2020 (1) TMI 1161

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.... short) against the order dated 18.10.2016 passed by the Income Tax Appellate Tribunal "A" Bench, Mumbai ("Tribunal" for short) in Income Tax Appeal No. 5241/Mum/2013 for the Assessment Year 2008-09. 3. The appeal has been preferred projecting the following two questions as substantial questions of law : (i) Whether on the facts and in circumstances of the case and in law, Hon'ble ITAT was justified in deleting the addition of Rs. 5,79,95,481/- on the ground that when there is no exempt income declared during the year, there cannot be any disallowance u/s. 14A of the Income Tax Act, 1961 read with Rule 8D of the Income Tax Rules, 1962 while confirming the order of the Ld. CIT(A) restricting the disallowance to Rs. 1,16,03,269/- ....

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....able. Accordingly, vide order dated 08.05.2013, first appellate authority affirmed the action of the Assessing Officer in invoking Section 14A of the Act but reduced the quantum of disallowance to Rs. 1,16,03,269/- for the grounds and reasons mentioned in the appellate order. 6. Aggrieved by the reduction in the quantum of disallowance revenue preferred appeal before the Tribunal. The Tribunal considered the contention of the assessee that no exempt income was claimed by the assessee under Section 14A of the Act and, therefore, no disallowance could have been made by the Assessing Officer by invoking Section 14A together with Rule 8D(2)(ii) of the Income Tax Rules, 1962. Tribunal relied upon the decision of the Delhi High Court in the ca....