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Income Tax Appellate Tribunal, ‘B’ BENCH : BANGALORE
Before: SHRI. A. K. GARODIA & SMT. BEENA PILLAI
ORDER
PER BEENA PILLAI, JUDICIAL MEMBER Present appeal has been filed by revenue against order dated 12/07/18 passed by Ld. CIT (A) – 1, Bangalore for assessment year 2011 – 12. 2. At the outset we notice that the only issue raised by revenue is in regards to disallowance made under section 14 A read with Rule 8D which has been deleted by Ld. CIT (A). On perusal of records it is observed that assessee has made total investment of Rs. 44,56,31,689/- in foreign companies, which are Page 2 of 2 ITA 2962/Bang/2018 A. Y : 2011 – 12 already subjected to tax, and that, assessee has not earned any exempt income during the year from these investments.
It is observed that Ld. CIT (A) deleted addition made by Ld.AO by following decision of Hon’ble Karnataka High Court in case of M/s. Ambuthirtha Power Pvt. Ltd., in vide order dated 07/07/17 and decision of this Tribunal in case of M/s. Quality Engineering Software Technologies Pvt. Ltd., reported in 52 Taxmann.com 515.
It is further observed that Hon’ble Supreme Court in the case of DCIT vs GE VK Project and Technical Services Ltd., reported in (2019) 106 Taxmann.com 181 as upheld this view. Under such circumstances we do not find any infirmity in the observations of Ld. CIT (A) and the same is upheld. In the result appeal filed by revenue stands dismissed. Order pronounced in the open court on 07th February, 2020. Sd/- Sd/- (A. K. GARODIA) (BEENA PILLAI) Accountant Member Judicial Member