Satern Griha Nirman Pvt. Ltd., Kolkata V. D.C.I.T.,Circle-1(2), Kolkata

ITA 1389/KOL/2019

• Counselvise Citation: [2019] 112 COUNSELVISE.COM (IT) 3294 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-11-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2013-2014
• Appeal Filed On: 06-06-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DHRUBAJYOTI RAY
• Assessee Lawyers: S JHAJHARIA
• Section: 250

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA SMC BENCH, KOLKATA [BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER] I.T.A. NO. 1389/KOL/2019 ASSESSMENT YEAR: 2013-14 SATERN GRIHA NIRMAN PVT. LTD..........................................................................................APPELLANT [PAN: AAICS 0875 L] VS. DCIT, CIRCLE-1(2), KOLKATA.....................................................................RESPONDENT APPEARANCES BY: SH. S. JHAJHARIA, ADV., APPEARED ON BEHALF OF THE ASSESSEE. SH. DHRUBAJYOTI RAY, JCIT, SR. DR, APPEARED ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : NOVEMBER 05 TH , 2019 DATE OF PRONOUNCING THE ORDER : NOVEMBER 27 TH , 2019 ORDER PER J. SUDHAKAR REDDY, AM :- THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-16, KOLKATA [CIT(A) FOR SHORT] DATED 25.04.2019 U/S 250 OF THE INCOME TAX ACT, 1961 (THE ACT FOR SHORT) FOR THE AY 2013-14. 2. AFTER HEARING RIVAL CONTENTIONS, I FIND THAT THE SOLE ISSUE THAT ARISES FOR MY ADJUDICATION IS WHETHER THE LD. CIT(A) WAS RIGHT IN CONFIRMING THE DISALLOWANCE OF 85,995/- BEING INTEREST PAYMENT ON THE FACTS AND CIRCUMSTANCES OF THE CASE. 3. THE AO HAS NOT GIVEN ANY PROPER REASONS FOR MAKING THE DISALLOWANCE. THE LD. CIT(A) ON THE GROUND THAT NO SPECIFIC DETAILS WERE FILED BEFORE HIM, CONFIRMED THE DISALLOWANCE. 4. IN MY VIEW, THIS INTEREST EXPENDITURE HAS TO BE ALLOWED, AS THE ASSESSEE HAS DEMONSTRATED THAT IT HAD EARNED INTEREST INCOME OF 6,42,835/- AND THAT THIS EXPENDITURE INCOME IS RELATABLE TO THE EARNING OF THE INTEREST INCOME. THUS I ALLOW THIS CLAIM OF THE ASSESSEE. 2 I.T.A. NO. 1389/KOL/2019 ASSESSMENT YEAR: 2013-14 SATERN GRIHA NIRMAN PVT. LTD. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED. KOLKATA, THE 27 TH NOVEMBER, 2019. SD/- SD/- [ABY T. VARKEY] [J. SUDHAKAR REDDY] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 27.11.2019 BIDHAN COPY OF THE ORDER FORWARDED TO: 1. SATERN GRIHA NIRMAN PVT. LTD., C/O. M/S. SALARPURIA JAJODIA & CO. 7, C.R. AVENUE, 3 RD FLOOR, KOLKATA-700 072. 2. DCIT, CIRCLE-1(2), KOLKATA. 3. CIT(A)-16, KOLKATA. (SENT THROUGH E-MAIL) 4. CIT- 5. CIT(DR), KOLKATA BENCHES, KOLKATA. (SENT THROUGH E-MAIL) TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES