Pritesh Shankarlal Shah, Baroda V. DCIT, Circle-3(1), Ahmedabad

ITA 360/AHD/2019

• Counselvise Citation: [2021] 104 COUNSELVISE.COM (IT) 7890 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 8 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-11-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2013-2014
• Appeal Filed On: 05-03-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: V.K. SINGH
• Section: 6; 2; 43; 72; 13

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 s. 3 59 & 3 60 / Ah d/ 20 19 ( Ass e ss me nt Ye ar s : 2 01 2-1 3 & 20 13 -1 4) Pritesh S han ka rlal Shah 3/A, Ja y Santoshi Nagar Society, Nr . Utkarsh Petrol Pu mp, Kare libaug, Baroda / Vs. DC IT Cir cl e -3( 1) , Ra ce Co ur se Ro ad, B ar od a यी लेख सं./जीआइआर सं./P A N / G IR N o . : A O E P S 8 4 5 3 F (अपील Appellant) . . ( य / Respondent) अपील र से /Appellant by : Shri S. N. Divatia, A.R. य क र से/Respondent by : Shri V. K. Singh, Sr.DR स क र ख D ate o f He ari ng 16/09/2021 !"# क र ख /Dat e o f Pro n ou nc e men t 24/11/2021 आदेश/O R D E R PER PRADIP KUMAR KEDIA - AM: Bo th c apt io ne d ap p eal s ha ve b ee n f ile d at t he i ns tan ce o f the ass es se e a gai ns t t he r es pe cti ve or d ers of the Co m m iss io ne r of Inc o me T ax ( Ap pe als )- 3, V ad od ar a ( CI T( A)’ in s ho rt ), bot h d at ed 13. 12 .2 01 8 a ri si ng in t he as se ss me n t or de rs da te d 13. 03. 20 15 & 18. 03 .2 01 6 p as se d b y t he A sse ss in g O f f icer ( AO ) u nder s . 14 3( 3) of I T A N o s . 3 5 9 & 3 6 0 / A h d / 1 9 [ P r i t e s h S . S h a h v s . D C I T ] A . Y . 2 0 1 2 - 1 3 & 2 0 1 3 - 1 4 - 2 - the I nco me T ax A ct, 1 96 1 ( th e A ct ) co nc ern in g A. Ys . 20 12 -1 3 & 20 13- 14 . 2. The s ol ita r y is su e i nv olv ed i s a dd iti on of Rs .3 ,6 0, 51 6/ - ( A. Y . 20 12- 13 ) & Rs . 4 ,8 5,6 43 /- ( A. Y. 20 13 -14 ) co nf ir med b y t he CI T( A) on ac co un t of di sa ll ow anc e u/ s. 1 4A of th e Ac t. 3. Ag gri ev ed b y th e or der of C IT( A) , the as se ss ee pr ef err ed app ea l bef or e th e T rib un al . 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 h ea r d ri va l s ub mi ss io n s o n th e i ss ue . T h e as se ss ee has no t cl ai me d a n y e x e mpt i nc o me. The ref o re, no di sal lo wan ce is per mi ss ib le i n vie w of the de ci si on of the Ho n’ bl e Gu jar at H ig h Co urt in t he c as e of CIT v s. Co rr te c h En er gy P . L td . 3 72 I TR 97 (Gu j. ). I n a no th er jud g men t in th e c a se of CI T vs . V is io n F in st oc k Lt d. Ta x Ap pe al No . 4 86 o f 20 17 dat ed 3 1. 07 .2 01 7 t he Ho n’ bl e Gu jar at H ig h Co ur t ha s on ce a gai n ex pre ss ed t he si mi la r vi ew a nd hel d th at d is al lo wa nce of ex pe nd it ur e in ter ms of Sect io n 14 A r. w. Ru le 8 D ca nn ot ex cee d t he e xe mp t in co me i ts elf . It i s n oti ce d th at SL P (Civ il ) [ Dia ry No . 1 31 52 /2 01 8] f il ed b y t he R ev en ue aga in st t he jud g men t of the Ho n’b le G uj ar at H ig h Co urt in V is io n Fi n sto ck L td . (su pr a ) h as be en d i s mis sed o n me rit s b y th e Ho n’ ble S up re me Co ur t vid e or de r da ted 0 7.0 5. 20 18 . The r e f eren ce is a ls o ma de to t he dec is io n of Ho n’ bl e S up re me C ou rt o f Ind ia in C IT v s. Ch ett in ad Lo gi sti cs (P . ) Lt d. (20 18 ) 9 5 t ax ma nn .co m 2 50 (S C ). T hu s, i n t he lig ht of j udi ci al p r ece de nt s no te d ab o ve, no a dd ition al d i sal lo wa nc e is c al le d f or un de r s. 14 A of t he Ac t in exc es s of exe m pt inc o me. Thi s ap ar t, w e al so n oti ce t ha t the own f un ds of the ass es se e I T A N o s . 3 5 9 & 3 6 0 / A h d / 1 9 [ P r i t e s h S . S h a h v s . D C I T ] A . Y . 2 0 1 2 - 1 3 & 2 0 1 3 - 1 4 - 3 - (R s.1 50 .9 0 La kh s) f ar e xc eed s th e c orr es po nd in g inves t men t (R s.6 3. 25 La kh s) c arr yi n g th e p ote nt i al t o g en era te ta x f ree in co me . Th us, i n v ie w of So uth I nd ia n B an k Lt d. 13 0 t ax ma nn .c o m 1 78 (SC ), the d is al lo wa nce o f inter est Rs. 3, 34 , 52 8/- u nd er R ul e 8D( 2) (i i) i s not per mi ss ib le . In th e li gh t of af ore sai d di sc us si on , th e gri ev an ce is re so lv ed in f av ou r of th e a ss es se e a n d a ga in st the Re ve n ue. 6. In t he re su lt , bo t h ca pti on ed a pp ea ls of th e as se sse e are all ow ed . 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 ज / 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 : इल / Guard file. By order/आदेश से4 उप/स5 यक पंजीक र आयकर अपील य अ*+कर#4 अ56द ) द । This Order pronounced in Open Court on 24/11/2021