Rakesh Kumar Jain, Dehradun V. DCIT, Dehradun

ITA 2300/DEL/2017

• Counselvise Citation: [2021] 104 COUNSELVISE.COM (IT) 8970 (ITAT-DEHRADUN)
• Duration Of Justice: 4 year(s) 6 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-11-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2013-2014
• Appeal Filed On: 16-04-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL (DEHRADUN BENCH, NEW DELHI) (Through Video Conferencing) BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER and Dr. B.R.R. KUMAR , ACCOUNTANT MEMBER ITA No. 2299/Del./2017, A.Y. : 2012-13 ITA No. 2300/Del./2017, A.Y. : 2013-14 Dr. Rakesh Kumar Jain S/o. Late Shri C.R.Jain 54-Hardwar Road, Dehradun Vs Deputy Commissioner of Income Tax, Circle-2, Dehradun (APPELLANT) (RESPONDENT) (PAN : ABMPJ4979N) Assessee by : None Revenue by : Sh. T.S. Mapwal, Sr. DR Date of Hearing: 08.11.2021 Date of Pronouncement: .11.2021 O R D E R PER BENCH : Both appeals have been filed by the assessee against the order of the ld. CIT(A)-Haldwani, dated 24.01.2017 & 23.03.2017 respectively. 2. Following grounds have been raised by the assessee: ITA No. 2299/Del/2017, A.Y. 2012-13 “1. That the learned CIT(A) erred in law and on facts in confirming the addition of Rs. 79,953/- as per section 14A.” ITA No. 2300/Del/2017, A.Y. 2013-14 “1. That the learned CIT(A) erred in law and on facts in ITA No.2299, 2300.Del.2017 Dr. Rakesh Kumar Jain 2 confirming the addition of Rs. 90,702/- as per Section 14A.” 3. The only issue involved in this case is disallowance u/s 14A.The assessee has shown the dividend income of Rs. 34,60,250/- and claimed the same as exempt under the provisions of the Income Tax Act. The Assessing Officer has disallowed one half percentage of average value of the investments on going to the record, we find that while resorting to the disallowance u/s 14A. We find that the Assessing Officer has not invoked the necessary satisfaction in accordance with the provisions of section 14A (2). Hence, the disallowance made by the AO and as confirmed by the Ld. CIT(A) cannot be held to be legally valid. 4. Appeal of the assessee is allowed. Order pronounced in open court on this 10 th day of November, 2021. Sd/- Sd/- (AMIT SHUKLA) (Dr. B.R.R.KUMAR) JUDICIAL MEMBER ACCOUNTANT MEMBER *Binita* Dated : 10/11/2021 Copy forwarded to: 1.Appellant 2.Respondent 3.CIT 4.CIT(A), New Delhi. 5.CIT(ITAT), New Delhi. AR, ITAT NEW DELHI.