REI Agro Ltd. v. DCIT

DCIT, Circle - 7(1), Kolkata vs. M/S. Britannia Industries Limited, Kolkata

Bench: Shri S.S.Godara & Shri, M. Balaganesh

…आयकर अपील"य अधीकरण, "यायपीठ – “C” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “C” KOLKATA Before Shri S.S.Godara, Judicial Member and Shri, M. Balaganesh, Accountant Member ITA No.1390-1392/Kol/2017 Assessment Years :2009-10 to 2011-12 DCIT, Circle-7(1), V/s. M/s Britannia Industries Aayakar Bhawan, 5th Ltd. 5/1 Hungeford Floor, P-7, Chowringhee Stree,Kolkata-17 Square, Kolkata-69 [PAN No.AABCB 2066 P] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Dilip S Damle, AR आवेदक क" ओर से/By Assessee Shri P.K. Srihari, CIT-DR राज"व क" ओर से/By Respondent 13-11-2018 सुनवाई क" तार"ख/Date of Hearing 22-11-20…

M/S. R. S. Software (India) Limited, Kolkata vs. ACIT, Cir-2(2), Kolkata

In the result, the appeal filed by the assessee is partly allowed

Bench: Shri A.T. Varkey, Jm & Dr. A. L. Saini, Am M/S. R.S. Software (India) Ltd. Vs. Acit/Cir-2(2), Kolkata A-2, Fmc Fortuna, 234/3A, A.J.C. Bose Road, Kol-20. Pan/Gir No.: Aabcr 7813 G (Appellant) .. (Respondent)

…to the submission of the parties and perusing the judicial decisions relied upon by the Ld. AR, we find that the issue involved in the present appeal is no longer res integra. We note that coordinate bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581…

DCIT, CC-1(3), Kolkata vs. M/S Bonai Industrial Company Ltd., Kolkata

In the result, the appeals filed by the Revenue (in ITA no

Bench: Shria. T. Varkey, J.M &Dr. A.L.Saini, A.M आयकरअपीलसं./Ita No.1533/Kol/2017 ("नधा"रणवष" / Assessment Year: 2014-15) Dcit, Cc-1(3)/Kolkata Vs. M/S. Bonai Industrial Company Ltd. Aayakar Bhawan Poorva, 3Rd Floor, 8A, Express Tower, 42A, Shakespeare 110-Shantipally, Kolkata – 700 107. Sarani, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaacb 9156 F (Appellant) .. (Respondent) & आयकरअपीलसं./Ita No.1532/Kol/2017 ("नधा"रणवष" / Assessment Year: 2014-15) Dcit, Cc-1(3)/Kolkata Vs. M/S. Feegrade & Company Pvt. Ltd. Aayakar Bhawan Poorva, 3Rd Floor, 8A, Express Tower, 42A, Shakespeare 110-Shantipally, Kolkata – 700 107. Sarani, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaacf 6825 D (Appellant) .. (Respondent) Appellant By :Shri A. Bhattacharjee, Addl. Cit Respondent By :Shri Subash Agarwal, Advocate सुनवाईक"तार"ख/ Date Of Hearing : 04/10/2018 घोषणाक"तार"ख/Date Of Pronouncement : 10/10/2018 आदेश / O R D E R Per Dr. A. L. Saini: These Two Appeals Filed By The Revenue, Pertaining To Assessment Year 2014-15 Are Directed Against Separate Orders Passed By The Ld. Commissioner Of Income Tax(Appeals)-20, Kolkata,Which In Turn Arise Out Of Separate Assessment M/S. Bonai Industrial Company Ltd M/S. Feegrade& Company Pvt. Ltd. Assessment Year: 2014-15 Orders Passed By The Assessing Officer U/S 143(3) Of The Income Tax Act 1961 (Hereinafter Referred To As The ‘Act’).

