Case Law Details
Pr. CIT Vs Caraf Builders & Constructions Pvt. Ltd. (Delhi High Court)
In the matter of Income Tax Appeal No. 1260/2018, the Delhi High Court addressed the disallowance under Section 14A of the Income Tax Act, 1961, in relation to the Assessment Year 2009-10 concerning M/s. Caraf Builders & Construction Pvt. Ltd. (referred to as the ‘respondent-assessee’).
Background: The primary contention in this appeal was related to the quantum of disallowance under Section 14A of the Act. The respondent-assessee had declared income of Rs. 6,30,950/- as short-term capital gains from the sale of mutual funds units, and the primary issue revolved around the disallowance of expenses under Section 14A of the Act.
Key Findings:
i. Investments and Income Structure:
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