TaxTMI 
TaxTMI 
2020 (4) TMI 286
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....6-2017, all for the assessment year 2013-14. 2. At the outset of hearing, the Ld.AR of the assessee submits that appeals in ITA Nos 7054, 7358/Mum/2016 & 3661/Mum/2016 have become infructuous, in view of fact the Ld.CIT(A) passed another order on the e-appeal filed by the assessee, vide order dated 23-06- 2017 granting part relief to the assessee against which both the parties have filed their cross appeal. Considering the contentions of both the parties, these three appeals are treated as dismissed being infructuous. The Ld.DR for the revenue fairly agreed that appeals in ITA Nos 7054, 7358/Mum/2016 & 3661/Mum/2016 have become infructuous. 3. The assessee has filed appeal vide ITA No.5658/Mum/2017 and the revenue has filed its app....
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.... revenue, after going through the grounds of appeal and the decision of Tribunal for AYs 2007-08 to 2012-13 on identical grounds, agreed that the appeals of revenue on identical grounds of appeal were dismissed for those assessment years. The Ld. DR, however, relied upon the order of AO. 7. We have considered the submissions of both the parties and perused the orders of lower authorities. We have seen that on identical grounds of appeal, similar issue was decided by the Tribunal in favour of the assessee by relying upon the decision of Hon'ble Supreme Court in Container Corporation of India reported in 404 ITR 397 (SC) wherein freight station is held as eligible for deduction u/s 80IA(4). For completeness of order, the relevant part o....
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.... of Income shown under the head rent of Rs. 27,95,9377- and interest on FD of Rs. 9,90,663/-. 2. The Learned CIT (A) erred in confirming disallowance of Rs. 1,02,75,9257-being 0.5 % of average investment of Rs. 205,51,85,0007- without appreciating the fact that it has been held in the case of M/s. Magna Publishing Co. Ltd. vs. ITO in ITA No. 5536 7 Mum / 2014 and also in the case of ACIT vs. Punjab state Coop & Marketing Fed Ltd. in ITA Nos. 548/Chd/ 2011 that no disallowances under section 14 A of the Act can be made where no exempt income is earned. 3. The Learned CIT (A) erred in confirming disallowance of Rs. 90,0007- being 30 % of Rs. 3,00,0007- disallowed by the assessing officer under the head as staff welfare expen....
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....ricably linked with the business of the assessee and was decided against the assessee. However, the other component of income, viz. Rental income was restored back to the file of the AO to adjudicate the same denovo with the following directions:- "8. The ground No.Ill raised by the assessee is with regard to action of the Id. CIT(A) confirming the disallowance of deduction u/s.80IA of Act by holding that the rental income of Rs. 22,11,070/- and interest on FDR of Rs. 23,56,455/- as not derived from the industrial undertaking. 8.1. We have heard rival submissions. We find that interest income of FDR's were not made with inextricable link with the business of the assessee and the Id. AR fairly stated that the same is no....
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....01 A of Income Tax Act, 1961. " 8,3. The Id. AR fairly admitted that let this fact be examined by the Id. AO and the issue be decided accordingly. Per contra, the Id. DR vehement!y objected to setting aside of this issue to the file of the Id. AO as ssessee itself had classified the receipt as rental income. We find that assessee had given a detailed note supra explaining the nature of Transaction which requires to be examined. It is well settled that substance of the transaction would .always prevail over its form. Accordingly, we deem it fit and appropriate, in the interest of justice and fair play, to remand this issue to the file of the Id. AO for denovo adjudication. Accordingly, the ground No. Ill raised by ....