RAYMOND APPAREL LTD, MUMBAI V. ADDL CIT RG 2(3), MUMBAI

ITA 7530/MUM/2012

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 92468 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 4 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-05-2015
• Appeal Filed By: Assessee
• Bench Allotted: D
• Next Hearing Date: 07-05-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 20-12-2012
• Court: TRIBUNAL
• Department Lawyers: LOVE KUMAR
• Assessee Lawyers: YOGESH KADAM

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL D , BENCH MUMBAI . . , , BEFORE SHRI R.C.SHARMA , A M & SHRI SANJAY GARG , J M ./ ITA N O. 7 530 / MUM/20 1 2 ( / ASSESSMENT YEAR : 200 9 - 10 ) RAYMOND APPAREL LTD., NEW HIND HOUSE, NAROTTAM MORARJEE MARG, BALLARD ESTATE, MUMBAI - 400001 VS. ADCIT, RG.2(3), MUMBAI ./ ./ PAN/GIR NO. : A A A CJ 2732 K ( / APPELL ANT ) .. ( / RESPONDENT ) /ASSESSEE BY : SHRI YOGESH KADAM /REVENUE BY : SHRI LOVE KUMAR / DATE OF HEARING : 0 7 /0 5 / 2015 / DATE OF PRONOUNCEMENT 07/05 /2015 / O R D E R PER R.C.SHARMA (A.M) : THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT(A) - 6, MUMBAI , DATED 21 - 11 - 2012 FOR THE ASSESSMENT YEAR 200 9 - 10 IN THE MATTER ORDER PASSED U/S.143(3) OF THE I.T.ACT. 2. IN THIS APPEAL, THE ASSESSEE I S AGGRIEVED FOR DISALLOWANCE OF RS. 31,74,000/ - U/S.14A. 3. LD. AR PLACED ON RECORD ORDER OF THE TRIBUNAL IN ASSESSEES OWN CASE FOR THE IMMEDIATELY PRECEDING ASSESSMENT YEAR 2008 - 09, WHEREIN ASSESSEES CLAIM FOR DISALLOWANCE UNDER RULE 8D AMOUNTING TO RS. 31,74,000/ - WAS RESTRICTED TO RS. 11,06,063/ - . IN THIS CASE, THE TRIBUNAL ITA NO. 7530 /1 2 2 RESTRICTED DISALLOWANCE BY APPLYING PRINCIPLE OF LAW LAID DOWN IN THE CASE OF GARWARE WALL ROPES, ITA NO.5408/MUM/2012, ORDER DATED 15 - 1 - 2014 AND J.M.FINANCIAL LTD., ITA NO.4521/MUM/2 012, ORDER DATED 26 - 3 - 2014, TO THE EFFECT THAT INVESTMENT MADE FOR STRATEGIC INVESTMENT SHOULD BE EXCLUDED WHILE COMPUTING AVERAGE INVESTMENT. 4. RESPECTFULLY FOLLOWING THE ORDER OF THE TRIBUNAL IN THE AFORESAID CASES, WE RESTORE THE MATTER BACK TO THE FI LE OF AO WITH A DIRECTION TO RECOMPUTE THE DISALLOWANCE U/S.14A BY EXCLUDING STRATEGIC INVESTMENT MADE BY THE ASSESSEE WHILE COMPUTING AVERAGE INVESTMENT FOR ARRIVING AT DISALLOWANCE TO BE MADE UNDER RULE 8D. WE DIRECT ACCORDINGLY. 5 . IN THE RESULT, APPE AL OF THE ASSESSEE IS ALLOWED IN PART, IN TERMS INDICATED HEREINABOVE. O RDER PRONOUNCED IN THE OPEN COURT ON THIS 07/05 / 201 5 . SD/ - SD/ - ( ) ( SANJAY GARG ) ( . . ) ( R.C.SHARMA ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED 07/05 /201 5 . . /PKM , . / PS / COPY OF THE ORDER FORWARDED TO : / BY ORDER , / ( ASSTT. REGISTRAR) , / ITAT, MUMBAI 1. / THE APPELLANT 2. / THE RESP ONDENT. 3. ( ) / THE CIT(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. //TRUE COPY//