DCIT,CC-XXV,KOLKATA, KOLKATA vs. M/S DPIL LTD., KOLKATA
In the result, appeal filed by the Revenue on this ground is dismissed
ITA 209/KOL/2014[2002-03]Status: DisposedITAT Kolkata05 Dec 2016AY 2002-03
Bench: Dr. A.L.Saini, Am & Shri K. Narasimha Chary, Jm आयकर अपील सं./Ita No209/Kol/2014 ("नधा"रण वष" / Assessment Year :2002-2003) Dcit, Cc-Xxv, Vs. M/S Dpil Limited, 110, Shantipally, 4B, Hungerford Street, 5Th Floor, Suvira House, Kolkata-700107 Kolkata-700017 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcd 1665 N .. (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से /Revenue By : Shri Biswanath Das, Jcit "नधा"रती क" ओर से /Assessee By : Shri Agnibesh Sengupta, Advocate सुनवाई क" तार"ख / Date Of Hearing : 16/11/2016 घोषणा क" तार"ख/Date Of Pronouncement 05/12/2016 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: The Captioned Appeal Filed By The Revenue, Pertaining To The Assessment Year 2002-2003, Is Directed Against The Order Passed By Ld. Commissioner Of Income Tax (Appeals)-Iv,Kolkata, In Appeal No.160/Cit(A)-Iv/04-05, Dated 30.09.2013, Which In Turn Arises Out Of Assessment Order Passed By The Assessing Officer (Ao) Under Section143(3) Of The Income Tax Act 1961, (In Short The ‘Act’), Dated 15.02.2005. 2. Brief Facts Of The Case Qua The Assessee Are That The Assessee Filed Its Return Of Income On 30.10.2002 Along With The Audited Balance Sheet & The Tax Audit Report, Declaring A Loss Of Rs.5,18,44,247/-. The Case Was Selected For Scrutiny U/S.143(3) Of The Act & The Ao Has Completed The Assessment By Making The Addition On Account Of Interest On Term Loan, Proportionate Expenses On Account Of Exempted Income U/S 14A
For Appellant: Shri Agnibesh Sengupta, AdvocateFor Respondent: Shri Biswanath Das, JCIT
Section 143(3)Section 14ASection 36(1)(iii)
Section 36(1)(iii) of the Act.
The A.O. made the disallowance of such interest on the ground that interest on term Loans was incurred for a period before the date on which such asset was first put to use. The A.O. also found force, for making such disallowance, from Schedule 16 clause (5) of the notes on account