…nd exempt income during the previous year while working out the average value of investments for application of Rule 8D(2)(ii) of the Rules. In this regard the assessee placed reliance on the decision of ITAT, Kolkata Bench in the case of REI Agro Ltd vs DCIT 144 ITD 141 (Kol) wherein it was held that while making disallowance under Rule 8D(2)(iii) of the Rules and while computing Average value of investments only investments which yielded during the relevant previous year should be considered. 21. The CIT(A) agreed with the submissions of the assessee and deleted the addition of interest expenses of Rs.2,05,685/…

DCIT, CC-1(3), Kolkata vs. M/S Feegrade & Company Pvt. Ltd., Kolkata

In the result, the appeals filed by the Revenue (in ITA no

Bench: Shria. T. Varkey, J.M &Dr. A.L.Saini, A.M आयकरअपीलसं./Ita No.1533/Kol/2017 ("नधा"रणवष" / Assessment Year: 2014-15) Dcit, Cc-1(3)/Kolkata Vs. M/S. Bonai Industrial Company Ltd. Aayakar Bhawan Poorva, 3Rd Floor, 8A, Express Tower, 42A, Shakespeare 110-Shantipally, Kolkata – 700 107. Sarani, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaacb 9156 F (Appellant) .. (Respondent) & आयकरअपीलसं./Ita No.1532/Kol/2017 ("नधा"रणवष" / Assessment Year: 2014-15) Dcit, Cc-1(3)/Kolkata Vs. M/S. Feegrade & Company Pvt. Ltd. Aayakar Bhawan Poorva, 3Rd Floor, 8A, Express Tower, 42A, Shakespeare 110-Shantipally, Kolkata – 700 107. Sarani, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaacf 6825 D (Appellant) .. (Respondent) Appellant By :Shri A. Bhattacharjee, Addl. Cit Respondent By :Shri Subash Agarwal, Advocate सुनवाईक"तार"ख/ Date Of Hearing : 04/10/2018 घोषणाक"तार"ख/Date Of Pronouncement : 10/10/2018 आदेश / O R D E R Per Dr. A. L. Saini: These Two Appeals Filed By The Revenue, Pertaining To Assessment Year 2014-15 Are Directed Against Separate Orders Passed By The Ld. Commissioner Of Income Tax(Appeals)-20, Kolkata,Which In Turn Arise Out Of Separate Assessment M/S. Bonai Industrial Company Ltd M/S. Feegrade& Company Pvt. Ltd. Assessment Year: 2014-15 Orders Passed By The Assessing Officer U/S 143(3) Of The Income Tax Act 1961 (Hereinafter Referred To As The ‘Act’).

…nd exempt income during the previous year while working out the average value of investments for application of Rule 8D(2)(ii) of the Rules. In this regard the assessee placed reliance on the decision of ITAT, Kolkata Bench in the case of REI Agro Ltd vs DCIT 144 ITD 141 (Kol) wherein it was held that while making disallowance under Rule 8D(2)(iii) of the Rules and while computing Average value of investments only investments which yielded during the relevant previous year should be considered. 21. The CIT(A) agreed with the submissions of the assessee and deleted the addition of interest expenses of Rs.2,05,685/…

DCIT, Circle - 8(1), Kolkata vs. M/S. Ashiana Housing Limited, Kolkata

In the result, the appeal filed by the Revenue stands dismissed and the appeal filed by the assessee stands partly allowed for statistical purposes

Bench: The Cit-A. The Cit-A By Placing His Reliance On An Order Of Kolkata Bench (Itat, Kolkata) In The Case Of Rei Agro Ltd Reported In (2013) 144 Itd 141 (Kolkata-Trib) Directed The Ao To Verify The Details Of Investment Filed Before Him & To Compute The Expenditure Accordingly In Terms Of Investment, Which Yielded Exempt Income.

…e total income of assessee. The assesse 1 I.T.A No. 2271/Kol/2017 M/s. Ashiana Housing Limited challenged the same before the CIT-A. The CIT-A by placing his reliance on an order of Kolkata Bench (ITAT, Kolkata) in the case of REI Agro Ltd reported in (2013) 144 ITD 141 (Kolkata-Trib) directed the AO to verify the details of investment filed before him and to compute the expenditure accordingly in terms of investment, which yielded exempt income. 4. Before us the ld.AR placed on record the order of Hon’ble High Court of Calcutta in the case of REI Agro Ltd and argued that the Hon’ble High Court of Calcutta dism…

DCIT, CC-1(3), Kolkata vs. M/S. Rungta Mines Ltd., Kolkata

In the result, the appeal of revenue is partly allowed for statistical purposes

…made disallowance of Rs. 63,31,460/- and added the same to the total income of assesse. The assesse challenged the same before the CIT-A. The CIT-A by placing reliance on an order of Kolkata Bench (ITAT, Kolkata) in the case of REI Agro Ltd reported in (2013) 144 ITD 141 (Kolkata-Trib)/ITA No. 1331/Kol/2011 directed the AO to verify the details of investment and to compute the expenditure accordingly in terms of investment, which yielded exempt income. 18. Before us the ld.AR placed on record the order of Hon’ble High Court of Calcutta in the case of REI Agro Ltd and argued that the Hon’ble High Court of Calcutt…

M/S. Jagadhatri Commodities (P) Ltd., Durg(C.G.) vs. ITO, Ward 8(4), Kolkata

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri S. S. Godara, Jm & Dr. A.L. Saini, Am M/S. Jagadhatri Commodities (P) Ltd. Vs. Ito, Ward-8(4), Kolkata C/O Smr Consultants Ltd., Aayakar Bhawan, 4Th Block-11, Himalaya Complex, Bhilai Distt: Durg(C.G.), Pin-490023. Floor, R.No.18, P-7, Chowringhee Square, Kolkata – 69. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcj 9134 E (अपीलाथ" /Appellant) (""यथ" / Respondent) ..

…ived tax free income. The AO has made no disallowance under rule 8D(2)(i) and Rule 8D(2)(ii) of the Income Tax Rules. So far disallowance under rule 8D (2) (iii) is concerned, we note that Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581 of 201…

DCIT, Circle - 11(1), Kolkata vs. M/S. J. J. Exporters Ltd., Kolkata

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

…ule 8D (2) (ii). As regards the disallowance made by the Assessing Officer u/s 14A r.w.r 8D(2)(iii) we direct the Assessing Officer to compute the disallowance in line of the judgment of jurisdictional Tribunal in the case of REI Agro India reported in (2013) 144 ITD 141 (Kol) and therefore, Assessing Officer is directed to consider only those shares and investments in respect of dividend income has been earned during the year. That being so, we decline to interfere in the order passed by the ld. CIT(A), his order on this issue is hereby upheld and the grounds raised by the Revenue on this issue is dismissed. 31…

DCIT, Circle - 11(1), Kolkata vs. M/S. J. J. Exporters Ltd., Kolkata

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

…ule 8D (2) (ii). As regards the disallowance made by the Assessing Officer u/s 14A r.w.r 8D(2)(iii) we direct the Assessing Officer to compute the disallowance in line of the judgment of jurisdictional Tribunal in the case of REI Agro India reported in (2013) 144 ITD 141 (Kol) and therefore, Assessing Officer is directed to consider only those shares and investments in respect of dividend income has been earned during the year. That being so, we decline to interfere in the order passed by the ld. CIT(A), his order on this issue is hereby upheld and the grounds raised by the Revenue on this issue is dismissed. 31…

Eih Limited, Kolkata vs. DCIT, Circle - 8(1), Kolkata

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ] I.T.A No. 2225/Kol/2017 Assessment Year : 2013-14 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Ravi Sharma, Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 03.09..2018 Date Of Pronouncement : 14.09.2018

…d dividend income alone should be considered for the purpose of computing the disallowance under Third limb of Rule 8D(2) of the Rules, We find this argument is in consonance with the decision rendered by this Tribunal in the case of REI Agro Ltd. reported in 144 ITD 141. Accordingly, we direct the ld. AO to re-compute the disallowance in the light of the decision referred to supra. There is no dispute with regard to disallowance made under Rule 8D(2)(i) of the Rules. Accordingly, ground nos. 3.1 to 3.4 raised by the assessee are partly allowed for statistical purposes. 5.4. With regard to disallowance u/s 14A o…

DCIT, Circle - 3(1), Kolkata vs. M/S. Tata Metaliks Limited, Kolkata

Bench: Shri S.S.Godara & Dr. A.L. Saini

…nue’s latter substantive grievances seeking to revive section 14A r.w. 8D disallowance of ₹30,21,750/- in the nature of administrative expenditure. It emerges at the outset that the CIT(A) has followed this tribunal’s decision in REI Agro Ltd. vs. DCIT (2013) 144 ITD 141 (Kol) holding that only dividend yielding investments are to be considered for computing administrative expenditure disallowance as upheld in hon'ble jurisdictional high court. The CIT(A) has admittedly directed the Assessing Officer to adopt the same formula in impugned assessment year. Learned Departmental Representative fails to pin-point any…

M/S Tata Metaliks Ltd., Kolkata vs. DCIT, Cir-3(1), Kolkata

Bench: Shri S.S.Godara & Dr. A.L. Saini

…nue’s latter substantive grievances seeking to revive section 14A r.w. 8D disallowance of ₹30,21,750/- in the nature of administrative expenditure. It emerges at the outset that the CIT(A) has followed this tribunal’s decision in REI Agro Ltd. vs. DCIT (2013) 144 ITD 141 (Kol) holding that only dividend yielding investments are to be considered for computing administrative expenditure disallowance as upheld in hon'ble jurisdictional high court. The CIT(A) has admittedly directed the Assessing Officer to adopt the same formula in impugned assessment year. Learned Departmental Representative fails to pin-point any…

Joy Beauty Care (P) Ltd, Kolkata vs. DCIT, Circle-10, Kolkata

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: Hon’Ble Shri M.Balaganesh, Am & Hon’Ble Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 856/Kol/2017 Assessment Year : 2011-12 Joy Beauty Care (P) Ltd. -Vs- Dcit Circle -10, Kolkata [Pan: Aabcj 3444 R] (Appellant) (Respondent) For The Appellant : Shri Dev Kumar Kothari, Ld. Ar For The Respondent : Smt. Ranu Biswas, Addl. Cit Date Of Hearing : 23.08.2018 Date Of Pronouncement : 05.09.2018 Order Per M.Balaganesh, Am This Appeal Of The Assessee Arises Out Of The Order Of The Learned Commissioner Of Income Tax (Appeals)-15, Kolkata [In Short The Ld Cita] In Appeal No. 401/Cit(A)-15/15-16/Cir-10/R&T/Kol Dated 24.02.2017 Passed Against The Order Passed By The Dcit Circle-10, Kolkata [In Short The Ld. Ao] Under Section 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As The ‘Act’) Dated 22.01.2014 For The Asst Year 2011-12. 2. The First Issue To Be Decided In This Appeal Is As To Whether The Ld. Cit(A) Was Justified In Reducing The Disallowance Made Under Section 14A Of The Act To Rs. 6,10,940/- In Addition To Suo-Moto Disallowance To Rs. 32,830/- Made By Assessee In The Facts & Circumstances Of The Case. The Assessee Has Also Raised An Alternative Ground With Regard To Disallowance Made U/S 14A Pleading That The Provisions Of 14A Of The Act Per Se Are Not Applicable In The Instant Case. Hence, We Reframe The Question To Be Adjudicated By Us As Under With Regard To Impugned Issue:-

…towards interest is required to be made in the instant case. 8. With regard to the disallowance made under Rule 8D(2)(iii) of the rules amounting to Rs. 3,26,941/-, we find that the Co-ordinate Bench of this tribunal in the case of REI Agro Ltd. reported in 144 ITD 141 had held that only those investments which had resulted dividend income should be considered for the purpose of computing disallowance thereon. Accordingly, we direct the Ld. A.O. to recompute the disallowance to be made under Rule 8D(2)(iii) in the light of the decisions of this tribunal 144 ITD 141 (supra). Needless to mention that the Assessin…

