DCIT, CIRCLE - 4(1), KOLKATA, KOLKATA vs. M/S. K.B. CAPITAL MARKETS (P) LTD., KOLKATA

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ITA 841/KOL/2018Status: DisposedITAT Kolkata16 January 2019AY 2012-132 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal found that the CIT(A) had correctly applied the previous decision of the Tribunal in the assessee's own case. Therefore, there was no infirmity in the CIT(A)'s order.

What were the facts?

The Revenue appealed against the CIT(A)'s order concerning disallowance made under Section 14A read with Rule 8D(2)(ii) and Rule 8D(2)(iii) for the assessment year 2012-13. The CIT(A) had followed a previous ITAT decision in the assessee's own case for AY 2008-09.

What were the issues?

Whether the disallowance made under Section 14A read with Rule 8D was justified, considering a prior ITAT ruling in the assessee's own case.

Which sections of the Income-tax Act were involved?

Section 14A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘D’ BENCH, KOLKATA

Before: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi

M/s. K B Capital Markets (P) Ltd..…………………………………………………….…………………...Respondent [PAN :AABCK 1174 F] Appearances by: Shri S. Halder, Sr. DR, appeared on behalf of the Appellant. Shri A. Dedhewala, Ld. AR, appeared on behalf of the Respondent.. Date of concluding the hearing : January 14, 2019 Date of pronouncing the order : January 16, 2019 ORDER Per J. Sudhakar Reddy, Accountant Member :-

This appeal by the Revenue is directed against the order of the ld. Commissioner of Income Tax (Appeals)-2, Kolkata [hereinafter the ‘ld. CIT(A)’], dated 13.02.2018 passed u/s 143(3) of the Income Tax Act, 1961 (the ‘Act’) for the assessment year 2012-13.

2.

After hearing rival contentions, we find that the issue of disallowance made u/s 14A read with Rule 8D(2)(ii) and Rule 8D(2)(iii) are covered in favour of the assessee by the decision of ITAT, Kolkata Bench in the assessee’s own case for the Assessment Year 2008-09, & 1882/Kol/2012 order dated 13.05.2016.

2 M/s. K B Capital Markets (P) Ltd Assessment Year: 2012-13 3. As the ld. CIT(A) has admittedly applied this decision of the Tribunal, we find no infirmity in his order. In the result, we dismiss this appeal of the Revenue. 4. In the result, the appeal of the Revenue is dismissed. Kolkata, the 16th January, 2019.

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