Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, MUMBAI BENCH “F”, MUMBAI
Before: SHRI C.N. PRASAD, HONBLE & SHRI N.K. PRADHAN, HONBLE
O R D E R PER C.N. PRASAD (JM) 1. This appeal is filed by the Revenue against the order of the Learned Commissioner of Income Tax (Appeals) – 14, Mumbai [hereinafter in short “Ld.CIT(A)”] dated 20.03.2017 for the Assessment Year 2007-08.
In this appeal the Revenue challenged the order of the Ld.CIT(A) in restricting the disallowance u/s. 14A of the Act to the dividend income earned by the assessee.
(A.Y: 2007-08) M/s. Urban Infrastructure Holding (P.) Ltd., 3. Ld. DR vehemently placed reliance on the order of the Assessing Officer whereas the Ld. Counsel for the assessee relied on the order of the Ld.CIT(A).
We have perused the order of the Ld.CIT(A) and find that the disallowance u/s. 14A of the Act was restricted to the dividend income earned by the assessee following the decision of the Hon'ble Jurisdictional Tribunal in the case of Daga Global Chemicals (P.) Ltd. in ITA.No 5592/Mum/2012 dated 01/01/2015. This bench is consistently holding that the disallowance u/s. 14A of the Act if any shall be restricted to the dividend income earned by the assessee. The decision of the Ld.CIT(A) is in tune with the consistent view of this Tribunal. Hence, we do not find any infirmity in the order passed by the Ld.CIT(A).
In the result, appeal of the Revenue is dismissed.
Order pronounced in the open court on the 30th October, 2018