Sh. Ashish Modi, Ludhiana V. ITO, 7(1), Ludhiana

ITA 1455/CHANDI/2017

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 4079 (ITAT-CHANDIGARH)
• Duration Of Justice: 10 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-08-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2012-2013
• Appeal Filed On: 05-10-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: ASHWANI KUMARCA
• Keywords: Earning of tax free income
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCHES SMD, CHANDIGARH BEFORE MS. DIVA SINGH, JUDICIAL MEMBER AND DR. B.R.R.KUMAR, ACCOUNTANT MEMBER ITA NO. 1455/CHD/2017 ASSESSMENT YEAR : 2012-13 SHRI ASHISH MODI, VS THE ITO-7(1), MODI RICE & GENERAL MILLS COMPLEX, LUDHIANA. BAREWAL ROAD, LUDHIANA. PAN : AIYPM9777E (A PPELLANT) (RESPONDENT) APPELLANT BY : SHRI ASHWANI KUMAR,CA RESPONDENT BY : SHRI MANOJ KUMAR, SR.DR DATE OF HEARING : 14.06.2018 DATE OF PRONOUNCEMENT : 07.08.2018 ORDER PER DIVA SINGH THE PRESENT APPEAL HAS BEEN FILED BY THE ASSESSEE ASSA ILING THE CORRECTNESS OF THE ORDER DATED 03.07.2017 OF CIT(A)-3 LU DHIANA PERTAINING TO 2012-13 ASSESSMENT YEAR ON THE FOLLOWING GROUND : THAT ORDER PASSED U/S 250(6) OF THE INCOME TAX ACT, 1961 BY THE LD. COMMISSIONER OF INCOME TAX (APPEALS-3, LUDHIANA IS AGAINST LAW AND FACTS ON THE FILE IN AS MUCH AS SHE WAS NOT JUSTIFIED TO UPHOLD THE DISALLOWANCE OF RS. 14,04,878/- U/S 14A READ WITH RULE 8D ON ACCOUNT OF INTEREST PAID BY THE APPELLANT. 2. THE SHORT ISSUE WHICH FALLS FOR CONSIDERATION IN THE PRES ENT PROCEEDINGS IS THE ADDITION OF RS. 14,04,878/- MADE BY THE AO U/S 14A WHICH HAS BEEN CONFIRMED IN APPEAL BY THE CIT(A). THE LD. AR SUBMITTED THAT IN THE PECULIAR FACTS AND CIRCUMSTANCES OF THE PRESENT CASE, IT WOULD HIS LIMITED REQUEST THAT THE ADDITION MAY BE CONFIRMED TO THE EXTENT OF EXEMPT INCOME RECEIVED IN THE YEAR UN DER CONSIDERATION IN TERMS OF THE JUDICIAL PRECEDENT AVAILABLE. THE SAID REQUEST WAS NOT OPPOSED BY THE LD. SR.DR EXCEPT FOR TH E SUBMISSION THAT SINCE THERE IS NO DISCUSSION IN THE ORDERS ABOUT EX EMPT INCOME RECEIVED, THE FACT MAY BE VERIFIED. THE LD. AR STATED THAT HE HAS NO OBJECTION IF THE FACT IS VERIFIED. AS PER HIS INFORMATION, EXE MPT INCOME AVAILABLE WITH THE ASSESSEE IS RS. 83,318/-. IN THE LIGHT OF THE ITA 1455 /CHD/2017 A.Y. 2012-13 PAGE 2 OF 2 SUBMISSIONS OF THE PARTIES BEFORE THE BENCH, THE LIMITED PRA YER OF THE ASSESSEE IS ALLOWED AND THE MATTER IS RESTORED TO THE A O WITH THE DIRECTION TO RESTRICT THE EXEMPT INCOME TO THE EXTENT O F INCOME RECEIVED. SAID ORDER WAS PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ITSELF. 3. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR ST ATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 07.08.2018. SD/- SD/- (DR.B.R.R.KUMAR) ( DIVA SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER POONAM COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR ASSTT. REGISTRAR ITAT,CHANDIGARH.