This appeal was filed by JCIT, Special Range 9, New Delhi against the order of the ld. Commissioner of Income Tax (Appeals)-8, New Delhi dated 26.09.2019 for assessment year 2016-17.
This appeal by the Revenue challenged the deletion of disallowance under Section 14A of the Income Tax Act, 1961 by the Assessing Officer.
The AO disallowed Rs. 7,93,83,118 under Rule 8D(2)(ii) and Rs. 66,69,945 under Rule 8D(2)(iii). The CIT (A), following judicial precedents, deleted the disallowance under Rule 8D(2)(ii) and directed consideration of non-taxable income yielding investments for Rule 8D(2)(iii).
The Tribunal upheld the CIT (A)’s order, citing sufficiency of interest-free funds and specific judicial interpretations.
The appeal of the Revenue was dismissed, affirming the CIT (A)’s order.
Order pronounced in the open court on: 23/08/2022.
Members:
Copy forwarded to concerned parties and authorities on: 23/08/2022.
ITA No. 1001/Del/2019 – JCIT Spl. Range, New Delhi vs. Tourism Finance Corporation of India Ltd.
Manage the increasing number of hearings effortlessly by leveraging the legal AI revolution We are India's Leading revolutionary AI-powered legal platform where you can get enough insights into top cases and judgements.
Research Platform