DCIT, CIR-5(1), KOLKATA, KOLKATA vs. M/S SHREE CAPITAL SERVICES LTD., KOLKATA

PDF · subscribers
ITA 2004/KOL/2016Status: DisposedITAT Kolkata28 April 2017AY 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 upheld the CIT(A)'s order, following the jurisdictional tribunal's decision. The disallowance under Section 14A was not to be considered for computing book profits under Section 115JB.

What were the facts?

The revenue appealed against the CIT(A)'s order for AY 2012-13. The sole dispute was whether disallowance under Section 14A read with Rule 8D should be considered while computing book profits under Section 115JB.

What were the issues?

Whether disallowance under Section 14A read with Rule 8D is to be considered while computing book profits under Section 115JB.

Which sections of the Income-tax Act were involved?

Section 14A,Section 115JB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC”, BENCH KOLKATA

Before: SHRI J.SUDHAKAR REDDY, AM

Hearing: 12/04/2017Pronounced: 28/04/2017

O R D E R This is an appeal filed by the revenue directed against the order of the Commissioner of Income Tax (Appeals)-2, Kolkata for the assessment year 2012-13.

2.

The sole issue that is disputed by the revenue, is as to whether the disallowance made under section 14 A of the I T act 1961 (ACT) read with rule 8D of the income tax rules, has to be considered while computing book profits under section 115 JB of the act.

3.

Assessing officer, in his order passed under section 143(3), while computing the profits under section 115JB of the act considered and added the disallowance under section 14A read with rule 8D of the Act. On appeal the 1st Appellate Authority deleted this adjustment by applying the decision of jurisdictional tribunal in the case of Integrated Gold Mining Ltd versus DCIT (ITA No. 1146/KOL/2012 dated 30.11.2015) and other decisions. The Ld. DRP did not cite any contrary decisions.

1.

2 M/s Shree Capital Services Ltd. 4. In view of the above discussion, respectfully following the orders of the coordinate bench of the tribunal on the very same issue cited by the Ld. CIT, I uphold his order and dismiss this appeal of revenue. 5. In the result the appeal of revenue is dismissed.

Order pronounced in the open court on this 28/04/2017.

More judgments on Section 14A

All 15,875 judgments and leading authorities on Section 14A →

Recent GST High Court judgments

Search GST case law →