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M/s. Karmen Internat ional P. Ltd. Versus Deputy Commissioner of Income Tax, Company Circle- II (4) , Chennai.

2016 (1) TMI 636 - ITAT CHENNAI

Disallowance made under section 14A read with Rule 8D - Held that:- In the case of the assessee, the Assessing Officer disallowed under section 14A read with Rule 8D, whereas the actual dividend income received by the assessee and claimed as exempt income under section 10(34). Following the decision of in the case of M/s. Daga Global Chemicals Pvt.Ltd. [2015 (1) TMI 1204 - ITAT MUMBAI ] we are of the view that disallowance under section 14A read with Rule 8D should not exceed the exempt income c .....

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n part. - M.P.No.106/Mds/2015 & I .T.A.No.57/Mds/2015 - Dated:- 28-10-2015 - SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER For The Appellant : Mr. S.Sridhar and Mr. A.S.Sriraman, Advocates For The Respondent : Mr. A.V.Sreekanth, JCIT ORDER Per Challa Nagendra Prasad, JM: This Miscellaneous Petition is filed by the assessee requesting to recall the order passed by this Tribunal in ITA No.57/Mds/2015 dated 29.05.2015 and adjudicate the alternative ground .....

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aining the disallowance made by the assessee and confirmed by the Commissioner of Income Tax (Appeals). However, we find that the alternative ground raised by the assessee i.e. ground no.7 of grounds of appeal was not adjudicated. 3. The alternative ground raised by the assessee in its grounds of appeal reads as under:- The Commissioner of Income Tax (Appeals) failed to appreciate that alternatively the failure to consider the estimated disallowance to the extent of the tax free income earned wa .....

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ke apparent on record in the order passed by this Tribunal. Thus, we recall the order in ITA No.57/Mds/2015 dated 29.05.2015 for the limited purpose of disposing off the alternative ground. The Miscellaneous Petition is allowed. 6. Coming to the merits of the alternative ground, counsel for the assessee submits that the Assessing Officer while completing the assessment disallowed ₹ 37,23,755/- under section 14A read with Rule 8D. Counsel submits that during this assessment year assessee re .....

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1.2015 and the decision of the Delhi High Court in the case of Joint Investments Pvt. Ltd. Vs. CIT in ITA No.117 of 2015 dated 25.02.2015. Copies of the orders are placed on record. 5. Departmental Representative supports the orders of lower authorities. 6. Heard both the parties. On a perusal of the order of Mumbai Bench of the Tribunal in the case of M/s. Daga Global Chemicals Pvt. Ltd. (supra), we find that an identical issue has been decided by the Tribunal holding that disallowance under se .....

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s, therefore, no disallowance u/s 14A r.w. Rule 8D is to be made. 2.1. On the other hand, Shri Akhilendra Yadav strongly defended the conclusion arrived at by the ld.Commissioner of Income tax (Appeals) by contending that a well reasoned order has been passed by the ld. First Appellate Authority as apportionment of expenditure for earning the dividend income was done as per the provisions of the Act. It was pleaded that section 14A r.w. Rule 8D of the Rules is clearly applicable to the facts of .....

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y contending that assessee claimed various expenses which are related to exempt income in its profit & loss account and disallowed ₹ 14,58,412/-. On appeal, before the ld. Commissioner of Income tax (Appeals) broadly the stand taken in the assessment order was affirmed against which the assessee is in further appeal before this Tribunal. The totality of facts clearly indicates, as claimed by the assessee that no borrowed funds were utilized for earning the exempt income by the assessee .....

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