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2016 (7) TMI 925 - GUJARAT HIGH COURT

2016 (7) TMI 925 - GUJARAT HIGH COURT - TMI - Addition u/s 14A - CIT(A) deleted the addition - Held that:- The sole question arisen in this appeal is squarely covered by decision of this Court in case of Commissioner of Income Tax vs. Corrtech Energy P. Ltd. reported in [2014 (3) TMI 856 - GUJARAT HIGH COURT ] wherein held disallowance under section 14A of the Act could not be made as the assessee did not make any claim for exemption of any income from payment of tax - Decided in favour of asses .....

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f the Income Tax Appellate Tribunal, Ahmedabad, dated 07.12.2015 whereby the Tribunal has partly allowed the appeals of the Revenue as well as the assessee. 2. The Revenue has proposed the following substantial question of law for our consideration: Whether the ITAT has erred in fact and in law in deleting the addition of ₹ 66,63,882/- made by the A.O. u/s. 14A of the Act read with rule 8D of the IT Rules? 3. Brief facts of the case are that, the respondent-assessee is in th business of la .....

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additions of ₹ 13,53,77,456/-. 4. This order of assessment was challenged by the assessee before the CIT (Appeals). The CIT(Appeals) vide detailed order partly allowed the appeal of the assessee. 5. This decision of the CIT(Appeals) gave rise to two cross appeals. The department approached the Tribunal insofar as the order of CIT(Appeals) granting partial relief to the assessee. The assessee approached the Tribunal on the following grounds: (i) That the CIT (Appeals) has erred in sustainin .....

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that of the assessee. For coming to such conclusion, the Tribunal made following observations: 6. We have duly considered the rival contentions and gone through the record carefully. The Hon'ble Gujarat High Court has considered this issue in the case of CIT vs. Corrtech Energy P Ltd and held that if there is no exempt income claimed by the assessee, then there is no disallowance ought to be u/s. 14A of the Income Tax Act. The following observations are worth to note:- 4. Counsel for the Re .....

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enditure incurred by the assessee in relation to income which does not form part of the total income under the Act. In the present case, the tribunal has recorded the finding of fact that the assessee did not make any claim for exemption of any income from payment of tax. It was on this basis that the tribunal held that disallowance under section 14A of the Act could not be made. In the process tribunal relied on the decision of Division Bench of Punjab and Haryana High Court in case of Commissi .....

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