DCIT, Cir-5(2), Kolkata vs. M/S Balmer Lawrie & Co. Ltd., Kolkata

496/Kol/2014

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 483/Kol/2014 Assessment Year : 2010-11 Balmer Lawrie & Co. Ltd. -Vs- Dcit, Circle-5, Kolkata [Pan: Aabcb 0984 E ] (Appellant) (Respondent) I.T.A No. 496/Kol/2014 Assessment Year : 2010-11 Dcit, Circle-5, Kolkata -Vs- Balmer Lawrie & Co. Ltd. [Pan: Aabcb 0984 E] (Appellant) (Respondent) I.T.A No. 421/Kol/2016 Assessment Year : 2011-12 Balmer Lawrie & Co. Ltd. -Vs- Dcit, Circle-5(2), Kolkata [Pan: Aabcb 0984 E ] (Appellant) (Respondent) I.T.A No. 471/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-5(2), Kolkata -Vs- Balmer Lawrie & Co. Ltd. [Pan: Aabcb 0984 E] (Appellant) (Respondent)

…ld AO not to make any disallowance of interest under second limb of Rule 8D(2) of the Rules. With regard to the disallowance under third limb of Rule 8D(2) of the Rules, in consonance with the decision of this tribunal in the case of REI Agro Ltd reported in 144 ITD 141 , we direct the ld AO to consider only investments (excluding foreign investments) that had yielded dividend income should be considered for working out the disallowance under third limb of Rule 8D(2) of the Rules. Accordingly, the Ground No. 4 of original grounds of appeal in assessee appeal for Asst Year 2010-11 and Additional Ground No. 2 of a…

Balmer Lawrie & Co. Ltd., Kolkata vs. DCIT, Cir-5(2), Kolkata

496/Kol/2014

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 483/Kol/2014 Assessment Year : 2010-11 Balmer Lawrie & Co. Ltd. -Vs- Dcit, Circle-5, Kolkata [Pan: Aabcb 0984 E ] (Appellant) (Respondent) I.T.A No. 496/Kol/2014 Assessment Year : 2010-11 Dcit, Circle-5, Kolkata -Vs- Balmer Lawrie & Co. Ltd. [Pan: Aabcb 0984 E] (Appellant) (Respondent) I.T.A No. 421/Kol/2016 Assessment Year : 2011-12 Balmer Lawrie & Co. Ltd. -Vs- Dcit, Circle-5(2), Kolkata [Pan: Aabcb 0984 E ] (Appellant) (Respondent) I.T.A No. 471/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-5(2), Kolkata -Vs- Balmer Lawrie & Co. Ltd. [Pan: Aabcb 0984 E] (Appellant) (Respondent)

…ld AO not to make any disallowance of interest under second limb of Rule 8D(2) of the Rules. With regard to the disallowance under third limb of Rule 8D(2) of the Rules, in consonance with the decision of this tribunal in the case of REI Agro Ltd reported in 144 ITD 141 , we direct the ld AO to consider only investments (excluding foreign investments) that had yielded dividend income should be considered for working out the disallowance under third limb of Rule 8D(2) of the Rules. Accordingly, the Ground No. 4 of original grounds of appeal in assessee appeal for Asst Year 2010-11 and Additional Ground No. 2 of a…

DCIT, Cir-5, Kolkata vs. M/S Balmer Lawrie & Co. Ltd., Kolkata

496/Kol/2014

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 483/Kol/2014 Assessment Year : 2010-11 Balmer Lawrie & Co. Ltd. -Vs- Dcit, Circle-5, Kolkata [Pan: Aabcb 0984 E ] (Appellant) (Respondent) I.T.A No. 496/Kol/2014 Assessment Year : 2010-11 Dcit, Circle-5, Kolkata -Vs- Balmer Lawrie & Co. Ltd. [Pan: Aabcb 0984 E] (Appellant) (Respondent) I.T.A No. 421/Kol/2016 Assessment Year : 2011-12 Balmer Lawrie & Co. Ltd. -Vs- Dcit, Circle-5(2), Kolkata [Pan: Aabcb 0984 E ] (Appellant) (Respondent) I.T.A No. 471/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-5(2), Kolkata -Vs- Balmer Lawrie & Co. Ltd. [Pan: Aabcb 0984 E] (Appellant) (Respondent)

