PATAKA INDUSTRIES PVT. LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-8(2), KOLKATA

After hearing rival contentions we find that the sole issue that arises for our adjudication in this appeal, is the quantification of disallowance to be made u/s 14A of the Act read with Rule 8D of the Income Tax Rules, 1963 (‘Rules’). This is the second round of appellate proceedings.

As agreed by both the parties, we restore this matter to the file of the Assessing Officer for fresh adjudication, in accordance with law. The Assessing Officer shall apply the propositions of law laid down by the Hon’ble Jurisdictional High Court in the case of CIT vs. REI Agro Pvt. Ltd. in G.A. 3022 of 2013 ITAT 161 of 2013, dt. 23rd December, 2013 as well as CIT vs. Ashika Global Securities Ltd. in ITAT 100 of 2014, GA No. 2122 of 2014. The propositions of law laid down by the Special Bench of the Tribunal in the case of ACIT vs. Vireet Investments (P) Ltd. [2017] 82 taxmann.com 415 (Delhi - Trib.), are also to be applied and followed by the Assessing Officer. The assessee is directed to make a its claim, in line with the propositions of law laid down in the above referred judicial pronouncements.

Assessment Year: 2008-09 Pataka Industries Pvt. Ltd. 4. In the result, appeal of the assessee is allowed for statistical purposes. In the result, appeal of the assessee is allowed for statistical purposes. In the result, appeal of the assessee is allowed for statistical purposes.