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Essar Properties Ltd. Versus DCIT-5 (1) , Aayakar Bhavan, Mumbai

2016 (7) TMI 1295 - ITAT MUMBAI

Disallowance u/s 14A read with Rule 8D - Held that:- The exempt income surely cannot swallow the entire amount and the disallowance u/s 14A read with Rule 8D cannot exceed the exempt income [SEE Daga Global Chemicals P Ltd (2015 (1) TMI 1204 - ITAT M .....

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of assessee. - I.T.A. No. 423/M/2015 - Dated:- 19-7-2016 - D. Karunakara Rao (Accountant Member) And Sanjay Garg (Judicial Member) For the Appellant : Vijay Mehta/Anuj Kisnadwala For the Respondent : K. Ravikiran, Sr. AR ORDER D. Karunakara Rao (Acco .....

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rred in confirming the disallowance u/s 14A read with Rule 8D made by the AO of ₹ 12,28,308/-. 2. The only issue raised by the assessee in this appeal relates to the disallowance of expenditure u/s 14A r.w. Rule 8D2(iii) of the IT Rules, 1962. .....

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₹ 12,28,308/-, which is equivalent of all the debits in P & L Account. Bringing our attention to various binding decisions on the subject, Ld Counsel for the assessee demonstrated that the disallowance u/s 14A of the Act under the above fa .....

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Ltd vs. CIT (372 ITR 694); (ii) decisions of the ITAT, Delhi in the case of Indus Valley Investments & Finance P Ltd vs. DCIT in ITA No.3763/Del/2013, dated 29.4.2015 and in the case of DCM Ltd vs. DCIT in ITA No.4467/Del/2012, dated 1.9.2015; ( .....

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1.2015 and (v) decision of the ITAT, Amritsar Bench in the case of K. Kishore Overseas vs. JCIT in ITA No.656/Asr/2014, dated 18.3.2016, copies of which are placed on record from pages 1-45 of the paper book. 3. On the other hand, Ld DR for the Reven .....

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