ASAHI SONGWON COLORS LIMITED,AHMEDABAD vs. DEPUTY COMMISSIONER OF INCOME TAX, AAYKAR BHAVAN, AHMEDABAD
The appeal of the assessee is partly allowed
ITA 710/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad10 May 2024AY 2017-18
Bench: Smt.Annapurna Gupta & Ms. Suchitra R. Kambleassessment Year : 2017-18 Asahi Songwon Colors Limited, Deputy Commissioner Of Vs. 20 Block B, Times Corporate Income Tax, Park, Opp Copper Stone, Central Circle 2 (3), Thaltej, Shilaj Road, Aaykar Bhavan, Ahmedabad -380059 Ahmedabad Pan : Aaaca 9713 D अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Sunil Talati, Ar Revenue By : Ms. Saumya Pandey Jain, Sr Dr सुनवाई की तारीख/Date Of Hearing : 13.02.2024 घोषणा की तारीख /Date Of Pronouncement: 10.05.2024 आदेश/O R D E R Per Annapurna Guptapresent Appeal Has Been Filed By The Assessee Against Order Of The Commissioner Of Income-Tax (Appeals)-12, Ahmedabad [Hereinafter Referred To As "Cit(A)" For Short] Dated 18.08.2023 Passed Under Section 250(6) Of The Income-Tax Act, 1961 [Hereinafter Referred To As "The Act" For Short], For The Assessment Year (Ay) 2017-18. 2. Ground Nos. 1 & 2, It Was Stated, Relate To The Same Issue Of Disallowance Made Of Expenses Incurred In Relation To Earning Exempt Income, In Terms Of Provisions Of Section 14A Of The Act. The Disallowance So Made By The Assessing Officer & Confirmed By The Ld. Cit(A) Amounts To Rs.23,00,575/-. Ground Nos. 1 & 2 Raised By The Assessee Read As Under:- Asahi Songwon Colors Ltd Vs. Dcit Ay : 2017-18 2
For Appellant: Shri Sunil Talati, ARFor Respondent: Ms. Saumya Pandey Jain, Sr DR
Section 10(34)Section 10(38)Section 14Section 14ASection 250(6)
Gain
- Rs. 3,59,87,261/- u/s 10(38) of the Act
4. The expense suo moto disallowed by the assessee u/s 14A of the Act pertaining to the earning of exempt income was “Nil”. The persistent plea of the assessee against any disallowance of expenses to be made u/s 14A of the Act was that it had sufficient interest
