Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, HYDERABAD BENCHES : BENCH “B” HYDERABAD
Before: SHRI S.S. GODARA & SHRI L.P. SAHU
For Revenue: Shri Rohit Mujumdar, D.R. For Assessee: Shri Pawan Kumar Chakrapani, AR Date of Hearing : 18/03/2021 Date of Pronouncement : 28/05/2021 O R D E R PER S.S. GODARA, J.M. This Revenue’s appeal for AY 2016-17 arises from CIT(A)-1 Hyderabad’s order dated 27.08.2019 passed in case no. 10412/2018-19 involving proceedings u/s 143(3) of the Income Tax Act, 1961 for short ‘the Act’.
Heard both the parties. Case file perused.
The Revenue’s sole substantive grievance raised in the instant appeal challenges correctness of the CIT(A)’s order restricting 14A rw Rule 8D disallowance of Rs.1,79,22,911/- to the extent of asssessee’s investments relating to exempt income only as per tribunal’s order in ITA 1462/H/17 for 1 AY 2015-16 in assessee’s own case itself. There has been no illegality or irregularity pointed out from the revenue side in so far as correctness of CIT(A)’s findings in principle are concerned. Hon’ble Calcutta high court’s decision in CIT vs. REI Agro Pvt. Ltd. GA 3022 of 2013 ITAT 1611/2013 dt. 23.12.2013 has already settled the issue that only the exempt income yielding investments have to be considered in computing the impugned disallowance than entire sums thereof. We thus decline Revenue’s instant sole substantive grievance for this precise reason alone. 4. This Revenue’s appeal is dismissed.
Pronounced in Open Court on 28th May, 2021.