DCIT, New Delhi V. M/s. Jindal Export & Import (P) Ltd., New Delhi

ITA 6072/DEL/2014

• Counselvise Citation: [2018] 121 COUNSELVISE.COM (IT) 5401 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 4 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-04-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2012-2013
• Appeal Filed On: 07-11-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH D NEW DELHI BEFORE SHRI J.S.REDDY, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER ITA NO. 6072/DEL/2014 (ASSESSMENT YEAR : 2012-13) DCIT, CIRCLE-4(1), NEW DELHI. VS M/S. JINDAL EXPORT & IMPORT (P.) LTD., 110, BABAR ROAD, NEW DELHI. PAN-AAACJ0474G (APPELLANT) (RESPONDENT) APPELLANT BY SH. SALIL AGGARWAL, ADV., SH. SHAILESH GUPTA, CA & SH. MADHUR AGGARWAL, ADV. RESPONDENT BY SH. AMIT JAIN, SR.DR DATE OF HEARING 03.04.2018 DATE OF PRONOUNCEMENT 03.04.2018 ORDER PER J.S.REDDY, ACCOUNTANT MEMBER THIS APPEAL IS FILED BY THE REVENUE AGAINST THE ORD ER OF LD.CIT(A)-VIII, NEW DELHI DATED 26.08.2014 FOR AY 2012-13. 2. THE ONLY ISSUE IN THIS APPEAL ARISES FOR OUR CON SIDERATION IS THE DISALLOWANCE MADE U/S 14A R.W RULE 8D OF THE INCOME TAX ACT, 1961 (IN SHORT ACT). ADMITTEDLY, THE ASSESSEE HAS NOT EARNED AN Y INCOME WHICH IS EXEMPT FROM TAX. IT HAS NOT EARNED ANY DIVIDEND INCOME FR OM SHARES DURING THIS YEAR. IN THESE CIRCUMSTANCES, NO DISALLOWANCE CAN BE MADE UNDER SECTION 14A OF THE ACT AS HELD BY THE JURISDICTIONAL HIGH COURT IN THE CASE OF CHEMINVEST LTD. V. CIT [2015] 378 ITR 33 (DEL) AS WELL AS IN THE CASE OF PRINCIPAL COMMISSIONER OF INCOME-TAX-04 V. IL & FS ENERGY DEV ELOPMENT COMPANY LTD. [2017] 399 ITR 483 (DELHI). THEREFORE, R ESPECTFULLY FOLLOWING THE AFORESAID ITA NO. 6072/DEL/2014 DECISIONS AND THE PROPOSITION OF LAW LAID DOWN THER EIN, WE ARE NOT INCLINED TO INTERFERE WITH THE DECISION REACHED BY THE LD. CIT( A) IN THE IMPUGNED ORDER. ACCORDINGLY, THE APPEAL OF THE REVENUE IS LIABLE TO BE DISMISSED. 3. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISS ED. PRONOUNCED IN THE OPEN COURT ON 03.04.2018. SD/- SD/- (AMIT SHUKLA) (J.S.REDDY) JUDICIAL MEMBER ACCOUNTANT MEMBER DATE:-03 RD APRIL, 2018 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI