SHREYAS MORKHIA & FAMILY ASSETS P.LTD, MUMBAI V. DCIT 8(2)(1), MUMBAI

ITA 3182/MUM/2017

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 0655 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 7 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-12-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: J
• Assessment Year: 2013-2014
• Appeal Filed On: 02-05-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: CHAUDHARY ARUN KUMAR SINGH
• Section: 14A; 115JB

Judgement Text

, G , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES G, MUMBAI BEFORE SHRI B.R.BASKARAN, AM AND SHRI AMARJIT SINGH , JM ITA NO.3182/MUM/2017 : ASST.YEAR 2013-2014 M/S.SHREYAS MORAKHIA & FAMILY ASSETS PRIVATE LIMITED (FORMERLY KNOWN AS SHIVA SHAKTI PROPERTIES PVT.LTD.) 706, RAHEJA JOURNAL MARG 214, NARIMAN POINT, MUMBAI-400 021. PAN : AAFCS8009P. / VS. THE DY.COMMISSIONER OF INCOME-TAX CIRCLE 8(2)(1) MUMBAI. ( / APPELLANT) ( / RESPONDENT) /APPELLANT BY : --- NONE --- /RESPONDENT BY : SHRI CHAUDHARY ARUNKUMAR SINGH / DATE OF HEARING : 04.12.2018 / DATE OF PRONOUNCEMENT : 04.12.2018 / O R D E R PER B.R.BASKARAN (AM) : THE APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAIN ST THE ORDER DATED 28.02.2017 PASSED BY THE LEARNED CIT(A)-14, MUMBAI AND IT RELATES TO ASST.YEAR 2013-2014. 2. THE ASSESSEE IS AGGRIEVED BY THE DECISION OF THE LEARNED CIT(A) IN PARTIALLY CONFIRMING THE DISALLOWANCE MADE U/S 14A OF THE ACT UNDER NORMAL PROVISIONS OF THE ACT AND ALSO WHILE COMPUTING THE BOOK PROFIT U/S 115JB OF THE ACT. NONE APPEARED ON BEHALF OF THE ASSESSEE, E VEN THOUGH THE HEARING WAS ADJOURNED ON THE LAST OCCASION AT THE SPECIFIC REQUEST OF THE ASSESSEE. HENCE, WE PROCEED TO DISPOSE OF THE APPEAL EX PARTE, WITHOUT THE PRESENCE OF THE ASSESSEE. ITA NO.3182/MUM/2017. M/S.SHREYAS MORAKHIA & FAMILY ASSETS PVT.LTD. 2 3. WE HEARD THE LEARNED DEPARTMENTAL REPRESENTATIVE AND PERUSED THE RECORD. THE ASSESSEE IS ENGAGED IN THE BUSINESS OF MAKING INVESTMENTS AND LENDING. DURING THE YEAR UNDER CONSIDERATION, THE A SSESSEE EARNED TAX FREE INTEREST AND DIVIDEND INCOME OF RS.658.57 LAKH. THE ASSESSEE DISALLOWED A SUM OF RS.71,806 ONLY U/S 14A OF THE ACT. THE A.O. DID NOT AGREE WITH THE WORKING GIVEN BY THE ASSESSEE AND ACCORDINGLY COMPU TED THE DISALLOWANCE U/S 14A OF THE ACT AT RS.43.53 LAKH. ACCORDINGLY HE MADE ADDITION OF RS.42.81 LAKH TO THE TOTAL INCOME OF THE ASSESSEE. THE LEARNED CIT(A) ACCEPTED THE SUBMISSION OF THE ASSESSEE THAT THERE IS SOME COMPUTATIONAL ERROR IN THE WORKINGS MADE BY THE A.O. AND ACCORDIN GLY DIRECTED THE A.O. TO CORRECT THE ERRORS. ACCORDINGLY HE ALLOWED THE APPE AL OF THE ASSESSEE IN PART. AGGRIEVED BY THE ORDER PASSED BY THE LEARNED CIT(A) , THE ASSESSEE HAS FILED THIS APPEAL BEFORE US. 4. WE HAVE GONE THROUGH THE ORDER PASSED BY THE LEA RNED CIT(A). WE NOTICED THAT THE ASSESSEE HAS NOT FURNISHED ANY MAT ERIAL TO CONTRADICT THE FINDINGS GIVEN BY THE LEARNED CIT(A). UNDER THESE S ET OF FACTS, WE HAVE NO OTHER OPTION BUT TO CONFIRM THE ORDER PASSED BY THE LEARNED CIT(A). 5. IN THE RESULT, THE APPEAL FILED BY THE ASSE SSEE IS DISMISSED. ORDER HAS BEEN PRONOUNCED IN THE COURT ON 04.12. 2018 SD/- SD/- (AMARJIT SINGH) (B.R.BASKARAN) ! / JUDICIAL MEMBER ! / ACCOUNTANT MEMBER MUMBAI; DATED : 04 TH DECEMBER, 2018. DEVDAS* ITA NO.3182/MUM/2017. M/S.SHREYAS MORAKHIA & FAMILY ASSETS PVT.LTD. 3 # $%&'&($ / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ! ! ' ( ) / THE CIT, MUMBAI. 4. ! ! ' / CIT(A)-14, MUMBAI 5. %&' (()* , ! )* , / DR, ITAT, MUMBAI 6. ',-. / GUARD FILE. / BY ORDER, %( //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI