M/s. Pearl Ship Trans Pvt. Ltd., Ahmedabad V. DCIT, Circle-3(1)(1), Ahmedabad

ITA 2445/AHD/2018

• Counselvise Citation: [2021] 104 COUNSELVISE.COM (IT) 7893 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 11 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-11-2021
• Appeal Filed By: Assessee
• Order Result: PartlyAllowed
• Bench Allotted: C
• Assessment Year: 2015-2016
• Appeal Filed On: 18-12-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: V.K. SINGH
• Section: 20

Judgement Text

, ‘C’ । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD (Convened through Virtual Court) BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SMT. MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./I. T. A. No . 24 45 /A hd /2 01 8 ( Ass e ss me nt Ye ar : 20 1 5 -16 ) M/s. Pearl Ship T rans Pvt. Ltd . KDS & Associates Chartered Accountants, 608-609, Pratiksha Co mplex, Mahala x mi Paanch Rashta, Ne ar. Paldi Cross Road, Ah medabad - 380007 / Vs. De pu ty C o mmi ss io ner o f In co me T ax Cir cl e -3( 1) (1 ), Ah me da bad यी ल सं./ ीआ आर सं./P A N / G IR N o . : A A G C P 0 9 5 5 L (अपील Appellant) . . ( य / Respondent) अपील र स /Appellant by : None य क र स /Respondent by : Shri V. K. Singh, Sr.DR स क र D ate o f He ari ng 15/09/2021 !"# क र /Dat e o f Pro n ou nc e men t 24/11/2021 आद श/O R D E R PER PRADIP KUMAR KEDIA - AM: The c ap ti on ed a pp eal h as b ee n f ile d at the i ns ta nc e o f the ass es se e aga in st t he or de r of th e Co mmi s si on er of Inc o me Ta x (Ap pe al s) -9 , Ah m eda ba d ( CI T( A)’ in s ho rt ), d at ed 29. 10 .2 01 8 I T A N o . 2 4 4 5 / A h d / 1 8 [ M / s . P e a r l S h i p T r a n s P v t . L t d . v s . D C I T ] A . Y . 2 0 1 5 - 1 6 - 2 - ari si ng in t he as s ess me nt or de r da t ed 2 7. 10 .2 01 7 p as sed b y th e As ses si ng Of f ic er ( AO ) un der s . 14 3( 3 ) of th e I nc o me Ta x Ac t, 1 96 1 (th e Ac t) co nc er ni n g A Y 2 01 5-1 6. 2. The so lit ar y is su e in vo lve d i s ad dit io n of Rs .3 ,1 9, 96 9/- conf i r med b y t he C IT( A) o n a cc ou nt o f dis al lo wa nce u /s . 14 A of th e Act . 3. W h en th e mat te r was c all ed f or he a rin g, n one a ppear e d o n beh alf of the a ss es see . The ma tte r was acc or di ng l y p r oce ed ed e x pa rte h av in g r eg ard t o t he n on- att en da nce d es pi t e s ev eral op por tu ni ti es gr an t ed to t he as se ss ee . 4. The lea rn ed DR f o r th e Re ve nu e re li ed u po n th e find in gs of the C IT (A ) an d AO . 5. W e h av e c on sid er e d th e s ub mi ss io ns ma de o n b eh alf of the Re ven ue a nd p eru se d t he o rd ers of th e aut ho ri ti es be lo w. 6. It is n ot ic ed f r o m t he as se ss me nt ord er tha t d is al lo w anc e mad e un der s. 14 A re ad w ith Ru le 8D c o mpr i ses of (i) int er es t e xpe nd it ur e Rs .3, 18 ,1 97 /- a nd (ii ) est i mat ed a d mini st ra ti ve ex pe ns e s 3 8, 89 1/ - agg re ga ti ng to R s. 3 ,57 ,0 88 /- . It is cl ai me d o n behalf of th e a sse ss ee bef or e t he C IT (A ) th at th e a ss es se e ha s s ub st an ti al n on- in te re st bea ri ng f un d to t h e tun e of Rs. 4. 28 Cr ore whi ch f ar e xce ed s th e inv es t men t g iv in g r ise to ta x f re e i nc o me. I n v ie w of t he af ore sa id f act, th e ra tio of de cis io n of H on’ bl e Gu jar at H ig h Co urt in t he ca se of PCI T v s. Si nt ex Ind us tr ie s L td . 8 2 Ta xm an n.c o m 1 71 (Gu j ), C IT vs. U TI Ba nk Lt d. 3 2 t ax ma nn. co m 37 0 (G uj ), DC IT vs. S u br am an va Co ns tr uct io ns & Dev el op me nt C o. Ltd. 5 8 ta xm an n.c om 2 19 (Ba ng al or e t ri b. ), Be nn ett C ol em an & Co . L td . v s. AC IT 8 9 I T A N o . 2 4 4 5 / A h d / 1 8 [ M / s . P e a r l S h i p T r a n s P v t . L t d . v s . D C I T ] A . Y . 2 0 1 5 - 1 6 - 3 - tax ma nn .c om 4 15 (Mu m Tr ib ), CI T vs . T or re nt P ow er Lt d. (2 01 4 ) 27 2 C TR 02 70 (G uj ), C IT vs . S uzl o n En er gy Lt d. 35 4 ITR 06 30 (Gu j ), CI T vs . A m o d S ta mp in g 45 t ax ma nn .co m 42 7 (G uj ) & C IT v s. Gu ja rat N ar ma da Val le y 42 ta xm an n .co m 27 0 (G uj ) s h all a pp l y. The d is al lo wa nce of es ti ma te d i nt er e st ex pe ns es b y a p p l yi ng R ul e 8D is t hu s no t war r ant ed i n the f ac ts o f the ca se . 7. The a ss es see , ho we ver , has f ail ed t o o f f er an y exp lan at io n f or rel ief o n ac co un t of ad mi ni st rat i ve e xp en se s a mo untin g t o Rs .3 8,8 91 /- . C on seq ue nt l y, we d e cli ne t o int erf e re wi th t he dis al lo wa nc e t o th e ex te nt of R s. 38 ,8 9 1/- . 8. In th e res ul t, a pp ea l of th e a ss es se e i s par tl y a ll o wed . Sd/- Sd/- (MADHUMI TA R OY) (PRADIP KUM AR KEDIA) JUDICI AL MEM BER ACC OUNTANT MEM BER A h m e d a b a d : D a t e d 2 4 / 1 1 / 2 0 2 1 True Copy S. K. SINHA ेश ! " #े" / Copy of Order Forwarded to:- &. र / Revenue 2. आ दक / Assessee (. सं)ं*+ आयकर आय , / Concerned CIT 4. आयकर आय , - अपील / CIT (A) /. 0 1 2ीय 3 3 *+4 आयकर अपील य अ*+कर#4 अ56द ) द / DR, ITAT, Ahmedabad 7. 2 89 : ल / Guard file. By order/आद श स 4 उप/स5 यक पं ीक र आयकर अपील य अ*+कर#4 अ56द ) द । This Order pronounced in Open Court on 24/11/2021