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Income Tax Appellate Tribunal, KOLKATA ‘D’ BENCH, KOLKATA
Before: Sri J. Sudhakar Reddy& Sri S.S. Viswanethra Ravi]
M/s. Bhumi Vintrade Pvt. Ltd…………….…..…………………………………………....Appellant Flat C-6 Krishnakunj Township Rajarhat, Narayanpur Gopalpur Kolkata – 700 136 [PAN : AADCB 6243 L] Pr. Commissioner of Income Tax-8, Kolkata……………...…….…………..…. Respondent 54/1, Rafi Ahmed Kidwai Road 1st Floor Kolkata – 700 016 Appearances by: Shri Miraj D. Shah, AR, appeared on behalf of the assessee. Shri Goulen Hangshing, CIT, DR appearing on behalf of the Revenue. Date of concluding the hearing : February 1st, 2018 Date of pronouncing the order : February 14th, 2018
O R D E R Per J. Sudhakar Reddy :-
This appeal filed by the assessee is directed against the order of the ld. Pr. Commissioner of Income Tax, Kolkata, (hereinafter the ‘ld. CIT (A)’), passed u/s 263 of the Income Tax Act, 1961 (the ‘Act’), dt. 16/03/2017.
The ld. CIT(A), in this order had directed the Assessing Officer to compute the disallowance u/s 14A rw Ruled 8D of the Act. The assessee has not earned any dividend income during the year. The Hon’ble Delhi High Court in the case of Cheminvest Ltd. v. CIT, held that “No disallowance u/s 14A can be made in a year in which no exempt income has been earned or received by the assessee.”
Assessment Year: 2012-13 M/s. Bhumi Vintrade Pvt. Ltd 3. Respectfully following the same, we quash the order passed by the ld. Pr. CIT u/s 263 of the Act, as the directions issued by him are against the propostions of law laid down by the Hon’ble Delhi High Court. 4. In the result, appeal of the assessee is allowed.