of the assessee and hence grounds raised in the Cross Objections are allowed. 21. In the result, revenue

DCIT-3(1)(1), Mumbai vs. Ecgc Limited, Mumbai

In the result, all the appeals of the assessee are partly allowed

ITA 3812/MUM/2023[2017-18]Status: DisposedITAT Mumbai27 Feb 2024AY 2017-18

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopal

For Appellant: Shri Vijay Mehta, A.R. a/wFor Respondent: Shri Biswanath Das, D.R
Section 10(38)Section 14ASection 234Section 234B

profits and gains of a business shall be added back. Since only section 30 to 43B are to be applied therefore no disallowance u/s 14A of the Act to be made. During the course of appellate proceedings before the AO the assessee has also referred the decision of ITAT, Mumbai ... invoke the other provisions of the Act for carrying out the disallowance or adjustment in the income. Thus, we hold that, no disallowance u/s 14A can be made in the case of the assessee and hence grounds raised in the Cross Objections are allowed" 21. In the result, revenue

Ecgc Limited, Ecgc Bhawan vs. ACIT, New Marine Lines Mumbai

ITA 3551/MUM/2023[2016-17]Status: DisposedITAT Mumbai27 Feb 2024AY 2016-17

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopal

For Appellant: Shri Vijay Mehta, A.R. a/wFor Respondent: Shri Biswanath Das, D.R
Section 10(38)Section 14ASection 234Section 234B

profits and gains of a business shall be added back. Since only section 30 to 43B are to be applied therefore no disallowance u/s 14A of the Act to be made. During the course of appellate proceedings before the AO the assessee has also referred the decision of ITAT, Mumbai ... invoke the other provisions of the Act for carrying out the disallowance or adjustment in the income. Thus, we hold that, no disallowance u/s 14A can be made in the case of the assessee and hence grounds raised in the Cross Objections are allowed" 21. In the result, revenue

Ecgc Limited, Ecgc Bhawan vs. ACIT, New Marine Lines Mumbai

In the result, all the appeals of the assessee are partly allowed

ITA 3544/MUM/2023[2017-18]Status: DisposedITAT Mumbai27 Feb 2024AY 2017-18

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopal

For Appellant: Shri Vijay Mehta, A.R. a/wFor Respondent: Shri Biswanath Das, D.R
Section 10(38)Section 14ASection 234B

profits and gains of a business shall be added back. Since only section 30 to 43B are to be applied therefore no disallowance u/s 14A of the Act to be made. During the course of appellate proceedings before the AO the assessee has also referred the decision of ITAT, Mumbai ... invoke the other provisions of the Act for carrying out the disallowance or adjustment in the income. Thus, we hold that, no disallowance u/s 14A can be made in the case of the assessee and hence grounds raised in the Cross Objections are allowed. 21. In the result, revenue

Ecgc Limited, Ecgc Bhawan vs. National E-Assessment Centre, Delhi

In the result, all the appeals of the assessee are partly allowed

ITA 3543/MUM/2023[2018-19]Status: DisposedITAT Mumbai27 Feb 2024AY 2018-19

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopal

For Appellant: Shri Vijay Mehta, A.R. a/wFor Respondent: Shri Biswanath Das, D.R
Section 10(38)Section 14ASection 234B

profits and gains of a business shall be added back. Since only section 30 to 43B are to be applied therefore no disallowance u/s 14A of the Act to be made. During the course of appellate proceedings before the AO the assessee has also referred the decision of ITAT, Mumbai ... invoke the other provisions of the Act for carrying out the disallowance or adjustment in the income. Thus, we hold that, no disallowance u/s 14A can be made in the case of the assessee and hence grounds raised in the Cross Objections are allowed. 21. In the result, revenue

Ecgc Limited, Ecgc Bhawan vs. AO, New Marine Lines, Mumbai

In the result, all the appeals of the assessee are partly allowed

ITA 3542/MUM/2023[2020-21]Status: DisposedITAT Mumbai27 Feb 2024AY 2020-21

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopal

For Appellant: Shri Vijay Mehta, A.R. a/wFor Respondent: Shri Biswanath Das, D.R
Section 10(38)Section 14ASection 234B

profits and gains of a business shall be added back. Since only section 30 to 43B are to be applied therefore no disallowance u/s 14A of the Act to be made. During the course of appellate proceedings before the AO the assessee has also referred the decision of ITAT, Mumbai ... invoke the other provisions of the Act for carrying out the disallowance or adjustment in the income. Thus, we hold that, no disallowance u/s 14A can be made in the case of the assessee and hence grounds raised in the Cross Objections are allowed. 21. In the result, revenue

