VIMAL B SHAH, MUMBAI V. ASST CIT CIR 4(2), MUMBAI

ITA 2100/MUM/2011

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 59666 (ITAT-MUMBAI)
• Duration Of Justice: 9 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-01-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: F
• Assessment Year: 2007-2008
• Appeal Filed On: 15-03-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: PARTHSHARSTRI NAIK
• Keywords: Earning of tax free income
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH F BEFORE SHRI D.MANMOHAN (VP) & SHRI T.R.SOOD (AM) I.T.A.NO. 2100/MUM/2011 (ASSESSMENT YEAR : 2007-08) VIMAL B. SHAH 111, ATLANTA, 11 TH FLOOR 209, NARIMAN POINT MUMBAI-400 021. VS. ACIT 4(2) AAYAKAR BHAVAN M.K. ROAD MUMBAI-400 020. APPLICANT RESPONDENT PAN/GIR NO. : AAFPS8123D ASSESSEE BY : SHRI HIRO RAI DEPARTMENT BY : SHRI PARTHSHARSTRI NAIK DATE OF HEARING : 3.1.2012 DATE OF PRONOUNCEMENT : 3.1.2012 ORDER PER D. MANMOHAN (VP) :- THIS IS AN APPEAL FILED BY THE ASSESSEE AND IT PE RTAINS TO A.Y. 2007-08. 2. FACTS IN SHORT ARE THAT THE ASSESSEE HAS SHOWN ` 1,29,078/- AS DIVIDEND WHICH HAD BEEN CLAIMED AS EXEMPT. HOWEVER THE ASSESSEE HAS NOT CLAIMED ANY EXPENDITURE AS IT IS RELATABLE TO E ARNING EXEMPT INCOME. UNDER THE CIRCUMSTANCES, THE ASSESSING OFFICER INVO KED PROVISIONS OF SECTION 14A READ WITH RULE 8D TO DISALLOW A PORTION OF THE EXPENDITURE. ON AN APPEAL FILED BY THE ASSESSEE, LEARNED CIT(A) OBSERVED THAT IN THE LIGHT OF THE DECISION OF HON'BLE BOMBAY HIGH CO URT IN THE CASE OF GODREJ & BOYCE MFG. CO. LTD. (ITA NO.626/2010) RULE 8D IS NOT APPLICABLE TO THE ASSESSMENT YEAR UNDER CONSIDERATI ON. HAVING REGARD TO THE CIRCUMSTANCES OF THE CASE, LEARNED CIT(A) DIREC TED THE ASSESSING OFFICER TO DETERMINE THE QUANTUM OF EXPENDITURE WHI CH CAN BE SAID TO BE REASONABLE FOR EARNING EXEMPT INCOME AND DIRECTED T O DISALLOW THE SAME. FURTHER AGGRIEVED, THE ASSESSEE IS IN APPEAL BEFORE US. 3. AT THE TIME OF HEARING LEARNED COUNSEL FOR THE A SSESSEE FILED A COPY OF THE LETTER DATED 3.1.2012 TO SUBMIT THAT THE ASS ESSEE IS NOT INTERESTED VIMAL B. SHAH 2 TO PURSUE THE APPEAL AND THEREFORE SOUGHT PERMISSIO N TO WITHDRAW ITS APPEAL. LEARNED DEPARTMENTAL REPRESENTATIVE HAS NO OBJECTION FOR THE SAME. UNDER THE CIRCUMSTANCES, THE APPEAL FILED BY THE AS SESSEE IS DISMISSED AS WITHDRAWN. PRONOUNCED ACCORDINGLY IN T HE OPEN COURT. SD/- (T.R. SOOD) ACCOUNTANT MEMBER SD/- (D.MANMOHAN) VICE-PRESIDENT DATED : 3 RD JANUARY, 2012. COPY TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A)-CONCERNED. 4. THE CIT, CONCERNED. 5. THE DR CONCERNED, MUMBAI 6. GUARD FILE BY ORDER TRUE COPY ASSTT. REGISTRAR, ITAT, MUMBAI PS