DY. COMMR. OF INCOME TAX, CIRCLE-1(2),, RAJKOT vs. M/S TOPLAND FINCORP,, RAJKOT
In the result, the appeal of the Revenue is dismissed
ITA 199/RJT/2017[2013-14]Status: DisposedITAT Rajkot19 Sept 2019AY 2013-14
Bench: Shri Rajpal Yadav, Hon’Ble & Shri Waseem Ahmed Hon’Ble"नधा"रण वष"/ Asstt. Year: 2013-14 Dcit, Cir.1(2) M/S.Topland Fincorp Rajkot. 2, Umakant Pandit Vs. Udhyognagar Mavdi Plot Rajkot. (Applicant) (Responent) Revenue By : Shri Anil Kumar Das, Dr Assessee By : Shri Vimal Desai, Ar सुनवाई क" तार"ख/Date Of Hearing : 18/09/2019 घोषणा क" तार"ख /Date Of Pronouncement: 19/09/2019 आदेश/O R D E R Per Rajpal Yadav: Revenue Is In Appeal Before The Tribunal Against Order Of The Ld.Cit(A)-I, Rajkot Dated 24.4.2017 Passed For The Asstt.Year 2013-14. 2. In The First Ground Of Appeal, The Grievance Of Revenue Is That The Ld.Cit(A) Has Erred In Deleting The Disallowance Of Rs.3,26,821/- Which Was Disallowed By The Ao With The Help Of Section 14A Of The Income Tax Act, 1961. 3. Brief Facts Of The Case Are That The Assessee Has Filed Its Return Of Income Electronically On 16.9.2013 Declaring Total Income At Rs.(-)6,01,95,642/-. The 2 Ld.Ao Observed That The Assessee Has Shown Dividend Income Amounting To Rs.69,940/-. He Worked Out The Disallowance Required To Be Made Under Section 14A With Formula Given Under Rule 8D Of The Income Tax Rules At Rs.3,26,821/-. On The Appeal, The Ld.Cit(A) Has Deleted The Disallowance On The Ground That The Alleged Dividend Income Was Not Claimed As Exempt By The Assessee. The Ld.Cit(A) Has Relied Upon The Decision Of Hon’Ble Jurisdictional High Court In The Case Of Corrtech Energy P.Ltd., 45 Taxmann.Com 116. Hon’Ble High Court Has Held That If There Is No Exempt Income Claimed By The Assessee, Then No Disallowance Under Section 14A Required To Be Made.
For Appellant: Shri Vimal Desai, ARFor Respondent: Shri Anil Kumar Das, DR
Section 14ASection 43(5)Section 43(5)(d)
116. Hon’ble High Court has held that if there is no exempt income claimed by the assessee, then no disallowance under section
