Gujarat High Court
Principal Commissioner Of Income Tax-2 vs Galaxy Real Estate Developers ... on 13 June, 2017
Author: Akil Kureshi
Bench: Akil Kureshi, Biren Vaishnav
O/TAXAP/341/2017 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL NO. 341 of 2017
================================================================
PRINCIPAL COMMISSIONER OF INCOME TAX-2....Appellant(s)
Versus
GALAXY REAL ESTATE DEVELOPERS PVT.LTD.....Opponent(s)
================================================================
Appearance:
MRS MAUNA M BHATT, ADVOCATE for the Appellant(s) No. 1
================================================================
CORAM: HONOURABLE MR.JUSTICE AKIL KURESHI
and
HONOURABLE MR.JUSTICE BIREN VAISHNAV
Date : 13/06/2017
ORAL ORDER
(PER : HONOURABLE MR.JUSTICE AKIL KURESHI)
1. Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 4.5.2016, raising following question for our consideration.
"Whether the Appellate Tribunal is right in law and on facts in deleting the disallowance under Section 14A of the Income Tax Act, 1961 read with Rule 8D by the Assessing Officer?"
2. The issue thus relates to disallowance under Section 14A of the Income Tax Act, 1961. The Tribunal in the impugned judgment noticed that the assessee had sufficient interest free funds in excess of investments made for earning tax free income. That being the position, no question of law arises. Tax Appeal is dismissed.
(AKIL KURESHI, J.)
Page 1 of 2
HC-NIC Page 1 of 2 Created On Fri Aug 18 08:39:40 IST 2017
O/TAXAP/341/2017 ORDER
(BIREN VAISHNAV, J.)
*malek
Page 2 of 2
HC-NIC Page 2 of 2 Created On Fri Aug 18 08:39:40 IST 2017