SINDHU RESETTLEMENT CORPORATION LTD, MUMBAI V. ASST CIT 2(3), MUMBAI

ITA 4851/MUM/2011

• Counselvise Citation: 485119914 RSA 2011
• Duration Of Justice: 4 year(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-07-2015
• Appeal Filed By: Assessee
• Bench Allotted: E
• Next Hearing Date: 17-06-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 17-06-2011
• Court: TRIBUNAL
• Department Lawyers: NEIL PHILIP
• Assessee Lawyers: RAJNIKANT CHANIYARI
• Keywords: Gift; Earning of tax free income

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL E , BENCH MUMBAI . . , , BEFORE SHRI R.C.SHARMA , A M & SHRI SANJAY GARG , J M ./ ITA NO . 4851 / MUM/20 1 1 ( / ASSESSMENT YEAR : 200 7 - 08 ) M/S SINDHU RESETTLEMENT CORPORATION LTD., 1, PNB HOUSE, SIR P.M.ROAD, MUMBAI - 400001 VS. ACIT - 2(3), MUMBAI ./ ./ PAN/GIR NO. : A AACS 6525 P ( / APPELLANT ) .. ( / RESPONDENT ) /ASSESSEE BY : SHRI RAJNIKANT CHANIYARI /REVENUE BY : SHRI NEIL PHILIP / DATE OF HEARING : 0 7 /0 7 / 2015 / DATE OF PRONOUNCEMENT 07/07 /2015 / O R D E R PER R.C.SHARMA (A.M) : TH IS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT(A) , MUMBAI , FOR THE ASSESSMENT YEAR S 200 7 - 08 , IN THE MATTER OF ORDER PASSED U/S.143(3) OF THE I.T.ACT . 2. THE FIRST GRIEVANCE OF THE ASSESSEE RELATES TO DISALLOWA NCE OF EXPENSES RELATING TO GIFT TO SHAREHOLDER AMOUNTING TO RS. 17,34,975/ - . THIS GROUND WAS NOT PRESSED BY THE LD. AR DURING THE COURSE OF HEARING BEFORE US, THEREFORE, THE SAME IS DISMISSED IN LIMINE AS NOT PRESSED. 3. THE NEXT GROUND OF THE ASSESSEE REL ATES TO DISALLOWANCE OF RS. 16,388/ - U/S.14A R.W.R.8D. WE HAVE CONSIDERED RIVAL CONTENTIONS AND ITA NO. 4851 /1 1 2 FOUND THAT THE AO HAS COMPUTED THE DISALLOWANCE BY APPLYING RULE 8D. T HE ASSESSMENT YEAR UNDER CONSIDERATION IS 2007 - 08, WHEREIN RULE 8D IS NOT APPLICABLE. WE AL SO FOUND THAT ASSESSEE HAS NOT INCURRED ANY EXPENDITURE FOR EARNING THE EXEMPT INCOME. ACCORDINGLY, WE DO NOT FIND ANY MERIT FOR THE DISALLOWANCE OF RS. 16,388/ - MADE U NDER RULE 8D. 4 . IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED IN PART . O RDER PRONOU NCED IN THE OPEN COURT ON THIS 07/07 / 201 5 . SD/ - SD/ - ( ) ( SANJAY GARG ) ( . . ) ( R.C.SHARMA ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED 28 /07 /201 5 . . /PKM , . / PS / COPY OF THE ORDER FORWARDED TO : / BY ORDER, / ( AS STT. REGISTRAR) , / ITAT, MUMBAI 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. //TRUE COPY//