Assistant Commissioner of Income Tax vs Shoppers Stop Limited

Parties Involved

Facts Summary

The respondent, Shoppers Stop Limited, filed an e-Return of Income for the Assessment Year 2011-2012 on 28/09/2011 and a revised return on 26/03/2013 declaring income of INR 83,10,09,730/- after claiming certain deductions. The case was taken up for regular scrutiny, and the assessment was completed at a total income of INR 1,06,31,23,300/- vide Assessment Order dated 31/12/2013. The Assessing Officer made disallowances and additions, including a disallowance of INR 3,53,14,668/- under Section 14A of the Act and an addition of INR 3,09,34,290/- being interest computed on funds provided to a subsidiary. The respondent appealed against these disallowances and additions before the Commissioner of Income Tax (Appeals) who partly allowed the appeal by deleting the addition of interest income.…

Legal Issues

• 1. Disallowance of INR 3,53,14,668/- under Section 14A of the Act
• 2. Addition of interest income of INR 3,09,34,290/-

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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