Aachman Vanijya Pvt. Ltd, Mumbai vs. DCIT, Central Circle-8(4), Mumbai

ITA 1509/MUM/2021[2016-17]Status: DisposedITAT Mumbai27 Feb 2024AY 2016-17
For Appellant: Ms. Ridhisha JainFor Respondent: Shri Ajay Chandra
Section 132Section 143(3)Section 14ASection 153ASection 244ASection 245

find that the Assessing Officer has made disallowance of INR 14,51,111/- under Section 14A of the Act recording as under: "6.2 Disallowance u/s 14A On perusal of the details filed, it is observed that the assessee has earned Dividend income of Rs. 29,42,875/- and has been ... claimed exempt. Vide order sheet entry, the assessee was requested working of disallowance u/s 14A r.w.r. 8D. The assessee company has vide letter dated 19.12.2019 furnished its submissions on the disallowance u/s 14A r.w.r. 8D of the I.T. Act, 1961. Based on the submission made by the assessee, the working

Dy. Commissioner of Income Tax, CC-4(2), Central Range-4, Mumbai vs. M/S Neev Infrastructure Pvt Ltd, Mumbai

ITA 1537/MUM/2023[2015-16]Status: DisposedITAT Mumbai26 Feb 2024AY 2015-16

Bench: Shri Aby T Varkey & Shri Gagan Goyal

For Appellant: Shri Ashok Kumar Ambastha, Ld. DRFor Respondent: Shri Rahul Hakani, Ld. AR
Section 143(3)Section 14ASection 250Section 37(1)

fair market value and hence the addition of Rs 10,43,500/- may be deleted. 3. The Ld CIT (A) erred in restricting disallowance u/s 14A r. w. Rule 8D to the extent of Rs 2, 70,177/- being the suo moto disallowance made by the Assessee without appreciating that ... disallowance u/s 14A r. w. rule 8D cannot exceed exempt income of Rs 1, 61,059/- and hence the disallowance u/s 14A in excess of exempt income i.e. Rs 1, 09,118/- may be deleted. M/s Neev Infrastructure Pvt. Ltd. 4. The Ld CIT(A) erred in confirming disallowance

True-Man Consultants Pvt. Ltd., Kolkata vs. ITO, Ward-7(2), Kolkata.

In the result, the appeal filed by the assessee is partly allowed

ITA 1158/KOL/2023[2012-13]Status: DisposedITAT Kolkata23 Feb 2024AY 2012-13

Bench: Sri Rajpal Yadav & Dr. Manish Borad

Section 131Section 142(1)Section 143(2)Section 143(3)Section 14ASection 250Section 68

alleged unexplained cash credit of Rs. 6.52 Crore received by the assessee towards share capital and share premium. Ld. AO also made disallowance u/s 14A of the Act of Rs. 1,02,350/- observing that the assessee had made investments in equity shares. Income assessed ... ground no. 3 raised by the assessee is allowed. 13. As far as ground no. 4 is concerned, the same relates to the disallowance u/s 14A of the Act at Rs. 1,02,350/-, both the lower authorities have failed to controvert the fact that the assessee has not earned

Xchanging Technology Services India Pvt. Ltd., New Delhi vs. ACIT Circle-27(2), New Delhi

In the result, Appeal filed by the Assessee is allowed

ITA 3923/DEL/2019[2014-15]Status: DisposedITAT Delhi23 Feb 2024AY 2014-15

Bench: Shri N.K.Billaiya & Shri Yogesh Kumar U.S.

