ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, SURAT, SURAT vs. J.B. AND BROTHERS PRIVATE LIMITED, MUMBAI
In the result, appeal filed by the Revenue is dismissed
ITA 522/SRT/2023[2016-17]Status: DisposedITAT Surat26 Oct 2023AY 2016-17
Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.522/Srt/2023 Assessment Year: (2016-17) (Physical Hearing) Assistant Commissioner Vs. J. B. & Brothers Pvt. Ltd., Tower Fc 3011/3012, 3Rd Floor, Bharat Of Income Tax, Central Circle-1, Surat, Room Diamond Bourse, Bkc, Bandra East, No.504, 5Th Floor, Aaykar Mumbai, Maharashtra – 400004 Bhavan, Majura Gate, Surat-395001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaccj1569J (Assessee) (Respondent) Assessee By Shri Vinod Kumar, Sr. Dr Respondent By Shri Kiran K. Shah, Ca Date Of Hearing 12/10/2023 Date Of Pronouncement 26/10/2023
Section 143(3)Section 14ASection 40A(2)(b)
section 14A r.w.Rule 8D of the IT Rules had disallowed the amount of Rs.5,01,943/-. The working of the above disallowance given by the Assessing Officer as under:
II
A Financial Expenses
1,68,53,718/-
B
Average value of investment,
8,05,65,885/-
2
ITA No.522/SRT/2023/AY.2016-17
J. B. & Brothers Pvt. Ltd.
income from which does not form