YRCR Infrastructure Limited, Hyderabad, Hyderabad V. ITO, Ward-17(4), Hyderabad, Hyderabad

ITA 1702/HYD/2016

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 2572 (ITAT-HYDERABAD)
• Duration Of Justice: 9 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-09-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 12-06-2017
• Assessment Year: misc
• Appeal Filed On: 19-12-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: V SREEKAR
• Assessee Lawyers: P VINOD
• Keywords: Earning of tax free income
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD SMC - A BENCH : HYDERABAD BEFORE SHRI D. MANMOHAN, VICE PRESIDENT ITA.NO.1702/HYD/2016 ASSESSMENT YEAR 2013 - 2014 M/S. YRCR INFRASTRUCTURE LIMITED, 843, YETURU, BANJARA HILLS, HYDERABAD 500 034. PAN: AAACY0853G VS. INCOME TAX OFFICER, WARD 17(4), 9 TH FLOOR, SIGNATURE TOWERS, KONDAPUR, HYDERABAD. (APPELLANT) (RESPONDENT) FOR ASSESSEE: SHRI P. VINOD FOR REVENUE : SHRI V. SREEKAR, DR DATE OF HEARING : 29 .09.2017 DATE OF PRONOUNCEMENT : 29 .09.2017 ORDER PER D. MANMOHAN, VP. THIS APPEAL BY ASSESSEE IS DIRECTED AGAIN ST THE ORDER PASSED BY LD. CIT(A) - 5, HYDERABAD AND IT PERTAINS TO A.Y. 2013 - 2014. 2. THE ONLY ISSUE IN DISPUTE IS WITH REGARD TO APPLICABILITY OF PROVISIONS OF SECTION 14A OF THE ACT. BOTH THE PARTIES ADMITTED THAT ASSESSEE DID NOT EARN ANY EXEMPT INCOME IN THE YEAR UNDER C ONSIDERATION. IDENTICAL ISSUE H AS COME UP BEFORE THE TRIBUNAL IN NUMBER OF CASE S, WHICH WERE REFERRED TO BY SMC A BENCH, HYD ERABAD IN THE CASE OF M/S. NEULAND HEALTH SCIENCES PVT LTD., (ITA NO. 41/HYD/2017, DATED 31.07.2017) WHEREIN IT WAS HELD THAT IN THE ABSENCE OF ANY EXEMPT INCOME EARNED IN THE YEAR UNDER CONSIDERATION, PROVISIONS OF SECTION 14A DOES NOT COME INTO PLAY AND NO DISALLOWANCE CAN BE MADE BY APPLYING RULE 8D OF INCOME TAX RULES, 1962. WE THEREFORE ACCEPT THE CONTENTION OF ASSESSEE AND ALLOW THE APPEAL. PRONOUNCED ACCORDINGLY IN THE OPEN COURT ON 29 TH SEPTEMBER, 2017. SD/ - (D. MANMOHAN) VICE PRESIDENT HYDERABAD, DATED: 29 TH SEPTEMBER, 2017 2 OKK, SR.PS COPY TO 1. K. VASANTKUMAR, A.V. RAGHU RAM, P. VINOD AND M. NEELIMA DEVI, ADVOCATES, 610, BABUKHAN ESTATE, BASHEERBAGH, HYDERABAD - 1. 2. ITO, WARD 17(4), 9 TH FLOOR, SIGNATURE TOWERS, KONDAPUR, HYDERABAD. 3. CIT (A) - 5, HYDERABAD. 4. PR. CIT - 5 , HYDERABAD. 5. D.R. ITAT A - SMC BENCH, HYDERABAD. 6. GUARD FILE