Section 115JSection 14ASection 234C

provisions of the Act: Particulars Amount (Rs.) Returned income under MAT provisions of the Act (A) 75,97,27,783 Add: Disallowance u/s 14A (B) 51,48,128 Add: Adjustment of rent equalization reserve ('RER ) (Q 36,06,899 Assessed income under MA T provisions ... Counsel for the Page 4 of 11 assessee submitted that since no exempt income was earned during the year, no disallowance u/s 14A deserves to be made and relied on the several reported Judgments. 6. Per contra, the Ld. Departmental Representative relied on the orders of the Lower Authorities

M/S. Calcutta Springs Ltd., Kolkata vs. D.C.I.T., CC- 1(2), Kolkata

In the result, the appeal of the assessee is allowed

ITA 768/KOL/2022[2014-2015]Status: DisposedITAT Kolkata22 Feb 2024AY 2014-2015

Bench: Dr. Manish Borad & Shri Sonjoy Sarma]

Section 115JSection 143(3)Section 14ASection 153ASection 154Section 220(2)

outset, ld. counsel for the assessee submitted that an assessment was framed u/s 143(3) of the Act for A.Y. 2014-15 wherein disallowance u/s 14A of the Act was made. The matter travelled before the Hon’ble Tribunal and vide ITA No. 767/Kol/2022 dated 11.07.2023 the disallowance u/s 14A ... deleted. He further submitted that since the disallowance u/s 14A has itself being deleted, the same cannot be considered for 2 AY: 2014-15 M/s. Calcutta Springs Ltd. the purpose of computing book profit u/s 115JB of the Act. Copy of the order of Tribunal dated 11.07.2023 is placed

ACIT, Circle-21(1), New Delhi vs. Religare Securities Ltd., New Delhi

In the result, the appeals filed by the Revenue challenging the judgment of the Punjab and Haryana High Court in

ITA 7291/DEL/2019[2015-16]Status: DisposedITAT Delhi22 Feb 2024AY 2015-16

Bench: Shri N.K. Billaiya & Ms Astha Chandra

For Appellant: Shri Rohit Jain,AdvFor Respondent: Shri Vivek Vardhan, Sr. DR
Section 10(34)Section 14A

counsel for the assessee stated that the assessee has earned dividend income from shares held as stock in trade and therefore, firstly, no disallowance u/s 14A of the Act needs to be made and, secondly, suo motto disallowance made by the assessee should suffice. 9. We have given thoughtful consideration ... Supreme Court in the case of Maxopp Investment Ltd Vs. CIT402 ITR 640, the assessee was not required to make any disallowance u/s 14A of the Act on shares held as stock in trade. Relevant findings of the Hon'ble Supreme Court read as under: “36) There is yet another

Vish Realty Solutions Private Limited, Kolkata vs. I.T.O., Ward-5(3), Kolkata

In the result, appeal of the revenue is dismissed

ITA 250/KOL/2020[2012-13]Status: DisposedITAT Kolkata21 Feb 2024AY 2012-13

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 250/Kol/2020 Assessment Year: 2012-13 Vish Realty Solutions Private Limited Income Tax Officer, Ward-5(3), 55, Ezra Street Vs Kolkata 2Nd Floor Kolkata - 700001 [Pan : Aadcv9938N] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S. Jhajharia, A/R Revenue By : Shri Vineet Kumar, Addl. Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 16/01/2024 घोषणा क" तारीख /Date Of Pronouncement: 21/02/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Commissioner Of Income Tax (Appeals) -10 (Hereinafter The “Ld. Cit(E)”) Dt. 02/12/2019, Passed U/S 263 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2012-13. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. That The Learned Commissioner Of Income Tax (Appeals)-Io, Kolkata Erred In Passing An Order Dated 2Nd Of December, 2019 Under Section 143(3) Of The Income Tax Act, 1961 Dismissing The Appeal Of The Appellant Without Allowing Reasonable Opportunity Of Being Heard. 2. That The Learned Commissioner Of Income Tax (Appeals) - 10, Kolkata Erred In Confirming The Addition Of Share Application Money Ofrs. 5,86,00,000/- Made By The Assessing Officer Under Section 68 Of The Income Tax Act, 1961 On Irrelevant Considerations & Arbitrary Grounds.

