Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (11) TMI 1634 - AT - Income TaxDisallowance u/s 14A - plea of assessee is that the assessee has not incurred any expenditure in earning of the exempt income and, therefore, the disallowance is not justified - HELD THAT:- AO was justified in making the impugned disallowance because he was not satisfied, having regard to the accounts of the assessee, that no expenditure was incurred in relation to earning of the exempt income. No doubt, the proposition canvassed by the assessee is tenable, so however, it has to be examined in the context of facts of each case. In the present case, having regard to the discussion in the assessment order, we find no reason to delete the disallowance made by the Assessing Officer by invoking Sec. 14A of the Act. Thus, on this aspect, assessee fails. Assessment of rental income - Accrual of income - addition pertaining to Shiv Sagar property, which has been assessed in the hands of the assessee, whereas the plea of assessee is that it is not the owner of such property - HELD THAT:- insofar as the issue of assessability of rental income of ₹ 33,63,677/- relating to Shiv Sagar property is concerned, same is directed to be assessed in the hands of the assessee as held by the income-tax authorities following the order of Tribunal [2012 (2) TMI 681 - ITAT MUMBAI] in the case of assessee. Simultaneously, the Assessing Officer is directed to apply the final decision on the question of law, which is pending before the Hon'ble Bombay High Court in the earlier Assessment Year 2006-07 [2013 (3) TMI 825 - BOMBAY HIGH COURT ] without requiring the assessee to file appeal to the higher court in this year on the same issue. In this view of the matter, the issue is decided against the assessee, subject to the aforesaid observations.
|