Cheminvest Ltd. v. CIT

ITO, WD-2(4), Kolkata vs. M/S Shree Guru Realtors Pvt. Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

Bench: Shri P.M. Jagtap & Shri A.T. Varkey

…nd that there was no exempt income earned by the assessee during the year under consideration, it is observed that the same is squarely covered in favour of the assessee by the decision of the Hon’ble Delhi High Court in the case of Cheminvest Ltd. –vs.- CIT [378 ITR 33], wherein it was held that there being no exempt income earned by the assessee in the relevant assessment year, no disallowance could be made under section 14A of the Act. Respectfully following the said decision of the Hon’ble Delhi High Court, we uphold the impugned order of the ld. CIT(Appeals) deleting the disallowance made by the Assessing Of…

ACIT, Central Circle - 3(3), Kolkata vs. M/S. Cygnus Investment & Finance P. Ltd., Kolkata

In the result, the appeal of the revenue as well as cross- objection of the assessee are dismissed

…tted by the learned counsel for the assessee, the issue involved in the present case relating to the disallowance under section 14A is squarely covered in favour of the assessee by the decision of Hon’ble Delhi High Court in the case of Cheminvest Ltd. vs CIT 378 ITR 33 wherein it was held that the assessee having not earned any exempt income in the relevant year, no disallowance could be made under section 14A of the Act. Respectfully following the said decision of Hon’ble Delhi High Court in the case of Cheminvest Ltd. (supra), we uphold the impugned order of the Ld. CIT(A) deleting the disallowance made by the…

ITO, WD-12(4), Kolkata vs. M/S Shee Sen Leather Pvt. Ltd., Kolkata

In the result, the appeal filed by the Revenue (Ground No

Bench: Shri S.S. Viswanethra Ravi, Jm & Dr. A.L. Saini, Am आयकरअपीलसं./Ita No.1044/Kol/2014 (िनधा"रणवष" / Assessment Year: 2010-11) I.T.O, Ward-12(4), Kolkata Vs. M/S Shee Sen Leather Pvt. Ltd. 114/C, Matheswartolla Road, Aayakarbhavan (7Th Floor), P-7, Kolkata – 700 046. Chowringhee Square, Kolkata – 69. "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aaecs 3938 C (Appellant) .. (Respondent) Appellant By : Shri Saurabh Kumar, Addl. Cit(Dr) Respondent By : Shri S.M. Surana, Advocate & V.N. Purohit, Fca सुनवाईकीतारीख/ Date Of Hearing : 18/10/2017 घोषणाकीतारीख/Date Of Pronouncement : 17/01/2018 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: The Captioned Appeal Filed By The Revenue, Pertaining To Assessment Year 2010-11, Is Directed Against An Order Passed By The Cit(A)-Xii, Kolkata, In Appeal No.111/Xii/Cir-12/13-14, Dated 19.02.2014, Which In Turn Arises Out Of An Order Passed By The Assessing Officer U/S.143(3) Of The I.T. Act, 1961 (Hereinafter Referred To As The ‘Act’), Dated 28.03.2013. 2. The Grounds Of Appeal Raised By The Revenue Are As Follows: “1. That Is The Facts & In Law Of The Case The Ld. Cit(A) Erred In Deleting The Addition Amounting To Rs.29,84,786/- Made The Ao On Account Of Difference In Valuation In Closing Stock & G.P. On Unaccounted Sales Of Chemicals Which Was Detected On The Basis Of Findings Of Survey U/S 133A.

…22 of 2013 Judgment dated 23.12.2013. In view of the aforesaid legal position we are of the view that the order of the CIT(A) on this issue cannot be sustained. It has also been held by the Hon’ble Delhi High Court in the case of Cheminvest Ltd vs. CIT (2015) 378 ITR 33 (Del) that when there is no exempt income then there can be no question of disallowance u/s 14A of the Act. In the light of the judicial pronouncements, we are of the view that the plea of the assessee to exclude investments which had not yielded any exempt dividend income during the previous year while working out the average value of investments…