2012 (2) TMI 572

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.... out of order of CIT(A)-XVI, Kolkata in Appeal No.295/CIT(A)-XVI/Cir-4/08-09 dated 07.01.2010. Assessment was framed by ACIT, Circle- 4, Kolkata u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for Assessment Year 2004-05 vide his order dated 21.11.2006. 2. The only issue in this appeal of revenue is against the order of CIT(A) deleting the addition u/s. 14A of the ....

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....f section 14A of the Act read with Rule 8D of the Rules. Aggrieved, assessee preferred appeal before CIT(A), who deleted the entire addition by following the decisions of Hon'ble Delhi High Court in the case of Miss Sushama Kapoor (2009) 319 ITR 299 (Del). Aggrieved, revenue is now in appeal before us. 4. We find that Hon'ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd. vs. DCI....

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.... income which does not form part of the total income under the Act. The Assessing Officer must adopt a reasonable basis or method consistent with all the relevant facts and circumstances after furnishing a reasonable opportunity to the assessee to place all germane material on the record; (vii) The proceedings for the assessment year 2002-03 shall stand remanded back to the Assessing Offi....

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....ld as under: "5. Heard the rival submissions, perused the material available on record and the decisions relied on by the Ld. Authorised Representative of the assessee cited supra. We find that on the issue of disallowance u/s. 14A, this Bench of the Tribunal has been taking a consistent view that this disallowance should be restricted to 1% of dividend income. Following the same, in this....