M/s Srikirti Stock Brokers Pvt. Ltd.(Presently Tasha Investment Advisors Pvt. Ltd.,), Kolkata V. DCIT, KOLKATA-3, KOLKATA, Kolkata

MA 185/KOL/2017

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 6302 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s) 12 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 07-02-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2010-2011
• Appeal Filed On: 25-09-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: V N PUROHIT FCA SHRI
• Assessee Lawyers: T VARKEY JUDIC IA L M EMBER
• Section: 14A; 115JB

Judgement Text

, A , IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH A KOLKATA BEFORE SHRI ABY. T. VARKEY, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER (MISC. APPLICATION) M.A.NO.185/KOL/2017 (ARISING OUT ITA NO.600/KOL/2015) / ASSESSMENT YEAR:2010-11 M/S SRIKIRTI STOCK BROKERS PVT. LTD. (PRESENTLY TASHA INVESTMENT ADVISORS PVT. LTD.) 4, HO-CHI-MIN SARANI, KOLKAATA-71 [ PAN NO. AACCT 2296 C ] / V/S . DCIT, KOLKATA-3, AAYAKAR BHAWAN, 5 TH FLOOR, P-7, CHOWRINGHEE SQUARE, KOLKAATA-69 (ORIGINAL APPELLANT) (ORIGINAL R ESPONDENT) (APPLICANT) .. (RESPONDENT) / BY APPELLANT SHRI V.N. PUROHIT, FCA !' / BY RESPONDENT SHRI SAUMYAJIT DASGUPTA, ADDL. CIT-DR / DATE OF HEARING 19-01-2018 / DATE OF PRONOUNCEMENT 07-02-2018 / ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER:- BY WAY OF THIS MISCELLANEOUS APPLICATION (MA) THE A SSESSEE IS PLEADING FOR ADJUDICATION OF ADDITIONAL GROUND FILED VIDE APPLIC ATION DATED 03.06.2017 TO RECALL OF THE TRIBUNAL ORDER DATED 01-09-2017 PASSED IN ITA N O.600/KOL/2015. 2. AT THE TIME OF HEARING LD. AR BEFORE US SUBMITT ED THAT AN ADDITIONAL GROUND WAS FILED VIDE APPLICATION DATED 03.06.2017 BUT THE SAME WAS NOT ADJUDICATED BY THE TRIBUNAL INADVERTENTLY, THEREFORE LD. PRAYED FOR AD JUDICATION OF ADDITIONAL GROUND OF APPEAL. ON THE OTHER HAND, LD. DR SUBMITTED THAT THE ASSESS EE IN ITS ADDITIONAL GROUND OF APPEAL IS SEEKING FOR THE DIRECTION IN CONNECTION O F DISALLOWANCE TO BE MADE UNDER CLAUSE (F) TO SECTION 115JB OF THE ACT. SUCH DIRECT ION HAS ALREADY BEEN PROVIDED BY THE CO-ORDINATE BENCH OF THIS TRIBUNAL IN ITS ORDER DATED 01-09-2017. HE VEHEMENTLY RELIED ON THE ORDER OF TRIBUNAL. MA NO.185/KOL/2017 M/S SRIKIRTI STOCK BROKERS PVT. LTD. V. DCIT, KOL -3 PAGE 2 3. AFTER HEARING BOTH THE PARTIES, IT WAS OBSERVED THAT THE AO HAS MADE THE DISALLOWANCE U/S 14A R.W.S RULE 8D OF THE IT RULES, 1962 FOR 28,87,714/- ONLY AGAINST THE EXEMPTED INCOME U/S. 10(34) OF THE ACT. THE AO ALSO MADE THE DISALLOWANCE OF THE IDENTICAL AMOUNT WHILE COMPUTIN G THE INCOME UNDER THE PROVISIONS OF MINIMUM ALTERNATE TAX (MAT). THE ASSE SSEE BY WAY OF THIS MISCELLANEOUS APPLICATION SEEK A DIRECTION FOR MAKI NG LAWFUL AND CORRECT AMOUNT OF DISALLOWANCE UNDER THE PROVISION OF MAT. IN THIS R EGARD, WE OBSERVE THAT SUCH DIRECTION HAS ALREADY BEEN GIVEN BY THIS TRIBUNAL I N THE ORDER DATED 01.09.2017 WHICH READS AS UNDER:- BUT THE DISALLOWANCE UNDER CLAUSE (F) TO EXPLANATI ON 1 OF SECTION 115JB OF THE ACT NEEDS TO BE MADE INDEPENDENTLY AFTER REFERRING THE EXPENSES DEBITED IN RESPECT TO THE PROFIT & LOSS ACCOUNT. FROM THE ABOVE PROPOSITION, IT IS CLEAR THAT THE DI RECTION FOR MAKING THE DISALLOWANCE UNDER CLAUSE (F) TO EXPLANATION 1 OF SECTION 115JB OF THE ACT HAS ALREADY BEEN GIVEN. THEREFORE, IN OUR CONSIDERED VIEW, THERE IS NO APPARENT MISTAKE COMMITTED BY THE TRIBUNAL BY NOT ADJUDICATING THE ADDITIONAL GRO UND RAISED BY ASSESSEE. HENCE, THE MISCELLANEOUS APPLICATION FILED BY ASSESSEE IS DISMISSED. 4. IN THE RESULT, MA OF ASSESSEE STANDS DISMISSED. ORDER PRONOUNCED ON THE DATE OF HEARING I.E. 07/02 /2018 SD/- SD/- ( () ( () (ABY T. VARKEY) (WASEE M AHMED) (JUDICIAL MEMBER) (ACCOUNTANT MEMBER) KOLKATA, *DKP *- 07 / 02 /201 8 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-M/S SRIKIRTI STOCK BROKERS PVT. LTD. 4, HO-CHI-MIN SARANI, KOLKATA-71 2. !' /RESPONDENT-DCIT-3, AAYAKAR BHAWAN, 5 TH FL, P-7, CHOWRINGHEE SQUARE, KOLKATA-69 3. 5 6 / CONCERNED CIT 4. 6- / CIT (A) 5. !5, 5, KOLKATA / DR, ITAT, KOLKATA 6. / GUARD FILE. BY ORDER/ , /TRUE COPY/ SR. PRIVATE SECRETARY HEAD OF OFFICE/DDO 5,