L AND T EMPLOYEES WELFARE FOUNDATION, V. ASST CIR 15(1),

MA 380/MUM/2014

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 2620 (ITAT-MUMBAI)
• Duration Of Justice: 2 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 17-12-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 18-09-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PADMANABAN
• Assessee Lawyers: HEENA DOSHI
• Section: 14A

Judgement Text

A IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH A, MUMBAI BEFORE SHRI B R BASKARAN, ACCOUNTANT MEMBER AND SHRI VIVEK VARMA, JUDICIAL MEMBER MISCELLANEOUS APPLICATION (MA) 380/MUM/2014 ARISING OUT OF . . . . : : : : 4814 / // / / // / 2011, A.Y. 2008-09 ARISING OUT OF ITA NO. : 4814/MUM/2011, AY 2008-09 L&T EMPLOYEES WELFARE FOUNDATION, L&T HOUSE, N.M. MARG, BALLARD ESTATE, !' .: PAN: AAATL 3350 J VS THE ASST. COMMISSIONER OF INCOME-TAX, CIRCLE 15(1), ROOM NO. 546, 5 TH FLOOR, AAYAKAR BHAVAN, MUMBAI -400 020 # (APPELLANT) $% # (RESPONDENT) APPELLANT BY : MISS HEENA DOSHI RESPONDENT BY : SHRI PADMANABAN & '(' /DATE OF HEARING : 21-11-2014 )* & '(' / DATE OF PRONOUNCEMENT : 17-12-2014 +! , +! , +! , +! , O R D E R - .! - .! - .! - .! , : :: : PER VIVEK VARMA, JM: IN THE INSTANT MISCELLANEOUS APPLICATION (MA), THE ASSESSEE POINTS OUT A PATENT TYPOGRAPHICAL ERROR IN PARA 3 AT PA GE 2. THE FIRST LINE OF THE PARA IS 3. THE FACTS ARE THAT THE ASSESSEE DURING THE YEAR UNDER CONSIDERATION CLAIMED INTEREST INCOME OF RS. 39,33,586/- 2. WHEREAS ACCORDING TO THE AR, THE IMPUGNED LINE SHOULD READ AS.. 3. THE FACTS ARE THAT THE ASSESSEE DURING THE YEAR UNDER CONSIDERATION CLAIMED DIVIDEND INCOME OF RS. 11,18,83, 382/- AS EXEMPT. 3. THE DR ACCEPTED THE TYPOGRAPHICAL ERROR, THAT HAD C REPT IN THE ORDER. L&T EMPLOYEES WELFARE FOUNDATION MA 380/MUM/2014 2 4. WE, THEREFORE AMEND THE FIRST LINE OF PARA 3 AT PAGE 2 ACCORDINGLY AND THE PARAGRAPH 3 SHALL NOW READ AS, 3. THE FACTS ARE THAT THE ASSESSEE DURING THE YEAR UNDER CONSIDERATION CLAIMED DIVIDEND INCOME OF RS. 11,18,83,382/-- AS EXEMPT. SINCE THE RELEVANT ASSESSMENT YEAR IS 2008 -09, THE AO INVOKED THE PROVISIONS OF SECTION 14A READ WITH RULE 8D AND COMPUTED THE DISALLOWANCE OF EXPENSES AT RS. 1,98,32,03 4/- AGAINST THE TOTAL EXPENDITURE DEBITED IN THE INCOME & EXPENDITURE ACCOUNT AT RS. 43,13,896/-. IN THE ASSESSMENT PROCEEDING S, THE ASSESSEE POINTED OUT THAT OUT OF THIS EXPENSE, DIVIDEND INCOME OF RS. 11,18,83,382/- HAS DIRECT NEXUS TO THE INTEREST INCOME, AND ONLY RS. 3,80,310/- IS THE EXPENSE THAT IS OTHERWIS E CLAIMED. THE AO, HOWEVER, PROCEEDED TO COMPUTE THE DISALLOWANCE. 5. AS A RESULT, THE MA STANDS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 17 TH DECEMBER, 2014. SD/- SD/- (B R BASKARAN) (VIVEK VARMA) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATE: 17 TH DECEMBER, 2014 $'/ COPY TO:- 1) # / THE APPELLANT. 2) $% # / THE RESPONDENT. 3) / ( ) -26 MUMBAI / THE CIT (A)-26, MUMBAI. 4) / XV/15, MUMBAI / THE CIT15/XV, MUMBAI, 5) .34 $' 5 , , / THE D.R. A BENCH, MUMBAI. 6) 46 7 COPY TO GUARD FILE. +!, / BY ORDER / / TRUE COPY / / [ 8 / 9 : , DY. / ASSTT. REGISTRAR I.T.A.T., MUMBAI *<=9 . .