This appeal filed by the assessee is directed against order of the learned CIT(A)-9, Chennai dated 24.07.2019 and pertains to assessment year 2015-16.
IN THE INCOME TAX APPELLATE TRIBUNAL , ‘C’ BENCH, CHENNAI
BEFORE SHRI V.DURGA RAO , JUDICIAL MEMBER
AND SHRI G.MANJUNATHA, ACCOUNTANT MEMBER
Assessment Year : 2015-16
M/s. Manali Petro Chemicals Ltd.
Spic House, 88 Mount Road,
Guindy, Chennai -600 032
PAN: AAACM 3404D
The Deputy Commissioner of
Large Tax Payer Unit-1
Appellant by : Mr.R.Vijayaraghavan
Respondent by : Mr. G.Johnson, Addl.CIT
Date of hear ing : 14.07.2021
Date of Pronouncement : 28.07.2021
O R D E R
This appeal filed by the assessee is directed against order of the learned CIT(A)-9, Chennai dated 24.07.2019 and
pertains to assessment year 2015-16.
2.Brief facts of the case are that the assesse company is engaged in the business of manufacturing and trading of petro
chemical products filed its return of income for assessment year 2015-16 on 30.11.2015 by declaring total income of
3.The first issue that came up for our consideration from ground no.2 of assessee appeal is disallowance of expenses
u/s.14A r.w. Rule 8D of the Income Tax Rules, 1962. The learned A.R for the assessee submitted that the learned CIT(A)
has erred in confirming disallowance of expenses u/s.14A r.w. Rule 8D without appreciating fact that the assessee has
sufficient own funds being share capital and reserves in excess of investments made in shares and securities and consequently, no disallowance can be made towards interest expenditure.
4.We have heard both the parties, perused materials available on record and gone through orders of the authorities below.
5.In the result, appeal filed by the assessee is treated as allowed for statistical purposes.
Order pronounced in the open court on 28th July, 2021
Please find attached the enclosed file for the full judgement