LEOPARD INVESTMENTS LTD, MUMBAI V. ITO 6(3)(2), MUMBAI

ITA 1859/MUM/2010

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 8584 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-01-2011
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: A
• Next Hearing Date: 12-05-2011
• Assessment Year: 2006-2007
• Appeal Filed On: 09-03-2010
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: SHRAVAN KUMAR
• Assessee Lawyers: RASESH VINAYKANT PAREKH

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH A,MUMBAI BEFORE SHRI R.S. SYAL (AM) & SMT. ASHA VIJAYARAGHAV AN (JM) I.T.A.NO.1859/MUM/2010 (A.Y. 2006-07) M/S. LEOPARD INVESTMENT LD., 607, 6 TH FLOOR, ATRIUM CHAKALA, ANDHERI-KURLA RD., ANDHERI (E), MUMBAI-400 069. PAN: AAACLO773A. VS. INCOME-TAX OFFICER, RANGE-6(3)(2), MUMBAI. APPELLANT RESPONDENT APPELLANT BY SHRI RASESH VINAYKANT PAREKH. RESPONDENT BY SHRI S HRAVAN KUMAR. O R D E R PER R.S. SYAL, AM : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDE R PASSED BY THE CIT(A) ON 10-12-2009 IN RELATION TO THE ASSTT. YEAR 2006- 07. 2. THE ONLY GROUND RAISED IN THIS APPEAL IS AGAINST THE CONFIRMATION OF DISALLOWANCE OF RS.20,08,856/- U/S.14A READ WITH RU LE 8D MADE BY THE AO WHILE PASSING ORDER U/S.143(3). 3. AFTER CONSIDERING THE RIVAL SUBMISSIONS AND PERU SING THE RELEVANT MATERIAL ON RECORD, WE FIND THAT THE ISSUE RAISED IN THIS AP PEAL IS NO MORE RES INTEGRA IN VIEW OF THE JUDGMENT OF THE HONBLE JURISDICTIONAL HIGH COURT IN GODREJ & BOYCE MFG. LTD. VS. DCIT (2010) 328 ITR 81 (BOM), IN WHI CH IT HAS BEEN HELD THAT DISALLOWANCE IS CALLED FOR U/S.14A IN SUCH CIRCUMST ANCES. HOWEVER, THE MANNER OF COMPUTATION OF SUCH DISALLOWANCE HAS BEEN RESTORED TO THE FILE OF AO FOR MAKING ON SOME REASONABLE BASIS. IT HAS FURTHER BEEN HELD IN THIS CASE THE PROVISIONS OF ITA 1859/MUM/2010. 2 RULE 8D ARE NOT APPLICABLE AS THESE ARE PROSPECTIVE . RESPECTFULLY FOLLOWING THE PRECEDENT, WE SET ASIDE THE IMPUGNED ORDER AND DIRE CT THE AO TO COMPUTE DISALLOWANCE U/S.14A IN ACCORDANCE WITH THE RATIO L AID DOWN BY THE HONBLE JURISDICTIONAL HIGH COURT IN THE AFORENOTED CASE OF GODREJ & BOYCE LTD. 5. IN THE RESULT, THE APPEAL IS ALLOWED FOR STATIST ICAL PURPOSES. ORDER PRONOUNCED ON THE 31ST DAY OF JANUARY, 2011. SD/- SD/- (SMT. ASHA VIJAYARAGHAVAN) (R.S. SYAL) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI: 31ST JANUARY , 2011. NG: COPY TO : 1. ASSESSEE. 2. DEPARTMENT. 3 CIT(A)-12,MUMBAI. 4 CIT,CITY-6,MUMBAI. 5.DR,A BENCH,MUMBAI. 6.MASTER FILE. (TRUE COPY) BY ORDER, ASST.REGISTRAR, ITAT, MUMBAI. ITA 1859/MUM/2010. 3 DETAILS DATE INITIALS DESIGNA TION 1. DRAFT DICTATED ON 25-01-2011 SR.PS/ 2. DRAFT PLACED BEFORE AUTHOR 25-01-2011 SR.PS/ 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER JM/ AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS/ 6. KEPT FOR PRONOUNCEMENT ON SR.PS/ 7. FILE SENT TO THE BENCH CLERK SR.PS/ 8. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 9. DATE ON WHICH FILE GOES TO THE AR 10. DATE OF DISPATCH OF ORDER *