TaxTMI 
TaxTMI 
2016 (4) TMI 849
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....ds relate to the following two issues:- a) Disallowance made u/s. 14A of the Act and b) Rejection of deduction claimed u/s. 80IA of the Act. 3. We have heard the parties and perused the record. The assessee company is engaged in the business of Environment Engineering and allied activities. 3.1 The first issue relates to disallowance made u/s. 14A of the Act. During the year under consideration, the assessee earned a dividend income of Rs. 2,000/- from the shares held in Vijaya Bank Ltd and claimed it as exempt. The assessee did not make any disallowance u/s. 14A on the reasoning that it did not incur any expenditure to earn the exempt dividend income of Rs. 2,000/-. However, the Assessing Officer worked out the disa....
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....ving regard to the accounts of the assessee. Accordingly, he submitted that the disallowance made u/s. 14A of the Act deserves deletion. 3.4 On the contrary, the ld. Departmental Representative (DR) placed strong reliance on the order passed by the CIT(A) on this issue. 3.5 Having heard rival submissions, we find merit in the contentions of the assessee with regard to the facts available on this issue. We have earlier noticed that the dividend received/receivable from PCIL and VBL alone are exempt. These investments have been made in the earlier years and further the investment made in PCIL was a strategic investment. The assessee has received dividend income of Rs. 2,000/- only during the year under consideration and the said dividen....
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....veloping, or (ii) operating and maintaining, or (iii) developing, operating and maintaining any infrastructure facility which fulfils all the following conditions, namely :- (a) it is owned by a company registered in India or by a con sortium of such companies (or by an authority or a board or a corporation or any other body established or constituted under any Central or State Act) ; (b) it has entered into an agreement with the Central Govern ment or a State Government or a local authority or any other statutory body for (i) developing, or (ii) operating and maintaining, or (iii) developing, operating and maintaining a new infrastructure facility ; (c) it has started or starts operating and maintaining the infra....
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....said observations, the Ld CIT(A) confirmed the order of the AO on this issue. 4.3 We heard the parties on this issue and perused the record. We notice that the issue under dispute is about the nature of "MOU" entered between the assessee along with M/s R.I.A CETP Co-op Society Ltd and M/s MIDC. According to the assessee the MOU satisfies the characteristics of an "agreement", whereas according to the AO, the same cannot be considered to be an agreement. Though MIDC is accepted as a Statutory body, the AO has observed that the MIDC only acts as a facilitator. Besides the above, the Ld CIT(A) has also made some more observations, as discussed above. 4.4 It is a well settled proposition of law that the nomenclature given to a document wi....