2020 (10) TMI 1211

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....BHAVANI SUBBAROYAN For Appellant : M/s.R.Hemalatha Senior Standing counsel   JUDGMENT [Order of the Court was made by T.S. SIVAGNANAM, J.] This appeal has been filed by the Revenue under Section 260 A of the Income Tax Act, 1961 ('the Act' for brevity), challenging the order dated 16.06.2017 passed by the Income Tax Appellate Tribunal, Chennai, 'A' Bench ('the ....

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.... The assessee filed its return of income on 30.11.2013, admitting a loss of Rs. 36,45,17,202/-. The case was selected for scrutiny and after discussing the matter with the assessee, the Assessing Officer completed the assessment under Section 143(3) by order dated 05.06.2016. With regard to the disallowance under Section 14A of the Act Read with Rule 8D of the Income Tax Rules ('Rules' for....

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....of Section 14A read with Section 8D has no application to the assessee's case. This contention was considered by the Tribunal and held in favour of the assessee and against the Revenue by recording the following reasons: "12. We have considered the rival submissions on either side and perused the relevant material available on record. It is not in dispute that the investments were mad....

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....rcle-11(1) in I.T.A.No.470 of 2016 dated 21.11.2016 and has drawn our attention to paragraphs 7 and 8 of the judgment.   6. In our considered view, the said decision is factually distinguishable since in the said case, the assessee had reported Tax Exempt Income to the tune of Rs. 105.24 crores, during Assessment Year ('AY') 2009-10 and offered disallowance of Rs. 25,19,380/- as expense at....