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Income Tax Appellate Tribunal, KOLKATA ‘SMC’ BENCH, KOLKATA
Before: Sri J. Sudhakar Reddy]
Date of concluding the hearing : November 26th, 2018 Date of pronouncing the order : December 5th, 2018 O R D E R Per J. Sudhakar Reddy :-
This appeal filed by the assesse is directed against the order of the ld. Commissioner of Income Tax (Appeals)-1, Kolkata, (hereinafter the ‘ld. CIT (A)’), passed u/s 250 of the Income Tax Act, 1961 (the ‘Act’), dt. 16/05/2018, for the Assessment Year 2013-14.
There is a delay of 04 days in filing of this appeal. After perusing the petition for condonation, we are convinced that the assessee was prevented by sufficient cause from filing this appeal on time. Hence the delay is condoned and appeal admitted.
Only issue arising in this appeal for my consideration is disallowance made u/s 14A of the Act. 4. After hearing rival contentions, I find that it is not in dispute that the assessee has no income from dividends which is exempt u/s 10 of the Act, during the Assessment Year under consideration. Under these circumstances, there cannot be any disallowance u/s 14A of the Act, as held by the Hon’ble Jurisdictional High Court in the case of CIT vs. Ashika Global Securities Ltd. ITAT 100
Assessment Year: 2013-14 Moontree Realtors Pvt. Ltd of 2014, GA 2122 of 2014, judgment dt. 11/06/2018. Hence, I delete the disallowance in question and allow this appeal of the assessee. 5. Ground No. 1, is not pressed. 6. In the result, appeal of the assessee is allowed in part.