REYNOLD TRADERS P.LTD, MUMBAI V. ASST CIT 8(1)(1), MUMBAI

ITA 7558/MUM/2016

• Counselvise Citation: [2017] 126 COUNSELVISE.COM (IT) 8486 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-11-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2012-2013
• Appeal Filed On: 23-12-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: M C OMI NINGSHEN
• Section: 143(3); 14A; 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES H , MUMBAI BEFORE S HRI R.C. SHARMA (AM) AND SHRI RAM LAL NEGI (JM) ITA NO. 7558/MUM/2016 ASSESSMENT YEAR: 2012 - 13 M/S REYNOLD TRADERS PVT. LTD., JSW CENTRE, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBA I 400051 PAN: AAACR5787N VS. THE ASSISTANT COMMISSIONER OF INCOME TAX 8(1)(1), MUMBAI (APPELLANT) (RESPONDENT) ASSESSEE BY : NONE (WRITTEN SUBMISSION FOR WITHDRAWAL ) REVENUE BY : SHRI M.C. OMI NINGSHEN (DR) DATE OF HEARING: 08 /11 /201 7 DATE OF PRONOUNCEMENT: 08 / 11 /201 7 O R D E R PER RAM LAL NEGI, JM THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST ORDER DATED 19/10/2016 PASSED BY THE LD. COMMISSIONER OF INCOME TAX (APPEALS ) - 14 , MUMBAI , FOR THE A S S ESSMENT YEAR 2012 - 13 , WHEREBY THE LD. CIT (A) HAS DISMISSED THE APPEAL FILED BY THE ASSESSEE AGAINST ASSESSMENT ORDER PASSED U/S 143(3) OF THE INCOME TAX ACT, 1961 (FOR SHORT THE A CT). 2. T HE ASSESSEE HAS PREFERRED THIS APPEAL B EFORE THE TRIBUNAL BY RAISING THE FOLLOWING EFFECTIVE GROUND S : - 1. ON THE FACTS AND CIRCUMSTANCE OF THE CASE AND IN THE LAW, THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) (HEREINAFTER THE LD. CIT (A) ERRED IN UPHOLDING THE ACTION OF THE LEARNED ASSESSIN G OFFICER (HEREINAFTER THE AO) OF REJECTING THE METHOD OFCOMPUTATION OF DISALLOWANCE U/S 14A OF THE INCOME - TAX ACT, 1961 (HEREINAFTER THE ACT) ADOPTED BY THE APPELLANT, WITHOUT 2 ITA NO. 7 558 / MUM/2016 ASSESSMENT YEAR: 2012 - 13 RECORDING HIS DISSATISFACTION AS REQUIRED UNDER SECTION 14A (2) OF THE ACT. 2. ON THE FACTS AND CIRCUMSTANCE OF THE CASE AND IN LAW, THE LD. CIT (A) ERRED IN UPHOLDING THE ACTION OF THE LEARNED ASSESSING OFFICER (HEREINAFTER THE LAO) OF RE - COMPUTING THE DISALLOWANCE U/S 14A AT RS. 2,53,955 AS AGAINST RS. 1,92,344 COMPUTED BY THE APPELLANT BY NOT CONSIDERING THE CONTENTION OF THE APPELLANT THAT THE EXPENSES FOR DISALLOWANCE UNDER SECTION 14A BE APPORTIONED ON THE BASIS OF TAXABLE INCOME TO NON - TAXABLE INCOME. 3. THIS APPEAL WAS FIXED FOR HEARING FOR TODAY. SHRI A.Y. JOSHI, DIREC TOR, REYNOLD TRADER PVT. LTD. HAD SUBMITTED THE APPLICATION DATED 06.11.2017 FOR PERMISSION TO WITHDRAW THE APPEAL ON THE GROUND THAT THE AO HAS RECTIFIED THE ASSESSMENT ORDER PASSED U/S 143 (3) OF THE ACT VIDE ORDER DATED 23/10/2015 PASSED U/S 154 OF THE ACT AND THE COMPANY HAS PAID THE TOTAL OUTSTANDING TAX AMOUNTING TO RS. 23,110/ - ON 31/08/2017. 4. THE LD. DEPARTMENTAL REPRESENTATIVE SUBMITTED THAT THE DEPARTMENT HAS NO OBJECTION IN CASE THE APPLICATION FOR WITHDRAWAL OF THE APPEAL IS ALLOWED. IN VIE W OF THE WRITTEN SUBMISSIONS MADE BY SHRI A.Y. JOSHI, WE ALLOW THE APPLICATION AND DISMISS THE APPEAL AS WITHDRAWN. IN THE RESULT, APPEAL FILED BY THE ASSESSEE FOR A SSESSMENT YEAR 2012 - 2013 IS DISMISSED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON 8 TH NOVEMBER , 2017 . SD/ - SD/ - ( R.C. SHARMA ) ( RAM LAL NEGI ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI ; DATED: 08 / 11 / 2017 ALINDRA, PS 3 ITA NO. 7 558 / MUM/2016 ASSESSMENT YEAR: 2012 - 13 / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A ) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . / BY ORDER, //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI