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        Tribunal upholds CIT(A)'s decision, disallowance under section 14A ruled out, addition under section 56(2)(viib) deleted.

        DCIT, Central Circle-1 (4), Kolkata Versus M/s Jupiter International Ltd.

        DCIT, Central Circle-1 (4), Kolkata Versus M/s Jupiter International Ltd. - TMI Issues Involved:
        1. Disallowance under section 14A read with Rule 8D in the absence of exempt income.
        2. Addition under section 56(2)(viib) for income from other sources due to the valuation of shares.

        Issue 1: Disallowance under Section 14A read with Rule 8D

        The Revenue appealed against the deletion of an addition of Rs. 4,50,37,200/- under section 14A read with Rule 8D by the CIT(A). The Assessing Officer had made an addition based on the assessee's investments in shares and securities, despite no dividend income being earned. The CIT(A) deleted this addition, holding that in the absence of exempted income, expenditure under section 14A could not be disallowed.

        The Revenue argued that the interest expenditure should be disallowed as it had no nexus with the business activity of the assessee, citing the case of CIT vs. RKBK Fiscal Services (P) Ltd. However, the CIT(A) and the Tribunal found that since no exempt income was earned by the assessee, disallowance under section 14A was not warranted. This position was supported by various judicial pronouncements, including the Hon'ble Delhi High Court in CIT vs. Holcim India Pvt. Ltd. and Chemnivest vs. Commissioner of Income Tax-VI, which held that in the absence of exempt income, no disallowance under section 14A could be made.

        Issue 2: Addition under Section 56(2)(viib) for Income from Other Sources

        The Revenue also contested the deletion of an addition of Rs. 1,01,82,550/- made under section 56(2)(viib) by the CIT(A). The Assessing Officer had observed that the assessee allotted shares at a price exceeding the fair market value, thus violating section 56(2)(viib). The assessee argued that the fair market value should include the revaluation reserve, which the Assessing Officer had excluded.

        The CIT(A) found that the Assessing Officer did not consider intangible assets such as goodwill and other business rights while determining the fair market value, as required under section 56(2)(viib). The CIT(A) held that these intangible assets should be included in the valuation, and thus, the addition made by the Assessing Officer was deleted.

        The Tribunal upheld the CIT(A)'s decision, noting that revaluation reserves need not be deducted while calculating the fair market value as per Rule 11UA(2) of the Income Tax Rules. Consequently, the Tribunal dismissed the Revenue's grounds on this issue.

        Conclusion:

        The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision on both issues. The disallowance under section 14A read with Rule 8D was not applicable in the absence of exempt income, and the addition under section 56(2)(viib) was deleted due to the proper inclusion of intangible assets in the valuation of shares.

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        ActsIncome Tax
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