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No Further Section 14A Disallowance After Reasoned Suo-Motu Adjustment
Case Law Details
- Case Name
- DCIT Vs Symphony Ltd. (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Ahmedabad
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DCIT Vs Symphony Ltd. (ITAT Ahmedabad)
Own funds & suo-motu disallowance enough: ITAT Ahmedabad rejects fresh 14A hit on Symphony
The Ahmedabad Bench of the ITAT, in dismissed the Revenue’s appeal and upheld deletion of disallowance of ₹3.11 crore u/s 14A r.w. Rule 8D.
The Assessing Officer had made an additional disallowance u/s 14A despite the Assessee having sufficient own funds far in excess of investments and having already made a suo-motu, reasoned disallowance towards exempt income. The CIT(A), NFAC deleted the disallowance, which was challenged by the Revenue.
The Tribunal no...
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