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2016 (2) TMI 505 - PUNJAB AND HARYANA HIGH COURT

2016 (2) TMI 505 - PUNJAB AND HARYANA HIGH COURT - TMI - Disallowance u/s 14A - whether ITAT is justified in law to hold that the disallowance made under section 14A read with Rule 8D cannot exceed the exempt income, in the absence of any such restriction being there in the relevant section or rule? - Held that:- In the present case, when the assessee claimed that it had not made any expenditure on earning exempt income, the Assessing Officer in terms of sub section (2) of Section 14A of the Act .....

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ed the matter to the Assessing Officer with a direction to decide the same afresh in accordance with law after affording due and reasonable opportunity of being heard to the assessee

The view adopted by the Tribunal being a plausible view based on factual position and the relevant case law on the point, does not warrant any interference by this Court. Learned counsel for the appellant-revenue has not been able to show any illegality or perversity in the impugned order. - Decided again .....

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ng substantial question of law:- Whether in the facts and circumstances of the case, the Hon'ble ITAT is justified in law to hold that the disallowance made under section 14A read with Rule 8D cannot exceed the exempt income, in the absence of any such restriction being there in the relevant section or rule? 2. A few facts relevant for the decision of the controversy involved as narrated in the appeal may be noticed. The assessee is a company engaged in the business of manufacturing and sale .....

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Act read with Rule 8D of the Income Tax Rules,1962 (in short, the Rules ). Aggrieved by the order, the assessee filed appeal before the Commissioner of Income Tax (Appeals) [CIT(A)]. Vide order dated 18.7.2013, Annexure A.2, the CIT(A) partly allowed the appeal. Still not satisfied, the assessee filed appeal before the Tribunal. Vide order dated 18.6.2015, Annexure A.3, the Tribunal set aside the order passed by the CIT (A) and remitted the matter to the Assessing Officer with the direction to d .....

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pect of exempted income and where it is found that for earning exempted income, no expenditure has been incurred, disallowance under section 14A of the Act cannot stand. In the present case, when the assessee claimed that it had not made any expenditure on earning exempt income, the Assessing Officer in terms of sub section (2) of Section 14A of the Act was required to collect such material evidence to determine expenditure if any incurred by the assessee in relation to earning of exempt income. .....

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