2022 (8) TMI 1138

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....by the Income Tax Appellate Tribunal "A" Bench Kolkata in I.T.A. No. 2176/Kol/2013 & I.T.A. No. 2199/Kol/2013, both relating to the assessment year 2010-2011. The revenue has suggested the following substantial questions of law for consideration :- (a) Whether expense on account of interest on loan should be disallowed under Section 14A of Income Tax Act, 1961 read with Rule 8D of Income Tax Rules, 1962 when no nexus between loan taken and investment made is found, given the fact that Rule 8D(2)(ii) of Income Tax Rule, 1962 speaks of prorate disallowance of interest where interest is not directly attributable to any particular income or receipt ? (b) Whether all expenditure, relatable to investments in shares of subsidiary....

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....question of law no.(c) also becomes academic. Thus, we take up for consideration only substantial question of law no.(a). We need not labour much to decide on this issue as in the assessee's own case for the assessment year 2009-2010 in ITA 144/Kol/2013, the learned Tribunal had also held in favour of the assessee. Challenging the said order, the revenue preferred appeal before this Court in I.T.A.T. No. 122/Kol/2017 and by judgment dated 8th June, 2018, the revenue's appeal was not admitted. For better appreciation we quote the order in its entirety:- "The Court: There is a delay of 132 days in filing the appeal. Having heard the learned Counsel for the parties, we are satisfied that the appellant was prevented by suff....