For Appellant: Shri S. Jhajharia, A/RFor Respondent: Shri Vineet Kumar, Addl. CIT, D/R
Section 143(2)Section 143(3)Section 14ASection 263Section 68

Vish Realty Solutions Private Limited funds in the form of share application money and made the addition u/s 68 of the Act. Petty disallowance u/s 14A of the Act of Rs.30,216/- was also made. Income assessed at Rs.5.86 Crores. 4. Aggrieved the assessee preferred appeal before

Deputy Commissioner of Income Tax, Central Circle- 1(4), Chennai vs. Shriram Chits Private Limited, Hyderabad

ITA 953/CHNY/2023[2018-19]Status: DisposedITAT Chennai21 Feb 2024AY 2018-19

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.942, 943, 944, 945 & 953/Chny/2023 िनधा"रण वष"/Assessment Years: 2015-16, 2017-18, 2018-19 & 2020-21 The Deputy Commissioner Of Vs. Shriram Chits Private Limited, Income Tax, Central Circle 1(4), 3-6-478, Iii Floor, Anand Estates, Chennai -600 034. Opp. Indian Bank, Liberty Road, Himayat Nagar, Hyderabad 500 029. [Pan:Aafcs44916D] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By Shri A. Sasi Kumar, Cit : ""थ" की ओर से/Respondent By Shri R. Sivaraman, Advocate : सुनवाई की तारीख/ Date Of Hearing 24.01.2024 : घोषणा की तारीख /Date Of Pronouncement : 21.02.2024 आदेश /O R D E R Per V. Durga Rao: The Four Appeals In Ita Nos. 942 To 945/Chny/2023 Filed By The Revenue Are Directed Against The Common Order Of The Ld. Commissioner Of Income Tax (Appeals) 18, Chennai, Dated 28.06.2023 Relevant The Assessment Years 2015-16, 20-17-18, 2018-19 & 2020-21. The Common Grounds Raised In The Appeals Of The Revenue Are Reproduced As Under: 1. The Order Of The Ld. Commissioner Of I.T. (Appeals) Is Opposed To Law & Facts Of The Case.

Section 143(1)Section 148Section 14A

ITAT in the case of Parry Agro Industries Limited in ITA No.2372 & 2373/Chny/2017. 3.1 The ld. CIT(A) has failed to appreciate that disallowance u/s 14A is called for when the assessee is found to have made investments income from which is not includible in the total income and there ... been accepted by the department on merits. 3.3 The ld. CIT(A) has erred in directing the AO to restrict the amount of disallowance u/s 14A to the amount of exempt income earned during the year contrary to the Explanation to section 14A clarifying that disallowance is called for even

Deputy Commissioner of Income Tax, Central Circle 1(4), Chennai vs. Shriram Chits Private Limited, Hyderabad

ITA 945/CHNY/2023[2020-21]Status: DisposedITAT Chennai21 Feb 2024AY 2020-21

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.942, 943, 944, 945 & 953/Chny/2023 िनधा"रण वष"/Assessment Years: 2015-16, 2017-18, 2018-19 & 2020-21 The Deputy Commissioner Of Vs. Shriram Chits Private Limited, Income Tax, Central Circle 1(4), 3-6-478, Iii Floor, Anand Estates, Chennai -600 034. Opp. Indian Bank, Liberty Road, Himayat Nagar, Hyderabad 500 029. [Pan:Aafcs44916D] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By Shri A. Sasi Kumar, Cit : ""थ" की ओर से/Respondent By Shri R. Sivaraman, Advocate : सुनवाई की तारीख/ Date Of Hearing 24.01.2024 : घोषणा की तारीख /Date Of Pronouncement : 21.02.2024 आदेश /O R D E R Per V. Durga Rao: The Four Appeals In Ita Nos. 942 To 945/Chny/2023 Filed By The Revenue Are Directed Against The Common Order Of The Ld. Commissioner Of Income Tax (Appeals) 18, Chennai, Dated 28.06.2023 Relevant The Assessment Years 2015-16, 20-17-18, 2018-19 & 2020-21. The Common Grounds Raised In The Appeals Of The Revenue Are Reproduced As Under: 1. The Order Of The Ld. Commissioner Of I.T. (Appeals) Is Opposed To Law & Facts Of The Case.

Section 143(1)Section 148Section 14A

ITAT in the case of Parry Agro Industries Limited in ITA No.2372 & 2373/Chny/2017. 3.1 The ld. CIT(A) has failed to appreciate that disallowance u/s 14A is called for when the assessee is found to have made investments income from which is not includible in the total income and there ... been accepted by the department on merits. 3.3 The ld. CIT(A) has erred in directing the AO to restrict the amount of disallowance u/s 14A to the amount of exempt income earned during the year contrary to the Explanation to section 14A clarifying that disallowance is called for even