Geojit Financial Services Ltd. vs. ACIT, Circle 9 1(2) Kochi

Parties Involved

Facts Summary

This assessee’s appeal for A.Y. 2018-19 arises against the National Faceless Appeal Centre, Delhi [CIT(A)]’s DIN & Order No. ITBA/NFAC/S/ 250/2022-23/1050799147(1) dated 15.03.2023, in proceedings u/s. 143(3) r.w.s. 144 of the Income Tax Act, 1961 (hereinafter 'the Act'). The assessee’s sole substantive grievance raised in the instant appeal seeks to reverses both the lower authorities action invoking section 14A r.w. rule 8D disallowance of Rs.1,12,38,582/- as upheld in CITA’s lower appellate order. The assessee argues that a sum of Rs.1,09,19,891/- represents its investments made in foreign subsidiary companies yielding taxable income and, therefore, the same ought have been excluded by the lower authorities in the impugned computation. The assessee further argues that both the learned lower authorities should have included its dividend yielding investments only for the purpose of computation of impugned disallowance since the same is only 'in relation' to exempt income u/s.14A(2) of the Act.…

Legal Issues

• 1. Whether the lower authorities correctly disallowed Rs.1,12,38,582/- under section 14A r.w. rule 8D?

Judgment Outcome

Decided in favour of Assessee.

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