Calcutta High Court
Principal Commissioner Of Income Tax -2 vs Usha Martin Ventures Ltd on 10 May, 2018
Author: Sanjib Banerjee
Bench: Sanjib Banerjee
OD-5
GA 2588 of 2016
in
ITAT 308 of 2016
IN THE HIGH COURT AT CALCUTTA
Special Jurisdiction (Income Tax)
ORIGINAL SIDE
PRINCIPAL COMMISSIONER OF INCOME TAX -2, KOLKATA
Versus
USHA MARTIN VENTURES LTD
BEFORE:
The Hon'ble JUSTICE SANJIB BANERJEE
The Hon'ble JUSTICE ABHIJIT GANGOPADHYAY
Date : 10th May, 2018.
Appearance:
Mr. Prithu Dudhoria, Adv.
...for the appellant.
Mr. N.K. Poddar, Sr. Adv.
Mr. V. Tibrewal, Adv.
...for the respondent.
The Court : The Department's appeal against the appellate tribunal's order dated February 29, 2016 pertains to a disallowance under Section 14A of the Income Tax Act, 1961.
Though the Department labours on the calculations furnished by the assessing officer and the manner in which the entire matter was looked into by the Commissioner (Appeals), the appellate tribunal found that while rejecting the claim of the assessee with regard to expenditure in relation to exempt income, 2 the assessing officer had to give cogent reasons for not being satisfied with the correctness of the claim of the assessee and, in this case, the assessing officer had not considered the claim of the assessee but had directly embarked upon an exercise of computing the extent of disallowance.
The appellate tribunal referred to a view expressed by this Court in ITAT No.157 of 2013 (CIT vs. Ashis Jhunjhunwalla) rendered on January 8, 2014 where this Court had accepted a similar view expressed earlier by this Court. The appellate tribunal found that the two decisions passed by the jurisdictional High Court were binding.
In view of such legal position, the tribunal's order does not call for any interference nor has any substantial question of law being raised for consideration.
ITAT No.308 of 2016 and GA No.2588 of 2016 are dismissed. There will be no order as to costs.
(SANJIB BANERJEE, J.) (ABHIJIT GANGOPADHYAY, J.) akg/sp2.