2023 (3) TMI 675

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....ata (the Tribunal) in ITA No.665/Kol/2012 and ITA No.325/Kol/2012 for the assessment year 2008-09. The appeal was admitted on 12th December, 2019 on the following substantial question of law: "(i) Whether on the facts and in the circumstances of the case, the Learned Income Tax Appellate Tribunal erred in law in holding that the assessee has sufficient own funds, expenditure by way of interest are not to be taken in account by calculating the disallowance under section 14A read with Rule 8D(2)(ii) of the Income Tax Act, 1961? (ii) Whether the assessee is entitled to claim the left over portion of depreciation of Rs 9,02,49,544/- being the carry forward figure from the previous year under section 32(1)(iia) of the Income....

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....tments. After recording such a factual position, the learned Tribunal rightly held that the assessing officer could not have invoked Rule 8D(2)(ii) of the Income Tax Rules. This Court had also occasion to consider the similar issue in the case of Commissioner of Income Tax (Large Tax Payers Unit) Kolkata Vs. M/s. Century Plyboards (I) Ltd., reported in 2022 (9) TMI 1040 - Calcutta High Court wherein the Court after taking note of this decision in the case of Kesoram Industries Ltd. Vs. Principal Commissioner of Income Tax, reported in (2022) 441 ITR 648 (Cal) and the decision of the Hon'ble Supreme Court in South Indian Bank Ltd. Vs. Commissioner of Income Tax, reported in (2021) 438 ITR 1 (SC) dismissed the appeal filed by the revenue. The....

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....ord satisfaction that having regard to the kind of the assessee suo motu disallowance under section 14A was not correct and it will be in those cases where the assessee in his return has himself apportioned but the Assessing Officer was not accepting the said apportionment. In any event, the Assessing Officer will have to record its satisfaction to the said effect. ... We also take note of the decision of this Court in the case of CIT v. Ashish Jhunjhunwala reported in [2015] (12) TMI 905 (Cal), and the decision in Pr. CIT v. Britannia Industries Limited I.T.A./45/2017 darted July 19, 2018. It was pointed out that the assessee has to make a claim (including a claim that no expenditure was incurred) with regard to ....