2018 (11) TMI 1844

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....-14 on 24.9.2013 declaring NIL income. The case was selected for scrutiny in the year under consideration and the assessment was completed under Section 143(3) of the Income Tax Act, 1961 (in short 'the Act') vide order dt.15.3.2016; wherein the assessee's loss was determined at Rs. 6,00,36,601, in view of disallowance of Rs. 6,11,21,496 under Section 14A of the Act r.w. Rule 8D(2) of the IT Rules, 1962 (in short 'the Rules'). On appeal, the CIT (Appeals)-5, Bangalore dismissed the assessee's appeal vide the order dt.2.5.2018. 3. Aggrieved by the order of CIT (Appeals)-5, Bangalore dt.2.5.2018 for Assessment Year 2013-14, the assessee has preferred this appeal before the Tribunal wherein it has raised the following grounds ....

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....minvest Ltd. Vs. CIT (2015) 61 taxmann.com 118 (Delhi H.C) and (ii) Alliance Infrastructure Projects Pvt. Ltd. Vs. DCIT in ITA Nos.220 & 1043 /Bang/2013 dt.12.9.2014. 5.2 Per contra, the learned Departmental Representative for revenue supported the orders of the authorities below. 5.3.1 We have heard the rival contentions, perused and carefully considered the material on record; including the judicial pronouncements cited. It is not disputed that in the year under consideration the assessee has not earned any exempt income and therefore the contention of the assessee was that no disallowance under Section 14A r.w. Rule 8D was called for. The CIT (Appeals) however was of the view that disallowance under Section 14A r.w. Rule 8D can be ma....