Appeal details
Counselvise Citation
[2019] 116 COUNSELVISE.COM (IT) 4975 (ITAT-PUNE)
Assessee PAN
Bench
Appeal Number
Duration Of Justice
11 month(s) 17 day(s)
Appellant
Respondent
Appeal Type
Income Tax Appeal
Pronouncement Date
16-08-2019
Appeal Filed By
Assessee
Order Result
Dismissed
Bench Allotted
SMC
Next Hearing Date
14-08-2019
Assessment Year
2012-2013
Appeal Filed On
30-08-2018
Judgement Text
IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH SMC, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT . / ITA NO.1384/PUN/2018 / ASSESSMENT YEAR : 2012-13 M/S. PRIMA FEINTECH PVT. LTD. 294, SINDH CO-OP. HSG. SOCIETY LTD., GANESH KHIND ROAD. AUNDH, PUNE-411 007. PAN : AADCP5197M ....... / APPELLANT / V/S. THE INCOME TAX OFFICER, WARD-4(5), PUNE. / RESPONDENT ASSESSEE BY : NONE (WRITTEN SUBMISSION) REVENUE BY : SHRI VISHWAS MUNDHE / DATE OF HEARING : 14.08.2019 / DATE OF PRONOUNCEMENT : 16.08.2019 / ORDER PER R.S. SYAL, VP : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDE R PASSED BY THE CIT(A), PUNE-3 ON 30.07.2018 IN RELATION TO THE ASSESSMENT YEAR 2012-13. 2. THE FIRST ISSUE RAISED IN THIS APPEAL IS AGAINST THE INITIATION OF RE-ASSESSMENT PROCEEDINGS U/S.147 OF THE INCOME TAX ACT, 2 ITA NO. 1384/PUN/2018 A.Y.2012-13 1961 (HEREINAFTER CALLED AS THE ACT) AND THE SECO ND ISSUE IS AGAINST CONFIRMATION OF ADDITION ON MERITS. 3. BRIEFLY STATED, RELEVANT FACTS OF THE CASE ARE T HAT THE ASSESSEE FILED HIS ORIGINAL RETURN OF INCOME, WHICH WAS PROCESSED U/S.143(1) OF THE ACT. NO ASSESSMENT WAS MADE U/S.143(3) OF THE ACT. THE CASE WAS REOPENED ON THE BASIS OF ASSESSMENT COMPLETED FOR THE ASSESSMENT YEAR 2013-1 4, WHEREIN IT WAS SEEN THAT THE ASSESSEE HAD MADE INVE STMENT IN 275000 EQUITY SHARES OF FV RS.10/- EACH FOR RS.2,58 ,50,000/- WITH VARSHA FORGINGS LTD. AND HENCE SECTION 14A R. W.R.8D WAS APPLICABLE. AFTER REOPENING THE CASE, THE AO MADE A DDITION U/S.14A R.W.R.8D AT RS.1,29,250/-. THE ASSESSEE REM AINED UNSUCCESSFUL BEFORE THE LD. CIT(A) ON THIS SCORE. 4. I HAVE HEARD THE LD. DR AND GONE THROUGH THE REL EVANT MATERIAL ON RECORD. THE WRITTEN SUBMISSION FILED ON BEHALF OF THE ASSESSEE HAVE BEEN TAKEN INTO CONSIDERATION. IN SO FAR AS THE INITIATION OF RE-ASSESSMENT PROCEEDINGS U/S.147 OF THE ACT IS CONCERNED, THE AO REOPENED THE CASE ON THE BASIS OF ASSESSMENT COMPLETED FOR THE IMMEDIATELY SUCCEEDING YEAR WHICH TRANSPIRED THAT THE ASSESSEE HAD MADE INVESTM ENT IN CERTAIN EQUITY SHARES AND EARNED EXEMPT INCOME AND NO DISALLOWANCE WAS OFFERED U/S 14A OF THE ACT. SINCE NO REGULAR ASSESSMENT WAS MADE U/S.143(3) OF THE ACT FOR THE Y EAR UNDER 3 ITA NO. 1384/PUN/2018 A.Y.2012-13 CONSIDERATION, I AM SATISFIED THAT THE LD. CIT(A) C ANNOT BE FAULTED WITH IN UPHOLDING THE ACTION OF THE AO ON T HIS SCORE. 5. COMING TO THE MERITS OF THE DISALLOWANCE U/S.14A OF THE ACT, IT IS SEEN THAT THE AO HAS MADE DISALLOWANCE O NLY UNDER RULE 8D(2)(III) OF INCOME-TAX RULES, 1962, AT THE R ATE OF 0.5% OF THE AVERAGE VALUE OF INVESTMENT AND SUCH ADDITION A T RS.1,29,250/- IS ABSOLUTELY IN ORDER. THEREFORE, TH E IMPUGNED ORDER IS UPHELD. 6. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISS ED. ORDER PRONOUNCED ON 16 TH DAY OF AUGUST, 2019. SD/- R.S. SYAL /VICE-PRESIDENT / PUNE; / DATED : 16 TH AUGUST, 2019. SB / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT. 3. THE CIT(APPEALS)-, PUNE-3. 4. THE PR. CIT-2, PUNE. 5. , , - , / DR, ITAT, SMC BENCH, PUNE. 6. / GUARD FILE. / BY ORDER, // TRUE COPY // / PRIVATE SECRETARY , / ITAT, PUNE. 4 ITA NO. 1384/PUN/2018 A.Y.2012-13 * DATE 1 DRAFT DICTATED ON 14 .08 .201 9 SR. PS/PS 2 DRAFT PLACED BEFORE AUTHOR 1 6 .08 .2019 SR. PS/PS 3 DRAFT PROPOSED AND PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER AM/JM 5 APPROVED DRAFT COMES TO THE SR. PS/PS SR. PS/PS 6 KEPT FOR PRONOUNCEMENT ON SR. PS/PS 7 DATE OF UPLOADING OF ORDER SR. PS/PS 8 FILE SENT TO BENCH CLERK SR. PS/PS 9 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 10 DATE ON WHICH FILE GOES TO THE A.R 11 DATE OF DISPATCH OF ORDER
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