Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, “SMC” BENCH : KOLKATA
Before: Hon’ble Shri J.Sudhakar Reddy, AM]
ORDER This appeal by the Assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals)-2, Kolkata (hereinafter the ‘ld. CIT(A)’), dt. 28.04.2016 passed u/s 250 of the Income Tax Act, 1961 (the ‘Act’) for the assessment year 2009-10.
The sole disallowance in dispute was made u/s 14A of the Act read with Rule 8Dof the Income Tax Rule, 1962 (‘Rule’). The assessee claims that it had not received any dividend during the year. Thus, no disallowance can be made u/s 14A of the Act as held by the Hon’ble Delhi High Court in the case of Chem Invest in 378 ITR 33 (Del). This appeal is restored to the file of the AO for verification of this claim that the assessee has not received any dividend and if it is true, no disallowance should be made u/s 14A of the Act.
M/s Royal Crystals Dealers Pvt. Ltd. A.Yr.2009-10 3. In view of the above, this appeal is set aside to the file of the Ld. AO for fresh adjudication in accordance with law.
In the result, the appeal of the assessee is allowed for statistical purposes.
Order pronounced in the Court on 27.06.2018