Scribd Logo
Upload

Welcome to Scribd!

  • 28 views

    DCIT Vs Bhilwara Energy Ltd. 14A

    Uploaded by

    Ankur Shah
    1. The Income Tax Appellate Tribunal is hearing an appeal filed by the Revenue against an order of the CIT(A) granting relief to the assessee. 2. The assessee had declared a loss of Rs. 16.13 crores in its return and had suo moto disallowed Rs. 9.9 crores (Rs. 9.5 crore interest and Rs. 40 lakh other expenses) under section 14A for expenses relating to exempt income. 3. The CIT(A) allowed the relief to the assessee based on previous judgements, noting that the exempt income received of Rs. 2,093 was not disputed and any disallowance cannot

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    DCIT Vs Bhilwara Energy Ltd. 14A

    Uploaded by

    Ankur Shah
    28 views2 pages
    1. The Income Tax Appellate Tribunal is hearing an appeal filed by the Revenue against an order of the CIT(A) granting relief to the assessee. 2. The assessee had declared a loss of Rs. 16.13 crores in its return and had suo moto disallowed Rs. 9.9 crores (Rs. 9.5 crore interest and Rs. 40 lakh other expenses) under section 14A for expenses relating to exempt income. 3. The CIT(A) allowed the relief to the assessee based on previous judgements, noting that the exempt income received of Rs. 2,093 was not disputed and any disallowance cannot

    Original Title

    DCIT-Vs-Bhilwara-Energy-Ltd.-14A

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1. The Income Tax Appellate Tribunal is hearing an appeal filed by the Revenue against an order of the CIT(A) granting relief to the assessee. 2. The assessee had declared a loss of Rs. 16.13 crores in its return and had suo moto disallowed Rs. 9.9 crores (Rs. 9.5 crore interest and Rs. 40 lakh other expenses) under section 14A for expenses relating to exempt income. 3. The CIT(A) allowed the relief to the assessee based on previous judgements, noting that the exempt income received of Rs. 2,093 was not disputed and any disallowance cannot

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    28 views2 pages

    DCIT Vs Bhilwara Energy Ltd. 14A

    Uploaded by

    Ankur Shah
    1. The Income Tax Appellate Tribunal is hearing an appeal filed by the Revenue against an order of the CIT(A) granting relief to the assessee. 2. The assessee had declared a loss of Rs. 16.13 crores in its return and had suo moto disallowed Rs. 9.9 crores (Rs. 9.5 crore interest and Rs. 40 lakh other expenses) under section 14A for expenses relating to exempt income. 3. The CIT(A) allowed the relief to the assessee based on previous judgements, noting that the exempt income received of Rs. 2,093 was not disputed and any disallowance cannot

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    THE INCOME TAX APPELLATE TRIBUNAL

    DELHIBENCH ‘A’, NEW DELHI


    Before Sh. C. M. Garg, Judicial Member
    Dr. B. R. R. Kumar, Accountant Member
    ITA No. 773/Del/2020 : Asstt. Year: 2014-15
    DCIT, Vs. Bhilwara Energy Ltd.,
    Central Circle-31, 40-41, Bhilwara Bhawan, Community
    New Delhi Centre, New Friends Colony,
    New Delhi-110025
    (APPELLANT) (RESPONDENT)
    PAN No. AACCB9081B

    Assessee by : Sh. Akshat Jain, CA


    Revenue by : Sh. Kanv Bali, Sr. DR
    Date of Hearing: 08.02.2023 Date of Pronouncement: 14.02.2023

    ORDER

    Per Dr. B. R. R. Kumar, Accountant Member:

    The present appeal has been filed by Revenue against the


    order of the ld CIT(A)-33, New Delhi dated 16.09.2019.

    2. The Revenue has raised the following grounds of appeal:

    “1. Whethe r on the facts and circumstances of the case ,


    the ld CIT(A) has erred in law and on facts in allowing
    relie f to the assessee on the suo moto disallowance m ade
    by the assessee u/s 14A read with rule 8D of the Inco me
    Tax rules, 1962 in his re turn of income file d on
    25.11.2015.”

    3. The assessee filed return of income declaring a loss of


    Rs.16.13 crores. The assessee company suo moto disallowance
    an amount of Rs. 9.9 crores consisting of interest of Rs. 9.5
    crorees and other expenses of Rs. 40 lakhs on account of
    disallowance u/s 14A read with Rule 8D. Before the AO, the
    2 ITA No. 773/Del/2020
    Bhilwara Energy Ltd

    assessee pleaded that the amount has been wrongly disallowed


    suo moto and hence, remission be granted from the returned
    income.

    4. The ld. CIT(A) after considering the following judgments:

     Holcim India Pvt. Ltd. in ITA No. 486/2014 & 299/2014


    (Del)
     Cheminvest Ltd. in ITA No. 749/2014 (Del)
     Joint Investment Pvt. Ltd Vs. CIT in ITA No. 117/2015
    (Del)

    5. The fact that the exempt income received by the assessee


    of Rs. 2,093(Rupees Two thousand and ninety three only) not
    been in dispute. The disallowance in any case cannot be more
    than the exempt income earned. The state cannot clutch the
    undue benefit of the mistake committed by the tax payer.
    Hence, we decline to interfere with the order of the ld CIT(A).

    6. In the result, the appeal of the Revenue is dismissed.

    Order Pronounced in the Open Court on 14/02/2023.

    Sd/- Sd/-
    (C. M. Garg) (Dr. B. R. R. Kumar)
    Judicial Member Accountant Member
    Dated: 14/02/2023

    *Ajay Kumar Keot, Sr. PS*


    Copy forwarded to:
    1. Appellant
    2. Respondent
    3. CIT
    4. CIT(Appeals)
    5. DR: ITAT
    ASSISTANT REGISTRAR

    You might also like