Moontree Realtors Pvt. Ltd., Kolkata V. ITO, Ward - 1(2), Kolkata, Kolkata

ITA 1684/KOL/2018

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 0166 (ITAT-KOLKATA)
• Duration Of Justice: 3 month(s) 30 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-12-2018
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2013-2014
• Appeal Filed On: 06-08-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: PROVAS ROY
• Assessee Lawyers: V K JAIN
• Section: 14A; 10

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA SMC BENCH, KOLKATA [BEFORE SRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER] I.T.A. NO. 1684/KOL/2018 ASSESSMENT YEAR: 2013-14 MOONTREE REALTORS PVT. LTD.........APPELLANT C/O. RSVPC & COMPANY 41A, AJC BOSE ROAD SUITE NO. 613 KOLKATA 700 017 [PAN : AAHCM 8382 M] INCOME TAX OFFICER, WARD-1(2), KOLKATA.....RESPONDENT APPEARANCES BY: SHRI V.K. JAIN, FCA., APPEARED ON BEHALF OF THE ASSESSEE. SHRI PROVAS ROY, JCIT, APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : NOVEMBER 26 TH , 2018 DATE OF PRONOUNCING THE ORDER : DECEMBER 5 TH , 2018 O R D E R PER J. SUDHAKAR REDDY :- THIS APPEAL FILED BY THE ASSESSE IS DIRECTED AGAINST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS)-1, KOLKATA, (HEREINAFTER THE LD. CIT (A)), PASSED U/S 250 OF THE INCOME TAX ACT, 1961 (THE ACT), DT. 16/05/2018, FOR THE ASSESSMENT YEAR 2013-14. 2. THERE IS A DELAY OF 04 DAYS IN FILING OF THIS APPEAL. AFTER PERUSING THE PETITION FOR CONDONATION, WE ARE CONVINCED THAT THE ASSESSEE WAS PREVENTED BY SUFFICIENT CAUSE FROM FILING THIS APPEAL ON TIME. HENCE THE DELAY IS CONDONED AND APPEAL ADMITTED. 3. ONLY ISSUE ARISING IN THIS APPEAL FOR MY CONSIDERATION IS DISALLOWANCE MADE U/S 14A OF THE ACT. 4. AFTER HEARING RIVAL CONTENTIONS, I FIND THAT IT IS NOT IN DISPUTE THAT THE ASSESSEE HAS NO INCOME FROM DIVIDENDS WHICH IS EXEMPT U/S 10 OF THE ACT, DURING THE ASSESSMENT YEAR UNDER CONSIDERATION. UNDER THESE CIRCUMSTANCES, THERE CANNOT BE ANY DISALLOWANCE U/S 14A OF THE ACT, AS HELD BY THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT VS. ASHIKA GLOBAL SECURITIES LTD. ITAT 100 2 I.T.A. NO. 1684/KOL/2018 ASSESSMENT YEAR: 2013-14 MOONTREE REALTORS PVT. LTD OF 2014, GA 2122 OF 2014, JUDGMENT DT. 11/06/2018. HENCE, I DELETE THE DISALLOWANCE IN QUESTION AND ALLOW THIS APPEAL OF THE ASSESSEE. 5. GROUND NO. 1, IS NOT PRESSED. 6. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED IN PART. KOLKATA, THE 5 TH DAY OF DECEMBER, 2018. SD/- [ J. SUDHAKAR REDDY ] ACCOUNTANT MEMBER DATED : 05.12.2018 {SC SPS} COPY OF THE ORDER FORWARDED TO: 1. MOONTREE REALTORS PVT. LTD C/O. RSVPC & COMPANY 41A, AJC BOSE ROAD SUITE NO. 613 KOLKATA 700 017 2. INCOME TAX OFFICER, WARD-1(2), KOLKATA 3. CIT(A)- 4. CIT- , 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES