ITAT Kolkata: Revenue appeal allowed, disallowance restricted to 1% of dividend income.

The Appellate Tribunal ITAT Kolkata allowed the revenue's appeal against the Commissioner of Income-tax (Appeals)-V's order for the assessment year 2000-01. The Tribunal directed the Assessing Officer to restrict the disallowance to 1% of the dividend income, in line with Kolkata Benches' consistent view.

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The Appellate Tribunal ITAT Kolkata allowed the revenue's appeal against the Commissioner of Income-tax (Appeals)-V's order for the assessment year 2000-01. The issue was related to the deletion of the addition made under section 14A of the Income Tax Act. The Tribunal directed the Assessing Officer to restrict the disallowance to 1% of the dividend income, in line with Kolkata Benches' consistent view.

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