M/s IMC Ltd., Kolkata V. DCIT, CIR-11, KOLKATA, Kolkata

ITA 1123/KOL/2015

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 0970 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 2 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-11-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2005-2006
• Appeal Filed On: 25-08-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DAVID Z CHOWNGTHU CIT DR RE
• Assessee Lawyers: PRATUSH JHUNJHUNWALA
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH B KOLKATA [BEFORE SHRI J. SUDHAKAR REDDY, AM & SHRI S.S. VISWANETHRA RAVI, JM] I.T.A. NO. 1123/KOL/2015 ASSESSMENT YEAR: 2005-06 M/S. IMC LTD.............................................................APPELLANT 232/A, A.J.C. BOSE ROAD, KOLKATA 700020 [PAN: AAACI6884R] DCIT, CIRCLE 11...RESPONDENT AAYAKAR BHAWAN, P-7, CHOWRINGHEE SQUARE, KOLKATA - 700069 APPEARANCES BY: SHRI PRATUSH JHUNJHUNWALA, ADVOCATE APPEARING ON BEHALF OF THE ASSESSEE. SHRI DAVID Z. CHOWNGTHU, ADDL. CIT DR APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : SEPTEMBER 21, 2017 DATE OF PRONOUNCING THE ORDER NOVEMBER 17, 2017 ORDER PER J. SUDHAKAR REDDY, AM THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS) 10, KOLKATA DATED 12.06.2015 FOR THE ASSESSMENT YEAR 2005-06. 2. THE SOLE ISSUE AGITATED BY THE ASSESSEE IN THIS APPEAL IS THE DISALLOWANCE MADE BY THE A.O. UNDER SECTION 14A OF THE INCOME TAX ACT, 1961 (ACT). THE LD. CIT (A) HAS CONFIRMED THE DISALLOWANCE BY APPLYING RULE 8D. IT IS NOW SETTLED THAT RULE 8D IS NOT APPLICABLE PRIOR TO THE ASSESSMENT YEAR 2008-09. I RELY ON THE JUDGMENT OF HONBLE BOMBAY HIGH COURT IN THE CASE OF GODREJ & BOYCE MANUFACTURING CO. LTD. 328 ITR 81. 2 I.T.A. NO. 1123/KOL/2015 ASSESSMENT YEAR: 2005-06 M/S. I.M.C. LTD. 3. HENCE THIS DISALLOWANCE MADE UNDER SECTION 14A BY APPLYING RULE 8D OF I.T. RULE 1962 FOR A.Y. 2005-06 IS BAD IN LAW. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 17 TH NOVEMBER, 2017. SD/- SD/- (S.S. VISWANETHRA RAVI) (J. SUDHAKAR REDDY) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 17/11/2017 BISWAJIT, SR. PS COPY OF ORDER FORWARDED TO: 1. M/S. IMC LTD., 232/A, A.J.C. BOSE ROAD, KOLKATA 700020. 2. DCIT, CIRCLE 11, AAYAKAR BHAWAN, P-7, CHOWRINGHEE SQUARE, KOLKATA 700069. 3. THE CIT(A) 4. THE CIT 5. DR TRUE COPY, BY ORDER, SR. P.S. / H.O.O. ITAT, KOLKATA