National Cooperative Development Corporaion, New Delhi V. DCIT, New Delhi

ITA 4706/DEL/2009

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 3812 (ITAT-DELHI)
• Duration Of Justice: 1 year(s) 5 month(s) 30 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-06-2011
• Appeal Filed By: Assessee
• Bench Allotted: F
• Next Hearing Date: 10-01-2011
• Assessment Year: 2007-2008
• Appeal Filed On: 14-12-2009
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH `F: NEW DELHI BEFORE SHRI G.E. VEERABHADRAPPA, VICE PRESIDENT AND SHRI C.L.SETHI, JUDICIAL MEMBER. I.T. A. NO.4706/DEL/2009 ASSESSMENT YEAR: 2007-08 NATIONAL COOPERATIVE DEVELOPMENT DEPUTY COMMISSION ER OF CORPORATION, VS. INCOME-TAX, CIRCLE 13(1), 4, SIRI INSTITUTIONAL AREA, HAUZ KHAS, NEW DELHI. PAN: AAACN1964F (APPELLANT) (RESPONDENT) CORRIGENDUM IN THIS APPEAL WE PASSED AN ORDER DATED 31 ST JANUARY, 2011. IN THIS ORDER WE DIRECTED TO DISALLOW 10% OF THE EXEMPTED D IVIDEND INCOME OF RS.4,59,000/- AS INADMISSIBLE EXPENSES INCURRED FOR EARNING EXEMPTED DIVIDEND INCOME. THE TOTAL AMOUNT OF DIVIDEND RECE IVED BY THE ASSESSEE WAS OF RS.4,59,000/-, 10% OF WHICH COMES TO RS.45,900/- . THEREFORE, THE DISALLOWANCE OF EXPENSES IS RESTRICTED TO RS.45,900 /-. HOWEVER, INSTEAD OF THE FIGURE OF RS.45,900/-, THE FIGURE OF RS.4,590/- HAS BEEN INADVERTENTLY MENTIONED IN THE LAST BUT ONE LINE OF PARA 13 BEING 1 ST LINE OF PAGE 13 OF OUR ORDER. WE, THEREFORE, RECTIFY OUR ORDER RESTRICTIN G THE DISALLOWANCE OF EXPENSES TO THE EXTENT OF RS.45,900/- AS AGAINST RS .4,590/- WRONGLY 2 MENTIONED IN FIRST LINE AT PAGE 13 OF OUR ORDER DAT ED 31 ST JANUARY, 2011. THEREFORE, THE LAST BUT ONE LINE OF PARA 13 BEING 1 ST LINE OF PAGE 13 OF OUR ORDER DATED 31 ST JANUARY, 2011 SHALL BE READ AS UNDER:- WE, THEREFORE, RESTRICT THE DISALLOWANCE TO RS.45,9 00/-. IN OTHER WORDS, THE ASSESSING OFFICER SHALL RESTRIC T THE DISALLOWANCE TO THE EXTENT OF RS.45,900/-. OUR ORDER DATED 31 ST JANUARY, 2011 STANDS MODIFIED ACCORDINGLY. 2. THIS CORRIGENDUM HAS BEEN ISSUED ON THIS DATE OF JUNE 13, 2011. SD/- SD/- (G.E. VEERABHADRAPPA) (C.L. SETHI) VICE PRESIDENT JUDICIAL MEMBER DATED: 13 TH JUNE, 2011. COPY OF THE ORDER FORWARDED TO:- 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR BY ORDER *MG DEPUTY REGISTRAR, ITAT.