Income Tax Appellate Tribunal - Mumbai
Acit,Circle 8(3)(1), Mumbai vs Urban Infrastructure Holding Pvt. ... on 30 October, 2018
IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI BENCH "F", MUMBAI
BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND
SHRI N.K. PRADHAN, HON'BLE ACCOUNTANT MEMBER
ITA NO.4113/MUM/2017 (A.Y: 2007-08)
A.C.I.T Circle - 8(3)(1) v. M/s. Urban Infrastructure Holding (P.) Ltd.,
Room No. 615, 6th Floor, 1st Floor, Jai Centre, 34 PD Mello Road,
Aayakar Bhavan, M.K. Road, Opp. Red Gate, Mumbai - 400 009
Mumbai-400 020
PAN: AAJCS 2680 L
(Appellant) (Respondent)
Assessee by : Shri Madhur Agarwal
Department by : Shri Rajeev Gubgobra
Date of Hearing : 25.10.2018
Date of Pronouncement : 30.10.2018
ORDER
PER C.N. PRASAD (JM)
1. This appeal is filed by the Revenue against the order of the Learned Commissioner of Income Tax (Appeals) - 14, Mumbai [hereinafter in short "Ld.CIT(A)"] dated 20.03.2017 for the Assessment Year 2007-08.
2. In this appeal the Revenue challenged the order of the Ld.CIT(A) in restricting the disallowance u/s. 14A of the Act to the dividend income earned by the assessee.
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ITA NO.4113/MUM/2017 (A.Y: 2007-08) M/s. Urban Infrastructure Holding (P.) Ltd.,
3. Ld. DR vehemently placed reliance on the order of the Assessing Officer whereas the Ld. Counsel for the assessee relied on the order of the Ld.CIT(A).
4. We have perused the order of the Ld.CIT(A) and find that the disallowance u/s. 14A of the Act was restricted to the dividend income earned by the assessee following the decision of the Hon'ble Jurisdictional Tribunal in the case of Daga Global Chemicals (P.) Ltd. in ITA.No 5592/Mum/2012 dated 01/01/2015. This bench is consistently holding that the disallowance u/s. 14A of the Act if any shall be restricted to the dividend income earned by the assessee. The decision of the Ld.CIT(A) is in tune with the consistent view of this Tribunal. Hence, we do not find any infirmity in the order passed by the Ld.CIT(A).
5. In the result, appeal of the Revenue is dismissed.
Order pronounced in the open court on the 30th October, 2018 Sd/- Sd/-
(N.K. PRADHAN) (C.N. PRASAD)
ACCOUNTANT MEMBER JUDICIAL MEMBER
Mumbai / Dated 30/10/2018
Giridhar, Sr.PS
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ITA NO.4113/MUM/2017 (A.Y: 2007-08) M/s. Urban Infrastructure Holding (P.) Ltd., Copy of the Order forwarded to:
1. The Appellant
2. The Respondent.
3. The CIT(A), Mumbai.
4. CIT
5. DR, ITAT, Mumbai
6. Guard file.
//True Copy// BY ORDER (Asstt. Registrar) ITAT, Mum