TMI Blog2019 (7) TMI 614X X X X Extracts X X X X X X X X Extracts X X X X ..... rious decisions including the decision of this Court in the case of Corrtech Energy Private Limited, [ 2014 (3) TMI 856 - GUJARAT HIGH COURT] Tribunal also concurred with the findings recorded by the CIT(A) that the mistake or inadvertence on the part of the assessee whereby an income not taxable is wrongly offered for tax will not operate as any kind of estoppel against the assessee regardless whether the revised return was filed or not. If the assessee is in a position to show that it has been over assessed on account of his own mistake, the Revenue is obliged to assess the correct income. - decided against assessee. - R/TAX APPEAL NO. 238 of 2019 - - - Dated:- 9-7-2019 - MR J. B. PARDIWALA AND MR A. C. RAO, JJ. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er s.14A is maintainable where admittedly no exempt income i.e. dividend was earned by the assessee in the relevant assessment year and (ii) whether the CIT(A) was justified in going beyond the return of income and remove the disallowance which the assessee itself has made while filing the return of income. In other words, whether the action of the CIT(A) in bringing down the income returned by the assessee and granting relief on the issues not raised at the time of filing original return of income or by way of revised return at a subsequent stage is justified in law or not. 7. The first issue framed above appears quite simple as we see. While adjudicating the issue, we take note of CBDT Circular No. 5/2014 dated 11/02/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dismissed by Hon'ble Supreme Court in CIT vs. Chettinad Logistics (P.) Ltd. (2018) 95 taxmann.com 250 (SC). Hence, in conformity with the judicial precedents, we find substantial merit in the conclusion drawn by the CIT(A) which essentially holds that Section 14A of the Act can be triggered only if assessee seeks to square off expenditure against the income which does not form part of total income under the Act and Section 14A of the Act cannot be invoked where no exempt income was earned in the relevant assessment years. In consonance with the judicial precedents, we do not see any infirmity in the conclusion drawn by the CIT(A) for nonapplicability of Section 14A of the Act in the facts of the case. 8. We shall now ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in the case of Corrtech Energy Private Limited, (2014) 45 Taxmann.com 116 (Gujarat). 6. The Tribunal also concurred with the findings recorded by the CIT(A) that the mistake or inadvertence on the part of the assessee whereby an income not taxable is wrongly offered for tax will not operate as any kind of estoppel against the assessee regardless whether the revised return was filed or not. If the assessee is in a position to show that it has been over assessed on account of his own mistake, the Revenue is obliged to assess the correct income. 7. Having regard to the concurrent findings recorded by the two Revenue authorities, we are not inclined to disturb such findings. 8. In our view, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
