ACIT 3 (1)(1), MUMBAI V. M/S BASMATI SECURITIES PVT LTD., MUMBAI

ITA 8023/MUM/2019

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 3809 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 5 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-06-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2015-2016
• Appeal Filed On: 30-12-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SANJAY J. SETHILD
• Keywords: Earning of tax free income
• Section: 143(3); 14A; 250; 20

Judgement Text

1 - IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, MUMBAI , , BEFORE HONBLE SHRI VIKAS AWASTHY, JM AND HO NBLE SHRI MANOJ KUMAR AGGARWAL, AM (HEARING THROUGH VIDEO CONFERENCING MODE) ./ I.T.A. NO. 8023 /MUM/2019 ( / ASSESSMENT YEAR : 20 15 - 16 ) ACIT - 3(1)(1) R. NO. 607, 6 TH FLOOR AAYKAR BHAVAN, M. K. ROAD, MUMBAI 400 020 / VS. M/S BAS MATI SECURITIES PVT. LTD R. NO. 5, GF , HEERA MAHAL BLDG 250 KALBADEVI, M UMBAI - 400 002 ./ ./ PAN/GIR NO . AAA CB - 4324 - K ( / APPELLANT ) : ( / RESPONDENT ) ASSESSEE BY : NONE REVENUE BY : SHRI S ANJAY J. SETHI LD. DR / DATE OF HEARING : 07/06/2021 / DATE OF PRONOUNCEMENT : 07/06/2021 / O R D E R MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. THE REVENUE IS AGGRIEVED BY DELETION OF DISALLOWANCE U/S 14A FOR RS.162.13 LACS AS MADE BY LD.A O WHILE FRAMING AN ASSESSMENT FOR THE YEAR U/S 143(3) ON 16/12/2017. 2. AT THE TIME OF HEARING, NONE APPEARED FOR ASSESSEE. HOWEVER, AFTER GOING THROUGH IMPUGNED ORDER, WE FIND THAT THE DISALLOWANCE U/S 14A HAS BEEN DELETED BY LD. CIT(A) BY NOTICING THAT T HE ASSESSEE HAS NOT EARNED ANY EXEMPT INCOME DURING THE YEAR. WHILE DOING SO, RELIANCE HAS BEEN 2 PLACED ON THE DECISION OF HONBLE APEX COURT IN CHETTINAD LOGISTIC S PVT. LTD (95 TAXMANN.COM 250) WHEREIN HONBLE COURT DISMISSED REVENUES SLP AGAINST HONBLE MADRAS HIGH COURT RULING THAT SECTION 14A COULD NOT BE INVOKED IN CASE NO EXEMPT INCOME WAS EARNED BY THE ASSESSEE. 3. IT IS UNDISPUTED POSITION THAT NO EXEMPT INCOME WAS EARNED BY THE ASSESSEE DURING THE YEAR. THEREFORE, IN TERMS OF CITED JUDICIAL PRECEDE NT, NO INFIRMITY COULD BE FOUND IN THE IMPUGNED ORDER, ON THIS ISSUE. 4. RESULTANTLY, THE APPEAL STANDS DISMISSED. ORDER PRONOUNCED ON 07 TH JUNE, 2021 . SD/ - SD/ - ( VIKAS AWASTHY ) (MANOJ KUMAR AGGARWAL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 07/06/2021 SR.PS, JAISY VARGHESE / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT 3. ( ) / THE CIT(A) 4. / CIT CONCERNED 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI.