ITO, WD-1(3), KOLKATA, KOLKATA vs. M/S RAVLON PROPERTIES (P) LTD., KOLKATA
In the result, the appeal of the revenue is dismissed
ITA 1458/KOL/2014[2010-2011]Status: DisposedITAT Kolkata06 Oct 2017AY 2010-2011
Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 1458/Kol/2014 Assessment Year: 2010-11 I.T.O. Ward 1(3) Kolkata .............................…………………………......................Appellant Room No. 11A, 4Th Floor, Aayakr Bhawan, P-7, Chowringhee Square, Kolkata - 700069 M/S. Ravlon Properties (P) Ltd.……………………………………………….........Respondent 35, C.R. Avenue, 2Nd Floor, Kolkata – 12. [Pan: Aaccr3164P] Appearances By: Shri P.B. Pramanick, Addl. Cit Appearing On Behalf Of The Revenue. Shri A.K. Tulsyan, Fca Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : August 28, 2017 Date Of Pronouncing The Order : October 06, 2017 Order Per P.M. Jagtap, Am This Appeal Is Preferred By The Revenue Against The Order Of Ld. Cit (A) – 1, Kolkata Dated 26.02.2014 On The Following Grounds: I. That On The Facts & Circumstances Of The Case, The Ld. Cit (A) Is Not Justified In Deleting Addition Of Rs. 1,91,90,538/- On Undisclosed Income Of The Assessee By Admitting Fresh Evidences From The Assessee In Contravention To Rule 46A Of The I.T. Rules & Without Giving A Finding As To What Prevented The Taxpayer To Adduce Evidences Before The Assessing Officer. Ii. That On The Facts & Circumstances Of The Case, The Ld. Cit (A) Is Not Justified In Deleting Disallowance Of Rs. 2,24,877/- U/S 14A Of The I.T. Act, 1961 Read With Rule 8D Without Considering The Fact That Nexus Between The Interest Earned & Debited To The Profit & Loss Account Could Not Be Established By The Assessee Before The Assessing Officer. Moreover, The Ld.
Section 143(3)Section 14ASection 80G
disallowance made by the AO under section 14A read with Rule 8D was challenged by the assessee in the appeal filed before the Ld. CIT (A). During the course of appellate proceedings before the Ld.
CIT (A), it was pointed out by the assessee that the entire investment in shares was made by the assessee out of its own fund
