Section 41(1) cannot be invoked without liability in books: ITAT Kolkata

Syama Prasad Mookerjee Port Vs DCIT (ITAT Kolkata)

In the case of Syama Prasad Mookerjee Port versus Deputy Commissioner of Income Tax (ITAT Kolkata), the Income Tax Appellate Tribunal (ITAT) Kolkata ruled on two appeals filed by the assessee against the orders of the National Faceless Appeal Centre – Delhi for the assessment years 2018-19 and 2020-21.

For the assessment year 2018-19, the primary issue was the disallowance under section 14A read with rule 8D(2)(ii) of the Income Tax Act, 1961. The assessee argued that since it had no exempt income during the year and a

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