Sarif Hossain , Kolkata V. ITO, Ward - 8(2), Kolkata , Kolkata

ITA 1816/KOL/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 7850 (ITAT-KOLKATA)
• Duration Of Justice: 8 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-04-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 24-08-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHANKAR HALDER JCITSRDR
• Keywords: Earning of tax free income; Rule 8D
• Section: 143(3); 14A

Judgement Text

, D , IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH D KOLKATA BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND DR. A.L. SAINI, ACCOUNTANT MEMBER ITA NO. 1816 / KOL / 20 18 ASSESSMENT YEAR :2012-13 SARIF HOSSAIN C/O SRI S.L.KOCHAR, ADVOCATE, 5, ASHUTOSH CHOWDHURY AVENUE, KOLKATA-700019 [ PAN NO.ABLPH 2216 D ] V/S . INCOME TAX OFFICER, WARD-8(2), 54/1, RAFI AHMED KIDWAI ROAD, KOLKTA-700 061 /APPELLANT .. / RESPONDENT /BY APPELLANT SHRI ANIL KOCHAR, ADVOCATE /BY RESPONDENT SHRI SHANKAR HALDER, JCIT-SR-DR /DATE OF HEARING 16-04-2019 /DATE OF PRONOUNCEMENT 24-04-2019 / O R D E R PER S.S.GODARA, JUDICIAL MEMBER:- THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2012-13 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS)-18, KOLKATAS ORDER DATED 26.06.2018 PASSED IN CASE NO.190/2015-16/CIT(A)-18/WD-8(2)/F.S L NO.2431/18-19/KOL, INVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE ASSESSEES SOLE SUBSTANTIVE GRIEVANCE RAISED IN INSTANT APPEAL ON MERITS CHALLENGES BOTH THE LOWER AUTHORITIES ACTION INVOKING SEC. 14A R.W.S RULE 8D (2)(III) DISALLOWANCE OF ADMINISTRATIVE EXP ENSES @ 0.5% OF THE ITA NO.1816/KOL/2018 A.Y. 2012-1 3 SARIF HOSSAIN VS. ITO WD-8(2), KOL. PAGE 2 AVERAGE VALUE OF INVESTMENTS; COMING TO 2,22,351/-. SUFFICE TO SAY, IT TRANSPIRES AT THE OUTSET THAT THE ASSESSEE HAS NOT DERIVED ANY EXEMPT INCOME IN THE IMPUGNED ASSESSMENT YEAR AS PER HON'BLE JURI DICAL HIGH COURT IN CIT VS. ASIKA GLOBAL SECURITIES LTD, 100/2014 GA NO.,2122 OF 2014 DATED 11.06.2018. WE THEREFORE DECLINE REVENUES ARGUMENTS SUPPORTING THE IMPUGNED DISALLOWANCE. THE SAME STAND DELETED ACCORDINGLY. 3. THIS ASSESSEES APPEAL IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT 24/ 04/2019 SD/- SD/- ( %) (' %) (DR.A.L. SAINI) (S.S.GODARA) (ACCOUNTANT MEMBER) (JUDICIAL MEMBER) KOLKATA, *DKP, SR.P.S (- 24 / 04 /201 9 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-SARIF HOSSAIN, C/O S.L.KOCHAR, ADVOCATE, 5, ASHUTOSH CHOWDHURY AVENUE, KOLKATA -19 2. /RESPONDENT-ITO WD-8(2), 54/1, RAFI AHMED KIDWAI RO AD, KOLKAT-61 3. 3 4 / CONCERNED CIT KOLKATA 4. 4- / CIT (A) KOLKATA 5. 7 ''3, 3, / DR, ITAT, KOLKATA 6. < / GUARD FILE. BY ORDER/ , /TRUE COPY/ 3,