M/S.MUTHOOT BANKERS,TRIVANDRUM vs. THE ACIT, CIRCLE-1(2), TRIVANDRUM, TRIVNDRUM
In the result, the appeal filed by the assessee is allowed for statistical purposes
ITA 249/COCH/2023[2014-15]Status: DisposedITAT Cochin06 Aug 2024AY 2014-15
Bench: Shri Chandra Poojari & Shri Soundararajan K.Muthoot Bankers Acit, Circle - 1(2) Punnen Road Aayakar Bhavan Vs. Trivandrum 695034 Kowdiar Pan – Aaefm0671P Trivandrum 625003 (Appellant) (Respondent) Assessee By: Shri Sreenivasan, Ca Revenue By: Shri V. Swarnalatha, Sr. Dr Date Of Hearing: 10.07.2024 Date Of Pronouncement: 06.08.2024 O R D E R Per: Soundararajan K., J.M. This Appeal Filed By The Assessee Challenges The Order Of The National Faceless Appeal Centre, Delhi [Cit(A)] Dated 21.03.2023 Passed Under Section 250 Of The Income Tax Act, 1961 (The Act) In Respect Of Assessment Year (Ay) 2014-15. 2. The Brief Facts Of The Case Are That The Assessee Is A Financial Institution Lending & Accepting Deposits. During Course Of Their Business They Received Dividend Income Of Rs.1,49,12,212/- Which Is Exempt Income & Claimed No Expenditure Incurred Towards Earning Of Exempt Income. The Assessing Officer (Ao) Not Accepted The Case Of The Assessee, Had Invoked S.14 Of The Income Tax Act, 1961 (The Act) & Disallowed The Expenditure Incurred In Connection With Exempted Income & Applied Rule 8D Of The I.T. Rules & Made A Disallowance Of Rs.1,07,06,276/- As Per S. 14A R.W.R. 8D. As Against The 2 Muthoot Bankers Said Order The Assessee Filed Appeal Before The Cit(A) & Contended That The Disallowance U/S. 14A Of The Act Is Not Correct, Which Was Rejected By The Ld. Cit(A) And, Therefore, The Assessee Had Filed This Appeal Before The Tribunal.
For Appellant: Shri Sreenivasan, CAFor Respondent: Shri V. Swarnalatha, Sr. DR
Section 14ASection 250
disallowed the expenditure incurred in connection with exempted income and applied rule 8D of the I.T. Rules and made a disallowance
