Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, KOLKATA BENCH ‘B’ KOLKATA
Before: Shri J. Sudhakar Reddy, AM & Shri S.S. Viswanethra Ravi, JM]
Per J. Sudhakar Reddy, AM This is an appeal filed by the assessee directed against the order of Commissioner of Income Tax (Appeals) – 10, Kolkata dated 12.06.2015 for the assessment year 2005-06. 2. The sole issue agitated by the assessee in this appeal is the disallowance made by the A.O. under section 14A of the Income Tax Act, 1961 (Act). The Ld. CIT (A) has confirmed the disallowance by applying Rule 8D. It is now settled that Rule 8D is not applicable prior to the assessment year 2008-09. I rely on the judgment of Hon’ble Bombay High Court in the case of Godrej & Boyce Manufacturing Co. Ltd. 328 ITR 81. 2 Assessment Year: 2005-06 M/s. I.M.C. Ltd.
Hence this disallowance made under section 14A by applying Rule 8D of I.T. Rule 1962 for A.Y. 2005-06 is bad in law.
In the result, the appeal of the Assessee is allowed. Order Pronounced in the Open Court on 17th November, 2017. (S.S. Viswanethra Ravi) ACCOUNTANT MEMBER Dated: 17/11/2017 Biswajit, Sr. PS Copy of order forwarded to:
M/s. IMC Ltd., 232/A, A.J.C. Bose Road, Kolkata – 700020. 2. DCIT, Circle 11, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata – 700069. 3. The CIT(A)
The CIT
DR, By order, Sr. P.S. / H.O.O. ITAT, Kolkata