Income Tax Appellate Tribunal - Mumbai
Deputy Commissioner Of Income Tax, ... vs Neelkamal Realtors And Builders And ... on 8 January, 2019
IN THE INCOME TAX APPELLATE TRIBUNAL "B"
BENCH, MUMBAI
BEFORE HON'BLE SH. SANDEEP GOSAIN, JM &
HON'BLE SH. G. MANJUNATHA, AM
आयकरअपीलसं./ I.T.A. No. 4659/Mum/2017
(निर्धारणवर्ा / Assessment Year: 2012-13)
DCIT Cen Cir 1(4), M/s Neelkamal Realtors &
R. no. 902, 9th floor, Builders Pvt. Ltd.
Pratistha Bhavan, बिधम/ 265-E, C/o- Hotel Balwas
Mumbai-400 020 Vs. International, Bellasis
Road, Mumbai Central,
Mumbai-400008
स्थायीलेखासं ./ जीआइआरसं ./ PAN No. AABCN8387P
(अपीलाथी/Appellant) : (प्रत्यथी / Respondent)
अपीलाथीकीओरसे/ Appellant : Shri C. S. Sharma, DR
by
प्रत्यथीकीओरसे/Respondentby : Shri K. G. Bohra, AR
सुनवाईकीतारीख/ : 03.01.2019
Date of Hearing
घोषणाकीतारीख /
: 08.01.2019
Date of Pronouncement
आदे श / O R D E R
Per Sandeep Gosain, Judicial Member:
The present Appeal has been filed by the revenue against the order of Commissioner of Income Tax (Appeals)-47, Mumbai, dated 30.03.17 for AY 2012-13.
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2. As per the facts of the present case, the assessee company is engaged in real estate business including residential, commercial and public utilities. The return of income for the year under consideration was filed on 29.09.12 declaring total income of Rs 70,38,070/-. Subsequently the case was selected for scrutiny and after serving statutory notices and providing opportunity of hearing, assessment order u/s 143(3) of the I.T. Act was passed by AO on 23.03.15, thereby determining the total income at Rs. 72,31,886/- under normal provisions of the Act and book profit u/s 115JB of the Act at Rs. 3,19,05,540/-.
3. Aggrieved by the order of AO, assessee preferred appeal before Ld. CIT(A) and Ld. CIT(A) after considering the case of both the parties allowed the appeal of the assessee.
4. Aggrieved by the order of Ld. CIT(A), revenue has filed the present appeal before us.
5. The solitary ground raised by the revenue relates to challenging the order of Ld. CIT(A) in deleting the disallowance u/s 14A r.w.s 115JB of the I.T. Act.
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6. We have heard the counsels for both the parties at length and we have also perused the material placed on record, judgment cited by the parties as well as the orders passed by revenue authorities. We find from the records that admittedly assessee had not earned any exempt income during the year under consideration, therefore Ld. CIT(A) had rightly concluded that although assessee had made investments in equity shares of domestic business and income from which does not form part of total income and assessee had not actually received any dividend income during the relevant period. In this respect, Ld. CIT(A) relied upon the judgment in the case of M/s Cheminvest Ltd. Vrs. CIT (ITA No. 749/2014) and had rightly held that section 14A will not apply, if no exempt income is received or receivable during the relevant previous year.
7. After having gone through the facts of the present, we find that Ld. CIT(A) after following the decision of Hon'ble Delhi High Court in the case of Cheminvest Ltd. (2015) 378 ITR 33 Delhi, had not found any change in the facts and circumstances for the year under consideration except for the amount involved. 4
I.T.A. No. 4659 /Mum/2017 M/s Neelkamal Realtors & Builders Pvt. Ltd Therefore, Ld. CIT(A) rightly deleted the disallowance made by AO.
8. Moreover, no new facts or contrary judgments have been brought on record before us in order to controvert or rebut the findings so recorded by Ld CIT (A). Therefore, there are no reasons for us to interfere into or deviate from the findings recorded by the Ld. CIT (A). Hence, we are of the considered view that the findings so recorded by the Ld. CIT (A) are judicious and are well reasoned. Resultantly, this ground raised by the revenue stands dismissed.
9. In the net result, the appeal filed by the revenue stands dismissed.
Order pronounced in the open court on 8th Jan, 2019.
Sd/- Sd/-
(G. Manjunatha) (Sandeep Gosain)
ले खासदस्य / Accountant Member न्याययकसदस्य / Judicial Member
मुंबई Mumbai;यदनां कDated : 08.01.2019
Sr.PS. Dhananjay
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M/s Neelkamal Realtors & Builders Pvt. Ltd आदे शकीप्रनिनिनिअग्रे नर्ि/Copy of the Order forwarded to :
1. अपीलाथी/ The Appellant
2. प्रत्यथी/ The Respondent
3. आयकरआयुक्त(अपील) / The CIT(A)
4. आयकरआयुक्त/ CIT- concerned
5. यवभागीयप्रयतयनयध, आयकरअपीलीयअयधकरण, मुंबई/ DR, ITAT, Mumbai
6. गार्ड फाईल / Guard File आदे शधिुसधर/ BY ORDER, उि/सहधयकिंजीकधर (Dy./Asstt.Registrar) .
आयकरअिीिीयअनर्करण, मुंबई/ ITAT, Mumbai