Disallowance u/s.14A and disallowance of interest u/s. 36 (1) (iii) of the Income Tax Act
Last updated: 18 January 2021
Court :
ITAT New Delhi
Brief :
This appeal by the assessee is preferred against the order ofthe CIT(A)-38, New Delhi dated 23.10.2017 pertaining to A.Y. 2013-14.
Citation :
ITA No.599/DEL/2018
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH ‘E’, NEW DELHI
BEFORE SH. N. K. BILLAIYA, ACCOUNTANT MEMBER
AND
SH. SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER
ITA No.599/DEL/2018
Assessment Year: 2013-14
OPG Securities Pvt. Ltd.
OPG House, 4/10, Asaf Ali
Road, New Delhi -110002
(APPELLANT)
Vs
DCIT
Circle – 19 (1)
New Delhi
(RESPONDENT)
Appellant by Sh. Rohit Jain, Advocate
Respondent by Ms. Rakhi Vimal, Sr. DR
Date of hearing: 06/01/2021
Date of Pronouncement: 08/01/2021
ORDER
PER N. K. BILLAIYA, AM:
This appeal by the assessee is preferred against the order ofthe CIT(A)-38, New Delhi dated 23.10.2017 pertaining to A.Y. 2013-14.
2. The assessee is aggrieved by two additions first disallowanceu/s.14A and second disallowance of interest u/s. 36 (1) (iii) of theAct.
3. Briefly stated the appellant is a member of Bombay Stockexchange and national stock exchange and is indulge in thebusiness of share trading. During the course of the scrutiny assessment proceedings the AO noticed that the assessee has earned dividend income of Rs.364490/-. The AO noticed that theassessee has not disallowed any expenses for earning the exempt income u/s. 14A of the Act.
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