HOLTEC CONSULTING PVT. LTD., NEW DELHI V. DCIT, CIRCLE- 11(1), NEW DELHI

ITA 1773/DEL/2018

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 7293 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-03-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 13-03-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Earning of tax free income
• Section: 14A; 22

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI C BEN CH, NEW DELHI [THROUGH VIDEO CONFERENCE] BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER, AND SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER ITA NO. 1773/DEL/2018 [ASSESSMENT YEAR: 2012-13] HOLTEC CONSULTING PVT LTD VS. THE D.C.I.T C BLOCK, 01-0103, IMPERIAL TOWER CIRCLE 11(1) , COMMUNITY CENTRE, NARAINA VIHAR NEW DELHI NEW DELHI PAN : AAACH 0031 M [APPELLANT] [RESPONDENT] DATE OF HEARING : 31.03.2021 DATE OF PRONOUNCEMENT : 31.03.2021 APPELLANT BY : SHRI AVDESH BHATNAGAR, CA REVENUE BY : SHRI VIPUL KASHYAP, SR. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER, THIS APPEAL BY THE ASSESSEE IS PREFERRED AGAINST TH E ORDER OF THE COMMISSIONER OF INCOME TAX [APPEALS] 22 NEW DELHI DATED 21.12.2017 PERTAINING TO ASSESSMENT YEAR 2012-13. 2 2. THE SUM AND SUBSTANCE OF THE GRIEVANCE OF THE AS SESSEE IS THAT THE LD. CIT(A) ERRED IN CONFIRMING THE DISA LLOWANCE OF RS. 48,70,066/- MADE U/S 14A OF THE INCOME TAX ACT , 1961 [HEREINAFTER REFERRED TO AS 'THE ACT' FOR SHORT] R. W.R 8D OF THE ITAT RULES, 1962. 3. AT THE VERY OUTSET, THE LD. COUNSEL FOR THE ASS ESSEE STATED THAT ON IDENTICAL SET OF FACTS, IN ASSESSEES OWN CASE, THE TRIBUNAL HAS RESTORED THE MATTER TO THE FILE OF THE ASSESSING OF FICER WITH DIRECTIONS. 4. THE LD. DR, ON THE OTHER HAND, COULD NOT BRING A NY DISTINGUISHING DECISION IN FAVOUR OF THE REVENUE. 5. WE HAVE GIVEN THOUGHTFUL CONSIDERATION TO THE OR DERS OF THE AUTHORITIES BELOW. WE FIND FORCE IN THE CONTENTIONS OF THE LD. COUNSEL FOR THE ASSESSEE. THIS TRIBUNAL IN ASSESSEES OWN CASE IN ITA NO. 7050/DEL/2017 FOR A.Y 2013-14 VIDE ORDER DATED 23.1 2.2021, HAS HELD AS UNDER: 3 4. LEARNED AR SUBMITTED THAT THE AUTHORITIES BELOW FAILED TO ANALYSE THE NATURE OF INVESTMENT AS TO WHETHER THE INVESTMENT IS YIELDING TAXABLE INCOME, EXEMPT INCOME OR NO INCOME AND THAT THE SATISFACTION REGARDING THE INCORRECT AMOUNT DISALLO WED BY THE ASSESSEE WAS NOT RECORDED BY THE ASSESSING OFFICER. HE, HOWEVER, SUBMITTED THAT FACTS & CIRCUMSTANCES AND QUESTIONS OF LAW INVOLVED THIS YEAR ARE IDENTICAL TO THE ONES INVOLVED FOR TH E ASSESSMENT YEARS 2009-10, 2010-11 AND 2011-12, IN WHICH YEARS, A COORDINATE BENCH OF THIS TRIBUNAL IN ITA NO. 4563/DEL/2012 FOR ASSESSMENT YEAR 2009-10, 1057/DEL/2014 FOR A.Y. 2010-11 AND 21 48/DEL/2015 FOR A.Y. 2011-12, RESTORED THE ISSUE BACK TO THE FI LE OF ASSESSING OFFICER TO CONSIDER THE ISSUE AFRESH IN THE LIGHT O F OBSERVATIONS MADE IN ITA NO. 4563/DEL/2012 FOR ASSESSMENT YEAR 2 009-10. LEARNED AR PRAYED THAT THIS ISSUE FOR THIS YEAR MAY ALSO BE RESTORED BACK TO THE FILE OF ASSESSING OFFICER TO C ONSIDER THE SAME IN CONSONANCE WITH THE VIEW TO BE TAKEN FOR AS SESSMENT YEAR 2009-10. 5. IN VIEW OF THE ADMITTED POSITION THAT THE FACTS AND CIRCUMSTANCES INVOLVED FOR THIS YEAR ARE IDENTICAL TO ONES INVOLVED IN ASSESSMENT YEARS 2009-10, 2010-11 AND 2011-12, I N WHICH THE ISSUE WAS RESTORED TO THE FILE OF ASSESSING OFFICER TO TAKE A FRESH VIEW IN THE LIGHT OF DIRECTIONS GIVEN IN ITA NO. 45 63/DEL/2012 FOR ASSESSMENT YEAR 2009-10, WE ARE OF THE CONSIDERED O PINION THAT THE REQUEST OF THE ASSESSEE CAN BE ACCEPTED. WE ACC ORDINGLY, WHILE SETTING ASIDE THE IMPUGNED FINDINGS OF THE AUTHORIT IES BELOW, RESTORE THE ISSUE TO THE FILE OF ASSESSING OFFICER TO DECIDE THE 4 SAME IN THE LIGHT OF THE VIEW TO BE TAKEN FOR EARLI ER ASSESSMENT YEARS. 6. IN LIGHT OF THE PREVIOUS HISTORY OF THE APPELLAN T AND RESPECTFULLY FOLLOWING THE FINDINGS OF THE CO-ORDINATE BENCH [SU PRA], WE DIRECT ACCORDINGLY. 7. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IN ITA NO. 1773/DEL/2018 IS TREATED AS ALLOWED FOR STATISTICAL PURPOSES. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 31.03. 2021 IN THE PRESENCE OF BOTH THE RIVAL REPRESENTATIVES . SD/- SD/- (BHAVNESH SAINI) (N. K. BILLAIYA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 31 ST MARCH, 2021. VL/ COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT ASST. REGISTRAR 4. CIT(A) ITAT, NEW DELHI 5. DR 5 DATE OF DICTATION DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE OTHER MEMBER DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR.PS /PS DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER FOR PRONOUNCEMENT DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR.P S/PS DATE ON WHICH THE FINAL ORDER IS UPLOADED ON THE WE BSITE OF ITAT DATE ON WHICH T HE FILE GOES TO THE BENCH CLERK DATE ON WHICH THE FILE GOES TO THE HEAD CLERK THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT RE GISTRAR FOR SIGNATURE ON THE ORDER DATE OF DISPATCH OF THE ORDER