Rishra Investments Ltd., Kolkata V. ITO, Ward 1(4), Kolkata

ITA 501/KOL/2020

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 4015 (ITAT-KOLKATA)
• Duration Of Justice: 1 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-10-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2014-2015
• Appeal Filed On: 17-09-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: JAYANTA KHANGRA
• Section: 143(3); 14A; 115JB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C (VIRTUAL COURT HEARING), BENCH KOLKATA BEFORE SHRI P. M. JAGTAP, V.P & SHRI S. S. GODARA, JM ./I.T.A NO.501/KOL/2020 ( [ [ / ASSESSMENT YEAR: 2014-15) RISHRA INVESTMENTS LTD. C/O SUBASH AGARWAL & ASSOCIATES, ADVOCATES SIDDHA GIBSON, 1, GIBSON LANE, SUITE 213, 2 ND FLOOR, KOLKATA 700069. VS . ITO, WARD-1(4), KOLKATA ./ ./PAN/GIR NO.: AABCR2630P (APPELLANT) .. (RESPONDENT) APPELLANT BY : SHRI SUBASH AGARWAL, ADVOCATE RESPONDENT BY : SHRI JAYANTA KHANGRA, JCIT / DATE OF HEARING : 09/10/2020 /DATE OF PRONOUNCEMENT : 22/10/2020 / O R D E R PER SHRI S. S. GODARA: THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2014-15 ARISES AGAINST THE COMMISSIONER OF INCOME-TAX (APPEALS)-6, KOLKATAS ORDER DATED 03.03.2020 PASSED IN CASE NO.CIT(A), KOLKATA-6/10141/2018-19 INVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961; (IN SHORT THE ACT). HEARD BOTH THE PARTIES. CASE FILE PERSUED. 2. THE ASSESSEES PETITION DATED 29.09.20 FILED IN THE INSTANT MAIN APPEAL ITA NO.501/KOL/20 HAD PRAYED FOR AN EARLY HEARING SINCE THE SOLITARY ISSUE RAISED THEREIN CHALLENGING CORRECTNESS OF BOTH THE LOWER AUTHORITIES ACTION INCLUDING SECTION 14A R.W.R 8D DISALLOWANCE OF RS.1,26,42,918/- FOR SECTION 115JB MAT COMPUTATION STATED TO BE NO MORE RES INTEGRA. WITH THE CONSENT OF BOTH THE PARTIES, WE THEREFORE PROCEED TO DEAL WITH THE SAID SOLE ISSUE ITSELF WHILST HEARING THE ASSESSEES AFORESAID EARLY HEARING PETITION. I.T.A NO.501/KOL/2020 RISHRA INVESTMENTS LTD. PAGE | 2 3. COMING TO THE MAIN APPEAL ITA NO.501/KOL/20, WE FIND THAT THE ASSESSEE IS NOT DISPUTING SECTION 14A R.W.R. 8D DISALLOWANCE ON MERITS. ITS ONLY CASE IS THAT THIS TRIBUNALS SPECIAL BENCHS DECISION IN ACIT VS. VIREET INVESTMENT PVT. LTD. 165 ITD 227 (DELHI) HOLDS THAT SUCH A DISALLOWANCE DOES NOT DESERVE TO BE INCLUDED FOR THE PURPOSE OF FINALIZING SECTION 115JB COMPUTATION. THIS CLINCHING ASPECT HAS GONE UNREBUTTED FROM THE REVENUE SIDE. WE THEREFORE ACCEPT THE ASSESSEES INSTANT SOLE SUBSTANTIVE GRIEVANCE AS WELL AS THE MAIN APPEAL IN ITA NO.501/KOL/20. 4. THIS ASSESSEES APPEAL IS ALLOWED IN ABOVE TERMS. ORDER IS PRONOUNCED IN THE OPEN COURT ON 22.10.2020. SD/- ( P.M. JAGTAP ) SD/- (S. S. GODARA) VICE-PRESIDENT JUDICIAL MEMBER /KOLKATA; / DATE: 22/10/2020 RS / COPY OF THE ORDER FORWARDED TO : TRUE COPY BY ORDER ASSISTANT REGISTRAR, I.T.A.T, KOLKATA BENCHES, KOLKATA . 1. THE APPELLANT- RISHRA INVESTMENTS LTD. 2. THE RESPONDENT- ITO, WARD-1(4), KOLKATA 3. ( ) / THE CIT(A), KOLKATA [SENT THROUGH EMAIL] 4. / CIT 5. , , / DR, ITAT, KOLKATA [SENT THROUGH EMAIL] 6. [ / GUARD FILE.