2021 (5) TMI 323

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..... I HIGH COURT] , Chettinad Logistics Private Limited [ 2017 (4) TMI 298 - MADRAS HIGH COURT] and CIT vs. Corrteck Engineering Pvt. Ltd. [ 2014 (3) TMI 856 - GUJARAT HIGH COURT] . Therefore, we direct the AO to restrict the disallowance u/s 14A rwr 8D to ₹ 4,99,674/- in AY 2013-14 and ₹ 4,28,292 in AY 2014-15. - ITA Nos. 1742 & 1743/H/2018 - - - Dated:- 7-5-2021 - Shri Satbeer Singh .....

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..... mercial/malls/residential developments and hospitality business of lodging and boarding filed its return of income for the A.Y. 2013-14 declaring taxable income of Rs., 1,05,55,890/ - which was later revised admitting the taxable income at ₹ 1,13,86,340/-. The book profits were admitted at ₹ 1,14,55,394/-. The case was selected for scrutiny and accordingly, Assessing Officer issued not .....

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..... authorities. It is a settled position that disallowance of expenditure u/s. 14A read with Rule 8D shall not exceed exempt income earned for the year as per case law Cheminvest Ltd., reported in (2015) 378 ITR 33 (Del.), Chettinad Logistics Private Limited [2017] (4) TMI 298 - MADRAS and CIT vs. Corrteck Engineering Pvt. Ltd. 372 ITR 97 (Gujrat). The assessee earned exempt income of ₹ 4,99,6 .....

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