Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: cpt :: TDS :: VAT Audit :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: due date for vat payment :: empanelment :: ACCOUNTING STANDARD
 
 
From the Courts »
 Principal Commissioner Of Income Tax, Delhi-1 Vs. Amadeus India Pvt. Ltd.
  AAA Paper Marketing Ltd vs. ACIT (ITAT Lucknow)
 CIT vs. Mettler Toledo India Pvt. Ltd (Bombay High Court)
 B.A.Mohota Textiles Traders Pvt. Ltd vs. DCIT (Bombay High Court)
 Shrey Infradevelopers Pvt Ltd Vs. Commissioner Of Income Tax
 Pr. Commissioner Of Income Tax Central-2 New Delhi Vs. Meeta Gutgutia Prop. M/s Ferns „N'? Petals
 Shrey Infradevelopers Pvt. Ltd Vs. Commissioner Of Income Tax
 South Asian Enterprises Ltd. & Anr. Vs. Commissioner Of Income Tax & Anr
 Crescent Construction Co vs. ACIT (ITAT Mumbai)
 AAA Paper Marketing Ltd vs. ACIT (ITAT Lucknow)
 Pioneer Overseas Corporation Usa (India Branch) Vs. Commissioner Of Income Tax (International Taxation)- 2 Delhi

Shri Deepen A. Parekh, 601 Auto Commerce House, Nana Chowk, Kennedy Bridge, Mumbai 400 007. Vs. D.C.I.T. Central Cir. 20, Mumbai.
May, 28th 2015
                       "D"                     

IN THE INCOME TAX APPELLATE TRIBUNAL "D"             BENCH,    MUMBAI
       BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND
          SHRI R.C. SHARMA, ACCOUNTANT MEMBER

               ./I.T.A. No. 3308 /Mum/2013
              (     /     Assessment Year : 2009-10

Shri Deepen A. Parekh,   /                  D.C.I.T. Central Cir. 20,
601 Auto Commerce                           Mumbai.
                           Vs.
House,
Nana Chowk,
Kennedy Bridge,
Mumbai ­ 400 007.
      . / PAN : AAIPP6817G
     ( /Appellant)      ..                     (    / Respondent)

      Appellant by               None
      Respondent by :            Shri Love Kumar (D.R.)
          / Date of Hearing                    : 25-05-2015
         /Date of Pronouncement : 27-05-2015
                                   [

                            / O R D E R
PER R.C. SHARMA, A.M.                   :

      This is an appeal filed by the assessee is directed against the order
passed by the ld. CIT(A) -39,, Mumbai dated 14-01-2013 for the A.Y. 2009-10
in the matter of order passed u/s 143(3) of the Income Tax Act, 1961.




2. At the time of hearing, nobody from assessee's side has appeared instead of giving notices to the assessee. The Bench, therefore decided to dispose of the appeal after hearing the ld. D.R. and considering the material placed on record. 2 ITA 3308/M/13 3. The only grievance of the assessee relates to the addition made u/s 14A read with Rule 8-D of the Income Tax Rules, 1962. 4. We have heard ld. D.R. and found that the disallowance has been made by the A.O. in respect of interest and administrative expenses on the plea that the assessee has earned exempt income of Rs. 6,11,945/-. The contention of the assessee before the A.O. was that he has incurred interest expenditure of Rs. 4,519/- only which was paid to the bank for overdraft facility. It was also the contention of the assessee that total expenses claimed in the P&L account was Rs. 1,94,511/-, therefore, the total disallowance could not exceed the expenses debited to the P&L account. However, the A.O. did not consider the assessee's contention and arbitrarily computed the disallowance at Rs. 6,19,220/-. By the impugned order, the ld. CIT(A) confirmed the disallowance, against which the assessee is in appeal before us. 5. We have considered the contentions of the ld. D.R. and gone through the orders of the authorities below and found that the assessee has debited total expenditure of Rs. 1,94,511/-. The disallowance u/s 14A read with Rule 8-D is being made in respect of expenditure attributable to earning of exempt income. However, in no case the disallowance can be more than the expenditure debited and claimed by the assessee. In this case, the A.O. has disregarded the total expenditure debited to the P&L account and worked out the disallowance at 25% of the dividend income as well as disallowance under Rule 8D(2)(iii). We do not find any merit in the order of the A.O. and accordingly the same is set aside and remit the matter back to the file of the A.O. to decide the same afresh after giving due opportunity of being heard to the assessee. 3 ITA 3308/M/13 6. In the result, appeal of the assessee is allowed in part for statistical purpose. Order pronounced in the open court on 27th May, 2015. 27-05-2015. Sd/- sd/- (D. MANMOHAN) (R.C. SHARMA) VICE PRESIDENT ACCOUNTANT MEMBER Mumbai; Dated 17-05-2015 . ../ RK , Sr. PS /Copy of the Order forwarded to : 1. / The Appellant 2. / The Respondent. 3. () / The CIT(A) ­39, Mumbai 4. / CIT ­-Cent, 11, Mumbai 5. , , / DR, ITAT, Mumbai D Bench 6. / Guard file. / BY ORDER, //True Copy// / (Dy./Asstt. Registrar) , / ITAT, Mumbai
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions