Income Tax Appellate Tribunal - Chennai
Rane Engine Valves Ltd., Chennai vs Department Of Income Tax on 1 March, 2012
IN THE INCOME TAX APPELLATE TRIBUNAL
'A' BENCH, CHENNAI
BEFORE Dr. O.K.NARAYANAN, VICE-PRESIDENT
AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL
MEMBER
ITA No.2081(Mds)/2011
Assessment Year : 2007-08
The Assistant Commissioner M/s. Rane Engine Valves
of Income-tax, Vs. Ltd., "Maithri",132-Cathedral
Company Circle V(3), Road, Chennai-600 086.
Chennai. PAN AAACE1413G.
(Appellant) (Respondent)
Appellant by : Shri Shaji P Jacob, IRS, Commissioner of
Income-tax
Respondent by : Shri Saroj Kumar Parida, Advocate
Date of Hearing : 1st March, 2012
Date of Pronouncement : 1st March, 2012
ORDER
PER Dr.O.K.NARAYANAN, VICE-PRESIDENT:
This appeal filed by the Revenue relates to the assessment year 2007-08. The appeal is directed against the
-2- ITA No.2081 of 2011 order of the Commissioner of Income-tax(Appeals)-V at Chennai, passed on 30-9-2011 and arises out of the assessment completed under section 143(3) of the Income-tax Act, 1961.
2. The only ground raised by the Revenue in this appeal is that the Commissioner of Income-tax(Appeals) has erred in holding that the disallowance under section 14A of the Income-tax Act, 1961 cannot be worked out as per the provisions of Rule 8D of the Income-tax Rules, 1962, for the assessment year 2007-08. This issue has been decided by the Commissioner of Income-tax(Appeals), relying on the judgment of the Hon'ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd. vs. DCIT, 328 ITR 81. The Commissioner of Income-tax(Appeals) is justified in holding that Rule 8D is not applicable in assessee's case, as the relevant assessment year is 2007-08.
3. In view of the above, this appeal filed by the Revenue is liable to be dismissed.
-3- ITA No.2081 of 2011
Order pronounced in the open Court at the time of hearing on Thursday, th 1st of March, 2012 at Chennai.
Sd/- Sd/-
(Challa Nagendra Prasad) (Dr. O.K.Narayanan)
Judicial Member Vice-President
Chennai,
Dated the 1st March, 2012.
V.A.P.
Copy to: (1) Appellant
(2) Respondent
(3) CIT
(4) CIT(A)
(5) D.R.
(6) G.F.