AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
2013 (11) TMI 1656
X X X X Extracts X X X X
X X X X Extracts X X X X
....s Gupta, JCIT For the Respondent : Mr. R.Sivaraman, Advocate O R D E R Per Challa Nagendra Prasad, JM : This appeal is filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) Chennai dated 28.03.2013 for the assessment year 2009-10. The only grievance of the Revenue in its appeal is that the Commissioner of Income Tax (Appeals) erred in deleting the disallowa....
X X X X Extracts X X X X
X X X X Extracts X X X X
....vestments, the provisions of section 14A have no application. 3. The Departmental Representative relied on the order of the Assessing Officer. 4. The counsel for the assessee submits that the issue in appeal is covered by the decision of the co-ordinate Bench of this Tribunal in the cases of MSA Security Services and NMS Consultancy P.Ltd., (supra). He supported the order of the Commissioner....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ection 14A are not applicable. 4. The balance amount of Rs. 76.58 crores is invested in sister concerns as their application money. Since the share application money is not capable of yielding any income nor any right to a benefit is vested in, the provisions of section 14A will not be attracted as held in the case of MSA Security Services and NMS Consultancy in ITA Nos. 1523 & 1524/Mds/2....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ble Supreme Court in the case of S.A.Builders (288 ITR 1) is applicable to the assessee, the provisions of section 14A are not applicable. The Commissioner of Income Tax (Appeals) also held that `76,58,00,000/- invested in sister concerns as share application money is not capable of yielding any income nor any right to a benefit is vested in, therefore, provisions of section 14A are not attracted ....