Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (6) TMI 173 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - CIT(A) has given relief to the assessee by holding that the amount of disallowance u/s. 14A should be restricted to the amount of exempt income only and not a higher figure. - HELD THAT:- This issue we note is no longer res integra and as rightly noted by the Ld. CIT(A), the Hon’ble Supreme court [2018 (11) TMI 1565 - SC ORDER] has upheld similar view of the Hon’ble High court of Punjab & Haryana in PCIT Vs. State Bank of Patiala [2017 (5) TMI 843 - PUNJAB AND HARYANA HIGH COURT] and the Ld. CIT(A) has relied on the decision of the coordinate bench of this Tribunal in the case of West Bengal Infrastructure Development [2015 (11) TMI 926 - ITAT KOLKATA] to come to the decision that disallowance u/s. 14A of the Act to be restricted to the amount of exempt income only and not at a higher figure. Therefore, we find no infirmity in the order of the Ld. CIT(A) and therefore, we confirm it. Order being pronounced after ninety (90) days of hearing - COVID-19 pandemic and lockdown - HELD THAT:- Taking note of the extraordinary situation in the light of the COVID-19 pandemic and lockdown, the period of lockdown days need to be excluded. See case of DCIT vs. JSW Limited [2020 (5) TMI 359 - ITAT MUMBAI]
|