M/s. Bhumi Vintrade Pvt. Ltd., Kolkata V. Pr. CIT - 8, Kolkata, Kolkata

ITA 1124/KOL/2017

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 1550 (ITAT-KOLKATA)
• Duration Of Justice: 8 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-02-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2012-2013
• Appeal Filed On: 18-05-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: GOULEN HANGSHING
• Assessee Lawyers: MIRAJ D. SHAH
• Keywords: Earning of tax free income
• Section: 14A; 263; 63; 2

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA D BENCH, KOLKATA [BEFORE SRI J. SUDHAKAR REDDY, A CCOUNTANT M EMBER & SRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER ] I.T.A. NO. 112 4 / KOL/201 7 ASSESSMENT YEAR: 20 12 - 13 M/S. BHUMI VINTRADE PVT. LTD . .. ....APPELLANT FLAT C - 6 KRISHNAKUNJ TOWNSHIP RAJARHAT, NARAYANPUR GOPALPUR KOLKATA 700 136 [PAN : AADCB 6243 L ] PR. COMMISSIONER OF INCOME TAX - 8, KOLKATA ... . ... RESPONDENT 54/1, RAFI AHMED KIDWAI ROAD 1 ST FLOOR KOLKATA 700 016 APPEARANCES BY: SHRI MIRAJ D. SHAH, AR , APPEAR ED ON BEHALF OF THE ASSESSEE. SHRI GOULEN HANGSHING, CIT , DR APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : FEBRUARY 1 ST , 201 8 DATE OF PRONOUNCING THE ORDER : FEBRUARY 14 TH , 201 8 O R D E R PER J. SUDHAKAR REDDY : - THIS APPEAL FILED BY THE ASSESSE E IS DIRECTED AGAINST THE ORDER OF THE LD. PR. COMMISSIONER OF INCOME TAX , KOLKATA , (HEREINAFTER THE LD. CIT (A)), PASSED U/S 2 63 OF THE INCOME TAX ACT, 1961 (THE ACT), DT. 16 / 0 3 /201 7 . 2. THE LD. CIT(A), IN THIS ORDER HAD DIRECTED THE ASSESSING OFFICER TO COMPUTE THE DISALLOWANCE U/S 14A RW RULED 8D OF THE ACT. THE ASSESSEE HAS NOT EARNED ANY DIVIDEND INCOME DURING THE YEAR. THE HONBLE DELHI HIGH COURT IN THE CASE OF CHEMINVEST LTD. V. CIT , HELD THAT NO DISALLOWANCE U/S 14A CAN BE MADE IN A YEAR IN WHICH NO EXEMPT INCOME HAS BEEN EARNED OR RECEIVED BY THE ASSESSEE. 2 I.T.A. NO. 1124/KOL/2017 ASSESSMENT YEAR: 2012 - 13 M/S. BHUMI VINTRADE PVT. LTD 3. RESPECTFULLY FOLLOWING THE SAME, WE QUASH THE ORDER PASSED BY THE LD. PR. CIT U/S 263 OF THE ACT, AS THE DIRECTIONS ISSUED BY HIM ARE AGAINST THE PROPOSTIONS OF LAW LAID DOWN BY THE HONBLE DELHI HIGH COURT. 4 . IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED. KOLKATA, THE 14 TH DAY OF FEBRU ARY , 201 8 . SD/ - SD/ - [ S.S. VISWANETHRA RAVI ] [ J. SUDHAKAR REDDY ] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 14 . 0 2 .201 8 {SC SPS} C OPY OF THE ORDER FORWARDED TO: 1. M/S. BHUMI VINTRADE PVT. LTD FLAT C - 6 KRISHNAKUNJ TOWNSHIP RAJARHAT, NARAYANPUR GOPALPUR KOLKATA 700 136 2. PR. COMMISSIONER OF INCOME TAX - 8, KOLKATA 54/1, RAFI AHMED KIDWAI ROAD 1 ST FLOOR KOLKATA 700 016 3. CIT(A) - 4. CIT - , 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER SENIOR PRIVATE SECRETARY HEAD OF OFFICE/ D.D.O. ITAT, KOLKATA BENCHES 3 I.T.A. NO. 1124/KOL/2017 ASSESSMENT YEAR: 2012 - 13 M/S. BHUMI VINTRADE PVT. LTD