…ld AO not to make any disallowance of interest under second limb of Rule 8D(2) of the Rules. With regard to the disallowance under third limb of Rule 8D(2) of the Rules, in consonance with the decision of this tribunal in the case of REI Agro Ltd reported in 144 ITD 141 , we direct the ld AO to consider only investments (excluding foreign investments) that had yielded dividend income should be considered for working out the disallowance under third limb of Rule 8D(2) of the Rules. Accordingly, the Ground No. 4 of original grounds of appeal in assessee appeal for Asst Year 2010-11 and Additional Ground No. 2 of a…

M/S Balmer Lawrie & Co. Ltd., Kolkata vs. DCIT, Cir-5, Kolkata

496/Kol/2014

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 483/Kol/2014 Assessment Year : 2010-11 Balmer Lawrie & Co. Ltd. -Vs- Dcit, Circle-5, Kolkata [Pan: Aabcb 0984 E ] (Appellant) (Respondent) I.T.A No. 496/Kol/2014 Assessment Year : 2010-11 Dcit, Circle-5, Kolkata -Vs- Balmer Lawrie & Co. Ltd. [Pan: Aabcb 0984 E] (Appellant) (Respondent) I.T.A No. 421/Kol/2016 Assessment Year : 2011-12 Balmer Lawrie & Co. Ltd. -Vs- Dcit, Circle-5(2), Kolkata [Pan: Aabcb 0984 E ] (Appellant) (Respondent) I.T.A No. 471/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-5(2), Kolkata -Vs- Balmer Lawrie & Co. Ltd. [Pan: Aabcb 0984 E] (Appellant) (Respondent)

…ld AO not to make any disallowance of interest under second limb of Rule 8D(2) of the Rules. With regard to the disallowance under third limb of Rule 8D(2) of the Rules, in consonance with the decision of this tribunal in the case of REI Agro Ltd reported in 144 ITD 141 , we direct the ld AO to consider only investments (excluding foreign investments) that had yielded dividend income should be considered for working out the disallowance under third limb of Rule 8D(2) of the Rules. Accordingly, the Ground No. 4 of original grounds of appeal in assessee appeal for Asst Year 2010-11 and Additional Ground No. 2 of a…

Tata Steel Processing and Distribution Ltd., Kolkata vs. DCIT, Cir-8(2), Kolkata

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Hon’Ble Shri M.Balaganesh, Am & Hon’Ble Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 508/Kol/2016 Assessment Year : 2010-11 Tata Steel Processing & Distribution Ltd. -Vs- Dcit, Circle-8(2), Kolkata [Pan: Aabct 1029 L] (Appellant) (Respondent) For The Appellant : Shri J.P. Khaitan, Sr. Counsel Shri P. Jhunjhunwala, Ar For The Respondent : Shri S. Dasgupta, Addl. Cit Dr Date Of Hearing : 09.08.2018 Date Of Pronouncement : 24.08.2018

…owance in the assessment. The action of the ld. AO was upheld by the ld. CIT(A). Aggrieved the assessee is in appeal before us. 3.2. We have heard rival submissions. We find that the Co-ordinate Bench of this Tribunal in the case of REI Agro Ltd. reported in 144 ITD 141 had held that only those investments which had yielded dividend income to the assessee are to be considered for 3 4 Tata Steel Processing and Distribution Ltd. A.Yr. 2010-11 the purpose of computing disallowance under third limb of Rule 8D(2) of the Rules. Accordingly, we direct the ld. AO to re-compute the disallowance in the light of above men…