D Commissioner Of Income Tax vs MS Jite Shipyard Ltd

RAJIV SHAKDHER, J.: (ORAL)

This appeal concerns Assessment Year (AY) 2015-16.

Via the instant appeal, the appellant/revenue seeks to assail the order dated 27.03.2023 passed by the Income Tax Appellate Tribunal [in short, “Tribunal”].

It is not in dispute that the only issue that arises for consideration in the instant appeal is: Whether disallowance made under Section 14A of the Income-tax Act, 1961 [in short, “the Act”] can exceed the exempt income earned by the respondent/assessee?

There is no dispute that the issue raised, hereinabove, is covered by the following judgments:

To be noted, one of us [Rajiv Shakdher, J.], was part of the bench that authored the judgment in Commissioner of Income-tax, Central 1, Chennai v. Chettinad Logistics (P.) Ltd.. A special leave petition (SLP) filed by the appellant/revenue, against the said judgment, was dismissed by the Supreme Court on 02.07.2018 [reported in (2018) 95 taxmann.com 250 (SC)], both on the grounds of delay and merits.

The order of the Supreme Court in the said matter reads as follows:

In these circumstances, no substantial question of law arises for our consideration. The appeal is, accordingly, closed.

Consequently, the pending applications are rendered infructuous and are, accordingly, closed.