Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (12) TMI 197 - HC - Income TaxDisallowance u/s 14A - Held that:- Commissioner (Appeals) has restricted the disallowance under section 14A to 0.5% of value of investments. The Tribunal has concurred with the above findings of fact recorded by the Commissioner (Appeals). Evidently, therefore, the conclusion arrived at by the Tribunal is based upon concurrent findings of fact recorded by it upon appreciation of the material on record. On behalf of the revenue, nothing contrary has been brought to the notice of the court to dislodge the concurrent findings of fact recorded by the Tribunal. Under the circumstances, in the absence of any perversity in the findings of fact recorded by the Tribunal, it is not possible to state that the impugned order of the Tribunal gives rise to any question of law - Decided against revenue Disallowance of expenditure covered under section 40A(2)(a) - Held that:- Having heard the learned counsel for the appellant, the court is of the view that the matter requires consideration. Hence, ADMIT. The following substantial question of law arises for consideration: "Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in upholding the order passed by the Commissioner of Income Tax (Appeals) deleting the disallowance of expenditure of ₹ 30,73,341/- covered under section 40A(2)(a) of the Income Tax Act, 1961?"
|