DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1(1), KOLKATA, KOLKATA vs. AXIS OVERSEAS LIMITED, KOLKATA
In the result, the appeal of the Revenue is dismissed
ITA 2425/KOL/2024[2013-14]Status: DisposedITAT Kolkata03 Dec 2025AY 2013-14
Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Dy. Commissioner Of Income Tax, Cc 1(1), Kolkata Axis Overseas Limited Aaykar Bhawan Poorva, 21A, Shakespeare Sarani, Vs. 3Rd Floor, Kolkata-700107, Kolkata-700107, West Bengal West Bengal (Appellant) (Respondent) Pan No. Aagca7497L Assessee By : Shri Siddharth Agarwal, Ar Revenue By : Shri P.N. Barnwal, Dr Date Of Hearing: 13.11.2025 Date Of Pronouncement: 03.12.2025
For Appellant: Shri Siddharth Agarwal, ARFor Respondent: Shri P.N. Barnwal, DR
Section 133(6)Section 68
112 taxmann.com 322 (SC) has held that disallowances u/s 14A cannot exceed the exempt income of relevant year. The appellant has stated that since the assessee company has earned exempt income to the tune of Rs. 8,774/- in the relevant year. Therefore, the addition made on account of disallowances u/s 14A is to be restricted
