M/s. Bulk Trade (P) Ltd., , Kolkata V. ITO, Ward - 3(2), , Kolkata

ITA 2133/KOL/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 5326 (ITAT-KOLKATA)
• Duration Of Justice: 7 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-05-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Next Hearing Date: 07-03-2019
• Assessment Year: 2014-2015
• Appeal Filed On: 09-10-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: C J SINGH CIT LD
• Assessee Lawyers: SUBASH AGGARWAL LD
• Keywords: Earning of tax free income
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A - SMC BENCH : KOLKATA [BEFORE HONBLE SHRI S.S. GODARA, JM ] I .T . A NO. 21 33 /KOL/2018 A.Y 2014 - 15 M/S. BULK TRADE PVT. LTD V/S. I.T.O., WARD 3(2), KOLKATA PAN: AABCB 0286H (APPELLANT) (RESPONDENT) FOR THE APPELLANT : SHRI SUBASH AGGARWAL, ADVOCATE, LD AR FOR THE RESPONDENT : SHRI C.J. SINGH, CIT, LD.DR DATE OF HEARING : 07 - 03 - 2019 DATE OF PRONOUNCEMENT: 15 - 0 5 - 2019 ORDER 1. THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 20 1 4 - 15 ARISE S AGAINST THE CIT(A) , 1 , KOLKATA S ORDER DATED 20 - 06 - 2018 PASSED IN CASE NO . 591567971130117/CIT(A) - 1/ KOL./ITO. WARD - 3(2)/2016 - 17 INVOLVING PROCEEDINGS U/S 143(3) OF THE I.T ACT , 1961 (IN SHORT ACT) . HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. IT EMERGES AT THE OUTSET THE ASSESSEES INSTANT APPEAL SUFFERS FROM 39 DAYS STATED TO BE DELAYED FOR COMMUNICATION GAP BETWEEN THE ASSESSEE AND ITS AR.. THE REVENUE HAS NOT DISPUTED THE SAME. I THEREFORE CONDONE THE IMPUGNED DELAY OF 39 DAYS IN FILING THIS APPEAL . C ASE IS TAKEN UP FOR CONSIDE RATION ON MERITS. 3. BOTH THE PARTIES REITERATE THEIR RESPECTIVE STANDS AGAINST AND IN SUPPORT OF THE IMPUGNED ADDITION/DISALLOWANCE U/S. 14A/R.W.R 8D OF THE I.T RULES, 1962 AMOUNTING TO RS.7,41,845/ - . IT TRANSPIRES AT THE OUTSET THAT ASSESSE E HAS DERIV ED EXEMPT INCOME 2 ITA NO. 21 33/KOL/2018 - SMC - JM M/S. BULK TRADE P.LTD 2 ITA NO. 21 33/KOL/2018 - SMC - JM M/S. BULK TRADE P.LTD AMOUNTING TO RS.3,750/ - ONLY DURING THE RELEVANT PREVIOUS YEAR. I QUOTE THE DECISION OF THE HONBLE DELHI HIGH COURT IN 372 ITR 694 (DEL) IN JOINT INVESTMENTS P.LTD V/S. CIT TO RESTRICT THE DISALLOWANCE TO THE EXTENT OF RS. 3,750/ - I N THE SE PECULIAR FACTS AND CIRCUMSTANCES . THE ASSESSE GETS PART RELIEF IN ABOVE TERMS . 4 . TH IS ASSESSEES APPEAL IS PARTLY ALLOWED . ORDER PRONOUNCED IN THE COURT ON 15 - 05 - 2019 SD/ - [ S.S.GODARA ] JUDICIAL MEMBER DATED : 15 - 05 - 2019 **PRADIP, SR. PS C OPY OF THE ORDER FORWARDED TO: 1 . APPELLANT/ ASSESSEE: M/S. BULK TRADE (P) LTD 2 BARRETTO LANE, ROOM NO. 104, KOLKATA - 69. 2 . RESPONDENT/ DEPARTMENT: INCOME TAX OFFICER, WARD 3(2), AAYKAR BHAWAN,P - 7 CHOWRINGHEE SQUARE, KOLKATA - 69. 3..C.I.T (A) . - 4. C.I.T. - KOLKATA. 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER ASSISTANT REGISTRAR H.O.O/D.D.O KOLKATA