PONNI SUGARS (ERODE) LIMITED, , PERUNGUDI CHENNAI V. DCIT CIRCLE-1(1),LTU, CHENNAI

ITA 352/CHNY/2023

AI Insights

The case involves M/s. Ponni Sugars (Erode) Ltd., the appellant, contesting an assessment order for the Assessment Year 2011-12. The primary issue was the disallowance made under section 14A of the Income Tax Act, which pertains to expenses incurred in relation to income not chargeable to tax. The Assessing Officer had initially computed a disallowance of Rs.4.14 Lacs, being 0.5% of average investments. The CIT(A) reduced this amount after considering the disallowance of Rs.3.76 Lacs that the assessee had already offered. The Tribunal, after hearing the arguments and in the absence of any new material, confirmed the order of the CIT(A) and dismissed the appeal.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 133941 (ITAT-CHENNAI)
• Duration Of Justice: 1 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-04-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 24-04-2023
• Assessment Year: 2011-2012
• Appeal Filed On: 15-03-2023
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 14A

Judgement Text

आयकर अपीलीय अिधकरण ‘बी’ ायपीठ चे ई म । IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI माननीय +ी मनोज कु मार अ/वाल ,लेखा सद4 एवं माननीय +ी मनोमोहन दास, ाियक सद4 के सम8। BEFORE HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON’BLE SHRI MANOMOHAN DAS, JUDICIAL MEMBER आयकर अपील सं./ ITA No.352/Chn y/2023 (िनधा@रण वष@ / Asse ssment Year: 2011-12) M/s. Ponni Sugars (Erode) Ltd. ESVIN House, Rajiv Gandhi Salai, Perungudi, Chennai-600 096. बनाम / Vs . DCIT Circle-I(1) LTU, Chennai. थायी लेखा सं. /जीआइ आर सं. /P AN / G I R No . AAC C P -27 79- A (अ पीलाथ /Appellant) : ( थ / Respondent) अपीलाथ की ओरसे/ Appellant by : None थ की ओरसे/Respondent by : Shri D. Hema Bhupal (JCIT) –Ld. DR सुनवाई की तारीख/Date of Hearing : 25-04-2023 घोषणा की तारीख /Date of Pronouncement : 25-04-2023 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2011-12 arises out of the order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 19-01-2023 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s.143(3) of the Act on 26-03-2014. The solitary issue in the appeal is disallowance u/s 14A. At the time of hearing, none appeared for assessee. Accordingly, the appeal is being ITA No.352/Chny/2023 - 2 - disposed-off with the able assistance of Ld. Sr. DR who pleaded for confirmation of impugned order. 2. The Ld. AO computed disallowance u/s 14A u/r 8D(2)(iii) for Rs.4.14 Lacs, being 0.5% of average investments. The Ld. CIT(A) directed Ld. AO to restrict the disallowance after adjusting suo-moto disallowance of Rs.3.76 Lacs as offered by the assessee. Aggrieved, the assessee is in further appeal before us. 3. We find that Ld. AO has computed the disallowance as per statutory mandate. In the absence of any new material before us, we confirm the impugned order. 4. The appeal stand dismissed. Order pronounced in the open Court on 25 th April, 2023. Sd/- (MANOMOHAN DAS) ाियक सद4 /JUDICIAL MEMBER Sd/- (MANOJ KUMAR AGGARWAL) लेखा सद4 / ACCOUNTANT MEMBER चे+ई / Chennai; िदनांक / Dated : 25-04-2023 EDN/- आदेश की Sितिलिप अ /ेिषत/Copy of the Order forwarded to : 1. अपीलाथ /Appellant 2. यथ /Respondent 3. आयकर आयु4/CIT 4. वभागीय त न ध/DR 5. गाड फाईल/GF