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Income Tax Appellate Tribunal, ‘ C’ BENCH : CHENNAI
Before: SHRI GEORGE MATHAN & SHRI S.JAYARAMAN
आदेश / O R D E R
PER BENCH
These are appeals files by the Revenue against the common order of the Commissioner of Income-tax (Appeals)-3, Chennai in & 2855/CHNY/2017 :- 2 -:
Income-tax Appeal Nos.131 & 130/16-17/A-3 dated 30.08.2017 for assessment years 2013-14 & 2013-14 and correspondingly, the assessee filed Cross Objections in support of the order of Ld.CIT(A).
Mr.N.Madhavan, ACIT represented on behalf of Revenue and 2.
Mr.G.Baskar & Ms.A.Sushma Harini, Advocates represented on behalf of assessee.
It was submitted by the ld.D.R that the only issue in both 3. these Revenue’s appeals was against the action of the Ld.CIT(A) in restricting the disallowance made by the ld. Assessing Officer u/s.14A of the Income Tax Act,1961 (in short ‘the Act’) read with Rule-8D of Income Tax Rules, 1962 (in short ‘Rule’) to the extent of exempt income, following the decision of Co-ordinate Bench of this Tribunal in the case of M/s.Rayalla Corporation (P) Ltd. It was the submission that the Department has filed an appeal against the said decision before the Hon’ble Jurisdictional High Court and the same is pending. It was the submission that the order of Ld.CIT(A) was liable to be reversed and that the order of ld. Assessing Officer to be restored.
In reply, ld.A.R submitted that the assessee had earned “Nil” dividend income for assessment years 2013-14 & 2014-15 on & 2855/CHNY/2017 :- 3 -:
account of investment in shares. It was the submission that the issue was squarely covered by the decision of the Hon’ble Delhi High Court in the case of Joint Investments Pvt Ltd., Vs. C.I.T reported in (2015)
372 ITR 0694 (Delhi), as also the decision in the case of Co-ordinate Bench of this Tribunal in the case of M/s.Rayalla Corporation (P) Ltd. in ITA No.908/Mds./2015 vide order dated 16.10.2015. It was the submission that the order of the CIT(Appeals) was liable to be upheld.
We have considered the rival submissions and perused the materials available on record. As it is noticed that the issue in these appeals is squarely covered by the decision of the Co-ordinate Bench of this Tribunal in M/s.Rayalla Corporation (P) Ltd. referred supra wherein the Co-ordinate Bench of this Tribunal also followed the decision of the Hon’ble Delhi High Court in the case of Joint Investments Pvt Ltd., Vs. C.I.T referred supra and as it is noticed that, the Ld.CIT(A) has followed the judicial discipline in following the decision of Co-ordinate Bench of this Tribunal in M/s.Rayalla Corporation (P) Ltd. referred supra, we find no reason to interfere with the order of the CIT(Appeals) and both the appeals filed by the Department stand dismissed. & 2855/CHNY/2017 :- 4 -:
At the time of hearing, ld.A.R submitted that she did not wish to press the objections raised in both the Cross-objections by the assessee, consequently, both the Cross Objections filed by the assessee are dismissed as not pressed.
In the result, both the appeals of the Revenue for assessment years 2013-14 & 2014-15 are dismissed and both the Cross Objections filed by the assessee stand dismissed.
Order pronounced in the open court after conclusion of hearing on 10th April, 2018, at Chennai.