DCIT, New Delhi V. M/s. Helios Photo Voltaic Ltd., New Delhi

ITA 3726/DEL/2017

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 2440 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 8 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-02-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2010-2011
• Appeal Filed On: 08-06-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PRAKASH DUBEY
• Keywords: Earning of tax free income
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH G, NEW DELHI BEFORE SH. SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER DR. B. R. R. KUMAR, ACCOUNTANT MEMBER (THROUGH VIDEO CONFERENCING) ITA NO. 3726/DEL/2017 : ASSTT. YEAR : 2010-11 DCIT, CIRCLE-11(1), NEW DELHI VS M/S HELIOS PHOTO VOLTAIC LTD., 43-B, OKHLA INDUSTRIAL AREA, PHASE-III, NEW DELHI-110020 (APPELLANT) (RESPONDENT) PAN NO. AAECM4997P ASSESSEE BY : NONE REVENUE BY : SH. PRAKASH DUBEY, SR. DR DATE OF HEARING: 28.01.2021 DATE OF PRONOUNCEMENT: 17.02.2021 ORDER PER DR. B. R. R. KUMAR, ACCOUNTANT MEMBER: THE PRESENT APPEAL HAS BEEN FILED BY THE REVENUE A GAINST THE ORDER OF THE LD. CIT(A)-38, DELHI DATED 23.02.2 017. 2. FOLLOWING GROUNDS HAVE BEEN RAISED BY THE REVENU E: 1. WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) ERRED IN DIRECTING THE AO TO EXCLUDE THE INTEREST AMOUNT OF RS.89,20,96,179/- FROM THE INTEREST NOT DIRECTLY ATTRIBUTABLE TO ANY PARTICULAR INCOME OR RECEIPT WHILE COMPUTING DISALLOWANCE U/S 14A R.W.R. 8D. 3. THE DIVIDEND EARNED BY THE ASSESSEE WAS RS.1,91, 577/-. THE AMOUNT DISALLOWED BY THE AO WAS RS.3,65, 20,080/-. ITA NO. 3726/DEL/2017 HELIOS PHOTO VOLTAIC LTD. 2 4. OUT OF WHICH, THE LD. CIT (A) HAS DIRECTED TO EX CLUDE THE INTEREST AMOUNT OF RS.89.20 CR. WHICH WAS NOT ATTRI BUTED TO EARNING OF EXEMPT INCOME. 5. WE FIND THAT THE GROUND TAKEN UP BY THE REVENUE HAS NO LEGAL VALIDITY AS THE LD. CIT (A) HAS RIGHTLY DIREC TED TO EXCLUDE THE INTEREST INCOME ON THE AMOUNTS INVOLVED IN INVE STMENT AND IN THE OVERSEAS COMPANIES WHICH DID NOT GIVE RISE T O ANY EXEMPT INCOME AND WHICH WAS NOT UTILIZED FOR EARNIN G THE EXEMPT INCOME. 6. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 17/02/2021. SD/- SD/- (SUDHANSHU SRIVASTAVA) (DR. B. R. R. KUMAR) JUDICIAL MEMBER AC COUNTANT MEMBER DATED: 17/02/2021 *SUBODH* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR