DCIT, Cirlce- 16(2), New Delhi Meyer Apparel Ltd., New Delhi

Last updated: 02 January 2021

Save Share

Quick Summary

The Income Tax Appellate Tribunal heard an appeal from the DCIT against Meyer Apparel Ltd for the assessment year 2012-13. The Revenue challenged the deletion of an addition of Rs. 8,44,022 made under Section 14A of the Income Tax Act regarding investments in shares. They also contested the reduction of book profit under Section 115JB and the deletion of an addition of Rs. 6,77,24,250 for alleged undisclosed sources in the form of trade creditors.

Court :
ITAT New Delhi

Brief :
Aggrieved by the order dated 6/4/2017 in appeal No. 122/16-17 passed by the learned Commissioner of Income Tax (Appeals)-18, New Delhi (“Ld. CIT(A)”) for the assessment year 2012-13 in the case of M/s MeyerApparel Ltd (earlier known as M/s Givo Ltd), Revenue preferred this appealchallenging the deletion of the addition of Rs. 8, 44, 0 22/-made by the assessing officer by invoking 14A of the Income Tax Act, 1961 (for short “theAct”) read with Rule 8D of the Income Tax Rules1962 (“the Rules”) and alsoreducing the book profit under section 115 JB of the Act; deleting theaddition of Rs. 6, 77, 24, 250/-made by the assessing officer on account of undisclosed sources in the form of trade creditors.

Citation :
ITA No.-4541/Del/2017

Daily Limit Reached