Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 117 - ITAT DELHIDisallowance of “other expenses (administrative expenses) as loss on Amritsar Project” written off in the books - Held that:- Subsequent to the AY 2010-11 nothing new happened giving rise to a cause of action in favour of the assessee to write off the so called cost/expenditure/ loss treating it as bad debt. We, therefore, have no hesitation to hold that the Assessing Officer is perfectly justified in reaching the conclusion that the amount of ₹ 64,72,52,645/- written off under the head “other expenses (administrative expenses) as loss of Amritsar project” written off was disallowable as the same does not relate to the AY 2012-13. In view of this conclusion, we deem it not necessary to deal with the nature of expenditure. On this premise, we confirm the orders of the authorities below and also the addition. - Decided against assessee. Addition u/s 14A - contention of no exempt income - Held that:- CIT vs. Holcim India Pvt. Ltd. (2014 (9) TMI 434 - DELHI HIGH COURT) wherein it was held that Section 14A cannot be invoked when no exempt income was earned. On this aspect it is not the case of Revenue that the assessee earned any exempt income. We, therefore, while respectfully following the decision in CIT vs. Holcim India P. Limited (supra) direct the AO to delete the addition of ₹ 2,84,430/- on account of invocation of Section 14A of the Act read with Rule 8D of the Rules. Decided against revenue
|