Dipajyoti Resources Pvt. Ltd., Kolkata V. I. T.O. Wd-11(4), Kolkata, Kolkata

ITA 1561/KOL/2008

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 54728 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 4 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-12-2011
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2004-2005
• Appeal Filed On: 12-08-2009
• Court: TRIBUNAL
• Department Lawyers: A K PRAMANIK
• Assessee Lawyers: R SALARPURIA
• Keywords: Speculation loss
• Section: 14A

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL, BEN CH B, KOLKATA () BEFORE , ,, , , SHRI MAHAVIR SINGH, JUDICIAL MEMBER. /AND . .. .!' !'!' !'. .. . , #$ SHRI C.D.RAO, ACCOUNTANT MEMBER % % % % / ITA NO.1561/KOL/2008 &' ()/ ASSESSMENT YEAR : 2004-05 (+, / APPELLANT ) DIPAJYOTI RESOUCES PVT. LTD., KOLKATA (PAN: AAACD 8849 H) - & - - VERSUS - . (./+,/ RESPONDENT ) I.T.O., WARD-11(4), KOLKATA +, 0 1 #/ FOR THE APPELLANT: SHRI R.SALARPURIA ./+, 0 1 #/ FOR THE RESPONDENT: SHRI A.K.PRAMANIK 2&3 0 '$ /DATE OF HEARING : 14.12.2011. 4( 0 '$ /DATE OF PRONOUNCEMENT : 15.12.2011. #5 / ORDER ( (( ( . .. .!' !'!' !'. .. . ) )) ), , , , #$ PER SHRI C.D.RAO, AM THE ABOVE APPEAL IS FILED BY ASSESSEE AGAINST THE O RDER DATED 13.06.2008OF THE LD. CIT(A)-XI, KOLKATA PERTAINING TO A.YR.2004-05. 2. THOUGH THERE ARE NINE GROUNDS RAISED BY ASSESSE E THERE ARE ONLY TWO ISSUES INVOLVED IN THIS APPEAL. ONE ISSUE IN GROUND NO.3 I S RELATING TO CONFIRMATION OF DISALLOWANCE OF RS.25,000/- MADE BY AO AND FURTHER ENHANCEMENT OF DISALLOWANCE BY RS.1,56,609/- U/S 14A OF THE IT ACT. THE OTHER ISSU E IN GROUND NO.6 RAISED BY ASSESSEE IS RELATING TO PART CONFIRMATION OF THE SPECULATION LOSS TO THE TUNE OF RS.2,94,945/-. 2 3. AT THE TIME OF HEARING BEFORE US THE LD. COUNSE L APPEARING ON BEHALF OF ASSESSEE HAS NOT PRESSED THE ISSUE INVOLVED IN GROUND NO.6. THEREFORE THE SAME IS DISMISSED AS BEING NOT PRESSED. 4. THE ONLY ISSUE RAISED BY ASSESSEE IS RELATING T O DISALLOWANCE MADE U/S 14A OF THE IT ACT. 5. AFTER HEARING THE RIVAL SUBMISSIONS AND ON CARE FUL PERUSAL OF MATERIALS AVAILABLE ON RECORD KEEPING IN VIEW OF THE FACT THA T SINCE THE ASSESSMENT YEAR INVOLVED IN THIS APPEAL IS RELATING TO A.YR. 2004-05 AS PER THE DECISION OF THE HONBLE BOMBAY HIGH COURT IN THE CASE OF GODREJ AND BOYCE MFG. PVT . LTD. (SUPRA) RELIED UPON BY THE LD. COUNSEL FOR THE ASSESSEE, RULE 8D IS NOT APPLIC ABLE IN THE ASSESSMENT YEAR UNDER CONSIDERATION. THIS TRIBUNAL HAS BEEN TAKING A CONS ISTENT VIEW OF SUSTAINING THE DISALLOWANCE U/S 14A AT 1% OF THE DIVIDEND INCOME. ACCORDINGLY WE DIRECT THE AO TO DISALLOW 1% OF THE DIVIDEND INCOME AS EXPENDITURE R ELEVANT TO EARNING OF DIVIDEND INCOME. WE ORDER ACCORDINGLY. 6. IN THE RESULT THE APPEAL OF ASSESSEE IS PARTLY A LLOWED. 6 7 &86 57 9: ; 9 <= ORDER PRONOUNCED IN THE COURT ON 15.12.2011. SD/- SD/- , , , , MAHAVIR SINGH, JUDICIAL MEMBER . .. .!' !'!' !'. .. . , , , , #$ #$ #$ #$ , C.D.RAO, ACCOUNTANT MEMBER. ( (( ('$ '$ '$ '$) )) ) DATE: 15.12.2011. R.G.(.P.S.) 3 #5 0 .> ?#>(7- COPY OF THE ORDER FORWARDED TO: 1. DIPAJYOTI RESOURCES PVT. LTD., C/O A.K.KHEMKA, 8, G ANESH CH.AVENUE, 1 ST FLOOR, SAHA COURT, KOLKATA-700013. 2 THE I.T.O., WARD-11(4), KOLKATA 3. THE CIT, 4. THE CIT(A)-XI, KOLKATA 5. DR, KOLKATA BENCHES, KOLKATA /> ./ TRUE COPY, #5&2/ BY ORDER, DEPUTY /ASST. REGISTRAR , ITAT, KOLKATA BENCHES