Calcutta High Court
Commissioner Of Income Tax vs M/S Ashika Global Securities Ltd on 11 June, 2018
Author: Sanjib Banerjee
Bench: Sanjib Banerjee
OD - 6
ORDER SHEET
ITAT 100 of 2014
GA 2122 of 2014
IN THE HIGH COURT AT CALCUTTA
Special Jurisdiction (Income Tax)
ORIGINAL SIDE
COMMISSIONER OF INCOME TAX, KOLKATA - I
Versus
M/S ASHIKA GLOBAL SECURITIES LTD.
BEFORE:
The Hon'ble JUSTICE SANJIB BANERJEE
The Hon'ble JUSTICE ABHIJIT GANGOPADHYAY Date : 11th June, 2018.
Appearance:
Ms. Soma Chatterjee, Adv.
For the appellant The Court : This is another useless appeal without any substance. In course of assessment, a sum of about Rs. 99 lakh debited as interest paid on unsecured loans another sum of about Rs. 9 lakh engaged the attention of the officer. The Assessing Officer required the assessee to explain why the interest expense and the administrative expenses should not be disallowed in view of Section 14A of the Income Tax Act, 1961. The assessee replied that such income was not exempted income earned during the year and there was no question of disallowance under Rule 8D of the Income Tax Rules, 1962 read with Section 14A of the Act.
Both the Commissioner and the Appellate Tribunal found as a matter of fact that there was no exempt income for the operation of the relevant Rule. In the light of such concurrent findings and, in particular, the Department failing to demonstrate any error therein, no question of law arises in this matter.
ITAT 100 of 2014 and GA 2122 of 2014 are dismissed. There will be no order as to costs.
(SANJIB BANERJEE, J.) (ABHIJIT GANGOPADHYAY, J.) A Dey