Pr. Commissioner of Income-tax-8 v. Rediff.com India Ltd
[Citation -2019-LL-0805-40]
| Citation | 2019-LL-0805-40 |
|---|---|
| Appellant Name | Pr. Commissioner of Income-tax-8 |
| Respondent Name | Rediff.com India Ltd. |
| Court | HIGH COURT OF BOMBAY |
| Relevant Act | Income-tax |
| Date of Order | 05/08/2019 |
| Judgment | View Judgment |
| Keyword Tags | disallowance of expenses • exempt income |
| Bot Summary: | Revenue is in the appeal against the judgment of the Income Tax Appellate Tribunal, Mumbai dated 13.4.2016 raising following question for our consideration:- Whether on the facts and circumstances of the case and in law, the Tribunal was justified to confirm the order of the CIT(A) wherein restricting the disallowance made by the Assessing Officer of Rs. 42,49,997/- to Rs. 5,00,000/- under Section 14A r/w Rule 8D of the Act, ignoring the facts that the disallowance worked out by following Rule 8D provides uniform mechanism for working out disallowance of expenses which are attributable to earning exempt income 2. Perusal of the impugned judgment of the Tribunal would show that while confirming the view of the CIT(A), the 1 of 2 ::: Uploaded on - 07/08/2019 ::: Downloaded on - 08/08/2019 12:14:35 ::: 35. Os itxa 610-17.doc Tribunal recorded a finding that the assessee had not earned any exempt income during the year under consideration. In that view of the matter, disallowance under Section 14A of the Income Tax Act was not found justified. Such an issue has been examined by this Court on several occasions, reference can be made to the order dated 4.2.2019 passed in Income Tax Appeal No. 1672 of 2016. |