M/S. BRIGADE ENTERPRISES LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 2(3), BANGALORE
In the result appeal filed by assessee stands partly allowed
ITA 2364/BANG/2019[2013-14]Status: DisposedITAT Bangalore11 Oct 2021AY 2013-14
Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2013-14 M/S. Brigade Enterprises Ltd., 26/1, 30Th Floor Wtc, The Dy. Commissioner Of Dr. Rajkumar Road, Income-Tax, Malleshwaram, Circle-2(3), Rajajinagar, Bengaluru. Vs. Bengaluru-560 100. Pan – Aaacb 7459 F Appellant Respondent Assessee By : Shri P.C Kincha, C.A Revenue By : Ms. Neera Malhotra, Cit(Dr) Date Of Hearing : 20-07-2021 Date Of Pronouncement : 11-10-2021 Order Per Beena Pillaipresent Appeal Has Been Filed By Assessee Against Order Dated 30/08/2019 Passed By The Ld.Cit(A)-11, Bangalore For Assessment Year 2013-14 On Following Grounds Of Appeal: “1. General Ground 1.1. The Order Passed By The Learned Commissioner Of Income Tax (Appeals) ["Cit(A) For Short Hereinafter"] To The Extent Prejudicial To The Appellant Is Bad In Law & Liable To Be Quashed. 2. Disallowance Under Section 14A R.W. Rule 8D 2.1. The Learned Deputy Commissioner Of Income Tax Central Circle - 2(3), Bangalore ["Ao" For Short Hereinafter] Has Erred In Making A Disallowance Of Rs. 2,02,22,837/- Under Se Tion 14A Comprising Of Disallowa,,Ø-1S. 1,73,98,969/- Under Rule 8D(2)(Ii) & Rs. 28,23,868/- Under Rule 8D(2)(Iii) & The Learned Cit(A) Has Erred In Confirming The Said Disallowance.
For Appellant: Shri P.C Kincha, C.AFor Respondent: Ms. Neera Malhotra, CIT(DR)
Section 14ASection 35DSection 36Section 36(1)(iii)Section 80
1)(iii) of the act at Rs.5,32,41,623/- for lack of commercial expediency.
2.8 The Ld.AO during the assessment proceedings observed that assessee has received dividend of Rs.12,95,000/- that was claimed exempt under section 10(35) of the act. Assessee however had not disallowed any amount as expenditure attributable to the earning of exempt income.
Ld.AO
