Appeal Details
Counselvise Citation
133120114 RSA 2012
Assessee PAN
Bench
Appeal Number
CRN Number
Duration Of Justice
2 year(s) 6 month(s) 27 day(s)
Appellant
Respondent
Appeal Type
Income Tax Appeal
Pronouncement Date
15-10-2014
Appeal Filed By
Assessee
Order Result
Dismissed
Bench Allotted
E
Next Hearing Date
12-04-2017
Assessment Year
2008-2009
Appeal Filed On
19-03-2012
Judgement Text
IN TH E INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : E : NEW DELHI BEFORE SHRI R. S . SYAL, ACCOUNTANT MEMBER AND SHRI RAJPAL YADAV , JUDICIAL MEMBER ITA NO . 1331 / DEL / 201 2 ASSESSMENT YEAR : 200 8 - 0 9 M/S NICE BOMBAY TRANSPORT (P) LTD. C - 4/5, LOWER GROUND F LOOR, SAFDARJUNG DEVELOPMENT AREA, NEW DELHI VS . ACIT, (OSD), CIT - V, NEW DELHI (APPEL LANT) (RESPONDENT) A PPELLANT BY : NONE RESPONDENT BY : SHRI J.P. CHANDRAKAR, SR. D.R. ORDER PER SHRI RAJPAL YADAV , J M : 1. THE ASSESSEE IS IN APPEAL BEFORE US AGAINST THE ORDER OF LD. CIT(A) DATED 20.10.2011 PASSED FOR A.Y. 2008 - 09. IT IS PLEADED IN THE GROUND S OF APPEAL THAT LD. CIT(A) HAS ERRED IN CONFIRMING T HE DISALLOWANCE MADE BY THE ASSESSING OFFICER U/S 14A OF THE I.T. ACT, 1961 AS WELL AS LD. CIT(A) HAS ERRED IN CONFIRMING THE ACTION OF THE ASSESSING OFFICER FOR DISALLOWANCE OF CREDIT OF MINIMUM ALTERNAT E TAX PAID U/S 115JA OF THE I.T. ACT. THE NOTICE FO R HEARING WAS ISSUED BY REGISTERED POST, AND IT WAS DULY SERVED UPON THE ASSESSEE. EARLIER ITA NO. 1331 /DEL /2012 ASSESSMENT YEAR : 200 8 - 0 9 2 ONE SRI J.P. KAPOOR SOUGHT ADJOURNMENT ON BEHALF OF THE ASSESSEE, BUT IN RESPONSE TO THE NOTICE OF HEARING FOR TODAY NO ONE HAS COME PRESENT ON BEHALF OF THE ASSESSE E NOR ANY PAPER BOOK HAS BEEN FILED. IT APPEARS THAT THE ASSESSEE IS NOT INTERESTED IN PROSECUTING ITS APPEAL. THEREFORE, IT IS DISMISSED FOR WANT OF PROSECUTION. TH E DECISION I S PRONOUNCED IN THE OPEN COURT ON 1 5 TH OCTO BER, 201 4 . SD/ - SD/ - ( R.S. SYAL ) ( RAJPAL YADAV ) A CCOUNTANT MEMBER J UDICIAL MEMBER DATED: 1 5 TH OCTOBER , 201 4 . AKS/ - COPY FORWARDED TO 1. APPELLANT 2. RES PONDENT 3. CIT 4. CIT(A) 5. DR ASST . REGISTRAR, ITAT, NEW DELHI
Other Referred Cases
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Laws Referred To
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Expert Summary
Where there is disallowance of shares held as stock-in-trade, though Maxopp Investment 402 ITR 640 (SC) rejects the theory of dominant purpose in making investment, it makes a clear distinction between dividend earned on shares acquired for controlling interest and shares purchased as stock-in-trade. In the case of the latter, it is only by a quirk of fate that the shares were held by the assessee when the dividend was declared. Accordingly, s. 14A & Rule 8D do not apply to shares held as stock-in-trade.
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