ASHOK KUMAR DAMANI, MUMBAI V. DCIT 4(1), MUMBAI

ITA 4119/MUM/2012

• Counselvise Citation: 411919914 RSA 2012
• Duration Of Justice: 1 year(s) 6 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-12-2013
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 30-12-2013
• Assessment Year: 2009-2010
• Appeal Filed On: 12-06-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: M L PERUMAL
• Assessee Lawyers: H I RO RAI
• Keywords: Earning of tax free income
• Section: 14A

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, MUMBAI BEFORE S/SHRI B.R.MITTAL,(JM) AND N.K.BILLAIYA (AM ) . . , . . , ./I.T.A.NO.4119/MUM/2012 ( / ASSESSMENT YEAR: 2009-10) SHRI ASHOK KUMAR DAMANI 1 ST FLOOR, SURYA MAHAL BLD., 5 BURJORJI BHARUCHA MARG, FORT, MUMBAI-400023 / VS. DY. COMMISSIONER OF INCOME TAX 4(1), AAYAKAR BHAVAN, 6 TH FLOOR, M K ROAD, MUMBAI-400020. ./ ./PAN/GIR NO. : AABPD1845K ( ' / APPELLANT) .. ( ( ' / RESPONDENT) ' / APPELLANT BY : SHRI H I RO RAI ( ' * /REVENUE BY SHRI M L PERUMAL * - / DATE OF HEARING : 30.12.2013 * - /DATE OF PRONOUNCEMENT : 30.12.2013 / O R D E R PER B.R.MITTAL, JM THE ASSESSEE HAS FILED THIS APPEAL RELATING TO AS SESSMENT YEAR 2009-10 AGAINST THE ORDER OF LD. CIT(A) DATED 4.4.2012 ON FOLLOWIN G GROUNDS: 1. THE LD. CIT(A) ERRED IN CONFIRMING THE ACTION OF LD. ACIT OF DISALLOWING A PART OF EXPENSE BY ATTRIBUTING THE SAME TOWARDS EAR NING OF EXEMPT INCOME U/S 14A 2. WITHOUT PREJUDICE TO THE ABOVE CLAIM, THE LD. CI T(A) ERRED IN CONFIRMING THE ACTION OF LD. ACIT OF TREATING THE FIGURE OF ST OCK IN TRADE AS INVESTMENT FOR THE PURPOSE OF CALCULATION OF DISALLOWANCE U/S 14A 2. AT THE TIME OF HEARING, LD. AR SUBMITTED THAT T HE ABOVE ISSUE IS COVERED AGAINST THE ASSESSEE BY THE ORDER OF ITAT (THIRD MEMBER) IN THE CASE OF D H SECURITIES PVT LTD V/S DCIT IN ITA NO.5724/MUM/2011, DATED 27.11.2013 (AY-2008-09) WHEREIN IT HAS BEEN HELD THAT THE DISALLOWANCE U/S 14A OF THE INCO ME TAX ACT, 1961 CAN BE MADE IN CONFORMITY WITH LAW IN VIEW OF INSERTION OF RULE 8 D IN THE INCOME TAX RULES, 1962 WHICH IS APPLICABLE FROM THE ASSESSMENT YEAR 2008- 09 ONWARDS EVEN IN CASES WHERE THE DIVIDEND INCOME HAS BEEN EARNED ON THE SHARES HELD AS STOCK-IN-TRADE. IN VIEW OF I.T.A.NO.4119/MUM/2012 2 ABOVE, WE UPHOLD THE ORDER OF LD. CIT(A) AND REJECT THE GROUNDS OF APPEAL TAKEN BY ASSESSEE. 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS D ISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 30 TH DAY OF DECEMBER 2013 * 1 2 30TH DAY OF DECEMBER, 2013 * SD SD ( . . /N.K.BILLAIYA ) ( . . /B.R.MITTAL) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI . . ./ SRL , SR. PS / COPY OF THE ORDER FORWARDED TO : 1. ' / THE APPELLANT 2. ( ' / THE RESPONDENT. 3. > ( ) / THE CIT(A)- 4. > / CIT 5. ? (A , - A , / DR, ITAT, MUMBAI 6. / GUARD FILE. / BY ORDER, TRUE COPY (ASSTT. REGISTRAR) - A , /ITAT, MUMBAI