M/S. KINECO (P) LTD.,BARDEZ vs. THE INCOME TAX OFFICER, WARD - 2(4), PANAJI

In the result, appeal of assessee is allowed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2013-14 M/S. Kineco (P) Ltd. Income Tax Officer, Ward- 60, Pilerne Industrial 2(4), Panaji. Vs. Estate, Pilerne, Bardez Goa- 403511. (Pan: Aabcm8681P) (Appellant) (Respondent) Present For: Appellant By : Shri Jitendra Jain, Advocate Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 15.06.2022 Date Of Pronouncement : 30.08.2022 O R D E R Per Girish Agrawal: This Appeal By The Assessee Is Directed Against The Order Of Ld. Cit(A)-2, Panaji Vide Ita No. 418/Cit(A)-2/Pnj/2017-18 Dated 01.06.2018 For A.Y. 2013-14 Passed Against The Assessment Order U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) By Ito, Ward-2(4), Panaji Dated 22.03.2016. 2. Shri Jitendra Jain, Advocate Appeared On Behalf Of The Assessee & Shri Mayur Kamble, Sr. Dr Appeared On Behalf Of The Revenue.

1. In the facts and circumstances of the case the Commissioner of Income Tax (Appeal) erred in confirming the action of the Assessing officer of disallowing of expenditure (other than the interest) of Rs.1,13,725 u/s 14A of I.T. Act read with Rule 8D(iii) despite the fact that no dividend income exempt from tax was received