Kerala state Industrial Dev corporation Ltd, Trivandrum V. ACIT, Trivandrum

ITA 91/COCH/2014

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 6268 (ITAT-COCHIN)
• Duration Of Justice: 1 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-05-2014
• Appeal Filed By: Assessee
• Bench Allotted: DB
• Next Hearing Date: 30-04-2014
• Assessment Year: 2010-2011
• Appeal Filed On: 07-03-2014
• Court: TRIBUNAL
• Department Lawyers: K K JOHN
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRI N.R.S.GANESAN, JM AND B.R.BASKAR AN, AM I.T.A. NOS. 90&91/COCH/2014 ASSESSMENT YEARS : 2009-10 & 2010-11 KERALA STATE INDUSTRIAL DEVELOPMENT CORPORATION LTD., KESTON ROAD, KOWDIAR, TRIVANDRUM. [PAN : AAACK 9434D] VS. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-1(1), TRIVANDRUM. (ASSESSEE -APPELLANT) (REVENUE-RESPONDEN T) ASSESSEE BY NONE REVENUE BY SHRI K.K. JOHN, SR. DR DATE OF HEARING 30/04/2014 DATE OF PRONOUNCEMENT 02/05/2014 O R D E R PER B.R.BASKARAN, ACCOUNTANT MEMBER: BOTH THE APPEALS FILED BY THE ASSESSEE ARE DIRECTE D AGAINST THE ORDERS PASSED BY THE LD. CIT(A), THIRUVANANTHAPURAM AND TH EY RELATE TO THE ASSESSMENT YEARS 2009-10 AND 2010-11. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE, EVEN TH OUGH THE DATE OF HEARING WAS INTIMATED AT THE TIME OF FILING OF THE APPEALS ITSELF. HENCE, WE PROCEED TO DISPOSE OF BOTH THE APPEALS EX PARTE WIT HOUT THE PRESENCE OF THE ASSESSEE. I.T.A. NOS.90&91/COCH/2014 2 3. SINCE THE ISSUE URGED IN BOTH THE APPEALS IS IDE NTICAL IN NATURE, THEY WERE HEARD TOGETHER AND ARE BEING DISPOSED OF BY THIS CO MMON ORDER. 4. THE ONLY ISSUE URGED IN BOTH THE YEARS RELATE TO THE DISALLOWANCE MADE BY THE ASSESSING OFFICER U/S. 14A OF THE ACT AGAINST T HE EXEMPTED DIVIDEND INCOME EARNED BY THE ASSESSEE. THE FACTS RELATING TO THE SAME ARE STATED IN BRIEF. THE ASSESSEE HAD EARNED INCOME FROM DIVIDEND IN BOTH TH E YEARS AND CLAIMED THE SAME AS EXEMPT. HOWEVER, IT DID NOT MAKE ANY DISAL LOWANCE OF EXPENDITURE INCURRED IN EARNING THAT INCOME AS PER THE PROVISIO NS OF SEC. 14A OF THE ACT. HENCE THE ASSESSING OFFICER COMPUTED THE AMOUNT OF EXPENDITURE IN TERMS OF RULE 8D R.W.S. SEC.14A OF THE ACT IN BOTH THE YEARS AND ADDED THE SAME TO THE TOTAL INCOME OF THE ASSESSEE. 5. IN THE APPELLATE PROCEEDINGS, THE LD. CIT(A) CON FIRMED THE DISALLOWANCE MADE BY THE ASSESSING OFFICER BY FOLLOWING THE DECI SION RENDERED BY THIS BENCH OF THE TRIBUNAL IN THE ASSESSEES OWN CASE FOR THE ASSESSMENT YEAR 2009-10. AGGRIEVED, THE ASSESSEE HAS FILED THESE APPEALS BEF ORE US. 6. WE HAVE HEARD THE LD. DR AND PERUSED THE ORDER O F THE LD. CIT(A). AS STATED EARLIER, WE NOTICE THAT THE FIRST APPELLATE AUTHORITY HAS FOLLOWED THE ORDER PASSED BY THIS BENCH OF THE TRIBUNAL IN ASSESSEES OWN CASE IN I.T.A. NO. 380/COCH/2013 AND I.T.A. NO. 354/COCH/2013 FOR THE ASSESSMENT YEAR 2008-09 I.T.A. NOS.90&91/COCH/2014 3 AND ACCORDINGLY, CONFIRMED THE DISALLOWANCE MADE BY THE ASSESSING OFFICER. WE FURTHER NOTICE THAT THIS BENCH OF THE TRIBUNAL HAS FOLLOWED THE DECISION RENDERED BY THE HONBLE JURISDICTIONAL HIGH COURT OF KERALA IN THE CASE OF CIT VS. CATHOLIC SYRIAN BANK & ORS.(344 ITR 259) IN DECIDING THE ISS UE AGAINST THE ASSESSEE. SINCE THE LD CIT(A) HAS FOLLOWED THE DECISION RENDE RED BY THIS BENCH OF TRIBUNAL IN THE ASSESSEES OWN CASE IN AN EARLIER YEAR, WE D O NOT FIND ANY REASON TO INTERFERE WITH HIS ORDER ON THIS ISSUE IN BOTH THE YEARS. ACCORDINGLY, WE DISMISS THE APPEALS FILED BY THE ASSESSEE. 7. IN THE RESULT, BOTH THE APPEALS FILED BY THE ASS ESSEE ARE DISMISSED. PRONOUNCED ACCORDINGLY ON 02- 05-2014. SD/- SD/- (N.R.S.GANESAN) (B.R.BASKARAN) JUDICIAL MEMBER ACCOUNTANT MEMBER PLACE: KOCHI DATED: 2ND MAY, 2014 GJ COPY TO: 1. KERALA STATE INDUSTRIAL DEVELOPMENT CORPORATION LTD., KESTON ROAD, KOWDIAR, TRIVANDRUM. 2. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE -1(1),TRIVANDRUM. 3. THE COMMISSIONER OF INCOME-TAX(APPEALS), THIRUVA NANTHAPURAM. 4. THE COMMISSIONER OF INCOME-TAX, TRIVANDRUM. 5. D.R., I.T.A.T., COCHIN BENCH, COCHIN. 6. GUARD FILE. BY ORDER (ASSISTANT REGISTRAR) I.T.A.T, COCHIN