M/S. KINECO (P) LTD.,BARDEZ vs. THE INCOME TAX OFFICER, WARD - 2(4), PANAJI
In the result, appeal of assessee is allowed
ITA 340/PAN/2018[2013-14]Status: DisposedITAT Panaji30 Aug 2022AY 2013-14
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.
For Appellant: Shri Jitendra Jain, AdvocateFor Respondent: Shri Mayur Kamble, Sr. DR
Section 143(3)Section 14A
depreciation of Rs.1,73,42,813/- earned by the assessee during the year. Thus, based on this factual position, Ld. Counsel strongly submitted that non-utilization of interest bearing funds for making the investment should lead to no disallowance of any portion of interest of Rs.44,30,021/- claimed by the assessee in its P&L Account for the year
