Pataka Industries Pvt. Ltd., Kolkata V. D.C.I.T.,Circle-8(2), Kolkata

ITA 602/KOL/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 5200 (ITAT-KOLKATA)
• Duration Of Justice: 10 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-02-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 27-03-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Rule 8D
• Section: 14A; 250

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA C BENCH, KOLKATA (BEFORE SRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER & SRI S.S. GODARA, JUDICIAL MEMBER) ITA NO. 602/KOL/2019 ASSESSMENT YEAR: 2008-09 PATAKA INDUSTRIES PVT. LTD.............................................APPELLANT 97, TRIMURTI APARTMENT PARK STREET KOLKATA 700 016 [PAN : AABCP 5057 C] VS. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-8(2), KOLKATA............................RESPONDENT APPEARANCES BY: SHRI ANIL KOCHAR, ADVOCATE, APPEARED ON BEHALF OF THE ASSESSEE. SHRI VIJAY SHANKAR, CIT D/R, APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : JANUARY 20 TH , 2020 DATE OF PRONOUNCING THE ORDER : FEBRUARY 19 TH , 2020 ORDER PER J. SUDHAKAR REDDY, AM :- THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) 15, KOLKATA, (HEREINAFTER THE LD.CIT(A)), PASSED U/S. 250 OF THE INCOME TAX ACT, 1961 (THE ACT), DT. 01/03/2019, FOR THE ASSESSMENT YEAR 2008-09. 2. AFTER HEARING RIVAL CONTENTIONS WE FIND THAT THE SOLE ISSUE THAT ARISES FOR OUR ADJUDICATION IN THIS APPEAL, IS THE QUANTIFICATION OF DISALLOWANCE TO BE MADE U/S 14A OF THE ACT READ WITH RULE 8D OF THE INCOME TAX RULES, 1963 (RULES). THIS IS THE SECOND ROUND OF APPELLATE PROCEEDINGS. 3. AS AGREED BY BOTH THE PARTIES, WE RESTORE THIS MATTER TO THE FILE OF THE ASSESSING OFFICER FOR FRESH ADJUDICATION, IN ACCORDANCE WITH LAW. THE ASSESSING OFFICER SHALL APPLY THE PROPOSITIONS OF LAW LAID DOWN BY THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT VS. REI AGRO PVT. LTD. IN G.A. 3022 OF 2013 ITAT 161 OF 2013, DT. 23 RD DECEMBER, 2013 AS WELL AS CIT VS. ASHIKA GLOBAL SECURITIES LTD. IN ITAT 100 OF 2014, GA NO. 2122 OF 2014. THE PROPOSITIONS OF LAW LAID DOWN BY THE SPECIAL BENCH OF THE TRIBUNAL IN THE CASE OF ACIT VS. VIREET INVESTMENTS (P) LTD. [2017] 82 TAXMANN.COM 415 (DELHI - TRIB.) , ARE ALSO TO BE APPLIED AND FOLLOWED BY THE ASSESSING OFFICER. THE ASSESSEE IS DIRECTED TO MAKE A ITS CLAIM, IN LINE WITH THE PROPOSITIONS OF LAW LAID DOWN IN THE ABOVE REFERRED JUDICIAL PRONOUNCEMENTS. 4. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. KOLKATA, THE SD/- [S.S. GODARA] JUDICIAL MEMBER DATED : 19.02.2020 {SC SPS} COPY OF THE ORDER FORWARDED TO: 1. PATAKA INDUSTRIES PVT. LTD 97, TRIMURTI APARTMENT PARK STREET KOLKATA 700 016 2. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 3.CIT(A)- 4. CIT- , 5. CIT(DR), KOLKATA BENCHES, KOLKATA. 2 IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. KOLKATA, THE 19 TH DAY OF FEBRUARY, 20 20 [ J. SUDHAKAR REDDY ACCOUNTANT MEMBER DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE -8(2), KOLKATA 5. CIT(DR), KOLKATA BENCHES, KOLKATA. ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES ITA NO. 602/KOL/2019 ASSESSMENT YEAR: 2008-09 PATAKA INDUSTRIES PVT. LTD. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 20 . SD/- J. SUDHAKAR REDDY ] ACCOUNTANT MEMBER TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES