ITA 497/Mum/2019 Ito 2 (1)(3), Mumbai Vs. Centrum Capital Limited, Mumbai

Last updated: 09 October 2020

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Quick Summary

This case involves an appeal by the Revenue and a cross-objection by the assessee, Centrum Capital Limited, concerning the assessment year 2013-14. The Revenue's primary grievance is that the Commissioner of Income Tax (Appeals) incorrectly restricted the disallowance under Section 14A of the Income Tax Act to the amount voluntarily disallowed by the assessee.

Court :
ITAT Mumbai

Brief :
This is an appeal by the Revenue and cross objection by the assessee arising out of orders of the learned Commissioner of Income Tax (Appeals)-4, Mumbai (‘ld.CIT(A) for short) dated 05.11.2018 and pertains to the assessment year (A.Y.) 2013-14.

Citation :
ITA No. 497/Mum/2019

IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI

BEFORE SHRI SHAMIM YAHYA, AM AND

SHRI PAVAN KUMAR GADALE, JM

ITA No. 497/Mum/2019

(Assessment Year: 2013-14)

ITO – 2(1)(3)Room Ni. 553, 5th Floor,Aaykar Bhavan, M. K. Road,Mumbai-400 020 PAN/GIR No. AAACC 5099 G
(Revenue)

Centrum Capital Limited 2 nd Floor, Bombay Mutual Building,Dr. D. N. Road, Fort,Mumbai-400 001
(Assessee)

and CO No. 12/Mum/2020 (Arising out of ITA No. 497/Mum/2019) (Assessment Year: 2013-14)

Centrum Capital Limited 2 nd Floor, Bombay Mutual Building,Dr. D. N. Road, Fort,Mumbai-400 001 PAN/GIR No. AAACC 5099 G
(Assessee)

ITO – 2(1)(3)Room Ni. 553, 5th Floor,Aaykar Bhavan, M. K. Road,Mumbai-400 020
(Revenue)

Revenue by : Shri Lalit Dehiya
Assessee by : Shri Jitendra Jain
Date of Hearing : 01.10.2020
Date of Pronouncement : 05.10.2020

O R D E R

Per Shamim Yahya, A. M.:

This is an appeal by the Revenue and cross objection by the assessee arising out of orders of the learned Commissioner of Income Tax (Appeals)-4, Mumbai (‘ld.CIT(A) for short) dated 05.11.2018 and pertains to the assessment year (A.Y.) 2013-14. 2. The Revenue’s grievance is that the ld. CIT(A) has erred in restricting the disallowance u/s.14(A) of the Income Tax Act, 1961 (‘the Act' for short) to Rs.22,82,187/- being the suomotu disallowance done by the assessee itself.

To know more in details find the attachment

FAQ :

The main issue is whether the Commissioner of Income Tax (Appeals) erred in restricting the disallowance under Section 14A of the Income Tax Act to the sum voluntarily disallowed by the assessee.

Section 14A of the Income Tax Act, 1961, which deals with disallowance of expenditure incurred in relation to income not chargeable to tax, is relevant.

The assessment year in question is 2013-14.

The parties involved are the Income Tax Officer (ITO) - 2(1)(3), Mumbai (Revenue) and Centrum Capital Limited (Assessee).

The CIT(A) restricted the disallowance under Section 14A to Rs. 22,82,187, which was the amount the assessee had suo motu disallowed.

Attached File : 71160_2515_1601960405_497__co_12_centrum_capital.pdf

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