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Section 14A Disallowance Deleted for Mechanical Application & Lack of AO Satisfaction
Case Law Details
- Case Name
- Capricon Realty Private Limited Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
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Capricon Realty Private Limited Vs ITO (ITAT Mumbai)
Mechanical 14A Disallowance Without Case-Specific Satisfaction—AO Ignored Assessee’s Detailed Explanation & Past ITAT Orders; Entire ₹56.14 Lakh Deleted –
Assessee earned ₹57,09,646 dividend income and made a suo-moto disallowance of ₹95,584 u/s 14A (₹5,584 direct + ₹90,000 estimated indirect). AO, without rejecting books or pointing out any defect in the working, invoked Rule 8D and made an additional ₹56,14,060 disallowance. CIT(A) upheld it.
During hearing, the Assessee demonstrated that:
• Investm...
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